The Hon. J.M.A. LENSINK: Can Minister for Infrastructure advise how the Land Management Corporation utilised the following amounts in revenue that was generated by the sale of land for the following years:
1. $33 751 in 2003-2004?
2. $11 923 in 2002-2003?
3. $9 885 in 2001-2002?
4. $7 015 in 2000-2001?
5. $11 923 in 1999-2000?
6. $14 064 in 1998-1999?
7. $1 025 land in 1997-1998?
The Hon. P. HOLLOWAY: The Minister for Infrastructure has provided the following information:
As the Honourable Member would appreciate, proceeds from land sales form part of the total income source of the Land Management Corporation (LMC).
While the sale of land is an important income generator for the LMC, the Corporation also generates significant income from other sources. A portion of this total income is reinvested in land development, projects and joint ventures and applied to ordinary operations in order to generate continuing profits in future years.
As disclosed in the Auditor-General’s report each year, the statement of cash flows details the application of funds.
I table a schedule of the Corporation’s cash flow since formation which provides a summary of all cash inflows and outflows, including sales proceeds totalling $94.6M.
|
Land Management Corporation Statement of cash flows—controlled only |
||||||||
|
|
Year ended 30 June |
|||||||
|
Cash flows from operating activities: |
2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
1998 (2 months) |
Total |
|
Government grants and subsidies received |
23,773 |
8,587 |
8,015 |
8,928 |
8,800 |
14,735 |
2,253 |
75,091 |
|
Land tax paid |
(3,335) |
(3,147) |
(2,960) |
(3,962) |
(3,881) |
(4,083) |
(2,253) |
(23,621) |
|
Receipts from sales |
33,752 |
11,875 |
9.902 |
7,536 |
16,385 |
14,053 |
1,071 |
94,574 |
|
Receipts from mortgage debtors |
8,973 |
0 |
0 |
0 |
0 |
0 |
0 |
8,973 |
|
Receipts from tenants |
6,199 |
4,759 |
4,520 |
3,849 |
4,100 |
4,480 |
857 |
28,764 |
|
Interest received |
4,042 |
3,391 |
2,827 |
3,180 |
2,508 |
1,493 |
421 |
17,862 |
|
Deposits received under ICPC |
242 |
0 |
0 |
0 |
0 |
0 |
0 |
242 |
|
Recoveries and sundry receipts |
10,500 |
7,799 |
6,980 |
4,722 |
1,820 |
1,653 |
906 |
34,380 |
|
Payments for salaries and related costs |
(5,305) |
(4,650) |
(4,227) |
(3,962) |
(3,356) |
(2,903) |
(358) |
(24,761) |
|
Payments to suppliers |
(18,352) |
(14,474) |
(13,287) |
(10,587) |
(7,068) |
(10,021) |
(1,770) |
(75,559) |
|
Payments for land purchase and development |
(11,164) |
(2,680) |
(904) |
(3,471) |
(800) |
(512) |
0 |
(19,531) |
|
Payments for work in progress |
(5,971) |
0 |
0 |
0 |
0 |
0 |
0 |
(5,971) |
|
Payments for restructuring of administrative arrangements |
0 |
12,685 |
0 |
0 |
0 |
(1,008) |
(3,525) |
8,152 |
|
Payments resulting from a change in accounting policy |
0 |
0 |
0 |
0 |
(9,027) |
0 |
0 |
(9,027) |
|
Interest paid |
(4,418) |
(1,330) |
(362) |
(470) |
(457) |
(443) |
(245) |
(7,725) |
|
GST receipts from taxation authority |
1,473 |
1,376 |
2,402 |
1,990 |
0 |
0 |
0 |
7,241 |
|
GST payments to taxation authority |
(1,943) |
(268) |
(285) |
(369) |
0 |
0 |
0 |
(2,865) |
|
Income tax equivalent paid |
(1,591) |
(3,722) |
(2,981) |
(4,053) |
(2,979) |
(1,073) |
0 |
(16,399) |
|
Net Cash Provided by Operating Activities |
36,875 |
20,201 |
9,640 |
3,331 |
6,045 |
16,371 |
(2,643) |
89,820 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Capital contributions to joint venture entities |
(11,100) |
(5,375) |
(2,375) |
(3,716) |
(3,475) |
(5,975) |
(770) |
(32,786) |
|
Capital repayments by joint venture entities |
6,350 |
9,725 |
2,902 |
3,219 |
6,587 |
2,176 |
2,820 |
33,779 |
|
Distributions of profit by joint venture entities |
0 |
1,726 |
3,875 |
5,675 |
2,900 |
4,679 |
705 |
19,560 |
|
Proceeds from transfer of North Haven Marina |
0 |
0 |
0 |
0 |
0 |
16,605 |
0 |
16,605 |
|
Proceeds from sale of property, plant and equipment |
0 |
483 |
3 |
567 |
6,929 |
11 |
0 |
7,993 |
|
Purchase of property, plant and equipment |
(102) |
(446) |
(3,144) |
(793) |
(438) |
(20) |
(16) |
(4,959) |
|
Net cash provided by investing activities |
(4,852) |
6,113 |
1,261 |
4,952 |
12,503 |
17,476 |
2,739 |
40,192 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Receipts from restructuring of administrative arrangements |
0 |
0 |
0 |
0 |
0 |
0 |
20,603[1] |
20,603 |
|
Proceeds from borrowings |
1,103 |
0 |
0 |
0 |
0 |
0 |
0 |
1,103 |
|
Repayments of borrowings |
(7,995) |
(22,753) |
0 |
0 |
0 |
0 |
0 |
(30,748) |
|
Dividents Paid |
(51,479) |
(6,133) |
(3,028) |
(1,844) |
(4,628) |
(18,044) |
0 |
(85,156) |
|
Net cash used in financing activities |
(58,371) |
(28,886) |
(3,028) |
(1,844) |
(4,628) |
(18,044) |
20,603 |
(94,198) |
|
Net increase in cash held |
(26,348) |
(2,572) |
7,873 |
6,439 |
13,920 |
15,803 |
20,699 |
35,814 |
|
Cash at 1 July |
62,162 |
64,734 |
56,861 |
50,422 |
36,502 |
20,699 |
0 |
0 |
|
Cash at 30 June |
35,814 |
62,162 |
64,734 |
56,861 |
50,422 |
36,502 |
20,699 |
35,814 |
|
|
|
|
|
|
|
|
|
|
Latest News
@miclensink
@miclensink
