Notes	2012 S$'000	2011 S$'000
Cash flows from operating activities:
Profit before tax		183,390	197,406
Adjustments for:
Depreciation of fixed assets		99,228	96,186
Gain on disposal of fixed assets		(758)	(795)
Amortisation of licences and spectrum rights		11,786	10,882
Share option expenses		646	1,798
Interest income		(7)	(22)
Interest expense		5,512	5,958
Operating cash flows before working capital changes		299,797	311,413
Changes in:
Inventories		3,220	(12,921)
Trade debtors		7,750	(9,482)
Other debtors and deposits		4,632	(1,877)
Prepayments		(1,057)	201
Non-current staff loans		278	326
Creditors and accruals		(7,909)	37,957
Unearned revenue		1,372	582
Related parties		(617)	(228)
Cash generated from operations		307,466	325,971
Interest received		7	22
Interest paid		(6,058)	(5,417)
Tax paid		(26,534)	(34,933)
Net cash flows from operating activities		274,881	285,643
Cash flows from investing activities:
Purchase of fixed assets		(122,541)	(102,670)
Acquisition of subsidiary		–	(500)
Purchase of licences and spectrum rights		–	(21,713)
Proceeds from disposal of fixed assets		1,023	628
Net cash flows used in investing activities		(121,518)	(124,255)
Cash flows from financing activities:
Proceeds from bank loans		120,500	123,800
Repayment of bank loans		(151,800)	(136,500)
Dividends paid on ordinary shares by the Company		(132,153)	(161,320)
Proceeds from issuance of ordinary shares on exercise of employee share options		9,860	15,686
Net cash flows used in financing activities		(153,593)	(158,334)
Net changes in cash and cash equivalents		(230)	3,054
Cash and cash equivalents at beginning of financial year	20	11,837	8,783
Cash and cash equivalents at end of financial year	20	11,607	11,837

The accompanying accounting policies and explanatory notes form an integral part of these financial statements.