Annual Report 2023

CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2023 45 The United Laboratories International Holdings Limited Annual Report 2023 2023 2022 RMB’000 RMB’000 Operating activities Profit before taxation 3,344,148 2,006,766 Adjustments for: Write-down of inventories (reversal of write-down), net 43,188 (1,561) (Reversal of write-down) write-down of deposits for property, plant and equipment (5,563) 2,168 Impairment losses reversal under expected credit loss model, net (1,962) (11,718) Amortisation of intangible assets 17,447 19,488 Depreciation of property, plant and equipment 536,303 521,834 Depreciation of right-of-use assets 11,898 11,109 Net loss (gain) on fair value changes of derivative financial instruments 12,399 (37,730) Gain on disposal of financial assets at fair value through profit and loss (72,748) (17,973) Finance costs 66,896 81,595 Release of government grants (22,274) (17,447) Bank interest income (105,415) (70,737) Share of results of an associate (143) 189 Share-based payment expense 6,365 – Net loss on disposal of property, plant and equipment 3,703 4,390 Written off of property, plant and equipment 47,955 78,176 Net unrealised foreign exchange (gain) loss (10,972) 49,299 Operating cash flows before movements in working capital 3,871,225 2,617,848 Increase in inventories (118,045) (158,036) Increase in trade and bills receivables, other receivables, deposits and prepayments (1,562,217) (392,217) Increase in trade and other payables 792,368 238,364 (Decrease) increase in contract liabilities (16,901) 24,431 Cash generated from operations 2,966,430 2,330,390 Income taxes paid (526,992) (299,847) Net cash from operating activities 2,439,438 2,030,543