CapitaLand Integrated Commercial Trust - Annual Report 2021

Group 2021 2020 $’000 $’000 Cash flows from operating activities Total return for the year 1,083,065 349,740 Adjustments for: Amortisation of leasing incentives (23,035) 556 Assets written off 18 – Depreciation and amortisation 4,863 2,324 Doubtful debts written off 359 – Finance costs 189,757 133,431 Gain relating to negative goodwill arising from the Merger – (430,003) Gain on disposal of plant and equipment (1) (2) Interest and other income (6,364) (2,247) Investment income (12,703) (12,511) Management fees paid/payable in units 41,087 6,194 Net change in fair value of investment properties (270,507) 393,620 Share of results of joint ventures (140,202) 14,106 Taxation 19,224 (61) (Write back)/allowance of doubtful debts (1,948) 1,973 Operating income before working capital changes 883,613 457,120 Changes in working capital: Trade and other receivables (23,632) (16,985) Trade and other payables (34,513) (10,255) Security deposits 7,528 (49,887) Cash generated from operations 832,996 379,993 Income tax paid (5,464) (312) Net cash from operating activities 827,532 379,681 Cash flows from investing activities Capital expenditure on investment properties (93,561) (54,181) Distributions received from joint ventures 43,709 44,323 Distribution received from equity investments at fair value 12,703 12,511 Interest received 1,088 1,941 Net cash outflow on acquisition of subsidiary (Note 32) – (925,504) Purchase of plant and equipment (283) (1,506) Proceeds from disposal of plant and equipment 1 2 Return of capital from One George Street LLP 292,746 – Net cash from/(used in) investing activities 256,403 (922,414) Cash flows from financing activities Distributions paid to Unitholders (448,046) (371,187) Distributions paid to non-controlling interests (1,315) – Interest paid (207,871) (121,629) Payment of issue and financing expenses (12,347) (9,576) Payment of lease liabilities (2,634) (2,682) Proceeds from issue of new Units 250,000 – Proceeds from loans and borrowings 1,661,935 1,774,525 Repayment of loans and borrowings (2,142,141) (745,299) Net cash (used in)/from financing activities (902,419) 524,152 The accompanying notes form an integral part of these financial statements. Statement of Cash Flows YEAR ENDED 31 DECEMBER 2021 Annual Report 2021 225