ESR-REIT Annual Report 2024 227 CONSOLIDATED STATEMENT OF CASH FLOWS For the financial year ended 31 December 2024 Group 2024 2023 $’000 $’000 Cash flows from operating activities Total loss before income tax for the year (97,658) (65,769) Adjustments for: Unrealised foreign exchange (gain)/loss (4,155) 1,435 Borrowing costs, net 68,885 76,013 Management fees paid/payable in Units 11,460 12,352 Property Manager’s fees paid/payable in Units 2,940 3,200 Share of results of joint venture (2,842) (3,876) Finance costs on lease liabilities for leasehold land 31,469 32,176 Income from investments at FVTPL (7,803) (9,215) Change in fair value of financial derivatives 6,559 16,346 Change in fair value of investment properties 220,180 166,818 Change in fair value of right-of-use of leasehold land (8,179) (8,685) Change in fair value of investments at FVTPL 26,796 39,839 Operating income before working capital changes 247,652 260,634 Changes in working capital: Trade and other receivables (34,550) 11,721 Trade and other payables 62,579 (7,256) Cash generated from operating activities 275,681 265,099 Income tax paid (4,769) (3,358) Net cash generated from operating activities 270,912 261,741 Cash flows from investing activities Interest received 979 1,087 Capital expenditure on investment properties (26,197) (94,474) Acquisition of an investment property (332,767) – Proceeds from disposal of investment properties 92,755 440,608 Dividend received from joint venture 4,269 3,876 Income from investments at FVTPL 7,873 9,748 Acquisition of subsidiaries, net of cash acquired (Note 5) (175,856) – Payment for acquisition related transaction costs (9,294) – Net cash (used in)/generated from investing activities (438,238) 360,845 The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
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