CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 FINANCIALS 206 207 NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2021 YEAR ENDED 31 DECEMBER 2021 34 EARNINGS PER SHARE (CONT’D) Group 2021 2020 Number of shares Number of shares Weighted average number of ordinary shares Weighted average number of ordinary shares during the year 906,901,330 906,901,330 Basic earnings per share 9.3 cents (212.8) cents Diluted earnings per share For the years ended 31 December 2021 and 31 December 2020, the diluted earnings per share is the same as basic earnings per share as the conversion of the non-redeemable convertible non-cumulative preference shares was considered anti-dilutive. 35 DIVIDENDS Company 2021 2020 $’000 $’000 Final tax exempt (one-tier) ordinary dividend paid of 8.0 cents (2020: 8.0 cents) per ordinary share in respect of the previous financial year 72,552 72,552 Special final tax exempt (one-tier) ordinary dividend paid of 4.0 cents (2020: 6.0 cents) per ordinary share in respect of the previous financial year 36,276 54,414 Special interim tax exempt (one-tier) ordinary dividend paid of 3.0 cents (2020: Nil cents) per ordinary share in respect of the current financial year 27,207 – Non-cumulative tax exempt (one-tier) preference dividend paid of 1.93 cents (2020: 1.94 cents) per preference share 6,399 6,417 Non-cumulative tax exempt (one-tier) preference dividend paid of 1.97 cents (2020: 1.96 cents) per preference share 6,505 6,487 148,939 139,870 After the respective reporting dates, the directors proposed the following ordinary dividends, which have not been provided for: Company 2021 2020 $’000 $’000 Final tax exempt (one-tier) ordinary dividend of 8.0 cents (2020: 8.0 cents) per ordinary share 72,552 72,552 Special final tax exempt (one-tier) ordinary dividend of 1.0 cents (2020: 4.0 cents) per ordinary share 9,069 36,276 81,621 108,828 35 DIVIDENDS (CONT’D) In respect of the year ended 31 December 2021, in addition to the proposed ordinary dividends above, the directors also proposed a distribution in specie of the units in CDLHT (“CDLHT units”) that the Group holds on the basis of 0.159 unit per ordinary share (“Proposed Distribution”). The Proposed Distribution is subject to and conditional upon, inter alia, the following: • the completion of the Restructuring Exercise (as defined in paragraph 4.1 of the announcement issued by the Company on 25 February 2022); • Approval of shareholders of the Proposed Distribution at the annual general meeting; and • All necessary waivers, consents and approvals from, inter alia, the SGX-ST and other third parties in connection with the Proposed Distribution being obtained. 36 LEASES Leases as lessee The Group leases hotel properties and office facilities. The leases of hotel properties and office facilities run for periods ranging from 1 to 128 years, with options to renew after lease expiry dates. Some leases provide for additional rent payments that are based on changes in local price indices. For certain leases, the Group is restricted from entering into any sub-lease arrangements. The leases for hotel properties were entered into many years ago as combined leases of land and buildings. The Group also leases IT equipment and motor vehicles under a number of leases. Amounts recognised in profit or loss 2021 2020 $’000 $’000 Interest on lease liabilities 10,240 8,962 Income from sub-leasing right-of-use assets presented in ‘revenue’ 3,250 1,676 Expenses relating to short-term leases 2,992 2,377 Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets 138 426 Amounts recognised in statement of cash flows 2021 2020 $’000 $’000 Payment of lease liabilities 21,087 21,059 Interest expense 10,240 8,962 Total cash outflow for leases 31,327 30,021
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