Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Stevedoring Industry Finance Committee Act - Stevedoring Industry Finance Committee - Report - 1994-95


Download PDF Download PDF

STEVEDORING INDUSTRY FINANCE

COMMITTEE

Annual Report 1994-95

Stevedoring Industry Finance Committee Annual Report 1994-1995

Willian McKersie Sales Pty Ltd Sydney

ISSN 0728-7127

Printed in Australia by Willian McKersie Sales Pty Ltd. Sydney

R EPO R T

of the

STEV ED O R IN G INDUSTRY FINANCE C O M M IT T E E

FOR TH E YEAR ENDED 30 JU N E 1995

The Stevedoring Industry Finance Committee (S.I.F.C.) was constituted on 5 December 1977 under the Stevedoring Industry Finance Committee Act.

Prior to 18 August 1994, the Committee consisted of seven members and a Chairman The Chairman held office during the pleasure of the Minister Three members were appointed on the nomination of The Association o f Employers of Waterside Labour (A.E.W.L.) and one member was appointed on the nomination o f each o f the A.N.L. Ltd., The Broken Hill Proprietary Company Ltd. (B.H.P.), the

Maritime Union o f Australia (M.U.A.) and the Department of Industrial Relations (D.I.R.). Members other than the Chairman held office for a period not exceeding three years and were eligible for re­ appointment.

The Act also provided for the appointment of Deputies. All appointments, including those of Deputies were made by the Minister for Industrial Relations.

Amendments to the legislation governing the Stevedoring Industry Finance Committee's arrangements and functions were proclaimed effective 18 August 1994.

Among other matters, the amendments changed the structure of the Committee so that it comprises an independent Chairperson and a single representative of employers, stevedoring employees and the Department o f Industrial Relations. These changes are consistent with the reduced role of the Committee.

At 30 June 1995 the membership of the Committee was:-

NAME A PPO IN TED TO DEPUTY

J C Jenkins (Chairman)

J F. Coombs

REPRESEN T

Employees V. Slater

C C. Coventry Employers R Setchell

D C Gillespie D I R S. Kibble

The administrative functions of S1FC were performed by staff employed by the AEWL up to 28 February 1995 and since then by the Secretary. There were no full time staff employed by SIFC.

All appointments to the Committee expire on 31 December 1995.

1

For the period covered by this report, the functions o f the Committee were as contained in sections 6 and 7 o f the Stevedoring Industry Finance Committee Act which are reproduced below:

"6. The functions o f the Committee are -

(a) to make payments in accordance with the Act;

(b) to make recommendations to the Minister as to any change that the Committee considers should be made to the rate of a lev)';

(c) to make recommendations to the Minister as to when a levy should cease to apply;

7 (1) The Committee has power to do all things that are necessary or convenient to be done for or in connexion with the performance of its functions.

(2) Without limiting by implication the generality of sub-section (1), the

Committee may -

(a) enter into arrangements with the Association* with respect to the provision of services o f an administrative nature to assist the Committee in the performance of its functions; and

(b) make payments to the Association in respect of the provision of those services; and

(c) engage people to advise or assist the Committee in the performance of its functions.”

* The Association o f Employers o f Waterside Labour

During the year the Committee met on four occasions. The Committee gave preliminary consideration to the issues which will need to be addressed to give effect to section 32 of the Stevedoring Industry Finance Committee Act to enable the Committee and the lew collection arrangements to be wound-up.

The Committee reports hereunder on action taken since its last report in the discharge o f its functions under the Act.

During the year S.I.F.C. made payments in accordance with the Act and the financial statements incorporated in this report have been audited by the Auditor-General whose report is appended.

2

FINANCIAL STA TEM EN TS

Accumulation Account

For the year ended 30 June 1995 there were no levy receipts.

The surplus for 1994 was mainly due to receipt o f payments relating to adjustments to previous payments.

The Accumulation Account balance at 30 June 1995 remained unchanged from 30 June 1994 at $6,437,620.

Industry Reserve

A deficit of $6,450 was transferred to the Industry Reserve at 30 June 1995. This amount represents minor debit adjustments to long service leave entitlements. At that date the credit balance in the Industry Reserve stood at $1,652,184 and the amount of such accrued long service leave at 30 June 1995 was $22,214.

Redundancy Reserve

For the year ended 30 June 1995 there was a surplus of $56,975,377 generated from the payments made under Clause 6.2 of the Waterfront Industry Reform Authority In-Principle Agreement. This figure compares with a surplus o f $35,095,426 at 30 June 1994. This deficit has been funded by way o f an extension o f the existing AIDC loan to $130,000,000. The loan stood at $15,000,000 at 30 June 1995.

(At the date o f signing this report, the remaining balance of $15,000, 000 has been repaid).

Special Levies

There were no changes to these levies during the year and they remained as follows:-

Overseas cargo loaded and unloaded - $1.25 per tonne

Local cargo loaded - $0.25 per tonne

Bulk cargo loaded and unloaded - $2.43 per worker hour

In accordance with the requirements o f the Waterfront Industry Reform Authority In-Principle Agreement (Schedule 2.1.3(d)) the special levies were fixed at the above rates as from 1 January 1990. The special levies raised funds to meet the industry contribution to redundancy payments to stevedoring employees who left the industry in accordance with the Government’s Reform programme, including the additional loan raised on 1 November 1992 for this purpose.

At the date of signing of this report, the special levies had been suspended, with effect from 1 September 1995.

The Committee in liaison with the Department of Industrial Relations has taken action to implement internal audit procedures to provide an adequate level of assurance on receipt of the special levy.

3

The following is a comparison o f tonnages and worker hours on which the statutory levies were paid. The figures are expressed in millions o f tonnes and worker hours.

INCREASEZ(DECREASE)

GENERAL LEVIES

1993/94

(000,000)

1994/95

(000,000)

Amount % of 1993/94

Division A (Worker Hours) NIL NIL NIL NIL

Division B (Worker Hours) 0.004 NIL (0.004) 100%

SPECIAL LEVIES

Overseas cargo loaded and unloaded (Tonnes) 30.109 46.324 16.215 53.85

Local cargo loaded (Tonnes) 5.914 1.139 (4.775) (80.74)

Bulk cargo loaded and unloaded (Hours) 0.459 0.861 0.402 87.58

The general levy ceased entirely on 31 October 1992.

During 1989/90 the S.I.F.C. was a co-defendant in four Common Law Actions brought by waterside workers in the Supreme Court o f Victoria and the Dust Diseases Tribunal of New South Wales, claiming damages for illness argued to be contracted from handling asbestos cargo. None o f the above actions have resulted in a decision in Court, with two actions being concluded with a settlement

between other co-defendants and the plaintiffs, and one action ceased due to the death of the plaintiff. The remaining action is still in progress. Since 1989/90 SIFC has been joined in a further 11 claims. To date none o f these claims have resulted in a decision in Court.

It should also be noted that the S.I.F.C. was a co-defendant in a common law action in the Supreme Court o f Victoria in 1988/89, in which the decision was rendered in favour o f the defendants.

Since balance date, no further claims have been made against the S.I.F.C in the Dust Diseases Tribunal of New South Wales. The S.I.F.C. will continue to defend these claims however no assurance can be given that liability may not accrue to the S.I.F.C. The Committee has made no separate provision to meet any such liability.

No evidence has been tendered to date which has been accepted as suggesting that liability should rest with S.I.F.C.

FR E E D O M O F IN FO R M A T IO N A CT 1982 (FOI ACT) - SEC T IO N 8 STA TEM EN T 1988

STEVEDORING INDUSTRY FINANCE COMMITTEE

Establishment

The Committee is constituted under the Stevedoring Industry Finance Committee Act 1977.

4

Organisation

As at 30 June 1995, the Committee comprised a Government-appointed Chairperson and three members.

Functions

Categories of documents

- minutes of meetings

- financial reports and documents

- publications - annual reports, available through outlets of the Australian Government Publishing Service.

Facilities for Access

Requests made in writing may be posted to:

The Secretary Stevedoring Industry Finance Committee PO Box Q296 Queen Victoria Building SYDNEY NSW 2000. Tel: (02) 261 3800

Reading facilities for inspecting documents will be made available by arrangement.

For and on behalf of the Committee

IXlRPERSON

Australian A wNational ■ #

AuditO FFIC E

S T E V E D O R IN G IN D U S T R Y F IN A N C E C O M M IT T E E

IN D E P E N D E N T A U D IT R E P O R T

T o the M inister for Industrial R elations

S cope

I have audited th e financial statem ents o f the S tevedoring Industry Finance C om m ittee for the year ended 30 June 1995. T he statem ents com prise:

. S tatem ent o f Financial Position;

. O perating S tatem ent,

. S tatem ent o f C ash Flow s;

. S tatem ent by M em bers; and

. N o te s to and form ing part o f the A ccounts.

T he m em bers o f th e S tevedoring Industry Finance C om m ittee are responsible for the preparation and presentation o f the financial statem ents and the inform ation contained therein. I have co nducted an independent audit o f the financial statem ents in order to express an opinion on them to the M inister for Industrial Relations.

T he audit has been conducted in accordance w ith A ustralian N ational Audit Office A uditing Standards, w hich incorporate the A ustralian A uditing Standards, to provide reasonable assurance as to w h eth e r th e financial statem ents are free o f m aterial m isstatem ent. Audit p ro cedures included exam ination, on a te st basis, o f evidence supporting the am ounts and

oth er disclosures in th e financial statem ents, and the evaluation o f accounting policies and significant accounting estim ates. T hese procedures have been undertaken to form an opinion w hether, in all m aterial respects, the financial statem ents are presented fairly in accordance w ith A ustralian A ccounting C oncepts and Standards, other m andatory professional reporting requirem ents and statu to ry requirem ents so as to present a view which is consistent w ith my understanding o f the entity's financial position, the results o f its operations and its cash flows.

T he audit opinion expressed in this report has been form ed on the above basis.

Address all mail to: PO Box A456 SYDNEY SOUTH NSW 2001

130 Elizabeth Street SYDNEY NSW 2000 Phone (02) 367 7100 Fax (02) 367 7104

6

A u d it O p in io n

In accordance w ith sub-section 30(2) o f th e Stevedoring Industry Finance C om m ittee A ct 1977, I now report that the statem ents are in agreem ent w ith the accounts and records o f the C om m ittee and in my opinion:

(i) the statem ents are based on proper accounts and records;

(ii) the statem ents show fairly in accordance w ith S tatem ents o f A ccounting C oncepts and applicable A ccounting S tandards and other m andatory professional reporting requirem ents, the financial transactions and results, and cash flow s for the year ended 30 June 1995, and the state o f affairs o f the C om m ittee as at that date;

(iii) the receipt, expenditure and investm ent o f m oneys, and the acquisition and disposal o f assets, by the C om m ittee during the year have been in accordance with the Stevedoring Industry Finance C om m ittee Act 1977; and

(iv) the statem ents are in accordance with the Guidelines for Financial S tatem ents o f Com m onw ealth A uthorities.

Australian N ational Audit Office

Paul Hinchey Acting Executive D irector

For the A uditor General

Sydney

Date Opinion Form ed: 16 O ctober, 1995

x

7

C E R T IF IC A T E O F M EM B ER S

In our opinion the accompanying Statement of Financial Position, Operating

Statement, Statement o f Cash Flows and Notes to and forming part of the Accounts

have been drawn up so as to show fairly the Stevedoring Industry Finance

Committee's:-

(a) operating result for the year ended 30 June 1995,

(b) state o f affairs as at 30 June 1995; and

(c) cash flows for the year ended 30 June 1995.

The accompanying financial statements have been made out in accordance with the

Guidelines for Financial Statements of Commonwealth Authorities.

At the date o f this report there are reasonable grounds to believe that the Committee

will be able to pay its debts as and when they fall due.

16 October, 1995

8

STEVEDORING INDUSTRY FINANCE COMMITTEE STATEMENT OF FINANCIAL POSITION as at 30 June 1995

Notes 1995 1994

$ $

CURRENT ASSETS

Cash 2 2 650 475 1 377 990

Receivables 3 15 978 234 8 385 315

Other 4 1 267 23 455

Total current assets 18 629 976 9 786 760

Total assets 18 629 976 9 786 760

CURRENT LIABILITIES

Creditors 5 135 081 798 607

Borrowings 8 15 000 000 44 000 000

Other 7 22 214 490 849

Total current liabilities 15 157 295 45 289 456

NON-CURRENT LIABILITIES

Borrowings 8 - 18 000 000

Total non-current liabilities - 18 000 000

Total liabilities 15 157 295 63 289 456

Net assets 3 472 681 (53 502 696)

EQUITY

Reserves

Accumulation account 9 (6 437 620) (6 437 620)

Industry reserve 10 1 652 184 1 658 634

Redundancy reserve 11 8 258 117 (48 723 710)

Total equity 3 472 681 (53 502 696)

The accompanying notes are an integral part o f these accounts

9

STEVEDORING INDUSTRY FINANCE COMMITTEE OPERATING STATEMENT for year ended 30 June 1995

NET COST OF SERVICES

O perating expenses

Waterside workers expenses

Other

Total O perating Expenses

O perating revenues from independent sources

Levies

Other

Total operating revenues from independent sources

Net cost of services available for appropriation

Amount transferred to accumulation account

Amount transferred (to) from industry reserve

Amount transferred to redundancy reserve

Accumulated surpluses or deficits at end of reporting period

Notes 1995 1994

$ $

12 2 936 699 4 988 504

13 706 425 350 786

3 643 124 5 339 290

14 60 404 056 40 278 064

15 214 445 156 652

60 618 501 40 434 716

56 975 377 35 095 426

9 - (46 728)

10 6 450 (1 205)

11 (56 981 827) (35 047 493)

NIL NIL

The accompanying notes are an integral part o f these accounts

10

STEVEDORING INDUSTRY FINANCE COMMITTEE STATEMENT OF CASH FLOWS for the year ended 30 June 1995

Notes 1995

$

1994 $

CASH FLOWS FROM OPERATING ACTIVITIES

Inflows:

Levies 52 814 927 40 520 424

Redundancy surplus - 48 003

Interest received 210 643 146 992

Outflows:

Interest expense (3 249 274) -

Payments in accordance with the Act (1 503 811) (5 038 118)

Net cash provided by operating activities 20 48 272 485 35 677 301

CASH FLOWS FROM FINANCING ACTIVITIES

Outflows:

Repayments of borrowings (47 000 000) (41 000 000)

Net Cash used by financing activities (47 000 000) (41 000 000)

Net increase or (decrease) in cash held 1 272 485 (5 322 699)

Cash at beginning of reporting period 1 377 990 6 700 689

Cash at end of reporting period 2 2 650 475 1 377 990

Tire accompanying notes are an integral part o f these accounts

11

STE V E D O R IN G INDUSTRY FIN A NCE C O M M IT T E E N O TES TO AND FO R M IN G PART O F T H E ACCOUNTS FO R T H E Y EAR ENDED 30 JU N E 1995

1. ST A T E M E N T OF A CC O U N TIN G PO L IC IE S

(a) Basis of accounting

The financial statements are presented in accordance with the Guidelines for Financial Statements of Commonwealth Authorities issued by the Minister for Finance. They have been prepared in accordance with conventional historical cost principles and on an accrual basis.

(b) Taxation

The Committee is not subject to income tax but is required to pay all rates, taxes and charges under any law of the Commonwealth, a State or a Territory.

(c) Levy recognition

Arrears of levies at 30 June payable to the Commonwealth are brought to account as an accrual based upon levies received by the Committee since balance date.

(d) Expenditure allocation

As from 1 November 1992 all non-identifiable income and expenditure has been applied to the Redundancy Reserve receipts and expenditure.

(e) Cash flows

For the purpose of the statement o f cash flow, cash includes cash at bank.

(f) Com parative figures

Where necessary, comparative figures have been adjusted to conform with changes in presentation in these financial statements.

(g) O ther liability

Other liability represents the amount o f long service leave accrued at 5 December 1977 increased by escalation on outstanding amounts and reduced by payments made. It is calculated using rates o f pay as at 30 June 1995.

12

2. CASH

$2 650 475 (1994 - $1 377 990) was held in a working account with the Commonwealth Bank of Australia as at 30 June 1995.

RECEIV A BLES

1995 1994

$ $

Special and General Levy 15 968 114 8 378 997

Other 10 120 6318

15 978 234 8 385 315

4. O T H E R CU RREN T ASSETS

Other current assets comprise:-

Prcpaid agency fees - $1 267 (1994 - $23 455)

5. CR E D IT O R S AND ACCRUALS

Accounts payable and accruals at 30 June were:-

Management fees Legal and professional fees Long service leave payments Audit and accountancy fees Chairperson remuneration accrued Loan interest and line fee

2 500 30 000

52 019 10 000

- 91 963

28 000 34 000

- 3 189

52 562 629 455

135 081 798 607

6. REM UNERATION OF C O M M ITTEE M EM BERS

Included in the Administrative Expenditure item is an amount of $15 744 received by the Chairperson as remuneration (1994 - $12 756). Other members of the Committee do not receive any remuneration. The Committee did not contribute towards any superannuation. Tire following served as Committee members during 1994-95:-

J.C. Jenkins C.C. Coventry J.F. Coombs D Gillespie

13

7. OTHER CURRENT LIABILITIES

As a result o f changes to the Stevedoring Industry Finance Committee Act (1977) proclaimed 18 August 1994, the amounts held by SIFC for Long Service Leave on behalf o f waterside workers accrued prior to December 1977 were able to be transferred to employers.

As at 30 June 1995, an amount of $475 000 has been transferred to employers with a balance of $22 214 (1993/94 $490 849) remaining. Payment o f the liability is from the Industry Reserve and is expected to be payable within twelve months.

8. B O R R O W IN G S

Loan Facility AIDC

At 17 October 1992 the AIDC loan facility was increased to $130 000 000 The increase was used to finance additional redundancy and early retirement payments negotiated under Clause 6.2 o f the Waterfront Industry' Reform Authority In-Principle Agreement 1989. The conditions o f the loan facility allow SIFC to make drawdowns and repayments concurrently.

During the financial year total drawdowns were NIL and total repayments were $47 000 000. The AIDC loan facility was discharged on 18 September 1995.

9. A C C U M U L A T IO N A CCOU N T

This account represents the excess (shortfall) o f receipts from General Levies over the items of expenditure funded by those levies. The General Levies were the worker hour levies payable by employers under the Stevedoring Industry Levy Act 1977 which were used for the purpose o f funding operating expenditure of the Stevedoring Industry Finance Committee. This account

relates only to transactions since 5 December 1977.

Revenue and expenditure during 1994/95 were as follows:-

TO TA L P e rm a n e n t N o n -p e rm a n e n t T O T A L

1995 p o rts p o rts 1994

R e c e i p t s

$ $ $ $

G e n e r a l L e v i e s - - - 4 6 7 2 8

T o t a l r e c e i p t s - - - 4 6 7 2 8

A m o u n t t r a n s f e r r e d to a c c u m u l a t i o n a c c o u n t . - - - 4 6 7 2 8

Movements in the account during the year were:-1995 $ (6 437 620)

1994 $

(6 484 348) Shortfall brought forward Movement in the account during the year - 46 728

Shortfall carried forward (6 437 620) (6 437 620)

The General Levy for non-permanent ports ceased on 31 October 1992.

14

10. INDUSTRY RESERVE

This account was originally styled ' ‘Industry Deficit Account” and represented the diminishing industry deficit of $23 641 252 taken over from the Australian Stevedoring Industry Authority on 5 December 1977. This deficit was folly funded by 1 June 1985. That component o f the special levy which was used to fond the deficit was discontinued on 1 June 1985. The account

continued to be credited with interest received on the funds accumulated. It was therefore considered inappropriate by the Committee to continue using the title of “Industry Deficit Account.” The Committee therefore renamed the account “Industry Reserve”. The Industry Reserve will continue until such time as the long service leave liability is paid out. At 30 June

1995 this liability was $22 214 ($490 849 in 1993/94).

Movements in the reserve during the year were:-

1995 $

1 658 634

1994 $

1 657 429 Opening balance Expenditure Long service leave 6 450 (1 205)

Total Expenditure 6 450 (1 205)

Net movement in reserve (6 450) 1 205

Closing balance carried forward 1 652 184 I 658 634

REDUNDANCY RESERV E

This reserve represents the shortfall o f receipts raised from the special levy over the balance of the loan raised to meet redundancy payments to waterside workers Waterfront Industry Reform Authority In-Principle Agreement 1989.

resulting from the

Movements in the reserve during the year were:-

Opening balance Receipts

(48 723 710) (83 771 203)

Special levies 60 404 056 40 231 336

Redundancy surplus - 48 003

Revenue from investments 214 445 108 649

Total Receipts 60 618 501 40 387 988

Expenditure Interest on AIDC loan facility 2 669 617 4 457 847

Line Fees & F I D. on loan 196 517 395 097

AIDC agency fees 64 115 136 755

Administrative expenses 706 425 350 796

Total Expenditure 3 636 674 5 340 495

Movements in the account during the year 56 981 827 35 047 493

Closing balance carried forward 8 258 117 (48 723 710)

15

12. W ATERSIDE WORKERS EXPENSE

1995 1994

$ $

Interest AIDC loan facility 2 669 617 4 457 857

Line fees and F I D . on loan 196 517 395 097

AIDC agency fees 64 115 136 755

Long service leave expense 6 450 (1 205)

2 936 699 4 988 504

A D M IN IST R A T IV E E X PE N D IT U R E

The following relate to amounts that have been expensed during the year:-

Audit fees - External 14 000 14 000

- Internal 67 940 81 570

Bank charges 718 211

Chairperson’s remuneration 15 744 12 756

Fringe Benefit Tax - (6 125)

Legal and professional expenses 340 028 30 516

Management fee payable to AEWL 85 905 120 000

Travelling expenses - award payments 22 892 -

Printing and Stationery 3 692 3 100

Commonwealth Administration Costs 140 506 78 866

Professional Indemnity Insurance 15 000 15 892

706 425 350 786

The external audit fee is included in Audit and Accounting Fees Note 5.

LEVY IN C O M E

General levies:-

Division A Waterside Workers 4 728

Division B Waterside Workers - 42 000

- 46 728

Special levies:-

Overseas loaded 26 020 840 20 168 137

Overseas unloaded 31 881 032 17 468 132

Local cargo 1 424 345 1 478 423

Bulk cargo 1 077 839 1 116 644

60 404 056 40 231 336

Total levies 60 404 056 40 278 064

The Committee in liaison with the Department o f Industrial Relations, gave consideration to issues associated with providing adequate assurance on receipt of special levies.

16

15. OTHER OPERATING REVENUE

1995 1994

$ $

Bank interest 214 445 108 649

Redundancy surplus ____________- ______ 48 003

214 445 156 652

The Committee operated a Redundancy Payment Trust Account with Westpac Banking Corporation into which was paid all industry and Commonwealth contributions. During 1993/94 this account was closed and the balance o f the account used to repay part o f the AIDC loan

16. CO N TIN G EN T LIA B ILITY

Up to 30 June 1995, legal action had been brought against SIFC in respect of separate personal injury and asbestosis claims. None of these actions has resulted in judgments in favour o f the plaintiff, but net legal and professional fees of $322 353 (1993/94 NIL) have been expensed to date Further actions in respect of these cases are possible but considered unlikely whilst future cases of legal action against SIFC are possible.

17. EVENTS SUBSEQUENT TO BALANCE DATE

(i) Redundancy Reserve

The balance of the loan facilities as at the date o f signing the report was repaid in full from special levy receipts received after 30 June 1995.

(ii) Future Role of SIFC

The main tasks o f SIFC over the year were receipt of the special levy to repay the AIDC loan and repayment of the loan, and management of residual Long Service Leave matters relating to leave accrued by Waterside Workers prior to December 1977.

At the date of signing this report, the AIDC loan has been repaid and all long service leave entitlements have been transferred to employers. SIFC gave preliminary consideration to the issues which need to be addressed to give effect to section 32 of the Stevedoring Industry Finance Committee Act 1977.

18. EC O N O M IC DEPENDENCY

The Committee depends on Parliamentary appropriations pursuant to levies collected under Section 4 of the Stevedoring Industry' Levy Act 1977 to fund its activities and to repay the loan raised to meet its obligations under this Act.

17

19. RELATED PARTY TRANSACTIONS

During the year a Company in which the Chairperson held a direct interest performed work for the Committee This work has now been finalised, payments totalling $36 640 (1993/94 $44 070) were made under normal terms and conditions.

20. R E C O N C IL IA T IO N O F N E T CASH PRO V ID ED BY O PE R A T IN G A C T IV IT IE S TO N ET C O ST OF SER V IC ES

1995 $

1994 $

Net cost o f services 56 975 377 35 095 426

Change in assets and liabilities (Increase)ZDecrease in receivables (7 592 929) 305 703

(Increase)/Decrease in prepayments 22 188 (17 007)

IncreaseZ(Decrease) in creditors (663 526) 410 895

Decrease in provisions (468 635) (117716)

Net cash from operating activities 48 272 485 35 677 301

■

. -

AllVNOIIMaiNI m it w ™ i jn mvj cm

,ΑΝΛ

.TIONALLY

ί

ί

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

PARLIAMENTARY PAPER No 369 of 1995 ORDERED TO BE PRINTED

ISSN 0727-4181

STEVEDORING INDUSTRY FINANCE

_______

COMMITTEE Annual Report 1994-95