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
(continued)
As
previously
reported
Joint
arrangements
As
restated
$’000
$’000
$’000
Balance brought forward
325,408
23,160
348,568
Cash flows from financing activities
Payment of issue and financing expenses
(1,879)
394
(1,485)
Proceeds from interest-bearing borrowings
259,305
(33,305)
226,000
Repayment of interest-bearing borrowings
(300,000)
–
(300,000)
Redemption of convertible bonds
due 2013
(107,397)
–
(107,397)
Distributions to Unitholders
(340,695)
–
(340,695)
Interest paid
(120,325)
17,041 (103,284)
Cash flows used in financing activities
(610,991)
(15,870)
(626,861)
Net decrease in cash and cash
equivalents
(285,583)
7,290 (278,293)
Cash and cash equivalents at beginning
of the year
1,118,270
(10,116)
1,108,154
Cash and cash equivalents at end of
the year
832,687
(2,826)
829,861
3 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies set out below have been applied consistently to all periods presented
in these financial statements, and have been applied consistently by the Group, except as
explained in Note 2.5 above, which addresses changes in accounting policies.
3.1 Consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is
exposed to, or has rights to, variable returns from its involvement with the entity and has
the ability to affect those returns through its power over the entity. The financial statements
of subsidiaries are included in the consolidated financial statements from the date that
control commences until the date that control ceases.
Associate and joint ventures
Associate is an entity in which the Group has a significant influence, but not control, over
the financial and operating policies. A joint venture is an arrangement in which the Group
has joint control, whereby the Group has rights to the net assets of the arrangement, rather
than rights to its assets and obligations for its liabilities.
Notes to the Financial Statements
Year ended 31 December 2014
156 | CapitaMall Trust Annual Report 2014
