CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 180 181 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 YEAR ENDED 31 DECEMBER 2021 17 CASH AND CASH EQUIVALENTS Group Company Note 2021 2020 2021 2020 $’000 $’000 $’000 $’000 Fixed deposits 1,216,718 1,987,111 556,085 1,153,978 Cash at banks and in hand* 866,447 1,139,418 130,237 134,936 Cash and cash equivalents in the statements of financial position 2,083,165 3,126,529 686,322 1,288,914 Restricted deposits included in other non-current assets 11 89,630 110,620 Cash and cash equivalents included in assets held for sale 6 18,166 – 18 2,190,961 3,237,149 Restricted cash (246,828) (282,040) Cash and cash equivalents in the consolidated statement of cash flows 1,944,133 2,955,109 * Net of cash pool overdrafts As at 31 December 2021, cash and cash equivalents of $220,808,000 (2020: $180,085,000) of the Group were held under project accounts and withdrawals from which are restricted to payments for expenditure incurred on the Group’s development projects. As at 31 December 2020, cash and cash equivalents of the Group included an amount of $3,535,000 which was held in escrow accounts for payments to third party investors. Interest on cash at banks and fixed deposits for the Group and Company ranged from 0.01% to 2.93% (2020: 0.01% to 6.70%) and 0.02% to 2.36% (2020: 0.02% to 2.63%) per annum respectively during the year. Group Note 2021 2020 $’000 $’000 Restricted cash: – Current 157,198 171,420 – Non-current 11 89,630 110,620 246,828 282,040 Restricted cash comprise mainly deposits pledged to financial institutions as collateral for credit facilities granted (see note 22), guarantees given in connection with the Group’s continuing involvement in various Profit Participation Securities (notes 10 and 44) and restricted deposits received from the buyer for the sale of a hotel property. 18 SHARE CAPITAL Company 2021 2020 Number of shares $’000 Number of shares $’000 Issued and fully paid ordinary share capital with no par value: At 1 January and 31 December 906,901,330 1,661,179 906,901,330 1,661,179 Issued and fully paid non-redeemable convertible non-cumulative preference share capital with no par value: At 1 January and 31 December 330,874,257 330,218 330,874,257 330,218 1,991,397 1,991,397 At the reporting date, the Company held 2,400,000 (2020: 2,400,000) ordinary shares as treasury shares. Ordinary share capital The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per ordinary share at General Meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets. Preference share capital The Company has in issue 330,874,257 (2020: 330,874,257) non-redeemable convertible non-cumulative preference shares (Preference Shares), listed on the Official List of Singapore Exchange Securities Trading Limited. The Preference Shares are convertible only at the option of the Company, into fully-paid ordinary shares of the Company at the conversion ratio of 0.136 ordinary share for each Preference Share. In the event the Company exercises its right of conversion, the Company shall pay to preference shareholders a one-off preference cash dividend at the fixed rate of 64% (net) of the issue price for each Preference Share (Additional Preference Dividend) and any preference dividend accrued but unpaid. As at 31 December 2021, a maximum number of 44,998,898 (2020: 44,998,898) ordinary shares are issuable upon full conversion at the sole option of the Company of all the Preference Shares. Holders of Preference Shares have no voting rights, except under certain circumstances provided for in the Singapore Companies Act and as set out in the Company’s Constitution. The Preference Shares rank: (i) pari passu without any preference or priority among themselves; and (ii) in priority over the ordinary shares (a) in respect of payment of the preference dividend (when, as and if declared) and the Additional Preference Dividend; and (b) in the event of a winding-up of or return of capital by the Company, payment of any preference dividend that has accrued to holders of Preference Shares and is unpaid, the Additional Preference Dividend (whether or not then due) as well as the amount paid up on the Preference Shares (including the premium paid thereon).
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