Consolidated Cash Flow Statement
|
For the year ended 31 December |
||
---|---|---|---|
Note |
2021 HK$ million |
2020 HK$ million |
|
Cash flows from operating activities Profit before taxation |
121,141 |
97,718 |
|
Adjustments for: |
|
||
– Depreciation and amortisation |
21,220 |
19,772 |
|
– Expected credit losses |
103,094 |
96,927 |
|
– Impairment losses |
1,704 |
3,649 |
|
– Net valuation loss on investment properties |
66 |
675 |
|
– Net valuation (gain)/loss on investments |
(297) |
580 |
|
– Share of profits of associates and joint ventures, net of tax |
(17,563) |
(14,493) |
|
– Interest expenses on debts instruments issued |
31,453 |
23,457 |
|
– Finance income |
(2,036) |
(1,266) |
|
– Finance costs |
9,433 |
11,150 |
|
– Net gain on investments in financial assets |
(19,508) |
(13,417) |
|
– Net gain on disposal of subsidiaries, associates and joint ventures |
(1,393) |
(4,718) | |
247,314 |
220,034 |
||
Changes in working capital Decrease in deposits with central banks and non-bank financial institutions |
3,870 |
36,047 |
|
Increase in placements with banks and non-bank financial institutions |
(24,368) |
(5,729) | |
(Increase)/Decrease in trade and other receivables |
(4,967) |
3,144 |
|
Decrease/(Increase) in contract assets |
212 |
(2,115) |
|
Increase in inventories |
(33,208) |
(25,610) |
|
Decrease/(Increase) in financial assets held under resale agreements |
34,417 |
(123,933) | |
Increase in loans and advances to customers and other parties |
(499,357) |
(623,187) |
|
Increase in investments in financial assets held for trading purposes |
(20,280) |
(15,652) | |
Increase in other operating assets |
(47,721) |
(6,690) |
|
Increase in deposits from banks and non-bank financial institutions |
9,780 |
226,884 |
|
Increase/(decrease) in placements from banks and non-bank financial institutions |
31,230 |
(37,006) | |
(Decrease)/increase in financial liabilities at fair value through profit or loss |
(8,895) |
8,526 | |
Increase in trade and other payables |
21,946 |
1,386 |
|
Increase in contract liabilities |
5,397 |
6,712 |
|
Increase/(decrease) in financial assets sold under repurchase agreements |
24,785 |
(38,892) | |
Increase in deposits from customers |
261,103 |
573,890 |
|
Decrease in borrowing from central banks |
(42,459) |
(15,498) |
|
Increase in other operating liabilities |
11,360 |
30,429 |
|
Increase in employee benefits payables |
2,372 |
2,819 |
|
Increase in provisions |
9,731 |
4,017 |
|
Cash (used in)/generated from operating activities |
(17,738) |
219,576 |
|
Income tax paid |
(22,956) |
(26,351) |
|
Net cash (used in)/generated from operating activities |
(40,694) |
193,225 |
|
Cash flows from investing activities |
|||
|
For the year ended 31 December
|
For the year ended 31 December |
||
---|---|---|---|
2021 HK$ million |
2020 HK$ million |
||
Proceeds from disposal and redemption of financial investments |
3,790,762 |
3,043,255 | |
Proceeds from disposal of fixed assets, intangible assets and other assets |
2,204 |
1,032 | |
Proceeds from disposal of associates and joint ventures |
2,355 |
2,157 |
|
Net cash (payment for)/received from disposal of subsidiaries |
(242) |
6,446 |
|
Dividends received from equity investments, associates and joint ventures |
7,103 |
5,317 | |
Payments for purchase of financial investments |
(4,041,787) |
(3,292,092) |
|
Payments for additions of fixed assets, intangible assets and other assets |
(24,494) |
(20,885) | |
Net cash (payment for)/received from acquisition of subsidiaries |
(289) |
2,897 |
|
Payment for acquisition of associates and joint ventures |
(3,065) |
(4,294) |
|
Net cash used in investing activities |
(267,453) |
(256,167) |
|
Cash flows from financing activities Capital injection received from non-controlling interests |
167 |
672 |
|
Transaction with non-controlling interests |
801 |
(942) |
|
Proceeds from new bank and other loans |
168,251 |
121,798 |
|
Proceeds from new debt instruments issued |
1,092,327 |
930,718 |
|
Repayment of bank and other loans and debt instruments issued |
(1,028,186) |
(951,030) |
|
Issue of other equity instruments by subsidiaries |
52,813 |
– |
|
Principal and interest elements of lease payment |
(5,978) |
(6,150) |
|
Interest paid on bank and other loans and debt instruments issued |
(41,084) |
(36,566) |
|
Dividends paid to non-controlling interests |
(11,302) |
(9,987) |
|
Dividends paid to ordinary shareholders of the Company |
(15,651) |
(11,200) |
|
Redemption of other equity instruments by subsidiaries |
(4,003) |
(1,295) |
|
Net cash generated from financing activities |
208,155 |
36,018 |
|
Net decrease in cash and cash equivalents |
(99,992) |
(26,924) |
|
Cash and cash equivalents at 1 January |
452,702 |
463,038 |
|
Effect of exchange changes |
4,905 |
16,588 |
|
Cash and cash equivalents at 31 December |
357,615 |
452,702 |
The notes form part of these consolidated financial statements.