CONSOLIDATED STATEMENT OF
CASH FLOWS
For the year ended 30 June 2015
2015 2014
$’000 $’000
Cash flows from operating activities
Profit before tax
8,611 26,139
Adjustments for:
Amortisation of intangible asset
852
1,264
Amortisation of lease prepayments
292
281
Allowance for /(write back of) impairment
of doubtful receivables (net)
573 (1,877)
Bad debts (recovered)/written off (net)
(176)
64
Gain on disposal of short term investment
–
(99)
Depreciation of property, plant and equipment
44,827 45,230
Gain on disposal of property, plant and equipment
(6,923)
(3,493)
Gain on deemed disposal of associate
–
(20)
Interest expense
18,241 16,662
Interest income
(134)
(280)
Property, plant and equipment written off
873
1,249
Reversal of provision for warranty, net
(153)
(2,767)
Provision for pension liabilities
52
768
Share of results of joint ventures and associates
(3,882)
(3,860)
Operating cash flows before changes in working capital
63,053 79,261
Changes in working capital:
Inventories
(149,459)
(46,693)
Construction work-in-progress and progress billings
in excess of construction work-in-progress
162,700 44,412
Trade and other receivables
59,501 (63,186)
Trade and other payables
(10,822)
6,748
Other liabilities
(125)
–
Balances with related parties (trade)
2,218 12,098
Cash and bank balances (restricted use)
(74)
1,091
Cash flows generated from operations
126,992 33,731
Income tax paid
(2,178)
(6,124)
Net cash flows generated from operating activities
124,814 27,607
ASL Marine Holdings Ltd. /Annual Report 2015
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