14. Restructuring
There were no contributions by or distributions to owners during the reporting period.
15. Cash flow reconciliation
Reconciliation of cash and cash equivalents as per Statement of Financial Position to Cash Flow Statement:
For the purposes of the Cash Flow Statement, cash includes cash on hand and cash at bank. Cash at the end of the reporting period as shown in the Cash Flow Statement is reconciled to the related items in the Statement of Financial Position as follows:
Cash balances comprises:
|
|
|
|
|
Cash at bank and on hand
|
15,149
|
8,284
|
2,467
|
106
|
Deposits at call
|
2,246
|
5,079
|
2,246
|
5,079
|
Deposit with maturity less than 3 months
|
34,000
|
27,000
|
34,000
|
27,000
|
Cash advances
|
8
|
7
|
8
|
7
|
|
|
|
|
|
Total cash and cash equivalents
|
51,403
|
40,370
|
38,721
|
32,192
|
|
|
|
|
|
Balance of cash as at 30 June shown in the
Cash Flow Statement
|
51,403
|
40,370
|
38,721
|
32,192
|
|
|
|
|
|
Reconciliation of cost of services to net cash flows from operating activities:
Net cost of services after tax
|
(90,962)
|
(141,856)
|
(57,754)
|
(56,635)
|
Revenue from Government
|
62,127
|
75,608
|
62,127
|
75,608
|
Non cash items
|
|
|
|
|
Depreciation and amortisation
|
18,331
|
17,994
|
6,417
|
6,042
|
Net loss on sale of property, plant and equipment
|
287
|
485
|
72
|
100
|
Impairment of assets
|
19,241
|
62,257
|
348
|
7
|
Write down of property, plant and equipment
|
35
|
7
|
14
|
–
|
Accrued interest
|
(809)
|
–
|
–
|
–
|
Other non cash
|
439
|
95
|
439
|
–
|
GST recovered on non-operating cash flows
|
931
|
261
|
281
|
278
|
Change in assets and liabilities
|
|
|
|
|
(Increase)/decrease in receivables
|
(3,528)
|
1,223
|
(2,756)
|
(1,295)
|
(Increase)/decrease in other financial assets
|
78
|
122
|
(12,431)
|
(13,886)
|
(Increase)/decrease in assets held for transfer
|
2,567
|
(18,354)
|
2,567
|
(18,354)
|
(Increase)/decrease in inventories
|
(2,953)
|
4,102
|
(3,012)
|
4,560
|
(Increase)/decrease in other non-financial assets
|
230
|
1,983
|
483
|
1,957
|
Increase/(decrease) in suppliers
|
49
|
(444)
|
(1,420)
|
1,111
|
Increase/ (decrease) in other payables
|
1,238
|
1,048
|
1,135
|
977
|
Increase/(decrease) in employee provisions
|
1,391
|
216
|
525
|
(321)
|
Increase/(decrease) in other provisions
|
(2,417)
|
22,859
|
(2,417)
|
22,859
|
|
|
|
|
|
Net cash from (used by) operating activities
|
6,275
|
27,606
|
(5,382)
|
23,008
|
|
|
|
|
|
16. Contingencies
16A. Contingent liabilities and assets
The ILC had previously agreed to provide a guarantee for Voyages’ corporate credit card facility with Westpac Banking Corporation. The ILC and Voyages have provided cross guarantees for obligations under the sale agreement for the purchase of Ayers Rock Resort which includes a cross guarantee for deferred payment arrangements to the vendor.
Voyages had previously provided a bank guarantee of $500,000 for compliance of the Travel Compensation Fund which was required for operation of the Company’s travel agency service. Due to the cessation of the Travel Compensation Fund following regulatory changes, the bank guarantee was returned to Voyages in October 2013 and cancelled accordingly.
Contract Disputes
Voyages is in dispute with a design consultant in relation to defective air-conditioning installed at the conference facilities at Ayers Rock Resort in 2012. The preparation of a statement of claim and supporting expert reports is nearing completion. Permanent rectification works were completed in September 2013. At the time of this report, the Voyages has spent $1,647,285 on rectification works and other fees associated with the dispute. The total amount in dispute currently stands at $1,472,712 (2013: $354,830). Voyages made attempts to engage in mediation with the consultant without success. Voyages has engaged expert consultants to substantiate its claim. Upon receipt of the expert’s report, Voyages will make a further attempt to reach a negotiated settlement with the deisgn consultant, prior to commencing court proceedings. No allowance for any potential proceeds has been made in the financial statements.
In October 2013, Voyages commenced legal proceedings in the Supreme Court of NSW (Technology & Construction List) against a design consultant, in relation to wall panelling installed at the conference facilities at Ayers Rock Resort in 2012 which did not meet the fire rating requirements under the Building Code of Australia (BCA). At the time of this report, Voyages has spent a total amount of $289,071 (including legal and consultancy fees) removing defective panels (and making good such removal) and pursuing the claim. The installation of new panels is on hold pending the outcome of the claim. The amount in dispute currently stands at $1,095,215. The quantum of rectification costs is currently being assessed by an independent expert. The parties are to attend an informal settlement conference and mediation (if required) following receipt of the independent expert’s report and before proceeding to trial. In the opinion of the Voyages Directors, there is a reasonable chance of success in the court proceedings. No allowance for any potential proceeds has been made in the financial statements.
16A. Contingent liabilities and assets (cont.)
Consolidated
|
Guarantees
|
Total
|
|
|
2014
$,000
|
2013
$,000
|
2014
$,000
|
2013
$,000
|
CONTINGENT LIABILITIES
|
|
|
|
|
Balance from previous period
|
500
|
500
|
500
|
500
|
Obligations expired
|
(500)
|
–
|
(500)
|
–
|
|
|
|
|
|
Total contingent liabilities
|
–
|
500
|
–
|
500
|
|
|
|
|
|
CONTINGENT ASSETS
|
|
|
|
|
Balance from previous period
|
2,124
|
–
|
2,124
|
–
|
New
|
444
|
2,124
|
444
|
2,124
|
|
|
|
|
|
Total contingent assets
|
2,568
|
2,124
|
2,568
|
2,124
|
|
|
|
|
|
Net contingent assets (liabilities)
|
2,568
|
1,624
|
2,568
|
1,624
|
|
|
|
|
|
ILC
|
Guarantees
|
Total
|
|
|
2014
$,000
|
2013
$,000
|
2014
$,000
|
2013
$,000
|
CONTINGENT LIABILITIES
|
|
|
|
|
Balance from previous period
|
680
|
400
|
680
|
400
|
New
|
–
|
280
|
–
|
280
|
Re-measurement
|
(114)
|
–
|
(114)
|
–
|
|
|
|
|
|
Total contingent liabilities
|
566
|
680
|
566
|
680
|
|
|
|
|
|
Net contingent assets (liabilities)
|
(566)
|
(680)
|
(566)
|
(680)
|
|
|
|
|
|
16B. Unquantifiable Contingencies
The ILC has guaranteed payment of an uplift payment to the vendors of Ayers Rock Resort which will be calculated in accordance with the sale agreement and will take into account the increase in value of Ayers Rock Resort less any capital development undertaken. The minimum amount payable to the vendor is $17 million. The present value of the payment, being $14.998m, has been included in other payables. Any amount in excess of the minimum $17 million payment is considered to be an unquantifiable contingent liability.
16C. Significant Remote Contingencies
The Corporation had no significant remote contingencies as at reporting date.
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