Annual Report 2010 - Leeden Limited

A Stronger Leeden in Asia.Consolidated Cash Flow Statementfor the Financial Year ended 31 December 2010Note2010$’0002009$’000Cash flow from operating activities:Profit before taxation 15,083 17,228Adjustments for:Share of profit in associated companies (212) (218)Share of loss in joint venture company 21 –Depreciation of property, plant and equipment 6,662 6,160Amortisation of intangible assets 176 176Gain on disposal of property, plant and equipment (529) (1,231)(Gain)/loss on disposal of other investment (13) 60Write-off of property, plant and equipment 5 –Allowance for doubtful debts 544 1,962Allowance for doubtful debts written back (1,034) –Allowance for stock obsolescence 692 1,547Allowance for stock obsolescence written back (33) –Interest income (976) (858)Interest expense 1,921 2,016Expenses on share-based payment 464 785Fair value gain on other investments (79) –Fair value loss/(gain) on derivatives 41 (576)Translation adjustments arising on consolidation (1,326) 148Operating profit before working capital changes 21,407 27,199Changes in working capital:Decrease/(increase) in debtors and prepayments 5,802 (4,153)(Increase)/decrease in stocks (4,989) 6,024Decrease in creditors (1,176) (6,267)Decrease in amounts due to related parties, net (2,361) (1,280)Progress billings received from development property 12,543 3,419Increase in costs of development property (10,987) (8,107)Fixed deposits released from collateral 308 524Cash generated from operations 20,547 17,359Interest received 976 858Interest paid (1,921) (2,016)Income tax paid (2,903) (3,647)Net cash provided by operating activities 16,699 12,554Cash flow from investing activities:Purchase of property, plant and equipment (15,360) (10,781)Proceeds from disposal of property, plant and equipment 834 1,476Purchase of club membership (23) –Proceeds from disposal of other investment 38 8Investment in a joint venture company (70) –Net cash outflow from acquisition of a subsidiary company 11 – (17)Decrease in amounts due to related party (967) –Increase in amounts due from joint venture company, net (16) –Decrease/(increase) in amounts due from associated companies, net 3,608 (5,317)Net cash used in investing activities (11,956) (14,631)Cash flow from financing activities:Dividends paid to shareholders (1,749) (1,742)Dividends paid to non-controlling interests (148) (2,356)Proceeds from issuance of ordinary shares 157 922Proceeds from additional loans 50,970 33,262Repayments of loans and amounts due to bankers (excluding bank overdrafts) (52,913) (22,355)Net (decrease)/increase in hire purchase creditors (57) 86Purchase of treasury shares – (805)Net cash (used in)/provided by financing activities (3,740) 7,012Net increase in cash and cash equivalents 1,003 4,935Cash and cash equivalents at beginning of year 24 20,510 15,575Cash and cash equivalents at end of year 24 21,513 20,510The accompanying accounting policies and explanatory notes form an integral part of the financial statements.42