51
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2014
CONSOLIDATED
CASH FLOW STATEMENT
for the financial year ended 31 December 2014
Note
2014
2013
$’000
$’000
Cash flows from operating activities
(Loss)/profit before income tax
(16,934)
3,204
Adjustments for:
Bad debts written off
7
237
35
Other receivables written off
7
368
–
Dividend income
5
–
(5)
Depreciation of property, plant and equipment
10
2,466
2,277
Amortisation of intangible assets
11
40
77
Recognition of deferred income
5
(1,429)
(1,309)
Gain on disposal of property, plant and equipment
5
(135)
(34)
Loss on disposal of intangible assets
7
69
–
Inventories lost-in-transit
7
–
14
Write off of property, plant and equipment
7
76
–
Impairment of property, plant and equipment
7
1,659
–
Write off of inventories
7
638
–
Impairment of inventories, net
5,7
9,783
15
Write back of accruals for rectification work
5
–
(690)
Allowance for impairment of receivables, net
5,7
2,669
311
Fair value loss/(gain) on derivatives
5,7
45
(34)
Fair value (gain)/loss on investment held for trading
5,7
(57)
23
Finance cost
6
851
1,727
Interest income
5
(45)
(152)
Share of associate results
(4,606)
(8,830)
Unrealised foreign exchange loss/(gain), net
232
(204)
Operating cash flows before changes in working capital
(4,073)
(3,575)
Working capital changes:
Inventories
57,171
(10,802)
Trade and other receivables
12,555
2,916
Trade and other payables
428
(21,022)
Cash generated from/(used in) operations
66,081
(32,483)
Interest received
45
152
Interest paid
(851)
(1,727)
Income tax paid
–
(154)
Net cash flows generated from/(used in)
operating activities
65,275
(34,212)
Cash flows from investing activities
Dividend income received from investments and associates
3,643
3,227
Decrease in fixed deposit pledged with banks
–
642
Purchase of property, plant and equipment
A
(986)
(4,140)
Proceeds from disposal of property, plant and equipment
B
4,789
39,156
Purchase of intangible assets
(10)
(36)
Proceeds from disposal of intangible assets
161
–
Net cash flows generated from investing activities
7,597
38,849
