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CONSOLIDATED STATEMENT OF CASH FLOWS
For the Ànancial year ended 31 December 2013
The accompanying notes form an integral part of these financial statements.
84
COSCO Corporation (Singapore) Limited
F i nanc i a l Statement s
Note
2013
$’000
2012
$’000
Cash flows from operating activities
Net profit
52,785
169,779
Adjustments for:
- Allowance for impairment of property, plant and equipment
110
8,131
- Allowance for impairment of transferable club memberships
11
73
- Amortisation of deferred expenditure
86
85
- Depreciation of property, plant and equipment and investment properties
183,525
178,895
- Dividend income
(503)
(407)
- Income tax expense
8,157
59,842
- Interest expense
110,845
99,986
- Interest income
(44,712)
(39,413)
- Net allowance for/(reversal of) expected losses recognised on
construction contracts
85,717
(28,564)
- Provision for an onerous contract
144
–
- Net allowance for inventory write-down
23,678
2,013
- Net allowance for impairment of trade and other receivables
5,228
7,814
- Net (gain)/loss on disposal of property, plant and equipment
(666)
661
- Share of profit of associated companies
(407)
(580)
- Net fair value gain on forward currency contracts
(750)
–
- Write-off of property, plant and equipment
469
230
423,717
458,545
Changes in working capital:
- Inventories and construction contract work-in-progress
(833,616)
192,377
- Trade and other receivables
(160,444)
(711,138)
- Trade and other payables
365,518
(430,111)
- Other current assets
(3,370)
(4,930)
- Provisions for other liabilities
(323)
(3,711)
- Exchange differences
89,691
925
Cash used in operations
(118,827)
(498,043)
Income tax paid
(11,598)
(82,123)
Net cash used in operating activities
(130,425)
(580,166)
Cash flows from investing activities
Purchase of property, plant and equipment
(61,855)
(122,656)
Proceeds from disposal of property, plant and equipment
10,620
8,943
Dividends received
613
691
Interest received
34,451
33,816
Net cash used in investing activities
(16,171)
(79,206)
Cash flows from financing activities
Proceeds from borrowings
2,103,985
2,434,479
Repayments of borrowings
(1,542,339)
(1,469,975)
Proceeds from non-controlling interests for increase in registered capital
of a subsidiary
–
39,200
Decrease/(increase) in bank deposits pledged
14,207
(16,344)
Interest paid
(110,662)
(93,504)
Dividends paid to equity holders of the Company
(44,785)
(67,177)
Dividends paid to non-controlling interests of subsidiaries
(634)
(893)
Net cash provided by financing activities
419,772
825,786
Net increase in cash and cash equivalents
273,176
166,414
Cash and cash equivalents at beginning of financial year
1,675,272
1,584,048
Effects of currency translation on cash and cash equivalents
76,592
(75,190)
Cash and cash equivalents at end of financial year
11
2,025,040
1,675,272
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