(b) Reconciliation of profit after income tax equivalent to net cash flows provided by operating activities 2022 $’000 2021 $’000 Profit/(loss) after income tax for the period 46,875 8,104 Non-operating or non-cash items: Depreciation and amortisation expense 863 445 Revaluation of investments (58,799) (7,497) Unwind of discounting in interest expense 325 312 (Increase)/decrease in assets: Receivables 981 92 Other assets 1,615 (1,785) Deferred tax asset 19,699 7,207 Increase/(decrease) in liabilities: Payables (4,887) 694 Provisions 30 35 Net cash provided by operating activities 6,702 7,607 Cash and cash equivalents For the purpose of the Statement of Cash Flows, cash and cash equivalents (and restricted cash and cash equivalents) comprise cash on hand, net of bank overdrafts. Cash and cash equivalents include cash on hand and deposits held at call with financial institutions, which are subjected to an insignificant risk of changes in value. Bank overdrafts are shown within borrowings in current liabilities in the Statement of Financial Position. Term deposits are presented as cash equivalents if they have a maturity of three months or less from the date of acquisition. 21. Commitments Capital project commitments 2022 $’000 2021 $’000 Payable not later than 1year - - - - 22. Contingent Liabilities In addition to the liabilities included in the financial statements, there are no contingent liabilities to be disclosed. 43
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