Cash Flow Statement

 
 
Consolidated Cash Flow Statement

Year ended 31st December 2008
In thousands of USD

2008

2007

Cash flows from operating activities

 

 

Profit before taxation

36,022

34,306

Adjustments for:

 

 

Depreciation

5,448

4,185

Net finance income

(3,994)

(2,942)

Loss on sale of property, plant and equipment

65

20

Share of profit/(loss) from joint ventures

118

(1,163)

Current service cost

519

644

Decrease/(increase) in trade and other receivables

22,771

(17,882)

Increase in inventories

(20,964)

(5,372)

(Decrease)/Increase in trade and other payables

(18,073)

80,681

Cash generated from operations

21,912

92,477

Interest paid

(202)

(515)

Income taxes paid

(10,662)

(4,464)

Net cash from operating activities

11,048

87,498

Cash flows from investing activities

 

 

Return from joint venture

1,476

3,709

Investment in joint venture

-

(2,799)

Acquisition of minority interest

-

(246)

Disposal of subsidiary (net of cash)

1,000

856

Purchase of property, plant and equipment

(22,112)

(9,235)

Proceeds from sale of property, plant & equipment

826

224

Interest received

4,182

3,212

Pension contribution

(2,311)

(1,848)

Net cash used in investing activities

(16,939)

(6,127)

Cash flows from financing activities

 

 

Proceeds of share issue

31,114

-

Expenses associated with new share issue

(3,071)

-

Payment of finance lease liabilities

-

(126)

(Payments of)/Proceeds from long-term borrowings

(86)

171

Payment of short- term borrowings

(168)

(3,247)

Proceeds from short term borrowings

 1,388

1,046

Dividends paid

(2,004)

(12,700)

Net cash generating from/(used in) financing activities

33,173

(14,856)

Net increase in cash and cash equivalents

27,282

66,515

 

 

 

Cash and cash equivalents at beginning of the year

123,651

57,282

Exchange difference

3,426

(146)

Cash and cash equivalents at end of the year

154,359

123,651