McPHERSON’S LIMITED
ANNUAL REPORT 2015
87
NOTE 36. NOTES TO THE STATEMENT OF CASH FLOWS
(A) RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO OPERATING PROFIT
AFTER INCOME TAX:
2015
$’000
2014
$’000
Profit / (loss) after income tax
8,840
(67,039)
Impairment of intangible assets
637
80,000
Depreciation
2,256
2,502
Amortisation of other intangibles
403
393
Loss on disposal of property, plant and equipment
279
130
Share-based payments
(36)
128
Share of profit of equity accounted joint venture
(1,060)
-
Contingent consideration adjustment
(2,036)
-
Interest rate swap termination loss during refinancing
1,969
-
Changes in operating assets and liabilities, excluding the effects from purchase or disposal of business assets:
Increase in payables
6,317
11,766
Increase in other provisions
1,893
37
Increase in employee entitlements
943
287
(Decrease)/increase in net tax liabilities
(1,095)
108
Decrease/(increase) in receivables
5,899
(4,379)
Increase in inventories
(18,259)
(739)
Net cash inflows from operating activities
6,950
23,194
(B) NON-CASH INVESTING AND FINANCING ACTIVITIES
Shares issued under Dividend Reinvestment Plan
2,194
3,160
NOTE 37. EVENTS OCCURRING AFTER BALANCE DATE
On 1 July 2015, the Group sold 51% of its New Zealand Housewares business to the Fackelmann Group for NZ$2,279,000. The consideration
received was equal to the adjusted carrying value of the net assets disposed.
On 6 July 2015 the Group’s Australian business acquired the remaining 17.79% of the Home Appliances business for $6,637,000. The Home
Appliances business is now a 100% owned subsidiary of the Group.
On 21 August 2015, the Directors of the Company declared a final dividend of 2.0 cents per share fully franked which is payable on 10 November
2015 (refer to Note 6).
No other matter or circumstance has arisen since 30 June 2015 that has significantly affected the Group’s operations, results or state of affairs, or
may do so in future financial years.