CONSOLIDATED STATEMENT OF CASH FLOWS
Group
Note
2014
2013
$’000
$’000
Cash flows from operating activities
Total return for the year after taxation and before distribution
36,905
63,388
Adjustments for:
Amortisation of intangible assets
1,383
1,427
Manager’s fees paid/payable in Units
A(i)
4,938
4,694
Net change in fair value of financial derivatives
(5,298)
(1,393)
Net change in fair value of investment properties
7,501
(12,441)
Loss on conversion of Convertible Sukuk
A(ii)
–
1,228
Net finance costs
24,483
20,249
69,912
77,152
Change in trade and other receivables
(2,310)
(3,036)
Change in trade and other payables
728
1,025
Cash generated from operations
68,330
75,141
Ta’widh (compensation on late payment of rent) received
41
14
Net cash from operating activities
68,371
75,155
Cash flows from investing activities
Capital expenditure on investment properties
(1,216)
(81)
Purchase of investment properties
A(iii)
(32,453)
(67,965)
Profit income received from Islamic financial institutions
41
47
Net cash used in investing activities
(33,628)
(67,999)
Cash flows from financing activities
Proceeds from issue of new Units
–
40,000
Break costs on prepayment of borrowings
(909)
–
Break costs on termination of profit rate swaps
(1,617)
–
Proceeds from borrowings
310,000
60,500
Repayment of borrowings
(279,837)
(30,000)
Issue expenses paid
(74)
(633)
Transaction costs paid
(3,378)
(684)
Finance costs paid
(15,582)
(16,147)
Distributions paid
A(iv)
(48,143)
(62,073)
Net cash used in financing activities
(39,540)
(9,037)
Net decrease in cash and cash equivalents
(4,797)
(1,881)
Cash and cash equivalents at beginning of the year
17,084
18,965
Cash and cash equivalents at end of the year
12,287
17,084
For the year ended 31 December 2014
The accompanying notes form an integral part of these financial statements.
SABANA REIT
|
ANNUAL REPORT 2014
99
