Page 64 - Annual Report

HONG KONG ACADEMY OF MEDICINE
香港醫學專科學院
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2020

Note 2020 2019
HK$ HK$
Operating activities
Deficit for the year (11,014,534) (5,345,938)
Adjustments for:
Depreciation 13,636,940 20,435,419
Interest income (887,310) (455,347)
Dividend income from other financial assets (288,537) (2,071,670)

Operating cash flows before changes in
working capital 1,446,559 12,562,464

Decrease/(increase) in inventories 8,972 (2,987)
Decrease in prepayment, deposits and other
receivables 3,522,540 2,044,928
Increase/(decrease) in receipts in advance 116,210 (20,960)
(Decrease)/increase in accruals and other
payables (4,565,538) 390,972

Net cash generated from operating activities 528,743 14,974,417

Investing activities
Purchase of property, plant and equipment (11,085,736) (7,132,250)
Proceeds from disposal of other financial assets 22,088,933 18,269,750
Placement of time deposits (20,071,651) (10,287,628)
Interest received 887,310 455,347
Dividend received from other financial assets 288,537 1,013,197

Net cash (used in)/generated from investing
activities (7,892,607) 2,318,416

Net (decrease)/increase in cash and cash
equivalents (7,363,864) 17,292,833

Cash and cash equivalents at 1 January 31,336,600 14,043,767

Cash and cash equivalents at 31 December 14 23,972,736 31,336,600

The notes on pages 9 to 35 form part of these consolidated financial statements.

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62 HKAM Annual Report 2021