Lamprell, Financial Statements

40 Cash generated from operating activities

		Year ended 31 December
	Notes	2011 USD’000		2010 USD’000
Operating activities
Profit before income tax		63,478		65,227
Adjustments for:
Share-based payments - value of services provided	9	1,439		2,060
Depreciation	17	19,283		13,694
Amortisation of intangible assets	18	3,887		88
Share of loss from investment in joint ventures	20	8		–
Loss/(profit) on disposal of property, plant and equipment	13	(281	)	562
Gain on cancellation of a contract	7	–		(23,925	)
Fair value gain on financial asset at fair value through profit or loss	24	(8,262	)	–
Provision for slow moving and obsolete inventories	22	826		682
Provision for impairment of trade receivables, net of amounts recovered	23	168		202
Provision for employees’ end of service benefits	31	8,508		4,446
Finance costs	12	17,965		5,088
Finance income	12	(1,804	)	(2,193	)
Operating cash flows before payment of employees’ end of service benefits and changes in working capital		105,215		65,931
Payment of employees’ end of service benefits	31	(3,835	)	(1,072	)
Changes in working capital:
Inventories before movement in provision	22,35	110,573		32,920
Due from a related party	25,35	(146	)	–
Trade and other receivables before movement in provision for impairment of trade receivables	23,35	(312,749	)	(37,908	)
Trade and other payables, excluding movement in dividend payable	33	46,718		172,927
Derivative financial instruments		(358	)	–
Net cash (used in)/generated from operating activities		(54,582	)	232,798

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