Cash Flow Statement
| In thousands of USD | 2009 | 2008 |
|---|---|---|
| Cash flows from operating activities |
|
|
| Profit before taxation | 44,456 | 36,022 |
| Adjustments for: |
|
|
| Depreciation | 8,023 | 5,448 |
| Net finance income | (1,333) | (3,994) |
| Loss on sale of property, plant and equipment | 80 | 65 |
| Share of (profit)/loss from joint ventures | (1,813) | 118 |
| Impairment of goodwill | 624 | - |
| Current service cost | 495 | 519 |
| Share based payment expense | 817 | - |
| (Increase)/decrease in trade and other receivables | (83,111) | 22,771 |
| Decrease/(increase) in inventories | 14,007 | (20,964) |
| Increase/(decrease) in trade and other payables | 85,477 | (18,073) |
| Cash generated from operations | 67,722 | 21,912 |
| Interest paid | (182) | (202) |
| Income taxes paid | (11,407) | (10,662) |
| Net cash from operating activities | 56,133 | 11,048 |
| Cash flows from investing activities |
|
|
| (Investment in)/return from joint venture | (1,825) | 1,476 |
| Disposal of subsidiary (net of cash) | - | 1,000 |
| Purchase of property, plant and equipment | (24,258) | (22,112) |
| Proceeds from sale of equipment | 12 | 826 |
| Interst received | 2,005 | 4,182 |
| Pension contribution | (1,955) | (2,311) |
| Net cash used in investing activities | (26,021) | (16,939) |
| Cash flows from financing activities |
|
|
| Proceeds of share issue | - | 37,114 |
| Expenses associated with new share issue | - | (3,071) |
| Proceeds from finance lease liabilities | 10,291 | - |
| Payments of finance lease liabitlities | (239) |
|
| Payment of long- term borrowings | (30) | (86) |
| Payments of short-term borrowings | (503) | (168) |
| Proceeds from short term borrowings | 139 | 1,388 |
| Dividends paid to non-controlling interest | (150) | - |
| Dividents paid to equity holders of the Company | (6,845) | (2,004) |
| Net cash generated from financing activities | 2,663 | 33,173 |
| Net increase in cash and cash equivalents | 32,775 | 27,282 |
|
| |
| Cash and cash equivalents at beginning of the year | 154,359 | 123,651 |
| Exchange difference | (7,336) | 3,426 |
| Cash and cash equivalents at end of the year | 179,798 | 154,359 |