A Time To Build Caribbean Cement Company Limited Annual ...

CARIBBEAN CEMENT COMPANY
AND CARIBBEAN ITS SUBSIDIARIES CEMENT COMPANY LIMITED AND ITS SUBSIDIARIES
CARIBBEAN CEMENT COMPANY
AND ITS SUBSIDIARIES
Consolidated Statement of Changes in Equity
Year ended 31 December 2004
(Expressed in Jamaican Dollars)
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
1,383,268 242,502 414,533 (17,489) (1,384,423) 638,391 425,569 1,063,960
Net profit for the year - - - - 454,884 454,884 - 454,884
Transfer of realised gain (Note 6) - - 113,775 - (113,775) - - -
Amortisation for the year (Note 25) - (47,462) 47,462 - - - - -
Dividends paid - - - - (59,580) (59,580) - (59,580)
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1,383,268 195,040 575,770 (17,489) (1,102,894) 1,033,695 425,569 1,459,264
Net profit for the year - - - - 842,361 842,361 - 842,361
Transfer of realised gain (Note 6) - - 113,775 - (113,775) - - -
Amortisation for the year (Note 25) - (47,462) 47,462 - - - - -
Dividends paid - - - - (59,580) (59,580) - (59,580)
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1,383,268 147,578 737,007 (17,489) (433,888) 1,816,476 425,569 2,242,045
accompanying notes form an integral part of these financial statements.
Consolidated Statement of Cash Flows
Year ended 31 December 2004
(Expressed in Jamaican Dollars)
2004 2003
$’000 $’000
Cash flows from operating activities
Profit before taxation 859,012 632,300
Adjustments for:
Depreciation 269,380 217,488
Amortisation of deferred gain (113,775) (113,775)
(Gain) loss on disposal of property, plant and equipment (28,360) 402
Interest income (16,242) (10,529)
Interest expense 43,009 89,181
Unrealised foreign exchange (gains) losses (4,581) 52,033
Provision for taxation recoverable 17,552 -
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1,025,995 867,100
Decrease in inventories 42,640 1,623
Increase in receivables and prepayments (264,677) (48,236)
Increase in due from related companies (8,269) (370,818)
Increase in taxation recoverable - (1,108)
Decrease in payables and accruals (47,937) (285,871)
(Decrease) increase in due to parent and related companies (114,147) 227,485
--------------------- ---------------------
Cash generated from operations 633,605 390,175
Interest received 6,807 3,491
Interest paid (78,021) (89,356)
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Net cash generated from operating activities 562,391 304,310
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Cash flows from investing activities
Purchase of property, plant and equipment (389,954) (466,970)
Proceeds from disposal of property, plant and equipment 39,960 -
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Net cash used in investing activities (349,994) (466,970)
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Cash flows from financing activities
Loans received 567,224 378,026
Repayment of loans (645,649) (365,008)
Dividends paid (59,580) (59,580)
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Net cash used in financing activities (138,005) (46,562)
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Increase (decrease) in net cash and cash equivalents 74,392 (209,222)
Net cash and cash equivalents - beginning of year (52,645) 156,577
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Net cash and cash equivalents - end of year 21,747 (52,645)
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Represented by:
Cash and cash equivalents 99,719 55,567
Bank advances (77,972) (108,212)
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21,747 (52,645)
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The accompanying notes form an integral part of these financial statements.
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2004 ANNUAL REPORT 32
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2004 ANNUAL REPORT