Friday 26 June, 2009
Yujin International
Accounting Correction
RNS Number : 6153U Yujin International Ltd 26 June 2009
Yujin International Ltd ('Yujin' or 'the Company' or 'the Group')
Accounting Correction
Due to an administrative error there was a misclassification in the Consolidated Balance Sheet at 31 December 2008 with regards to loans received from holding and related companies, details of which were disclosed in the Group's recent Admission Document. The amended Consolidated Balance Sheet, Consolidated Cash Flow Statement and Statement of Changes in Equity are set out below and are available on the Company's website at www.yujininternational.com within the Group's Report and Accounts. The Consolidated Income Statement is unchanged.
For further information please contact:
Yujin International Ltd. Tel: 00 (65) 6226 2963
Bernard LIM
Keen Whye LEE
Or visit www.yujininternational.com
Seymour Pierce Limited Tel: 020 7107 8000
Nicola Marrin
Catherine Leftley
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2008
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2008
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2007
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USD
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USD
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(restated)
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ASSETS
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Non-current assets
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Property, plant and equipment
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30,238,553
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13,254,048
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Investment in an associated company
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-
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37,582
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Deferred tax asset
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653,896
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780,246
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30,892,449
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14,071,876
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Current assets
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Trade debtors
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280,022
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469,632
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Other debtors
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15,934
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11,921
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Deposit and prepayments
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1,958,209
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270,695
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Cash and cash equivalents
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720,882
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4,703,800
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2,975,047
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5,456,048
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Total assets
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33,867,496
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19,527,924
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EQUITY AND LIABILITIES
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Cash and reserves
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Share capital
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3,317,897
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3,317,897
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Retained profits
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7,919,408
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|
6,114,190
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Translation reserve
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387,626
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495,731
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Minority interest
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90,884
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92,650
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11,715,815
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10,020,468
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Non-current liabilities
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Term loan (secured)
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11,799,616
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3,111,219
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Loan from holding and related companies
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686,998
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-
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Deferred tax
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2,563,593
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2,304,122
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15,050,207
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5,415,341
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Current liabilities
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Trade and other creditors
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2,992,931
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1,872,740
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Term loan (secured)
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3,947,054
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2,090,275
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Income tax payable
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161,489
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129,100
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7,101,474
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4,092,115
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Total equity and liabilities
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33,867,496
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19,527,924
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2008
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Share
capital
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Retained
profits
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Translation
reserve
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Minority
Interest
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Total
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USD
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USD
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USD
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USD
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USD
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Balance at 31 December 2006
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3,317,897
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3,969,000
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189,796
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-
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7,476,693
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Prior year adjustment
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-
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(973,414)
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-
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-
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(973,414)
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Balance at 31 December 2006 (restated)
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3,317,897
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2,995,586
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189,796
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-
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6,503,279
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Acquisition of interest in subsidiary companies
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-
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(3,017)
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-
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-
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(3,017)
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Acquisition of interest in a subsidiary of minority shareholders
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-
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-
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-
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85,972
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85,972
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Dividends paid
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-
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(17,413)
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-
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-
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(17,413)
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Translation reserve
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-
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-
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305,935
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-
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305,935
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Net profit for the year
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-
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3,139,034
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-
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6,678
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3,145,712
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Balance at 31 December 2007 (restated)
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3,317,897
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6,114,190
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495,731
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92,650
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10,020,468
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Dividends paid
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-
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(1,429,688)
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-
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-
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(1,429,688)
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Translation reserve
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-
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-
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(108,105)
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-
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(108,105)
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Net profit for the year
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-
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3,234,906
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-
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(1,766)
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3,233,140
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|
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Balance at 31 December 2008
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3,317,897
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7,919,408
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387,626
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90,884
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11,715,815
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CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2008
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2008
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2007
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USD
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USD
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Cash flows from operating activities
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Net profit before tax
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3,651,527
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3,754,941
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Adjustment for:
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Translation reserve
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(174,579)
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100,174
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Bank loan interest
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388,548
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313,176
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Fixed assets written off
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2,299
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1,029
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Depreciation
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1,803,370
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1,270,619
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Interest received
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(18,995)
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(56,291)
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Share of profit of an associated company
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(3,325)
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(14,716)
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1,997,318
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1,613,991
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Operating profit before working capital changes
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5,648,845
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5,368,932
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|
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Increase in deposits and prepayments
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(1,687,514)
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(93,909)
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Decrease/(increase) in trade debtors
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189,610
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(397,275)
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(Increase)/decrease in other debtors
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(4,013)
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|
7,441
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Increase in trade and other creditors
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1,120,191
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|
926,605
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Decrease in amounts owing to directors
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|
-
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|
(1)
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(381,726)
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|
442,861
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|
Cash generated from operations
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5,267,119
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|
5,811,793
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Income tax paid
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(3,620)
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|
-
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|
Net cash generated from operating activities
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|
|
5,263,499
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|
5,811,793
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|
|
|
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Cash flows from/(to) investing activities
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|
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Purchase of property, plant and equipment
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|
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(5,294,350)
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(520,782)
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Interest received
|
|
|
18,995
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|
56,291
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|
Acquisition of interest in subsidiary companies
|
|
|
-
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|
(3,017)
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Acquisition of interest in subsidiary of minority shareholders
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|
|
-
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|
85,972
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|
Net cash used in investing activities
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|
|
(5,275,355)
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(381,536)
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Cash flows from/(to) financing activities
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|
|
|
|
|
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Dividends paid
|
|
|
(1,429,688)
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|
(17,413)
|
|
Payment of term loan interest
|
|
|
(388,548)
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|
(322,701)
|
|
Payment of term loan financing
|
|
|
(2,839,824)
|
|
(2,090,274)
|
|
Loans from holding and related companies
|
|
|
686,998
|
|
-
|
|
Net cash used in financing activities
|
|
|
(3,971,062)
|
|
(2,430,388)
|
|
|
|
|
|
|
|
|
Net (decrease)/increase in cash and cash equivalents
|
|
|
(3,982,918)
|
|
2,999,869
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of year
|
|
|
4,703,800
|
|
1,703,931
|
|
|
|
|
|
|
|
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Cash and cash equivalents at end of year
|
|
|
720,882
|
|
4,703,800
|
|
|
|
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Note; This financial information does not constitute Statutory Accounts and has been extracted from the Group's Report and Accounts for the year ended 31 December 2008.
This information is provided by RNS
The company news service from the London Stock Exchange END MSCFFMITMMTTBAL
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