Page 80 - ar2011

CDL Hospitality Trusts 78
The accompanying notes form an integral part of these fnancial statements.
HBT H-REIT Group Stapled Group
2011 2010 2011 2010 2011 2010
$’000 $’000 $’000 $’000 $’000 $’000
Cash fows from operating activities
Net (loss)/income (3) (1) 180,792 138,297 180,789 138,296
Adjustments for:
H-REIT Manager’s acquisition fee – – 1,540 – 1,540 –
H-REIT Manager’s management fees
paid/payable in Stapled Securities – – 9,354 8,126 9,354 8,126
Net fnance expense – – 13,167 16,562 13,167 16,562
Net surplus on revaluation of
investment properties – – (73,213) (51,391) (73,213) (51,391)
Operating (loss)/income before
working capital changes (3) (1) 131,640 111,594 131,637 111,593
Changes in working capital:
Trade and other receivables – – (2,875) (1,661) (2,875) (1,661)
Trade and other payables – (3) 3,081 6,332 3,081 6,329
Cash generated from operating
activities (3) (4) 131,846 116,265 131,843 116,261
Income tax paid – – (727) – (727) –
Net cash (used in)/from operating
activities (3) (4) 131,119 116,265 131,116 116,261
Cash fows from investing activities
Acquisition of investment properties – – (156,083) (237,894) (156,083) (237,894)
Capital expenditure on investment
properties – – (12,356) (6,682) (12,356) (6,682)
Interest received – – 639 186 639 186
Security deposit from acquisition of
investment property – – 1,600 – 1,600 –
Net cash used in investing activities – – (166,200) (244,390) (166,200) (244,390)
Balance carried forward (3) (4) (35,081) (128,125) (35,084) (128,129)
Statements of Cash Flows
Year ended 31 December 2011