STAMFORD TYRES CORPORATION LIMITED
44 |
DRIVING IT UP
Note 2016
2015
$’000
$’000
Cash flows from operating activities:
Profit before taxation
4,985
3,480
Adjustments for:
Depreciation of property, plant and equipment
7,877
9,033
Gain on disposal of property, plant and equipment
(28)
(124)
Fair value loss/(gain) on derivatives
205
(440)
Property, plant and equipment written-off
1
94
Bad debts (recovered)/written-off
(32)
125
Foreign currency translation adjustment
(1,437)
(33)
Interest income
(162)
(131)
Provision for product warranties
488
448
Write-back of impairment loss on property, plant and equipment
(8)
(8)
Interest expense
5,449
4,938
Share of results of joint ventures
(1,767)
(89)
Operating cash flows before changes in working capital
15,571
17,293
Decrease/(increase) in inventories
18,727
(1,172)
Decrease/(increase) in receivables
11,591
(5,270)
Decrease in payables
(2,301)
(8,001)
Cash flows from operations
43,588
2,850
Interest received
162
131
Interest paid
(5,449)
(4,938)
Income tax paid
(1,894)
(2,565)
Net cash flows generated from/(used in) operating activities
36,407
(4,522)
Cash flows from investing activities:
Proceeds from disposal of property, plant and equipment
99
215
Dividend received from joint ventures company
2,864
670
Purchase of property, plant and equipment
(13,023)
(6,964)
Net cash flows used in investing activities
(10,060)
(6,079)
Cash flows from financing activities:
Proceeds from long-term loans
19,528
756
(Repayment of)/proceeds from trust receipts
(20,955)
8,835
(Repayment of)/proceeds from revolving loans
(11,584)
8,964
Repayment of hire-purchase liabilities
(1,310)
(1,317)
Dividend paid to shareholders
(2,356)
(3,534)
Repayment of long-term loans
(7,212)
(5,721)
Net cash flows (used in)/generated from financing activities
(23,889)
7,983
Net increase/(decrease) in cash and cash equivalents
2,458
(2,618)
Cash and cash equivalents at beginning of financial year
15,850
18,637
Effects of exchange rate changes on cash and cash equivalents
at beginning of financial year
(883)
(169)
Cash and cash equivalents at end of financial year
20
17,425
15,850
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Cash Flow
For the financial year ended 30 April 2016
(In Singapore Dollar)
