O TTO M ARINE L IMITED - Microsoft Internet Explorer - SGX

OTTO MARINE LIMITED AND ITS SUBSIDIARIES
D. Condensed Consolidated Statement of Cash Flows
For the 5 Months Ended May 31, 2008
5 Months Financial
Period Ended
May 31, May 31,
2008 2007
$’000 $’000
Operating activities
Profit before income tax ................................................
Adjustments:
36,417 10,749
Shares of profits of associates .......................................... (4,571) —
Depreciation of property, plant and equipment .............................. 1,010 850
Interest expense ..................................................... 4,919 1,067
Interest income ..................................................... (2,339) (1,875)
Deferred gain ...................................................... 17,008 —
Write off/Loss on disposal of property, plant and equipment .................... 12 147
Operating cash flows before movements in working capital ...................... 52,456 10,938
Trade receivables .................................................... 7,710 (1,509)
Other receivables .................................................... (74,716) (31,360)
Inventories. ........................................................ (24,555) (12,221)
Construction work-in-progress .......................................... (61,827) 34,769
Trade payables. ..................................................... 55,238 89,580
Other payables. ..................................................... 691 (2,536)
Cash (used) generated from operations ...................................... (45,003) 87,661
Income tax paid ..................................................... (617) (175)
Interest received .................................................... 2,339 1,875
Net cash (used in) from operating activities ................................
Investing activity
(43,281) 89,361
Purchases of property, plant and equipment .................................. (16,782) (10,136)
Net cash used in investing activity ........................................
Financing activities
(16,782) (10,136)
Proceeds on bank loans ................................................. 41,715 22,703
Repayment of bank loans. ............................................... (39,091) (7,787)
Repayment of finance lease obligations ..................................... (32) (10)
Repayment of loans from a related party .................................... (8,279) (33,774)
Loan from a related party ............................................... 25,266 32,035
Interest paid ......................................................... (4,908) (1,067)
Net cash from financing activities ........................................ 14,671 12,100
Net (decrease) increase in cash and cash equivalents ......................... (45,392) 91,325
Cash and cash equivalents at beginning of period. ........................... 213,904 53,456
Effects of exchange rate changes on the balance of cash held in foreign currencies .. (7,247) 1
Cash and cash equivalents at end of period ................................ 161,265 144,782
Cash and cash equivalents at end of period include the following:
Cash . . . ............................................................ 10,082 10,228
Pledged deposits ...................................................... 151,183 134,554
Total . . . ............................................................ 161,265 144,782
See accompanying notes to financial statements.
A2-6