51
CONSOLIDATED STATEMENT
OF CASH FLOWS
Group
2014
2013
$’000
$’000
Cash flows from operating activities:
Profit before tax
28,243
19,113
Adjustments for:
Depreciation of property, plant and equipment (Note 13)
24,080
25,882
(Reversal of)/allowance for impairment on property, plant and equipment (Note 13)
(228)
1,465
Property, plant and equipment written off (Note 7)
322
191
Net loss/(gain) on disposal of property, plant and equipment (Note 7,6)
19
(49)
Net gain on disposal of non-current assets held for sale (Note 6)
(5,227)
–
Amortisation of intangible assets (Note 7)
447
1,051
Allowance/(write-back) for doubtful debts (Note 9)
186
(60)
Write-back of contingent consideration (Note 6)
–
(1,363)
(Write-back)/allowance for inventories obsolescence/foreseeable loss (Note 9)
(149)
295
Impairment loss on club membership (Note 14)
15
–
Provisional negative goodwill (Note 16)
(4,523)
–
Shares issued in connection with the acquisition of a subsidiary (Note 27)
500
–
Employee share award expenses (Note 31)
631
720
Share of results of joint venture (Note 17)
(136)
–
Interest expense (Note 8)
1,647
1,569
Interest income (Note 5)
(355)
(271)
Currency realignment
(90)
3,569
Operating cash flows before changes in working capital
45,382
52,112
Increase in trade and other receivables
(7,485)
(6,766)
(Increase)/decrease in prepayments
(1,607)
98
(Increase)/decrease in inventories
(5,940)
5,334
Increase in trade and other payables
5,106
855
Cash flows generated from operations
35,456
51,633
Interest paid
(1,647)
(1,569)
Interest received
355
271
Income tax paid
(5,910)
(6,784)
Net cash flows from operating activities
28,254
43,551
Cash flows from investing activities:
Purchase of property, plant and equipment
(13,658)
(15,764)
Net proceeds from disposal of property, plant and equipment
173
269
Net proceeds from disposal of non-current assets held for sale
8,996
–
Acquisition of subsidiaries, net of cash acquired (Note 16)
(63,687)
–
Net cash flows used in investing activities
(68,176)
(15,495)
Cash flows from financing activities:
Proceeds from loans and borrowings
73,581
8,758
Repayment of loans and borrowings
(35,685)
(7,817)
Proceeds from issue of shares
24,902
–
Decrease/(increase) in bank balance pledged
75
(1,038)
Dividends paid on ordinary shares (Note 12)
(5,356)
(4,549)
Net cash flows generated from/(used in) financing activities
57,517
(4,646)
Net increase in cash and cash equivalents
17,595
23,410
Cash and cash equivalents at beginning of year
76,518
51,166
Effects of exchange rate changes on cash and cash equivalents
2,080
1,942
Cash and cash equivalents at end of year (Note 21)
96,193
76,518
CONSOLIDATED STATEMENT OF CASH FLOWS
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2014
