CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled Group 2023 2022 2023 2022 2023 2022 $’000 $’000 $’000 $’000 $’000 $’000 Cash flows from operating activities Total return for the year before income tax 295,021 273,742 26,984 4,444 302,225 259,783 Adjustments for: Depreciation of property, plant and equipment 12,025 12,514 22,156 22,080 38,897 35,773 Amortisation of deferred income (106) – – (786) (106) (786) Finance costs 80,795 61,985 12,433 14,616 86,830 69,012 Finance income (3,125) (1,176) (1,318) (338) (4,434) (1,468) Foreign exchange loss/(gain) – unrealised 17,367 34,448 (2,097) 19,373 15,270 53,821 Loss on disposal of property, plant and equipment 65 345 – – 1,313 345 Managers’ management fees paid/ payable in Stapled Securities 22,340 19,481 2,329 2,276 24,669 21,757 Revaluation surplus on land and buildings – – – (5,393) – (5,393) Net change in fair value of investment properties, investment properties under development and assets held for sale (109,405) (138,850) (1,746) 4,534 (101,132) (122,353) Net change in fair value of financial derivatives 25,283 (597) (956) – 24,327 (597) Net change in fair value of investment securities (38) (253) – – – – Profit from divestments (16,016) (99) – – (16,016) (99) Investment properties written off 1,478 78 – – 230 78 Impairment loss/write-off of trade and other receivables 439 665 15 27 454 692 Share of results of associate (net of tax) (7) 27 – – (7) 27 Share of results of joint venture (net of tax) – (3,918) – – – (3,918) Operating income before working capital changes 326,116 258,392 57,800 60,833 372,520 306,674 Changes in working capital: Inventories (71) 66 (181) (27) (252) 39 Trade and other receivables (57,669) (32,402) 8,878 (4,092) (28,730) (6,871) Trade and other payables (12,816) 14,848 21,528 28,800 (11,346) 14,025 Cash generated from operations 255,560 240,904 88,025 85,514 332,192 313,867 Income tax paid (30,498) (30,412) (1,039) (1,134) (31,537) (31,546) Net cash generated from operating activities 225,062 210,492 86,986 84,380 300,655 282,321 Balance carried forward 225,062 210,492 86,986 84,380 300,655 282,321 The accompanying notes form an integral part of these financial statements. STATEMENTS OF CASH FLOWS Year ended 31 December 2023 190 CAPITALAND ASCOTT TRUST
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