Page 73 - SAR141018_Forterra AR 2013

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FORTERRA
ANNUAL REPORT 2013
CONSOLIDATED STATEMENT OF
CASH FLOWS
YEAR ENDED 31 DECEMBER 2013
71
Note
2013
2012
$’000
$’000
Operating activities
(Loss)/Profit for the year
(52,511)
46,667
Adjustments for:
 Gain from restructuring of the original acquisition
  arrangements of Central Park Mall
(4,202)
–
 Gain from disposal of subsidiaries which hold Central Plaza
(17,964)
–
 Finance income
(382)
(205)
 Finance costs
57,280
54,587
 Depreciation of property, plant and equipment
312
367
 Income tax expense
5,598
29,721
 Equity-settled unit-based expenses
460
552
 Changes in fair value of financial derivatives
(1,103)
1,084
 Changes in fair value of investment properties
13,641
(70,381)
 Unrealised foreign exchange loss/(gain)
19,511
(30,666)
20,640
31,726
Changes in:
 – trade and other receivables
(3,053)
11,522
 – trade and other payables
(14,915)
8,612
Cash generated from operations
2,672
51,860
Income taxes paid
(1,823)
(2,263)
Net cash generated from operating activities
849
49,597
Investing activities
Disposal of subsidiaries, net of cash disposed of
19
177,992
–
Transaction costs paid for divestment of subsidiaries
(8,972)
–
Settlement for the restructuring of the acquisition
 arrangements of Central Park Mall
(11,449)
–
Development costs paid on investment properties
(64,537)
(52,723)
Purchase of plant and equipment
(2)
(71)
Interest received
382
205
Net cash generated from/(used in) investing activities
93,414
(52,589)
Financing activities
Proceeds from bank borrowings, net of transaction costs
48,216
62,779
Repayment of bank borrowings
(41,206)
(10,590)
Unit options exercised
61
–
Interest paid
(42,087)
(42,583)
Decrease/(Increase) in restricted cash
6,957
(208)
Net cash (used in)/generated from financing activities
(28,059)
9,398
Net increase in cash and cash equivalents
66,204
6,406
Cash and cash equivalents at beginning of year
36,054
39,780
Effect of exchange rate fluctuations on cash held
3,480
(1,999)
Increase in cash and cash equivalents classified as held for sale
(1,124)
(8,133)
Cash and cash equivalents at end of year
8
104,614
36,054
The accompanying notes form an integral part of these financial statements.