Page 45 - NZPM Annual Report 2017

2017 2016
$’000 $’000
Movement in working capital:
Decrease/(increase) in trade and other receivables 820 (5,661)
Increase in inventories (830) (201)
Increase in taxation payable 630 588
Increase in trade and other payables 1,099 6,713
Increase in provisions 672 7
2,391 1,446

Net cash generated by operating activities 7,401 4,888

8. DISCONTINUED OPERATIONS

Disposal of the refrigeration operations
The sale of Patton Group was completed and settled on 1 April 2015, on which date control of the
refrigeration operations passed to the acquirer, Beijer Ref AB. The disposal of the refrigeration operations is
consistent with the Group’s long-term policy to focus its activities on the plumbing market.

The results for the year from discontinued operations, included in the statement of financial performance and
other comprehensive income are set out below.

2016
$’000
(i) Loss for the year from discontinued operations
Foreign exchange loss on investment recognised (4,271)
Other operating expenses (121)
Loss for the year from discontinued operations (4,392)

Attributable to:
Co-operative shareholders of the Group (4,392)

(ii) Cash flows from discontinued operations
Net cash outflows from operating activities (121)
Net cash inflows from investing activities 29,798
Net cash inflows 29,677

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