CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 200 201 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 YEAR ENDED 31 DECEMBER 2021 31 REVENUE (CONT’D) Disaggregation of revenue In the following table, revenue is disaggregated by geographical markets and timing of revenue recognition. The total disaggregated revenue of the Group excludes rental income from investment properties and dividend income from investments. The table also includes a reconciliation of the disaggregated revenue with the Group’s reportable segments. Reportable segments Property development Hotel operations Others Total 2021 2020 2021 2020 2021 2020 2021 2020 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Geographical market Singapore 853,818 715,944 143,878 144,183 151,910 132,446 1,149,606 992,573 China 274,829 72,646 25,662 17,368 – – 300,491 90,014 United States – – 254,997 155,530 – 3,393 254,997 158,923 United Kingdom 21,305 69,296 193,204 85,227 22 – 214,531 154,523 Australasia 104,518 97,968 95,661 87,817 40 – 200,219 185,785 Rest of Asia (excluding Singapore and China) – 10,086 152,997 146,043 – – 152,997 156,129 Other countries – – 6,719 4,277 – – 6,719 4,277 1,254,470 965,940 873,118 640,445 151,972 135,839 2,279,560 1,742,224 Timing of revenue recognition Products and services transferred at a point in time 417,452 295,195 873,118 640,445 3,994 3,957 1,294,564 939,597 Products and services transferred over time 837,018 670,745 – – 147,978 131,882 984,996 802,627 1,254,470 965,940 873,118 640,445 151,972 135,839 2,279,560 1,742,224 32 PROFIT/(LOSS) FOR THE YEAR The following items have been included in arriving at profit/(loss) for the year: Group Note 2021 2020 $’000 $’000 Other income Gain on loss of control in subsidiaries 39 – 32,897 Negative goodwill on acquisition of subsidiaries 39 35,553 – Gain on liquidation of subsidiaries 914 – Management fees and miscellaneous income 15,616 5,692 Profit on sale of property, plant and equipment and investment properties 35,896 133,401 87,979 171,990 Staff costs Contributions to defined contribution plans 36,729 37,769 (Decrease)/increase in liability for defined benefit plans 25 (17) 1,969 Increase in liability for short-term accumulating compensated absences 1,227 5,052 Wages and salaries 541,516 567,230 579,455 612,020 Less: Staff costs capitalised in: – development properties (7,726) (6,809) – investment properties (824) – Wage grant^ (28,961) (88,336) 541,944 516,875 Other expenses Amortisation of intangible assets 272 162 Audit fees paid to: – auditors of the Company 3,632 3,221 – other auditors 3,440 6,149 Non-audit fees: – auditors of the Company 1,812 1,587 – other auditors 3,368 1,753 Depreciation of: – property, plant and equipment* 4 177,280 179,426 – investment properties 5 99,993 107,541 Direct operating expenses arising from investment properties which are not leased – 3 Direct operating expenses arising from rental of investment properties (excluding depreciation) 108,149 107,330 Allowance made for foreseeable losses on development properties (net) 12 5,641 35,014 ^ Relates to wage grants received or receivable by the Group under the wage subsidy programmes introduced by various governments in the countries where the Group operates, in response to the COVID-19 pandemic. * Included grant income of $758,000 (2020: $3,786,000) deducted against depreciation of right-of-use assets.
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