Annual Report 2006 - Tamar European Industrial Fund

Statements of Changes in Equity Cash Flow Statements
For the period from 25 August 2006 to 31 December 2006
Income and expense recognised directly in equity
Company Group
£’000 £’000
Foreign currency translation differences for foreign operations - 27
- 27
Net profit for the period 1,139 4,897
Issue of ordinary share capital, net of issue costs 135,485 135,485
Total changes in equity for the period 136,624 140,409
For the period from 25 August 2006 to 31 December 2006
Cash flows from operating activities
Notes Company Group
£’000 £’000
Net profit from ordinary activities before taxation 1,139 7,701
Adjustments for:
Unrealised gains on revaluations of investment properties - (5,072)
Depreciation on other fixed assets - 1
Increase in operating trade and other receivables (18) (16,723)
Increase in operating trade and other payables 32,924 19,970
Taxation paid - (216)
Net cash inflow from operating activities 34,045 5,661
Cash flows from investing activities
Purchases of investment properties 8 - (275,170)
Development expenditure 8 - (2,258)
Purchase of other fixed assets 8 - (4)
Investment in subsidiaries 9 (682) -
Increase in non-current trade and other receivables 11a (143,554) (2,135)
Net cash outflows from investing activities (144,236) (279,567)
Cash flows from financing activities
The accompanying notes are an integral part of this statement. The accompanying notes are an integral part of this statement.
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Proceeds from issue of ordinary share capital 15 140,000 140,000
Issue costs of ordinary share capital 15 (4,515) (4,515)
Receipt of borrowings 14 - 172,002
Net cash inflow from financing activities 135,485 307,487
Net increase in cash and cash equivalents 25,294 33,581
Opening cash and cash equivalents - -
Closing cash and cash equivalents 25,294 33,581
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