|
Group |
|
2008 |
2007 |
|
S$’000 |
S$’000 |
|
|
|
Cash Flows from Operating Activities |
|
|
Profit for the year |
730,994 |
651,342 |
Adjustments for: |
|
|
Dividend and interest income |
(45,543) |
(53,694) |
Finance costs |
44,407 |
53,925 |
Depreciation and amortisation |
195,069 |
182,859 |
Share of results of associates and joint ventures |
(126,096) |
(157,701) |
Gain on disposal of property, plant and equipment and investment properties |
(18,393) |
(9,913) |
Loss on disposal of other financial assets (net) |
38,697 |
19,910 |
Allowance made / (written back) for doubtful debts and bad debts written off (net) |
1,528 |
(6,491) |
Change in fair value of derivative instruments (net) |
36,668 |
(922) |
Share-based expenses |
31,253 |
26,237 |
Allowance made for impairment in value of assets and assets written off (net) |
10,883 |
7,628 |
Income tax expense (Note 33) |
130,951 |
135,764 |
Operating profit before working capital changes |
1,030,418 |
848,944 |
|
|
|
Changes in working capital: |
|
|
Inventories and work-in-progress |
1,114,381 |
(361,848) |
Receivables |
6,803 |
(115,102) |
Payables |
199,102 |
550,781 |
|
2,350,704 |
922,775 |
Net payment to banks for Unauthorised Transactions |
(43,749) |
(260,589) |
Income taxes paid |
(45,546) |
(48,155) |
Net cash inflow from operating activities |
2,261,409 |
614,031 |
|
|
|
Cash Flows from Investing Activities |
|
|
Dividends and interest received |
120,720 |
98,234 |
Cash flows on divestment of subsidiaries, net of cash |
2,124 |
98,385 |
Proceeds from divestment of associates and joint ventures |
1,818 |
69,332 |
Proceeds from divestment of investments |
8,892 |
273,895 |
Proceeds from sale of property, plant and equipment |
93,279 |
47,605 |
Proceeds from sale of investment properties |
317 |
6,959 |
Proceeds from sale of asset held for sale |
26,682 |
11,000 |
Additional interest in subsidiaries |
— |
(3,457) |
Acquisition of / additional investments in associates and joint ventures |
(1,495) |
(4,260) |
Acquisition of subsidiaries, net of cash acquired |
— |
160 |
Acquisition of other long-term investments |
— |
(46,187) |
Purchase of property, plant and equipment |
(361,705) |
(456,891) |
Payment for intangible assets |
(6,438) |
(55) |
Net cash (outflow) / inflow from investing activities |
(115,806) |
94,720 |
|
|
|
Cash Flows from Financing Activities |
|
|
Proceeds from share issue |
2,763 |
25,860 |
Proceeds from share issue to minority shareholders of subsidiaries |
10,778 |
26,772 |
Proceeds from ESOS exercised with issue of treasury shares |
3,948 |
— |
Proceeds from ESOS exercised with issue of treasury shares to
minority shareholders of subsidiaries |
10,915 |
— |
Purchase of treasury shares |
(50,825) |
— |
Purchase of treasury shares by subsidiary |
(93,745) |
— |
Proceeds from borrowings |
620,126 |
536,735 |
Repayment of borrowings |
(1,059,198) |
(505,466) |
Net increase / (decrease) in other long-term liabilities |
220 |
(5,220) |
Dividends paid to shareholders of the Company |
(266,890) |
(498,016) |
Dividends paid to minority shareholders of subsidiaries |
(129,968) |
(108,211) |
Interest paid |
(45,335) |
(53,482) |
Net cash outflow from financing activities |
(997,211) |
(581,028) |
|
|
|
Net increase in cash and cash equivalents |
1,148,392 |
127,723 |
Cash and cash equivalents at beginning of the year |
1,296,003 |
1,172,975 |
Effect of exchange rate changes on balances held in foreign currency |
(43,441) |
(4,695) |
Cash and cash equivalents at end of the year (Note 22) |
2,400,954 |
1,296,003 |
Attributable net assets of subsidiaries divested and acquired during the year are as follows:
|
Group |
|
2008 |
2007 |
|
S$’000 |
S$’000 |
|
|
|
Disposals |
|
|
Non-current assets |
22,067 |
104,928 |
Net current (liabilities) / assets |
(9,650) |
3,791 |
Non-current liabilities |
(2,044) |
(5,761) |
Minority interests |
(8,257) |
(1,824) |
|
2,116 |
101,134 |
(Loss) / Profit on disposal |
(597) |
5,284 |
Realisation of currency translation reserve |
824 |
(1,113) |
Total consideration received |
2,343 |
105,305 |
Net cash at bank of subsidiaries disposed of |
(219) |
(6,920) |
Cash inflow on divestment |
2,124 |
98,385 |
|
|
|
Acquisitions |
|
|
Non-current assets |
— |
17 |
Net current assets |
— |
484 |
Minority interests |
— |
(150) |
Total consideration payable |
— |
351 |
Net cash at bank of subsidiaries acquired |
— |
(511) |
Cash inflow on acquisitions |
— |
(160) |
|
| |
| The accompanying notes form an integral part of these financial statements. |
| |
|
|
|
|
