Urban Renewal Authority 2018-19 Annual Report

CONSOLIDATED STATEMENT OF CASH FLOWS 120 for the year ended 31 March 2019 (expressed in Hong Kong Dollars) Note 2019 2018 Note A $’000 $’000 $’000 $’000 Cash flows from operating activities Operating surplus before income tax 2,330,517 12,037,862 Adjustments for: Interest income 5(b) (435,724) (319,899) Depreciation 6(c) 73,118 56,128 Gain on disposal of property, plant and equipment 5(b) – (40) Property, plant and equipment written off 5(b) 5,672 – Net foreign exchange gain (7,617) (14,448) Net (gain)/loss on investments at fair value through profit or loss 5(b) (1,778) 2,511 Write back of provision for impairment on properties and committed projects, net (841,326) (525,567) Operating surplus before working capital changes 1,122,862 11,236,547 Changes in balances with joint development projects (173,910) 310,000 Increase in properties under development (3,723,951) (7,424,694) Decrease in properties held for sale 73,496 74,015 Decrease in building rehabilitation loans 4,785 6,035 Increase in prepayments (103,756) (583,585) Increase in other receivables (413,025) (1,323,864) Decrease/(increase) in trade and other receivables 9,051 (16,024) Decrease in trade and other payables (113,662) (480,783) Decrease in investments at fair value through profit or loss 482,736 385,108 Cash (used in)/generated from operations (2,835,374) 2,182,755 Interest received 316,923 297,846 Interest paid (65,772) (69,791) Net cash (used in)/generated from operating activities (2,584,223) 2,410,810 The notes on pages 123 to 168 form part of these consolidated financial statements.