Annual Report 2007 - The Link REIT

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84 The Link Real Estate Investment Trust Annual Report 2007 Consolidated Statement of Cash Flow For the year ended 31 March 2007 Period from 6 September 2005 to 31 March 2006 (Operational since Year ended 25 November 2005, 31 March 2007 the listing date) Note HK$’M HK$’M Operating activities Net cash generated from operating activities 22 2,756 938 Investing activities Acquisition of retail and carpark business – (33,798) Additions to investment properties 13 (271) (21) Additions to property, plant and equipment 14 (29) (9) Interest income received 50 3 Increase in time deposits with original maturity over three months (1,022) (453) Net cash used in investing activities (1,272) (34,278) Financing activities Proceeds from issuance of new units – 21,634 Proceeds from interest bearing liabilities, net of transaction costs 12,173 12,169 Repayment of interest bearing liabilities (12,169) – Interest expenses paid on interest bearing liabilities (580) (149) Distributions paid to unitholders (1,169) – Net cash (used in)/generated from financing activities (1,745) 33,654 Net (decrease)/increase in cash and cash equivalents (261) 314 Cash and cash equivalents at beginning of the year/period 314 – Cash and cash equivalents at end of the year/period 53 314 The above consolidated statement of cashflow should be read with the accompanying notes to these consolidatedfinancial statements.
Annual Report 2007 The Link Real Estate Investment Trust 85 Notes to the Consolidated Financial Statements 1 Corporate information The Link Real Estate Investment Trust (the “Trust” or “The Link REIT”) is constituted by a trust deed (“Trust Deed”) entered into on 6 September 2005 (as amended by the First Supplement Deed dated 4 November 2005, the Second Supplemental Deed dated 8 November 2005, the Third Supplemental Deed dated 16 January 2006 and the Fourth Supplemental Deed dated 21 November 2006) and is an authorised unit trust under section 104 of the Securities and Futures Ordinance. The principal activity of The Link REIT and its subsidiaries (the “Group”) is investment in retail and carpark operations (“RC Operations”) in Hong Kong. The address of the registered office of the Manager and the Trustee, HSBC Institutional Trust Services (Asia) Limited, is 18th Floor, 8 Queen’s Road Central, Hong Kong, and 1 Queen’s Road Central, Hong Kong, respectively. 2 Basis of preparation The consolidated financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards (“HKFRS”), the requirements of the Trust Deed and the relevant disclosure requirements as set out in Appendix C of the Code on Real Estate Investment Trusts issued by the Securities and Futures Commission of Hong Kong (the “REIT Code”). HKFRS is a collective term which includes all applicable Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKAS”) and Interpretations issued by the Hong Kong Institute of Certified Public Accountants. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of investment properties and derivativefinancial instruments, which are stated at fair values as explained in the significant accounting policies set out in note 3. The preparation of the consolidatedfinancial statements in conformity with HKFRS requires the use of certain critical accounting estimates. It also requires the Manager to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidatedfinancial statements, are disclosed in note 4. For the year ended 31 March 2007, the Group has adopted all the new standards, amendments to standards and interpretations that are currently in issue and effective for the Group’s accounting periods beginning on or after 1 April 2006. However, the adoption of these new standards does not have any significant effect on the accounting policies or results andfinancial position of the Group. The consolidatedfinancial statements are presented in Hong Kong Dollars, which is also the functional currency of The Link REIT.
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