Operating activities

Net income for the year

68,170,922

63,638,761

Adjustments for:

  Depreciation on property, plant and equipment

14

357,716

374,516

  Loss on write-off of property, plant and equipment

1,084

-

  Depreciation on investment properties

12

785,277

785,277

  Share of loss/(profit) in associated undertakings

16

361,043

(2,310,521)

  Realised gains on sale of available-for-sale investments

16

(2,330,930)

(2,368,758)

  Fair value gains on financial assets at fair value through

  profit or loss

8

(21,085,758)

(14,429,988)

Changes in operating assets and liabilities:

(1,142,991)

261,137

  Increase in net pension loan receivable

(803,142)

(1,115,541)

  Decrease in other receivables

2,312,600

1,734,043

  (Increase)/decrease in loans to employees

(10,755)

32,842

  Increase in accrued interest and rent receivable

(1,303,797)

(718,117)

  Decrease/(increase) in inventories

3,951

(170)

  Increase in trade and other payables

Net cash provided by operating activities

Investing activities

Proceeds received from repayment of loans

4,000

9,000

Purchase of financial assets at fair value through profit or loss

8

(52,780)

-

Sale proceeds of financial assets at fair value through

  profit or loss

8

446,762

-

Proceeds received from redemption of

  held-to-maturity investments

27,121,745

52,000,000

Purchase of held-to-maturity investments

(51,586,242)

(9,503,740)

Purchase of available-for-sale investments

9

(2,715,988)

(2,537,637)

Proceeds from sale and redemption of

  available-for-sale investments

9,414,537

7,852,533

Additional investment in associated undertakings

(570,000)

-

Purchase of investment properties

12

-

(1,446,107)

Capital expenditure incurred on investment properties

12

(858,125)

(537,023)

Purchase of property, plant and equipment

14

Net cash (used in)/provided by investing activities

Net increase in cash and cash equivalents

26,518,201

91,810,536

Cash and cash equivalents, beginning of the year

Cash and cash equivalents, end of the year

Comprising of:   Cash and bank balances

3,788,726

3,156,005

                         Placement with banks

3

3,372,000

4,755,000

                         Fixed deposits

4