Page 88 - Report_to_Unitholders_2012

Consolidated Statement of Cash Flows
Year ended 31 December 2012
Group
2012 2011
Note $’000 $’000
Operating activities
Total return for the year after taxation 140,103 120,528
Adjustments for:
Net finance costs 10,819 10,471
Depreciation and amortisation 1,774 1,346
(Write-back)/impairment losses on trade receivables, net (167) 200
Taxation 50,758 41,353
Manager’s management fees paid/payable in Units A(i) 3,987 3,432
Plant and equipment written off 53 24
Ineffective portion of changes in fair value of cash flow hedges – 1,423
Change in fair value of investment properties (102,978) (95,945)
Operating income before working capital changes 104,349 82,832
Changes in working capital:
Trade and other receivables (13,341) (4,811)
Trade and other payables 204 10,259
Cash generated from operating activities 91,212 88,280
Income tax paid (33,922) (13,390)
Net cash from operating activities 57,290 74,890
Investing activities
Interest received 842 457
Net cash outflow on purchase of investment property A(ii) (1,739) (1,803)
Capital expenditure on investment properties A(iii) (9,904) (2,766)
Net cash outflow on acquisition of subsidiaries B – (72,389)
Proceeds from disposal of plant and equipment 23 7
Purchase of plant and equipment (3,021) (2,227)
Net cash used in investing activities (13,799) (78,721)
Financing activities
Proceeds from issuance of new Units 86,070 70,000
Distribution to Unitholders (85,983) (52,775)
Payment of equity issue expenses (1,227) (2,474)
Payment of financing expenses (332) (1,078)
Proceeds from draw down of interest-bearing borrowings 115,000 62,400
Repayment of interest-bearing borrowings (81,044) (31,674)
Settlement of derivative contracts 8,642 –
Interest paid (10,949) (11,401)
Net cash from fnancing activities 30,177 32,998
Increase in cash and cash equivalents 73,668 29,167
Cash and cash equivalents at 1 January 70,115 39,936
Effect of foreign exchange rate changes on cash balances (3,307) 1,012
Cash and cash equivalents at 31 December 8 140,476 70,115
The accompanying notes form an integral part of these financial statements.
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