Group Note 2023 2022 $’000 $’000 Operating activities Total return for the year after taxation 54,971 155,126 Adjustments for: Finance income 21 (3,723) (4,169) Finance costs 21 70,394 60,399 Depreciation and amortisation 1,011 1,228 Taxation 70,005 87,785 Manager’s management fees payable in Units A 14,931 15,355 Plant and equipment written off 104 33 Gain on derecognition of lease liabilities (1,574) – Change in fair value of investment properties 4 39,769 (67,845) Change in fair value of financial derivatives 1,067 (1,861) Loss on liquidation of subsidiary – 1,831 Impairment losses on trade receivables, net 93 595 Operating income before working capital changes 247,048 248,477 Changes in working capital: Trade and other receivables 9,855 (11,001) Trade and other payables (18,475) (23,306) Cash generated from operating activities 238,428 214,170 Income tax paid (32,356) (32,089) Net cash from operating activities 206,072 182,081 Investing activities Interest received 3,723 4,169 Capital expenditure on investment properties (37,329) (37,996) Net cash outflow on acquisition of subsidiaries B – (9,355) Deposit received from divestment of subsidiary 28,465 – Purchase of plant and equipment (490) (786) Proceeds from disposal of plant and equipment 2 7 Net cash used in investing activities (5,629) (43,961) Financing activities Distribution to Unitholders (118,282) (95,792) Distribution to non-controlling interests (3,704) – Distribution to perpetual securities holders (3,375) (3,375) Payment of equity issue expenses – (166) Payment of financing expenses (2,085) (2,523) Payment of lease liabilities (1,303) (3,769) Proceeds from draw down of interest-bearing borrowings 715,950 492,470 Repayment of interest-bearing borrowings (699,394) (505,185) Settlement of derivative contracts 1,688 1,284 Interest paid (67,480) (56,452) Net cash used in financing activities (177,985) (173,508) Net increase/(decrease) in cash and cash equivalents 22,458 (35,388) Cash and cash equivalents at 1 January 231,048 288,860 Effect of foreign exchange rate changes on cash balances (8,666) (22,424) Changes in cash and cash equivalents reclassified to assets held for sale (1,376) – Cash and cash equivalents at 31 December 9 243,464 231,048 CONSOLIDATED STATEMENT OF CASH FLOWS Year ended 31 December 2023 The accompanying notes form an integral part of these financial statements. 162 CAPITALAND CHINA TRUST
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