Page 32 - ar2007

Note US$’000
Operating activities
Profit before income tax 6,391
Adjustments for:
Depreciation expense on vessels 28,573
Amortisation of debt upfront fees on borrowings and
initial direct costs of leased vessels 245
Interest income (449)
Interest expense 2,712
37,472
Changes in working capital:
Prepayments and other receivables (870)
Trade and other payables 3,385
Cash generated from operations 39,987
Income taxes paid (4)
Cash flows from operating activities 39,983
Investing activities
Acquisition of vessels (631,333)
Interest received 374
Cash flows from investing activities (630,959)
Financing activities
Proceeds from issuance of units 490,000
Transaction costs on issuance of units (13,225)
Distribution to unitholders (22,650)
Interest paid (2,581)
Proceeds from borrowings (net of transaction costs) 157,915
Cash flows from financing activities 609,459
Net increase in cash and cash equivalents 18,483
Cash and cash equivalents at beginning of the period -
Cash and cash equivalents at end of the period 6 18,483
The accompanying notes form an integral part of these financial statements.
Consolidated cash flow statement
For the financial period from 19 March 2007 (date of constitution) to 31 December 2007
.30
THE GROWING MARITIME ANNUITY