YCP Holdings (Global) Limited
Combined Statement of Cash Flows
Year ended 31 December 2020 and 2019
|
|
Note |
2020 |
2019 |
|
|
|
US$ |
US$ |
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
Profit before tax |
|
7,268,989 |
460,985 |
|
Adjustments for: |
|
|
|
|
Bank interest income |
7 |
(2,443) |
(5,087) |
|
Fair value gain on an equity investment at fair value through profit or loss |
6 |
(827,976) |
(1,128,624) |
|
Fair value gain on derivative financial instruments |
6 |
(18,769) |
(100,193) |
|
Loss on derecognition of derivative financial instruments |
6 |
– |
1,093,151 |
|
Gain on disposal of subsidiaries and businesses |
6 |
(466,537) |
(509,841) |
|
Gain on bargain purchase |
6 |
(1,590,312) |
– |
|
Covid-19-related rent concessions from lessors |
27 |
(791,495) |
– |
|
Depreciation of property, plant and equipment |
6 |
726,365 |
381,898 |
|
Depreciation of right-of-use assets |
6 |
4,580,241 |
2,794,323 |
|
Amortisation of other intangible assets |
6 |
284,817 |
306,529 |
|
Write-off of inventories |
6 |
59,486 |
– |
|
Loss on disposal of property, plant and equipment |
6 |
4,111 |
168,665 |
|
Loss on disposal of other intangible assets |
6 |
31,828 |
24,117 |
|
(Gain)/loss on termination of leases |
6 |
(31,142) |
2,716 |
|
Impairment of goodwill |
6 |
– |
58,013 |
|
(Reversal of)/provision for impairment of trade receivables |
6 |
(40,202) |
220,019 |
|
Impairment of property, plant and equipment |
6 |
76,064 |
– |
|
Impairment of other intangible assets |
6 |
16,369 |
24,630 |
|
Impairment of right-of-use assets |
6 |
63,538 |
– |
|
Finance costs |
8 |
732,305 |
1,124,916 |
|
Share of losses/(profits) of associates, net |
|
219,476 |
(77,470) |
|
Defined benefit expenses |
30 |
92,379 |
– |
|
Equity-settled share option expenses |
32 |
17,479 |
– |
|
|
|
|
|
|
|
|
|
|
|
Operating cash inflows before changes in working capital |
|
10,404,571 |
4,838,747 |
|
|
|
|
|
|
Changes in working capital: |
|
|
|
|
Decrease/(increase) in prepayments, deposits and other receivables |
|
19,800 |
(433,715) |
|
(Increase)/decrease in inventories |
|
(790,024) |
242,087 |
|
Decrease/(increase) in trade receivables |
|
131,816 |
(1,870,050) |
|
(Decrease)/increase in trade payables |
|
(46,949) |
433,263 |
|
(Decrease)/increase in other payables and accruals |
|
(455,338) |
2,225,152 |
|
(Decrease)/increase in an amount due to a director |
|
(301,232) |
301,232 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows generated from operations |
|
8,962,644 |
5,736,716 |
|
Income tax paid |
|
(950,032) |
(2,158,321) |
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
|
8,012,612 |
3,578,395 |
|
|
|
|
|
YCP Holdings (Global) Limited
Combined Statement of Cash Flows (continued)
Year ended 31 December 2020 and 2019
|
|
Note |
2020 |
2019 |
|
|
|
US$ |
US$ |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
Interest received |
|
2,443 |
5,087 |
|
Dividend received from an associate |
|
46,804 |
91,695 |
|
Purchases of property, plant and equipment |
12 |
(566,505) |
(274,222) |
|
Purchases of other intangible assets |
14 |
(60,493) |
(184,647) |
|
Acquisitions of subsidiaries and a business |
33 |
(2,056,897) |
(110,990) |
|
Proceed from disposal of other intangible assets |
|
– |
29,487 |
|
Proceed from disposal of subsidiaries and businesses |
34 |
601,411 |
247,596 |
|
Decrease/(increase) in pledged time deposits |
21 |
4,537 |
(147,987) |
|
|
|
|
|
|
|
|
|
|
|
Net cash flows used in investing activities |
|
(2,028,700) |
(343,981) |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
Contribution from non-controlling shareholders |
|
– |
143,770 |
|
Proceeds from issuance of shares |
24 |
1,170,000 |
– |
|
Acquisition of a non-controlling interest |
|
– |
(33,500) |
|
New interest-bearing bank and other borrowings |
|
2,936,156 |
8,147,317 |
|
Repayment of interest-bearing bank and other borrowings |
|
(4,388,736) |
(7,398,010) |
|
Principal portion of lease payments |
|
(3,796,142) |
(2,795,276) |
|
Interest on lease liabilities |
|
(147,840) |
(113,785) |
|
Repurchase of shares |
31 |
(344,305) |
– |
|
Interest paid |
|
(369,026) |
(590,831) |
|
|
|
|
|
|
|
|
|
|
|
Net cash flows used in financing activities |
|
(4,939,893) |
(2,640,315) |
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS |
|
1,044,019 |
594,099 |
|
Cash and cash equivalents at beginning of year |
|
8,145,175 |
7,453,208 |
|
Effect of foreign exchange rate changes, net |
|
489,146 |
97,868 |
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF YEAR |
|
9,678,340 |
8,145,175 |
|
|
|
|
|
|
|
|
|
|
|
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS |
|
|
|
|
Cash and cash equivalents |
21 |
9,763,255 |
8,346,894 |
|
Bank overdrafts |
26 |
(84,915) |
(201,719) |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents as stated in the combined statement of cash flows |
|
9,678,340 |
8,145,175 |
|
|
|
|
|