Consolidated statement of cash flows Year ended 31 December 2024 Group Note 2024 2023 $’000 $’000 Operating activities Total return for the year after taxation (3,937) 54,971 Adjustments for: Finance income 22 (3,430) (3,723) Finance costs 22 65,369 70,394 Depreciation and amortisation 706 1,011 Taxation 66,121 70,005 Manager’s management fees payable in Units A 13,880 14,931 Plant and equipment written off 51 104 Gain on derecognition of lease liabilities – (1,574) Change in fair value of investment properties 4 89,733 39,769 Change in fair value of financial derivatives 403 1,067 Gain on disposal of subsidiary (7,309) – Impairment losses on trade receivables, net 37 93 Operating income before working capital changes 221,624 247,048 Changes in working capital: Trade and other receivables 934 9,855 Trade and other payables (6,334) (18,475) Cash generated from operating activities 216,224 238,428 Income tax paid (40,429) (32,356) Net cash from operating activities 175,795 206,072 Investing activities Interest received 3,430 3,723 Capital expenditure on investment properties (16,845) (37,329) Proceeds from disposal of subsidiary B 127,438 – Deposit from disposal of subsidiary (28,465) 28,465 Purchase of plant and equipment (405) (490) Proceeds from disposal of plant and equipment 1 2 Net cash from/(used in) investing activities 85,154 (5,629) Financing activities Distribution to Unitholders (89,477) (118,282) Distribution to non-controlling interests (3,420) (3,704) Distribution to perpetual securities holders (3,384) (3,375) Payment of financing expenses (1,197) (2,085) Payment of lease liabilities (48) (1,303) Proceeds from draw down of interest-bearing borrowings 363,178 715,950 Repayment of interest-bearing borrowings (461,889) (699,394) Settlement of derivative contracts 698 1,688 Interest paid (64,801) (67,480) Loan to non-controlling interest (15,506) – Net cash used in financing activities (275,846) (177,985) Net (decrease)/increase in cash and cash equivalents (14,897) 22,458 Cash and cash equivalents at 1 January 243,464 231,048 Effect of foreign exchange rate changes on cash balances (1,098) (8,666) Changes in cash and cash equivalents reclassified to assets held for sale 1,376 (1,376) Cash and cash equivalents at 31 December 9 228,845 243,464 The accompanying notes form an integral part of these financial statements. 97 Annual Report 2024
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