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CONSOLIDATED STATEMENT OF CASH FLOWS
Group
Note 2013 2012
$’000 $’000
Cash flows from operating activities
Total return for the year after taxation and before distribution 63,388 74,444
Adjustments for:
Amortisation of intangible assets 1,427 1,331
Manager’s fees paid/payable in Units A(i) 4,694 4,393
Net change in fair value of financial derivatives (1,393) 1,553
Net change in fair value of investment properties (12,441) (25,316)
Loss on conversion of Convertible Sukuk A(ii) 1,228 –
Net finance costs 20,249 17,057
77,152 73,462
Change in trade and other receivables (3,036) (1,354)
Change in trade and other payables 1,025 (13,132)
Cash generated from operations 75,141 58,976
Ta’widh (compensation on late payment of rent) received 14 41
Net cash from operating activities 75,155 59,017
Cash flows from investing activities
Capital expenditure on investment properties (81) –
Purchase of investment properties (67,965) (61,740)
Profit income received from Islamic financial institutions 47 156
Net cash used in investing activities (67,999) (61,584)
Cash flows from financing activities
Proceeds from issue of new Units B 40,000 –
Proceeds from borrowings B 60,500 258,563
Proceeds from issue of Convertible Sukuk B – 80,000
Repayment of borrowings (30,000) (270,563)
Issue expenses paid (633) –
Transaction costs paid (684) (7,133)
Finance costs paid (16,147) (13,395)
Distributions paid (62,073) (57,762)
Net cash used in financing activities (9,037) (10,290)
Net decrease in cash and cash equivalents (1,881) (12,857)
Cash and cash equivalents at beginning of the year 18,965 31,822
Cash and cash equivalents at end of the year 17,084 18,965
For the year ended 31 December 2013
The accompanying notes form an integral part of these financial statements.
SABANA REIT | ANNUAL REPORT 2013
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