Annual Report - QuamIR

Notes to the Consolidated Financial Statements (Continued)
43 Notes to consolidated cash flow statement
(a) Reconciliation of operating profit/(loss) to net
cash used in operations
43
(a)
2011 2010
HK$ Million HK$ Million
Profit/(loss) before income tax 310.2 (414.0)
Finance income (29.0) (18.9)
Depreciation and amortisation 143.8 119.2
Employee share option benefits, net (Note 11) 11 4.7 (4.8)
Fair value adjustments on investment
properties
142.0 98.9
Provision for impairment losses on assets 7
(Note 7)
26.0 38.0
Gain on disposal of subsidiaries (280.1) –
Gain on disposal of an associated company (103.0) –
Net exchange loss/(gain) 20.2 (1.0)
Gain on disposal of property, plant and
equipment
– (11.9)
Write down of inventories 2.9 –
Fair value gain on financial assets at
fair value through profit or loss and
derivative liability, net
(69.1) (13.5)
Write back of costs provision (180.8) (6.9)
Finance costs 192.4 225.6
Share of profits less losses of
associated companies
(111.2) (89.9)
Share of profits less losses of
jointly controlled entities
17.6 14.9
Operating profit/(loss) before working capital
changes
86.6 (64.3)
Increase in properties under development (434.3) (143.8)
Increase in prepaid land lease payments (2.9) (3.4)
Decrease in properties held for sale 223.3 161.5
Decrease in assets held for sales 51.2 –
(Increase)/decrease in inventories (0.1) 0.8
(Increase)/decrease in trade and other
receivables
Increase/(decrease) in other non-current
payables and trade and other payables
(53.3) 44.5
4.3 (95.6)
Increase in non-controlling interests 2.4 2.3
Cash used in operations (122.8) (98.0)
180 HKC (Holdings) Limited • Annual Report 2011