Taxation for the year was $32.9 million, equivalent
to 25.4% of Group pre-tax profit before exceptional
items. This effective rate included the higher overall
rate for overseas companies.
After accounting for minority interests, Group
attributable profit for the year was $26.4 million,
compared with a loss of $368.4 million in the
previous year.
CASH FLOWS
During 2002, the Group incurred $356.5 million
in development expenditure. Purchases of fixed
assets amounted to $4.4 million. A further outflow
of $46.8 million was for tax payments and dividends
to shareholders.
Cash generated from operations amounted
to $142.9 million. Proceeds from sale of fixed
assets and shares in subsidiary company were
$84.7 million. Net loan repayment was
$189.5 million.
The overall net cash inflow was $10.4 million,
represented mainly by increase of short-term
deposits. In 2001, there was a net cash inflow of
$57.2 million.
DIVIDEND
A final dividend of 7% (3.5 cents per share) less
tax at 22% amounting to $19.3 million on the
existing issued share capital, has been proposed
for the financial year ended 31 December 2002.
For 2001, a dividend of 6% (3.0 per cents per
share) less tax of $16.6 million was declared
and paid.
FINANCIAL CONDITION AT END-2002
At 31 December 2002, share capital and reserves
totalled $1.5 billion, which was 6.4% lower than
that at end-2001. Net borrowings at $1.8 billion
represented 109% of total shareholders' funds
(including minority interests).
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