SEO Version
66
CONSOLIDATED
CASH FLOW STATEMENT
Year ended 31 December 2007
GROUP
2007
2006
$’000
$’000
Operating activities
Total return for the year before tax and distribution
490,297
217,412
Adjustments for:
Finance income
(222)
(344)
Fair value adjustment on security deposits and retention sum
(42)
648
Depreciation
1,708
125
Management fees paid/payable in units
4,914
3,819
Finance expense
16,448
13,483
Change in fair value of unrealised derivative instruments
7,983
–
Change in fair value of investment properties
(448,870)
(171,000)
Operating income before working capital changes
72,216
64,143
Changes in working capital:
Trade and other receivables
(2,462)
(3,109)
Trade and other payables
6,030
5,170
Income tax paid
(226)
–
Cash generated from operating activities
75,558
66,204
Investing activities
Net cash outflows on purchase of investment properties (Note A)
(180,305)
–
Net cash outflows on acquisition of subsidiary (Note B)
(59,859
)
–
Purchase of plant and equipment
(478)
(2,956)
Capital expenditure on investment properties
(698)
–
Interest received on deposits
220
306
Cash flows from investing activities
(241,120)
(2,650)
Financing activities
Borrowing costs paid
(18,161)
(12,651)
Proceeds from borrowings
314,560
41,000
Repayment of borrowings
(51,500)
(43,000)
Unit issue costs
–
1,539
Distributions paid to unitholders
(56,799)
(55,799)
Cash flows from financing activities
188,100
(68,911)
Net increase/(decrease) in cash and cash equivalents
22,538
(5,357)
Cash and cash equivalents at the beginning of the year
20,122
25,479
Effects of exchange rate differences on cash
26
–
Cash and cash equivalents at the end of the year
42,686
20,122
The accompanying notes form an integral part of these financial statements.
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