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Hi View Ltd. Statement of Comprehensive Income for the year ended 31st December 2011 and 2012 and the statement of financial position as at 31st December 2011 and 2012 are as follows:
Statement of comprehensive income for years ended 2011 and 2012
2011 ($m)
2012 ($m)
Sales
207
153
Cost of sales
(101)
(76)
Gross profit
106
77
Other expenses
(48)
Other operating income
4
Total
62
29
Interest revenue and similar income
2
64
Interest expense and similar charges
(4)
60
25
Tax on profit or loss on ordinary activities
(16)
(6)
Profit on ordinary activities after taxation
44
19
Retained profit brought forward from last year
30
56
74
75
Proposed dividend on ordinary shares
(18)
Retained profit carried forward
57
Statements of financial position as at 31st December 2011 and 2012
2011
($m)
2012
Current assets
Inventory
24
Accounts receivable
26
Cash at bank and in hand
27
1
Non-current assets
Land and buildings
110
130
Plant and Machinery
Total assets
249
237
Current liabilities
Accounts payable
23
20
Income tax payable
16
6
Dividend payable
14
Non-current liabilities
Debentures loans (10%)
40
Total liabilities
93
80
Net assets
156
157
Equity
Shareholders' equity
Paid up share capital
100
Retained profits
Total equity
In other expenses depreciation was included as follows:
2011 2012
Land and buildings $6 $10
Plant and machinery $10 $12
There were no non-current asset disposals in either year. In both years an interim dividend was paid within the financial year and a final dividend was paid just after the end of the year concerned.
Prepare a statement of cash flows for the company for 2012 together with a reconciliation of operating profit and cash from operations.
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