Cash flow
Consolidated Statement of Cash Flow and the cash flows of the Parent for the year ended 31 December 2007 (all amounts are in thousands of US dollars unless otherwise stated)
Group | Parent | ||||||
Note | 2007 | 2006 | 2007 | 2006 | |||
Cash flows from operating activities | |||||||
Profit before tax | 1,378,495 | 167,348 | (20,525) | 5,813 | |||
Adjustments for | |||||||
Increase in fair value of investment property | 15 | (1,350,985) | (158,535) | - | - | ||
Profit recognised at the acquisition of subsidiaries | 41 | (68,586) | - | - | - | ||
Interest income | 12 | (1,822) | (4,540) | (8,093) | - | ||
Impairment of financial assets | 13 | 992 | - | 5,691 | - | ||
Foreign currency gain | 12 | 730 | 194 | (76) | 149 | ||
Share in net result in associates | 17 | (14) | 86 | - | - | ||
Loss/(Gain) from origination of long-term liabilities | 12 | 2,204 | (70) | - | - | ||
Loss from origination of long-term receivables | - | 657 | - | 518 | |||
Increase in bad debt provision | 30 | - | 92 | - | - | ||
Discount for long-term VAT receivables | 12 | 3,571 | - | - | - | ||
Expenses from amortisation of bonds’ discount | 12 | 1,713 | - | - | - | ||
Interest expense | 12 | 8,818 | 46 | 11,188 | (5,746) | ||
Finance charge on lease | 12 | 2,639 | - | - | - | ||
Impairment of goodwill | 23 | 329 | - | - | - | ||
Loss on sale of property, plant and equipment | 88 | - | - | - | |||
Loss/profit on subsidiaries’ disposal | 41 | 14,000 | - | (594) | - | ||
Depreciation and amortisation | 21, 22 | 264 | 155 | - | - | ||
Loss/(Gain) on sale of bonds | (398) | - | - | 308 | |||
(Gain) from repayment of long-term financial instruments | 12 | (271) | - | - | - | ||
Profit from sales of investments | - | (5,236) | - | (5,075) | |||
Operating profit/loss before working capital changes | (8,233) | 197 | (12,409) | (4,033) | |||
Increase in VAT recoverable | 29 | (13,204) | (3,802) | (513) | (61) | ||
Increase in advances for construction | (1,308) | (9,388) | - | - | |||
Increase in stock from residential construction contracts | 28 | (26,607) | (13,408) | - | - | ||
Increase in trade and other receivables | 30 | 2,748 | 383 | (92,877) | (73,268) | ||
Increase/(decrease) in advances for construction of residential | 30 | (5,558) | (1,671) | - | - | ||
Decrease in advances from customers | 36 | (86) | 3,068 | - | - | ||
Increase/(decrease) in trade and other accounts payables | 37 | 2,813 | 3,209 | 6,222 | (1,656) | ||
Decrease in financial assets available for sale | 25 | 1,666 | - | - | - | ||
Increase in liabilities on residential bonds issued | - | 8,733 | - | - | |||
Payments for bonds to subsidiaries | - | (308) | |||||
Increase in advances for investment in subsidiary undertakings/ Acquisition of subsidiary undertakings | (1,492) | (3,449) | - | - | |||
Interest paid | (9,949) | (46) | (8,750) | - | |||
Income and defence taxes paid | (414) | (493) | (111) | (357) | |||
Cash flows from operating activities | (59,624) | (16,667) | (108,438) | (79,683) | |||
Group | Parent | ||||
Note | 2007 | 2006 | 2007 | 2006 | |
Investing activities | |||||
Acquisition of investment property | (22,727) | (54,179) | - | - | |
Loans granted | 27 | 2,800 | (12,850) | 4,034 | (6,617) |
Acquisition of investment properties under development | (46,206) | (6,590) | - | - | |
Purchase of investment in subsidiary undertakings less cash acquired | (66,410) | (16,381) | (67,278) | (36,756) | |
Acquisition of minority interest | - | (11,778) | - | (11,778) | |
Purchase of property, plant and equipment and intangible assets | (499) | (872) | - | - | |
Proceeds from sale of property, plant and equipment | 61 | - | - | - | |
Proceeds from partial disposals | 11 | - | - | - | |
Acquisition of financial assets available for sale | - | (2,061) | - | (1,050) | |
Proceeds from sale of investment in subsidiary undertakings less cash disposed | 1,316 | 8,159 | - | 8,186 | |
Interest received | 1,822 | 4,540 | 8,092 | 5,746 | |
Purchase of investment in joint ventures | - | - | - | (999) | |
Deferred income | - | (164) | - | - | |
- | |||||
Cash flows from investing activities | (129,832) | (92,176) | (55,152) | (43,268) | |
Financing activities | |||||
Proceeds from Eurobonds | 172,007 | - | 172,007 | - | |
Proceeds from bank borrowings | 19,082 | - | - | - | |
Repayment of borrowings | - | (3,708) | - | (472) | |
Cash flows from financing activities | 191,089 | (3,708) | 172,007 | (472) | |
Effect of foreign exchanges rates on cash and cash equivalents | - | - | - | - | |
Net increase in cash and cash equivalents | 1,633 | (112,551) | 8,417 | (123,423) | |
Cash and cash equivalents at the end of the year | 31 | 15,531 | 128,082 | 2,278 | 125,701 |
Less cash and cash equivalents at the beginning of the period for subsidiary undertakings disposed | - | - | - | - | |
Cash and cash equivalents at end of year | 31 | 17,164 | 15,531 | 10,695 | 2,278 |
Cash Flow 1 H 2007
Cash Flow 2006