The accompanying notes form an integral part of these financial statements.
Group
Note
2015
2014
$’000
$’000
Operating activities
Profit before tax
12,155
11,412
Adjustments for:
Additional contingent consideration
25
203
–
Amortisation of intangible assets
5
1,350
1,726
Reversal of foreseeable losses
–
(39)
Depreciation of property, plant and equipment
4
1,561
1,652
Finance expense
25
999
1,072
Finance income
25
(520)
(281)
(Gain)/loss on disposal of property, plant and equipment
25
(20)
49
Property, plant and equipment written off
–
131
Loss on disposal of a joint venture
409
–
Gain on disposal of subsidiaries
25
–
(11)
Provision (written back)/made for warranties
22
(13)
22
Share-based payments expenses
23
419
348
16,543
16,081
Changes in working capital:
Inventories and work-in-progress
(18,896)
6,579
Trade and other receivables
17,795
(33,432)
Trade and other payables
10,674
13,959
Changes in deferred income
(142)
137
Cash generated from operations
25,974
3,324
Income taxes paid
(1,280)
(1,942)
Cash flows from operating activities
24,694
1,382
Investing activities
Proceeds from disposal of property, plant and equipment and intangible assets
35
18
Amounts owing to selling shareholders of a subsidiary
(440)
(1,438)
Purchase of intangible assets and property, plant and equipment
(2,263)
(3,039)
Payment of contingent consideration
19
(5,900)
–
Disposal of subsidiary, net of cash
–
(13)
Interest received
129
156
Bank deposit pledged
16
–
22
Cash flows used in investing activities
(8,439)
(4,294)
Financing activities
Acquisition of non-controlling interests
30
(337)
–
Dividends paid
(7,271)
(7,270)
Interest paid
(816)
(684)
Proceeds from bank loans
21,883
6,941
Repayment of short-term loans
(22,391)
(6,833)
Purchase of treasury shares
17
(674)
(293)
Proceeds from issue of shares under share option scheme
–
77
Cash flows used in financing activities
(9,606)
(8,062)
Net increase/(decrease) in cash and cash equivalents
6,649
(10,974)
Cash and cash equivalents at beginning of the year
37,986
48,884
Effect of exchange rate changes on cash held in foreign currencies
(51)
76
Cash and cash equivalents at end of the year
16
44,584
37,986
60
TELECHOICE INTERNATIONAL LIMITED
2015 ANNUAL REPORT
CONSOLIDATED
CASH FLOW STATEMENT
YEAR ENDED 31 DECEMBER 2015
