SWIRE PROPERTIES ANNUAL REPORT 2023 Consolidated Statement of Cash Flows 2023 2022 HK$M HK$M Reference Cash Generated from Operations 7,492 6,332 Note 41(a) Cash generated from operations of HK$7,492 million principally comprised cash inflows from property investment of approximately HK$9,935 million and from property trading of approximately HK$213 million, partly offset by operating expenses of approximately HK$1,527 million and expenditure on properties for sale of approximately HK$583 million (after netting off contribution from a non-controlling interest). Tax Paid 963 1,127 The decrease principally reflected less tax paid in Hong Kong. Purchase of Property, Plant and Equipment 217 133 Note 41(b) The increase principally reflected additions of plant and equipment in Hong Kong. Additions of Investment Properties 2,771 7,096 The amount in 2023 principally reflected capital expenditure on the Taikoo Place redevelopment, Six Pacific Place, Taikoo Li Xi’an and on other projects in Hong Kong and the Chinese Mainland. Proceeds from Disposal of Subsidiary Companies, 535 1,060 Note 24 Net of Cash Disposed of The amount in 2023 reflected the receipt of settlement of a deferred payment for the sale of the Group’s interest in the Cityplaza One office tower in Hong Kong. Proceeds from Disposal of Investment Properties 5,291 609 The amount in 2023 reflected the proceeds from disposal of nine floors in One Island East and Taikoo Shing car parking spaces in Hong Kong. Payment for Acquisition of Subsidiary Companies, 3,699 – Note 43 Net of Cash Acquired The amount in 2023 reflected the acquisition of the remaining equity interest in Taikoo Li Chengdu. Purchase of Shares in Joint Venture Companies, Equity and 2,316 2,034 Loans (Net of Repayment) to Joint Venture Companies The amount in 2023 principally reflected the purchase of shares and equity injected in joint venture companies in aggregate of HK$1,147 million and net movements of loans with joint venture companies of HK$1,169 million. Equity and Loans (Net of Repayment) to Associated Companies 10,380 52 The amount in 2023 principally reflected the purchase of shares in associated companies. Loans Drawn and Refinanced, and Bonds Issued 15,053 (1,838) (Net of Repayment of Loans, Bonds and Lease Liabilities) The amount in 2023 principally reflected the drawdown of bank loans and the issue of medium term notes in Hong Kong, partly offset by repayment of loans. 79