UOB Annual Report 2002 - United Overseas Bank

Consolidated Cash Flow Statement
for the financial year ended 31 December 2002
2002 2001
$’000 $’000
Cash Flows From Operating Activities
Profit before tax 1,433,570 1,197,562
Adjustments for:
Depreciation of fixed assets 114,536 96,119
Goodwill amortisation 195,554 47,806
Share of profit of associates (123,403) (71,912)
Operating profit before changes in operating assets and liabilities 1,620,257 1,269,575
Changes in operating assets and liabilities:
Deposits (5,324,852) (1,165,418)
Bills and drafts payable 38,688 (48,023)
Other liabilities 1,216,704 (567,466)
Dealing securities 60,880 179,039
Placements and balances with banks and agents 5,319,369 (1,136,568)
Trade bills and advances to customers 2,008,087 (824,386)
Other government treasury bills and securities not qualifying
as cash and cash equivalents 406,917 310,371
Other assets (1,043,677) 124,578
Cash generated from/(used in) operations 4,302,373 (1,858,298)
Income taxes paid (371,089) (322,008)
Net cash from/(used in) operating activities 3,931,284 (2,180,306)
Cash Flows From Investing Activities
Increase in investment securities and investments in associates (339,781) (1,172,959)
Net dividends received from associates 52,210 39,246
Net (increase)/decrease in fixed assets (184,031) 21,593
Acquisition of/change in minority interests of subsidiaries (353,136) 42,649
Net cash flow on acquisition (1,204) 6,405,853
Net cash flow from disposal of subsidiaries 2 28,933
Net cash (used in)/from investing activities (825,940) 5,365,315
Cash Flows From Financing Activities
Proceeds from issue of shares 5,535 3,081
Net (decrease)/increase in debts issued (2,010,343) 4,157,153
Dividends paid by the Bank (720,348) (317,944)
Dividends paid by subsidiaries to minority shareholders (10,382) (6,811)
Net cash (used in)/from financing activities (2,735,538) 3,835,479
Currency translation adjustment (14,514) 92,741
Net increase in cash and cash equivalents 355,292 7,113,229
Cash and cash equivalents at beginning of the financial year 12,728,768 5,615,539
Cash and cash equivalents at end of the financial year (Note 41) 13,084,060 12,728,768
The accompanying notes form an integral part of these financial statements. The Auditors’ Report is on page 90.
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