NTUC Income AR 2019

Note 2019 $’000 2018 $’000 Cash flows from operating activities Net surplus for the year 312,073 154,430 Adjustments for: Contribution to Central Co-operative Fund and Singapore Labour Foundation 18,148 21,922 Depreciation of property, plant and equipment 5 8,537 3,159 Amortisation of bonds, borrowing and finance cost – 1,033 Amortisation of intangible assets 6/10 25,499 15,260 Interest income 23 (41,999) (41,481) Dividend income 23 (335,181) (309,101) Interest expense 35,260 31,495 (Gain) / loss on changes in fair value of other financial assets 23 (2,897,274) 169,131 (Gain) / loss on changes in fair value of derivatives 23 (196,828) 84,247 Gain on changes in fair value of investment properties 23 (18,457) (49,357) Loss on disposal of investment properties 23 – 15 Loss on disposal of property, plant and equipment and intangible assets 201 – Allowance for impairment made during the year 23 31,385 – Allowance for doubtful loans written back 23 (63) (42) Loans written back 23 (39) (53) (Written back) / allowance for doubtful receivables made during the year 16 (1,102) 212 Bonus to policyholders 276,042 266,066 Decrease in reinsurers' share of insurance contract provision (2,393) (10,996) Increase in insurance contract provisions 2,078,985 467,371 Share of profit of associated companies and joint venture (52,207) (70,160) Other income – (128,505) Other non-cash adjustment 539 557 Assets and liabilities held for sale (5,747) – Operating cash flows before changes in working capital (764,621) 605,203 Changes in working capital: Insurance and other receivables (81,808) (44,128) Insurance and other payables 328,158 74,209 Investment contract liabilities (3,164) (3,215) Cash used in operations (521,435) 632,069 Net cash flows (used in) / from operating activities (521,435) 632,069 Cash flows from investing activities Purchase of property, plant and equipment 5 (8,271) (5,187) Purchase of intangible assets 6 (33,994) (26,090) Purchase of investment properties 7 (13,894) (1,836) Proceeds from disposal of associates – 2,296 Proceeds from disposal of investment properties – 1,205 Capital injection into an associate (850) – Interest received 824,181 726,399 Dividends received 332,554 309,902 Increase in other financial assets and derivative instruments (net) (464,881) (1,498,362) Increase in loans 13,090 3,556 Net cash flows from / (used in) investing activities 647,935 (488,117) The accompanying notes form an integral part of the financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 50 HERE FOR SURE