For the year ended 31 December
  Note 2015
HK$ million		 2014
HK$ million
Cash flows from operating activities
Profit before taxation 81,306 77,800
Adjustments for:
– Depreciation and amortisation 10(b) 12,038 9,977
– Impairment losses 8 79,004 55,020
– Net valuation gain on investment properties 32 (661) (2,332)
– Net valuation gain on investments (668) (535)
– Share of profits of associates and joint ventures, net of tax (4,667) (7,714)
– Interest expenses on debts instruments issued 5(a) 10,439 5,825
– Finance income 9 (2,794) (2,250)
– Finance costs 9 11,024 11,054
– Net (gain)/loss on available-for-sale financial assets (11,884) 57
– Net gain on disposal of subsidiaries, associates and joint ventures (13,795) (2,556)
159,342 144,346
Changes in working capital
Decrease/(increase) in deposits with central banks, banks and non-bank financial institutions 4,676 (5,196)
(Increase)/decrease in placements with banks and non-bank financial institutions (42,833) 90,962
Increase in financial assets at fair value through profit or loss and derivative financial assets (9,058) (27,791)
Decrease in trade and other receivables (11,015) (32,627)
(Increase)/decrease in amounts due from customers for contract work (787) 296
Decrease in inventories 2,407 2,068
(Increase)/decrease in financial assets held under resale agreements (3,433) 191,182
Increase in loans and advances to customers and other parties (446,580) (300,177)
Increase in investments classified as receivables (575,313) (452,794)
Increase in other assets (10,846) (38,802)
Increase in deposits from banks and non-bank financial institutions 472,768 168,642
Increase/(decrease) in placements from banks and non-bank financial institutions 36,554 (28,047)
(Decrease)/increase in financial liabilities at fair value through profit or loss and derivative financial liabilities (714) 724
Increase/(decrease) in trade and other payables 33,582 (8,397)
(Decrease)/increase in amounts due to customers for contract work (3,422) 2,641
Increase in financial assets sold under repurchase agreements 36,802 42,477
Increase in deposits from customers 388,622 249,318
(Decrease)/increase in borrowing from central banks (15,630) 63,167
Increase in other liabilities 9,254 9,923
(Decrease)/increase in employee benefits payables (2,689) 2,525
Increase in provisions 711 270
Cash generated from operations 22,398 74,710
Income tax paid (22,089) (15,773)
Net cash generated from operating activities 309 58,937
Cash flows from investing activities
Proceeds from disposal and redemption of financial investments 887,424 564,404
Proceeds from disposal of fixed assets, intangible assets and other assets 197 665
Proceeds from disposal of associates and joint ventures 14,312 1,031
Net cash received from disposal of subsidiaries 51(b) 2,926 3,744
Dividends received from equity investments, associates and joint ventures 6,158 5,715
Payments for purchase of financial investments (1,021,956) (653,689)
Payments for additions of fixed assets, intangible assets and other assets (24,388) (24,217)
Net cash payment for acquisition of subsidiaries, associates and joint ventures (8,201) (2,702)
Acquisition of non-controlling interests - (2,542)
Net cash used in investing activities (143,528) (107,591)
Cash flows from financing activities
Capital injection received from the controlling shareholder - 21,455
Capital injection received from non-controlling interests 566 418
Transaction with non-controlling interests 52 7,363 -
Capital injection received from the shareholders of the Company 57,909 53,274
Net cash payment for acquisition of subsidiaries, associates, and joint ventures - (53,357)
Proceeds from new bank and other loans 107,991 134,981
Repayment of bank and other loans and debt instruments issued (372,928) (180,174)
Proceeds from new debt instruments issued 398,192 129,766
Proceeds from other equity instruments issued 1,363 2,303
Interest paid on bank and other loans and debt instruments issued (26,874) (19,286)
Dividends paid to non-controlling interests (2,073) (5,987)
Dividends paid to ordinary shareholders of the Company 14 (7,890) (22,741)
Distribution paid to holders of perpetual capital securities (1,133) (1,134)
Net cash generated from financing activities 162,486 59,518
Net increase in cash and cash equivalents 19,267 10,864
Cash and cash equivalents at 1 January 347,891 337,894
Effect of exchange changes (13,047) (867)
Cash and cash equivalents at 31 December 51(a) 354,111 347,891

The notes on pages 171 to 314 form part of these consolidated financial statements.