CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 120 121 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 Group Note 2021 2020 $’000 $’000 Cash flows used in financing activities brought forward (724,520) (148,190) Payment for corporate guarantee (286,132) – Payment of financing transaction costs (7,214) (11,855) Proceeds from bank borrowings 1,789,896 1,561,958 Repayment of bank borrowings (2,134,997) (300,515) Proceeds from issuance of bonds and notes 335,000 898,990 Repayment of bonds and notes (249,132) (436,795) Net cash (used in)/from financing activities (1,277,099) 1,563,593 Net (decrease)/increase in cash and cash equivalents (1,006,261) 131,405 Cash and cash equivalents at beginning of the year 2,955,109 2,789,569 Effect of exchange rate changes on balances held in foreign currencies (4,715) 34,135 Cash and cash equivalents at end of the year 17 1,944,133 2,955,109 * The net cash used in operating activities in 2020 was attributable to the payment for the acquisition of land site (including stamp duty) at Irwell Bank Road amounting to $670 million. Significant non-cash transactions There were the following significant non-cash transactions during the year: • Dividends amounting to $1,287,000 (2020: $1,123,000) were paid by a subsidiary to its non-controlling interests in the form of additional shares in that subsidiary. • During 2021, in connection with the Group’s disposal of its interest in HCP Chongqing Property Development Co., Ltd (HCP), an offshore investment vehicle that holds an indirect 80.01% equity interest in Chongqing Sincere Yuanchuang Industrial Co., Ltd and its subsidiaries (Sincere Property Group), the Group entered into various agreements with HCP Group whereby it was agreed that (i) the amount owing to HCP Group of $263.7 million would be set off against the amounts owing by HCP Group; and (ii) the collateral held by the Group in respect of the amounts owing by HCP Group, which relates to shares in a property-owning entity which had been pledged by HCP Group to the Group, would be transferred to the Group, as settlement of $54.1 million (RMB260.0 million) of the amounts owing by HCP Group. CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2021 The accompanying notes form an integral part of these financial statements. These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 21 March 2022. 1 DOMICILE AND ACTIVITIES City Developments Limited (the Company) is incorporated in the Republic of Singapore and has its registered office at 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619. The principal activities of the Company are those of a property developer and owner, and investment holding. The principal activities of the subsidiaries are those of property developers and owners, hotel owners and operators, a club operator and owner, investment in properties and in shares, property management, project management and provision of consultancy services, procurement services and laundry services. The consolidated financial statements for the year ended 31 December 2021 relate to the Company and its subsidiaries (together referred to as the “Group” and individually as “Group entities”) and the Group’s interests in associates and joint ventures. The directors consider the immediate and ultimate holding company to be Hong Leong Investment Holdings Pte. Ltd., a company incorporated in the Republic of Singapore. 2 BASIS OF PREPARATION 2.1 Statement of compl iance The financial statements have been prepared in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)s) and International Financial Reporting Standards (IFRSs). SFRS(I)s, issued by the Accounting Standards Council (ASC), comprises standards and interpretations that are equivalents to IFRSs as issued by the International Accounting Standards Board (IASB). All references to SFRS(I)s and IFRSs are subsequently referred to as SFRS(I) in the financial statements. The changes to significant accounting policies are described in note 2.5. 2.2 Basis of measurement The financial statements have been prepared on the historical cost basis except as otherwise described in the notes below. 2.3 Funct ional and presentat ion currency The financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial information has been rounded to the nearest thousand, unless otherwise stated.
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