inter roller fa final

Consolidated Cash Flow StatementYear endedYear ended31 December 31 December2004 2003$ $Cash Flows from Operating ActivitiesProfit before taxation 11,518,217 7,765,532Adjustments for:Depreciation of property, plant and equipment 1,112,072 1,001,579Exchange differences on translation (700,147) (38,187)Loss on liquidation - 1,107Profit on disposal of property, plant and equipment (16,661) (3,408)Provision for diminution in value of investments no longer required (275,613) (157,715)Profit on disposal of equity investments (450,884) (347,096)Dividend income (47,471) (106,129)Interest income - (879)Interest expense 143,231 97,830Operating profit before working capital changes 11,282,744 8,212,634Decrease/(increase) in trade and other receivables 965,533 (2,789,937)Increase in inventories and contract work-in-progress (24,862,393) (9,304,945)Increase in trade and other payables 4,233,468 10,228,007Income tax (paid)/refunded (1,008,702) 154,751Net cash (used in)/generated from operating activities (9,389,350) 6,500,510Cash Flows from Investing ActivitiesProceeds from sale of equity investments 2,563,385 1,227,534Proceeds from sale of property, plant and equipment 33,727 6,971Purchase of property, plant and equipment (4,345,858) (1,141,016)Purchase of quoted equity investments (459,506) (1,047,175)Proceeds from liquidation of long term investments - 25,898Interest received - 879Dividend received 41,606 90,953Net cash used in investing activities (2,166,646) (835,956)Cash Flows from Financing ActivitiesNet proceeds from issue of share 686,360 860,085Bank loans obtained/(repaid) 10,862,150 (479,888)Dividends paid (4,565,077) (1,601,828)Interest paid (143,231) (97,830)Payment to hire purchase creditors (33,394) (4,192)Net cash generated from/(used in) financing activities 6,806,808 (1,323,653)Net (decrease)/increase in cash and cash equivalents (4,749,188) 4,340,901Cash and cash equivalents as at the beginning of the financial year 6,220,039 1,879,138Cash and cash equivalents as at the end of the financial year (Note 18) 1,470,851 6,220,039Note:Property, plant and equipmentDuring the financial year, the Group acquired property, plant and equipment with an aggregate cost of S$4,467,119(2003- $1,141,016) of which $121,261 (2003- $Nil) was acquired by means of hire-purchase. Cash payments of$4,345,858 (2003- $1,141,016) were made to purchase property, plant and equipment.The annexed notes form an integral part of and should be read in conjunction with these financial statements.44 inter-roller engineering limited annual report2004