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Consolidated cashflow statementFor the financial year ended 31 December 20062006 2005$’000 $’000Cash Flow from Operating Activities:Operating profit before interest and taxation 204,082 146,602Adjustments for:Depreciation of fixed assets 11,226 17,320Write-back of provision for properties held for sale (47,475) (17,161)Allowance/(write-back of allowance) for doubtful debts and bad debts 7,281 (3,099)Cost of share-based payments 1,542 633Operating Income before Reinvestment in Working Capital 176,656 144,295(Increase)/decrease in debtors (37,610) 12,346Increase in work-in-progress and stocks (94,164) (82,565)Development expenditure (495,125) (656,367)Proceeds from progress billings 567,099 552,875Increase in creditors 51,104 5,273Cash from/(Used in) Operations 167,960 (24,143)Interest received and investment income 56,713 34,016Interest paid (70,418) (25,397)Income taxes paid (16,154) (9,879)Net Cash from/(Used in) Operating Activities 138,101 (25,403)Cash Flow from Investing Activities:Purchase of fixed assets and improvement in investment properties (29,765) (4,549)Divestment of investment properties 191,871 -Repayments of loan by/(investment in) investee company 2,041 (12,646)Additional investment in subsidiary companies (28,602) (139,517)Divestment of/(additional investment in) associated companies 67,292 (18,780)Proceeds from sale of fixed assets 138 903Net Cash from/(Used in) Investing Activities 202,975 (174,589)Cash Flow from Financing Activities:Proceeds from issuance of shares by Company 7,043 5,644Loan repayments less proceeds from convertible bond issue (345,869) 645,550Advances from minority shareholders of certain subsidiaries 5,983 47,822Loans from/(to) related and associated companies, less dividends received 25,347 (295,199)Dividends paid to shareholders (35,962) (28,543)Contributions from, less dividends to, minority shareholders ofsubsidiary companies 4,502 15,149Net Cash (Used in)/from Financing Activities (338,956) 390,423Net Increase in Cash and Cash Equivalents 2,120 190,431Cash and Cash Equivalents at Beginning of Year 597,677 392,924Exchange adjustments (18,846) 14,322Cash and Cash Equivalents at End of Year 580,951 597,677178Consolidated cashflow statementKeppel Land LimitedReport to Shareholders 2006