34. NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
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Notes |
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2015 |
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2016 |
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2017 |
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Cash flows generated from operating activities |
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|
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Profit before income tax |
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|
|
121,941 |
|
1,625,545 |
|
3,006,216 |
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Adjustments for: |
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Share of profits and losses of joint ventures |
|
9(a) |
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(23,238) |
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95,508 |
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(8,151) |
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Share of profits and losses of associates |
|
9(b) |
|
(284,531) |
|
(115,091) |
|
165,249 |
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Depreciation of property, plant and equipment |
|
6 |
|
6,944,990 |
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6,577,514 |
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6,606,283 |
|
Depreciation of investment properties |
|
7 |
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- |
|
1,426 |
|
14,105 |
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Gain on disposal of other property, plant and equipment and land use rights, net |
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27 |
|
(2,317,857) |
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(816,721) |
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(77,091) |
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Impairment losses on property, plant and equipment |
|
6 |
|
10,011 |
|
57,080 |
|
15,632 |
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Impairment losses of intangible assets |
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5 |
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- |
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— |
|
8,134 |
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Amortization of intangible assets |
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5 |
|
255,098 |
|
243,771 |
|
276,877 |
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Amortization of land use rights |
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8 |
|
104,459 |
|
99,724 |
|
96,074 |
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Amortization of prepaid expenses included in other non-current assets |
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|
|
83,992 |
|
64,918 |
|
127,793 |
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Realized and unrealized losses on futures, option and forward contracts |
|
27 |
|
690,818 |
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1,135,682 |
|
155,024 |
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Gain on previously held equity interest remeasured at acquisition-date fair value |
|
27 |
|
- |
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— |
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(117,640) |
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Gain on disposals and deemed disposals of subsidiaries |
|
27 |
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(2,588,134) |
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— |
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(325,022) |
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Gain on disposal of investments in associates |
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27 |
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(832,369) |
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(128,833) |
|
— |
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Gain on disposal of and dividends from available-for-sale investments |
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27 |
|
(38,469) |
|
(140,929) |
|
(79,408) |
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Receipt of government subsidies |
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|
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(282,635) |
|
(207,146) |
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(202,359) |
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Interest income |
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|
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(340,278) |
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(353,535) |
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(183,017) |
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Finance cost |
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28 |
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5,979,489 |
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5,019,908 |
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5,189,929 |
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Change in special reserve |
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|
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(102,426) |
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9,148 |
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56,729 |
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Others |
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14,852 |
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(7,531) |
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(16,950) |
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7,395,713 |
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13,160,438 |
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14,708,407 |
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Changes in working capital: |
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Decrease/ (increase) in inventories |
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1,805,110 |
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2,412,815 |
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(2,605,918) |
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Increase in trade and notes receivables |
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(68,353) |
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(3,679,766) |
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(2,123,242) |
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Decrease in other current assets |
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(804,811) |
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3,466,467 |
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1,275,535 |
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Increase in restricted cash |
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(109,542) |
|
(264,508) |
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(137,745) |
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Increase in other non-current assets |
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|
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(566,664) |
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(133,249) |
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(420,486) |
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(Decrease)/ increase in trade and notes payables |
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|
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(618,583) |
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(3,401,529) |
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1,511,908 |
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Increase in other payables and accrued liabilities |
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|
1,024,249 |
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40,469 |
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1,875,014 |
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Decrease in other non-current liabilities |
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(461,995) |
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(15,804) |
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(7,805) |
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Cash generated from operations |
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7,595,124 |
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11,585,333 |
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14,075,668 |
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PRC corporate income taxes paid |
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(277,378) |
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(54,933) |
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(947,891) |
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Net cash generated from operating activities |
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7,317,746 |
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11,530,400 |
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13,127,777 |
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Non-cash transactions of investing activities and financing activities |
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Capital injection in an associate and joint ventures by non-cash assets |
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793,364 |
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371,051 |
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186,450 |
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Endorsement of notes receivables accepted from sale of goods or services for purchase of property, plant and equipment |
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1,342,759 |
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1,568,488 |
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372,816 |
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Acquisition of business |
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38(h) |
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— |
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— |
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50,058 |
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Finance lease |
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|
|
— |
|
— |
|
44,342 |
(b) Reconciliation of liabilities arising from financing activities
The table below details changes in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows was, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities.
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Financial |
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liabilities |
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Financial |
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included in |
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Financial |
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liabilities at |
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other current |
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Liabilities |
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fair value |
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payables and |
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included in |
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Interest bearing |
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through profit |
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Trade and |
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accrued |
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other non-current |
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loans and |
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or loss |
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notes payables |
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expenses |
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Liabilities |
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borrowings |
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Total |
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As at January 1, 2017 |
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3,575 |
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11,342,870 |
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9,572,490 |
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789,720 |
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105,782,141 |
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127,490,796 |
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Net cash generated from operating activities |
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— |
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1,511,909 |
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1,379,505 |
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— |
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— |
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2,891,414 |
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Net cash flows from/(used in) investing activities |
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85,851 |
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(530,457) |
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640,157 |
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(73,701) |
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2,400,464 |
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2,522,314 |
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Proceeds from gold leasing arrangement |
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— |
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— |
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— |
|
— |
|
7,804,083 |
|
7,804,083 |
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Proceeds from issuance of short-term bonds and medium-term notes, net of issuance costs |
|
— |
|
— |
|
— |
|
— |
|
3,478,550 |
|
3,478,550 |
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Repayments of medium-term notes and short-term bonds |
|
— |
|
— |
|
— |
|
— |
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(16,300,000) |
|
(16,300,000) |
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Repayments of gold leasing arrangement |
|
— |
|
— |
|
— |
|
— |
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(4,000,000) |
|
(4,000,000) |
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Drawdown of short-term and long-term bank and other loans |
|
— |
|
— |
|
— |
|
— |
|
83,523,749 |
|
83,523,749 |
|
Repayments of short-term and long-term bank and other loans |
|
— |
|
— |
|
— |
|
— |
|
(78,673,459) |
|
(78,673,459) |
|
Proceeds from finance lease, net of deposit and transaction costs |
|
— |
|
— |
|
— |
|
— |
|
1,000,036 |
|
1,000,036 |
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Capital elements of finance lease rental payment |
|
— |
|
— |
|
— |
|
— |
|
(2,462,250) |
|
(2,462,250) |
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Dividends paid by subsidiaries to non-controlling shareholders |
|
— |
|
— |
|
2,446 |
|
— |
|
— |
|
2,446 |
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Amortization of unrecognized finance expenses and interest expense |
|
|
|
|
|
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|
16,352 |
|
398,371 |
|
414,723 |
|
Interest paid |
|
— |
|
— |
|
(262,105) |
|
— |
|
— |
|
(262,105) |
|
Reclassification |
|
— |
|
— |
|
(36,690) |
|
36,690 |
|
— |
|
— |
|
Net cash (used in)/ generated from financing activities |
|
— |
|
— |
|
(296,349) |
|
53,042 |
|
(5,230,920) |
|
(5,474,227) |
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|
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|
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|
|
|
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Net foreign exchange differences |
|
— |
|
(2,352) |
|
(11,347) |
|
— |
|
90,588 |
|
76,889 |
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|
|
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|
|
|
|
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|
|
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|
As at December 31, 2017 |
|
89,426 |
|
12,321,970 |
|
11,284,456 |
|
769,061 |
|
103,042,273 |
|
127,507,186 |