ANNUAL REPORT 2017/18 29
STATEMENT OF CASH FLOWS
Year ended 31 March 2018
Note
2018
2017
$’000
$’000
Cash flows from operating activities
Deficit before government grants
(91,267)
(76,999)
Adjustments for:
- Depreciation
36,532
34,133
- Amortisation
770
1,315
- Interest expense
9,723
10,366
- Loss on disposal of property, plant and equipment and intangible assets
144
1
- Asset written off
282
-
- Interest income
(4,216)
(3,211)
- Fair value gains on net financial assets at fair value through
income and expenditure
(61,998)
(84,677)
- Donation in kind
14
(7,697)
-
Operating cash flow before working capital change
(117,727)
(119,072)
Change in working capital:
- Other receivables
18,499 (17,561)
- Other current assets
5,072
3,394
- Fees received in advance
418
573
- Other payables
(2,338)
2,242
Net cash used in operating activities
(96,076) (130,424)
Cash flows from investing activities
Additions to property, plant and equipment
(18,274)
(19,591)
Additions to intangible assets
(950)
(625)
Investments in financial assets at fair value through income
and expenditure
(104,551)
(87,073)
Derivative financial instruments
3,189
(185)
Interest received
6,801
613
Net cash used in investing activities
(113,785)
(106,861)
Cash flows from financing activities
Operating grants received
68,366
74,017
Research grants received
68,830 26,531
Debt grants received
32,176
34,511
Development grants received
-
4,838
Proceeds from borrowings
7,873
6,964
Repayment of borrowings
(14,987)
(19,746)
Interest paid
(9,917)
(10,330)
Government grants and donations received for
Endowment fund
72,275 153,001
Net cash from financing activities
224,616 269,786
Net increase in cash and cash equivalents
14,755
32,501
Cash and cash equivalents at beginning of financial year
173,346 140,845
Cash and cash equivalents at end of financial year
9
188,101
173,346
The accompanying notes form an integral part of these financial statements.
