NTUC Income AR 2017

Note 2017 $’000 2016 $’000 Cash flows from operating activities Net surplus after contribution to Central Co-operative Fund and Singapore Labour Foundation 350,884 133,307 Adjustments for: Contribution to Central Co-operative Fund and Singapore Labour Foundation 14,520 16,774 Depreciation of property, plant and equipment 3,022 3,232 Amortisation of bonds, borrowing and finance cost (3,394) 1,722 Amortisation of intangible assets 13,622 14,413 Interest income (39,108) (39,437) Dividend income (262,961) (230,655) Interest expense 29,183 29,902 Gain on changes in fair value of other financial assets (1,884,453) (1,180,475) (Gain) / loss on changes in fair value of derivatives (607,473) 145,150 Gain on changes in fair value of investment properties (92,760) (86,397) Loss / (gain) on disposal of investment properties 238 (95) Allowance for impairment made during the year 14,573 17,134 Allowance for doubtful loans written back (173) (49) Loans written off / (written back) 69 (13) Allowance for doubtful receivables made during the year 684 811 Bonus to policyholders 264,933 263,100 Decrease in reinsurers' share of insurance contract provision 2,311 1,025 Increase in insurance contract provisions 2,585,620 51,682 Share of loss / (profit) of associated companies and joint venture company (10,815) 18,435 Other non-cash adjustment 133 251 Operating cash flows before changes in working capital 378,655 (840,183) Changes in working capital: Insurance and other receivables 98,978 (105,556) Insurance and other payables 161,494 (131,243) Investment contract liabilities (3,198) (3,829) Cash used in operations 635,929 (1,080,811) Net cash flows from / (used in) operating activities 635,929 (1,080,811) Cash flows from investing activities Purchase of property, plant and equipment (2,757) (3,694) Purchase of intangible assets (24,756) (14,590) Purchase of investment properties (215) (1,762) Proceeds from disposal of investment properties 1,224 7,075 Proceeds from disposal of property, plant and equipment and intangible assets 116 – Interest received 672,320 672,521 Dividends received 261,584 233,902 (Increase) / decrease in other financial assets and derivative instruments (net) (1,883,068) 53,674 (Decrease) / increase in loans (net) (1,621) 191 Net cash flows (used in) / from investing activities (977,173) 947,317 CONSOL IDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 The accompanying notes form an integral part of the financial statements. ANNUAL REPORT 2017 NTUC INCOME INSURANCE CO-OPERATIVE LIMITED 46