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Note 18

Reconciliation of surplus to net cash from operating activities

Group

Parent

2016

$000s

2015

$000s

2016

$000s

2015

$000s

Net surplus/(deficit)

(8,654)

8,135

(8,648)

8,230

Add/(less) non-cash items

Depreciation and amortisation

1,116

995

1,092

968

Provisions

-

-

-

-

Share of associate's surplus

-

-

-

-

Net (gains)/losses on derivative financial instruments

8,403

(8,536)

8,403

(8,536)

Net foreign exchange (gains)/losses

401

(527)

401

(527)

Total non-cash items

9,920

(8,068)

9,896

(8,095)

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

Net Loss/(Gain) on disposal of assets

-

-

-

-

Movement in foreign currency accommodation bonds

(10)

(30)

(10)

(30)

Total items classified as investing or financing activities

(10)

(30)

(10)

(30)

Add/(less) movements in working capital items

Debtors and other receivables

(521)

5

(468)

(67)

Prepayments

145

(611)

143

(611)

Payables and accruals

(1,101)

2,365

(1,126)

2,438

Invoiced in advance

86

478

(19)

482

Employee entitlements

26

118

24

117

Net movements in working capital items

(1,365)

2,355

(1,446)

2,359

Net cash from operating activities

(109)

2,392

(208)

2,464

Note 19

Contingencies

Tourism New Zealand has no contingent assets or liabilities as at 30 June 2016.

In 2014/2015, Tourism New Zealand had provided a written undertaking to the Board of Qualmark New Zealand to provide ongoing

support sufficient to enable Qualmark to meet its obligations when they were due. Additionally, Tourism New Zealand’s shareholding

in Qualmark was uncalled at the end of June 2015 and were subsequently fully called in July 2015 with Tourism New Zealand’s

contribution being $60,000.

Note 20

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 $677,109

(2015: $471,226).

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