E
CITIC Limited Annual Report 2014

Consolidated Cash Flow Statement

For the year ended 31 December 2014
Note 2014
HK$ million
2013
HK$ million
(Restated)
Cash flows from operating activities
Profit before taxation 77,800 91,400
Adjustments for:
- Depreciation and amortisation 10(b) 9,977 8,951
- Impairment losses 8 55,020 17,679
- Net valuation gain on investment properties 33(a) (2,332) (2,095)
- Net valuation gain on investments (535) -
- Share of profits of associates and joint ventures, net of tax (7,714) (6,632)
- Interest expenses on debts instruments issued 5(a) 5,825 2,949
- Finance income 9 (2,250) (1,990)
- Finance costs 9 11,054 9,487
- Net loss on disposal of available-for-sale financial assets 57 2
- Net gain on disposal of subsidiaries, associates and joint ventures (2,556) (2,659)
144,346 117,092
Changes in working capital
Increase in balances and deposits with banks and
     non-bank financial institutions (5,196) (104,586)
Decrease in placements with banks and non-bank financial institutions 90,962 9,029
(lncrease)/decrease in financial assets at fair value through profit
     or loss and derivative financial assets (27,791) 6,971
Increase in trade and other receivables (32,627) (889)
Decrease in amounts due from customers for contract work 296 53
Decrease in inventories 2,068 1,064
Decrease/(increase) in financial assets held under resale agreements 191,182 (273,493)
Increase in loans and advances to customers and other parties (300,177) (361,391)
Increase in investments classified as receivables (452,794) (305,452)
Increase in other assets (38,802) (10,814)
Increase in deposits from banks and non-bank financial institutions 168,642 238,526
(Decrease)/increase in placements from banks and non-bank
     financial institutions (28,047) 30,591
Increase in financial liabilities at fair value through profit or loss
     and derivative financial liabilities 724 -
(Decrease)/increase in trade and other payables (8,397) 15,554
Increase in amounts due to customers for contract work 2,641 2,732
lncrease/(decrease) in financial assets sold under repurchase agreements 42,477 (4,699)
Increase in deposits from customers 249,318 514,725
Increase in borrowing from central bank 63,167 -
Increase in other liabilities 9,923 1,518
Increase in employee benefits payables 2,525 368
Increase in provisions 270 266
Cash generated from/(used in) operations 74,710 (122,835)
Income tax paid (15,773) (23,988)
Net cash generated from/(used in) operating activities 58,937 (146,823)
Cash flows from investing activities  
Proceeds from disposal and redemption of investments   561,530 654,253
Proceeds from disposal of fixed assets, intangible assets and other assets   665 572
Proceeds from disposal of subsidiaries, associates and joint ventures   5,021 4,238
Dividends received from equity investments, associates and  
joint ventures   5,715 3,214
Payments for purchase of investments   (653,689) (680,757)
Payments for additions of fixed assets, intangible assets and other assets   (24,217) (26,328)
Net cash payment for acquisition of subsidiaries, associates and  
joint ventures   (2,702) (6,685)
Net cash payment for disposal of subsidiaries   (246) (1,619)
Acquisition of non-controlling interests   (2,542) (11,263)
Interest received   2,874 1,046
Net cash used in investing activities   (107,591) (63,329)
Cash flows from financing activities  
Capital injection received from the controlling shareholder   21,455 -
Capital injection received from non-controlling interests   418 1,483
Proceeds received from placing of shares   53,274 -
Net cash payment for acquisition of subsidiaries,  
     associates, and joint ventures   (53,357) -
Proceeds from new bank and other loans   134,981 156,607
Repayment of bank and other loans and debt instruments issued   (180,174) (138,163)
Proceeds from new debt instruments issued   129,766 51,569
Proceeds from other equity instruments issued   2,303 -
Interest paid on bank and other loans and debt instruments issued   (19,286) (19,039)
Dividends paid to non-controlling interests   (5,987) (4,472)
Other net cash outflow relating to other financing activities   - (3,213)
Dividends paid to ordinary shareholders of the Company   (22,741) (620)
Distribution paid to holders of perpetual capital securities   (1,134) (796)
Net cash generated from financing activities   59,518 43,356
Net increase/(decrease) in cash and cash equivalents   10,864 (166,796)
Cash and cash equivalents at 1 January   337,894 494,104
Effect of exchange rate changes   (867) 10,586
Cash and cash equivalents at 31 December 52 347,891 337,894