1999 Annual Report

STATEMENT OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998

Paid-inShare Capital Statutory Voluntary Special Retained Earnings Total Shareholders Equity
Balance at January 1, 1998 32,851,809 1,012,197 1,012,197 2,024,394 6,073,186 42,973,783
Share capital paid 11,570,695 1 1 1 1 11,570,695
Net profit for the year 1 857,327 857,327 1 6,858,617 8,573,271
Balance at December 31, 1998 44,422,504 1,869,524 1,869,524 2,024,394 12,931,803 63,117,749
Share capital paid 5,468,845 1 1 1 1 5,468,845
Dividends 1 1 1 1 4,443,880 4,443,880)
Net profit for the year 1 637,094 637,094 1 5,096,756 6,370,944
Balance at December 31, 1999 49,891,349 2,506,618 2,506,618 2,024,394 13,584,679 70,513,658

STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1999

Cash flows from operating activities: 1999 1998
Net profit for the year 6,370,944 8,573,271
Adjustments to reconcile net profit to net cash flows from operating activities 1 1
Non cash items: 1 1
Depreciation and amortization 8,130,358 3,910,473
Provision for doubtful accounts 1,490,134 776,809
Provision for obsolete and slow moving inventory 57,990 254,718
Provision for end of service benefit 818,405 483,506
Change in working capital: 1 1
Increase in accounts receivable (5,888,060) (263,752)
Increase in other current assets (3,296,538) (1,681,810)
Increase in accounts payable 12,221,074 5,155,513
Increase in other current liabilities 2,853,798 1,730,270
Net cash flows from operating activities 22,642,125 18,938,998
Cash flows from investing activities: 1 1
Increase in inventory 2,733,118 2,484,745
Projects in progress 21,287,918 10,047,008
Purchases of property, plant and equipment 39,503,418 34,318,281
Licence, concession and lines cost 1 3,550,000
Net cash used in investing activities (63,524,454) (50,400,034)
Cash flows from financing activities: 1 1
Paid in share capital 4,893,563 11,570,695
Dividends paid (40,396) 1
Proceeds from long term loans 13,014,111 14,881,118
Increase in due to banks 19,605,034 5,504,771
Net cash flows from financing activities 37,472,312 31,956,584
Net (decrease) increase in cash (3,410,017) 495,548
cash begining of year 10,346,887 9,851,339
cash end of year 6,936,870 10,346,887

 

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