Financial Performance

Summary Consolidated Cash Flows*

For the year ended 31 December (USD)
2014 2015 2016
Operating activities
Profit for the year before income tax 23,228,670 25,627,818 41,296,996
Adjustments for:
Depreciation of property and equipment 6,727,796 10,447,911 18,450,476
Amortisation of intangible assets 24,271 9,110 9,110
Provision for impairment of trade receivables 300,000 1,666,026 2,362,197
Impairment of property and equipment - - 765,291
Provisions - 1,500,000 2,027,004
Interest on bank credit facilities and loans 2,403,053 4,413,724 9,428,294
Loss on disposal of property and equipment - 170,000 7,537
32,683,790 43,834,589 74,346,905
Inventories -1,644,939 -1,553,336 -1,389,006
Accounts receivable -4,811,048 -906,025 -36,309,980
Due from related parties 4,370,194 1,536,702 -78,254
Prepayments and other receivables -3,042,957 -7,130,739 -17,215,150
Trade and other payables -35,583 2,236,512 23,552,958
Due to related parties 89,150 1,743,844 -6,612,990
Cash flows from operations 27,608,607 39,761,547 36,294,483
Income tax paid - - -427,210
Provisions paid - - -606,730
Net cash flows from operating activities 27,608,607 39,761,547 35,260,543
Investing activities
Purchase of intangible assets -4,000 -2,000 -
Purchase of intangible assets - - 17,455
Purchase of intangible assets -29,369,927 -97,978,138 -134,169,024
Investment in available for sale financial asset - -1,950,000 -
Net cash flows used in investing activities -29,373,927 -99,930,138 -134,151,569
Financing activities
Proceeds from interest-bearing loans and borrowings 20,751,652 200,662,457 120,899,330
Repayment of interest-bearing loans and borrowings -13,740,540 -118,691,028 -21,373,845
Proceeds from increase in share capital and share application money 10,000,000 - 31,900,000
Cash to shareholders on reorganisation of the Group, net of obligation assumed - - -29,710,961
Dividends paid -3,241,000 -5,694,899 -13,552,699
Interest paid -2,403,053 -4,413,724 -9,428,294
Net cash flows from financing activities 11,367,059 71,862,806 78,733,531
Net (decrease)/increase in cash and cash equivalents 9,601,739 11,694,215 -20,157,495
Cash and cash equivalents at the beginning of the year 4,054,405 13,656,144 25,350,359
Cash and cash equivalents at the end of the year 13,656,144 25,350,359 5,192,864

*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.