Group
Note
2014
2013
$’000
$’000
Operating activities
Total return before income tax
133,813
104,586
Adjustments for:
Interest income
(6)
(6)
Finance costs
8,255
8,133
Net change in fair value of financial derivatives
(36)
(3,232)
Net change in fair value of investment properties
(45,051)
(32,045)
Gain on disposal of investment properties
(13,674)
–
Operating income before working capital changes
83,301
77,436
Changes in working capital:
Trade and other receivables
(900)
(797)
Trade and other payables
2,041
707
Security deposits
(630)
2,692
Cash generated from operations
83,812
80,038
Income tax paid
(4,161)
(3,605)
Cash flows generated from operating activities
79,651
76,433
Investing activities
Interest received
6
6
Capital expenditure on investment properties
(4,191)
(3,771)
Cash outflow on purchase of investment properties
(including acquisition related costs) (Note A)
(82,665)
(86,275)
Net proceeds from sale of investment properties
91,487
–
Cash flows generated from/(used in) investing activities
4,637
(90,040)
Financing activities
Borrowing costs paid
(1,122)
(1,274)
Interest paid
(7,401)
(6,955)
Distributions to Unitholders
(69,212)
(64,251)
Buy-back of Floating Rate Notes
–
(14,250)
Proceeds from borrowings
234,730
186,467
Repayment of borrowings
(117,978)
(84,508)
Cash flows generated from financing activities
39,017
15,229
Net increase in cash and cash equivalents
123,305
1,622
Cash and cash equivalents at beginning of year
25,613
28,399
Effects of exchange differences on cash balances
(4,216)
(4,408)
Cash and cash equivalents at end of year
(1)
8
144,702
25,613
(1)
Excludes deposits amounting to JPY154.4 million (approximately $1.7 million) (2013: JPY154.4 million (approximately $1.9 million))
that are held as collaterals (Note 8).
The accompanying notes form an integral part of these financial statements.
CONSOLIDATED
STATEMENT OF CASH FLOWS
Year ended 31 December 2014
98
PA R K WAY L I F E R E I T
