Notes to the Consolidated Financial Statements - Uni-Asia Finance ...

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52 Uni-Asia Finance Corporation Annual Report 2009 Consolidated Cash Flow Statement (continued) Year ended 31 December 2009 Notes 2009 2008 US$’000 US$’000 Cash flows from investing activities Acquisition of subsidiaries 29 – 10,747 Deemed disposal of subsidiaries 30 (4,661) – Deconsolidation of subsidiaries 31 (73) (210) Purchase of investments (929) (11,050) Purchase of investment properties – (8) Proceeds from sale of investments 4,454 2,479 Redemption to Tokumei Kumiai investors – (868) Deposits refunded/ (paid) for purchase of vessels 13,357 (29,531) Purchase of property, plant and equipment (72,094) (334) Proceeds from disposal of property, plant and equipment 9 1 Proceeds from sale of properties for sale 6,989 – Loans advanced (250) – Loans repaid – 6,500 Interest received from syndicated loans 1,342 241 Net increase in deposits pledged as collateral (2,441) (6,987) Proceeds from interest on investments 836 6,046 Settlement of forward currency contracts (307) – Dividends received from an associate – 19 Proceeds from property rental 684 589 Net cash used in investing activities (53,084) (22,366) Cash flows from financing activities Proceeds from issuing shares 16 17,772 – Placement expenses 16 (90) – New borrowings 89,899 48,585 Repayment of borrowings (28,491) (35,522) Interest paid on borrowings (2,561) (1,450) Payment of lease obligation (72) – Dividends paid – (5,275) Net cash generated from financing activities 76,457 6,338 Net increase/ (decrease) in cash and cash equivalents 24,259 (26,470) Movements in cash and cash equivalents: Cash and cash equivalents at beginning of the year 28,797 50,800 Net increase/ (decrease) in cash and cash equivalents 24,259 (26,470) Effects of exchange rate changes 262 4,467 Cash and cash equivalents at end of the year 15 53,318 28,797
Realising A Sustainable Future 53 Notes to the Consolidated Financial Statements Year ended 31 December 2009 1. GENERAL INFORMATION The principal activities of Uni-Asia Finance Corporation (the “Company”) and its subsidiaries (together, the “Group”) are finance arrangement and investment management of alternative assets including primarily shipping and real estates in Japan and China. The Company is an exempted company incorporated in the Cayman Islands on 17 March 1997 with limited liability and it shares are listed on the Stock Exchange of Singapore. 2.1 BASIS OF PREPARATION These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”). They have been prepared under the historical cost convention, except for investment properties, derivative financial instruments, financial assets at fair value through profit or loss and investments, which have been measured at fair value. These financial statements are presented in United States dollars and all values are rounded to the nearest thousand except when otherwise indicated. Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries (collectively referred to as the “Group”) for the year ended 31 December 2009. The results of subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. All income, expenses and unrealized gains and losses resulting from intercompany transactions and intercompany balances within the Group are eliminated on consolidation in full. The acquisition of subsidiaries during the year has been accounted for using the purchase method of accounting. This method involves allocating the cost of the business combinations to the fair value of the identifiable assets acquired, and liabilities and contingent liabilities assumed at the date of acquisition. The cost of the acquisition is measured at the aggregate of the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Non-controlling interests represent the interests of outside shareholders not held by the Group in the results and net assets of the Company’s subsidiaries. Comparative figures Certain comparative figures have been reclassified to conform to the current year’s presentation. 2.2 CHANGES IN ACCOUNTING POLICY AND DISCLOSURES The Group has adopted the following new and revised IFRSs for the first time for the current year’s financial statements. IFRS 1 and IAS 27 Amendments IFRS 7 Amendments IFRS 8 IAS 1 (Revised) IAS 23 (Revised) IFRIC-Interpretation 16 Amendments to IFRS 1 First-time Adoption of IFRSs and IAS 27 Consolidated and Separate Financial Statements - Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate Amendments to IFRS 7 Financial Instruments: Disclosures - Improving Disclosures about Financial Instruments IFRS 8 Operating Segments Presentation of Financial Statements Borrowing Costs Hedges of a Net Investment in a Foreign Operation The adoption of these new and revised IFRSs has had no significant financial effect on these financial statements. In the first year of application of IFRS 7 Amendments, comparative information is not required.
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Corporate Information BOARD OF DIRE
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Notes to the Consolidated Financial Statements - Uni-Asia Finance ...

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