Page 66 - Annual Report

HONG KONG ACADEMY OF MEDICINE
香港醫學專科學院
專
醫
學
科
香
院
港
學
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2021

Note 2021 2020
HK$ HK$
Operating activities
Deficit for the year (6,955,142) (11,014,534)
Adjustments for:
Depreciation 12,814,545 13,636,940
Interest income (317,028) (887,310)
Dividend income from other financial assets (321,950) (288,537)

Operating cash flows before changes in
working capital 5,220,425 1,446,559

Decrease in inventories 54,015 8,972
(Increase)/decrease in prepayment, deposits
and other receivables (1,918,134) 3,522,540
Increase/(decrease) in receipts in advance (120,810) 116,210
Increase in deferred income 7,235,922 -
Increase/(decrease) in accruals and other
payables 1,325,100 (4,565,538)

Net cash generated from operating activities 11,796,518 528,743

Investing activities
Purchase of property, plant and equipment (2,978,065) (11,085,736)
Proceeds from disposal of other financial assets - 22,088,933
Placement of time deposits (10,505,467) (20,071,651)
Interest received 317,028 887,310
Dividend received from other financial assets 321,950 288,537

Net cash used in investing activities (12,844,554) (7,892,607)

Net decrease in cash and cash equivalents (1,048,036) (7,363,864)

Cash and cash equivalents at 1 January 23,972,736 31,336,600

Cash and cash equivalents at 31 December 14 22,924,700 23,972,736

The accompanying notes form an integral part of these consolidated financial statements.

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64 HKAM Annual Report 2022