Page 48 - NZPM Annual Report 2020

NZPM GROUP LIMITED
Notes to the Consolidated Financial Statements for the year ended 31 March 2020

2020 2019
$’000 $’000
Items classified as investing or financing adjustments:
Share of net loss of associates 0 97
Gain on sale of investment in associate 0 (475)
Repayment of interest rate swaps 225 0
(Gain)/loss on disposal of property, plant and equipment (51) 4
174 (374)
Movement in working capital:
Increase in trade and other receivables (3,742) (2,194)
Decrease/(increase) in right to returned goods asset 305 (1,351)
Increase in inventories (1,713) (2,107)
(Decrease)/increase in taxation payable (1,394) 612
Increase in trade and other payables 2,916 2,466
Decrease in lease incentives 0 259
(Decrease)/increase in refund liability (389) 1,909
(Decrease)/increase in contract liabilities (35) 190
Increase in provisions 277 30
(3,775) (186)

Net cash flows from operating activities 7,605 5,535

11.1. Changes in liabilities arising from financing activities

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 cash flow statement as cash flows from financing activities.

Finance
(Cash)/bank leases and Co-operative Interest Lease
overdraft borrowings share capital rate swaps liabilities Total
$’000 $’000 $’000 $’000 $’000 $’000
Net debt at 1 April 2018 108 5,781 26,919 627 0 33,435
Net cash flows (137) 2,074 90 (86) 0 1,941
Non-cash rebate dividends 0 0 890 0 0 890
and dividends
Fair value changes 0 0 0 (37) 0 (37)
Net debt at 31 March 2019 (29) 7,855 27,899 504 0 36,229
Net cash flows (668) 2,040 1,008 (225) (6,130) (3,975)
Non-cash rebate dividends 0 0 1,025 0 0 1,025
and dividends
Recognition of lease liabilities on 0 0 0 0 40,775 40,775
transition
New lease liabilities recognised 0 0 0 0 16,487 16,487
during the year
Interest expense 0 0 0 225 0 225
Fair value changes 0 0 0 (52) 0 (52)
Net debt at 31 March 2020 (697) 9,895 29,932 452 51,132 90,714

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NZPM GROUP LIMITED ANNUAL REPORT 2020