CITIC Limited Half-Year Report 2020

38 CITIC Limited Half-Year Report 2020 For the six months ended 30 June 2020 Consolidated Cash Flow Statement Unaudited Six months ended 30 June 2020 2019 Note HK$ million HK$ million Cash flows from operating activities Profit before taxation 46,544 57,194 Adjustments for: – Depreciation and amortisation 9(b) 10,102 10,388 – Expected credit losses 53,025 39,877 – Impairment losses 1,318 311 – Net valuation loss/(gain) on investment properties 110 (342) – Net valuation loss/(gain) on investments 331 (1,446) – Share of profits of associates and joint ventures, net of tax (5,337) (6,579) – Interest expenses on debts instruments issued 5(a) 11,484 12,982 – Finance income 8 (1,037) (1,355) – Finance costs 8 6,149 6,544 – Net gain on investments in financial assets (9,216) (4,369) – Net gain on disposal of subsidiaries, associates and joint ventures (4,304) (86) 109,169 113,119 Changes in working capital (Increase)/decrease in deposits with central banks, banks and non- bank financial institutions (2,895) 63,857 Increase in placements with banks and non-bank financial institutions (10,331) (28,370) Decrease/(increase) in trade and other receivables 3,533 (64,223) Increase in contract assets (915) (1,593) Increase in inventories (5,052) (3,739) Increase in financial assets held under resale agreements (31,272) (41,665) Increase in loans and advances to customers and other parties (247,033) (306,661) (Increase)/decrease in investments in financial assets held for trading purposes (29,488) 5,474 Increase in other assets (464) (4,494) Increase in deposits from banks and non-bank financial institutions 47,303 73,703 Decrease in placements from banks and non-bank financial institutions (23,472) (61,124) Increase/(decrease) in financial liabilities at fair value through profit or loss 5,162 (1,109) Decrease in trade and other payables (19,907) (4,099) Increase in contract liabilities 3,905 6,029 Decrease in financial assets sold under repurchase agreements (7,276) (90,259) Increase in deposits from customers 433,189 436,997 Decrease in borrowing from central banks (125,359) (54,453) Increase/(decrease) in other liabilities 678 (6,883) Decrease in employee benefits payables (5,230) (3,159) Increase/(decrease) in provisions 386 (589) Cash generated from operating activities 94,631 26,759 Income tax paid (21,173) (14,989) Net cash generated from operating activities 73,458 11,770