Annual Report 2019

CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 March 2019 ANNUAL REPORT 2019 157 2019 2018 HK$’000 HK$’000 Operating activities Profit before tax 2,312,486 2,156,133 Adjustments for: Share of results of joint ventures (2,122) – Share of results of associates (17,803) (9,819) Reversal of impairment loss recognised on interest in a joint venture – (11,715) Depreciation and amortisation 407,698 355,382 Interest income (16,654) (16,930) Finance costs 367,624 228,955 Change in fair value of investment properties (672,530) (277,389) Change in fair value of financial assets at fair value through profit or loss 63,837 36,959 Change in fair value of derivative financial instruments (144,738) 6,153 Gain on dissolution of subsidiaries (36,552) – Gain on disposal of a subsidiary – (320,130) Gain on disposal of associates (51,677) – Gain on disposal of property, plant and equipment (509) (11,082) Bargain purchase gain (108,000) – Allowance for credit loss 12,278 11,387 Impairment loss recognised on deposits for acquisition of property, plant and equipment – 30,000 Operating cash flows before movements in working capital 2,113,338 2,177,904 Increase in properties for sale (2,896,967) (1,321,420) Increase in other inventories (2,675) (410) Increase in loan receivables (161,934) (197) Decrease (increase) in debtors, deposits and prepayments 434,953 (400,092) Increase in investments held for trading (55,818) (1,888,376) (Increase) decrease in derivative financial instruments (2,099) 20,656 (Decrease) increase in creditors and accruals (231,056) 852,435 Decrease in customers’ deposits received – (218,620) Increase in contract assets (215,565) – Decrease in contract costs 202,866 – Decrease in contract liabilities (545,930) – Cash used in operations (1,360,887) (778,120) Income tax paid (268,781) (487,502) Net cash used in operating activities (1,629,668) (1,265,622)