123 ANNUAL REPORT 2023 2023 2022 $’000 $’000 Cash flows from operating activities: Profit before tax 29,557 8,298 Adjustments for: Depreciation of property, plant and equipment 11,845 10,100 Depreciation of right-to-use assets 7,071 5,932 Amortisation of intangible assets 5,020 3,793 (Write back of allowance)/allowance for stock obsolescence made, net (373) 670 Allowance for expected credit loss on trade receivables, net 3,179 550 Gain on disposal and write off of property, plant and equipment (70) (4,386) Loss on disposal of other investment − 47 Gain on lease modification (113) − Share of loss of an associate 23 29 Interest expense * 10,696 5,925 Interest income (553) (648) Operating cash flows before changes in working capital 66,282 30,310 Increase in trade and other receivables, finance lease receivables and prepaid operating expenses (15,534) (40,472) Decrease/(increase) in contract assets, net and inventories 11,900 (19,150) Increase in trade payables and accruals 9,372 38,398 Cash generated from operations 72,020 9,086 Interest paid (9,867) (5,167) Interest received 363 223 Income tax paid (6,621) (4,132) Net cash flows generated from operating activities 55,895 10 Cash flows from investing activities: Purchase of property, plant and equipment (17,910) (15,464) Purchase of intangible assets (900) (556) Release of restricted cash/(restricted cash) arising from acquisition of subsidiaries, net 1,107 (1,247) Acquisition of businesses, net of cash (15,949) (30,733) Proceeds from disposal of property, plant and equipment 1,327 9,000 Release of restricted cash/(restricted cash) arising from disposal of a property 7,940 (7,940) Proceeds from disposal of other investment, net − 1,221 Net cash flows used in investing activities (24,385) (45,719) * Inclusive of $43,000 (2022: $30,000) of interest expenses included in cost of sales. CONSOLIDATED CASH FLOW STATEMENT For the financial year ended 31 December 2023 The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
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