44
TEHO INTERNATIONAL INC LTD.
Annual Report 2015
Group
2015
2014
$
$
Cash flows from operating activities
(Loss)/Profit before tax
(7,456,501) 3,387,639
Adjustments for:
Allowance for impairment on trade receivables, net
464,728
13,375
Allowance for foreseeable loss on development properties
788,108
–
Amortisation of intangible assets
521,000
588,000
Depreciation
1,560,991
990,258
Fair value (gain)/loss on derivatives
(16,283)
376,525
Gain on disposal of plant and equipment
(40,830)
–
Impairment loss on an associate
53,625
–
Impairment loss on goodwill
2,209,048
–
Loss on disposal of an associate
8,636
–
Net fair value gain on contingent consideration payable
(194,076)
–
Net finance costs
815,975
378,613
Share of loss/(profit) from associates, net of tax
51,212
(27,729)
Operating cash flows before changes in working capital
(1,234,367) 5,706,681
Changes in:
- Inventories
(2,144,122)
(839,955)
- Development properties
1,070,672 5,115,579
- Trade and other receivables
1,240,733 (5,290,471)
- Trade and other payables
374,771 2,721,416
Cash (used in)/generated from operations
(692,313) 7,413,250
Tax paid
(588,118)
(355,502)
Net cash (used in)/from operating activities
(1,280,431) 7,057,748
Group
Note
2015
2014
$
$
Cash flows from investing activities
Acquisition of property, plant and equipment
(2,239,772) (1,062,352)
Acquisition of subsidiary, net of cash acquired
27 (2,923,986) (3,482,270)
Payment of contingent consideration
16
(450,000)
–
Dividend received from associates
–
13,507
Interest received
2,741
2,007
Proceeds from disposal of plant and equipment
47,732
–
Proceeds from disposal of an associate
121,250
–
Net cash used in investing activities
(5,442,035) (4,529,108)
Cash flows from financing activities
Cash restricted in use
–
12,000
Contributions from non-controlling interests
183,762
–
Dividends paid to owners of the Company
(1,523,740)
(709,146)
Interest paid
(1,679,104)
(435,053)
Payment of finance lease liabilities
(173,030)
(156,653)
Proceeds from loans and borrowings
15,647,902 13,000,000
Proceeds from issue of ordinary shares
– 4,254,877
Repayment of loans from directors of a subsidiary
(2,914,459)
–
Repayment of loans and borrowings
(5,109,379) (7,590,024)
Share issue expense
–
(154,437)
Net cash from financing activities
4,431,952 8,221,564
Net (decrease)/increase in cash and cash equivalents
(2,290,514) 10,750,204
Cash and cash equivalents at beginning of the year
15,800,623 5,056,521
Effect of exchange rate fluctuations on cash held
221,596
(6,102)
Cash and cash equivalents at end of the year
11 13,731,705 15,800,623
* See Note 9 for disclosure on significant non-cash transaction.
The accompanying notes form an integral part of these financial statements.
CONSOLIDATED STATEMENT
OF CASH FLOWS
Year ended 30 June 2015
