Consolidated
Statement of Cash Flow
Year Ended 31 December 2003
| |
Notes |
2003 |
2002 |
 |
| OPERATING
ACTIVITIES |
| Net income for the
year |
|
36,238 |
9,641 |
| Adjustments for: |
|
|
|
| Depreciation |
|
880 |
689 |
| Amortisation of goodwill |
|
118 |
(1,004) |
| Unrealised (gain) loss on
investments held for trading |
|
(557) |
1,766 |
| Share in profits of associated
companies |
|
(27,844) |
(11,616) |
| Provision for doubtful loans and
guarantees |
|
7,242 |
610 |
| Provision for non-trading
investments |
|
16,868 |
10,548 |
| Change in fair values of investment
properties |
|
2,418 |
521 |
| Interest income |
|
(10,095) |
(11,065) |
| Interest expense |
|
16,965 |
19,445 |
| Dividend income |
|
(5,797) |
(6,049) |
|
|
|
|
| Operating profit
before changes in operating assets and liabilities |
|
36,436 |
13,396 |
| Changes in operating assets and
liabilities: |
| Time deposits |
|
(49,372) |
3,969 |
| Investments held for trading |
|
32,180 |
46,276 |
| Non-trading investments |
|
(115,503) |
(14,439) |
| Loans and advances |
|
(22,122) |
(42,732) |
| Accounts receivable and prepayments |
|
(28,552) |
(6,869) |
| Due to banks and other financial
institutions |
|
35,226 |
(21,028) |
| Deposits from customers |
|
69,627 |
23,262 |
| Accounts payable and accruals |
|
6,287 |
(30,647) |
| Interest received |
|
10,359 |
11,147 |
| Interest paid |
|
(16,847) |
(19,834) |
| Dividend received |
|
5,797 |
5,516 |
|
|
|
|
| Net cash (used in)
from operating activities |
|
(36,484) |
31,983 |
|
|
|
|
| INVESTING
ACTIVITIES |
| Investments in associated companies |
|
11,280 |
(915) |
| Goodwill on acquisition of
subsidiaries |
|
(9,235) |
40 |
| Goodwill on sale of subsidiaries |
|
1,144 |
- |
| Purchase of properties and
equipment, net |
|
(1,609) |
(995) |
|
|
|
|
| Net cash from (used in)
investing activities |
|
1,580 |
(1,870) |
|
|
|
|
| FINANCING ACTIVITIES |
| Reissuance of treasury shares |
|
- |
3,762 |
| Repayment of term loans |
|
(66,010) |
(16,814) |
| Increase in certificates of deposit |
|
47,146 |
50,000 |
| Bonds issued |
|
60,000 |
- |
| Dividends |
|
115 |
(72) |
| Minority Interest |
|
40,409 |
1,047 |
| Net cash from (used in)
financing activities |
|
81,660 |
37,833 |
| Foreign exchange translation
adjustment |
|
2,905 |
3,419 |
| Donation paid |
|
(100) |
- |
| Other non cash items |
|
(122) |
- |
|
|
|
|
| INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS |
49,439 |
7,399 |
| Cash and cash equivalent at 1
January |
|
202,203 |
194,804 |
|
|
|
|
| CASH AND CASH
EQUIVALENT AT 31 DECEMBER |
23 |
251,642 |
202,203 |
|
|
|
|
 |
|
