Group
Note
2016
2015
$’000
$’000
Cash flows from operating activities
Total return for the year before tax
369,273
404,348
Adjustments for:
Allowance for impairment loss on doubtful receivables (reversed)/made
10
(303)
609
Depreciation of plant and equipment
5
187
367
Finance income
25
(16,150)
(8,273)
Finance costs
25
93,603
113,651
Foreign exchange loss/(gain)
16,005
(4,881)
Gain on disposal of investment properties
–
(2,023)
Management fees paid/payable in units
23
8,600
7,627
Net change in fair value of financial derivatives
1,236
(89,363)
Net depreciation/(appreciation) on revaluation of investment properties
2,349
(47,032)
Share of joint venture’s result
(43)
–
Operating income before working capital changes
474,757
375,030
Changes in working capital:
Trade and other receivables
8,228
(30,608)
Trade and other payables
3,217
20,379
Cash generated from operating activities
486,202
364,801
Income tax paid
(4,488)
(2,360)
Net cash generated from operating activities
481,714
362,441
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired
A
(638,539)
(251,895)
Purchase of investment properties
B
(738,672)
(301,425)
Payment for capital improvement on investment properties
(136,335)
(98,697)
Payment for investment properties under development
(21,301)
(2,202)
Proceeds from divestment of investment properties
38,700
12,600
Purchase of plant and equipment
(189)
(1,428)
Interest received
4,013
5,502
Net cash used in investing activities
(1,492,323)
(637,545)
Cash flows from financing activities
Proceeds from issuance of perpetual securities
300,000
–
Issue costs for perpetual securities paid
(2,029)
–
Proceeds from issue of units through equity fund raising
344,892
–
Unit issue costs paid
(2,726)
–
Distributions paid to Unitholders
(442,085)
(260,786)
Finance costs paid
(87,211)
(67,395)
Transaction costs paid in respect of borrowings
(4,244)
(673)
Proceeds from borrowings
1,986,790
1,565,860
Repayment of borrowings
(1,066,434)
(988,442)
Net cash generated from financing activities
1,026,953
248,564
Net increase/(decrease) in cash and cash equivalents
16,344
(26,540)
Cash and cash equivalents at beginning of financial year
41,590
67,328
Effect of exchange rate changes on cash balances
(1,698)
802
Cash and cash equivalents at end of financial year
56,236
41,590
Consolidated Statement of Cash Flows
Year ended 31 March 2016
The accompanying notes form an integral part of these financial statements.
.142
A-REIT ANNUAL REPORT
2015/2016
