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  • Financial Statement
  • Consolidated Cash Flow Statement

Consolidated Cash Flow Statement

For the year ended 31 December 2022

 

 

For the year ended 31 December

 

Note

2022

HK$ million

2021HK$ million

Cash flows from operating activities

     

Profit before taxation

 

147,839

121,141

       

Adjustments for:

     

– Depreciation and amortisation

11(b)

23,544

21,220

– Expected credit losses

8

91,905

103,094

– Impairment losses

9

8,822

1,704

– Net valuation loss on investment properties

 

758

66

– Net valuation loss/(gain) on investments

 

16,627

(297)

– Share of profits of associates and joint ventures, net of tax

 

(12,866)

(17,563)

– Interest expenses on debts instruments issued

5(a)

35,399

31,453

– Finance income

10

(1,364)

(2,036)

– Finance costs

10

9,700

9,433

– Net gain on investments in financial assets

 

(50,220)

(19,508)

– Net gain on disposal/deemed disposal of subsidiaries, associates and joint ventures

 

(12,769)

(1,393)

   

257,375

247,314

       

Changes in working capital

     

Decrease in deposits with central banks and non-bank financial institutions

 

6,764

3,870

Increase in placements with banks and non-bank financial institutions

 

(100,557)

(24,368)

Increase in trade and other receivables

 

(52,024)

(4,967)

(Increase)/decrease in contract assets

 

(8,430)

212

Increase in inventories

 

(8,587)

(33,208)

Decrease in financial assets held under resale agreements

 

89,735

34,417

Increase in loans and advances to customers and other parties

 

(407,930)

(499,357)

Decrease/(increase) in investments in financial assets held for trading purposes

 

12,417

(20,280)

Decrease in cash held on behalf of customers

 

26,986

–

Decrease/(increase) in other operating assets

 

7,260

(47,721)

(Decrease)/increase in deposits from banks and non-bank financial institutions

 

(68,780)

9,780

(Decrease)/increase in placements from banks and non-bank financial institutions

 

(7,740)

31,230

Increase/(decrease) in financial liabilities at fair value through profit or loss

 

15,658

(8,895)

Increase in trade and other payables

 

3,401

21,946

(Decrease)/increase in contract liabilities

 

(776)

5,397

Increase in financial assets sold under repurchase agreements

 

141,960

24,785

Increase in deposits from customers

 

391,773

261,103

Decrease in borrowing from central banks

 

(80,438)

(42,459)

Increase in customer brokerage deposits

 

8,158

–

Increase in other operating liabilities

 

4,123

11,360

Increase in employee benefits payables

 

3,874

2,372

(Decrease)/increase in provisions

 

(6,506)

9,731

Cash generated from/(used in) operating activities

 

227,716

(17,738)

Income tax paid

 

(33,697)

(22,956)

Net cash generated from/(used in) operating activities

 

194,019

(40,694)

Cash flows from investing activities

     

Proceeds from disposal and redemption of financial investments

 

3,031,389

3,788,827

Proceeds from disposal of fixed assets, intangible assets and other assets

 

1,232

2,204

Proceeds from disposal of associates and joint ventures

 

1,574

2,355

Net cash payment for from disposal of subsidiaries

 

(1)

(242)

Dividends received from equity investments, associates and joint ventures

 

7,246

7,103

Payments for purchase of financial investments

 

(3,146,053)

(4,041,787)

Payments for additions of fixed assets, intangible assets and other assets

 

(23,576)

(24,494)

Net cash received/(payment) for acquisition of subsidiaries

 

192,638

(289)

Payment for acquisition of associates and joint ventures

 

(8,532)

(3,065)

Net cash generated from/(used in) investing activities

 

55,917

(269,388)

       

Cash flows from financing activities

     

Capital injection received from non-controlling interests

 

130

167

Transaction with non-controlling interests

 

(6)

801

Proceeds from new bank and other loans

55(c)

199,159

168,251

Proceeds from new debt instruments issued

55(c)

1,057,373

1,092,327

Repayment of bank and other loans and debt instruments issued

55(c)

(1,275,180)

(1,028,186)

Issue of other equity instruments by subsidiaries

55(d)

5,417

52,813

Principal and interest elements of lease payment

55(c)

(6,277)

(5,978)

Interest paid on bank and other loans and debt instruments issued

55(c)

(48,701)

(41,084)

Dividends paid to non-controlling interests

 

(22,021)

(11,302)

Dividends paid to ordinary shareholders of the Company

15

(19,083)

(15,651)

Redemption of other equity instruments by subsidiaries

55(d)

–

(4,003)

Net cash (used in)/generated from financing activities

 

(109,189)

208,155

Net increase/(decrease) in cash and cash equivalents

 

140,747

(101,927)

       

Cash and cash equivalents at 1 January

 

360,953

457,975

Effect of exchange changes

 

(23,166)

4,905

Cash and cash equivalents at 31 December

55(a)

478,534

360,953

The notes form part of these consolidated financial statements.

Notes to the Consolidated Financial Statements
Consolidated Statement of Changes in Equity
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