| |
| |
|
Group |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
|
|
|
Cash Flows from Operating Activities |
|
|
Profit for the year |
1,015,303 |
730,994 |
Adjustments for: |
|
|
Dividend and interest income |
(42,353) |
(45,543) |
Finance costs |
41,186 |
44,407 |
Depreciation and amortisation |
199,703 |
195,069 |
Share of results of associates and joint ventures |
(109,542) |
(126,096) |
Gain on disposal of property, plant and equipment and investment properties |
(1,794) |
(18,393) |
(Gain) / loss on disposal of other financial assets (net) |
(3,853) |
38,697 |
Allowance made for doubtful debts and bad debts written off (net) |
450 |
1,528 |
Allowance made for stock obsolescence and inventories written off |
430 |
2,465 |
Change in fair value of financial instruments |
(2,475) |
37,935 |
Share-based expenses |
27,996 |
31,253 |
Allowance made for impairment in value of assets and assets written off (net) |
33,239 |
10,883 |
Negative goodwill |
(298) |
— |
Income tax expense (Note 34) |
202,981 |
130,951 |
Operating profit before working capital changes |
1,360,973 |
1,034,150 |
|
|
|
Changes in working capital: |
|
|
Inventories and work-in-progress |
(723,148) |
1,114,381 |
Receivables |
163,778 |
6,803 |
Payables |
163,052 |
195,370 |
|
964,655 |
2,350,704 |
Net payment to banks for Unauthorised Transactions (Note 35(d)) |
— |
(43,749) |
Income taxes paid |
(31,882) |
(45,546) |
Net cash inflow from operating activities |
932,773 |
2,261,409 |
|
|
|
Cash Flows from Investing Activities |
|
|
Dividends and interests received |
98,871 |
120,720 |
Cash flows on sale of subsidiaries, net of cash disposed of |
14 |
2,124 |
Proceeds from sale of associates and joint ventures |
3,628 |
1,818 |
Proceeds from sale of investments |
12,722 |
8,892 |
Proceeds from sale of property, plant and equipment |
10,179 |
93,279 |
Proceeds from sale of investment properties |
— |
317 |
Proceeds from sale of asset held for sale |
— |
26,682 |
Loans to associates |
(67,259) |
— |
Additional interest in associates |
(111,885) |
— |
Acquisition of minority interest |
(13,428) |
— |
Acquisition of associates and joint ventures |
— |
(1,495) |
Acquisition of other financial assets |
(32) |
— |
Purchase of property, plant and equipment |
(407,423) |
(361,705) |
Payment for intangible assets |
(18) |
(6,438) |
Net cash outflow from investing activities |
(474,631) |
(115,806) |
|
|
|
Cash Flows from Financing Activities |
|
|
Proceeds from share issue |
— |
2,763 |
Proceeds from share issue to minority shareholders of subsidiaries |
1,097 |
10,778 |
Proceeds from ESOS exercised with issue of treasury shares |
3,434 |
3,948 |
Proceeds from ESOS exercised with issue of treasury shares to
minority shareholders of subsidiaries |
10,452 |
10,915 |
Purchase of treasury shares |
— |
(50,825) |
Purchase of treasury shares by subsidiary |
— |
(93,745) |
Proceeds from borrowings |
827,820 |
620,126 |
Repayment of borrowings |
(764,328) |
(1,059,198) |
Net (decrease) / increase in other long-term liabilities |
(862) |
220 |
Dividends paid to shareholders of the Company |
(195,716) |
(266,890) |
Dividends paid to minority shareholders of subsidiaries |
(110,273) |
(129,968) |
Interest paid |
(38,334) |
(45,335) |
Net cash outflow from financing activities |
(266,710) |
(997,211) |
|
|
|
Net increase in cash and cash equivalents |
191,432 |
1,148,392 |
Cash and cash equivalents at beginning of the year |
2,400,954 |
1,296,003 |
Effect of exchange rate changes on balances held in foreign currency |
5,126 |
(43,441) |
Cash and cash equivalents at end of the year (Note 22) |
2,597,512 |
2,400,954 |
|
| |
| Attributable net assets of subsidiaries divested during the year are as follows: |
| |
|
Group |
|
2009 |
2008 |
|
S$’000 |
S$’000 |
|
|
|
Disposals |
|
|
Non-current assets |
246 |
22,067 |
Net current assets / (liabilities) |
38 |
(9,650) |
Non-current liabilities |
— |
(2,044) |
Minority interests |
(188) |
(8,257) |
|
96 |
2,116 |
Loss on disposal |
(14) |
(597) |
Realisation of currency translation reserve |
— |
824 |
Total consideration received |
82 |
2,343 |
Net cash at bank of subsidiaries disposed of |
(68) |
(219) |
Cash inflow on divestment |
14 |
2,124 |
|
| |
| The accompanying notes form an integral part of these financial statements. |
|
| |
|
|
|
|
|
