144 CapitaLand Ascott Trust Statements of Cash Flows Year ended 31 December 2025 The accompanying notes form an integral part of these financial statements. CapitaLand Ascott REIT Group CapitaLand Ascott BT Group Stapled Group 2025 $’000 2024 $’000 2025 $’000 2024 $’000 2025 $’000 2024 $’000 Cash flows from operating activities Total return for the year before income tax 387,072 245,348 46,094 49,853 444,378 289,208 Adjustments for: Depreciation of property, plant and equipment 14,294 14,129 18,462 19,370 37,472 38,215 Amortisation of deferred income (425) (425) – – (425) (425) Finance costs 102,651 100,044 9,867 10,875 107,484 105,352 Finance income (4,991) (4,240) (1,521) (2,020) (6,465) (6,181) Foreign exchange loss – unrealised 2,026 40,971 9,740 4,218 11,766 45,189 Loss on disposal of property, plant and equipment 217 16 490 3 905 423 Managers’ management fees paid/ payable in Stapled Securities 25,558 23,663 2,641 2,925 28,199 26,588 Net change in fair value of investment properties and investment properties under development (79,277) (23,758) (35,319) (24,161) (135,726) (51,106) Revaluation deficit on land and buildings – – 7,257 1,134 7,257 1,134 Net change in fair value of financial derivatives 27,991 5,295 2,222 – 30,213 5,295 Net change in fair value of investment securities 155 477 – – – – (Profit)/loss from divestments (99,038) (64,239) – 1,925 (99,038) (62,687) Investment properties written off 300 441 – – 102 37 Impairment loss/write-off of trade and other receivables 1,955 2,707 257 592 2,212 3,299 Share of results of associate (net of tax) – (15) – – – (15) Operating income before working capital changes 378,488 340,414 60,190 64,714 428,334 394,326 Changes in working capital: Inventories 52 (76) 42 (62) 94 (138) Trade and other receivables (266) (50,982) (11,877) (4,222) (7,002) (26,081) Trade and other payables (33,780) (11,248) (1,087) 12,480 (40,009) (27,892) Cash generated from operations 344,494 278,108 47,268 72,910 381,417 340,215 Income tax paid (23,688) (22,484) (2,177) (580) (25,865) (23,064) Net cash generated from operating activities 320,806 255,624 45,091 72,330 355,552 317,151 Balance carried forward 320,806 255,624 45,091 72,330 355,552 317,151
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