Audited financial statements

Statement of financial performance

FOR THE YEAR ENDED 30 JUNE:    CONSOLIDATED     Parent  
  2006 2006 2005   2006 2006 2005
    Budget       Budget  
Note $000s $000s $000s   $000s $000s $000s
Total operating revenue 1 51,616 52,612 47,930   47,523 49,003 45,481
Total operating expenses 2 (49,461) (50,404) (46,270)   (45,869) (47,145) (44,007)
Operating surplus, beforeinvestment project expenditures, interest and income tax   2,155 2,208 1,660   1,654 1,858 1,474
Commercialisation project expenditures 3 (903) (1,288) (774)   (903) (1,288) (774)
EBIT after commercialisation projects   1,252 920 886   751 570 700
Interest expense   (320) (505) (414)   (320) (505) (414)
Interest and other income / (expenses) 3 38 - 52   45 210 (258)
Investment project expenditures 3 (186) (117) (304)   (124) (117) (256)
Amortisation of goodwill on consolidation - (12) (105)   - - -
                 
Net surplus / (deficit) before taxation expense   783 286 115   352 158 -228
Income tax (expense) 4 (143) (98) (134)   (78) 14 (123)
                 
Net surplus / (deficit) for the year 5 640 188 -19   274 172 -351
                 
Net surplus / (deficit) comprises                
Parent company interest   656 188 10   274 172 -351
Minority interest   -16 - -29   - - -

Statement of Movements in Equity

FOR THE YEAR ENDED 30 JUNE:    CONSOLIDATED     Parent  
  2006 2006 2005   2006 2006 2005
    Budget       Budget  
Note $000s $000s $000s   $000s $000s $000s
Equity at beginning of year   22,363 22,726 22,415   21,312 21,856 21,663
Comprising:                
Parent company interest   22,363 22,698 22,356   21,312 21,856 21,663
  Minority interest   - 28 59   - - -
Total recognised revenues and expenses                
Net surplus / (deficit) for the year:                
Parent company interest   656 188 10   274 172 (351)
Minority interest   (16) - (29)   - - -
Translation difference   - - (4)   - - -
    640 188 (23)   274 172 (351)
Minority interest in subsidiary    28 - (29)   - - -
Equity at end of year   23,031 22,914 22,363   21,586 22,028 21,312
Comprising:                
  Parent company interest   23,019 22,886 22,363   21,586 22,028 21,312
  Minority interest   12 28 -   - - -
               

Statement of financial position

FOR THE YEAR ENDED 30 JUNE:    CONSOLIDATED     Parent  
  2006 2006 2005   2006 2006 2005
    Budget       Budget  
Note $000s $000s $000s   $000s $000s $000s
Current assets              
Cash balances - 430 68   - 440 505
Receivables 6 8,426 6,943 6,703   7,615 6,250 6,001
Inventories 1,038 878 885   69 80 75
    9,464 8,251 7,656   7,684 6,770 6,581
Non-current assets              
Deferred taxation 4 832 903 910   832 903 910
Investments  - - -   346 510 221
Property, plant and equipment 7 29,845 29,795 29,750   29,267 29,400 29,239
Library asset 8 1,190 1,289 1,172   1,190 1,289 1,172
Patents & Intellectual Property 9 131 124 26   35 60 26
Intangible assets -  81 -   - -  -
Loans to subsidiaries - - -   - 200 -
    31,998 32,192 31,858   31,670 32,362 31,568
Total assets 41,462 40,443 39,514   39,354 39,132 38,149
Current liabilities              
Creditors 10 4,716 5,087 4,912   4,331 5,000 4,859
Borrowings repayable within 12 months 11 1,217 2,500 5,499   1,217 2,500 5,499
Bank overdraft 288 - -   450 - -
Provisions – employee entitlements 4,073 3,665 3,432   3,874 3,544 3,328
Revenue in advance 12 3,765 1,817 2,897   3,524 1,600 2,740
    14,059 13,069 16,740   13,396 12,644 16,426
Non-current liabilities              
Borrowings 11 4,000 4,000 -   4,000 4,000 -
Provisions – employee entitlements 372 460 411   372 460 411
    4,372 4,460 411   4,372 4,460 411
Total liabilities 18,431 17,529 17,151   17,768 17,104 16,837
Net assets 23,031 22,914 22,363   21,586 22,028 21,312
Equity                
Attributable to shareholders of the Company 23,019 22,886 22,363   21,586 22,028 21,312
Attributable to minority shareholders of the Company 12 28 -   - - -
  13 23,031 22,914 22,363   21,586 22,028 21,312

Signed - Rob Fenwick & Anne Urlwin
RGM Fenwick
Chairman of Directors
23 August 2006

 Signed - Rob Fenwick & Anne Urlwin
AJ Urlwin
Director
23 August 2006

Statement of cash flows

FOR THE YEAR ENDED 30 JUNE:    CONSOLIDATED     Parent  
  2006 2006 2005   2006 2006 2005
    Budget       Budget  
Note $000s $000s $000s   $000s $000s $000s
Net cash from / (used in) operating activities                
Cash provided from:              
  Receipts from customers 50,797 52,209 48,172   46,561 48,753 45,940
  Interest income received 38 - 19   33 10 8
  Dividend income received   - - -   - 200 90
    50,835 52,209 48,191   46,594 48,963 46,038
Cash applied to:              
  Payments to suppliers and employees -47,126 -48,788 -44,132   -43,833 -45,481 -41,469
  Interest expense paid -318 -505 -414   -318 -505 -414
  Income tax paid   -101 -98 -221   19 14 -50
    (47,545) (49,391) (44,767)   (44,132) (45,972) (41,933)
  5 3,290 2,818 3,424   2,462 2,991 4,105
Net cash from / (used in) investing activities                
Cash provided from:              
  Proceeds from sales of non-current assets -  415 64   -  - 64
  Repayment of loans by related parties   - - -   - - 125
    -  415 64   -  -  189
Cash applied to:              
  Acquisition of shares in subsidiary - - -   - - -71
  Loan to related party - - -   - -200 -
  Acquisition of non-current assets   (3,363) (3,233) (3,163)   (3,134) (2,720) (2,980)
    (3,363) (3,233) (3,163)   (3,134) (2,920) (3,051)
    (3,363) (2,818) (3,099)   (3,134) (2,920) (2,862)
                 
Net cash (used in) financing activities              
Cash applied to:              
  Repayments of borrowings   (283) (500) (1,562   (283) (500) (1,562)
                 
    (283) (500) (1,562)   (283) (500) (1,562)
                 
Net decrease in cash balances   (356) (500) (1,237)   (955) (429) (319)
Effect of exchange rate fluctuations on cash   - - (4)   - - -
Total movements in cash balances   (356) (500) (1,241)   (955) (429) (319)
Cash balances at beginning of year 68 930 1,309   505 869 824
Cash balances at end of year   (288) 430 68   (450) 440 505

 


Annual Report 2005/06