84
COSCO Corporation (Singapore) Limited
Annual Report 2015
CONSOLIDATED STATEMENT OF
CASH FLOWS
For the financial year ended 31 December 2015
Financial Statements
The accompanying notes form an integral part of these financial statements.
Note
2015
$’000
2014
$’000
Cash flows from operating activities
Net (loss)/profit
(914,835)
26,277
Adjustments for:
- Allowance for impairment of property, plant and equipment
–
163
- Allowance for impairment of transferable club memberships
–
6
- Amortisation of deferred expenditure
90
86
- Depreciation of property, plant and equipment and investment properties
150,005
153,488
- Dividend income
(2,015)
(725)
- Fair value loss on forward currency contracts
–
759
- Income tax expense/(credit)
13,669
(9,026)
- Interest expense
166,925
127,697
- Interest income
(34,320)
(45,807)
- Allowance for expected losses recognised on construction contracts
61,782
61,742
- Provision for an onerous contract
–
25
- Write-down of inventories
309,304
124,504
- Net allowance for impairment of trade and other receivables
380,306
25,787
- (Gain)/loss on disposal of property, plant and equipment
(90)
456
- Share of (profit)/loss of associated companies
(30)
197
- Write-off of property, plant and equipment
239
217
131,030
465,846
Changes in working capital:
- Inventories and construction contract work-in-progress
(69,467)
(134,427)
- Trade and other receivables
(1,022,479)
(1,649,297)
- Trade and other payables
(283,831)
(132,908)
- Other current assets
5,892
(6,194)
- Provisions for other liabilities
334
770
- Exchange differences
33,672
34,846
Cash used in operations
(1,204,849)
(1,421,364)
Income tax paid
(26,579)
(6,307)
Net cash used in operating activities
(1,231,428)
(1,427,671)
Cash flows from investing activities
Cash outflow to non-controlling interests on dissolution of a subsidiary
–
(2,001)
Purchase of property, plant and equipment
(151,457)
(100,632)
Proceeds from disposal of property, plant and equipment
8,788
3,228
Cash outflow to non-controlling interests on acquisition of additional interests in
subsidiaries
(647)
–
Dividends received
2,212
967
Interest received
42,332
49,669
Net cash used in investing activities
(98,772)
(48,769)
Cash flows from financing activities
Proceeds from borrowings
4,200,628
3,281,016
Repayments of borrowings
(2,724,152)
(2,181,337)
Proceeds from non-controlling interests for increase in registered capital of a
subsidiary
–
10,679
Decrease in bank deposits pledged
1,471
38
Interest paid
(173,641)
(120,822)
Dividends paid to equity holders of the Company
(11,196)
(22,392)
Dividends paid to non-controlling interests of subsidiaries
(1,942)
(11,521)
Net cash provided by financing activities
1,291,168
955,661
Net decrease in cash and cash equivalents
(39,032)
(520,779)
Cash and cash equivalents at beginning of financial year
1,557,484
2,025,040
Effects of currency translation on cash and cash equivalents
50,552
53,223
Cash and cash equivalents at end of financial year
11
1,569,004
1,557,484
