51
CONSOLIDATED STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2014
The accompanying notes form an integral part of these financial statements.
2014
2013
Note
$’000
$’000
Cash flows from operating activities
Net profit
18,199
16,175
Adjustments for:
- Income tax
1,734
675
- Depreciation of property, plant and equipment
12,441
6,099
- Gain from bargain purchase
31
-
(4,711)
- Gain on disposal of property, plant and equipment
(4,540)
(878)
- Loss on disposal of club membership
-
8
- Dividend income on available-for-sale financial assets
(7)
(7)
- Award of performance shares
72
-
- Interest income
(14)
(25)
- Interest expense
5,195
2,470
- Currency translation differences
87
(1,503)
33,167
18,303
Change in working capital, net of effects from acquisitions of
subsidiaries:
- Trade and other receivables
(26,600)
(13,079)
- Inventories
(1,285)
205
- Trade and other payables
(5,526)
403
Cash generated from operations
(244)
5,832
Interest received
14
25
Income tax (paid)/refunded
(107)
50
Net cash (used in)/provided by operating activities
(337)
5,907
Cash flows from investing activities
Acquisitions of subsidiaries, net of cash acquired
31
-
(2,637)
Dividend received on available-for-sale financial assets
7
7
Proceeds from disposal of property, plant and equipment
7,460
2,182
Proceeds from disposal of club membership
-
20
Payments of other payables relating to prior financial years’
acquisitions
(9,985)
(4,468)
Purchase of property, plant and equipment
(10,903)
(29,056)
Release of short-term bank deposits pledged
1,909
1,174
Net cash used in investing activities
(11,512)
(32,778)
Cash flows from financing activities
Dividends paid
(8,877)
(2,733)
Interest paid
(4,968)
(2,470)
Repayment of bank borrowings
(36,502)
(40,365)
Repayment of finance lease liabilities
(7,621)
(4,375)
Proceeds from bank borrowings
57,801
28,614
Proceeds from issuance of Series 1 Notes
-
49,335
Proceeds from rights issue
11,800
-
Purchase of treasury shares
(136)
(135)
Net cash provided by financing activities
11,497
27,871
Net (decrease)/increase in cash and cash equivalents
(352)
1,000
Cash and cash equivalents at beginning of financial year
14,522
13,522
Cash and cash equivalents at end of financial year
11
14,170
14,522
