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27Notes3143CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2012(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)2012 2011$ $Cash flows from operating activitiesIncome before taxation 47,493 48,978 Adjustments to reconcile income before taxation to net cash generated from operating activities:Depreciation 9,112 8,183Net change in employee benefits assets/obligation (4,828) (4,562)(Gain)/loss on disposal of assets (135) 65Unrealised gain on revaluation of investment securities (220) (328)Interest (net) 1,229 1,776Other movements (50) (55)Operating income before working capital changes 52,601 54,057Decrease in inventories 700 1,457(Increase)/decrease in trade and other receivables (1,385) 503Decrease in treasury shares 42 79Increase in trade and other payables 7,473 2,014Cash generated from operations 59,431 58,110Interest received 1,978 2,340Interest paid (3,207) (4,116)Taxation paid (8,242) (7,396)Net cash generated from operating activities 49,960 48,938Cash flows from investing activitiesProceeds from sale of property, plant and equipment 326 1Purchase of property, plant and equipment (5,611) (3,063)Acquisition of a subsidiary net of cash acquired (6,099)Net cash used in investing activities (5,285) (9,161)The accompanying notes form an integral part of these financial statements. %u2013Guardian_Media_Annual_Report2012.indd 27 4/17/13 7:31 PM