74 / 152
72
B A K E R T E C H N O L O G Y
L I M I T E D
Note
2018
2017
$’000
$’000
Cash flows from operating activities
Profit/(loss) before tax
14,453
(11,283)
Adjustments for:
Depreciation of property, plant and equipment
11,363
2,806
Amortisation of intangible assets
11
259
22
Inventories and work-in-progress written down
32
501
Contract assets written down
506
–
Allowance for doubtful debts
266
–
Interest income
6
(522)
(661)
Interest expense on bank loans
206
–
Write back for warranty
(341)
(1,176)
Unrealised foreign exchange (gain)/loss
(218)
4,094
Loss on disposal of property, plant and equipment
18
–
Share of results of associates
3,101
–
Bargain purchase gain
6
(24,709)
–
Operating cash flows before working capital changes
4,414
(5,697)
Increase in inventories and work-in-progress
(362)
(14,536)
(Increase)/decrease in contract assets
(1,120)
978
Decrease in contract liabilities
(104)
(18)
(Increase)/decrease in trade and other receivables
(9,754)
2,657
(Increase)/decrease in prepaid operating expenses
(557)
75
Decrease in trade and other payables
(1,912)
(1,035)
Cash flows used in operations
(9,395)
(17,576)
Interest received
566
695
Interest paid
(206)
–
Income tax (paid)/refunded
(295)
518
Net cash flows used in operating activities
(9,330)
(16,363)
Cash flows from investing activities
Net cash outflow on acquisition of subsidiary
12(d)
(42,024)
–
Purchase of property, plant and equipment
(8,822)
(689)
Additions to intangible asset
–
(16)
Maturity of investment securities
1,059
2,993
Purchase of investment securities
(120)
(302)
Repayment from associate
663
–
Net cash flows (used in)/from investing activities
(49,244)
1,986
Cash flows from financing activity
Dividends paid on ordinary shares
–
(2,536)
Net cash flows used in financing activity
–
(2,536)
Net decrease in cash and cash equivalents
(58,574)
(16,913)
Effect of exchange rate changes on cash and cash equivalents
852
(3,401)
Cash and cash equivalents at beginning of financial year
86,642
106,956
Cash and cash equivalents at end of financial year
20
28,920
86,642
Consolidated
cash flow statement
For the financial year ended 31 December 2018
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.