TPCC Annual Report 2008.indd - HeidelbergCement

Cash flow statement
Tanzania Portland Cement Company Ltd, Annual Report 2008
Cash flow statement, TZS ‘000 Notes 2008 2007
Profit before tax 50,192,950 43,581,562
Depreciation and amortisation 8, 17 & 18 3,320,711 2,906,872
Interest expenses 15 358,299 355,843
Write-off of intangible assets 17 1,043 -
Profit on disposal of plant and equipment (62,087) (28,452)
Operating profit before changes in working capital
items
53,810,916 46,815,825
Increase in inventories (4,678,956) (4,935,285)
(Increase)/decrease in trade receivables (156,668) 87,940
Increase/(decrease) in other short-term operating receiva-
bles
(682,341) 13,051,288
Increase/(decrease) in gratuities provision 651,879 (16,985)
Increase in trade and other payables 8,559,990 9,306,823
Corporation tax paid (11,742,413) (12,699,808)
Interest paid (365,070) (355,843)
Net cash flow from operating activities 45,397,337 51,253,955
Proceeds from disposal of plant and equipment 62,321 65,672
Capital works-in-progress and rehabilitation expenses (61,953,467) (30,898,413)
Purchase of intangibles - (43,397)
Purchase of plant and equipment (3,320,178) (2,786,778)
Net cash flows used in investing activities (65,211,324) (33,662,916)
Dividends paid (7,623,630) (5,037,846)
Proceeds from other borrowings 25,717,595 -
Long-term loan repaid (50,364) (50,364)
Net cash flows used in financing activities 18,043,601 (5,088,210)
Net increase in cash and cash equivalents (1,770,386) 12,502,828
Cash and cash equivalents at 01 January 20,652,680 8,149,852
Cash and cash equivalent at 31 January 19 18,882,294 20,652,680
The notes on pages 32 to 59 form part of these financial statements
Independent auditors’ report on pages 26 and 27
31