43
Straco Corporation Limited • Annual Report 2014
Group
Note
2014
2013
$
$
Cash flows from operating activities
Profit before income tax
57,640,983
50,269,812
Adjustments for:
Depreciation of property, plant and equipment
4,430,678
3,947,358
Depreciation of investment property
117,096
–
Amortisation of intangible assets
68,581
–
Equity-settled share-based payment transactions
1,340,081
452,800
Exchange loss/(gain)
475,999
(1,954,419)
Amortisation of government grants
(64,932)
(61,370)
Interest income
(3,334,544)
(3,250,178)
Interest expense
163,435
2,260
Negative goodwill recognised
(113,546)
–
Loss/(gain) on disposal of property, plant and equipment
6,192
(692,001)
Operating profit before working capital changes
60,730,023
48,714,262
Changes in working capital:
Inventories
(751,367)
137,793
Trade and other receivables
(1,899,019)
82,657
Trade and other payables
(402,977)
1,045,155
Cash generated from operating activities
57,676,660
49,979,867
Income taxes paid
(20,682,660)
(14,312,414)
Net cash from operating activities
36,994,000
35,667,453
Cash flows from investing activities
Acquisition through business combination, net of cash acquired
(116,437,414)
–
Government grant received
–
30,244
Interest received
4,607,043
1,858,221
Proceeds from disposal of property, plant and equipment
1,580
1,288,152
Purchase of property, plant and equipment
(1,227,976)
(1,436,496)
Deposits paid for bidding of a project
–
(21,200,000)
Net cash used in investing activities
(113,056,767)
(19,459,879)
Cash flows from financing activities
Dividends paid to owners of the Company
(16,946,192)
(10,535,995)
Dividends paid to non-controlling interests
(1,274,984)
(1,274,857)
Interest paid
(119,454)
(2,260)
Proceeds from issue of shares
3,000,000
–
Proceeds from exercise of share options
840,270
350,980
Proceeds from borrowings
94,358,711
–
Repayment of borrowings
(1,000,000)
–
Repurchase of own shares
(567,564)
(125,903)
Deposits from potential partner for bidding of a project
–
2,100,000
Deposits pledged
(18,048,480)
–
Net cash from/(used in) financing activities
60,242,307
(9,488,035)
Net (decrease)/increase in cash and cash equivalents
(15,820,460)
6,719,539
Cash and cash equivalents at beginning of year
108,055,060
95,969,619
Effect of exchange rate fluctuations
2,182,271
5,365,902
Cash and cash equivalents at end of year
11
94,416,871
108,055,060
CONSOLIDATED STATEMENT OF CASH FLOWS
Year ended 31 December 2014
The accompanying notes form an integral part of these financial statements
