Financial Performance

Summary Consolidated Cash Flows*

For the year ended 31 December (USD)
2016 2017 1H2018
Operating activities
Profit for the year before income tax 41,296,996 43,406,020 22,226,624
Adjustments for:
Depreciation of property and equipment 18,450,476 20,618,505 12,812,921
Amortisation of intangible assets 9,110 45,202 63,251
Provision for impairment of trade receivables 2,362,197 579,115 1,250,607
Impairment of property and equipment 765,291 - -
Provisions 2,128,372 898,464 290,320
Interest on bank credit facilities and loans 9,428,294 16,550,209 14,384,580
Finance income (2,032,444)
Loss on disposal of property and equipment 7,537 - -
Gain on bargain purchase (11,737,157)
Cash from operations before working capital changes 74,346,905 72,620,463 37,258,702
Inventories (1,389,006) (680,906) (3,443,918)
Accounts receivable (36,309,980) (15,777,305) (17,447,094)
Due from related parties (78,254) (28,499) (1,786,601)
Prepayments and other receivables (17,215,150) (6,620,912) (1,358,942)
Trade and other payables 23,552,958 3,346,719 (13,501,311)
Due to related parties (6,612,990) (1,814,188) (2,060,223)
Cash flows from operations 36,294,483 51,045,372 (2,339,387)
Income tax paid (427,210) (570,482) (1,266,631)
Provisions paid (606,730) (1,477,664) (61,498)
Net cash flows from operating activities 35,260,543 48,997,226 (3,667,516)
Investing activities
Purchase of intangible assets - (21,579) (12,497)
Purchase of intangible assets 17,455 - (62,250,000)
Purchase of intangible assets (134,169,024) (52,951,929) (23,703,633)
Investment in available for sale financial asset - 7,015,552 2,032,444
Net cash flows used in investing activities (134,151,569) (45,957,956) (83,933,686)
Financing activities
Proceeds from interest-bearing loans and borrowings 120,899,330 36,581,041 127,007,706
Repayment of interest-bearing loans and borrowings (21,373,845) (59,825,925) (27,252,059)
Proceeds from increase in share capital and share application money 31,900,000 10,303,030
Cash to shareholders on reorganisation of the Group, net of obligation assumed (29,710,961) -
Dividends paid (13,552,699) -
Transaction cost paid (19,806,682)
Interest paid (9,428,294) (16,550,209) (10,067,862)
Net cash flows from financing activities 78,733,531 128,732,283 69,881,103
Net (decrease)/increase in cash and cash equivalents (20,157,495) 131,771,553 (17,720,099)
Cash and cash equivalents at the beginning of the year 25,350,359 5,192,864 136,964,417
Cash and cash equivalents at the end of the year 5,192,864 136,964,417 119,244,318

*The Financial Information represented of the Group is a continuation of the existing business and reflects the carrying values of the Subsidiary as if the Subsidiary had always been consolidated from the earliest period presented even though the Company was not in existence before 22 May 2016. Any difference between the consideration paid and nominal value of the share capital of the Subsidiary is recorded as a merger reserve.