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F INANCIAL REPORT FY12/13
126 ASCENDAS REAL ESTATE INVESTMENT TRUST
Group
Note
2013
2012
$’000
$’000
Cash flows from operating activities
Net income
307,346
274,528
Adjustments for:
Allowance for impairment loss on doubtful receivables
11
379
6
Management fees paid/payable in units
22
6,648
5,828
Depreciation of plant and equipment
7
768
1,125
Finance income
24
(24,899)
(5,437)
Finance costs
24
123,573
64,202
Foreign exchange (gain)/loss
(42,274)
932
Operating income before working capital changes
371,541
341,184
Changes in working capital:
Trade and other receivables
(4,878)
(6,805)
Trade and other payables
9,125
(5,423)
Cash generated from operating activities
375,788
328,956
Income tax paid
(454)
(137)
Net cash from operating activities
375,334
328,819
Cash flows from investing activities
Purchase of investment properties
A
(122,727)
(474,187)
Payment for investment properties and other assets under development
(54,135)
(196,526)
Purchase of plant and equipment
(7)
(63)
Payment for capital expenditure on investment properties
(59,779)
(37,496)
Payment for deferred settlements
–
(7,200)
Acquisition of subsidiary, net of cash acquired
B
–
(36,916)
Investment in debt securities
(27,000)
(103,250)
Interest received
7,037
5,158
Net cash used in investing activities
(256,611)
(850,480)
Cash flows from financing activities
Equity issue expenses paid
(7,328)
(6,177)
Proceeds from issue of units
704,900
400,001
Distributions paid to Unitholders
(309,376)
(270,092)
Finance costs paid
(75,633)
(65,461)
Transaction costs paid in respect of borrowings
(1,177)
(4,148)
Proceeds from borrowings
423,066
1,732,800
Repayment of borrowings
(853,206)
(1,253,500)
Net cash (used in)/generated from financing activities
(118,754)
533,423
Net (decrease)/increase in cash and cash equivalents
(31)
11,762
Cash and cash equivalents at beginning of financial year
19,589
8,067
Effect of exchange rate changes on cash balances
(33)
(240)
Cash and cash equivalents at end of financial year
19,525
19,589
Consolidated Statement of Cash Flows
Year ended 31 March 2013
The accompanying notes form an integral part of these financial statements.