Strength & Stability - ECS Holdings Limited
Strength & Stability - ECS Holdings Limited
Strength & Stability - ECS Holdings Limited
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Note 2008 2007<br />
$’000 $’000<br />
Operating Activities<br />
Profit before income tax 41,386 34,608<br />
Adjustments for:<br />
Share of profit of associate (492) (825)<br />
Net fair value changes on financial instruments - 3,533<br />
Depreciation of property, plant and equipment 2,915 3,416<br />
Loss on disposal of property, plant and equipment 171 54<br />
Gain on disposal of other assets (286) -<br />
Finance costs 11,350 8,730<br />
Interest income (272) (477)<br />
Negative goodwill arising from additional investment in subsidiary - (55)<br />
Fair value loss/(gain) on call option 102 (756)<br />
Operating profit before working capital changes 54,874 48,228<br />
Changes in working capital:<br />
Inventories (14,050) (39,707)<br />
Trade and other receivables (21,386) (75,266)<br />
Trade and other payables 5,871 81,623<br />
Cash generated from operations 25,309 14,878<br />
Income taxes paid (8,944) (7,649)<br />
Cash flows from operating activities 16,365 7,229<br />
Investing Activities<br />
Interest received 272 477<br />
Purchases of property, plant and equipment (3,514) (3,411)<br />
Proceeds from disposal of property, plant and equipment 29 88<br />
Purchase of other assets (17) -<br />
Proceeds from sale of other assets 674 -<br />
Cash flows used in investing activities (2,556) (2,846)<br />
p.<br />
50<br />
The accompanying notes form an integral part of these financial statements.<br />
Consolidated Cash<br />
Flow Statement<br />
Year Ended 31 December 2008<br />
<strong>ECS</strong> <strong>Holdings</strong> <strong>Limited</strong>
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