Annual Report 2017

94 Annual Report 2017 secure the clearing system of the clearing house against any damage caused by defaults by members or other incidents. 2.1.3 Reserve fund for clearing and settlement amounted to THB 5,124 million or 11.34% of total assets. Reserve for clearing and settlement on SET’s part was established in 2017 as a source of funds for the clearing houses. Such reserve has been transferred from SET in accordance with Clause 2.1.1. 2.2 Analysis of liabilities As at December 31, 2017, total liabilities of the SET group amounted to THB 17,821 million, up by THB 3,680 million or 26.02%, in comparison with the balance as at December 31, 2016. Significant details are: 2.2.1 Margin deposits and assets for clearing system protection and benefits payable amounted to THB 15,158 million or 85.06% of total liabilities, a THB 3,417 million, or 29.10% increase, in accordance with the increase in trading volume of derivatives. 2.3 Analysis of funds As at December 31, 2017, total funds of the SET group amounted to THB 27,375 million, up by THB 1,977 million or 7.78%, in comparison with the balance as at December 31, 2016. This resulted from the revenue over expenses for 2017 reaching THB 1,833 million, and an increase in the market value of investment in equity fund on available-for-sale securities, net of income tax expense, of THB 263 million, while a loss from re-measurements of post-employment benefits obligations, net of tax, of THB 118 million. (Unit: THB million) 2017 2016 Increase /(Decrease) Amount % Cash flows from operating activities 763 1,217 (454) (37.30) Cash flows from investing activities (217) (2,157) 1,940 89.94 Cash and cash equivalents at the end of year 1,329 783 546 69.73 3. Analysis of liquidity Cash flows of the SET group for the year ended December 31, 2017 and 2016 can be summarized as follows: Cash and cash equivalents as at December 31, 2017 amounted to THB 1,329 million, a THB 546 million or 69.73% increase, in comparison with 2016. The details of the sources and uses of funds are as follows: • Net cash receipts from operating activities totaled THB 763 million. • Net cash used in investing activities totaled THB 217 million. This was mainly from an investment in financial instruments of THB 1,430 million and payment for new operating systems development of THB 267 million. However, there was investment income of THB 1,042 million and the gain on sales of assets of THB 412 million.