NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 43 OPERATING SEGMENTS (CONT’D) Information about reportable segments (cont’d) Property development Hotel operations Investment properties Total Others Total $’000 $’000 $’000 $’000 $’000 $’000 Restated* Restated* Restated* 2021 Total revenue (including intersegment revenue) 1,254,470 883,784 407,155 2,545,409 193,959 2,739,368 Inter-segment revenue – (10,666) (66,037) (76,703) (36,812) (113,515) External revenue 1,254,470 873,118 341,118 2,468,706 157,147 2,625,853 Profit from operating activities 203,917 16,299 76,607 296,823 12,105 308,928 Share of after-tax profit/ (loss) of associates and joint ventures 114,606 (36,578) (5,297) 72,731 34,761 107,492 Finance income 22,443 3,153 4,342 29,938 6,268 36,206 Finance costs (96,201) (53,922) (64,285) (214,408) (23,415) (237,823) Net finance costs (73,758) (50,769) (59,943) (184,470) (17,147) (201,617) Reportable segment profit/ (loss) before tax 244,765 (71,048)^ 11,367 185,084 29,719 214,803 Depreciation and amortisation 3,895 131,337 123,389 258,621 26,388 285,009 ^ Hotel operations for 2021 comprise revenue and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) attributable to hotel rooms owned by the Group amounting to $577.0 million and $75.2 million respectively. Property development Hotel operations Investment properties Total Others Total $’000 $’000 $’000 $’000 $’000 $’000 Restated* Restated* Restated* 2021 Other material non-cash items Negative goodwill on acquisition of subsidiaries 25,776 – 9,777 35,553 – 35,553 Impairment loss on other receivables (2,449) (272) (1,814) (4,535) (1,569) (6,104) Impairment losses reversed/ (recognised) on property, plant and equipment and investment properties – 95,742 (2,043) 93,699 (388) 93,311 Allowance made for foreseeable losses on development properties (5,641) – – (5,641) – (5,641) * Refer to Note 47 43 OPERATING SEGMENTS (CONT’D) Information about reportable segments (cont’d) Property development Hotel operations Investment properties Total Others Total $’000 $’000 $’000 $’000 $’000 $’000 2022 Other material non-cash items Negative goodwill on acquisition of subsidiaries – – – – 48 48 Impairment loss on other receivables and debt investment – – – – (80,688) (80,688) Impairment losses reversed/ (recognised) on property, plant and equipment and investment properties – 31,770 (35,728) (3,958) (3,657) (7,615) Allowance made for foreseeable losses on development properties (61,766) – – (61,766) – (61,766) Investments in associates and joint ventures 792,971 568,531 598,566 1,960,068 386,669 2,346,737 Other segment assets 8,906,928 5,062,464 5,704,233 19,673,625 909,165 20,582,790 Reportable segment assets 9,699,899 5,630,995 6,302,799 21,633,693 1,295,834 22,929,527 Deferred tax assets 47,468 Tax recoverable 4,048 Total assets 22,981,043 Reportable segment liabilities 5,844,929 3,412,622 3,125,032 12,382,583 343,617 12,726,200 Deferred tax liabilities 350,253 Provision for taxation 339,768 Total liabilities 13,416,221 Additions to non-current assets** 6,351 662,054 935,752 1,604,157 98,413 1,702,570 ** Non-current assets include property, plant and equipment, investment properties, investments in associates and joint ventures, and intangible assets. CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 FINANCIALS 254 255
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