CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31st December 2023 2023 2022 Note HK$M HK$M Operating activities Cash generated from operations 41(a) 7,492 6,332 Interest paid (1,222) (742) Interest received 104 117 Tax paid (963) (1,127) 5,411 4,580 Dividends received from joint venture companies and financial assets at fair value through other comprehensive income 34 176 Net cash from operating activities 5,445 4,756 Investing activities Purchase of property, plant and equipment 41(b) (217) (133) Additions of investment properties (2,771) (7,096) Purchase of intangible assets (64) (58) Proceeds from disposal of investment properties 5,291 609 Proceeds from disposal of subsidiary companies, net of cash disposed of 24 535 1,060 Payment for acquisition of subsidiary companies, net of cash acquired 43 (3,699) – Purchase of shares in joint venture companies (791) (1,720) Purchase of shares in associated companies (10,397) – Purchase of financial assets at fair value through profit or loss (161) (20) Equity to joint venture companies (356) (1,123) Loans to joint venture companies (1,604) (108) Repayment of loans by joint venture companies 435 917 Repayment of advances from joint venture companies – (200) Loans to associated companies – (52) Repayment of loans by associated companies 17 – Initial leasing costs incurred (79) (75) Net cash used in investing activities (13,861) (7,999) Net cash outflow before financing activities (8,416) (3,243) Financing activities Loans drawn and refinanced 11,523 7,237 Bonds issued 6,742 – Repayment of loans and bonds (3,130) (9,009) Principal elements of lease payments (82) (66) 15,053 (1,838) Capital contribution from non-controlling interests 16 1,003 Dividends paid to the Company’s shareholders 34 (5,909) (5,616) Dividends paid to non-controlling interests 36 (95) (96) Net cash from/(used in) financing activities 9,065 (6,547) Increase/(Decrease) in cash and cash equivalents 649 (9,790) Cash and cash equivalents at 1st January 4,502 14,833 Effect of exchange differences (54) (541) Cash and cash equivalents at 31st December 5,097 4,502 Represented by: Bank balances and short-term deposits maturing within three months 25 5,097 4,502 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. 145