Page 94 - ar2013

CapitaRetail China Annual Report 2013 Clarity 92
The accompanying notes form an integral part of these financial statements.
Group
2013 2012
Note $’000 $’000
Operating activities
Total return for the year after taxation 135,948 140,103
Adjustments for:
Net finance costs 10,196 10,819
Depreciation and amortisation 2,088 1,774
Write–back of impairment losses on trade receivables, net (58) (167)
Taxation 48,505 50,758
Manager’s management fees paid/payable in Units A(i) 4,122 3,987
Plant and equipment written off 176 53
Change in fair value of investment properties (99,159) (102,978)
Change in fair value of financial derivative (1,423) –
Operating income before working capital changes 100,395 104,349
Changes in working capital:
Trade and other receivables (766) (13,341)
Trade and other payables (10,582) 204
Cash generated from operating activities 89,047 91,212
Income tax paid (20,422) (33,922)
Net cash from operating activities 68,625 57,290
Investing activities
Interest received 1,133 842
Net cash outflow on purchase of investment property B (134,610) –
Capital expenditure on investment properties A(ii)(iii) (7,906) (11,643)
Proceeds from disposal of plant and equipment 5 23
Purchase of plant and equipment (1,937) (3,021)
Net cash used in investing activities (143,315) (13,799)
Financing activities
Proceeds from issuance of new Units 59,038 86,070
Distribution to Unitholders (37,682) (85,983)
Payment of equity issue expenses (915) (1,227)
Payment of financing expenses (977) (332)
Proceeds from draw down of interest–bearing borrowings 309,148 115,000
Repayment of interest–bearing borrowings (279,752) (81,044)
Settlement of derivative contracts (2,824) 8,642
Interest paid (11,309) (10,949)
Net cash from financing activities 34,727 30,177
(Decrease)/increase in cash and cash equivalents (39,963) 73,668
Cash and cash equivalents at 1 January 140,476 70,115
Effect of foreign exchange rate changes on cash balances 4,944 (3,307)
Cash and cash equivalents at 31 December 8 105,457 140,476
Consolidated
Statement of Cash Flows
Year ended 31 December 2013