CONSOLIDATED STATEMENT OF CASH FLOWS
For the financial year ended 31 December 2014
Financial Statements
The accompanying notes form an integral part of these financial statements.
84
COSCO Corporation (Singapore) Limited
Note
2014
2013
$’000
$’000
Cash flows from operating activities
Net profit
26,277
52,785
Adjustments for:
- Allowance for impairment of property, plant and equipment
163
110
- Allowance for impairment of transferable club memberships
6
11
- Amortisation of deferred expenditure
86
86
- Depreciation of property, plant and equipment and investment properties
153,488
183,525
- Dividend income
(725)
(503)
- Fair value losses/(gains) on forward currency contracts
759
(750)
- Income tax (credit)/expense
(9,026)
8,157
- Interest expense
127,697
110,845
- Interest income
(45,807)
(44,712)
- Allowance for expected losses recognised on construction contracts
61,742
85,717
- Provision for an onerous contract
25
144
- Write-down of inventories
124,504
23,678
- Net allowance for impairment of trade and other receivables
25,787
5,228
- Loss/(gain) on disposal of property, plant and equipment
456
(666)
- Share of loss/(profit) of associated companies
197
(407)
- Write-off of property, plant and equipment
217
469
465,846
423,717
Changes in working capital:
- Inventories and construction contract work-in-progress
(134,427)
(833,616)
- Trade and other receivables
(1,649,297)
(160,444)
- Trade and other payables
(132,908)
365,518
- Other current assets
(6,194)
(3,370)
- Provisions for other liabilities
770
(323)
- Exchange differences
34,846
89,691
Cash used in operations
(1,421,364)
(118,827)
Income tax paid
(6,307)
(11,598)
Net cash used in operating activities
(1,427,671)
(130,425)
Cash flows from investing activities
Cash outflow to non-controlling interests on dissolution of a subsidiary
(2,001)
–
Purchase of property, plant and equipment
(100,632)
(61,855)
Proceeds from disposal of property, plant and equipment
3,228
10,620
Dividends received
967
613
Interest received
49,669
34,451
Net cash used in investing activities
(48,769)
(16,171)
Cash flows from financing activities
Proceeds from borrowings
3,281,016
2,103,985
Repayments of borrowings
(2,181,337)
(1,542,339)
Proceeds from non-controlling interests for increase in registered capital of
a subsidiary
10,679
–
Decrease in bank deposits pledged
38
14,207
Interest paid
(120,822)
(110,662)
Dividends paid to equity holders of the Company
(22,392)
(44,785)
Dividends paid to non-controlling interests of subsidiaries
(11,521)
(634)
Net cash provided by financing activities
955,661
419,772
Net (decrease)/increase in cash and cash equivalents
(520,779)
273,176
Cash and cash equivalents at beginning of financial year
2,025,040
1,675,272
Effects of currency translation on cash and cash equivalents
53,223
76,592
Cash and cash equivalents at end of financial year
11
1,557,484
2,025,040
