ANNUAL REPORT 2025 177 NOTES TO THE FINANCIAL STATEMENTS 28 Notes to consolidated statement of cash fl ows (a) Reconciliation of operating profi t to cash generated from operations is as follows: 2025 2024 HK$’000 HK$’000 Operating profi t 4,733,351 4,378,110 Depreciation and amortisation 2,777,988 2,824,363 Gain on settlement of interest rate swaps (1,770) – Net gain on disposal of fi xed assets (3,865) (4,124) (Reversal of impairment)/impairment of trade and other receivables (38,305) 47,357 Dividend income (10,761) (12,787) Interest income (252,989) (344,179) Operating profi t before working capital changes 7,203,649 6,888,740 Decrease in inventories 8,098 5,128 Decrease in trade and other receivables 238,460 97,750 Movement in balances with associated companies and joint ventures 7,361 20,872 Decrease in trade and other payables (164,353) (290,558) Decrease in pension assets 9,636 14,132 Cash generated from operations 7,302,851 6,736,064 (b) Reconciliation of liabilities arising from fi nancing activities is as follows: Dividend payable to noncontrolling interests Bank and other loans repayable not exceeding 1 year Bank and other loans repayable more than 1 year Guaranteed notes Cross currency swaps and interest rate swaps held to hedge against fair value risks of loans Lease liabilities Total HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 At 1 January 2025 – 4,842,386 12,506,040 7,780,983 (27,651) 17,600 25,119,358 Cash fl ows (Note) (2,317,861) (3,842,450) (1,000,000) 3,864,632 – (10,644) (3,306,323) Foreign exchange adjustments (15,394) 48,000 – – – – 32,606 Dividends to non-controlling interests 2,333,255 – – – – – 2,333,255 Increase in lease liabilities – – – – – 8,769 8,769 Other non-cash movements – 1,014 17,884 17,803 9,841 562 47,104 At 31 December 2025 – 1,048,950 11,523,924 11,663,418 (17,810) 16,287 24,234,769 Note: The total cash outfl ow for the leases in 2025 was HK$52,407,000.
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