Consolidated
Statement of Cash Flow
Year Ended December 31, 2004
| |
|
Notes |
2004
US$ 000 |
2003
US$ 000 |
 |
| OPERATING
ACTIVITIES |
| Net income for the year
|
43,313 |
36,238 |
| Adjustments for: |
|
|
|
| Depreciation |
|
1,297 |
880 |
| Amortisation of goodwill, net |
|
983 |
118 |
| Unrealised gain on investments held
for trading |
|
(13,778) |
(557) |
| Share of income from associated
companies |
|
(32,523) |
(27,844) |
| (Write back) / provision for
doubtful loans and guarantees |
|
(1,830) |
7,242 |
| Provision for non-trading
investments |
|
4,000 |
16,868 |
| Change in fair values of investment
properties |
|
(293) |
2,418 |
| Interest income |
|
(13,582) |
(10,095) |
| Interest expense |
|
22,110 |
16,965 |
| Dividend income |
|
(8,813) |
(5,797) |
|
|
|
|
| Operating profit before changes
in operating assets and liabilities |
884 |
36,436 |
| Changes in operating assets and
liabilities: |
|
|
| Time deposits |
|
(18,597) |
(49,372) |
| Investments held for trading |
|
(37,622) |
32,180 |
| Non-trading investments |
|
(71,719) |
(115,503) |
| Loans and advances |
|
(19,607) |
(22,122) |
| Other assets |
|
(21,419) |
(28,552) |
| Due to banks and other financial
institutions |
|
126,080 |
35,226 |
| Deposits from customers |
|
51,697 |
69,627 |
| Other liabilities |
|
(1,347) |
6,287 |
| Interest received |
|
13,733 |
10,359 |
| Interest paid |
|
(20,169) |
(16,847) |
| Dividends received |
|
8,813 |
5,797 |
|
|
|
|
| Net cash from (used in)
operating activities |
|
90,759 |
(36,484) |
|
|
|
|
| INVESTING
ACTIVITIES |
| Investments in associated companies |
|
(21,196) |
11,280 |
| Investment properties |
|
5,572 |
- |
| Goodwill on subsidiaries, net |
|
- |
(8,091) |
| Purchase of properties and
equipment, net |
|
(2,217) |
(1,609) |
|
|
|
|
| Net cash (used in) from investing
activities |
|
(17,841) |
1,580 |
|
|
|
|
| FINANCING
ACTIVITIES |
| Repayment of loans payable |
|
1,286 |
(66,010) |
| Increase in certificates of deposit |
|
(57,146) |
47,146 |
| Bonds issued |
|
63,223 |
60,000 |
| Dividends |
|
(26,741) |
115 |
| Minority Interest |
|
(4,665) |
40,409 |
| Net cash from (used in) financing
activities |
|
(24,043) |
81,660 |
| Foreign currency translation
adjustments |
|
358 |
2,905 |
| Donation paid |
|
(250) |
(100) |
| Directors' remuneration paid |
|
(265) |
- |
| Other non cash items |
|
1,619 |
(122) |
|
|
|
|
| INCREASE IN CASH
AND CASH EQUIVALENTS |
|
50,337 |
49,439 |
| Cash and cash equivalent at 1
January |
|
251,642 |
202,203 |
|
|
|
|
| CASH AND CASH
EQUIVALENT AT DECEMBER 31 |
23 |
301,979 |
251,642 |
|
|
|
|
 |
|
