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CONSOLIDATED STATEMENT OF
CASH FLOWS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2013
2013 2012
$ $
Cash flows from operating activities
(Loss)/profit before tax (58,115) 52,884
Adjustments:
Depreciation of property, plant and equipment 1,196,248 1,308,795
Amortisation of intangible asset 8,791 –
Loss on disposal of property, plant and equipment 19,093 –
Property, plant and equipment written off 96,546 1,806
Impairment loss on doubtful receivables 57,443 27,137
Currency realignment 58,774 (36,416)
Interest expense 67,433 35,635
Interest income (62,414) (53,890)
Fair value loss on convertible loans 132,268 2,227
Share of results of associates (457,683) (236,316)
Operating cash flows before changes in working capital 1,058,384 1,101,862
Changes in working capital:
(Increase)/decrease in inventories (39,040) 591
(Increase)/decrease in trade and other receivables, accrued revenue and
prepayments (813,564) 243,320
Increase in trade and other payables 79,674 222,483
Increase/(decrease) in deferred income 252,662 (5,187)
Cash flows from operations 538,116 1,563,069
Income tax paid (3,566) –
Net cash flows from operating activities 534,550 1,563,069
Cash flows from investing activities
Interest received 62,414 53,890
Purchase of property, plant and equipment (1,721,176) (137,991)
Proceeds from disposal of property, plant and equipment 400 162
Net cash outflow on acquisitions of subsidiary and business (449,895) –
Investment in an associate (252,266) –
Pre-acquisition dividend paid to non-controlling interest (340,000) –
Convertible loans and short-term loan receivables (794,874) (590,888)
Net cash flows used in investing activities (3,495,397) (674,827)
Cash flows from financing activities
Cash and short term deposits pledged as security (300,000) –
Interest paid (67,433) (35,635)
Repayment of obligations under hire purchase and loans and borrowings (569,045) (381,078)
Proceeds from loans and borrowings 1,400,000 795,364
Repayment of long-term loan from associate 495,000 –
Purchase of treasury shares – (1,616)
Net cash flows from financing activities 958,522 377,035
Net (decrease)/increase in cash and short term deposits (2,002,325) 1,265,277
Cash and short term deposits at 1 January 9,179,193 7,913,916
Cash and short term deposits at 31 December 7,176,868 9,179,193
Disposal of property, plant and equipment:
Net book value 329,493 162
Proceeds:
– Received in cash 400 162
– Receivable as other debtors 310,000 –
Loss on disposal 19,093 –
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
ASIAMEDIC LIMITED
ANNUAL REPORT 2013 40