2008 Annual Report - Kenford Group Holdings Limited

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Consolidated Statement of Changes in Equity For the year ended 31 March 2008 ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY Retained profits Share attributable -based to sharecompen Properties Exchange Proposed holders Share Share Merger -sation revaluation fluctuation final of the capital premium reserve reserve reserve reserve dividend Company Total Notes HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 At 1 April 2007 400 36,317 942 700 9,111 330 12,000 105,136 164,936 Exchange realignments – – – – – 2,721 – – 2,721 Profit for the year – – – – – – – 17,690 17,690 Total recognised income and expense – – – – – 2,721 – 17,690 20,411 Change in valuation of leasehold buildings 16 – – – – 23,391 – – – 23,391 Deferred tax arising from change in valuation of leasehold buildings 26 – – – – (4,721) – – – (4,721) Effect of changes in tax rate 26 – – – – 234 – – – 234 Issue of shares 27 33 19,051 – – – – – – 19,084 Share issue expenses – (422) – – – – – – (422) Lapse upon non-exercise of share options – – – (150) – – – 150 – Exercise of share option – 550 – (550) – – – – – Proposed 2007 final dividend for the warrant exercised during the year – – – – – – 98 (98) – 2007 final dividend paid – – – – – – (12,098) – (12,098) Interim dividend paid – – – – – – – (9,967) (9,967) Proposed final dividend – – – – – – 6,500 (6,500) – At 31 March 2008 433 55,496 942 – 28,015 3,051 6,500 106,411 200,848 Retained profits Share attributable -based to sharecompen Properties Exchange Proposed holders Share Share Merger -sation revaluation fluctuation final of the capital premium reserve reserve reserve reserve dividend Company Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 At 1 April 2006 400 36,317 942 1,000 9,111 12 1,200 76,521 125,503 Exchange realignments – – – – – 318 – – 318 Profit for the year – – – – – – – 46,315 46,315 Total recognised income and expense – – – – – 318 – 46,315 46,633 Lapse upon non–exercise of share options – – – (300) – – – 300 – 2006 final dividend paid – – – – – – (1,200) – (1,200) Interim dividend paid – – – (6,000) (6,000) Proposed special final dividend – – – – – – 4,000 (4,000) – Proposed final dividend – – – – – – 8,000 (8,000) – At 31 March 2007 400 36,317 942 700 9,111 330 12,000 105,136 164,936 Annual Report 2008 39
Consolidated Cash Flow Statement For the year ended 31 March 2008 2008 2007 Notes HK$’000 HK$’000 Cash flows from operating activities Profi t before income tax expense 17,925 50,508 Adjustments for: Depreciation of property, plant and equipment 13,843 13,664 Amortisation of payments for leasehold land held for own use under operating leases 74 72 Loss on disposal of property, plant and equipment 288 157 Interest income (1,950) (1,607) Interest expenses 6,737 7,915 Operating profit before working capital changes 36,917 70,709 Increase in inventories (16,561) (1,646) Decrease/(increase) in trade and bills receivables 8,420 (25,356) (Increase)/decrease in deposits, prepayments and other receivables (135) 539 Increase in trade and bills payables 14,638 9,139 Increase in accruals and other payables 5,958 229 Cash generated from operations 49,237 53,614 Income tax (paid)/refunded (6,493) 1,426 Net cash from operating activities 42,744 55,040 Cash flows from investing activities Payments to acquire property, plant and equipment (9,184) (12,536) Payments for construction in progress (11,536) – Payments to acquire payments for leasehold land held for own use under operating leases (724) – Proceeds from disposal of property, plant and equipment 407 268 Interest received 1,950 1,607 Net cash used in investing activities (19,087) (10,661) Cash flows from financing activities Net proceeds from issuance of shares 18,662 – (Decrease)/increase in trust receipt loans (2,510) 20,575 Bank borrowings raised 36,450 – Repayment of bank borrowings (11,840) (8,240) Interest paid (6,737) (7,915) (Decrease)/increase in bank advances for discounted bills (24,005) 12,932 Repayment of principal portion of obligations under fi nance leases (2,299) (841) Dividends paid (22,065) (7,200) Net cash (used in)/from financing activities (14,344) 9,311 Net increase in cash and cash equivalents 9,313 53,690 Cash and cash equivalents at beginning of year 116,841 63,334 Effect of foreign exchange rate changes 526 (183) Cash and cash equivalents at end of year 22(a) 126,680 116,841 40 KENFORD GROUP HOLDINGS LIMITED
Page 2 and 3: Contents Page 1. Corporate Informat
Page 4 and 5: Chairman’s Statement On behalf of
Page 6 and 7: Management Discussion and Analysis
Page 8 and 9: Management Discussion and Analysis
Page 10 and 11: Report of the Directors PROPERTY, P
Page 12 and 13: Report of the Directors DIRECTORS
Page 14 and 15: Report of the Directors SUBSTANTIAL
Page 16 and 17: Report of the Directors SHARE OPTIO
Page 18 and 19: Report of the Directors SHARE OPTIO
Page 20 and 21: Report of the Directors TAXATION OF
Page 22 and 23: Directors' and Senior Management's
Page 24 and 25: Directors' and Senior Management's
Page 26 and 27: Corporate Governance Report BOARD O
Page 28 and 29: Corporate Governance Report CHAIRMA
Page 30 and 31: Corporate Governance Report NOMINAT
Page 32 and 33: Corporate Governance Report INVESTO
Page 34 and 35: Corporate Structure CORPORATE STRUC
Page 36 and 37: Independent Auditor’s Report OPIN
Page 38 and 39: Consolidated Balance Sheet As at 31
Page 42 and 43: Notes to the Financial Statements F
Page 84 and 85: Five Years Financial Summary CONSOL

2008 Annual Report - Kenford Group Holdings Limited

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