CITIC Limited Half-Year Report 2019

36 CITIC Limited Half-Year Report 2019 For the six months ended 30 June 2019 Consolidated Cash Flow Statement Unaudited Six months ended 30 June 2019 2018 Note HK$ million HK$ million Cash flows from operating activities Profit before taxation 57,194 56,597 Adjustments for: – Depreciation and amortisation 9(b) 10,388 7,457 – Expected credit losses 39,877 31,696 – Impairment losses 311 249 – Net valuation gain on investment properties (342) (543) – Net valuation (gain)/loss on investments (1,446) 6,291 – Share of profits of associates and joint ventures, net of tax (6,579) (5,342) – Interest expenses on debts instruments issued 5(a) 12,982 13,973 – Finance income 8 (1,355) (805) – Finance costs 8 6,544 6,153 – Net gain on investments in financial assets (4,369) (1,937) – Net gain on disposal of subsidiaries, associates and joint ventures (86) (1,699) 113,119 112,090 Changes in working capital Decrease in deposits with central banks, banks and non-bank financial institutions 63,857 57,033 (Increase)/decrease in placements with banks and non-bank financial institutions (28,370) 595 Increase in trade and other receivables (64,223) (29,085) (Increase)/decrease in contract assets (1,593) 90 Increase in inventories (3,739) (1,712) Increase in financial assets held under resale agreements (41,665) (16,846) Increase in loans and advances to customers and other parties (306,661) (255,015) Decrease in investments in financial assets 5,474 128,447 (Increase)/decrease in other assets (4,494) 7,587