Page 59 - Forterra

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CONSOLIDATED STATEMENT OF
CASH FLOWS
YEAR ENDED 31 DECEMBER 2012
Note 2012 2011
$’000 $’000
Operating activities
Profit for the year 46,667 209,356
Adjustments for:
Finance income (205) (632)
Finance costs 54,587 44,313
Depreciation 367 339
Income tax expense 29,721 88,977
Equity-settled unit-based expenses 552 297
Changes in fair value of financial derivatives 1,084 (360)
Changes in fair value of investment properties (70,381) (312,461)
Unrealised foreign exchange (gain)/loss (30,666) 5,159
31,726 34,988
Changes in:
– trade and other receivables 11,522 (8,552)
– trade and other payables 8,612 11,269
Cash generated from operations 51,860 37,705
Income taxes paid (2,263) (1,505)
Net cash generated from operating activities 49,597 36,200
Investing activities
Development costs paid on investment properties (52,723) (38,121)
Purchase of plant and equipment (71) (693)
Interest received 205 632
Acquisition of subsidiaries, net of cash acquired – (145,479)
Net cash used in investing activities (52,589) (183,661)
Financing activities
Proceeds from bank borrowings, net of transaction costs 62,779 118,556
Proceeds from convertible debts issued, net of issue costs – 62,087
Repayment of bank borrowings (10,590) (38,311)
Distribution reinvestment – 515
Unit buy-back transactions – (6,577)
Unit options exercised – 131
Interest paid (42,583) (28,946)
Increase in restricted cash (208) (898)
Distribution payment – (19,096)
Net cash generated from financing activities 9,398 87,461
Net increase/(decrease) in cash and cash equivalents 6,406 (60,000)
Cash and cash equivalents at beginning of year 39,780 99,010
Effect of exchange rate fluctuations on cash held (1,999) 770
Reclassification to assets held for sale (8,133) –
Cash and cash equivalents at end of year 9 36,054 39,780
The accompanying notes form an integral part of these financial statements.