CONSOLIDATED CASH FLOW STATEMENT
|
For the year ended 31 December |
||
---|---|---|---|
Note |
2020 HK$ million |
2019 HK$ million |
|
Cash flows from operating activities |
|||
Profit before taxation |
97,718 |
96,015 |
|
Adjustments for: |
|||
- Depreciation and amortisation |
19,772 |
21,806 |
|
- Expected credit losses |
96,927 |
88,722 |
|
- Impairment losses |
3,649 |
7,024 |
|
- Net valuation loss on investment properties |
675 |
756 |
|
- Net valuation loss/(gain) on investments |
580 |
(831) |
|
- Share of profits of associates and joint ventures, net of tax |
(14,493) |
(13,557) |
|
- Interest expenses on debts instruments issued |
23,457 |
24,574 |
|
- Finance income |
(1,266) |
(2,264) |
|
- Finance costs |
11,150 |
12,703 |
|
- Net gain on investments in financial assets |
(13,417) |
(10,475) |
|
- Net gain on disposal of subsidiaries, associates and joint ventures |
(4,718) |
(3,751) |
|
220,034 |
220,722 |
||
Changes in working capital |
|||
Decrease/(increase) in deposits with central banks and non-bank financial institutions |
36,047 |
(32,147) |
|
Increase in placements with banks and non-bank financial institutions |
(5,729) |
(20,380) |
|
Decrease/(increase) in trade and other receivables |
3,144 |
(56,899) |
|
Increase in contract assets |
(2,115) |
(436) |
|
(Increase)/decrease in inventories |
(25,610) |
7,333 |
|
(Increase)/decrease in financial assets held under resale agreements |
(123,933) |
1,523 |
|
Increase in loans and advances to customers and other parties |
(623,187) |
(510,536) |
|
(Increase)/decrease in investments in financial assets held for trading purposes |
(15,652) |
24,368 |
|
Increase in other assets |
(6,690) |
(27,372) |
|
Increase in deposits from banks and non-bank financial institutions |
|
226,884 |
198,096 |
Decrease in placements from banks and non-bank financial institutions |
|
(37,006) |
(19,791) |
Increase/(decrease) in financial liabilities at fair value through profit or loss |
|
8,526 |
(276) |
Increase/(decrease) in trade and other payables |
|
1,386 |
(18,933) |
Increase in contract liabilities |
|
6,712 |
2,959 |
Decrease in financial assets sold under repurchase agreements |
|
(38,892) |
(7,928) |
Increase in deposits from customers |
|
573,890 |
471,209 |
Decrease in borrowing from central banks |
|
(15,498) |
(51,726) |
Increase in other liabilities |
|
30,429 |
1,047 |
Increase in employee benefits payables |
|
2,819 |
1,419 |
Increase in provisions |
|
4,017 |
1,442 |
Cash generated from operating activities |
|
219,576 |
183,694 |
Income tax paid |
|
(26,351) |
(23,612) |
Net cash generated from operating activities |
|
193,225 |
160,082 |
Cash flows from investing activities |
|
|
|
Proceeds from disposal and redemption of financial investments |
|
3,043,255 |
2,239,189 |
Proceeds from disposal of fixed assets, intangible assets and other assets |
|
1,032 |
1,689 |
Proceeds from disposal of associates and joint ventures |
|
2,157 |
1,348 |
Net cash received from disposal of subsidiaries |
6,446 |
1,082 |
|
Dividends received from equity investments, associates and joint ventures |
|
5,317 |
6,613 |
Payments for purchase of financial investments |
|
(3,292,092) |
(2,519,759) |
Payments for additions of fixed assets, intangible assets and other assets |
|
(20,885) |
(19,626) |
Net cash received from/(payment) for acquisition of subsidiaries |
|
2,897 |
(981) |
Net cash payment for acquisition of associates and joint ventures |
|
(4,294) |
(6,066) |
Net cash used in investing activities |
|
(256,167) |
(296,511) |
Cash flows from financing activities |
|
|
|
Capital injection received from non-controlling interests |
|
672 |
679 |
Transaction with non-controlling interests |
(942) |
494 |
|
Proceeds from new bank and other loans |
121,798 |
127,134 |
|
Repayment of bank and other loans and debt instruments issued |
(951,030) |
(685,251) |
|
Proceeds from new debt instruments issued |
930,718 |
661,283 |
|
Issue of other equity instruments by subsidiaries |
- |
46,701 |
|
Principal and interest elements of lease payment |
(6,150) |
(6,673) |
|
Interest paid on bank and other loans and debt instruments issued |
(36,566) |
(37,043) |
|
Dividends paid to non-controlling interests |
|
(9,987) |
(8,369) |
Dividends paid to ordinary shareholders of the Company |
(11,200) |
(12,799) |
|
Redemption of other equity instruments by subsidiaries |
(1,295) |
(2,076) |
|
Net cash generated from financing activities |
|
36,018 |
84,080 |
Net decrease in cash and cash equivalents |
|
(26,924) |
(52,349) |
Cash and cash equivalents at 1 January |
|
463,038 |
522,808 |
Effect of exchange changes |
|
16,588 |
(7,421) |
Cash and cash equivalents at 31 December |
452,702 |
463,038 |
The notes form part of these consolidated financial statements.