Consolidated
Statement of Cash Flow
Year Ended December 31, 2005
| |
2005
US$ 000 |
2004
US$ 000 |
 |
| OPERATING ACTIVITIES |
|
|
| Income for the year |
107,568 |
52,371 |
| Adjustments for: |
|
|
| Depreciation |
1,324 |
1,297 |
| Amortisation of goodwill, net |
- |
983 |
| Unrealised gain on investments carried at fair
value through statement of income |
(13,632) |
(13,778) |
| Other non-cash items |
873 |
- |
| Share of profits in associated companies |
(49,567) |
(32,523) |
| Provision / (write back) for doubtful loans and
guarantees |
1,511 |
(1,830) |
| Provision for non-trading investments |
8,042 |
4,000 |
| Change in fair values of investment properties |
(308) |
(293) |
| Interest income |
(22,538) |
(13,582) |
| Interest expense |
38,325 |
22,110 |
| Dividend income |
(22,311) |
(8,813) |
|
|
|
| Operating profit before changes in operating
assets and liabilities |
49,287 |
9,942 |
| Changes in operating assets and liabilities: |
|
|
| Time deposits with banks |
2,681 |
18,597 |
| Investments carried at fair value through
statement of income |
(4,779) |
(37,622) |
| Non-trading investments |
(65,461) |
(83,823) |
| Loans and advances |
(17,364) |
(19,607) |
| Other assets |
(24,340) |
(21,419) |
| Due to banks and other financial institutions |
40,765 |
126,080 |
| Deposits from customers |
(31,987) |
51,697 |
| Other liabilities |
6,688 |
(1,347) |
| Interest received |
22,318 |
13,733 |
| Interest paid |
(35,769) |
(20,169) |
| Dividends received |
22,311 |
8,813 |
| Donation paid |
(325) |
(250) |
| Directors' remuneration paid |
(244) |
(265) |
|
|
|
| Net cash (used in) from operating activities |
(36,219) |
87,198 |
|
|
|
| INVESTING ACTIVITIES |
|
|
| Investments in associated companies |
(31,470) |
(21,196) |
| (Acquisition) disposal of investment properties |
(135) |
5,572 |
| Purchase of properties and equipment, net |
(1,0600) |
(2,217) |
|
|
|
| Net cash used in investing activities |
(32,665) |
(17,841) |
|
|
|
| FINANCING ACTIVITIES |
|
|
| Increase in loans and murabaha payable |
178,928 |
1,286 |
| Redemption of certificates of deposit |
(40,000) |
(57,146) |
| Shares issued |
- |
63,223 |
| Dividends paid |
(28,652) |
(26,741) |
| Net cash from (used in) financing activities |
113,744 |
(19,378) |
| Foreign currency translation adjustments |
2,509 |
358 |
|
|
|
| INCREASE IN CASH AND CASH
EQUIVALENTS |
47,369 |
50,337 |
| Cash and cash equivalent at 1 January |
301,979 |
251,642 |
|
|
|
| CASH AND CASH EQUIVALENT AT
DECEMBER 31 (Note 18) |
349,348 |
301,979 |
|
|
|
 |
|
