Group
2014
2013
Note
$’000
$’000
Operating activities
Total return for the year after taxation
146,355
135,948
Adjustments for:
Finance income
(874)
(1,133)
Finance costs
21,926
11,329
Depreciation and amortisation
2,754
2,088
Impairment losses/(write-back) on trade receivables, net
28
(58)
Taxation
57,109
48,505
Manager’s management fees paid/payable in Units
A(i)
5,295
4,122
Plant and equipment written off
81
176
Change in fair value of investment properties
(104,829)
(99,159)
Change in fair value of financial derivative
–
(1,423)
Operating income before working capital changes
127,845
100,395
Changes in working capital:
Trade and other receivables
(60)
(766)
Trade and other payables
2,083
(10,582)
Cash generated from operating activities
129,868
89,047
Income tax paid
(18,452)
(20,422)
Net cash from operating activities
111,416
68,625
Investing activities
Interest received
874
1,133
Net cash outflow on purchase of investment property
B
–
(134,610)
Capital expenditure on investment properties
A(ii)(iii)
(14,597)
(7,906)
Proceeds from disposal of plant and equipment
13
5
Purchase of plant and equipment
(2,960)
(1,937)
Net cash used in investing activities
(16,670)
(143,315)
Financing activities
Proceeds from issuance of new Units
–
59,038
Distribution to Unitholders
(48,981)
(37,682)
Payment of equity issue expenses
(460)
(915)
Payment of financing expenses
(774)
(977)
Proceeds from draw down of interest-bearing borrowings
250,900
309,148
Repayment of interest-bearing borrowings
(294,797)
(279,752)
Settlement of derivative contracts
(832)
(2,824)
Interest paid
(22,317)
(11,309)
Net cash (used in)/from financing activities
(117,261)
34,727
Decrease in cash and cash equivalents
(22,515)
(39,963)
Cash and cash equivalents at 1 January
105,457
140,476
Effect of foreign exchange rate changes on cash balances
3,684
4,944
Cash and cash equivalents at 31 December
8
86,626
105,457
The accompanying notes form an integral part of these financial statements.
Consolidated Statement of Cash Flows
Year ended 31 December 2014
Delivering Performance | 87
