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Note
2013
2012
S$
S$
Cash ows from operating activities
Pro t before taxation
27,323,961
24,469,978
Adjustments for:
Depreciation expenses
9
3,259,106
3,614,552
Amortisation expenses
10
739,709
738,932
Loss on disposal of property, plant and equipment
6
23,391
52,073
Write off of intangible assets
6
212
50,000
Interest income
(440,779)
(220,291)
Operating pro t before working capital changes
30,905,600
28,705,244
(Increase)/decrease in inventories
(28,796)
12,321
Decrease/(increase) in trade receivables
83,858
(520,924)
Increase in other receivables, deposits and prepayments
(1,208,747)
(660,350)
Decrease/(increase) in non-current deposits
2,077,567
(103,930)
(Decrease)/increase in trade payables and other payables and fees
received in advance
(1,084,711)
2,115,848
Cash generated from operations
30,744,771
29,548,209
Interest received
505,997
215,767
Income tax paid
(4,022,360)
(4,198,429)
Net cash generated from operating activities
27,228,408
25,565,547
Cash ows from investing activities
Additions of intangible assets
10
(415,136)
(565,581)
Acquisition of property, plant and equipment
9
(53,247,962)
(2,385,384)
Proceeds from disposal of property, plant and equipment
70,057
212,725
Net cash used in investing activities
(53,593,041)
(2,738,240)
Cash ows from nancing activities
Dividends paid
23
(11,422,498)
(8,000,000)
Issuance of new ordinary shares
21
72,000,000
–
Share issuance expenses
21
(3,966,015)
–
Net cash generated from/(used in) nancing activities
56,611,487
(8,000,000)
Net increase in cash and cash equivalents
30,246,854
14,827,307
Cash and cash equivalents at beginning
of the year
94,456,168
79,628,861
Cash and cash equivalents at end of the year
17
124,703,022
94,456,168
CONSOLIDATED STATEMENT OF CASH FLOWS
For the nancial year ended 31 December 2013
The accompanying accounting policies and explanatory notes form an integral part of the consolidated financial statements.
43
Overseas Education Limited AR 2013
INVESTING IN EDUCATION