Group Note 2022 2021 $’000 $’000 Restated* Cash flows from investing activities Acquisition of subsidiaries (net of cash acquired) 40 (330,540) (341,747) Dividends received: – associates 21,249 12,350 – joint ventures 68,964 3,191 – financial investments 5,304 5,175 Increase in investments in associates (34,445) (70,836) Increase in investments in joint ventures (67,971) (1,976) Return of capital from a joint venture and an associate 9,587 113,126 Increase in amounts owing by equity-accounted investees (31,345) (183,363) Interest received 31,266 21,513 Net cash outflow from disposal of subsidiaries, net of cash disposed 40 (16,409) – Payments for intangible assets – (595) Payments for capital expenditure on investment properties (272,805) (271,009) Payments for purchase of property, plant and equipment (115,927) (143,148) Payments for purchase of investment properties (242,248) – Proceeds from sale of property, plant and equipment and investment properties 1,568,904 65,252 Purchase of financial assets (net) (21,229) (21,264) Proceeds from distributions from and redemption of investments in financial assets 161,967 10,333 Settlement of financial derivatives 45,649 (60,409) Net cash from/(used in) investing activities 779,971 (863,407) Cash flows from financing activities Capital distribution to non-controlling interests (net) (9,432) (12,374) Dividends paid (222,415) (173,943) Payment of lease liabilities and finance lease payables (26,032) (21,087) Interest paid (including amounts capitalised in property, plant and equipment, investment properties and development properties) (259,930) (211,206) Net increase in amounts owing to related parties and non-controlling interests 30,266 36,649 Net repayment of revolving credit facilities (145,830) (378,003) Decrease in restricted cash 115,235 35,444 Payment for corporate guarantee – (286,132) Payment of financing transaction costs (10,408) (7,214) Proceeds from bank borrowings 1,387,441 1,789,896 Repayment of bank borrowings (1,049,008) (2,134,997) Proceeds from issuance of bonds and notes – 335,000 Repayment of bonds and notes (100,000) (249,132) Net cash used in financing activities (290,113) (1,277,099) Net increase/(decrease) in cash and cash equivalents 364,346 (1,006,261) Cash and cash equivalents at beginning of the year 1,944,133 2,955,109 Effect of exchange rate changes on balances held in foreign currencies (60,332) (4,715) Cash and cash equivalents at end of the year 18 2,248,147 1,944,133 * Refer to Note 47 The accompanying notes form an integral part of these financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2022 Group Note 2022 2021 $’000 $’000 Restated* Cash flows from operating activities Profit for the year 1,314,199 126,895 Adjustments for: Depreciation and amortisation 276,426 285,009 Dividend income (5,304) (5,175) Finance income (200,242) (36,206) Finance costs 284,680 217,869 (Gain)/Loss on disposal/liquidation of subsidiaries and dilution of interest in an associate (net) (500,348) 1,088 Impairment loss on other receivables 42 62,673 6,104 Impairment loss on debt investment 10 18,015 – Impairment loss/(Reversal of impairment loss) on property, plant and equipment and investment properties 7,615 (93,311) Negative goodwill on acquisition of subsidiaries 40 (48) (35,553) Profit on sale of property, plant and equipment and investment properties (net) (1,257,275) (35,896) Property, plant and equipment and investment properties written off 15,987 9,216 Share of after-tax profit of associates (86,832) (30,713) Share of after-tax profit of joint ventures (83,332) (76,779) Tax expense 542,568 87,908 388,782 420,456 Changes in working capital: Development properties (90,895) 561,336 Contract costs 8,119 (42,350) Contract assets (62,688) 102,901 Consumable stocks and trade and other receivables 29,296 (115,971) Trade and other payables and provisions (9,312) 29,585 Contract liabilities (54,290) 279,674 Employee benefits 3,034 (1,407) Cash generated from operations 212,046 1,234,224 Tax paid (337,558) (99,979) Net cash (used in)/from operating activities (125,512) 1,134,245 * Refer to Note 47 The accompanying notes form an integral part of these financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2022 CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 FINANCIALS 122 123
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