CONSOLIDATED CASH FLOW STATEMENT
For the financial year ended 31 December 2014
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
2014
2013
$’000
$’000
Cash flows from operating activities:
Profit before tax from continuing operations
49,776
12,515
Profit before tax from discontinued operation
–
109,945
Profit before tax, total
49,776
122,460
Adjustments for:
Depreciation of property, plant and equipment
attributable to continuing operations
2,909
3,082
Depreciation of property, plant and equipment
attributable to discontinued operation
–
675
Amortisation of intangible assets attributable to continuing operations
788
427
Amortisation of intangible assets attributable to discontinued operation
–
766
Intangible assets written off
–
26,991
Gain on divestment of subsidiary
–
(90,379)
Interest expense
800
3,588
Interest income
(261)
(395)
(Gain)/loss on disposal of property, plant and equipment
(223)
278
Gain on disposal of intangible assets
–
(1,563)
Property, plant and equipment written off
–
1,102
Currency realignment
2,537
5,407
Operating cash flows before changes in working capital
56,326
72,439
Decrease in trade and other receivables and prepaid operating expenses
1,979
11,856
(Increase)/decrease in gross amount due from customers for contract
work-in-progress, net and inventories
(23,142)
534
(Decrease)/increase in payables and accruals and provision for warranties
(9,006)
3,155
Cash generated from operations
26,157
87,984
Interest paid
(800)
(3,588)
Interest received
261
395
Income tax paid
(14,938)
(12,652)
Net cash generated from operating activities
10,680
72,139
Cash flows from investing activities:
Purchase of property, plant and equipment
(5,470)
(3,452)
Acquisition of subsidiary company, net of cash acquired (Note 5)
–
(19,155)
Third/second tranche payment for the subsidiary acquired
(512)
(755)
Divestment of subsidiaries (Note 6)
–
194,676
Proceeds from disposal of property, plant and equipment
1,037
1,704
Proceeds from disposal of intangible assets
–
1,638
Net cash (used in)/generated from investing activities
(4,945)
174,656
Cash flows from financing activities:
Proceed/(repayment) of short-term borrowings
41,162
(26,951)
Repayment of long-term borrowings
(401)
(89,002)
Dividends paid on ordinary shares (Note 33)
#
(166,432)
(21,933)
Subsidiary’s dividend paid to non-controlling interests
–
(816)
Repayment of finance lease obligations
(505)
(450)
Proceeds from non-controlling interests during incorporation
–
3,400
Net cash used in financing activities
(126,176)
(135,752)
Net (decrease)/increase in cash and cash equivalents
(120,441)
111,043
Net effect of exchange rate changes on cash and cash equivalents
746
1,346
Cash and cash equivalents at beginning of financial year (Note 26)
186,586
74,197
Cash and cash equivalents at end of financial year (Note 26)
66,891
186,586
#
Special dividend of $144,499,000 was paid on 13 January 2014.
57
ANNUAL REPORT 2014
