notes to the financial statements - Investor Relations

CWT Limited
56
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2011
2011 2010
$’000 $’000
Cash flows from operating activities
Profit before income tax 65,082 189,379
Adjustments for:
Interest expense 13,484 2,185
Interest income (8,185) (1,065)
Dividend income from available-for-sale financial assets (7,585) (4,656)
Depreciation of property, plant and equipment 21,854 16,559
Net (gain)/loss on disposal or liquidation of:
- Available-for-sale financial assets (2,123) (1,607)
- Property, plant and equipment and intangible assets (2,672) 225
- Subsidiaries, jointly-controlled entity and associates (4,718) (444)
- Non-current assets held-for-sale – (147,581)
Share of profit of associates and jointly-controlled entities (8,222) (4,783)
Amortisation of:
- Intangible assets 5,308 1,599
- Deferred gain (32,871) (26,966)
Fair value gain on a derivative instrument – (43)
Allowance/(reversal) of impairment losses on:
- Intangible assets 127 –
- Trade and other receivables 729 350
- Property, plant and equipment 378 (41)
Provision (334) 38
Operating profit before working capital changes 40,252 23,149
Changes in working capital:
Inventories 179,363 202
Trade and other receivables (46,531) (30,659)
Trade and other payables 33,393 14,268
Customer segregated funds (41,469) –
Cash generated from operations 165,008 6,960
Income taxes paid (5,685) (5,552)
Net cash from operating activities 159,323 1,408
The accompanying notes form an integral part of these financial statements.