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Note 19

Reconciliation of surplus to net cash from operating activities

Group

Parent

2015

$000s

2014

$000s

2015

$000s

2014

$000s

Net surplus/(deficit)

8,135

(2,106)

8,230

(2,096)

Add/(less) non-cash items

Depreciation and amortisation

995

1,028

968

1,012

Provisions

-

(7)

-

(7)

Share of associate's surplus

-

11

-

-

Net (gains)/losses on derivative financial instruments

(8,536)

1,909

(8,536)

1,909

Net foreign exchange (gains)/losses

(527)

(916)

(527)

(916)

Total non-cash items

(8,068)

2,025

(8,095)

1,998

Add/(less) items classified as investing or financing activities

Net Loss/(Gain) on disposal of assets

-

18

-

-

Movement in foreign currency accommodation bonds

(30)

30

(30)

30

Total items classified as investing or financing activities

(30)

48

(30)

30

Add/(less) movements in working capital items

Debtors and other receivables

5

194

(67)

(136)

Prepayments

(611)

(8)

(611)

(13)

Payables and accruals

2,365

99

2,438

22

Invoiced in advance

478

(352)

482

(139)

Employee entitlements

118

120

117

121

Net movements in working capital items

2,355

53

2,359

(145)

Net cash from operating activities

2,392

20

2,464

(213)

Note 20

Contingencies

Uncalled Share Capital

— Tourism New Zealand has provided a written undertaking to the Board of Qualmark New Zealand Ltd to

provide ongoing financial support sufficient to enable Qualmark to meet its obligations when they fall due. Tourism New Zealand’s

shareholding in Qualmark however was fully called at the end of July 2015 with Tourism New Zealand’s contribution being $60,000.

Note 21

Income tax

Tourism New Zealand is exempt from income tax under the New Zealand Tourism Board Act 1991. Tourism New Zealand’s subsidiaries

are subject to income tax. The Group has tax losses unrecognised that can be used to offset future assessable income of $471,226

(2014: $338,208).

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