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Ascott Residence Trust
Annual Report 2015
Consolidated Statement of Cash Flows
Year ended 31 December 2015
Group
Note
2015
$’000
2014
$’000
Cash flows from operating activities
Total return for the year before income tax
215,751 167,315
Adjustments for:
Depreciation of plant and equipment
16,634
16,267
Finance costs
49,856
43,341
Finance income
(1,603)
(2,123)
Foreign exchange loss – unrealised
10,671
10,739
Loss on disposal of plant and equipment
81
224
Manager’s management fees paid/payable in Units
14,768
13,251
Net change in fair value of financial derivatives
675
(1,291)
Net change in fair value of serviced residence properties
and assets held for sale
(84,318)
(63,030)
Profit from divestments
(9,924)
–
Assets written off
3,717
16,022
Impairment loss on trade and other receivables
22
(14)
Share of profit of associate
(7)
–
Operating income before working capital changes
216,323 200,701
Changes in working capital:
Inventories
14
129
Trade and other receivables
(13,762)
(5,772)
Trade and other payables
(1,024)
(20,123)
Cash generated from operations
201,551 174,935
Income tax paid
(24,058)
(22,384)
Net cash from operating activities
177,493 152,551
Cash flows from investing activities
Acquisition of serviced residence properties, net of cash acquired
34
(418,835)
(428,357)
Capital expenditure on serviced residence properties
(35,235)
(30,225)
Proceeds from disposal of assets held for sale
9,054
5,457
Proceeds from divestments of serviced residence properties
58,137
–
Interest received
1,603
2,123
Proceeds from sale of plant and equipment
154
180
Purchase of plant and equipment
(11,546)
(9,802)
Net cash used in investing activities
(396,668)
(460,624)
Balance carried forward
(219,175)
(308,073)
The accompanying notes form an integral part of these financial statements.
