Group
2015
2014
$’000
$’000
Cash flows from operating activities
Total return before tax
44,277
89,915
Adjustments for:
Interest income
(2,201)
(2,925)
Interest expense
38,808
29,767
Amortisation of borrowing costs
5,600
4,642
Depreciation of plant and equipment
1,058
726
Amortisation of intangible assets
11,374
–
Decrease/(increase) in fair values of investment properties
53,316
(4,536)
Fair value gains on derivative financial instruments
(1,219)
(221)
Unrealised foreign exchange adjustment losses
116
1,363
Manager’s management fees settled in units
6,343
5,040
Operating cash flows before changes in working capital
157,472
123,771
Trade and other receivables
(2,383)
(5,755)
Other assets
4,072
(35,275)
Trade and other payables
(9,919)
42,726
Other liabilities, current
5,688
3,329
Net cash flows from operations before tax
154,930
128,796
Income tax paid
(29,584)
(26,598)
Net cash flows from operating activities
125,346
102,198
Cash flows from investing activities
Acquisition of investment properties
(1)
(79,359)
(317,000)
Capital expenditure on investment properties
(8,220)
(5,654)
Purchase of plant and equipment
(1,648)
(2,232)
Interest received
2,201
2,925
Net cash flows used in investing activities
(87,026)
(321,961)
Cash flows from financing activities
Repayment of bank borrowings
(110,000)
(147,500)
Proceeds from bank borrowings
200,000
155,000
Repayment of notes issued under EMTN
(200,000)
–
Proceeds from notes issued under Programmes
175,000
–
Net proceeds from issuance of new units
(1)
–
38,145
Distributions to Unitholders
(80,458)
(64,224)
Other financial liabilities, current
(2)
(5,219)
(3,699)
Other financial liabilities, non-current
(2)
(874)
–
Other liabilities, non-current
248
3,649
Interest paid
(38,808)
(29,767)
Net cash flows used in financing activities
(60,111)
(48,396)
STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2015
The accompanying notes form an integral part of these financial statements.
ANNUAL REPORT 2015
67
