79 SWIRE PROPERTIES ANNUAL REPORT 2024 Consolidated Statement of Cash Flows 2024 HK$M 2023 HK$M Reference Cash Generated from Operations Cash generated from operations of HK$6,489 million principally comprised cash inflows from property investment of approximately HK$9,493 million and from property trading of approximately HK$58 million, partly offset by operating expenses of approximately HK$1,799 million and expenditure on properties for sale of approximately HK$1,209 million (after netting off contribution from a non-controlling interest). 6,489 7,492 Note 41(a) Tax Paid The increase principally reflected more tax paid in Hong Kong and the Chinese Mainland. 1,276 963 Purchase of Property, Plant and Equipment The increase principally reflected additions of plant and equipment in Hong Kong. 276 217 Note 41(b) Additions of Investment Properties The amount in 2024 principally reflected capital expenditure on the Taikoo Place redevelopment, Six Pacific Place, No. 387 Tianhe Road, Guangzhou, Taikoo Li Xi’an and on other projects in Hong Kong and the Chinese Mainland. 4,169 2,771 Proceeds from Disposal of Investment Properties The amount in 2024 principally reflected the proceeds from disposal of Taikoo Shing car parking spaces in Hong Kong. 454 5,291 Purchase of Shares in Joint Venture Companies, Equity and Loans (Net of Repayment) to Joint Venture Companies The amount in 2024 principally reflected an increase in shareholding and equity injected in joint venture companies of HK$1,744 million, and net movements of loans with joint venture companies of HK$174 million. 1,918 2,316 Purchase of Shares and Loans (Net of Repayment) to Associated Companies The amount in 2024 principally reflected loans to associated companies. 298 10,380 Loans Drawn and Refinanced, and Bonds Issued (Net of Repayment of Loans, Bonds and Lease Liabilities) The amount in 2024 principally reflected the drawdown of bank loans in Hong Kong and the Chinese Mainland and the issue of medium term notes in Hong Kong, partly offset by repayment of loans. 7,694 15,053