CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2024 Group Note 2024 2023 US$’000 US$’000 Cash flows from operating activities Net loss for the year before tax (178,102) (396,989) Adjustments for: Amortisation 6 8,985 8,346 Net change in provision for expected credit losses 5 594 634 Interest income (3,277) (617) Finance expenses 18 48,099 46,020 Manager’s base fee paid/payable in Units − 3,795 Property Manager’s management fee paid/payable in Units − 2,506 Net fair value change in derivatives 16,577 15,653 Net fair value change in investment properties 6 187,936 438,561 Loss on disposal of investment properties 1,618 908 Net unrealised foreign exchange losses/(gains) 48 (42) Operating income before working capital changes 82,478 118,775 Changes in working capital: Trade and other receivables 7,763 (9,161) Prepayments 143 (464) Financial derivatives 2,027 − Trade and other payables 1,014 10,574 Security deposits (385) 117 Rent received in advance (3,068) 1,805 Cash from operating activities 89,972 121,646 Tax paid (1,090) (90) Interest paid (40,378) (44,735) Net cash from operating activities 48,504 76,821 Cash flows from investing activities Proceeds from disposal of investment properties (net of transaction costs) 107,801 130,441 Payment for capital expenditure and other costs related to investment properties (40,636) (44,475) Interest received 3,277 617 Net cash from investing activities 70,442 86,583 Cash flows from financing activities Redemption of preferred units 11 (115) (253) Proceeds from loans and borrowings 9 − 242,000 Repayment of loans and borrowings 9 (180,686) (349,000) Payment of transaction costs relating to loans and borrowings, including costs incurred in relation to the Master Restructuring Agreement 9 − (3,882) Distributions paid to Unitholders − (38,019) Movement in interest reserve account 4,732 (22,419) Net cash used in financing activities (176,069) (171,573) Net decrease in cash and cash equivalents (57,123) (8,169) Cash and cash equivalents at beginning of the year 104,726 112,863 Effect of exchange rate fluctuations on cash held in foreign currency (47) 32 Cash and cash equivalents at end of the year 4 47,556 104,726 The accompanying notes form an integral part of the financial statements. ANNUAL REPORT 2024 | 149
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