CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 118 119 Group 2021 2020 $’000 $’000 Cash flows from operating activities Profit/(Loss) for the year 139,839 (1,878,513) Adjustments for: Depreciation and amortisation 277,545 287,129 Dividend income (5,175) (4,784) Finance income (36,206) (139,517) Finance costs 217,869 262,009 Loss/(Gain) on disposal/liquidation of subsidiaries and dilution of interest in an associate (net) 1,088 (32,166) Impairment loss on other receivables 6,104 323,942 Impairment loss on debt investment – 288,000 (Reversal of impairment loss)/Impairment loss on property, plant and equipment and investment properties (98,791) 99,552 Negative goodwill on acquisition of subsidiaries (35,553) – Profit on sale of property, plant and equipment and investment properties (net) (35,896) (133,401) Property, plant and equipment, investment properties and intangible assets written off 9,216 11,897 Provision for corporate guarantee – 283,000 Share of after-tax profit of associates (30,713) (37,976) Share of after-tax (profit)/loss of joint ventures (76,779) 883,752 Tax expense 87,908 87,702 420,456 300,626 Changes in working capital: Development properties 561,336 (210,681) Contract costs (42,350) (5,492) Contract assets 102,901 (263,183) Consumable stocks and trade and other receivables (115,971) (1,240) Trade and other payables and provisions 29,585 (157,948) Contract liabilities 279,674 55,818 Employee benefits (1,407) 2,177 Cash from/(used in) operations 1,234,224 (279,923) Tax paid (99,979) (76,224) Net cash from/(used in) operating activities 1,134,245 (356,147)* CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2021 The accompanying notes form an integral part of these financial statements. Group Note 2021 2020 $’000 $’000 Cash flows from investing activities Acquisition of subsidiaries (net of cash acquired) 39 (341,747) – Dividends received: – associates 12,350 24,180 – joint ventures 3,191 13,004 – financial investments 5,175 4,784 Increase in investments in associates (70,836) (63,351) Increase in investments in joint ventures (1,976) (886,579) Return of capital from a joint venture 113,126 73,552 Increase in amounts owing by equity-accounted investees (183,363) (295,763) Interest received 21,513 49,544 Payments for intangible assets (595) (355) Payments for capital expenditure on investment properties (271,009) (126,227) Payments for purchase of property, plant and equipment (143,148) (267,244) Purchase of investment properties – (66,492) Proceeds from sale of property, plant and equipment and investment properties 65,252 421,500 Proceeds from deconsoliation of subsidiaries 39 – 109,090 Purchase of financial assets (net) (21,264) (35,836) Proceeds from distributions from investments in financial assets 10,333 5,146 Settlement of financial derivatives (60,409) (34,994) Net cash used in investing activities (863,407) (1,076,041) Cash flows from financing activities Capital distribution to non-controlling interests (net) (12,374) (7,922) Dividends paid (173,943) (190,211) Payment of lease liabilities and finance lease payables (21,087) (21,059) Interest paid (including amounts capitalised in property, plant and equipment and development properties) (211,206) (218,329) Net increase in amounts owing to related parties and non-controlling interests 36,649 274,573 Net (repayment of)/proceeds from revolving credit facilities and short-term bank borrowings (378,003) 2,319 Decrease in restricted cash 35,444 12,439 Cash flows used in financing activities carried forward (724,520) (148,190) CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2021 The accompanying notes form an integral part of these financial statements.
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