Consolidated
statement of cash flows
Year ended 31 December 2015
Group
Note
2015
2014
$’000
$’000
Operating activities
Total return before income tax
78,927
133,813
Adjustments for:
Interest income
(11)
(6)
Finance costs
8,778
8,255
Net change in fair value of financial derivatives
4,084
(36)
Net change in fair value of investment properties
(5,734)
(45,051)
Gain on disposal of investment properties
–
(13,674)
Operating income before working capital changes
86,044
83,301
Changes in working capital:
Trade and other receivables
64
(900)
Trade and other payables
(194)
2,041
Security deposits
5,586
(630)
Cash generated from operations
91,500
83,812
Income tax paid
(9,487)
(4,161)
Cash flows generated from operating activities
82,013
79,651
Investing activities
Interest received
11
6
Capital expenditure on investment properties
(5,716)
(4,191)
Cash outflow on purchase of investment properties
(including acquisition related costs) (Note A)
(97,583)
(82,665)
Net proceeds from sale of investment properties
–
91,487
Divestment related cost paid
(1,712)
–
Cash flows (used in)/generated from investing activities
(105,000)
4,637
Financing activities
Borrowing costs paid
(606)
(1,122)
Interest paid
(7,845)
(7,401)
Distributions to Unitholders
(77,561)
(69,212)
Proceeds from borrowings
374,244
234,730
Repayment of borrowings
(397,985)
(117,978)
Cash flows (used in)/generated from financing activities
(109,753)
39,017
Net (decrease)/increase in cash and cash equivalents
(132,740)
123,305
Cash and cash equivalents at beginning of year
144,702
25,613
Effects of exchange differences on cash balances
6,581
(4,216)
Cash and cash equivalents at end of year
(1)
8
18,543
144,702
(1)
Excludes deposits amounting to JPY154.4 million (approximately $1.8 million) (2014: JPY154.4 million (approximately $1.7 million)) that are held as
collaterals (Note 8).
The accompanying notes form an integral part of these financial statements.
ParkwayLife REIT
Annual Report 2015
93
