Group Note 2024 2023 $’000 $’000 Cash flows from operating activities Profit for the year 211,964 348,806 Adjustments for: Depreciation and amortisation 277,323 254,030 Dividend income (5,319) (6,177) Finance income (95,870) (97,970) Finance costs 559,070 525,013 Gain on disposal/liquidation of a subsidiary and dilution of interest in associates (net) (89,162) (2,781) Reversal of impairment loss on property, plant and equipment and investment properties (net) (40,284) (10,288) Management fee income received/receivable in the form of units in an associate (11,255) (11,063) Negative goodwill on acquisition of subsidiaries 39 – (38,752) Profit on sale of property, plant and equipment and investment properties (net) (138,573) (109,908) Property, plant and equipment and investment properties written off 5,611 7,608 Share of after-tax profit of associates (14,150) (3,415) Share of after-tax profit of joint ventures (46,641) (44,233) Tax expense 162,061 123,762 774,775 934,632 Changes in working capital: Development properties 69,396 1,230,668 Contract costs (24,452) 42,582 Contract assets 617,240 (472,037) Consumable stocks and trade and other receivables (313,674) (93,312) Trade and other payables and provisions (84,212) (2,686) Contract liabilities (3,015) (464,834) Employee benefits 7,308 1,403 Cash generated from operations 1,043,366 1,176,416 Tax paid (113,693) (226,063) Net cash from operating activities 929,673 950,353 The accompanying notes form an integral part of these financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS Year ended 31 December 2024 FINANCIALS CITY DEVELOPMENTS LIMITED 98
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