132
Ascott Residence Trust
Annual Report 2015
Consolidated Statement of Cash Flows
Year ended 31 December 2015
Group
Note
2015
$’000
2014
$’000
Balance brought forward
(219,175)
(308,073)
Cash flows from financing activities
Distributions to Unitholders
(124,711)
(116,468)
Distributions to perpetual securities holders
(13,366)
–
Dividends paid to non-controlling interests
(3,382)
(3,228)
Interest paid
(48,628)
(41,851)
Payments for acquisition of ownership interests
in subsidiaries with no change in control
34
(31,552)
–
Payment of finance lease
(2,799)
(3,676)
Proceeds from borrowings
450,702 545,670
Proceeds from issue of medium term notes
280,672 212,657
Proceeds from issue of perpetual securities
250,000 150,000
Payment of transaction costs on issue of perpetual securities
(2,774)
(1,502)
Repayment of borrowings
(360,735)
(443,525)
Repayment of medium term notes
(150,000)
–
Net cash from financing activities
243,427 298,077
Net increase/(decrease) in cash and cash equivalents
24,252
(9,996)
Cash and cash equivalents at 1 January
192,556 204,518
Effect of exchange rate changes on balances held in foreign currency
3,659
(1,966)
Cash and cash equivalents at 31 December
220,467 192,556
Significant Non-Cash Transactions
A total of 12,203,288 (2014: 10,640,537) Units were issued or will be issued as payment of the Manager’s
management fees amounting to $14,768,000 (2014: $13,251,000) in respect of the year ended 31 December 2015.
During the financial year ended 31 December 2015, 2,378,952 (2014: 2,020,654) Units were issued to the Manager
as payment of acquisition fee in relation to the completion of the acquisition of serviced residence properties.
The accompanying notes form an integral part of these financial statements.
