Consolidated Statement of Cash Flows Year ended 31 December 2023 The accompanying notes form an integral part of these financial statements. Note 2023 2022 $’000 $’000 Cash flows from operating activities Profit for the year 67,631 13,640 Adjustments for: Amortisation of intangible assets 8 2,604 2,604 Bad debts written off 421 257 Change in fair value of investment properties 6 (57,218) (56,822) Depreciation of property, plant and equipment 5 3,218 3,560 Foreign currency exchange (gain)/loss (net) (780) 513 Gain on disposal of property, plant and equipment – (1) Impairment losses on trade and other receivables 25 64 412 Net gain on disposal of a subsidiary 21 (28,541) – Net finance costs 22 171,209 112,676 Property, plant and equipment written off 1 1 Reversal of impairment of property, plant and equipment 5 (387) – Provision for long-term incentive plan 15 2,113 238 Share of results of associates and joint ventures, net of tax (68,665) (29,117) Tax expense 23 11,928 12,197 103,598 60,158 Changes in: – development properties 39,316 34,604 – inventories 36 127 – trade and other receivables (16,147) (35,957) – trade and other payables (7,594) 36,334 Cash generated from operations 119,209 95,266 Tax paid (4,676) (7,533) Net cash from operating activities 114,533 87,733 Cash flows from investing activities Acquisition of property, plant and equipment 5 (2,243) (4,623) Capital distribution by a joint venture 7 – 15,450 Development expenditure – investment properties (55,571) (127,818) Dividend from a joint venture 7 – 1,850 Interest received 2,544 904 Investment in associates and joint ventures (88,151) (135,778) Loans to associates and joint ventures (6,470) (34,773) Net cash inflows arising from acquisition of a subsidiary 26 782 109,278 Net cash inflows arising from dilution of a subsidiary group 132,669 – Proceeds from disposal of a subsidiary 32,569 – Proceeds from disposal of property, plant and equipment 14 6 Repayment of loans from joint ventures 3,729 11,539 Net cash from/(used in) investing activities 19,872 (163,965) 156 PERENNIAL HOLDINGS PRIVATE LIMITED
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