2 BASIS OF PREPARATION
(continued)
2.5 Changes in accounting policies
(continued)
Joint Arrangements
(continued)
Impact on Statement of Cash Flows – Group
Year ended 31 December 2013
As
previously
reported
Joint
arrangements
As
restated
$’000
$’000
$’000
Cash flows from operating activities
Net income
363,056
34,502
397,558
Adjustments for:
Interest income
(3,983)
19
(3,964)
Finance costs
120,738
(14,110)
106,628
Assets written off
1
–
1
Gain on disposal of plant and equipment
(5)
5
–
Depreciation and amortisation
1,399
(150)
1,249
Receivables written off
45
(24)
21
Asset management fees paid/payable
in units
5,631
(5,631)
–
Share of results (net of tax) of:
– Associate
(25,721)
–
(25,721)
– Joint ventures
–
(78,478)
(78,478)
Operating income before working
capital changes
461,161
(63,867)
397,294
Changes in working capital:
Inventories
(26)
26
–
Trade and other receivables
1,279
(2,351)
(1,072)
Development property for sale
(5,883)
5,883
–
Trade and other payables
7,735
5,406
13,141
Security deposits
10,231
(4,080)
6,151
Income tax paid
(52)
–
(52)
Cash flows from operating activities
474,445
(58,983)
415,462
Cash flows from investing activities
Interest received
4,183
(19)
4,164
Distributions received from:
– Associate
7,595
–
7,595
– Joint venture
–
52,787
52,787
Capital expenditure on:
– Investment properties under
development
(48,199)
48,199
–
– Investment properties
(111,044)
11,777
(99,267)
Purchase of plant and equipment
(1,578)
494
(1,084)
Proceeds from disposal of plant and
equipment
6
(5)
1
Loan to joint ventures
–
(31,090)
(31,090)
Cash flows used in investing activities
(149,037)
82,143
(66,894)
Balance carried forward
325,408
23,160
348,568
Leading with Confidence | 155
