Cash Flows
Consolidated Statement of Cash Flows
    For the year ended 31 December
Notes 2020
RMB'000
2019
RMB'000
Operating activities
Profit before tax 3,487,598 3,493,601
Adjustments for:
Depreciation and amortisation 1,350,230 1,251,618
Impairment losses on accounts receivable, other receivables and contract assets, net 127,187 264,630
Write-down of inventories, net 60,599 37,988
Impairment losses on associates 8,815
Impairment losses on property, plant and equipment 965
Interest income (290,493) (245,370)
Finance costs 63,482 68,888
Share of profits of associates and joint ventures (168,928) (148,478)
Dividend income (161,920) (143,868)
Investment income and fair value gains of financial instruments
at fair value through profit or loss
(208,492) (220,203)
Gain on disposal of associates (687)
Loss/(gain) on disposal of property, plant and equipment, construction
in progress, other intangible assets, leasehold lands and termination of lease, net
8,662 (44,845)
Foreign exchange loss, net 42,415 11,944
Write-back of non-payable liabilities (24,717) (54,806)
Operating profit before changes in working capital 4,286,588 4,279,227
Decrease in inventories 236,608 240,889
Decrease/(increase) in accounts and bills receivable 719,561 (583,035)
Increase in contract assets (2,594,804) (1,518,487)
Increase in prepayments and other current assets (959,942) (507,502)
Increase in accounts and bills payable 2,697,264 2,395,086
Increase in contract liabilities 890,543 1,439,042
Increase/(decrease) in accrued expenses and other payables 437,185 (557,856)
Net cash inflow from operations 5,713,003 5,187,364
Interest paid (63,818) (67,312)
Interest received 280,788 221,854
Income tax paid (476,488) (530,255)
Net cash generated from operating activities 5,453,485 4,811,651
Investing activities
Payments for purchase of property, plant and equipment,
construction in progress, other intangible assets and
investment properties
(3,531,568) (1,025,735)
Payments for leasehold lands (309) (154,474)
Proceeds from disposal of property, plant and equipment,
other intangible assets and investment properties
15,326 71,005
Proceeds from disposal of leasehold lands 1,718 15,416
Restricted bank deposits paid (485,869) (95,460)
Dividends received 298,238 207,608
Proceeds from disposal of equity investments 20,338 1,869
Payments for acquisition of wealth management products and
structured deposits
(10,978,985) (9,950,000)
Proceeds from disposal of wealth management products and structured
deposits
12,637,767 10,450,000
Payments for acquisition of associates and joint ventures (128,575) (88,965)
Other cash paid related to investing activities (95,555) (176)
Other cash received related to investing activities 3,779 257,596
Net cash used in investing activities (2,243,695) (311,316)
Financing activities
Proceeds from bank and other loans 388,429 125,945
Repayments of bank and other loans (166,315) (98,603)
Repayments of leases liabilities (467,840) (350,303)
Dividends paid (1,108,278) (1,062,172)
Capital contribution from non-controlling interests 144
Net cash used in financing activities (1,353,860) (1,385,133)
Net increase in cash and cash equivalents 1,855,930 3,115,202
Cash and cash equivalents at beginning of year 19,220,764 16,106,246
Effect of foreign exchange rate changes (68,204) (684)
Cash and cash equivalents at end of year 32 21,008,490 19,220,764
The notes on pages 133 to 206 form part of these consolidated financial statements.