2016 |
2015 |
2014 |
||||
|---|---|---|---|---|---|---|
| Cash flows from operating activities: | ||||||
| Consolidated net income for the year | $ | 4,733,987 | $ | 3,458,417 | $ | 3,204,698 |
| Adjustments not requiring (providing) cash: | ||||||
| Income tax recognized in net income | 2,034,667 | 1,596,746 | 1,432,036 | |||
| Depreciation and amortization | 1,116,873 | 950,405 | 819,973 | |||
| Impairment of property | - | 26,814 | - | |||
| (Gain) loss on sale of property, machinery and equipment | (2,368) | 16,606 | 64,318 | |||
| Gain arising on changes in fair value of investment properties | (121,718) | (177,624) | (220,899) | |||
| Gain on stock purchase | (1,141,267) | - | - | |||
| Interest expense | 128,748 | 101,411 | 103,470 | |||
| Equity in income of associates | (89,992) | - | - | |||
| Interest income | (3,430,773) | (3,220,082) | (3,176,385) | |||
| 3,228,157 | 2,752,693 | 2,227,211 | ||||
| Items related to operating activities: | ||||||
| (Increase) decrease in: | ||||||
| Accounts receivable | (1,516,340) | (434,523) | (451,251) | |||
| Interest received from operating activities | 3,140,534 | 2,920,455 | 2,829,244 | |||
| Inventories | (1,249,618) | (238,537) | 104,541 | |||
| Prepaid expenses | (17,618) | (38,147) | (27,650) | |||
| Other assets | (81,919) | (3,392) | (3,061) | |||
| Long-term accounts receivable | 17,336 | 18,521 | 11,500 | |||
| Net assets projected for future employee retirement benefits | 9,644 | (38,014) | (72,214) | |||
| (Decrease) increase in: | ||||||
| Trade accounts payable | 1,111,390 | (108,857) | (163,252) | |||
| Other accounts payable and accrued liabilities | 236,365 | 316,853 | 140,821 | |||
| Due to related parties | 223,526 | (48,251) | 57,866 | |||
| Provisions | 42,629 | (26,081) | (4,804) | |||
| Direct employee benefits | 21,632 | 16,134 | 24,220 | |||
| Income taxes paid | (1,671,225) | (1,615,075) | (1,657,086) | |||
| Net cash flows provided by operating activities | 3,494,493 | 3,473,779 | 3,016,085 | |||
| Cash flows from investing activities: | ||||||
| Purchase of property, machinery and equipment | (2,904,643) | (2,255,645) | (2,546,186) | |||
| Sales of property, machinery and equipment | 6,447 | 12,286 | 36,413 | |||
| Acquisition of shares | (1,945,602) | - | - | |||
| Business acquisition | 403,008 | - | - | |||
| Interest received | 99,460 | 289,026 | 345,128 | |||
| Net cash flows used in investing activities | (4,341,330) | (1,954,333) | (2,164,645) | |||
| Cash flows from financing activities: | ||||||
| Repurchase of shares | (235,891) | (650,548) | (397,954) | |||
| Interest paid | (10,188) | (101,411) | (103,470) | |||
| Dividends paid to controlling interest and non-controlling interest | (2,106,825) | (2,069,289) | (1,985,336) | |||
| Net cash flows used in financing activities | (2,352,904) | (2,821,248) | (2,486,760) | |||
| Effects of exchange rate changes on cash and cash equivalents | 58,524 | 45,136 | 32,566 | |||
| Net decrease in cash and cash equivalents | (3,141,217) | (1,256,666) | (1,602,754) | |||
| Cash and cash equivalents at beginning of the year | 4,855,573 | 6,112,239 | 7,714,993 | |||
| Cash and cash equivalents at end of the year | $ | 1,714,356 | $ | 4,855,573 | $ | 6,112,239 |
See accompanying notes to consolidated financial statements.