1Q Unaudited Financial Statement Announcement - SC Global ...

1(c)A cash flow statement (for the group), together with a comparative statement for thecorresponding period of the immediately preceding financial year31.03.04 31.03.03Operating activities $'000 $'000Profit from operating activities before taxation 9,001 12,541Adjustments for:Depreciation of property, plant and equipment 110 77Gain on disposal of other financial assets - (3)Impairment loss written back on other financial assets - (27)Interest income (102) (20)Interest expense 1,158 680Share of profit of associate (10,987) (10,938)Operating (loss)/profit before working capital changes (820) 2,310Changes in working capital:Development properties (4,977) (11,157)Trade and other receivables 4,458 21,360Trade and other payables (2,040) (3,433)Cash flows from operating activities (3,379) 9,080Investing activities:Interest received 102 20Purchases of property, plant & equipment (347) (211)Proceeds from disposal of other financial assets - 207Acquisition of other financial assets - (154)Cash flows from investing activities (245) (138)Financing activities:Interest paid (2,094) (2,133)Proceeds from/ (repayment of) bank loans 4,622 (4,973)(Payment of)/ proceeds from obligations under finance leases (24) 160Cash flows from financing activities 2,504 (6,946)Net (decrease)/ increase in cash and cash equivalents (1,120) 1,996Cash and cash equivalents at beginning of period 32,144 14,062Cash and cash equivalents at end of period 31,024 16,058Note to Consolidated Cash Flow Statement:Cash and cash equivalents included in the consolidated statement of cash flows comprise thefollowing balance sheet amounts:31.03.04 31.03.03$'000 $'000Fixed deposits 30,400 14,006Cash and bank balances 6,564 4,360Bank overdrafts (5,940) (2,308)31,024 16,058Page 5 of 9