FINANCIAL
REVIEW
Condensed consolidated statement of cash flowsfor the year ended 30 September 2018
| Notes | 2018 US$’000 |
2017 US$’000 |
||||
|---|---|---|---|---|---|---|
| Cash flows from operating activities | ||||||
| Profit for the year | 50 972 | 67 673 | ||||
| Adjustments for: | ||||||
| Depreciation of property, plant and equipment | 10 | 29 858 | 16 929 | |||
| Loss on disposal of property, plant and equipment | 37 | 196 | ||||
| Gain on bargain purchase | 21 | (1 884) | – | |||
| Share of loss of investment accounted for using the equity method | 11 | 62 | – | |||
| Impairment loss on goodwill | – | 57 | ||||
| Impairment (reversal)/loss on inventory | (13) | 24 | ||||
| Impairment and write off of property, plant and equipment | 10 | 3 897 | – | |||
| Changes in fair value of financial assets at fair value through profit or loss | (1 262) | 813 | ||||
| Changes in fair value of financial liabilities at fair value through profit or loss | (155) | – | ||||
| Interest income | (1 279) | (1 122) | ||||
| Interest expense | 10 189 | 7 689 | ||||
| Tax | 14 011 | 23 316 | ||||
| Equity-settled share-based payments | 4 019 | 4 342 | ||||
| 108 452 | 119 917 | |||||
| Changes in: | ||||||
| Inventories | (2 326) | (5 063) | ||||
| Trade and other receivables and contract assets | (19 491) | (21 839) | ||||
| Trade and other payables and contract liabilities | 2 979 | (15 068) | ||||
| Provisions | 5 614 | 1 792 | ||||
| Cash from operations | 95 228 | 79 739 | ||||
| Income tax paid | (5 457) | (3 990) | ||||
| Net cash flows from operating activities | 89 771 | 75 749 | ||||
| Cash flows from investing activities | ||||||
| Interest received | 1 172 | 708 | ||||
| Additions to property, plant and equipment | 10 | (40 454) | (26 398) | |||
| Net cash outflow from business combination | 21 | (21 840) | – | |||
| Proceeds from disposal of property, plant and equipment | 119 | – | ||||
| Additions to investments accounted for using the equity method | 11 | (2 500) | – | |||
| Additions to other financial assets | (4 008) | (925) | ||||
| Refund of long-term deposits | 7 110 | 5 726 | ||||
| Net cash flows used in investing activities | (60 401) | (20 889) | ||||
| Cash flows from financing activities | ||||||
| Net proceeds from bank credit facilities | 19 | 114 | 6 073 | |||
| Advances received | 19 | 68 220 | — | |||
| Repayment of borrowings | 19 | (48 503) | (17 917) | |||
| Lease payments | 19 | (6 463) | — | |||
| Dividends and capital distribution paid | 27 | (18 214) | (2 570) | |||
| Interest paid | (6 619) | (6 371) | ||||
| Net cash flows used in financing activities | (11 465) | (20 785) | ||||
| Net increase in cash and cash equivalents | 17 905 | 34 075 | ||||
| Cash and cash equivalents at the beginning of the year | 49 742 | 15 826 | ||||
| Effect of exchange rate fluctuations on cash held | (856) | (159) | ||||
| Cash and cash equivalents at the end of the year | 16 | 66 791 | 49 742 |
The notes are an integral part of these condensed consolidated financial statements.