Annual Report 2009/10 - Colombo Stock Exchange

Connecting Sri Lanka to Progress
Sierra Cables PLC - Annual Report 2009/10
21
Cash Flow Statement
GROUP
COMPANY
For the year ended 31 March 2010 2009 2010 2009
Rs. Rs. Rs. Rs.
Cash Flow from Operating Activities
Profit before Associate Company of Profit 108,286,675 25,781,080 139,874,390 45,154,887
Adjustments for
Depreciation 52,026,161 45,533,854 475,000 475,000
Provision for Bad and Doubtful Debts 5,088,842 3,141,105 - -
Provision for Obsolete Inventories 2,450,903 1,075,527 - -
Provision/(Reversal) for diminution in value of investments (636,539) - 5,000,000 -
Profit on Sale of Property, Plant & Equipment (33,351) (1,038,447) - -
Capital Work in Progress write-off 221,675 423,217 221,675 -
Profit on Disposal of Associate (34,635,549) - (132,173,419) -
Loss on Disposal of Long Term Investments - 661,428 - -
Provision for Retiring Gratuity 2,362,450 3,292,892 - -
Interest Expenses 71,730,063 134,233,405 207,821 419,817
Interest Income (25,333,899) (44,714,564) (17,384,014) (35,355,064)
Dividend Income (190,388) (149,558) (5,626,081) (30,170,118)
Operating Profit/(Loss) before working Capital Changes 181,337,043 168,239,939 (9,404,628) (19,475,478)
(Increase)/Decrease in Inventories (174,557,841) 13,462,636 - -
(Increase)/Decrease in Trade & Other Debtors 27,203,151 (21,028,193) - (1,109,983)
(Increase)/Decrease in Dues from Related Parties (3,086,853) (30,264,351) 32,082,585 (113,913,338)
Increase/(Decrease) in Trade & Other Payables 47,907,694 29,944,193 (509,765) 3,774,291
Increase/(Decrease) in Dues to Related Parties - - 10 (6,000,000)
Cash Generated From/(Used in) Operations 78,803,194 160,354,224 22,168,202 (136,724,508)
Interest Paid (68,804,399) (132,634,286) (207,821) (419,817)
Income Tax/ESC Paid (23,285,397) (35,997,475) (7,674,852) (7,422,405)
Payment of Retiring Gratuity (1,682,365) (662,670) - -
Net Cash Flows From/(Used in) Operating Activities (14,968,967) (8,940,207) 14,285,529 (144,566,730)
Cash Flow from Investing Activities
Interest Income 25,333,899 44,714,564 17,384,014 35,355,064
Dividend from Associate Company 6,376,151 5,487,079 5,626,081 4,841,982
Dividend Received 190,388 149,558 - 25,328,136
Acquisition of Property, Plant & Equipment (48,333,012) (96,633,125) - (221,675)
Sale Proceeds of Property, Plant & Equipment 75,000 1,460,000 - -
(Investment in)/Sale Proceeds from Treasury Bills/Commercial Papers (121,329,333) 49,839,501 (179,921,542) 110,256,133
Sale Proceeds from Disposal of Shares 146,531,475 2,525,000 146,531,475 -
Investment in Shares (1,801,805) (2,434,255) (1,801,805) -
Investment in Subsidiaries - - (10) -
Net Investment in Fixed Deposits (80,951) 4,495,033 - 3,631,496
Net Cash Generated From/(Used in) Investing Activities 6,961,812 9,603,354 (12,181,787) 179,191,136
Cash Flow from Financing Activities
Loan Obtained 8,348,069 78,851,413 - -
Repayment of Lease (6,551,662) (3,955,574) - -
Dividend Payment - (34,811,633) - (34,811,633
Repayment of Loans (21,610,017) (23,715,012) - -
Net Cash Generated From/(Used in) Financing Activities (19,813,610) 16,369,194 - (34,811,633)
Net Increase/(Decrease) in Cash and Cash Equivalents (27,820,765) 17,032,341 2,103,742 (187,227)
Cash & Cash Equivalents at the beginning of the year (8,148,236) (25,180,577) (2,998,370) (2,811,143)
Cash & Cash Equivalents at the end of the year (35,969,001) (8,148,236) (894,628) (2,998,370)
Cash & Cash Equivalents
Cash in Hand and at Bank 9,183,091 7,595,750 1,994,314 9,637
Bank Overdraft (45,152,092) (15,743,986) (2,888,942) (3,008,007)
(35,969,001) (8,148,236) (894,628) (2,998,370)
Accounting Policies and Notes form an integral part of these Financial Statements.
Figures in brackets indicate deductions.