WILLAS-ARRAY ELECTRONICS (HOLDINGS) LIMITED
66
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED MARCH 31, 2016
2016
2015
HK$’000
HK$’000
Operating activities
(Loss) Profit before tax
(57,951)
42,352
Adjustments for:
Depreciation expense
14,499
11,562
Amortisation of prepaid lease payments
13
13
Interest expense
20,879
16,937
Allowance for inventories
10,333
4,916
Reversal of allowance for doubtful trade receivables
(8,537)
(3,200)
Gain on disposal of property, plant and equipment
(12)
(355)
Net gain on fair value changes of derivative financial instruments
(58)
(196)
Share of loss of associates
38,273
6,486
Impairment loss recognised in respect of interest in associates
70,080
–
Amortisation of financial guarantee liabilities
(2,256)
(5,237)
Interest income
(809)
(863)
Release of exchange differences upon dissolution of
overseas operations
(51)
280
Operating cash flows before movements in working capital
84,403
72,695
(Increase) Decrease in trade and bills receivables
(8,827)
30,755
Decrease (Increase) in other receivables and prepayment
2,356
(1,703)
Increase in inventories
(33,140)
(81,016)
Increase in trade and bills payables
20,182
7,998
Increase (Decrease) in other payables
896
(5,155)
Increase in long-term deposits
(581)
(697)
Cash generated from operations
65,289
22,877
Income tax paid
(11,975)
(16,406)
Interest paid
(20,669)
(15,850)
Interest received
809
863
Net cash generated from (used in) operating activities
33,454
(8,516)
Investing activities
Purchase of property, plant and equipment
(2,425)
(6,396)
Withdrawal of restricted bank deposits
5,029
7,296
Placement of restricted bank deposits
(4,908)
(2,516)
Proceeds from disposal of property, plant and equipment
13
909
Capital injection to associates
(24,500)
(24,500)
Net cash used in investing activities
(26,791)
(25,207)
