Group Note 2025 2024 US$’000 US$’000 Cash flows from operating activities Net loss for the year before tax (83,575) (178,102) Adjustments for: Amortisation 6 10,070 8,985 Net change in provision for expected credit losses 5 291 594 Interest income (1,385) (3,277) Finance expenses 18 34,608 48,099 Net fair value change in derivatives 11,666 16,577 Net fair value change in investment properties 6 83,515 187,936 Loss on disposal of investment properties 3,323 1,618 Net unrealised foreign exchange (gains)/losses (70) 48 Operating income before working capital changes 58,443 82,478 Changes in working capital: Trade and other receivables 2,439 7,763 Prepayments 651 143 Financial derivatives − 2,027 Trade and other payables 742 1,014 Security deposits (129) (385) Rent received in advance (478) (3,068) Cash from operating activities 61,668 89,972 Tax paid (540) (1,090) Interest paid (30,484) (40,378) Net cash from operating activities 30,644 48,504 Cash flows from investing activities Proceeds from disposal of investment properties (net of transaction costs) 161,073 107,801 Payment for capital expenditure and other costs related to investment properties (23,673) (40,636) Interest received 1,385 3,277 Net cash from investing activities 138,785 70,442 Cash flows from financing activities Redemption of preferred units 11 (230) (115) Repayment of loans and borrowings 9 (186,000) (180,686) Payment of transaction costs relating to loans and borrowings 9 (762) − Movement in interest reserve accounts 6,671 4,732 Net cash used in financing activities (180,321) (176,069) Net decrease in cash and cash equivalents (10,892) (57,123) Cash and cash equivalents at beginning of the year 47,556 104,726 Effect of exchange rate fluctuations on cash held in foreign currency 65 (47) Cash and cash equivalents at end of the year 4 36,729 47,556 The accompanying notes form an integral part of the financial statements. CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2025 / 104 / EXPANDING HORIZONS
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