Page 118 - Urban Renewal Authority 2023-24 Annual Report

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 31 March 2024
(expressed in Hong Kong Dollars)

Note 2024 2023

$’000 $’000 $’000 $’000

Cash flows from operating activities
Operating deficit before income tax (3,920,282) (3,529,708)

Adjustments for:
Interest income 5(b) (890,008) (517,922)
Depreciation 6(a) 227,959 214,777
Interest expenses 6(a) 1,067 639
Net foreign exchange loss 29,259 76,208
Provision for impairment on
properties and committed projects, net 3,089,252 3,035,622

Operating deficit before working
capital changes (1,462,753) (720,384)
Changes in balances with joint
development projects 21,984 5,289
Increase in properties under development (4,940,471) (2,469,495)
Decrease in properties held for sale 444,493 106,678
Decrease in building rehabilitation loans 2,866 3,620
(Increase)/decrease in prepayments (18,188) 46,952
Decrease in other receivables – 309,527
Increase in trade and other receivables (47,411) (75,516)
Increase/(decrease) in trade and
other payables 11,083 (280,401)

Cash used in operations (5,988,397) (3,073,730)

Interest received 960,090 283,740
Interest paid (20,928) (32,240)

Net cash used in operating activities (5,049,235) (2,822,230)

The notes on pages 119 to 161 form part of these consolidated financial statements.

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