163 ANNUAL REPORT 2025 Group Note 2025 2024 US$’000 US$’000 Operating activities Net income before tax 25,119 35,382 Adjustments for: Property related non-cash items 7 (320) (713) Manager’s performance fee payable in Units 493 - Loss/(gain) on divestment of investment properties 684 (2,156) Fair value change in investment properties and investment property held for divestment 7 (1,811) (7,450) Fair value change on financial derivatives 13 1,357 136 Finance costs 21 18,543 18,880 Finance income (554) (115) Operating cash flows before working capital changes 43,511 43,964 Changes in working capital: Trade and other receivables (1,891) (1,722) Restricted cash 121 148 Prepaid expenses 610 (669) Trade and other payables 1,344 2,008 Rental security deposits 70 (24) Cash generated from operations 43,765 43,705 Income tax paid (349) (443) Net cash generated from operating activities 43,416 43,262 Investing activities Acquisition of investment property and related assets and liabilities (17,046) - Payment for capital expenditure relating to investment properties a (13,410) (13,528) Divestment of investment properties and related assets and liabilities 23,116 35,176 Interest received 554 115 Net cash (used in)/generated from investing activities (6,786) 21,763 Financing activities Distribution paid to Unitholders b (17,230) (20,741) Dividends paid to non-controlling interests (160) (140) Dividends paid to preferred shareholders (16) (16) Proceeds from loans and borrowings 26,500 32,600 Payment of debt-related transaction costs (4,604) (518) Finance costs paid on loans and borrowings (15,257) (16,902) Repayment of loans and borrowings (18,147) (57,643) Repayment of lease liability (974) (749) Interest paid on lease liability (466) (570) Net cash used in financing activities (30,354) (64,679) Net increase in cash and cash equivalents 6,276 346 Cash and cash equivalents at beginning of the year 14,252 13,906 Cash and cash equivalents at end of the year 4 20,528 14,252 Consolidated Statement of Cash Flows For the financial year ended 31 December 2025 See accompanying notes to financial statements.
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