ESR AR 2019 EN

Consolidated Statement of Cash Flows For the year ended 31 December 2019 128 Focused 2019 2018 Notes USD’000 USD’000 Cash flows from operating activities Profit before tax 360,334 270,587 Adjustments for: Solar insurance compensation (1,586) – Depreciation of property, plant and equipment 6 4,660 1,812 Amortisation of other intangible assets 6 6,867 5,089 Depreciation of right-of-use assets 6 4,836 3,325 Fair value gains on financial assets at fair value through profit or loss 5 (74,290) (44,937) Fair value gains on investment properties under construction 5 (157,515) (62,779) Fair value gains on completed investment properties 5 (68,568) (109,688) Loss on disposal of items of property, plant and equipment 6 703 9,697 Share of profits and losses of joint ventures and associates, net (93,355) (65,372) Equity-settled share option expense 6 18,469 23,157 Gain on remeasurement of investment in associate to fair value 5 (8,556) – Gains on disposal of subsidiaries 5 (16,495) (2,662) Finance costs 7 180,368 104,929 Interest income 5 (7,974) (1,530) Dividend income 5 (33,599) (25,519) 114,299 106,109 Increase in trade receivables (29,668) (21,012) Increase in prepayments, other receivables and other assets (15,281) (17,238) Increase in trade payables, accruals and other payables 18,426 27,684 Cash flows generated from operations 87,776 95,543 Income tax paid (31,839) (16,203) Net cash flows generated from operating activities 55,937 79,340