For the financial year ended 31 December 2015
56
HAW PAR CORPORATION LIMITED
The Group
Note
2015
2014
$’000
$’000
Cash flows from operating activities:
Profit before tax
193,665
126,968
Adjustments for:
Gross dividend income from quoted equity investments
5
(89,476)
(62,566)
Equity accounting/gains on associated companies
13
(56,376)
(11,917)
Depreciation of property, plant and equipment
10
5,338
5,415
Impairment of property, plant and equipment
10
4,601
–
Loss/(gain) on disposal of available-for-sale financial assets
5
3,286
(3,400)
Interest income
5
(2,764)
(1,434)
Fair value changes on investment properties (net)
11
1,967
(3,075)
Finance expenses
460
423
Expensing of share options
26
251
305
Gain on sale of investment property
5
(250)
–
Write-back of unclaimed dividends
(216)
(278)
Inventories written down
16
216
98
Loss on disposal and write-off of property, plant and equipment
6
86
108
Allowance for impairment of receivables
6
8
1
Currency translation losses/(gains)
70
(512)
Operating profit before working capital changes
60,866
50,136
Increase in inventories
(1,871)
(1,107)
Increase in trade and other receivables
(5,085)
(2,292)
Increase in trade and other payables
13,079
2,380
Cash generated from operations
66,989
49,117
Dividend income received
63,534
14,880
Interest income received
2,773
1,176
Net taxation paid
(9,233)
(7,059)
Net cash provided by operating activities
124,063
58,114
Cash flows from investing activities
Proceeds from partial disposal of interest in associated company
99,322
–
Proceeds from sale of investment property
10,045
–
Dividends from associated companies
4,068
5,452
Purchase of additional interest in associated company
(72,755)
(1,574)
Purchase of available-for-sale financial assets
(20,256)
(47,742)
Purchase of property, plant and equipment
10
(993)
(2,530)
Improvements to investment properties
11
(2,282)
(339)
Proceeds from sale of property, plant and equipment
–
7
Proceeds from disposal of available-for-sale financial assets
9,082
9,494
Net cash provided by/(used in) investing activities
26,231
(37,232)
Cash flows from financing activities
Proceeds from issue of share capital
22
1,173
1,874
Bank deposits pledged
82
56
Payment of dividends to members of the Company
8
(43,822)
(43,789)
Interest expense paid
(469)
(427)
Proceeds from borrowings
–
47,746
Repayment of borrowings
(15,450)
(12,413)
Net cash used in financing activities
(58,486)
(6,953)
Net increase in cash and cash equivalents
91,808
13,929
Cash and cash equivalents at beginning of the financial year
18
223,061
208,606
Effects of currency translation on cash and cash equivalents
(661)
526
Cash and cash equivalents at end of the financial year
18
314,208
223,061
CON S O L I DAT E D S TAT EME N T O F C A S H F LOWS
The accompanying notes form an integral part of these financial statements.
