Territory Stories

Annual Report 2021–2022, Power and Water Corporation

Details:

Title

Annual Report 2021–2022, Power and Water Corporation

Other title

Tabled Paper 708

Collection

Tabled Papers for 14th Assembly 2020 -; Tabled Papers; ParliamentNT

Date

2022-11-23

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

Publisher name

Legislative Assembly of the Northern Territory

Place of publication

Darwin

File type

application/pdf

Use

Copyright

Copyright owner

Legislative Assembly of the Northern Territory

License

https://www.legislation.gov.au/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/893266

Citation address

https://hdl.handle.net/10070/893267

Page content

90 Financial Statements for the year ended 30 June 2022 Page 39 of 60 Power and Water Corporation Notes to the financial statements for the year ended 30 June 2022 June 2022 June 2021 June 2022 June 2021 $'000 $'000 $'000 $'000 Consolidated Corporation 5 Income tax equivalent expense (Cont'd) (c) Income tax (receivable)/payable Opening balance at 1 July (13,305) 567 (13,305) 567 (Over)/under provision from prior years 5,558 529 5,558 529 Income tax paid (703) (15,761) (703) (15,761) Current year income tax expense 6,317 1,360 6,317 1,360 Closing balance at 30 June (2,133) (13,305) (2,133) (13,305) 6 Dividends Dividends paid to its shareholder during the financial year were as follows: Divide Dividend paid during the year on ordinary shares: 2,000 1,000 2,000 1,000 2,000 1,000 2,000 1,000 7 Cash and cash equivalents (a) Reconciliation of cash Cash assets 147,312 148,667 79,324 81,947 (b) Reconciliation of net profit after tax to net cash flows from operations Net profit/(loss) 47,612 (28,297) 59,373 (7,155) Adjustments for: Depreciation and amortisation 194,780 192,138 134,958 132,504 Impairment writedown (reversal) (39,561) (5,139) (46,640) 1,940 Contributed assets provided free of charge (7,280) (9,576) (7,280) (9,138) Write-off of WIP - 2,260 - 2,285 Net loss on disposal of property, plant and equipment, inc gifted streetlights 5,572 3,190 4,792 1,884 Changes in assets and liabilities: (Increase)/decrease in inventories (5,894) (8,659) (623) (8,716) (Increase)/decrease in trade and other receivables (11,217) (10,613) (17,990) (9,177) (Increase)/decrease in current intangible assets (846) (47) (75) 175 Decrease in net deferred tax payable 20,222 (2,521) 20,222 (2,520) (Decrease)/increase in current tax liabilities 11,172 (13,872) 11,172 (13,872) (Decrease)/increase in trade and other payables 10,298 (2,317) 3,958 (865) Increase/(decrease) in government grants (7,587) 13,264 - (Decrease)/increase in provisions (307) 1,862 (307) 1,862 Increase in unearned revenue 18,660 7,991 18,660 7,992 Net cash flows from operating activities 235,624 139,664 180,220 97,199 (c) Non-cash transactions (d) Reconciliation of liabilities arising from financing activities Lease liabilities Borrowings Lease liabilities Borrowings Year ended 30 June 2022 $'000 $'000 $'000 $'000 Opening balance 400,837 1,157,000 376,475 1,157,000 Repayment of borrowings - - - Proceeds from borrowings - 18,000 - 18,000 Repayment of lease liabilities (29,391) - (27,187) Non-cash changes New leases and remeasurements 79,092 - 76,973 Other non cash movements (669) - (1,049) Closing balance 449,869 1,175,000 425,212 1,175,000 Year ended 30 June 2021 Opening balance 418,035 1,162,000 393,301 1,162,000 Repayment of borrowings - (284,000) - (284,000) Proceeds from borrowings - 279,000 - 279,000 Repayment of lease liabilities (29,144) - (27,463) Non-cash changes New leases and remeasurements 12,722 - 12,009 Other non cash movements (776) - (1,373) Closing balance 400,837 1,157,000 376,474 1,157,000 Financing cash flows make up the net amount of proceeds from borrowings and repayments of borrowings in the statement of cash flows. The table below details changes in the consolidated entity's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the consolidated entity's statement of cash flows as cash flows from financing activities. During the financial year the consolidated entity acquired right-of-use assets with an aggregate fair value of $61.6 million (2021: $4.4 million). Refer to Note 15 for further details. These acquisitions are not reflected in the statement of cash flows. During the financial year the consolidated entity acquired property, plant and equipment with an aggregate fair value of $7.3 million (2021: $2.7 million) by means of gifts. These acquisitions are not reflected in the statement of cash flows. Cash at the end of the financial year as shown in the statement of cash flow is reconciled to the related items in the statement of financial position as follows: Consolidated Corporation


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