Consolidated Cash Flow Statement

For the year ended 31 December 2013

In HK$ millionNote20132012
Cash flows from operating activities
Profit before taxation from continuing operations58,0029,098
Profit before taxation from discontinued operations52,104538
Share of results of joint ventures and associated companies(3,406)(3,026)
Net finance charges2,7481,144
Net exchange gain(172)(51)
Income from other financial assets(5)(4)
Depreciation and amortisation3,6533,098
Impairment losses435173
Provision for gas contract86415
Share-based payment2131
(Profit)/loss on disposal of property, plant and equipment(3)2
Net gain on properties reclassified as asset held for sale-(78)
Change in fair value of investment properties(1,709)(1,506)
Net gain from disposal/deemed disposal of joint
ventures and associated companies(367)(2,454)
Net gain on disposal of subsidiary companies(2,977)(165)
Operating profit before working capital changes8,4107,215
Decrease in properties held for sale1,1931,610
(Increase)/decrease in inventories(2,417)2,407
(Increase)/decrease in debtors, accounts receivable,
deposits and prepayments(655)283
Increase/(decrease) in creditors, accounts payable,
deposits and accruals3,396(2,068)
Effect of foreign exchange rate changes(4)(13)
Cash generated from operating activities9,9239,434
Income taxes paid(1,328)(1,915)
Cash generated from operating activities after
income taxes paid8,5957,519
Interest received494586
Interest paid(5,472)(4,724)
Realised exchange loss(21)(8)
Other finance charges(201)(289)
Net cash from consolidated activities before
increase of properties under development3,3953,084
Increase in properties under development(3,517)(1,718)
Net cash (used in)/generated from consolidated activities(122)1,366
Cash flows from investing activities
Purchase of:
Subsidiary companies (net of cash and
cash equivalents acquired)38(928)(1,405)
Properties under development for own use(256)(237)
Property, plant and equipment(6,851)(14,378)
Leasehold land - operating leases(5)(308)
Intangible assets(2,680)(2,056)
Other financial assets-(13)
Proceeds of:
Disposal of property, plant and equipment
and investment properties311863
Disposal of interests in joint ventures-4,294
Disposal of subsidiary companies (net of cash and
cash equivalents disposed)383,164220
Sale of other financial assets-5
Deposits received from sale of business interests430-
Refund of deposit received(741)(842)
Settlement of consideration payable for acquisition of a subsidiary company-(48)
Increase in bank deposits maturing after more than 3 months(1,964)(365)
Decrease in pledged deposits with banks41,099
Net payments for non-current deposits and prepayments(1,937)(2,534)
Investment in joint ventures and associated companies(773)(63)
Deposit paid for acquisition of a subsidiary company-(76)
Loans repayment received from joint ventures and associated
companies1,0102
Dividend received from joint ventures and associated companies2,1771,964
Income received from other financial assets44
Net cash used in investing activities(9,035)(13,874)
Cash flows from financing activities
New borrowings40,87565,775
Repayment of loans(37,030)(47,498)
Decrease in non-controlling interests(436)(653)
Dividends paid to shareholders of the Company(1,460)(1,642)
Proceeds of issue of perpetual capital securities,
net of transaction costs7,725-
Distribution made to holders of perpetual capital securities(796)(461)
Net cash from financing activities8,87815,521
Net (decrease)/increase in cash and cash equivalents(279)3,013
Cash and cash equivalents at 1 January30,61027,964
Effect of foreign exchange rate changes568(16)
Cash and cash equivalents at 31 December30,89930,961
Cash and cash equivalents included in assets of disposal
group classified as held for sale at 31 December-(351)
Cash and cash equivalents of continuing operations at
31 December30,89930,610
Analysis of the balances of cash and cash equivalents
Cash and bank deposits35,070#32,821
Bank deposits with maturities over 3 months*(3,708)(1,744)
Bank overdrafts and pledged deposits(463)(467)
30,89930,610

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