200 AL-SALĀM REIT STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 ANNUAL REPORT 2023 Group Fund 2023 2022 2023 2022 RM RM RM RM Cash flows from operating activities Profit before tax 21,883,609 66,001,130 21,643,263 65,731,806 Adjustments for: Finance costs on loan: - Finance costs charged by financing institution 34,550,046 26,629,136 34,550,046 26,629,136 - Imputed finance costs 1,942,197 1,747,164 1,942,197 1,747,164 Depreciation of equipment 204,893 180,748 204,893 180,748 Fair value gain on investment properties (12,582,560) (46,674,736) (12,582,560) (46,674,736) Investment income (935,781) (511,630) (935,781) (511,630) Unbilled rental income (3,229,641) (3,593,176) (3,229,641) (3,593,176) Allowance for expected credit losses of trade receivables 1,500,000 142,646 1,500,000 142,646 Operating profit before working capital changes 43,332,763 43,921,282 43,092,417 43,651,958 Decrease/(increase) in: Trade receivables 1,842,688 8,568,116 1,842,688 8,568,116 Other receivables and prepaid expenses (1,206,499) (1,453,803) (1,217,669) (1,428,925) Amount due from immediate holding company 6,436 (26,373) 6,436 (26,373) Amount due from related companies (384,242) (108,804) (384,242) (108,804) (Decrease)/increase in: Other payables and accrued expenses (2,476,000) (125,363) (2,468,153) (98,210) Amount due to immediate holding company - (54,496) - (54,496) Amount due to related companies 1,462,510 381,738 1,462,510 381,738 Net cash generated from operating activities 42,577,656 51,102,297 42,333,987 50,885,004 Cash flows from investing activities Income received from other investments 935,781 511,630 935,781 511,630 Purchase of equipment (270,794) (275,101) (270,794) (275,101) Additions to investment properties (2,257,800) (262,088) (2,257,800) (262,088) Net cash used in investing activities (1,592,813) (25,559) (1,592,813) (25,559) Cash flows from financing activities Increase in pledged deposits with licensed banks (2,242,000) (31,000) (42,000) (31,000) Income distributions paid (15,079,757) (16,239,915) (15,079,757) (16,239,915) Islamic financing costs paid (31,738,233) (26,591,583) (31,741,078) (26,592,739) Transaction cost paid (3,597,100) (133,800) (3,597,100) (129,800) Increase/(decrease) in amount due to a subsidiary - - 2,146,891 155,358 Net drawdown in Sukuk Issue 3 4,000,000 - Net cash used in financing activities (48,657,090) (42,996,298) (48,313,044) (42,838,096) Net increase in cash and cash equivalents (7,672,247) 8,080,440 (7,571,870) 8,021,349 Cash and cash equivalents at beginning of year 37,084,627 29,004,187 36,955,715 28,934,366 Cash and cash equivalents at end of year (Note 14) 29,412,380 37,084,627 29,383,845 36,955,715 The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
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