Page 88 - ar2012

ParkwayLife REIT Annual Report FY2012
86
The accompanying notes form an integral part of these fnancial statements.
Group
Note 2012 2011
$’000 $’000
Operating activities
Total return before income tax 121,556 107,518
Adjustments for:
Interest income (10) (18)
Finance costs 8,647 8,861
Net change in fair value of fnancial derivatives (4,830) 399
Net change in fair value of investment properties (49,718) (46,533)
Operating income before working capital changes 75,645 70,227
Changes in working capital:
Trade and other receivables (1,009) (732)
Trade and other payables 480 868
Security deposits 2,757 179
Cash generated from operations 77,873 70,542
Income tax paid (4,037) (3,730)
Cash fows generated from operating activities 73,836 66,812
Investing activities
Interest received 10 18
Capital expenditure on investment properties (3,733) (1,620)
Cash outfow on purchase of investment properties
(including acquisition related costs) (Note A) (56,884) (10,168)
Cash fows used in investing activities (60,607) (11,770)
Financing activities
Borrowing costs paid (1,206) (56)
Interest paid (7,840) (8,309)
Distributions to Unitholders (61,042) (57,533)
Buy-back of Floating Rate Notes (35,750) –
Proceeds from borrowings 281,873 15,100
Repayment of borrowings (189,813) (10,044)
Cash fows used in fnancing activities (13,778) (60,842)
Net decrease in cash and cash equivalents (549) (5,800)
Cash and cash equivalents at beginning of year 33,600 38,143
Effects of exchange differences on cash balances (4,652) 1,257
Cash and cash equivalents at end of year (1) 8 28,399 33,600
(1) Exclude cash collateral amounting to JPY154.4 million (approximately $2.2 million) (2011: JPY154.4 million (approximately $2.6 million))
Consolidated statement of cash flows
Year ended 31 December 2012