The American Club 2018/2019 Annual Report

STATEMENT OF CASH FLOWS Year ended 30 June 2019

2019 $

2018 $

Operating activities Loss before tax

(10,966,962)

(6,250,790)

Adjustments for:

Depreciation of property, plant and equipment

4,496,447

2,722,793

(Gain) Loss on sale of property, plant and equipment

(618)

1,330,826

Write back of allowance for due from members

(18,793)

(27,372)

Loss allowance for due from members

13,016

44,652

Interest income

(553,420)

(759,512)

Operating cash flows before movements in working capital

(7,030,330)

(2,939,403)

Due from members

(337,795)

276,878

Other receivables and repayments

(112,014)

383,648

Consumable stocks

(46,168)

229,464

Trade and other payables and accruals

1,025,073

1,903,222

Fees paid in advance from potential members

(117,166)

146,924

Members’ deposits

(375,855)

35,303

Contract liabilities

434,373

-

Cash (used in) generated from operations

(6,559,882)

36,036

Income taxes paid

(6,832)

(162,612)

Interest received

553,420

759,512

Net cash (used in) from operating activities

(6,013,294)

632,936

Investing activities

Purchase of property, plant and equipment

(19,440,003)

(31,462,507)

Proceeds from sale of property, plant and equipment

13,936

31,103

Proceeds from redemption of deposit

26,000,000

30,009,025

Net cash from (used in) investing activities

6,573,933

(1,422,379)

Net increase (decrease) in cash and cash equivalents

560,639

(789,443)

Cash and cash equivalents at beginning of financial year

6,414,036

7,203,479

Cash and cash equivalents at end of financial year

6,974,675

6,414,036

See accompanying notes to financial statements.

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The American Club 2018/19 ANNUAL REPORT