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37GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2015Notes 2015 2014$ $Cash fows from operating activitiesIncome before taxation 48,917 44,554Adjustments to reconcile income before taxation to net cash generated from operating activities:Depreciation 4 & 5 12,601 10,480Amortisation 6 755 245Net change in employee benefts assets/obligation (2,171) (2,958)Gain on disposal of property, plant and equipment (31) (318)Unrealised loss/(gain) on revaluation of investment securities 17 49 (85)Negative goodwill arising on acquisition of subsidiary 17 (544) %u2013Interest income (net) (538) (135)Other movements 224 (513)Operating income before working capital changes 59,262 51,270Decrease/(increase) in inventories 1,964 (1,517)Increase in trade and other receivables (6,650) (7,044)Decrease in treasury shares %u2013 79(Decrease)/increase in trade and other payables (671) 1,042Cash generated from operations 53,905 43,830Interest received 1,074 1,454Interest paid (823) (1,707)Taxation paid (9,870) (8,649)Net cash generated from operating activities 44,286 34,928Cash fows from investing activitiesProceeds from sale of property, plant and equipment %u2013 255Purchase of property, plant and equipment 4 (25,949) (18,309)Purchase of intangible assets 6 (1,195) (5,800)Acquisition of subsidiary net of cash acquired 28 (6,345) %u2013Net cash used in investing activities (33,489) (23,854)The accompanying notes form an integral part of these fnancial statements.(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)