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Consolidated Statement of Cash Flows
$ in Thousands, $ in Thousands, ¥ in Millions
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2022
SGD ($)
Dec. 31, 2021
SGD ($)
Dec. 31, 2020
SGD ($)
Operating activities        
Profit before income tax $ 105,598 $ 141,987 $ 132,079 $ 107,397
Adjustments for:        
Depreciation expense 29,549 39,731 39,853 33,065
Gain on early termination of right-of-use assets     (29) (171)
Allowance (Reversal of allowance) on trade and other receivables 77 104 (2)  
Equity-settled share-based payment expense 14,476 19,465 5,204  
Provision for reinstatement cost 288 387 (7)  
Bank loan transaction cost 37 50 416 54
Interest income (2,490) (3,348) (544) (594)
Interest expense 1,440 1,936 8,414 3,058
Retirement benefit service cost 560 753 619 466
Loss on disposal and write-off of plant and equipment 14 18 211 3
Rent concession       (521)
Gain on disposal of a subsidiary       (731)
Share of profit from an associate (103) (139) (101) (196)
Fair value gain on previously held equity interest (103) (139)    
Operating cash flows before movements in working capital 149,343 200,805 186,113 141,830
Trade receivables 504 677 (57,003) 19,099
Contract assets (9,372) (12,601) (4,000) (20,063)
Other receivables (4,917) (6,611) (672) (5,007)
Other payables 12,666 17,031 4,542 9,505
Cash generated from operations 148,224 199,301 128,980 145,364
Interest received 2,490 3,348 544 594
Income tax paid (28,365) (38,140) (25,703) (15,505)
Income tax refunded 31 42 4 31
Net cash from operating activities 122,380 164,551 103,825 130,484
Investing activities        
Purchase of plant and equipment (Note A) [1] (18,196) (24,466) (20,648) (17,332)
Proceeds from sales of plant and equipment 101 136 126 3
Payment for restoration of office     (428)  
Placements in fixed deposits (114) (154) (1,255) (6,865)
Withdrawal of fixed deposits 1,413 1,900    
Increase (Decrease) in pledged deposits     1,888 (263)
Disposal of a subsidiary       (9)
Repayment from an associate       784
Dividend income from associate 120 161 13  
Acquisition of subsidiary, net of cash acquired (3,134) (4,214)    
Investment in financial assets measured at fair value through profit or loss (2,255) (3,032) (23,835)  
Net cash used in investing activities (22,065) (29,669) (44,139) (23,682)
Financing activities        
Dividends paid (29) (39) (176) (73,545)
Drawdown of bank loan     252,658 12,000
Distribution to founder     (252,032)  
Repayment of lease liabilities (14,673) (19,729) (19,632) (14,225)
Interest paid (160) (215) (6,847) (1,424)
Bank loan transaction cost paid     (361)  
Repayment of bank loan (12,977) (17,449) (276,564) (6,080)
Repurchase of American Depositary Shares (10,129) (13,620)    
Proceeds from issuance of shares, net of issuance costs 1 1 502,406  
Proceeds for capital call on non-fully paid-up share capital from non-controlling interests     192  
Net cash from (used in) financing activities (37,521) (50,451) 199,644 (83,274)
Net increase in cash and cash equivalents 62,794 84,431 259,330 23,528
Effect of foreign exchange rate changes on cash held in foreign currencies (6,306) (8,478) (5,990) 359
Cash and cash equivalents at beginning of year 232,892 313,147 59,807 35,920
Cash and cash equivalents at end of year $ 289,380 $ 389,100 $ 313,147 $ 59,807
[1] During the year, the additions to plant and equipment totaling S$25.2 million (2021: S$23.3 million, 2020: S$18.2 million) comprises paid purchases totaling S$24.4 million (2021: S$20.6 million, 2020: S$17.3 million) and a provision of S$0.8 million (2021: S$2.7 million, 2020: S$0.9 million) for estimated future reinstatement cost relating to office improvements (Note 1
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