Boustead Singapore : FY2021 Group Cashflow Statement

113

Consolidated Statement of Cash Flows

AS AT 31 MARCH 2021

		Note	2021	2020
			$'000	$'000
Cash flows from operating activities		204,295
Profit before income tax		63,040
Adjustments for:		(12,601)
- Share of (profit)/loss of associates and joint ventures		1,599
- Unrealised construction and project management margins		2,386	8,311
-	Depreciation expense		15,480	16,218
-	Amortisation expense		1,198	625
- (Gain)/Loss on disposal of property, plant and equipment		(65)	44
- Employee share-based compensation expense		33	189
- Gain on disposal of investment securities		-	(151)
- Fair value (gains)/losses on financial assets, at FVPL		(363)	1,076
- Gain on disposal of a subsidiary		(4,037)	-
- Gain on disposal/partial disposal of properties, a subsidiary and joint ventures	(132,499)	-
-	Finance expenses		3,835	5,213
-	Interest income		(4,765)	(6,473)
- Unrealised currency exchange losses		174	80
Change in working capital, net of effects from disposal of subsidiaries:		73,071	89,771
	(8,187)
- Trade receivables, other receivables and prepayments		(25,433)
- Inventories and contracts assets/liabilities		(20,076)	43,786
- Properties held for sale		(243)	(47)
- Trade and other payables		40,769	53,754
-	Derivative financial instruments		(1,224)	48
-	Restricted bank deposit	13	(3,500)	-
Cash provided by operations		80,610	161,879
Interest received		4,046	5,176
Interest paid		(1,017)	(2,326)
Income tax paid		(22,092)	(17,584)
Net cash generated from operating activities		61,547	147,145
Cash flows from investing activities		15,117
Proceeds from disposal of investment securities		13,146
Proceeds from disposal of property, plant and equipment		177	328
Proceeds from disposal of properties		240,800	-
Proceeds from disposal of a subsidiary and joint ventures		25,813	7,440
Repayment of loans by joint ventures		79,334	-
Repayment of loan by an associate		4,957	4,459
Dividends received from joint ventures		8,362	3,840
Purchase of investment securities		(3,266)	(3,451)
Purchase of property, plant and equipment		(3,052)	(11,253)
Additions to investment properties		(8,464)	(11,531)
Additions to intangible assets		(681)	(403)
Disposal of subsidiary, net of cash disposed of		(432)	-
Capital contributions to joint ventures		(10,720)	(26,266)
Loan to a joint venture		-	(58,000)
Notes issued by/loan to an associate		(59,000)	(1,666)
Loan to associates		(3,188)	(4,785)
Investment in associates		(14,251)	(87)
Deposits paid for investment		(4,615)	-
Net cash provided by/(used in) investing activities		266,891	(88,229)

Overview

Review Strategic

Statements Financial

The accompanying notes form an integral part of these financial statements.

114	Boustead Singapore Limited
Annual Report 2021

Consolidated Statement of Cash Flows

AS AT 31 MARCH 2021

							Note	2021	2020
								$'000	$'000
Cash flows from financing activities						9,848
Proceeds from borrowings							59,949
Capital contributions from a non-controlling interest					225	-
Purchase of treasury shares							(2,457)	(7,821)
Purchase of treasury shares by a subsidiary					(292)	-
Repayment of borrowings							(121,847)	(44,397)
Principal payment of lease liabilities						(6,898)	(5,730)
Interest payment of lease liabilities						(2,818)	(2,887)
Payment to non-controlling shareholder for the purchase of shares in a subsidiary			-	(6,243)
Dividends paid to non-controlling interests					(2,025)	(2,936)
Dividends paid to equity holders of the Company					(14,598)	(10,987)
Net cash used in financing activities						(140,862)	(21,052)
Net increase in cash and cash equivalents					187,576	37,864
Cash and cash equivalents							281,706
Beginning of financial year							246,861
Effects of currency translation on cash and cash equivalents			7,009	(3,019)
End of financial year						13	476,291	281,706
Reconciliation of liabilities arising from financing activities
						Non-cash changes
			Principal	Adoption	Disposal	Remeasurement/		Addition	Foreign
			and	of properties	Interest	during the
	1 April	Proceeds	interest	of	and	Modification of	financial	exchange	31 March
	payments	SFRS(I) 16	subsidiaries	lease liability	expense	year	movement
	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
Borrowings
2021	118,993	9,848	(122,864)	-	-	-	1,017	-	(26)	6,968
2020	147,597	59,949	(46,723)	-	(44,207)	-	2,326	-	51	118,993
Lease liabilities
2021	96,049	-	(9,716)	-	(33,710)	(45)	2,818	2,208	171	57,775
2020	-	-	(8,617)	92,683	-	-	2,887	9,173	(77)	96,049

The accompanying notes form an integral part of these financial statements.