Financial Statements - Mewah Group

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MEWAH INTERNATIONAL INC. ANNUAL REPORT 2011 Consolidated Statement of Cash Flows For the financial year ended 31 December 2011 Note 2011 2010 US$’000 US$’000 Cash flows from operating activities Profit after tax 39,258 92,440 Adjustments for: - Income tax (1,094) 16,248 - Amortisation 58 - - Depreciation 14,142 13,264 - Loss on disposal of property, plant and equipment 367 81 - Property, plant and equipment written off 260 977 - Placement and listing expenses 26(f ) - 4,737 - Impairment of goodwill 2,717 - - Interest income (5,548) (4,148) - Interest expense 12,887 9,779 - Share of profit of associate (123) (3) - Exchange differences (net) 4,864 7,433 Operating cash flows before working capital changes 67,788 140,808 Changes in operating assets and liabilities: - Inventories (64,709) (76,634) - Trade and other receivables 15,690 (150,600) - Trade and other payables (40,993) 90,737 - Derivative financial instruments 28,193 2,822 Cash flows generated from operations 5,969 7,133 Interest received 4,753 3,834 Interest paid (12,887) (9,779) Income tax paid (26,424) (25,333) Net cash flows used in operating activities (28,589) (24,145) Cash flows from investing activities Acquisition of non-controlling interests (748) (1,258) Acquisition of subsidiaries 35 - 3,604 Investment in associate - (83) Other receivables 2,723 (6,164) Purchase of property, plant and equipment (92,238) (40,552) Addition in leasehold prepayments 19 (14,063) - Proceeds from disposal of property, plant and equipment 574 706 Net cash flows used in investing activities (103,752) (43,747) The accompanying notes form an integral part of these financial statements. 54
Building Capabilities Consolidated Statement of Cash Flows For the financial year ended 31 December 2011 Note 2011 2010 US$’000 US$’000 Cash flows from financing activities Proceeds from placement and listing 26(e) - 191,281 Placement and listing expenses (1,422) (7,699) Proceeds from issue of new shares to existing shareholders - 1,270 Repayment of shareholders’ loan - (22,819) Dividends paid to equity holders of the Company 29 (4,333) (24,085) Dividends paid to non-controlling interests - (224) Restricted short term deposit (1) (19) Repayment from related parties - 1,301 Proceeds from long term borrowings 42,184 9,905 Repayment of long term borrowings (17,023) (5,480) Net proceeds from short term borrowings 34,648 99,555 Interest received 795 314 Net cash flows from financing activities 54,848 243,300 Net change in cash and cash equivalents (77,493) 175,408 Cash and cash equivalents at beginning of the financial year 215,152 37,376 Effect of changes in exchange rate on cash and cash equivalents (1,195) 2,368 Cash and cash equivalents at end of the financial year 17 136,464 215,152 The accompanying notes form an integral part of these financial statements. 55
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Financial Statements - Mewah Group

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