The American Club 2016/2017 Annual Report

THE AMERICAN CLUB

STATEMENT OF CASH FLOWS Year ended 30 June 2017

2017

2016

$

$

Operating activities (Loss) Profit before tax

(2,589,167)

16,217,026

Adjustments for: Depreciation of property, plant and equipment Loss on sale of property, plant and equipment Write back of allowance for doubtful debt

2,491,117

2,759,828

1,002,222 (35,642)

14,216

(48,021)

Allowance for doubtful debt

91,871

81,761

Interest income Coupon income

(927,328)

(921,947) (12,692) 1,026,175

(12,462)

Realised loss on financial derivatives Realised gain on investment securities Unrealised gain on financial derivatives

-

(3,394,010) (18,938,365)

(547)

(20)

Investment management fees

6,601 73,543

Operating cash flows before movements in working capital

(3,367,345)

251,504

Due from members Other receivables Consumable stocks

327,034

378,559 (80,478)

(387,270) 223,983 604,840 (283,067)

284,148 223,141

Trade and other payables and accruals Fees paid in advance from potential members

14,473

Members’ deposits

(6,500) 29,812

Cash (used in) generated from operations

(2,888,325)

1,101,159

Income taxes paid Interest received

(159,205)

(17,126)

927,328 921,947 (2,120,202) 2,005,980

Net cash (used in) from operating activities

Investing activities Purchase of property, plant and equipment

(12,933,700) (2,286,894)

Proceeds from sale of property, plant and equipment

55,124

52,446

Proceeds from redemption of investments Proceeds from redemption of deposit

2,711,310

90,973,869

14,893,982

-

Deposit placement

- (92,303,007) - (2,265,009)

Purchase of investments, including financial derivatives

Coupon income received

12,462 12,692 4,739,178 (5,815,903)

Net cash from (used in) investing activities

Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the beginning of the year

2,618,976 (3,809,923) 4,584,503 8,394,426 7,203,479 4,584,503

See accompanying notes to financial statements.

32 2016/17 ANNUAL REPORT