Group 2025 2024 $’000 $’000 Cash flows from operating activities Total return/(loss) before income tax for the year 61,548 (97,658) Adjustments for: Unrealised foreign exchange loss/(gain) 25 (4,155) Borrowing costs, net 84,919 68,885 Management fees paid/payable in Units 12,262 11,460 Property Manager’s fees paid/payable in Units 3,064 2,940 Share of results of joint venture (3,001) (2,842) Finance costs on lease liabilities for leasehold land 33,760 31,469 Income from investments at FVTPL (7,074) (7,803) Change in fair value of financial derivatives 10,055 6,559 Change in fair value of investment properties 125,097 220,180 Change in fair value of right-of-use of leasehold land (9,342) (8,179) Change in fair value of investments at FVTPL 3,065 26,796 Operating income before working capital changes 314,378 247,652 Changes in working capital: Trade and other receivables 37,103 (34,550) Trade and other payables (51,716) 62,579 Cash generated from operating activities 299,765 275,681 Income tax paid (5,604) (4,769) Net cash generated from operating activities 294,161 270,912 Cash flows from investing activities Interest received 528 979 Capital expenditure on investment properties (46,105) (26,197) Acquisition of an investment property – (332,767) Proceeds from disposal of investment properties 16,678 92,755 Dividend received from joint venture 3,542 4,269 Income from investments at FVTPL 7,024 7,873 Acquisition of subsidiaries, net of cash acquired (Note 5) (8,881) (175,856) Payment for acquisition related transaction costs – (9,294) Net cash used in investing activities (27,214) (438,238) Consolidated Statement of Cash Flows For the financial year ended 31 December 2025 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. 153 ESR-REIT ANNUAL REPORT 2025
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