TRADING FUND REPORT 2023/24
for the year ended 31 March 2024
(Expressed in thousands of Hong Kong dollars)
| Note | 2024 | 2023 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Loss from operations | (65,182) | (38,416) | |
| Adjustments for: | |||
| Sundry income | 574 | 2,163 | |
| (Gain) / Loss on disposals of property, plant and equipment | (24) | 25 | |
| Depreciation of property, plant and equipment | 15,754 | 14,692 | |
| Depreciation of right-of-use assets | 4,714 | 5,378 | |
| Amortisation of intangible assets | 1,696 | 1,141 | |
| Interest expenses on lease liabilities | 390 | 78 | |
| Decrease / (Increase) in trade and other receivables | 1,391 | (1,311) | |
| Decrease / (Increase) in amounts due from related parties | 6,076 | (5,983) | |
| Increase / (Decrease) in trade and other payables | 1,064 | (472) | |
| (Decrease) / Increase in amounts due to related parties | (1,107) | 1,823 | |
| Increase / (Decrease) in deferred income | 126,927 | (64,976) | |
| Decrease in provision for employee benefits | (6,067) | (2,441) | |
| Amount paid on settlement of restitution claims | (662) | — | |
| Net cash from / (used in) operating activities | 85,544 | (88,299) | |
| Cash flows from investing activities | |||
| Decrease / (Increase) in placement with the Exchange Fund | 91,226 | (31,928) | |
| (Increase) / Decrease in bank deposits with original maturities over three months | (201,600) | 90,100 | |
| Acquisition of property, plant and equipment and intangible assets | (13,396) | (9,764) | |
| Net proceeds from disposals of property, plant and equipment | 25 | 7 | |
| Interest received | 45,507 | 35,636 | |
| Net cash (used in) / from investing activities | (78,238) | 84,051 | |
| Cash flows from financing activities | |||
| Payments of lease liabilities | 9(b) | (5,080) | (5,520) |
| Net cash used in financing activities | (5,080) | (5,520) | |
| Net increase / (decrease) in cash and cash equivalents | 2,226 | (9,768) | |
| Cash and cash equivalents at beginning of year | 6,546 | 16,314 | |
| Cash and cash equivalents at end of year | 18 | 8,772 | 6,546 |
The notes form part of these financial statements.