HAW PAR CORPORATION LIMITED
56
The Group
Note
2014
$’000
2013
$’000
Cash flows from operating activities:
Profit before tax
126,968
115,277
Adjustments for:
Gross dividend income from quoted equity investments
4
(62,566)
(56,663)
Share of results of associated companies and gain on dilution
of investment in associated company (net)
(11,917)
(8,039)
Depreciation of property, plant and equipment
9
5,415
5,378
Gain on disposal of available-for-sale financial assets
4
(3,400)
–
Fair value gains on investment properties (net)
10
(3,075)
(10,664)
Interest income
4
(1,434)
(868)
Finance expenses
423
267
Expensing of share options
25
305
241
Write-back of unclaimed dividends
(278)
(246)
Loss on disposal and write-off of property, plant and equipment
5
108
73
Inventories written off
15
98
54
Allowance for impairment of receivables
5
1
39
Impairment in value of available-for-sale financial assets
5
–
200
Currency translation gains
(512)
(89)
Operating profit before working capital changes
50,136
44,960
(Increase)/decrease in inventories
(1,107)
335
(Increase)/decrease in trade and other receivables
(2,292)
1
Increase/(decrease) in trade and other payables
2,380
(991)
Cash generated from operations
49,117
44,305
Investment income received
14,880
56,663
Interest income received
1,176
827
Net taxation paid
(7,059)
(7,184)
Net cash provided by operating activities
58,114
94,611
Cash flows from investing activities
Dividends from associated companies
5,452
5,775
Purchase of property, plant and equipment
9
(2,530)
(2,576)
Improvements to investment properties
10
(339)
(978)
Proceeds from disposal of property, plant and equipment
7
2
Proceeds from disposal of available-for-sale financial assets
13
9,494
–
Purchase of available-for-sale financial assets
13
(47,742)
–
Purchase of additional stake in an associated company
22(c)
(1,574)
–
Net cash (used in)/provided by investing activities
(37,232)
2,223
Cash flows from financing activities
Payment of dividends to members of the Company
7
(43,789)
(40,949)
Proceeds from issue of share capital
21
1,874
3,734
Interest expense paid
(427)
(273)
Repayment of borrowings
(12,413)
–
Bank deposits pledged
56
(6)
Proceeds from borrowings
47,746
–
Net cash used in financing activities
(6,953)
(37,494)
Net increase in cash and cash equivalents
13,929
59,340
Cash and cash equivalents at beginning of the financial year
17
208,606
149,460
Effects of currency translation on cash and cash equivalents
526
(194)
Cash and cash equivalents at end of the financial year
17
223,061
208,606
The accompanying notes form an integral part of these financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2014
