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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2019(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)(Continued)2019 2018Notes $ $Cash flows from operating activitiesLoss before taxation (7,105) (962)Adjustments to reconcile income before taxation to net cash generated from operating activities:Depreciation of property, plant and equipment 4 & 5 11,997 12,637Depreciation of right-to-use-assets 7 3,792 %u2013Amortisation 6 957 2,348Net change in employee benefits asset/obligation (2,131) (1,776)Unrealised loss on revaluation of investment securities 240 184Gain on disposal of right-of-use assets (97) %u2013Interest and investment income 16 (663) (743)Finance cost 17 1,263 615Other movements (60) 13Operating income before working capital changes 8,193 12,316Decrease/(increase) in inventories 4,347 (6,773)(Increase)/decrease in trade and other receivables (8) 1,983Decrease in trade and other payables (645) (1,377)Cash generated from operations 11,887 6,149Interest received 671 1,622Interest paid (1,263) (615)Taxation paid (1,220) (1,246)Net cash generated from operating activities 10,075 5,910Cash flows from investing activitiesProceeds from sale of right-of -use assets 339 %u2013Purchase of investment securities (19,628) (14,687)Proceeds from investment securities 14,687 15,000Purchase of property, plant and equipment 4 (4,609) (5,591)Purchase of right-to-use assets 7 (677) %u2013Purchase of intangible assets 6 (164) (97)Net cash used in investing activities (10,052) (5,375)The accompanying notes form an integral part of these consolidated financial statements.GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2019 37