Financial Statements, Statement of Directors - Hemas Holdings, Ltd

Cash Flow StatementGroupCompanyYear ended 31st March 2011 2010 2011 2010Note Rs. Rs. Rs. Rs.Operating ActivitiesProfit Before Taxation 1,569,344,612 1,094,718,688 347,688,901 1,489,735,490Adjustments for Non Cash itemsDepreciation 3 619,975,894 522,605,675 17,459,807 18,012,703Profit on Disposal of Property, Plant and Equipment (30,651,218) 4,828,403 (3,560,177) (79,716)Retirement Benefit Plan 19 65,553,839 64,771,707 3,523,133 4,624,701Finance Cost 27 297,736,772 449,375,718 52,135,653 125,368,362Investment Income 24 (780,523) (93,014) (303,383,357) (156,045,665)Change in Fair Value of Investment Properties (24,405,050) (82,700,000) 20,444,950 (58,700,000)(Profit)/ Loss on Sale of Investments (3,494,978) 1,600,000 (233,909) (1,241,081,268)Exchange (Gain)/Loss on USD Loan 17 18,655,896 36,969,430 - -Amortisation/Impairment of Intangibles 5 10,119,432 9,160,937 - -Amortisation of Leasehold Property 6 3,065,717 3,065,716 - -Amortisation of Other Long Term Receivables - 360,000 - -Working Capital Adjustments(Increase)/Decrease in Trade and Other Receivables (642,603,033) (355,629,889) (59,360,741) 40,217,620(Increase)/Decrease in Inventories (136,212,489) (235,764,189) - -(Increase)/Decrease in Amounts Due from Related Parties - - 83,365,201 18,691,310Increase/(Decrease) in Amounts Due to Related Parties - - 50,870,248 55,467,965Increase/(Decrease) in Trade and Other Payables 805,027,181 510,073,378 (881,946) (3,531,013)Finance Cost Paid 29 (297,736,772) (449,375,718) (52,135,653) (125,368,362)Income Tax Paid (238,714,881) (145,416,246) (17,532,612) (9,140,014)Gratuity Paid 19 (20,218,527) (20,565,499) (1,872,750) (6,707,421)Net Cash from/(Used in) Operating Activities 1,994,661,872 1,407,985,097 136,526,748 151,464,692Investing ActivitiesPurchase of Property, Plant and Equipment 3 (1,095,345,810) (434,087,867) (71,467,835) (12,808,057)Acquisitions and Disposals of Subsidiaries - (268,791,801) (121,220,383) (1,805,748,920)Investment in Intangible Assets 5 (940,769) - - -Other Investments (369,402,682) - - (25,000,000)Proceeds from Disposal of Property, Plant and Equipment 178,336,482 53,718,573 11,945,551 2,022,397Proceeds from Disposal of Investments 57,451,672 14,400,000 473,936 2,330,535,000Redemption of Preference Shares of Joint Venture Company (15,686,667) (15,686,667) - -Investment Income Received 24 780,523 93,014 303,383,357 156,045,665Net Cash from/(Used in) Investing Activities (1,244,807,251) (650,354,748) 123,114,626 645,046,085Financing ActivitiesInterest Bearing Loans and Borrowings (Net)- Rupee Loan 259,073,525 (129,224,924) (88,188,543) (577,640,300)- USD Loan 228,837,362 (373,118,293) - -Proceeds from Issue of Preference Shares 135,000,000 - - -Proceeds from Issue of Ordinary shares under ESOS 99,202,500 - 99,202,500 -Proceeds from Minority Shareholders 15,204,132 655,478,626 - -Dividends Paid- Ordinary Shares (393,976,965) (170,928,413) (356,853,435) (164,098,474)- Preference Shares (4,183,028) (3,071,148) - -Net Cash from/(Used in) Financing Activities 339,157,526 (20,864,152) (345,839,478) (741,738,774)Net Increase/(Decrease) in Cash and Cash Equivalents 1,089,012,147 736,766,197 (86,198,104) 54,772,003Exchange loss (1,903,112) - - -Cash and Cash Equivalents at the beginning of the Year 22 682,269,858 (54,496,339) 76,582,400 21,810,397Cash and Cash Equivalents at the end of the Year 22 1,769,378,893 682,269,858 (9,615,704) 76,582,400The Accounting Policies and Notes on pages 65 through 99 form an integral part of these financial statements.64 Hemas Holdings PLC Annual Report 2010/11