STATEMENT OF CASH FLOWS Year ended 31 December 2023 The accompanying notes form an integral part of these financial statements. Group 2023 2022 $’000 $’000 Cash flows from operating activities Total return for the year 869,218 725,889 Adjustments for: Amortisation of lease incentives (1,922) (16,443) Assets written off 130 399 Depreciation and amortisation 4,729 4,169 Doubtful debts written off 38 270 Finance costs 322,075 242,437 Gain on divestment of investment property – (57,257) Gain on disposal of plant and equipment – (1) Interest and other income (45,752) (5,336) Investment income (12,760) (10,594) Management fees paid/payable in units 45,602 43,980 Net change in fair value of financial derivatives – (402) Net change in fair value of investment properties (113,561) 90,438 Share of results of joint ventures (15,579) (42,467) Taxation 10,111 4,105 Write back of doubtful debts (62) (28) Operating income before working capital changes 1,062,267 979,159 Changes in working capital: Trade and other receivables (12,085) (19,175) Trade and other payables 22,546 43,528 Security deposits 14,064 29,317 Cash generated from operations 1,086,792 1,032,829 Income tax paid (6,983) (9,290) Net cash from operating activities 1,079,809 1,023,539 Cash flows from investing activities Capital expenditure on investment properties (118,132) (126,904) Distributions received from joint ventures 2,840 6,785 Distribution received from equity investments at fair value 11,811 10,594 Government grant income in relation to investment property 34,445 – Interest received 27,615 5,188 Net cash inflow on divestment of investment property (Note 33) – 331,128 Net cash outflow on acquisitions of subsidiaries and joint operation (Note 32) – (1,153,885) Purchase of plant and equipment (466) (484) Proceeds from disposal of plant and equipment 4 1 Return of capital from joint ventures 3,000 1,553 Net cash used in investing activities (38,883) (926,024) ANNUAL REPORT 2023 183 Other Information Overview Leadership Performance Framework
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