Group
2014
2013
$’000
$’000
Cash flows from operating activities
Total return after income tax for the year
45,316 118,884
Adjustments for:
Borrowing costs
17,627
23,668
Change in fair value of financial derivatives
(1,142)
(2,084)
Change in fair value of investment properties and investment properties under
development
7,876 (33,856)
Gain on disposal of investment properties
(1,047)
(34,982)
Share of profits in jointly-controlled entity
(496)
(13,951)
Interest income
(111)
(87)
Management fees payable in units (Note B (ii))
2,358
–
Allowance for doubtful debts
1,197
–
Operating income before working capital changes
71,578
57,592
Changes in working capital:
Trade and other receivables
(5,529)
(7,336)
Trade and other payables
1,337
11,342
Net cash generated from operating activities
67,386
61,598
Cash flows from investing activities
Interest received
111
87
Net cash outflow on purchase of investment properties
(including acquisition related costs) (Note A)
(161,083)
(100,103)
Payment for investment properties under development
(41,632)
(25,628)
Proceeds from disposal of investment properties
7,800 258,562
Payment for divestment costs
(107)
(1,215)
Capital contribution to investment in jointly-controlled entity
– (3,078)
Distribution income from jointly-controlled entity
710
396
Net cash (used in)/generated from investing activities
(194,201)
129,021
Cash flows from financing activities
Borrowing costs paid
(15,611)
(21,281)
Distributions paid to Unitholders (Note B(i))
(42,628)
(43,780)
Equity issue costs paid
(213)
(251)
Proceeds from borrowings
195,827 109,009
Repayment of borrowings
(78,000)
(250,533)
Net cash generated from/(used in) financing activities
59,375 (206,836)
Net decrease in cash and cash equivalents
(67,440)
(16,217)
Cash and cash equivalents at 1 January
73,540
89,757
Cash and cash equivalents at 31 December
6,100 73,540
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2014
The accompanying notes form an integral part of these financial statements.
CAMBRIDGE INDUSTRIAL TRUST | ANNUAL REPORT 2014
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