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Financial Reports

Consolidated Statement of Cash Flows

Group Company
For the year ended 31 December Note 2015
Rs. ‘000
2014
Rs. ‘000
2015
Rs. ‘000
2014
Rs. ‘000
Cash flows from operating activities
Premiums/revenue received from customers 8,382,435 8,382,435
Reinsurance premiums (229,318) (229,318)
Commission paid (945,240) (945,240)
Claims and benefits paid (3,640,290) (3,640,290)
Reinsurance receipts in respect of claims and benefits 26,747 26,747
Interest and dividends received 6,268,888 5,368 6,268,065 3,420
Other operating cash payments (1,844,854) (124,889) (1,713,039) (1,839)
Other income 293,256 218,096 37,652
Contributions to gratuity fund/gratuity payments (89,011) (365) (88,879)
Income taxes paid (4,936) (4,784) (501)
Interest paid (9,787) (19,131) (6,008) (7)
Net cash flows from operating activities (Note A) 8,207,890 74,295 8,091,624 1,575
Cash flows from investing activities
Proceeds from sale of investment property 4,000 4,000
Acquisition of financial investments (101,554,843) (100,000) (101,545,343) (100,000)
Proceeds from financial investments 93,454,353 72,144 93,454,028
Acquisition of property, plant and equipment (358,139) (13,957) (357,445)
Proceeds from disposal of property, plant and equipment 21,243 2,600 21,243
Acquisition/disposal of intangible assets (1,026) (406)
Rerepo borrowings (net) 85,670 85,670
Net cash flows from investing activities (8,348,742) (39,213) (8,338,253) (100,000)
Cash flows from financing activities
Proceeds from issue of ordinary shares 400,000 100,001 400,000 100,001
Term loan (89,000) (151,467)
Dividends paid to equity holders (250) (250)
Net cash flows from financing activities 310,750 (51,466) 399,750 100,001
Increase/(decrease) in cash and cash equivalents (Note B) 169,897 (16,384) 153,121 1,575
Note A
Reconciliation of profit before tax with net cash flows from operating activities
Profit before tax 2,073,218 17,659 2,018,048 3,010
Adjustments for:
Depreciation 8 190,118 68,789 122,986
Interest income (2,264) (1,068)
Provision for income tax 69,663 (842) 69,663 (842)
Amortisation of intangible assets 1,258 329 1,232
Change in trade and other receivables 2,506,293 (4,236) 2,504,385 (50)
Change in reinsurance receivable (3,243) (3,243)
Increase in life insurance funds 3,675,856 3,675,856
Increase in unit-linked fund 8,589 8,589
Increase in takaful fund 2,741 2,741
Increase in individual investment fund (ifs) 11,590 11,590
Change in trade and other payables (164,488) 11 (161,085) 526
Realised gain (4,369) (4,369)
Fair value gain recorded in income statement (65,389) (65,389)
Income tax paid (4,936) (4,784) (501)
Payment to gratuity and pension funds (89,011) (365) (88,879)
Net cash flows from operating activities 8,207,890 74,297 8,091,624 1,575
Note B
Cash and cash equivalents at 1 January (20,240) (3,856) 1,575
Cash and cash equivalents at 31 December Note C 149,657 (20,240) 154,696 1,575
Increase/(decrease) in cash and cash equivalents 169,897 (16,384) 153,121 1,575
Note C
Cash at bank and in hand 600,192 10,959 598,651 1,575
Bank overdraft (450,534) (31,198) (443,955)
149,657 (20,240) 154,696 1,575

The above Statement of Cash Flows is to be read in conjunction with the Notes to the Financial Statements which form an integral part of the Financial Statements.