Page 112 - Annual Report 2016 EN

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STATEMENT OF CASH FLOWS

For the year ended 31 December 2016

Notes 2016 | USD ‘000 2015 | USD ‘000

OPERATING ACTIVITIES

Excess of expenses over income for (33,519) (36,282)
the year before appropriations
Adjustments for:
Depreciation 4 185 189

Amortisation of intangible assets 5 465 457
Loss on sale of furniture and equipment 1 7

Write off of intangible assets 2 -
Interest income (475) (299)

Operating loss before working capital changes (33,341) (35,928)

Working capital changes:
Accounts receivable and prepayments (309) 656
Accounts payable and accruals (1,208) (819)

Cash flows used in operating activities (34,858) (36,091)
Interest received 509 197

Net cash flows used in operating activities (34,349) (35,894)

The attached notes 1 to 15 form part of
these financial statements.