Page 135 - Annual Report 2017

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STATEMENT OF CASH FLOWS

For the year ended 31 December 2017

Notes 2017 | USD ‘000 2016 | USD ‘000 Notes 2017 | USD ‘000 2016 | USD ‘000

OPERATING ACTIVITIES INVESTING ACTIVITIES
Excess of expenses over income for (35,285) (33,519) Acquisition of furniture and equipment 4 (39) (2)
the year before appropriations
Acquisition of intangible assets 5 (56) -
Adjustments for:
Net cash flows used in investing activities (95) (2)
Depreciation 4 103 185
Amortisation of intangible assets 5 450 465
FINANCING ACTIVITY
Loss on sale of furniture and equipment - 1
Appropriations received from the Government 2 36,954 33,304
Write-off of intangible assets - 2
Cash flows from a financing activity 36,954 33,304
Provision for employees’ end of service benefits 9 1,262 -

Interest income (585) (475)
NET INCREASE (DECREASE)/ IN CASH 3,482 (1,047)
AND CASH EQUIVALENTS
(34,055) (33,341) Cash and cash equivalents at 25,097 26,144
Working capital changes: the beginning of the year

Accounts receivable and prepayments (1,030) (309)
CASH AND CASH EQUIVALENTS AT 31 DECEMBER 7 28,579 25,097
Accounts payable and accruals 1,339 (1,208)

Cash flows used in operating activities (33,746) (34,858)
Interest received 369 509

Net cash flows used in operating activities (33,377) (34,349)

The attached notes 1 to 16 form part of
these financial statements.