Group 2025 2024 $’000 $’000 Cash flows from operating activities Profit for the year 635,628 211,964 Adjustments for: Depreciation and amortisation 289,738 277,323 Dividend income (5,090) (5,319) Finance income (94,546) (95,870) Finance costs 509,358 559,070 Gain on disposal/liquidation of subsidiaries and dilution of interest in an associate (net) (89,510) (89,162) Gain on disposal of investments in joint ventures (475,097) – Impairment loss/(Reversal of impairment loss) on property, plant and equipment and investment properties (net) 74,908 (40,284) Management fee income received/receivable in the form of units in an associate (11,643) (11,255) Profit on sale of property, plant and equipment and investment properties (net) (106,387) (138,573) Property, plant and equipment and investment properties written off 540 5,611 Share of after-tax loss/(profit) of associates 35,519 (14,150) Share of after-tax profit of joint ventures (216,795) (46,641) Tax expense 135,873 162,061 682,496 774,775 Changes in working capital: Development properties (2,081,299) 69,396 Contract costs 9,423 (24,452) Contract assets (54,090) 617,240 Consumable stocks and trade and other receivables 26,995 (313,674) Trade and other payables and provisions 10,958 (84,212) Contract liabilities 11,693 (3,015) Employee benefits 835 7,308 Cash (used in)/generated from operations (1,392,989) 1,043,366 Tax paid (118,965) (113,693) Net cash (used in)/from operating activities (1,511,954) 929,673 The accompanying notes form an integral part of these financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS Year ended 31 December 2025 120 | CITY DEVELOPMENTS LIMITED
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