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 |
23,544 |
21,220 |
|
– Expected credit losses |
91,905 |
103,094 |
|
– Impairment losses |
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 |
35,399 |
31,453 |
|
– Finance income |
(1,364) |
(2,036) |
|
– Finance costs |
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 |
199,159 |
168,251 |
|
Proceeds from new debt instruments issued |
1,057,373 |
1,092,327 |
|
Repayment of bank and other loans and debt instruments issued |
(1,275,180) |
(1,028,186) |
|
Issue of other equity instruments by subsidiaries |
5,417 |
52,813 |
|
Principal and interest elements of lease payment |
(6,277) |
(5,978) |
|
Interest paid on bank and other loans and debt instruments issued |
(48,701) |
(41,084) |
|
Dividends paid to non-controlling interests |
(22,021) |
(11,302) |
|
Dividends paid to ordinary shareholders of the Company |
(19,083) |
(15,651) |
|
Redemption of other equity instruments by subsidiaries |
– |
(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 |
478,534 |
360,953 |
The notes form part of these consolidated financial statements.