United Energy Group Limited - HKExnews

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Annual Report 2009 Consolidated Statement of Cash Flows For the nine months ended 31 December 2009 For the For the nine months twelve months ended 31 ended 31 December 2009 March 2009 Note HK$’000 HK$’000 CASH FLOWS FROM INVESTING ACTIVITIES Increase in pledged bank deposits (4,680) – Acquisition of subsidiaries 30 (a) (345,528) – Repayments of loan receivables from unrelated companies – 650,000 Purchases of financial assets at fair value through profit or loss (350) (219,255) Purchases of property, plant and equipment (6,327) (17,560) Proceeds from disposals of associates 116,278 – Capital contribution to an associate – (100,092) Interest received 7,704 49,544 Net cash (used in)/generated from investing activities (232,903) 362,637 CASH FLOWS FROM FINANCING ACTIVITIES Capital injection from minority shareholders 19,223 – Net cash generated from financing activities 19,223 – NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (123,037) 120,071 Effect of foreign exchange rate changes 239 7,259 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD/YEAR 2,240,790 2,113,460 CASH AND CASH EQUIVALENTS AT END OF PERIOD/YEAR 2,117,992 2,240,790 ANALYSIS OF CASH AND CASH EQUIVALENTS Bank and cash balances 2,117,992 2,240,790 33
UNITED ENERGY GROUP LIMITED Notes to the Financial Statements For the nine months ended 31 December 2009 1. GENERAL INFORMATION The Company was incorporated in the Cayman Islands and redomiciled to Bermuda as an exempted company with limited liability under the Companies Act of Bermuda. The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM11, Bermuda. The address of its principal place of business is Unit 2112, 21/F, Two Pacific Place, 88 Queensway, Hong Kong. The Company’s shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”). During the period, the Company was primarily involved in investment holding. The principal activities of its subsidiaries are set out in note 34 to the financial statements. 2. ADOPTION OF NEW AND REVISED HONG KONG FINAnCIAL REPORTING STANDARDS In the current period, the Group has adopted all the new and revised Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants that are relevant to its operations and effective for its accounting period beginning on 1 April 2009. HKFRSs comprise Hong Kong Financial Reporting Standards (“HKFRS”); Hong Kong Accounting Standards (“HKAS”); and Interpretations. The adoption of these new and revised HKFRSs did not result in significant changes to the Group’s accounting policies, presentation of the Group’s financial statements and amounts reported for the current period and prior years except as stated below. a. Presentation of financial statements HKAS 1 (Revised) “Presentation of Financial Statements” affects certain disclosures and presentation of the financial statements. The balance sheet is renamed as the statement of financial position and the cash flow statement is renamed as the statement of cash flows. All income and expenses arising from transactions with non-owners are presented in the income statement and statement of comprehensive income, and the total carried to the statement of changes in equity. The owner changes in equity are presented in the statement of changes in equity. HKAS 1 (Revised) also requires disclosures of the reclassification adjustments and tax effects relating to each component of other comprehensive income for the period. HKAS 1 (Revised) has been applied retrospectively. b. Operating segments HKFRS 8 “Operating Segments” requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to assess its performance. Previously, HKAS 14 “Segment Reporting” required an entity to identify two sets of segments (business and geographical), using a risks and rewards approach, with the entity’s “system of internal financial reporting to key management personnel” serving as the starting point for the identification of such segments. HKFRS 8 results in a redesignation of the Group’s reportable segments, but has had no impact on the reported results or financial position of the Group. HKFRS 8 has been applied retrospectively. 34
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