Statement of Cash Flows Year ended 31 December 2024 Group 2024 2023 $’000 $’000 Cash flows from operating activities Total return for the year 941,777 869,218 Adjustments for: Amortisation of lease incentive and marketing fee (7,441) 2,095 Assets written off 4 130 Depreciation and amortisation 719 712 Doubtful debts (recovered)/written off (11) 38 Finance costs 345,394 322,075 Gain on divestment of investment property (32,765) – Interest and other income (12,765) (45,752) Investment income (9,381) (12,760) Management fees paid/payable in units 47,820 45,602 Net change in fair value of investment properties (153,127) (113,561) Share of results of joint ventures (33,756) (15,579) Taxation (6,458) 10,111 Allowance/(write back) of doubtful debts 252 (62) Operating income before working capital changes 1,080,262 1,062,267 Changes in working capital: Trade and other receivables (73,336) (12,085) Trade and other payables 42,086 22,546 Security deposits 3,816 14,064 Cash generated from operations 1,052,828 1,086,792 Income tax paid (8,630) (6,983) Net cash from operating activities 1,044,198 1,079,809 Cash flows from investing activities Capital expenditure on investment properties (178,294) (118,132) Distributions received from joint ventures 37,495 2,840 Distributions received from equity investments at fair value 10,330 11,811 Government grant income in relation to investment property – 34,445 Interest received 12,696 27,615 Net cash inflow on divestment of investment property (Note 33) 672,607 – Net cash outflow on acquisition of subsidiary (Note 32) (1,079,322) – Purchase of plant and equipment (411) (466) Proceeds from disposal of plant and equipment 2 4 Return of capital from joint ventures 4,332 3,000 Net cash used in investing activities (520,565) (38,883) The accompanying notes form an integral part of these financial statements. 115 Annual Report 2024
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