Consolidated Statement of Cash Flows (continued) Consolidated Statement of Cash Flows (continued) For the financial year ended 31 December 2025 For the financial year ended 31 December 2025 Note 2025 2024 $’000 $’000 Cash flows from investing activities Acquisition of property, plant and equipment (54,268) (45,974) Acquisition of subsidiary 8 (12,609) – Proceeds from liquidation of associates 7 – 1,121 Development expenditure – investment properties (222,495) (82,908) Interest received 25,852 4,878 Dividend received 30,862 – Investment and loan in associates and joint ventures (90,825) (87,519) Loans to associates and joint ventures (1,982) (1,602) Proceeds from disposal of property, plant and equipment 76 138 Repayment of loans from joint ventures – 106,148 Net cash used in investing activities (325,389) (105,718) Cash flows from financing activities Capital injection by non-controlling interests 13,627 3,843 Capital contribution from immediate holding company 129,000 134,000 Changes in non-trade amounts due to joint ventures – 2,930 Changes in non-trade amounts due to non-controlling interests 16,475 17,625 Changes in non-trade amounts due to related corporation (33,680) 35,599 Dividends paid to owners of the Company (3,363) (5,250) Dividends paid to non-controlling interests – (45,957) Interest paid (149,647) (197,548) Payment of lease liabilities 27 (8,977) (2,616) Payment of upfront debt arrangement costs (9,426) (6,756) Proceeds from issuance of convertible bonds 7,392 2,128 Proceeds from loans and borrowings 1,471,630 697,364 Repayment of loans and borrowings (1,095,358) (655,881) Net cash generated from/(used in) financing activities 337,673 (20,519) Net increase/(decrease) in cash and cash equivalents 17,325 (106,230) Cash and cash equivalents at beginning of the year 107,020 216,422 Effect of exchange rate fluctuations on cash held (6,264) (3,172) Cash and cash equivalents at end of the year 11 118,081 107,020 The accompanying accounting policies and explanatory notes form an integral part of the financial statements. Significant non-cash transactions For the year ended 31 December 2025, the Group has the following significant non-cash transactions: • The dividend payable to the non-controlling interests of S$29.4 million was set off against the non-trade receivables from non-controlling interests of $29.4 million. • The capital injection by non-controlling interests of $6.5 million was set off against non-trade payable due to non-controlling interests of $6.5 million. For the year ended 31 December 2024, the Group has the following significant non-cash transactions: • The Company entered into a loan agreement with the immediate holding company with regards to the following outstanding balances with the immediate holding company as at 20 December 2024: - non-trade amount due from immediate holding company of $2.3 million; - non-trade amount due to immediate holding company of $473.0 million; - dividend payable to immediate holding company of $3.7 million; and - interest payable to immediate holding company of $10.0 million. The total outstanding amount due to immediate holding company of $484.4 million has been converted into a quasi-equity loan classified within equity where the Company is not required to repay the loan under any circumstances and the repayment is entirely at the discretion of the Company. The accompanying accounting policies and explanatory notes form an integral part of the financial statements. OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 175 174 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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