Sun Art Retail Group Limited - TodayIR.com

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CONSOLIDATED CASH FLOW STATEMENT For the year ended 31 December 2012 Year ended 31 December 2012 2011 Note RMB million RMB million Investing activities Payment for purchase of fixed assets (5,131) (5,358) Increase in time deposits with maturity over three months (38) (17) Proceeds from sale of property, plant and equipment 3 22 Payment for purchase of intangible assets (1) (2) Interest received 270 92 Payment for purchase of available-for-sale financial assets (14,467) – Proceeds from disposal of available-for-sale financial assets 12,502 – Net cash used in investing activities (6,862) (5,263) Financing activities Proceeds from initial public offering, net of issuance expenses – 7,625 Cash injection from non-controlling interests 109 191 Proceeds from bank loans 403 3,179 Repayment of bank loans (199) (5,336) Interest paid (12) (90) Repayment of other financial liabilities – (2) Dividends paid to shareholders of the Company (777) (1,546) Dividends paid to non-controlling shareholders (5) (291) Net cash (used in)/generated from financing activities (481) 3,730 Net (decrease)/increase in cash and cash equivalents (1,760) 4,231 Cash and cash equivalents at 1 January 7,517 3,281 Effect of foreign exchange rate changes – 5 Cash and cash equivalents at 31 December 17 5,757 7,517 The accompanying notes set out on pages 58 to 119 form part of these financial statements. Sun Art Retail Group Limited Annual Report 2012 57
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 SIGNIFICANT ACCOUNTING POLICIES (a) Statement of compliance These financial statements have been prepared in accordance with all applicable Hong Kong Financial Reporting Standards (“HKFRSs”), which collective term includes all applicable individual Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”), accounting principles generally accepted in Hong Kong and the requirements of the Hong Kong Companies Ordinance. These financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). A summary of the significant accounting policies adopted by the Company and its subsidiaries (together referred to as the “Group”) is set out below. The HKICPA has issued certain new and revised HKFRSs that are first effective or available for early adoption for the current accounting period of the Group and the Company. Note 1(c) provides information on any changes in accounting policies resulting from initial application of these developments to the extent that they are relevant to the Group for the current and prior accounting periods reflected in these financial statements. (b) Basis of preparation of the financial statements The consolidated financial statements for the year ended 31 December 2012 comprise the Group and the Group’s interest in a jointly controlled entity. The financial statements are presented in Renminbi (“RMB”), rounded to the nearest million (unless otherwise stated). RMB is also the functional currency of the Company and the Company’s operating subsidiaries, as the Group’s hypermarkets are all located in the People’s Republic of China (“PRC”). Prior to the listing of the Company’s shares on the Main Board of The Stock Exchange of Hong Kong Limited on 27 July 2011, the functional currency of the Company was United States Dollars (“USD”). However, as the listing proceeds were partially used to repay the USD denominated bank loans of the Group and most of the Company’s future income is expected to be derived from its subsidiaries located in the PRC, when preparing the financial statements for the year ended 31 December 2011, the directors considered it appropriate to regard RMB as the Company’s functional currency for the foreseeable future. This change was accounted for prospectively from 27 July 2011. The consolidated financial statements have been prepared on the historical cost basis except for available-for-sale financial assets that are measured at fair value. The preparation of financial statements in conformity with HKFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. 58 Sun Art Retail Group Limited Annual Report 2012
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Sun Art Retail Group Limited (Incor
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CORPORATE INFORMATION DIRECTORS Exe
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CHAIRMAN’S STATEMENT Dear Shareho
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FINANCIAL SUMMARY A summary of the
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