Statements of Cash Flows Year ended 31 December 2024 CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled Group 2024 2023 2024 2023 2024 2023 $’000 $’000 $’000 $’000 $’000 $’000 Cash flows from operating activities Total return for the year before income tax 245,348 295,021 49,853 26,984 289,208 302,225 Adjustments for: Depreciation of property, plant and equipment 14,129 12,025 19,370 22,156 38,215 38,897 Amortisation of deferred income (425) (106) – – (425) (106) Finance costs 100,044 80,795 10,875 12,433 105,352 86,830 Finance income (4,240) (3,125) (2,020) (1,318) (6,181) (4,434) Foreign exchange loss/(gain) – unrealised 40,971 17,367 4,218 (2,097) 45,189 15,270 Loss on disposal of property, plant and equipment 16 65 3 – 423 1,313 Managers’ management fees paid/ payable in Stapled Securities 23,663 22,340 2,925 2,329 26,588 24,669 Net change in fair value of investment properties, investment properties under development and assets held for sale (23,758) (109,405) (24,161) (1,746) (51,106) (101,132) Revaluation deficit on land and buildings – – 1,134 – 1,134 – Net change in fair value of financial derivatives 5,295 25,283 – (956) 5,295 24,327 Net change in fair value of investment securities 477 (38) – – – – (Profit)/loss from divestments (64,239) (16,016) 1,925 – (62,687) (16,016) Investment properties written off 441 1,478 – – 37 230 Impairment loss/write-off of trade and other receivables 2,707 439 592 15 3,299 454 Share of results of associate (net of tax) (15) (7) – – (15) (7) Operating income before working capital changes 340,414 326,116 64,714 57,800 394,326 372,520 Changes in working capital: Inventories (76) (71) (62) (181) (138) (252) Trade and other receivables (50,982) (57,669) (4,222) 8,878 (26,081) (28,730) Trade and other payables (11,248) (12,816) 12,480 21,528 (27,892) (11,346) Cash generated from operations 278,108 255,560 72,910 88,025 340,215 332,192 Income tax paid (22,484) (30,498) (580) (1,039) (23,064) (31,537) Net cash generated from operating activities 255,624 225,062 72,330 86,986 317,151 300,655 Balance carried forward 255,624 225,062 72,330 86,986 317,151 300,655 The accompanying notes form an integral part of these financial statements. 146 CapitaLand Ascott Trust
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