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Financial
Statements
159
The accompanying notes form an integral part of these financial statements.
Statements of
Cash Flows
Year ended 31 December 2013
Group Trust
2013 2012 2013 2012
$’000 $’000 $’000 $’000
Cash flows from operating activities
Net income 363,056 284,890 361,015 289,891
Adjustments for:
Interest and other income (3,983) (6,552) (6,503) (8,870)
Investment income – – (65,065) (67,494)
Finance costs 120,738 138,938 106,628 125,415
Assets written off 1 – 1 –
Gain on disposal of plant and equipment (5) – – –
Depreciation and amortisation 1,399 1,327 1,249 1,204
Receivables written off 45 10 21 7
Asset management fees paid/payable in units 5,631 5,500 – –
Share of profit of associate (25,721) (20,261) – –
Operating income before working capital changes 461,161 403,852 397,346 340,153
Changes in working capital:
Inventories (26) (8) – –
Trade and other receivables 1,279 17,859 72 (159)
Development property for sale (5,883) – – –
Trade and other payables 7,735 18,986 9,410 17,539
Security deposits 10,231 17,964 6,151 16,871
Income tax (paid)/refund (52) 702 (52) –
Cash flows from operating activities 474,445 459,355 412,927 374,404
Cash flows from investing activities
Interest received 4,183 5,765 6,702 5,706
Investment income received – – 52,787 52,683
Dividend received from subsidiary – – 3,538 –
Distribution received from associate 7,595 15,289 7,595 15,289
Capital expenditure on investment properties
under development (48,199) (16,784) – –
Capital expenditure on investment properties (111,044) (239,419) (99,267) (234,369)
Purchase of plant and equipment (1,578) (1,468) (1,084) (1,434)
Proceeds from sale of plant and equipment 6 4 1 3
Proceeds from sale of investment property – 117,516 – 117,516
Loans to joint venture – – (31,090) (1,286)
Repayment of loan by joint venture – – – 21,009
Cash flows used in investing activities (149,037) (119,097) (60,818) (24,883)
Balance carried forward 325,408 340,258 352,109 349,521