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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2018(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2018 2017Notes $ $Cash fows from operating activitiesLoss before taxation (962) (2,193)Adjustments to reconcile income before taxation to net cash generated from operating activities:Depreciation 4 & 5 12,637 12,493Amortisation 6 2,348 3,744Net change in employee benefts asset/obligation (1,776) (736)Unrealised loss on revaluation of investment securities 184 %u2013Loss on disposal of property, plant and equipment %u2013 35Interest income (net) (128) (411)Other movements 13 (182)Operating income before working capital changes 12,316 12,750(Increase)/ decrease in inventories (6,773) 1,253Decrease in trade and other receivables 1,983 7,287Decrease in trade and other payables (1,377) (1,296)Cash generated from operations 6,149 19,994Interest received 1,622 714Interest paid (615) (229)Taxation paid (1,246) (1,911)Net cash generated from operating activities 5,910 18,568Cash fows from investing activitiesPurchase of investment securities (14,687) (15,000)Proceeds from investment securities 15,000 %u2013Purchase of property, plant and equipment 4 (5,591) (5,214)Purchase of intangible assets 6 (97) (1,154)Net cash used in investing activities (5,375) (21,368)The accompanying notes form an integral part of these consolidated fnancial statements.FINANCIAL REPORT 37