For the year ended 30 June 2008
|
2008 |
2007 |
Cash Inflows (Outflows) from Operating Activities |
|
|
Interest received |
2,460.9 |
1,928.0 |
Interest and other costs of finance paid |
(2,410.3) |
(1,828.9) |
Fees and commission received |
21.3 |
23.8 |
Payments of tax equivalents |
(8.5) |
(12.6) |
Receipt of Goods and Services Tax |
1.4 |
0.8 |
Payments of general administrative expenses |
(22.6) |
(23.1) |
Loans to Government clients made |
(7,166.1) |
(5,568.5) |
Loans to Government clients repaid |
4,263.3 |
3,958.0 |
Net cash used in operating activities |
(2,860.6) |
(1,522.5) |
Cash Inflows (Outflows) from Investing Activities |
|
|
Net cash to securities held |
(1,853.0) |
(1,585.3) |
Purchases of plant and equipment |
(2.9) |
(1.6) |
Net cash used in investing activities |
(1,855.9) |
(1,586.9) |
Cash Inflows (Outflows) from Investing Activities |
|
|
Proceeds from issuance of borrowings and short term securities |
35,186.9 |
20,085.6 |
Repayment of borrowings and short term securities |
(30,340.1) |
(16,638.1) |
Net cash used in the purchase or repayment of other short term financial instruments |
(68.2) |
(288.9) |
Dividends paid |
(33.8) |
(11.0) |
Net Cash used in Financing Activities |
4,744.8 |
3,147.6 |
Net Increase in Cash Held |
28.3 |
38.2 |
Cash and cash equivalents at the beginning of the year |
186.5 |
148.3 |
Cash and cash equivalents at end of the year |
214.8 |
186.5 |
The accompanying discussion and analysis, and notes form part of these concise financial statements.
Discussion and Analysis of the Concise Consolidated Cash Flow Statement
The Cash Flow Statement showed an increase in cash as defined by Accounting Standards.
Net cash used in operating activities was $2,861 million, an increase on the previous year, reflecting a higher net funding requirement for client loans.
Net cash used in investing activities was $1,856 million, as TCorp maintained higher liquidity levels during a period of market disruption.
Net cash from financing activities was $4,745 million, an increase on the previous year, and arose from increased benchmark borrowings and promissory note issuances over the year to fund the increase in securities held and New South Wales Government client loans.