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ANNUAL REPORT 2013
CONSOLIDATED STATEMENT OF
CASH FLOWS
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2013
2013 2012
HK$’000 HK$’000
Operating activities:
Profit before tax 54,443 55,885
Adjustments for:
Depreciation expense 12,250 11,723
Amortisation of prepaid lease payments 12 13
Interest expense 16,232 15,514
Share-based payment expense - 423
Allowance for inventories 6,048 18,517
Reversal of allowance for doubtful trade receivables (5,537) (15,240)
(Gain) loss on disposal of property, plant and equipment (98) 3
Net (gain) loss on fair value changes of derivative financial instruments (1,607) 736
Share of loss of jointly controlled entities - 21
Share of profits of associates (808) -
Release of exchange difference upon dissolution of overseas operations - (209)
Interest income (2,314) (1,662)
Operating cash flows before movements in working capital 78,621 85,724
Decrease in trade and bills receivables 10,357 123,477
(Increase) decrease in other receivables and prepayments (4,127) 7,283
(Increase) decrease in inventories (13,429) 113,709
Decrease in trade and bills payables (11,617) (68,666)
Decrease in other payables (10,879) (4,177)
Decrease (increase) in long-term deposits 78 (1,430)
Increase in amounts due to jointly controlled entities - 82
Increase in amount due from an associate (336) -
Cash generated from operations 48,668 256,002
Income tax paid (8,261) (15,757)
Interest paid (15,484) (15,514)
Interest received 2,314 1,662
Net cash from operating activities 27,237 226,393