 |
|
INVESTOR INFORMATION
|
|
|
|
|
ANNUAL REPORT 2004 |
|
| CONSOLIDATED STATEMENT
OF CASH FLOWS |
|
| |
| |
|
2004 |
|
|
2003 |
|
| |
|
QR’000
|
|
|
QR’000
|
|
| OPERATING ACTIVITIES |
|
|
|
|
|
|
| Net profit for the year before minority interest |
|
123,802
|
|
|
98,240 |
|
| Adjustments for: |
|
|
|
|
|
|
| Depreciation |
|
4,012
|
|
|
4,524 |
|
| Interest and investment income |
|
(116,305)
|
|
|
(89,995) |
|
| Impairment loss on investments |
|
6,865 |
|
|
10,290 |
|
| Unrealized gains on investments |
|
(7,019)
|
|
|
(6,219) |
|
| Provision for employee terminal benefits |
|
3,337
|
|
|
1,405 |
|
| Provision for doubtful debts |
|
3,298
|
|
|
3,437 |
|
| Profit on sale of property and equipment |
|
(120)
|
|
|
(50) |
|
| |
|
------------------- |
|
|
----------------- |
|
| |
|
|
|
|
|
|
| Operating profit before changes in operating assets and liabilities
|
|
17,870
|
|
|
21,632 |
|
| Increase in receivables and other assets |
|
(30,681)
|
|
|
(15,775) |
|
| Increase (Decrease) in insurance reserves |
|
21,470
|
|
|
(5,203) |
|
| Increase in reinsurance and other balances payable |
|
43,948 |
|
|
29,160 |
|
| |
|
------------------- |
|
|
----------------- |
|
| Cash Generated from Operations |
|
52,607
|
|
|
29,814 |
|
| |
|
------------------- |
|
|
----------------- |
|
| |
|
|
|
|
|
|
| Contribution to social fund |
|
|
|
|
|
|
| Board of directors’ remuneration paid |
|
(4,125)
|
|
|
(2,455) |
|
| Employee terminal benefits paid |
|
(2,160)
|
|
|
(1,620) |
|
| |
|
(1,163)
|
|
|
(127) |
|
| |
|
|
|
|
|
|
| Net Cash from Operating Activities |
|
45,159
|
|
|
25,612 |
|
| |
|
------------------- |
|
|
----------------- |
|
| INVESTING ACTIVITIES |
|
|
|
|
|
|
| Net cash movement in investments |
|
67,762
|
|
|
51,681 |
|
| Purchase of property and equipment |
|
(19,574)
|
|
|
(2,112) |
|
| Interest and dividend income received |
|
40,202
|
|
|
40,252 |
|
| Proceeds from sale of property and equipment |
|
348
|
|
|
50 |
|
| |
|
------------------- |
|
|
----------------- |
|
| Net Cash from Investing Activities |
|
88,738
|
|
|
89,871 |
|
| |
|
------------------- |
|
|
----------------- |
|
| FINANCING ACTIVITIES |
|
|
|
|
|
|
| Minority interest |
|
21,307
|
|
|
-- |
|
| Dividends paid |
|
(63,888)
|
|
|
(54,780) |
|
| |
|
|
|
|
|
|
| Net Cash Used in Financing Activities
|
|
(42,581)
|
|
|
(54,780) |
|
| |
|
------------------- |
|
|
----------------- |
|
| INCREASE IN CASH AND CASH EQUIVALENTS
|
|
91,316
|
|
|
60,703 |
|
| |
|
|
|
|
|
|
| Cash and cash equivalents at the beginning of the year |
|
219,976
|
|
|
159,273 |
|
| |
|
------------------- |
|
|
----------------- |
|
| CASH AND CASH EQUIVALENTS AT THE END
OF THE YEAR |
|
311,292
|
|
|
219,976 |
|
| |
|
------------------- |
|
|
----------------- |
|
|
