Group Note 2023 2022 $’000 $’000 Cash flows from operating activities Profit for the year 348,806 1,314,199 Adjustments for: Depreciation and amortisation 254,030 276,426 Dividend income (6,177) (5,304) Finance income (97,970) (200,242) Finance costs 525,013 284,680 Gain on disposal/liquidation of subsidiaries and dilution of interest in an associate (net) (2,781) (500,348) Impairment loss on other receivables – 62,673 Impairment loss on debt investment 10 – 18,015 (Reversal of impairment loss)/Impairment loss on property, plant and equipment and investment properties (net) (10,288) 7,615 Management fee income received/receivable in the form of units in an associate (11,063) – Negative goodwill on acquisition of subsidiaries 39 (38,752) (48) Profit on sale of property, plant and equipment and investment properties (net) (109,908) (1,257,275) Property, plant and equipment and investment properties written off 7,608 15,987 Share of after-tax profit of associates (3,415) (86,832) Share of after-tax profit of joint ventures (44,233) (83,332) Tax expense 123,762 542,568 934,632 388,782 Changes in working capital: Development properties 1,230,668 (90,895) Contract costs 42,582 8,119 Contract assets (472,037) (62,688) Consumable stocks and trade and other receivables (93,312) 29,296 Trade and other payables and provisions (2,686) (9,312) Contract liabilities (464,834) (54,290) Employee benefits 1,403 3,034 Cash generated from operations 1,176,416 212,046 Tax paid (226,063) (337,558) Net cash from/(used in) operating activities 950,353 (125,512) The accompanying notes form an integral part of these financial statements. Group Note 2023 2022 $’000 $’000 Cash flows from investing activities Acquisition of subsidiaries (net of cash acquired) 39 (635,888) (330,540) Dividends received: – associates 33,030 21,249 – joint ventures 42,331 68,964 – financial investments 6,177 5,304 Increase in investments in associates (132,733) (34,445) Increase in investments in joint ventures (22,610) (67,971) Return of capital from a joint venture and an associate 9,330 9,587 Increase in amounts owing by equity-accounted investees (209,177) (31,345) Interest received 67,020 31,266 Payments for capital expenditure on investment properties (232,137) (272,805) Payments for purchase of property, plant and equipment (279,586) (115,927) Payments for purchase of investment properties (618,621) (242,248) Proceeds from sale of property, plant and equipment and investment properties 139,278 1,568,904 Net cash outflow from disposal of subsidiaries, net of cash disposed 39 – (16,409) Purchase of financial assets (net) (79,222) (21,229) Proceeds from distributions from and redemption of investments in financial assets 18,897 161,967 Settlement of financial derivatives 33,767 45,649 Net cash (used in)/from investing activities (1,860,144) 779,971 Cash flows from financing activities Acquisition of non-controlling interests (168) – Capital distribution to non-controlling interests (net) – (9,432) Dividends paid (206,240) (222,415) Payment of lease liabilities and finance lease payables (24,701) (26,032) Interest paid (including amounts capitalised in property, plant and equipment, investment properties and development properties) (459,245) (259,930) Net increase in amounts owing to related parties and non-controlling interests (163,787) 30,266 Net proceeds from/(repayment of) revolving credit facilities 266,971 (145,830) Purchase of own preference shares (25,808) – (Increase)/Decrease in restricted cash (20,364) 115,235 Payment of financing transaction costs (9,263) (10,408) Proceeds from bank borrowings 2,023,181 1,387,441 Repayment of bank borrowings (875,405) (1,049,008) Proceeds from issuance of bonds and notes 668,800 – Repayment of bonds and notes (448,000) (100,000) Net cash from/(used in) financing activities 725,971 (290,113) Net (decrease)/increase in cash and cash equivalents (183,820) 364,346 Cash and cash equivalents at beginning of the year 2,248,147 1,944,133 Effect of exchange rate changes on balances held in foreign currencies (20,129) (60,332) Cash and cash equivalents at end of the year 18 2,044,198 2,248,147 The accompanying notes form an integral part of these financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2023 CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2023 FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 131 130
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