Annual Report 2017

105 Statements of Cash Flows The Stock Exchange of Thailand and its Subsidiaries For the year ended 31 December 2017 Notes Consolidated SET 2017 2016 2017 2016 Cash flows from operating activities Revenues over expenses before income tax expense 2,336,318 1,989,884 1,758,561 1,630,279 Adjustments for Depreciation and amortisation 16, 17 463,433 467,132 462,867 466,440 Investment income, net 28 (1,021,190) (804,757) (1,292,825) (1,180,946) Income derived from Securities Investor Protection Fund, net 26 (9,215) (11,124) (9,215) (11,124) Income derived from Derivatives Investor Protection Fund, net 26 (622) (764) - - Reversal allowance for impairment of investments 10 (10,918) - (10,918) - Doubtful debts expenses (reversal) - (3,913) - (3,886) Provision for employee benefits 24 25,222 26,576 23,290 26,576 Gains on disposals of assets 29 (32,971) (325) (32,938) (332) Share of profit of investments in associates and joint venture entity (net of tax) 14 (34,150) (25,831) - - 1,715,907 1,636,878 898,822 927,007 Changes in operating assets and liabilities (Increase) decrease in operating assets Assets for margin deposits and benefits (3,237,917) (1,330,353) - - Accounts receivable and accrued income (320,198) 10,202 (343,115) (19,370) Other current assets 11,758 40,743 13,478 46,610 Assets for clearing system protection and benefits (181,037) (121,757) (2,467) (1,801) Securities Investor Protection Fund (41,552) (35,469) (41,552) (35,469) Derivatives Investor Protection Fund (8,833) (10,023) - - Refundable deposits (2,371) 421 (2,371) 411 Increase (decrease) in operating liabilities Margin deposits and benefits payables 3,237,917 1,330,353 - - Accounts payable and accrued expenses (140,328) (203,926) (137,118) (203,614) Fees received in advance (5,762) 2,254 (4,154) 11,305 Other current liabilities (22,556) (17,477) (31,138) (25,132) Assets for clearing system protection and benefits payable 178,570 119,956 - - Contributions and benefits to Securities Investor Protection Fund 19,501 18,788 19,501 18,788 Contributions and benefits to Derivative Investor Protection Fund 7,989 8,855 - - Employee benefits paid 24 (3,034) (10,772) (2,554) (10,772) Current portion of employee benefits paid - (4,785) - (4,785) Other non-current liabilities 2,270 (223) 1,373 (223) Cash flows generated from operations 1,210,324 1,433,665 368,705 702,955 Less Income tax paid (447,789) (216,551) (293,619) (58,896) Net cash generated from operating activities 762,535 1,217,114 75,086 644,059 (Unit : Baht’000) The accompanying notes are an integral part of these consolidated and entity financial statements.