DANDOT CEMENT COMPANY LIMITED
CASH FLOW STATEMENT
FOR THE PERIOD ENDED DECEMBER 31, 2004 ( UN-AUDITED )
      December   December
      2004   2003
      ( Rupees in thousand )
  CASH FLOWS FROM OPERATING ACTIVITIES      
           
  Profit / (Loss) before taxation        36,958         (23,044)
  Adjustments of items not involving movement of cash:      
    Depreciation        53,604         101,196
    Provision for Gratuity          5,239            4,626
    Exchange fluctuations          6,278          20,002
    Amortization of deferred cost        20,164               927
    Income on certificate of investment         (6,702)           (2,514)
    Lease liability waiver               -           (65,307)
    Financial charges        34,317          37,696
           112,900          96,626
           
  Operating cash flows before working capital changes      149,858          73,582
           
  (Increase)/Decrease in operating asset :      
     Stores, spares and loose tools       (18,717)         (21,478)
     Stock in trade       (16,030)          16,014
     Trade debtors             927               326
     Advances, deposits, prepayments       
         and other receivables       (13,581)         (10,800)
  Increase/(Decrease) in creditors, accrued and       
      other liabilities         (2,510)         (11,079)
            (49,911)         (27,017)
           
             99,947          46,565
  Long term advances and deposits              37                 93
  Gratuity paid            (957)           (3,407)
  Financial charges paid       (14,846)         (22,645)
  Income tax paid            (506)           (4,453)
  Net Cash Flows From Operating Activities        83,675          16,153
           
  CASH FLOWS FROM INVESTING ACTIVITIES      
           
  Fixed assets - Tangible         (8,210)                (39)
  Certificate of investments               -           (59,400)
  Long term loans and deposits             (16)               242
  Net Cash Flows From Investing Activities         (8,226)         (59,197)
           
  CASH FLOWS FROM FINANCING ACTIVITIES      
           
  Repayment of lease liability (Net)         (1,673)         (79,879)
  Past dues - CBA            (907)           (3,986)
  Sponsors loans        28,706         182,000
  Short term borrowings       (42,350)          85,652
  Long term loans and liabilities       (37,700)         (83,576)
  Net Cash Flows From Financing Activities       (53,924)         100,211
           
  Net Increase /(Decrease) in Cash and Cash Equivalents        21,525          57,167
  Cash and cash equivalents at beginning of the period        20,087          14,194
           
  Cash and cash equivalents at end of the period        41,612          71,361
           
            
           
            
           
             
   A.SHOEB PIRACHA ABDUR RAFIQUE KHAN
        DIRECTOR        CHIEF EXECUTIVE