NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
1 SIGNIFICANT ACCOUNTING POLICIES (Continued)
(c) Changes in accounting policies (Continued)
HKFRS 15, Revenue from contracts with customers (Continued)
(iii) Effect on the consolidated cash flow statement for the year ended 31 December 2017
As previously
Impact on initial application of
reported
HKFRS 15
As restated
HK$'000
HK$'000
HK$'000
Profit before taxation
385,953
(42,426)
343,527
Operating profit before changes
in working capital
223,847
(42,426)
181,421
Decrease in net employee retirement
benefits liabilities
681
681
Increase in inventories
(66,898)
(3,340)
(70,238)
Decrease in trade and other receivables
261,751
38,769
300,520
Increase in trade and other payables and
contract liabilities
108,311
6,997
115,308
Cash generated from operations
527,692
527,692
Profit tax paid
(65,102)
(65,102)
Net cash generated from operating
activities
462,590
462,590
Net cash generated from investing
activities
507,898
507,898
Net cash used in financing activity
(128,258)
(128,258)
Net increase in cash and
cash equivalents
842,230
842,230
Cash and cash equivalents at 1 January
949,449
949,449
Cash and cash equivalents
at 31 December
1,791,679
1,791,679
Further details of the nature and effect of the changes arising from HKFRS 15, Revenue from contracts with customers, to previous accounting policies are set out below:
92
Hong Kong Ferry (Holdings) Company Limited Annual Report 2018