LHN Limited - Annual Report 2015 - page 52

50 LHN Limited Annual Report
Consolidated Statement
of Cash Flows
for the financial year ended 30 September 2015
Financial year ended
30 September
2015 2014
$ $
Cash flows from Operating Activities
Profit before taxation 4 ,267 ,644 14, 004, 263
Share of associated companies’ results (26, 303) (24 , 271)
4 ,241 ,341 13, 979, 992
Adjustments for:
Depreciation of property, plant and equipment 5 ,531 ,502 5, 191, 174
(Gain)/loss on disposal of property, plant and equipment (Note D) (24, 784) 108, 294
Property, plant and equipment written off 21 ,663 36, 516
Fair value gain on investment properties (574, 655) (5 ,784 , 352)
Waiver of debt from a director of subsidiaries (127, 138) (81 , 348)
Interest income (114, 859) (70 , 332)
Interest expense 445 ,949 707, 452
Shares issued as part payment of Sponsor fee (Note 14) 320 ,000 –
Operating profit before working capital changes 9 ,719 ,019 14, 087, 396
Decrease/(increase) in inventories 93 ,729 (25 , 962)
Decrease in work-in-progress 58 ,159 222, 792
(Increase)/decrease in operating receivables (6, 113, 087) 2, 552, 088
Increase/(decrease) in operating payables 5 ,157 ,346 (4 ,152 , 245)
Cash generated from operations 8 ,915 ,166 12, 684, 069
Interest expense paid (445, 949) (707, 452)
Income tax paid (909, 677) (1 ,847 , 527)
Income tax refunded 91 ,190 1, 066, 086
Net cash generated from operating activities 7 ,650 ,730 11, 195, 176
Cash flows from Investing Activities
Acquisition of property, plant and equipment (Note A) (10, 670, 862) (4 ,833 , 670)
Purchase of investment properties (10, 687, 177) (500, 509)
Proceeds from disposal of property, plant and equipment (Note D) 96 ,070 532, 117
Acquisition of a subsidiary, net of cash acquired (Note B) 591 ,370 –
Net cash outflow on disposal of investment in a subsidiary (Note C) – (619, 692)
Interest received 114 ,859 70, 332
Net cash used in investing activities (20, 555, 740) (5 ,351 , 422)
Cash flows from Financing Activities
Repayment of obligations under hire-purchase contracts (1, 423, 452) (1 ,126 , 055)
(Placements)/uplift of deposits pledged
– current (70, 692) (1 ,873 , 871)
– non-current – 1, 857, 150
Effect on non-controlling interest on newly incorporated subsidiaries 45 ,184 –
Proceeds from issuance of shares to a non-controlling interest
of a subsidiary 100 ,000 –
Bank borrowings obtained 10 ,280 ,000 3, 000, 000
Bank borrowings repaid (875, 251) (5 ,356 , 704)
Proceeds from pre-IPO convertible loans 2 ,000 ,000 –
Proceeds from issuance of placement shares 16 ,999 ,990 –
Share issue costs (803, 494) –
Repayment to immediate holding company – (2 ,914 , 999)
Repayment by fellow subsidiaries, net – 2, 937, 590
Amount owing (by)/to related parties, net (1, 795) 4, 869
Repayment to a director – (417, 000)
Repayment to a director of subsidiaries (1, 105, 177) (866, 141)
Dividends paid (2, 000, 000) –
Net cash generated from/(used in) financing activities 23 ,145 ,313 (4 ,755 , 161)
Net increase in cash and cash equivalents 10 ,240 ,303 1, 088, 593
Exchange differences on translation of cash and bank balances at beginning (27, 940) (15 , 899)
Cash and cash equivalents at beginning of year 14 ,425 ,085 13, 352, 391
Cash and cash equivalents at end of year 24 ,637 ,448 14, 425, 085
The annexed notes form an integral part of and should be read in conjunction with these financial statements.