FINANCIAL REPORT (cont.) Notes to the Financial Statements (cont.)
18. NOTES TO THE STATEMENT OF CASH FLOWS
2023 $’000
2022 $’000
(a) Cash and cash equivalents For the purposes of the statement of cash flows, cash and cash equivalents includes cash on hand and in banks and investments in money market instruments. Cash and cash equivalents at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the statement of financial position as follows: Cash and cash equivalents 12,833 36,746 (b) Reconciliation of profit/(loss) for the year to net cash flows from operating activities Profit for the year 9,491 6,551 Share-based payments expense 684 218 Depreciation 3,036 2,246 Loss (gain) on disposal of non-current assets 116 (26) Unrealised foreign exchange loss (2) (95) (Increase)/decrease in assets: Current tax liability 351 1,565 Deferred tax assets (623) 63 Deferred tax liabilities (73) 72 Trade and other receivables 7,260 (18,687) Contract assets (23,805) (6,466) Inventories 53 (26) Other assets (4) (41) Increase/(decrease) in liabilities: Trade and other payables (10,519) 24,806 Contract liabilities (1,849) 7,340 Provisions 1,788 2,243 Net cash (outflow) / inflow from operating activities (14,096) 19,763 (c) Financing facilities The Group’s principal financing facilities for the provision of bank guarantees and bonding as described in Note 19 is secured by a fixed and floating charge over the assets of the Group. Amount used 25,698 18,551 Amount unused 14,302 11,449 40,000 30,000 The facilities have financial covenants relating to the Group’s capital adequacy ratio and its leverage ratio. During the financial year, the total facilities increased from $30 million to $40 million. (d) Asset and liabilities The table below details changes in the Group’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 Group’s consolidated statement of cash flows from financing activities.
Non -Cash Movement in Finance Leases $’000
Balance at 30 June 2023 $’000
Balance at 1 July 2022 $’000
Financing Cash Flows 1 $’000
Lease liabilities
3,519
(2,113)
3,079
4,485
1 Financing cash flows comprise of repayment of borrowings and payments in relation to finance leases.
Annual Report 2023 83
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