Page 42 - TreasuryChinaTrust

Treasury China Trust Annual Report 2010 55

CONSOLIDATED STATEMENT OF CASH FLOWS

Period from 19 May 2010 (date of constitution) to 31 December 2010

Period from 19/5/2010 to 31/12/2010 $’000

Operating activities

Net profit for the period 39,610 Adjustments for:

Finance income (192) Finance costs 38,322 Depreciation of property, plant and equipment 121 Income tax expense 12,983 Equity-settled unit-based expenses 368 Changes in fair value of financial derivatives (1,552) Realised gains on settlement of financial derivatives (9,479) Changes in fair value of investment properties (33,040) Net foreign exchange gains (40,523)

Operating income before working capital changes 6,618 Changes in working capital:

Decrease in trade and other receivables 6,593 Decrease in trade and other payables (670)

Cash generated from operations 12,541

Income taxes paid (786)

Net cash generated from operating activities 11,755

Investing activities

Development cost paid on investment properties (4,716) Purchase of plant and equipment (40) Interest received 192 Cash acquired in acquisition of subsidiaries (Note 15) 81,080

Net cash from investing activities 76,516

Financing activities

Proceeds from units issued, net of issue cost 25,615 Proceeds from bank borrowings, net of transaction cost 611,757 Repayment of bank borrowings (628,272) Interest paid (24,667) Interest swap breakage cost paid (8,039) Distribution payment (6,005)

Net cash used in financing activities (29,611)

Net increase in cash and cash equivalents 58,660 Cash and cash equivalents at date of constitution – Effect of exchange rate fluctuations on cash held (4,677) Release from restricted cash accounts 45,027

Cash and cash equivalents at end of period 99,010

The accompanying notes on pages 56 to 84 form an integral part of these financial statements.