Statement of cash flows for the year ended 31 December 2021

(in thousands of US dollars)

Note

For the year ended 31 December

2021

2020

Cash flows from operating activities

Profit/(loss) before tax

119 245

(16 935)

Adjustments for:

Depreciation of property, plant and equipment and right-of-use assets

6, 13

15

142

Impairment/(reversal of impairment) of investments in subsidiaries and joint ventures

14, 15

(127 929)

4 884

Loss on remeasurement of financial guarantee

7

4 691

13 371

Dividend income

 –

(3 291)

Finance income

5

 –

(1)

Finance costs

9

3 043

1 220

Amortisation and derecognition of financial guarantee

7

(1 375)

(1 269)

Foreign exchange (gains)/losses and other non-monetary items

(1)

(58)

Operating cash flows before working capital changes

(2 311)

(1 937)

Changes in working capital:

Other receivables

776

823

Other payables

209

(387)

Cash used in operating activities

(1 326)

(1 501)

Tax paid

 –

 –

Net cash used in operating activities

(1 326)

(1 501)

Cash flows from investing activities

Purchase of investments in subsidiaries

14

 –

(44)

Repayment of original cost of subsidiaries/merger with a subsidiary

14

405

513

Purchase of investments in joint ventures

15

(9)

 –

Interest received

 –

1

Dividends received

 –

563

Net cash from investing activities

396

1 033

Cash flows from financing activities

Proceeds from loans from related parties

5 073

15 921

Repayments of loans from related parties

(1 000)

(12 292)

Lease principal and interest paid

 –

(90)

Interest paid to related parties

(2 342)

(2 644)

Net cash from financing activities

1 731

895

Net increase/(decrease) in cash and cash equivalents

801

427

Cash and cash equivalents at beginning of the year

580

150

Exchange gains/(losses) on cash and cash equivalents

(10)

3

Cash and cash equivalents at end of the year

17

1 371

580


The notes are an integral part of these financial statements.