Group Note 2022 2021 $’000 $’000 Restated* Profit for the year 1,314,199 126,895 Other comprehensive income Items that will not be reclassified to profit or loss: Defined benefit plan remeasurements 14,742 4,582 Net change in fair value of equity investments at FVOCI 76,462 3,418 91,204 8,000 Items that are or may be reclassified subsequently to profit or loss: Effective portion of changes in fair value of cash flow hedges 18,272 473 Exchange differences on hedges of net investment in foreign operations (10,694) (4,939) Exchange differences on monetary items forming part of net investments in foreign operations (101,310) (20,494) Exchange differences reclassified to profit or loss on disposal of foreign operations 40 85,302 – Share of translation differences of equity-accounted investees (55,147) 25,570 Share of other comprehensive income of equity-accounted investees 615 4,637 Translation differences arising on consolidation of foreign operations (145,483) (18,511) (208,445) (13,264) Total other comprehensive income for the year, net of tax 34 (117,241) (5,264) Total comprehensive income for the year 1,196,958 121,631 Total comprehensive income attributable to: Owners of the Company 1,200,991 37,253 Non-controlling interests (4,033) 84,378 Total comprehensive income for the year 1,196,958 121,631 * Refer to Note 47 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 DECEMBER 2022 The accompanying notes form an integral part of these financial statements. Group Note 2022 2021 $’000 $’000 Restated* Revenue 32 3,293,413 2,625,853 Cost of sales (2,046,466) (1,648,140) Gross profit 1,246,947 977,713 Other income 33 1,783,032 87,979 Administrative expenses (593,680) (508,922) Other operating expenses (475,882) (241,738) Impairment loss on other receivables and debt investment 42 (80,688) (6,104) Profit from operating activities 1,879,729 308,928 Finance income 91,554 36,206 Finance costs (284,680) (237,823) Net finance costs 33 (193,126) (201,617) Share of after-tax profit of associates 86,832 30,713 Share of after-tax profit of joint ventures 83,332 76,779 Profit before tax 1,856,767 214,803 Tax expense 34 (542,568) (87,908) Profit for the year 33 1,314,199 126,895 Profit attributable to owners of the Company: – Ordinary shareholders 1,272,418 71,809 – Preference shareholders 12,904 12,904 1,285,322 84,713 Non-controlling interests 28,877 42,182 Profit for the year 1,314,199 126,895 Earnings per share – Basic 35 140.3 cents 7.9 cents – Diluted 35 135.0 cents 7.9 cents * Refer to Note 47 CONSOLIDATED STATEMENT OF PROFIT OR LOSS YEAR ENDED 31 DECEMBER 2022 The accompanying notes form an integral part of these financial statements. CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 FINANCIALS 116 117
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