Group Note 2025 2024 $’000 $’000 Cash flows from investing activities Acquisition of subsidiaries (net of cash acquired) 39 (481,379) (345,583) Deposit placed for acquisition of investment properties – (6,865) Deposit placed for acquisition of property, plant and equipment – (1,208) Dividends received: – associates 46,315 41,383 – joint ventures 55,665 50,440 – financial investments 5,090 5,319 Increase in investments in joint ventures (23,706) (41,244) Return of capital from a joint venture and an associates 20,100 10,932 Decrease/(Increase) in amounts owing by equity-accounted investees 332,583 (51,562) Interest received 38,916 78,723 Payments for capital expenditure on investment properties (336,210) (467,735) Payments for purchase of property, plant and equipment (507,711) (185,292) Payments for purchase of investment properties (160,766) (214,838) Proceeds from disposal of joint ventures 841,734 – Proceeds from sale of property, plant and equipment and investment properties 463,128 162,752 Proceeds from disposal of a subsidiary, net of cash disposed of 39 91,685 97,167 Purchase of financial assets (net) (6,827) (131,073) Proceeds from distributions from and redemption of investments in financial assets 42,611 6,170 Settlement of financial derivatives (24,411) 9,521 Net cash from/(used in) investing activities 396,817 (982,993) Cash flows from financing activities Acquisition of non-controlling interests 39 (18,601) (73,913) Capital contribution from non-controlling interests 494,743 – Dividends paid (139,423) (126,270) Payment of lease liabilities and finance lease payables (46,000) (26,871) Interest paid (including amounts capitalised in property, plant and equipment, investment properties and development properties) (513,640) (586,853) Net increase/(decrease) in amounts owing to related parties and non-controlling interests 345,037 (97,622) Net (repayment of)/proceeds from revolving credit facilities (821,669) 291,458 Decrease in restricted cash 18,826 3,239 Payment of financing transaction costs (11,985) (14,331) Purchase of own preference shares (20,905) (23,227) Purchase of treasury shares – (79,399) Proceeds from bank borrowings 2,463,736 2,366,474 Repayment of bank borrowings (1,372,604) (1,590,598) Proceeds from issuance of bonds and notes 687,000 1,540,312 Repayment of bonds and notes (643,100) (890,000) Net cash from financing activities 421,415 692,399 Net (decrease)/increase in cash and cash equivalents (693,722) 639,079 Cash and cash equivalents at beginning of the year 2,669,652 2,044,198 Effect of exchange rate changes on balances held in foreign currencies (6,984) (13,625) Cash and cash equivalents at end of the year 18 1,968,946 2,669,652 The accompanying notes form an integral part of these financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS Year ended 31 December 2025 ANNUAL REPORT 2025 | 121
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