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EC World Real Estate Investment Trust ANNUAL REPORT 2016
Group
Year ended
31 December
2016*
Period from
5 August 2015
to 31 December
2015
Note
S$’000
S$’000
Cash Flows from Operating Activities
Total return for the year/period
55,820
696,814
Adjustments for:
– Income tax expenses
7
17,025
272,900
– Finance income
(527)
(319)
– Finance cost
5
20,146
3,806
– Effect of straight lining of step-up rental
(4,436)
–
– Effect of security deposits accretion
(2,781)
–
– Fair value gain on derivative financial instruments
12
(30)
–
– Fair value loss/(gain) on investment properties
14
1,732
(949,332)
– Allowance for doubtful receivables
736
218
– Manager’s fees payable in units
1,911
–
– Exchange loss/(gain)
3,575
(3,173)
Operating cash flow before working capital change
93,171
20,914
Changes in working capital:
Trade and other receivables
80,233
86,638
Trade and other payables
(27,821)
(128,435)
Cash generated from operations
145,583
(20,883)
Interest received
882
–
Income tax paid (net)
(4,989)
(4)
Net cash provided by operating activities
141,476
(20,887)
Cash flows from Investing Activities
Additions to investment properties under construction
15
(4,462)
(4,900)
Additions to investment properties
14
(3,792)
–
Payment of purchase consideration due to Sponsor
#
16
(230,128)
–
Acquisitions of subsidiaries
16
–
50,895
Placement in structured deposits
10
(7,700)
–
Net cash outflow in investing activities
(246,082)
45,995
Cash flows from Financing Activities
Repayment of borrowings
(251,488)
(24,895)
Distribution to Unitholders
(7,715)
–
Proceeds from borrowings
392,836
19,967
Interest paid
(13,365)
(3,898)
Proceeds from new issue of shares
629,785
–
Issuance costs
(12,324)
–
Redemption of existing units
(545,936)
–
Increase in interest reserve
(9,327)
–
Net cash provided by financing activities
182,466
(8,826)
Net increase in cash and cash equivalents
77,860
16,282
Cash and cash equivalents at beginning of the year/period
16,032
–
Effects of exchange rate changes on cash and cash equivalents
446
(250)
Cash and cash equivalents at the end of the year/period
9
94,338
16,032
* The year ended 31 December 2016 constitutes both the results when ECW was a private trust from 1 January 2016 to 27 July 2016 and after it was
listed on SGX-ST from 28 July 2016 to 31 December 2016.
#
Payment of purchase consideration due to Sponsor is net of Sponsor indebtedness.
CONSOLIDATED STATEMENT
OF CASH FLOWS
For the Financial Year ended 31 December 2016
The accompanying notes form an integral part of these financial statements.