NTUC Income AR 2018

Note 2018 $’000 2017 $’000 Cash flows from operating activities Net surplus after contribution to Central Co-operative Fund and Singapore Labour Foundation 154,430 350,884 Adjustments for: Contribution to Central Co-operative Fund and Singapore Labour Foundation 21,922 14,520 Depreciation of property, plant and equipment 5 3,159 3,022 Amortisation of bonds, borrowing and finance cost 1,033 (3,394) Amortisation of intangible assets 6 15,260 13,622 Interest income 23 (41,481) (39,108) Dividend income 23 (309,101) (262,961) Interest expense 31,495 29,183 Loss / (gain) on changes in fair value of other financial assets 23 169,131 (1,884,453) Loss / (gain) on changes in fair value of derivatives 23 84,247 (607,473) Gain on changes in fair value of investment properties 23 (49,357) (92,760) Loss on disposal of investment properties 23 15 238 Allowance for impairment made during the year – 14,573 Allowance for doubtful loans written back 23 (42) (173) Loans (written back) / written off 23 (53) 69 Allowance for doubtful receivables made during the year 16 212 684 Bonus to policyholders 266,066 264,933 (Increase) / decrease in reinsurers’ share of insurance contract provision (10,996) 2,311 Increase in insurance contract provisions 467,371 2,585,620 Share of profit of associated companies and joint venture (70,160) (10,815) Other income (128,505) – Other non-cash adjustment 557 133 Operating cash flows before changes in working capital 605,203 378,655 Changes in working capital: Insurance and other receivables (44,128) 98,978 Insurance and other payables 74,209 161,494 Investment contract liabilities (3,215) (3,198) Cash used in operations 632,069 635,929 Net cash flows from operating activities 632,069 635,929 Cash flows from investing activities Purchase of property, plant and equipment 5 (5,187) (2,757) Purchase of intangible assets 6 (26,090) (24,756) Purchase of investment properties 7 (1,836) (215) Proceeds from disposal of associates 2,296 – Proceeds from disposal of investment properties 1,205 1,224 Proceeds from disposal of property, plant and equipment and intangible assets – 116 Interest received 726,399 672,320 Dividends received 309,902 261,584 Increase in other financial assets and derivative instruments (net) (1,498,362) (1,883,068) Increase / (decrease) in loans 3,556 (1,621) Net cash flows used in investing activities (488,117) (977,173) Consolidated Statement of Cash Flows For the Financial Year Ended 31 December 2018 The accompanying notes form an integral part of the financial statements. 48 HAND IN HAND