DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD. AND ...

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Doosan Heavy Industries & Construction Co., Ltd. and SubsidiariesNotes to the Consolidated Financial StatementsFor the years ended December 31, 2012 and 201136. Cash Flow Statemetns(1) Details of cash generated from the operations of the Group during 2012 and 2011 are as follows:(In millions of won) 2012 2011Profit for the Year ₩ 14,732 261,695Adjustments for:Profit or loss from discontinued operations - 479,488Interest expenses 217,792 190,354Foreign currency translation loss 48,560 29,507Bad debt expenses 78,040 11,928Other bad debt expenses 32,148 -Loss on disposal of trade receivables 29,926 -Loss on valuation of derivatives 205,775 203,052Loss on valuation of firm commitment 459,227 56,928Depreciation 160,140 142,711Amortization of intangible assets 47,078 36,592Income tax expense (income) (27,192) 119,276Severance payments 63,619 44,532Share-based payments 3,282 2,780Provision for financial guarantee contract liabilities - 4,443Provision for construction warranties 49,029 36,535Finance income (33,823) (26,462)Dividend income (18) (7)Gain or loss on equity method investments 300,740 (504,914)Foreign currency translation gain (55,597) (22,952)Gains on valuation of derivatives (488,239) (56,940)Gains on valuation of firm commitment (162,002) (199,904)Reversal of provision for financial guarantee contract liabilities - (12,214)Reversal of provision for construction warranties (6,083) (9,543)Others (4,964) 5,359Change in:Trade receivables (277,902) (142,876)Due from customers for contract work (33,299) (211,701)Other receivables 48,712 (39,125)Prepayments 111,722 (181,556)Other prepaid expenses (14,307) 435Inventories (105,864) 43,917Derivative instrument assets/liabilities (41,133) (56,873)Firm commitment assets/liabilities 74,334 50,621Trade payables 98,375 104,149Other payables (20,025) 117,347Advanced receipts (89,931) (123,053)Due to customers for contract work 16,613 19,406Withholdings 4,070 (20,665)Accrued Expenses (441) 37,826Reserve for construction warranties (55,714) (127,130)Financial guarantee contract liabilities - (37,200)Deposits Received 56,463 34,626Benefit paid (54,358) (54,054)Plan assets 9,733 15,948Others 18,297 6,976₩ 677,515 229,26282
Doosan Heavy Industries & Construction Co., Ltd. and SubsidiariesNotes to the Consolidated Financial StatementsFor the years ended December 31, 2012 and 201136. Cash Flow Statemetns, Continued(2) Cash inflows an outflows from short-term financial instruments and short-term borrowings maturing inthe short term and with large amount due to the frequent transactions are presented on net basis.37. Discontinued Operations(1) Loss of control in exchange for potential voting rights of Doosan Engineering & Construction Co., Ltd.The Controlling Company issued exchangeable bonds which are exchangeable to the stock of DoosanEngineering & Construction Co., Ltd. on June 14, 2011 and Doosan Engineering & Construction Co., Ltd.issued bonds with warrants and convertable bonds on May 24, 2011. As the rights to exchange and convertand warrants are exercisable as of December 31, 2011, the Group lost the control with the potential votingrights reduced to less than 50%. Accordingly the ownerships were accounted for in accordance with K-IFRSNo. 1028 'Investmentns in Associates' since it still holds significant influence. Results from operations, netof tax for the period until the control was lost and losses of disposal (difference between fair value andcarrying value of existing equity interest, net of tax) were reflected as loss from discontinued operations.Loss from discontinued operations due to the loss of control over Doosan Engineering & Construction Co.,Ltd. and cash flow arising from discontinued operations are as follows:(In millions of won) 2011Results of discontinued operations :Operating income ₩ 21,807Loss on disposal of discontinued operation (494,254)Finance costs, net (35,624)Income tax benefit 28,583(479,488)Cash flows from discontinued operations :Cash flows used in operating activities (334,495)Cash flows from investing activities 179,418Cash flows from financing activities 230,135Changes in cash due to foreign currency translation (55)₩ 75,00383
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DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO., LTD. AND ...

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