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BORUSAN HOLDING A.Ş. AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2014
(Currency - US Dollars (“USD”) unless otherwise indicated)
1 January-
1 January-
Notes
31 December 2014
31 December 2013
Cash flows provided from operating activities:
Profit before taxation on income, non-controlling interest and discontinued operations
132,282,127
166,173,600
Adjustments to reconcile profit before taxation to net cash provided by operating activities:
Depreciation
26
101,432,541
91,015,775
Amortization of intangible assets
26
11,181,980
10,379,564
Interest income
28
(2,873,545)
(8,339,076)
Due date income, net
28
(12,917,242)
(6,725,580)
Interest expense
28
89,542,801
76,118,363
Impairment on inventory recognised in profit or loss
8
5,000,401
8,585,017
Reversal of prior year impairment on inventory
8
(5,155,981)
(3,116,284)
Provision for reserve for employee benefit obligations
18
6,272,898
4,559,396
Gain/(loss) on sale of property,
plant and equipment and intangibles
27
(1,290,870)
(19,394,446)
Net change in currency translation reserve
(47,137,250)
(18,271,600)
Provision for doubtful receivables
7
5,574,142
4,016,482
Shares of profit loss of a joint venture
30
13,647,526
20,125,604
Gain on sale of subsidiary
29
(6,920,319)
-
Operating profit before working capital changes
288,639,209
325,126,815
Working capital changes
Trade receivables
(122,781,711)
71,282,472
Inventories
14,312,930
(61,371,202)
Other current assets and liabilities – net
(44,671,796)
43,542,558
Trade payables
47,620,455
100,095,972
Other non-current assets and liabilities – net
8,153,842
(45,607,502)
Employee benefit obligations paid
18
(4,761,500)
(6,014,123)
Taxes paid
17
(41,591,814)
(43,105,909)
Net cash provided by operating activities
144,919,615
383,949,081
The accompanying policies and explanatory notes on pages 88 through 152 form an integral part of the consolidated financial statements.