Annual Report 2025 129 Consolidated Statement of Cash Flows Year ended 31 December 2025 Note Group 2025 $’000 2024 $’000 Cash flows from operating activities Total return for the year before tax 835,486 746,246 Adjustments for: Finance costs, net 22 277,812 271,265 Management fees paid / payable in Units 20 17,644 17,258 Acquisition fees payable in Units 17 6,702 – Divestment fees payable in Units – 564 Provision of expected credit loss on receivables 2,705 860 Net change in fair value of derivative financial instruments 105,476 (43,699) Net change in fair value of investment properties and investment properties under development 4 (194,619) (10,842) Net change in fair value of right-of-use assets 7 10,189 8,369 Unrealised foreign exchange differences (65) 49,497 Share of joint venture and associate company’s results 9 (15,117) (496) Gain from disposal of investment properties (19,281) (45,362) Gain from disposal of a subsidiary (3,538) – Operating income before working capital changes 1,023,394 993,660 Changes in working capital: Trade and other receivables 6,816 (32,428) Trade and other payables 54,593 (511) Cash generated from operations 1,084,803 960,721 Income tax paid (15,933) (12,889) Net cash from operating activities 1,068,870 947,832 Cash flows from investing activities Acquisition of investment properties (A) (1,454,508) – Payment for capital improvement on investment properties (162,534) (106,961) Acquisition of investment property under development (D) (75,790) (11,967) Net payment for investment properties under development (190,648) (108,231) Proceeds from the divestment of investment properties 434,984 175,148 Proceeds from the divestment of a subsidiary (B) 52,599 – Dividend received from a joint venture company and an associate company 9 414 507 Interest received 2,607 2,924 C apital injection to an associate company, including directly attributable transaction costs 9 – (7,173) Deposits paid for the acquisition of an investment property – (6,710) Net cash used in investing activities (1,392,876) (62,463) The accompanying notes form an integral part of these financial statements.
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