Examine the Statement of Cash flows and the accompanying notes to the financial statements found in the Annual Report that you have downloaded for Question 2.Required: Comment on the company’s cash flows for the latest period.The write-up must not exceed 400 words. 88Old Chang Kee ANNUAL REPORT 2023CONSOLIDATED CASH FLOW STATEMENTFor the Financial Year ended 31 March 2023Cash flows from operationsIncome taxes paidNet cash flows generated from operating activitiesInvesting activitiesPurchase of property, plant and equipmentPurchase of intangible assetsProceeds from disposal of property, plant and equipmentLoan to joint ventureInterest income receivedNet cash flows used in investing activitiesFinancing activitiesRepayment of finance lease liabilitiesRepayment of principal portion of lease liabilitiesInterest portion of lease liabilities paidInterest paidRepayment of bank loansDividends paidNet cash flows used in financing activitiesNet increase in cash and cash equivalentsCash and cash equivalents at the beginning of the financial yearCash and cash equivalents at the end of the financial yearThe accompanying accounting policies and explanatory notes form an integral part of the financial statements.NOTES TO THE FINANCIAL STATEMENTSFor the Financial Year ended 31 March 20231.Corporate informationNote20232022$'000$'00023,14620,046(786)(1,406)22,36018,640(1,329)(1,188)12(110)131154(155)309(1,044)42(1,102)26(271)(252)28(10,281)(10,583)28(505)(492)(200)(105)25(1,285)(1,287)37(2,428)(2,428)(14,970)(15,147)6,34627,5812,39125,1902033,92727,581ANNUAL REPORT 2023 Old Chang Kee89Old Chang Kee Ltd. (the "Company") is a limited liability company incorporated in Singapore and was admitted to the official list of Catalist under theSingapore Exchange Securities Trading Limited Dealing and Automated Quotation ("SGX-SESDAQ") rules.The registered office and principal place of business of the Company is located at 2 Woodlands Terrace, Singapore 738427.The principal activity of the Company is investment holding. The principal activities of the subsidiaries are disclosed in Note 13 to the financial statements.2.Summary of significant accounting policies2.1Basis of preparationThe consolidated financial statements of the Group and the balance sheet and statement of changes in equity of the Company have been prepared inaccordance with Singapore Financial Reporting Standards (International) ("SFRS(I)").The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below.The financial statements are presented in Singapore Dollars ("SGD" or "$") and all values in the tables are rounded to the nearest thousand ($'000), exceptwhen otherwise indicated.2.2Changes in accounting policiesThe accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Group has adopted allthe new and revised standards which are effective for annual financial periods beginning on or after 1 April 2022. The adoption of these standards did nothave any material effect on the financial performance or position of the Group and the Company.

Solution:-The inquiry involves evaluating a company's cash movements by reviewing its Statement of…

Examine the Statement of Cash flows and the accompanying notes to the financial statements found in the Annual Report that you have downloaded for Question 2. Required: Comment on the company’s cash flows for the latest period. The write-up must not exceed 400 words.

Examine the Statement of Cash flows and the accompanying notes to the financial statements found in the Annual Report that you have downloaded for Question 2. Required: Comment on the company’s cash flows for the latest period. The write-up must not exceed 400 words.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 80.4C

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