19

CWG PLC

CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2017

The Group The CompanyNote 31-Dec-17 31-Dec-16 31-Dec-17 31-Dec-16

N’000 N’000 N’000 N’000(Loss)/ Profit before taxation (1,510,669) 142,004 (1,535,979) 32,087Non-cash adjustment to reconcile profit beforetax to net cash flowsDepreciation of property, plant and equipment 16 151,897 123,645 139,747 118,900Amortisation of intangible assets 17 62,746 69,410 62,746 69,410Write off of inventory 20 104,672 - 104,672 -Impairment of receivables 21.2 126,696 42,913 126,696 42,913Unutilised impairment on receivables (111,612) (2,078) (111,612) (2,078)Goodwill impairment 15 162,818 - 162,818 -Impairment on available for sale 19 54,103 - 54,103 -

Finance income 12 (5,754) (40,238) (5,754) (40,238)Finance cost 11 125,912 152,757 114,747 144,753

Net foreign exchange differences 219,730 67,705 222,728 68,108

Loss on disposal of property, plant and equipment 9 - 8,389 - 8,389

Deferred revenue released to profit or loss 27 (1,121,740) (105,339) (1,121,740) (105,339)

CHANGES IN WORKING CAPITAL(Increase)/decrease in trade and other receivables (103,876) (763,084) 22,705 (794,983)Decrease/(Increase) in prepayments 662,934 (351,846) 652,480 (350,565)Decrease/(Increase) in inventories 259,884 (2,022,227) 268,654 (2,022,239)(Decrease)/Increase in trade and other payables (1,983,956) 3,417,687 (2,126,208) 3,470,250

---------------- -------------- --------------- ---------------(2,906,215) 739,698 (2,969,197) 639,368

Income tax paid 13.2 (158,245) - - -Cash received from deferred revenue 27 2,243,480 486,559 2,243,480 486,559

--------------- --------------- -------------- --------------Net cash (utilised) in operating activities (820,980) 1,226,257 (725,717) 1,125,927

--------------- --------------- --------------- ---------------

Cash flows from investing activitiesPurchase of property, plant & equipment 16 (189,318) (57,366) (163,820) (55,883)Acquisition of intangible asset 17 - (18,840) - (18,840)Proceeds from sale of equipment - 500 - 500Interest received 12 5,754 40,238 5,754 40,238

------------- ------------- ------------- -------------

Net cash utilised in investing activities (183,564) (35,468) (158,066) (33,985)------------- ------------- ------------- -------------

Cash flows from financing activitiesLoan paid - (3,301) - -

Lease obligation addition 31,365 13,677 - 13,677

Interest paid 11 (125,912) (152,757) (114,747) (144,753)-------------- -------------- --------------- ---------------

Net cash utilised in financing activities (94,547) (142,381) (114,747) (131,076)-------------- -------------- --------------- ---------------

Net (decrease)/iincreasein cash & cashequivalents (1,099,091) 1,048,408 (998,530) 960,866

Net foreign exchange difference 26,028 15,042 38,801 5,944Cash & cash equivalents at the beginning of theyear 23 1,706,921 643,471 1,544,108 577,298

--------------- --------------- ---------------- ----------------Cash and cash equivalents at the end of the year 23 633,858 1,706,921 584,379 1,544,108

======== ======== ======== ========

See notes to the consolidated and separate financial statements.