Page 138 - Annual Report 2014

Consolidated Cash Flow Statement

Year ended 31 December 2014

2014 2013 Overview
$m (Restated)

$m

Operating activities 456.1 457.5 Strategy
Profit before taxation
Adjustments for: 271.2 269.5 Performance
Depreciation and amortisation, net of asset grants (46.6) (49.9)
Income related grants Governance
Share-based payments 9.2 8.8
Changes in fair value of financial instruments 0.9 (1.7) Financials
Net finance costs 20.6 16.0
Other non-cash items 0.7 1.0
Operating cash flow before working capital changes 712.1 701.2
Changes in working capital:
Inventories 0.8 (15.1)
Trade receivables (5.5) 8.5
Other receivables, deposits and prepayments (33.8)
Trade and other payables 17.3 (21.4)
Balances due from related parties 6.6 2.5
Balances due to related parties 22.7
Cash generated from operations 720.2 (12.0)
Income tax paid (65.3) 20.0
Net cash from operating activities 654.9 683.7
(89.0)
Investing activities 594.7
Proceeds from disposal of property, plant and equipment
Purchase of property, plant and equipment and intangible assets 0.8 0.6
Interest received (321.6) (302.8)
Net cash used in investing activities
2.0 2.8
Financing activities (318.8) (299.4)
Proceeds from exercise of share options
Grants received 0.6 0.8
Dividends paid 28.1 21.7
Interest paid (345.2) (344.2)
Net cash used in financing activities (22.5) (19.2)
(339.0) (340.9)
Net change in cash and cash equivalents
Exchange difference on cash and cash equivalents (2.9) (45.6)
Cash and cash equivalents at beginning of year 0.2 0.5
Cash and cash equivalents at end of year (Note 11) 266.9
264.2 312.0
266.9

Significant non-cash transactions

During the financial year ended 31 December 2014, the Group entered into capacity swap transactions of $6.3 million (2013: $0.9 million)
with other operators.

The accompanying notes form an integral part of these financial statements. 135

StarHub Ltd | Annual Report 2014