NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000
Note Consolidated Company
2000 1999 2000 1999
$$ $$
Changes in assets and liabilities
Trade debtors 1,361,086 (375,733) ––
Other debtors (197,069) (177,830) ––
Work in progress – 323,621 ––
Prepayments 10,752 107,206 ––
Inventory (161,355) (316,226) ––
Trade and other creditors 749,280 34,720 (98,375) –
Provision for income tax (718,533) (931,758) (3,885) 3,885
Future income tax benefit (346,520) (249,698)––
Provision for deferred tax 455,312 691,991 ––
Loans - related parties – 40,375 ––
Net cash flows from operating 
activities 1,661,831 2,826,043 88,299 10,792
(b) Reconciliation of cash
Cash balance comprises:
Cash at bank 3,004,977 5,647,299 2,342,400 5,392,785
(c) Non-Cash Financing and 
Investing Activities
During the Financial Year the consolidated 
entity acquired a vessel with an aggregate 
fair value of $3,250,000, by way of hire 
purchase. During 1998/99 the consolidated 
entity acquired vessels and plant and 
equipment with aggregate fair values 
of $4,650,000 and $86,174 respectively, 
by way of hire purchase.
(d) Businesses Acquired
On 12 August 1998, Mermaid Marine 
Australia Limited (formerly Bellbridge 
Investments Pty Ltd) acquired 100% 
of the shares in Mermaid Marine Group 
Pty Ltd. The acquisition details were:
Consideration $ $ $ $
Cash paid for purchase of shares – 5,923,618 ––
Buy back of shares – (4,500,000) ––
Issue of shares as part of acquisition – 3,041,785 ––
Pre-acquisition dividend – (2,076,382) ––
Stamp duty payable on transfer 
of shares – 55,590 ––
Shares issued – 2,444,611 ––
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