| 2006 ’000 USD |
2005 ’000 USD |
||
| OPERATING ACTIVITIES | |||
| Profit before tax | 55,924 | 110,972 | |
| Adjustments for: | |||
| Depreciation and amortisation | 23,889 | 20,368 | |
| Unrealised foreign exchange (gains)/losses | (3,665) | 481 | |
| Impairment of capitalised development costs | - | 17,063 | |
| Impairment of loans and bad debts | 177 | (446) | |
| Negative goodwill | - | (3,135) | |
| (Gain)/loss on disposal of property, plant and equipment and assets held for sale | (10,655) | 2,235 | |
| Income from investments | (4,539) | (578) | |
| Interest expense | 68,066 | 57,630 | |
| Government grant related to compensation of interest expense | (20,898) | (7,448) | |
| Interest income | (13,021) | (3,006) | |
| Development costs | 6,611 | 8,179 | |
| Gain on revaluation of investment property | (3,274) | - | |
| Operating profit before changes in working capital and provisions | 98,615 | 202,315 | |
| Change in inventories | (101,136) | (279,913) | |
| Change in trade and other receivables | (141,234) | 54,207 | |
| Change in trade and other payables | 98,465 | 1,950 | |
| Change in deferred income | 10,646 | - | |
| Change in provisions | 1,081 | (997) | |
| Cash flows from operations before income taxes and interest paid | (33,563) | (22,438) | |
| Income taxes paid | (2,500) | (18,709) | |
| Interest paid, net of grant received | (45,411) | (50,134) | |
| Cash flows from operating activities | (81,474) | (91,281) | |
| INVESTING ACTIVITIES | |||
| Proceeds from disposal of property, plant and equipment and assets held for sale | 36,099 | 10,304 | |
| Proceeds from disposal of subsidiary | - | 9,541 | |
| Acquisition of property, plant and equipment | (65,574) | (26,119) | |
| Acquisition of intangible assets and development expenditure | (19,851) | (28,186) | |
| Acquisition of subsidiaries and associates, net of cash acquired | - | (5,304) | |
| Change in loans granted to related parties | (445) | 3,200 | |
| Net cash to acquisition/(from disposal) of investments | 7,629 | (8,118) | |
| Interest received | 13,021 | 3,006 | |
| Cash flows utilised by investing activities | (29,121) | (41,676) | |
| FINANCING ACTIVITIES | |||
| Proceeds from borrowings | 579,985 | 894,878 | |
| Repayment of borrowings | (506,207) | (830,672) | |
| Proceeds from issue of share capital | - | 66,138 | |
| Dividends paid | - | (3,071) | |
| Cash flows from financing activities | 73,778 | 127,273 | |
| Net decrease in cash and cash equivalents | (36,817) | (5,684) | |
| Cash and cash equivalents at beginning of year | 108,335 | 114,975 | |
| Effect of exchange rates fluctuations on cash and cash equivalents | 3,682 | (956) | |
| Cash and cash equivalents at end of year (note 16) | 75,200 | 108,335 |