54
GRAND BANKS YACHTS LIMITED
ANNUAL REPORT
2016
Year ended 30 June 2016
CONSOLIDATED STATEMENT OF CASH FLOWS
Group
Note
2016
2015
$’000
$’000
Cash flows from operating activities
Profit/(Loss) after tax
1,970
(4,799)
Adjustments for:
Depreciation of property, plant and equipment
2,725
2,067
Amortisation of intangible assets
219
564
Property, plant and equipment written off
–
15
Reversal of impairment loss on property
(222)
–
Allowance made for inventories obsolescence
1,017
145
Written down of inventories
–
242
Interest income
(77)
(51)
Provision for warranty claims
830
584
Fair valuation loss on debt securities held-for-trading
8
12
Fair value change of contingent consideration
–
(74)
Equity-settled share-based compensation
133
48
Tax (credit)/expense
(702)
261
Unrealised foreign exchange gain
(295)
(1,433)
5,606
(2,419)
Changes in working capital:
(Increase)/Decrease in inventories
(773)
2,731
(Increase)/Decrease in trade and other receivables
(367)
1,955
Decrease/(Increase) in prepayments
113
(674)
Increase in trade and other payables
3,307
1,907
Net cash generated from operations
7,886
3,500
Net income taxes paid
(565)
(60)
Warranty claims paid
(870)
(775)
Net cash from operating activities
6,451
2,665
Cash flows from investing activities
Interest received
59
60
Acquisition of a subsidiary
7
(3,985)
(3,433)
Purchase of property, plant and equipment
(7,983)
(3,031)
Restricted cash
4,800
(4,800)
Net cash used in investing activities
(7,109)
(11,204)
Cash flows from financing activities
Receipt of unclaimed dividends
–
3
Repayment of hire purchase liability
(7)
(5)
Proceeds from deposits previously pledged
–
779
Repayment of loan and borrowing
–
(1,756)
Proceeds from bank borrowing
362
–
Net cash from/(used in) financing activities
355
(979)
Net decrease in cash and cash equivalents
(303)
(9,518)
Cash and cash equivalents at beginning of year
16,754
25,678
Effect of exchange rate changes on balances held in foreign currency
(237)
594
Cash and cash equivalents at end of year
14
16,214
16,754
Significant non-cash transaction
During the year, a subsidiary of the Group renewed its lease of the manufacturing yard in Johor and the renewal consideration
was partially funded by bank borrowings of $3.6 million, out of which $3.24 million was paid directly to a government agency
by the lender.
The accompanying Notes form an integral part of these financial statements.
