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STATEMENTS OF CHANGES IN EQUITY (cont’d)CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2000(Currency - Singapore dollars)FOREIGNCURRENCYSHARE SHARE MERGER CAPITAL TRANSLATION UNAPPROPRIATEDCAPITAL PREMIUM RESERVE RESERVE RESERVE PROFIT TOTAL$’000 $’000 $’000 $’000 $’000 $’000 $’000THE GROUP (cont’d)Issue of shares 1,700 16,697 – – – – 18,397Goodwill realisedupon disposal ofassociated company – – – – – 3,992 3,992Net profit for the year – – – – – 288,138 288,138Dividends (Note 39) – – – – – (214,476) (214,476)Goodwill onacquisition ofsubsidiary written off – – (1,538) – – (22,531) (24,069)Other capital reserve – – – 1,085 – – 1,085As at 31.12.2000 285,569 30,117 – 115,948 6,980 473,666 912,280SHARE SHARE UNAPPROPRIATEDCAPITAL PREMIUM PROFIT TOTAL$’000 $’000 $’000 $’000THE COMPANYAs at 1.1.1999 282,609 7,899 91,055 381,563Issue of shares 1,260 5,521 – 6,781Net profit for the year – – 206,160 206,160Dividends (Note 39) – – (195,740) (195,740)As at 31.12.1999 283,869 13,420 101,475 398,764Issue of shares 1,700 16,697 – 18,397Net profit for the year – – 287,468 287,468Dividends (Note 39) – – (214,476) (214,476)As at 31.12.2000 285,569 30,117 174,467 490,1532000 1999$’000 $’000CASH FLOWS FROM OPERATING ACTIVITIESNet profit before taxation including share of results ofassociated companies and joint ventures 412,509 300,060Extraordinary items – (8,205)412,509 291,855Adjustment for items not involving outlay of funds:Share of results of associated companies and joint ventures (43,066) (32,894)Depreciation of fixed assets 76,143 58,787Amortisation of discount on floating rate bonds 297 297Provision for diminution in value of long-term investments 8,457 7,412Fixed assets written off 25 11Profit on disposal of fixed assets (379) (150)Profit on disposal of investments (1,741) (5)Profit on disposal of associated companies and joint ventures (6,300) (9,590)Interest expense 3,686 3,961Interest income (70,491) (46,895)Dividends from investments (1,750) (656)Operating profit before working capital changes 377,390 272,133(Increase) decrease in working capital:Stocks and work-in-progress (50,066) (10,331)Progress billings in excess of work-in-progress 24,010 (14,448)Trade debtors (27,091) (60,914)Advance payments to suppliers 85,355 32,123Other debtors, deposits and prepayments 6,834 (3,693)Holding company and related corporations balances 11,386 (13,042)Associated companies balances 11,012 (4,650)Joint ventures balances 4,271 33Trade creditors (25,482) 50,947Advance payments from customers (15,081) (37,406)Other creditors, accruals and provisions 146,134 117,420Minority shareholders’ balances (2,500) 650Cash generated from operations 546,172 328,822Interest received 70,491 47,564Interest paid (3,686) (4,451)Deferred income (expenditure) (5,917) (212)The accompanying notes are an integral part of the financial statements.122 • visionconsolidated statement of cash flows • 123