C A M B R I D G E I N D U S T R I A L T R U S T
A N N U A L R E P O R T 2 0 1 5
/ 1 1 4
Group
2015
2014
$’000
$’000
Cash flows from operating activities
Total return after income tax for the year
52,517
45,316
Adjustments for:
Borrowing costs
22,220
17,627
Change in fair value of financial derivatives
(395)
(1,142)
Change in fair value of investment properties
2,645
7,876
Gain on disposal of investment property
–
(1,047)
Share of profits in jointly-controlled entity
(123)
(496)
Interest income
(149)
(111)
Management fees paid/payable in units (Note A(i))
2,665
2,358
Acquisition fees paid in units (Note A (ii))
60
–
Allowance for doubtful debts
175
1,197
Operating income before working capital changes
79,615
71,578
Changes in working capital:
Trade and other receivables
(1,630)
(5,529)
Trade and other payables
1,126
(5,424)
Cash generated from operations
79,111
60,625
Income tax paid
(59)
–
Net cash generated from operating activities
79,052
60,625
Cash flows from investing activities
Interest received
149
111
Capital expenditure on investment properties
(20,964)
(8,733)
Net cash outflow on purchase of investment properties
(including acquisition related costs) (Note B)
(19,479)
(145,589)
Payment for investment properties under development
–
(41,632)
Proceeds from disposal of investment properties
–
7,800
Payment for divestment costs
–
(107)
Acquisition of subsidiary (Note 22)
(10,582)
–
Distribution income from subsidiary/jointly-controlled entity
930
710
Net cash used in investing activities
(49,946)
(187,440)
Cash flows from financing activities
Borrowing costs paid
(20,664)
(15,611)
Distributions paid to Unitholders (Note A(iii))
(48,369)
(42,628)
Equity issue costs paid
(278)
(213)
Proceeds from borrowings
338,000 195,827
Repayment of borrowings
(301,239)
(78,000)
Net cash (used in)/generated from financing activities
(32,550)
59,375
Net decrease in cash and cash equivalents
(3,444)
(67,440)
Cash and cash equivalents at 1 January
6,100
73,540
Cash and cash equivalents at 31 December
2,656
6,100
The accompanying notes form an integral part of these financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
YEAR ENDED 31 DECEMBER 2015
