Annual Report 2013

Consolidated Statements of Cash Flows

Note Year ended
31 December 2013
Year ended
31 December 2012
Restated
CASH FLOWS FROM OPERATING ACTIVITIES
Profit for the year 266,247 4,585,220
Adjustments for:
Depreciation and amortisation 8 7,929,579 7,448,369
Allowance for impairment of accounts receivable 8 8,580,958 561,228
Net finance costs 10 2,346,827 1,853,429
Provision for inventory obsolescence (70,845) (91,822)
Loss on disposal of property, plant and equipment and intangible assets 209,603 157,781
Bad debts written-off 8 3,759 15,749
Income tax expense 782,336 1,341,748
Adjustment for other non-cash transactions (201,576) (30,631)
Cash flows from operating activities before changes in working capital 19,846,888 15,841,071
Change in trade and other receivables (7,743,324) (5,639,518)
Change in inventories 13,866 22,851
Change in other assets 31,580 44,013
Change in trade and other payables 648,387 3,278,523
Change in employee payables (275,879) 108,584
Change in employee benefits (103,956) (204,993)
Change in other liabilities 144,059 80,243
Change in other taxes payable 378,688 492,423
Cash flows from operations before income taxes and interest paid 12,940,309 14,023,197
Interest paid (2,564,345) (1,997,026)
Income tax paid (110,348) (1,476,080)
Cash flows from operating activities 10,265,616 10,550,091
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment and intangible assets (15,547,371) (16,691,395)
Proceeds from disposal of property, plant and equipment and intangible assets 25,373 57,573
Interest received 10 89,181 139,149
Cash flows used in investing activities (15,432,817) (16,494,673)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans and borrowings 21,972,826 6,333,063
Repayment of loans and borrowings (15,325,517) (1,188,014)
Dividends paid (823,067) (400,837)
Repayment of finance lease liabilities (513,691) (474,190)
Cash flows from financing activities 5,310,551 4,270,022
Net/increase (decrease)in cash and cash equivalents 143,350 (1,674,560)
Cash and cash equivalents at beginning of the year 971,592 2,646,152
Cash and cash equivalents at end of the year 17 1,114,942 971,592