- TTI Annual Report 2010 - http://www.ttigroup.com/onlinereport/ar2010 -
Consolidated Statement of Cash Flow
Posted By admin On March 29, 2011 @ 8:58 am In | Comments Disabled
For the year ended December 31, 2010
| Notes | 2010 | 2009 | 2010 | 2009 | |
| HK$’000 | HK$’000 | US$’000 | US$’000 | ||
| (Note 58) | (Note 58) | ||||
| Operating Activities | |||||
| Profit before taxation | 746,392 | 429,469 | 95,691 | 55,061 | |
| Adjustments for: | |||||
|
Amortisation/write-off of intangible assets
|
330,646 | 269,246 | 42,391 | 34,519 | |
|
Amortisation of lease prepayments
|
5,717 | 2,267 | 733 | 291 | |
|
Depreciation on property, plant and equipment
|
548,885 | 534,953 | 70,370 | 68,583 | |
|
Employee share-based expense
|
17,190 | 10,800 | 2,204 | 1,385 | |
|
Finance costs
|
579,549 | 565,500 | 74,301 | 72,500 | |
|
Impairment loss on available for sale investments recognised
|
13,363 | — | 1,713 | — | |
|
Impairment loss on trade receivables
|
44,645 | 64,054 | 5,724 | 8,212 | |
|
Write down of inventories
|
86,358 | 71,679 | 11,072 | 9,190 | |
|
Interest income
|
(16,757) | (15,781) | (2,148) | (2,023) | |
|
Loss (gain) on disposal of property, plant and equipment
|
5,291 | (27,946) | 678 | (3,583) | |
|
Gain on disposal of held-for-trading investments
|
— | (16) | — | (2) | |
|
Gain on disposal of a subsidiary
|
— | (2,851) | — | (366) | |
|
Share of the results of associates
|
1,207 | 987 | 155 | 127 | |
|
Discount on acquisition taken to income
|
(4,764) | — | (611) | — | |
|
Fair value loss (gain) on interest rate swap
|
21,695 | (3,428) | 2,781 | (439) | |
|
Fair value gain on warrant
|
(4,306) | — | (552) | — | |
|
Fair value gain on foreign currency forward contracts
|
(44,257) | (11,320) | (5,674) | (1,451) | |
|
Fair value gain on held-for-trading investments
|
(3,100) | (33,692) | (397) | (4,320) | |
| Operating cash flows before movements in working capital | 2,327,754 | 1,853,921 | 298,431 | 237,684 | |
| Increase in inventories | (345,525) | (287,185) | (44,298) | (36,819) | |
| Increase in trade and other receivables, deposits and prepayments | (420,090) | (700,292) | (53,858) | (89,781) | |
| Increase in bills receivable | (41,305) | (29,210) | (5,295) | (3,745) | |
| (Increase) decrease in trade receivables from associates | (283) | 96 | (36) | 12 | |
| Increase in interest rate swap | 11 | — | 1 | — | |
| (Increase) decrease in foreign currency forward contracts | (4,669) | 53,569 | (599) | 6,868 | |
| (Decrease) increase in trade and other payables | (126,164) | 74,101 | (16,175) | 9,499 | |
| (Decrease) increase in bills payable | (289,933) | 567,791 | (37,171) | 72,794 | |
| Increase (decrease) in restructuring provision | 176,935 | (136,828) | 22,684 | (17,542) | |
| Decrease in warranty provision | (12,009) | (46,044) | (1,540) | (5,903) | |
| Increase in held-for-trading investments | (4,929) | (38,518) | (632) | (4,938) | |
| Increase in trade payable to an associate | 26,880 | 3,900 | 3,446 | 500 | |
| Decrease (increase) in retirement benefit obligations | 19,550 | (34,676) | 2,506 | (4,446) | |
| Cash generated from operations | 1,306,223 | 1,280,625 | 167,464 | 164,183 | |
| Interest paid | (537,394) | (525,843) | (68,897) | (67,416) | |
| Hong Kong profits tax paid | (55,353) | (34,926) | (7,097) | (4,478) | |
| Overseas tax paid | (102,288) | (135,412) | (13,114) | (17,361) | |
| Hong Kong profits tax refunded | 486 | 1,246 | 62 | 160 | |
| Overseas tax refunded | 44,815 | 175,624 | 5,746 | 22,516 | |
| Net Cash from Operating Activities | 656,489 | 761,314 | 84,164 | 97,604 | |
| Investing Activities | |||||
| Acquisition of subsidiaries / business | 48 | (108,016) | — | (13,848) | — |
| Purchase of property, plant and equipment | (722,890) | (661,884) | (92,678) | (84,857) | |
| Additions to intangible assets | (415,476) | (433,058) | (53,266) | (55,520) | |
| Purchase of available-for-sale investments | (526) | (5,643) | (67) | (723) | |
| Repayment from associates | 6,759 | 9,692 | 867 | 1,242 | |
| Interest received | 16,757 | 15,781 | 2,148 | 2,023 | |
| Proceeds from disposal of property, plant and equipment | 14,105 | 26,636 | 1,808 | 3,415 | |
| Net cash outflow on disposal of a subsidiary | — | (238) | — | (31) | |
| Net Cash Used in Investing Activities | (1,209,287) | (1,048,714) | (155,036) | (134,451) | |
| Financing Activities | |||||
| New bank loans obtained | 4,599,969 | 2,330,935 | 589,740 | 298,838 | |
| Proceeds from issue of convertible bonds | — | 1,170,000 | — | 150,000 | |
| Proceeds from issue of shares | 79,367 | 605,700 | 10,175 | 77,653 | |
| Repayment of bank loans | (2,165,037) | (3,052,050) | (277,569) | (391,288) | |
| Repayment of fixed interest rate notes | (1,353,923) | — | (173,580) | — | |
| Repayment of convertible bonds | — | (100,805) | — | (12,924) | |
| Repurchase of warrants | (101,843) | — | (13,057) | — | |
| Dividends paid | (132,508) | (92,775) | (16,988) | (11,894) | |
| Acquisition of additional interest in a subsidiary | (3,875) | (2,597) | (497) | (332) | |
| Expenses on issue of convertible bonds | — | (39,001) | — | (5,000) | |
| Expenses on issue of shares | — | (15,933) | — | (2,042) | |
| Repayment of obligations under finance leases | (23,227) | (21,627) | (2,978) | (2,773) | |
| Increase in discounted bills with recourse | 640,381 | 103,547 | 82,100 | 13,275 | |
| (Decrease) increase in trust receipt loans | (269,781) | 360,898 | (34,587) | 46,269 | |
| Net Cash from Financing Activities | 1,269,523 | 1,246,292 | 162,759 | 159,782 | |
| Net Increase in Cash and Cash Equivalents | 716,725 | 958,892 | 91,887 | 122,935 | |
| Cash and Cash Equivalents at Beginning of the Year | 3,107,997 | 2,129,199 | 398,461 | 272,974 | |
| Effect of Foreign Exchange Rate Changes | 1,514 | 19,906 | 195 | 2,552 | |
| Cash and Cash Equivalents at End of the Year | 3,826,236 | 3,107,997 | 490,543 | 398,461 | |
| Analysis of the Balances of Cash and Cash Equivalents | |||||
| Represented by: | |||||
|
Bank balances, deposits and cash
|
4,000,566 | 3,322,753 | 512,893 | 425,994 | |
|
Bank overdrafts
|
(174,330) | (214,756) | (22,350) | (27,533) | |
| 3,826,236 | 3,107,997 | 490,543 | 398,461 |
Article printed from TTI Annual Report 2010: http://www.ttigroup.com/onlinereport/ar2010
URL to article: http://www.ttigroup.com/onlinereport/ar2010/financials/consolidated-statement-of-cash-flow
Click here to print.
Copyright © 2011 Techtronic Industries Co. Ltd.