Trinidad Cement Limited
Annual Report 2012
74
Notes to the Consolidated Financial Statements (continued)
For the year ended 31 December, 2012
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
21. Cash from operations
Notes
2012
2011
$
$
Loss before taxation from continuing operations
(378,669)
(457,252)
Profit/(loss) before taxation from discontinued operations
–
9,411
Loss before taxation
(378,669)
(447,841)
Adjustments to reconcile loss before taxation
to net cash generated by operating activities:
Depreciation
8
149,486
170,979
Impairment charges and write offs
3
88,552
79,386
Interest expense net of interest income
5
244,655
187,960
Restructuring expenses
4
49,143
103,201
ESOP share allocation and sale of shares net of dividends
–
3,385
Other post-retirement benefit expense
4,985
3,277
Pension plan expense
8,375
8,815
Loss on disposal of property, plant and equipment
3
6,806
3,429
Gain from disposal of subsidiary
–
(11,092)
Other non-cash items
–
3,907
173,333
105,406
Changes in net current assets
(Increase)/decrease in inventories
(65,642)
12,053
Increase in receivables and prepayments
(2,217)
(22,966)
Increase in payables and accruals
61,004
65,947
166,478
160,440
22. Fair value and fair value hierarchies
The fair values of cash at bank and on hand, receivables, payables and borrowings approximate their carrying amounts
due to the short term and/or callable nature of these instruments. The fair values of these instruments and long term
borrowings are presented below:
Carrying amount
Fair value
Carrying amount
Fair value
2012
2012
2011
2011
$
$
$
$
Financial assets:
Cash at bank
43,061
43,061
57,755
57,755
Trade receivables
121,316
121,316
126,434
126,434
Financial liabilities:
Bank overdraft and short-term advances
31,902
31,902
447
447
Borrowings
2,046,126
2,046,126
1,678,363
1,678,363
Trade payables
180,146
180,146
184,399
184,399
Interest and finance charges
1,779
1,779
231,841
231,840
