FY 2012 Annual Report - Orascom Development

F-7 Orascom Development 2012 Annual Report F-8
Orascom Development Holding AG
Consolidated statement of changes in equity for the year ended 31 December 2012
Total
Noncontrolling
interests
Attributable
to owners of
the Parent
Company
Retained
earnings
Equity swap
settlement
Reserve from
common
control
transactions
Foreign
currency
translation
reserve
General
reserve
Investments
revaluation
reserve
Hedging
reserve
Treasury
shares
Share
premium
Issued
Capital
CHF
Balance at 1 January 2011 672,882,864 242,272,821 (1,464,267) (1,712,949) (1,025,518) - (195,803,181) (106,255,917) (10,220,295) 396,880,378 995,553,936 197,589,888 1,193,143,824
Loss for the year - - - - - - - - - (69,704,752) (69,704,752) (6,730,368) (76,435,120)
Other comprehensive income for the year, net of income tax - - - 701,004 (34,749,698) - (17,617,416) - - - (51,666,110) (3,594,782) (55,260,892)
Total comprehensive income for the year - - - 701,004 (34,749,698) - (17,617,416) - - (69,704,752) (121,370,862) (10,325,150) (131,696,012)
Reserve from common control transactions - - - - - - - (14,961,709) - - (14,961,709) - (14,961,709)
Share capital reduction (repayment of nominal value) (18,553,046) - - - - - - - - - (18,553,046) - (18,553,046)
Equity swap settlement (note 28.8) - - - - - - - - 14,487,709 - 14,487,709 - 14,487,709
Share capital increase (issuance of ordinary shares) 7,871,192 1,699,649 - - - 4,916,868 - - (14,487,709) - - - -
Share capital increase costs - (173,451) - - - - - - - - (173,451) - (173,451)
Purchase of treasury shares - - (589,600) - - - - - - - (589,600) - (589,600)
Non-controlling interests’ share in equity of consolidated subsidiaries - - - - - - - - - - - 53,559,169 53,559,169
Balance at 31 December 2011 662,201,010 243,799,019 (2,053,867) (1,011,945) (35,775,216) 4,916,868 (213,420,597) (121,217,626) (10,220,295) 327,175,626 854,392,977 240,823,907 1,095,216,884
Balance at 1 January 2012 (note 28) 662,201,010 243,799,019 (2,053,867) (1,011,945) (35,775,216) 4,916,868 (213,420,597) (121,217,626) (10,220,295) 327,175,626 854,392,977 240,823,907 1,095,216,884
Loss for the year - - - - - - - - - (97,207,864) (97,207,864) (4,146,815) (101,354,679)
Other comprehensive income for the year, net of income tax - - - 562,076 17,245,804 - (33,906,836) - - - (16,098,956) (6,896,360) (22,995,316)
Total comprehensive income for the year - - - 562,076 17,245,804 - (33,906,836) - - (97,207,864) (113,306,820) (11,043,175) (124,349,995)
Distribution of treasury shares - - 1,285,559 - - - - - - (697,003) 588,556 - 588,556
Non-controlling interests’ share in equity of consolidated subsidiaries - - - - - - - 293,163 - - 293,163 6,103,052 6,396,215
Balance at 31 December 201 2 (note 28) 662,201,010 243,799,019 (768,308) (449,869) (18,529,412) 4,916,868 (247,327,433) (120,924,463) (10,220,295) 229,270,759 741,967,876 235,883,784 977,851,660
F-7
Orascom Development Holding AG
Consolidated cash flow statement for the year ended 31 December 2012
CHF Notes 2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss) for the year (101,354,679) (76,435,120)
Adjustments for:
Income tax expense recognized in profit or loss ‎13.1 10,073,093 35,619
Share of losses of associates 20 907,733 4,980,563
Finance costs recognized in profit or loss 11 8,925,935 8,166,347
Investment income recognized in profit or loss 9 (5,638,592) (11,844,621)
Impairment loss on receivables and other current assets 40.11 20,739,967 29,843,491
Reversal of impairment loss on trade receivables 25 (2,059,010) (684,615)
Gain on sale or disposal of property, plant and equipment 10 (390,539) (413,555)
(Gain)/loss on revaluation of investment properties 17 (3,951,870) 4,745,050
Gain on disposal of subsidiaries 36 (4,356,370) -
Loss on deemed disposal of subsidiary 37 1,992,741 -
Gain arising on financial assets carried at FVTPL - (127,724)
Impairment losses in relation to investments in associates 10/20 18,582,682 -
Depreciation and amortization of non-current assets 16 34,492,359 33,499,525
Net foreign exchange losses 10 9,828,821 11,332,336
MOVEMENTS IN WORKING CAPITAL
Decrease/(increase) in trade and other receivables 10,609,005 (21,295,585)
(Increase) in finance lease receivables (7,388,416) (264,741)
(Increase) in inventories (24,442,248) (205,465,076)
Decrease in other assets 17,839,919 26,474,236
(Decrease) in trade and other payables (8,166,320) (5,859,094)
(Decrease)/increase in provision (6,919,075) 33,437,215
Increase in other liabilities 68,336,709 33,235,182
Cash generated from/(used in) operations 37,661,845 (136,640,567)
Interest paid (46,812,129) (30,550,953)
Income tax paid (5,381,121) (14,107,925)
Net cash (used in) operating activities (14,531,405) (181,299,445)
CASH FLOWS FROM INVESTING ACTIVITIES
Payments for property, plant and equipment 16 (104,131,640) (92,158,715)
Proceeds from disposal of property, plant and equipment 6,700,578 5,320,782
Proceeds on sale of financial assets 7,294,817 10,936,585
Payments to acquire financial assets (291,121) (15,653,211)
Payments to acquire investments in associates 37 (5,600,000) -
Dividends received 9 105,906 1,157,774
Interest received 5,532,686 10,686,847
Net cash outflow on deconsolidated subsidiaries 36/37 (676,852) -
Net cash (used in) investing activities (91,065,626) (79,709,938)
CASH FLOWS FROM FINANCING ACTIVITIES
Transaction costs resulted from capital increase - (173,451)
Issued capital reduction paid to shareholders (13,580,644)
Proceeds from distribution of shares 588,556 -
Payment for buy-back of shares - (589,600)
Non controlling interests shares in changes of equity for
consolidated subsidiaries
11,216,699 60,733,748
Repayment of borrowings (22,661,676) (9,259,658)
Proceeds from borrowings 142,239,779 42,786,749
Net cash generated by financing activities 131,383,358 79,917,144
Net increase/(decrease) in cash and cash equivalents 25,786,327 (181,092,239)
Cash and cash equivalents at the beginning of the year 79,399,104 276,452,970
Effects of exchange rate changes on the balance of cash
held in foreign currencies
(3,517,235) (15,961,627)
Cash and cash equivalents at the end of the year 43 101,668,196 79,399,104
F-8