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22. Cash Flow Information

ASC PTY LTD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS -CONTINUED
For the year ended 30 June 2019

a. Reconciliation of profit after income tax to net cash inflow from operating activities

June 2019 $'000

June 2018 $'000

Profit for the year

30,272

31,996

Adjustment for

Depreciation and amortisation

14,296

8,814

Net foreign exchange differences

0

1,516

Pension costs

(389)

(182)

Income tax expense

12,857

13,728

Income tax paid

(14,283)

(18,049)

Revaluation of plant and equipment

0

(107)

Interest received

(3,629)

(4,718)

Interest expense

546

802

Doubtful debt expense

877

(1,587)

(Profit)/loss on disposal of fixed assets

72

31

Change in operating assets and liabilities:

(Increase)/decrease in trade debtors

(19,907)

29,136

(Increase)/decrease in inventories

175

789

(Decrease)/increase in trade creditors

6,665

(30,394)

(Decrease)/increase in other provisions

(7,216)

4,679

(Increase)/decrease in prepayments

1,665

(266)

(Decrease)/increase in contract liabilities

(56,515)

6,194

(Increase)/decrease in contract assets

(9,541)

0

Net cash inflow (outflow) from operating activities

(44,055)

42,382

b. Net debt reconciliation

This section sets out an analysis of net debt and the movements in net debt for each of the periods presented.

Interest bearing liabilities

Non-interest bearing liabilities

Total $'000

Balance 1 July 2017

120,480

3

120,483

Net financing cash flows 1

(31,237)

0

(31,237)

Non-cash changes

Effect of changes in exchange rates

1,527

0

1,527

Other

0

0

0

Balance 20 June 2018

90,770

3

90,773

Balance 1 July 2018

90,770

3

90,773

Net financing cash flows

(26,305)

0

(26,305)

Non-cash changes

Effect of changes in exchange rates

1,323

0

1,323

Other

0

0

0

Balance 20 June 2019

65,788

3

65,791

1 Financing cash flows consist of the net amount of proceeds from borrowings and repayment of borrowings in the statement of cash flows.