SAILING THE SEAS OF SUCCESS - Swissco Holdings Limited

CONSOLIDATED CASH FLOW STATEMENT
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2004
Note 2004 2003
$ $
Cash flows from operating activities
Profit before tax 4,034,209 4,371,285
Adjustments for:
Share of results of associated companies (1,110,240) (600,187)
Amortisation of deferred income (14,840) –
Depreciation of property, plant and equipment 1,156,827 1,128,762
Interest expense 348,318 266,411
Initial Public Offering expense 584,480 –
Gain on disposal of property, plant and equipment (4,332,020) (2,028,879)
Operating cash flow before working capital changes 666,734 3,137,392
Changes in operating assets and liabilities:
Trade and other receivables 866,267 1,425,341
Inventories 8,672 8,195
Other current assets (30,914) (96,384)
Trade and other payables (798,699) 526,612
Cash generated from operations 712,060 5,001,156
Income tax paid (2,750) (35,824)
Net cash inflow from operating activities 709,310 4,965,332
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 8,844,522 5,460,348
Purchase of property, plant and equipment (6,624,077) (8,229,318)
Payment for other investment – (15,000)
Loans to related parties – (1,869,123)
Net cash inflow/(outflow) from investing activities 2,220,445 (4,653,093)
Cash flows from financing activities
Proceeds from issue of shares 6,300,002 –
Initial Public Offering expense (1,168,960) –
Interest expense (348,318) (266,411)
Proceeds from borrowings – 758,574
Repayment of finance lease liabilities (233,018) (349,449)
Repayment of short-term bank loans (net) (1,461,960) –
Net cash inflow from financing activities 3,087,746 142,714
Net increase in cash and cash equivalents held 6,017,501 454,953
Cash and cash equivalents at beginning of the financial year (2,284,079) (2,739,032)
Cash and cash equivalents at end of the financial year 10 3,733,422 (2,284,079)
The accompanying notes form an integral part of these financial statements. Auditors’ report – Page 24.
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