Group
Note 2015
2014
$’000
$’000
(Restated)
Cash flows from operating activities
Total return for the year before tax
404,348 505,088
Adjustments for:
Depreciation of plant and equipment
7
367
695
Impairment losses on doubtful receivables
11
609
172
Management fees paid/payable in units
23
7,627
7,118
Finance income
25
(8,273)
(30,459)
Finance costs
25
113,651
66,398
Net appreciation on revaluation of investment properties
(47,032)
(131,113)
Net change in fair value of financial derivatives
(89,363)
(11,574)
Net foreign exchange (gain)/loss
(4,881)
8,908
Gain on disposal of investment properties
(2,023)
(12,057)
Operating income before working capital changes
375,030 403,176
Changes in working capital:
Trade and other receivables
(30,608)
(12,553)
Trade and other payables
20,379
11,140
Cash generated from operating activities
364,801 401,763
Income tax paid
(2,360)
(757)
Net cash generated from operating activities
362,441 401,006
Cash flows from investing activities
Acquisition of subsidiary, net of cash acquired
A (251,895)
(11,117)
Purchase of investment properties
B
(301,425)
–
Payment for investment properties and other assets under development
(2,202)
(50,873)
Payment for capital improvement on investment properties
(98,697)
(102,272)
Purchase of plant and equipment
(1,428)
(436)
Proceeds from sale of investment properties
12,600
70,000
Investment in debt securities
–
(47,750)
Interest received
5,502
7,519
Net cash used in investing activities
(637,545)
(134,929)
Cash flows from financing activities
Equity issue costs paid
–
(130)
Distributions paid to Unitholders
(260,786)
(325,815)
Finance costs paid
(67,395)
(67,814)
Transaction costs paid in respect of borrowings
(673)
(3,025)
Proceeds from borrowings
1,565,860 783,410
Repayment of borrowings
(988,442)
(613,429)
Net cash generated from/(used in) financing activities
248,564 (226,803)
Net (decrease)/increase in cash and cash equivalents
(26,540)
39,274
Cash and cash equivalents at beginning of financial year
67,328
27,766
Effect of exchange rate changes on cash balances
802
288
Cash and cash equivalents at end of financial year
41,590
67,328
C o n s o l i d a t e d S t a t e m e n t o f C a s h F l ow s
Year ended 31 March 2015
The accompanying notes form an integral part of these financial statements.
ASCENDAS REAL ESTATE INVESTMENT TRUST ANNUAL REPORT 2014/15
