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ANNUAL REPORT 2014322014 2013Notes $ $ Cash flows from operating activitiesIncome before taxation 44,554 58,849Adjustments to reconcile income before taxation to net cash generated from operating activities:Depreciation 3 10,480 9,359Amortization 4 245 85Net change in employee benefits assets/obligation (2,958) (3,739)(Gain)/loss on disposal of property, plant and equipment (318) 193Unrealised loss/(gain) on revaluation of investment securities 197 (137)Interest (net) (282) 175Other movements (875) 14Operating income before working capital changes 51,043 64,799Increase in inventories (1,517) (3,453)(Increase)/decrease in trade and other receivables (7,433) 575Decrease/(increase) in treasury shares 79 (8)Increase in trade and other payables 1,042 1,948Cash generated from operations 43,214 63,861Interest received 2,070 2,184Interest paid (1,707) (2,431)Taxation paid (8,649) (11,522)Net cash generated from operating activities 34,928 52,092Cash flows from investing activitiesProceeds from sale of property, plant and equipment 255 %u2013Purchase of property, plant and equipment 3 (18,309) (10,900)Purchase of intangible assets 4 (5,800) (1,068)Net cash used in investing activities (23,854) (11,968)The accompanying notes form an integral part of these financial statements.CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2014(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)