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Group
Note
2013
2012
$’000
$’000
(restated)
Cash flows from operating activities
Net profit
92,158
15,997
Adjustments for:
– Income tax expense
3,537
3,138
– Depreciation and amortisation
7,973
7,389
– Allowance for impairment of trade and other receivables
251
299
– Net loss on disposal of property, plant and equipment
14
35
– Impairment of property, plant and equipment
3,865
–
– Fair value gain on investment properties
(43,122)
(3,127)
– Interest income
(372)
(353)
– Dividend income
(188)
(206)
– Interest expense
2,527
1,980
– Share of (profit)/loss of associated companies and joint venture (net)
(37,173)
2,753
– Impairment of goodwill/negative goodwill written off
64
(30)
– Impairment in investment in associated company
2
–
– Currency translation differences
(274)
(21)
Operating cash flow before working capital changes
29,262
27,854
Changes in working capital
– Inventories
598
939
– Trade and other receivables
2,617
6,628
– Other current assets
(506)
296
– Trade and other payables
(261)
(444)
Cash generated from operations
31,710
35,273
Income tax paid
(3,903)
(3,351)
Net cash provided by operating activities
27,807
31,922
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment
77
67
Proceeds from redemption of financial assets, available-for-sale
2,000
–
Additions of investment properties
(112,253)
(17,251)
Purchases of property, plant and equipment
(1,764)
(3,342)
Acquisition of interest in subsidiaries, net of cash acquired
19(b)
(3,677)
(43,408)
Loan repaid from joint venture
–
9,550
Dividend received
188
206
Interest received
372
353
Short-term deposits released as security to bank
–
1,568
Short-term deposits released/(charged) as escrow settled
3,744
(3,744)
Short-term bank deposits charged
4
(820)
Deposits paid for acquisition of investment property
(9,137)
–
Net cash used in investing activities
(120,446)
(56,821)
Cash flows from financing activities
Acquisition of additional interest in a subsidiary
(4,469)
(3,328)
Proceeds from borrowings
123,688
44,389
Repayment of borrowings
(13,079)
(9,951)
Interest paid
(2,527)
(1,980)
Dividends paid to shareholders
(3,018)
(2,268)
Dividends paid in relation to pre-completion dividends
–
(1,095)
Dividends paid to non-controlling interest of a subsidiary
–
(1,050)
Net cash provided by financing activities
100,595
24,717
Net increase/(decrease) in cash and cash equivalents held
7,956
(182)
Cash and cash equivalents at the beginning of the financial year
36,460
36,906
Effects of exchange rate changes on cash and cash equivalents
(858)
(264)
Cash and cash equivalents at the end of the financial year
12
43,558
36,460
CONSOLIDATED STATEMENT OF
CASH FLOWS
For the financial year ended 31 December 2013
The accompanying notes form an integral part of these financial statemaents.
CENTURION CORPORATION LIMITED
I
ANNUAL REPORT 2013
I
53