Page 55 - BH Global-AR2012-FA.indd

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bh global marine LIMITED

ANNUAL REPORT 2012

2012

2011

Note

$’000

$’000

(Restated)

Cash fows from operating activities

(Loss)/proft before tax from continuing operations

(696)

17,173

Loss before tax from discontinued operation

(32,642)

(666)

(Loss)/proft before tax, total

(33,338)

16,507

Adjustments for:

Depreciation of property, plant and equipment

3,053

2,829

Impairment loss on goodwill

1,268

180

Interest income

(22)

(36)

Interest expense

869

309

Gain on disposal of property, plant and equipment

(267)

(31)

Share of results of joint ventures

(479)

(467)

Share of results of associated companies

39

4

Fair value adjustment of contingent consideration in a business combination

–

312

(Write back) of allowance/impairment loss on investment in an associated

company

(30)

30

Impairment loss on property, plant and equipment

4,710

–

Property, plant and equipment written off

546

–

Operating cash fows before working capital changes

(23,651)

19,637

Inventories

12,131

(9,223)

Due from customers on construction contracts, net

5,792

(19,926)

Receivables

(678)

(5,928)

Payables

8,556

8,530

Currency translation adjustments

1,651

13

Cash generated from/(used in) operations

3,801

(6,897)

Interest paid

(869)

(309)

Income tax paid

(2,669)

(2,529)

Net cash from/(used in) operating activities

263

(9,735)

Cash fows from investing activities

Interest received

22

36

Dividend received from joint venture

236

–

Investment in associated companies

(187)

(6,236)

Acquisitions of subsidiaries, net of cash acquired

–

(3,919)

Proceeds from disposal of property, plant and equipment

453

38

Purchase of property, plant and equipment

10

(19,492)

(10,694)

Decrease/(increase) in fxed deposit under pledge

89

(275)

Contributions from non-controlling interests

3,781

3,365

Additional investment in subsidiaries

11(c)

(450)

–

Net cash used in investing activities

(15,548)

(17,685)

CONSOLIDATED STATEMENT OF CASH FLOWS

For the fnancial year ended 31 December 2012

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