FINANCIAL CONTENTS STATUTORY REPORTS AND ACCOUNTS Directors’ Statement 113 Independent Auditors’ Report 118 Statements of Financial Position 122 Consolidated Statement of Profit or Loss 124 Consolidated Statement of Comprehensive Income 125 Consolidated Statement of Changes in Equity 126 Consolidated Statement of Cash Flows 130 Notes to the Financial Statements 133 DIRECTORS’ STATEMENT The directors are pleased to present their statement to the members of City Developments Limited (the “Company”) together with the audited consolidated financial statements of the Company and its subsidiaries (the “Group”) for the financial year ended 31 December 2023. In our opinion: (a) the financial statements set out on pages 122 to 269 are drawn up so as to give a true and fair view of the financial position of the Group and of the Company as at 31 December 2023 and of the financial performance, changes in equity and cash flows of the Group for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”), Singapore Financial Reporting Standards (International) and International Financial Reporting Standards; and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. DIRECTORS The directors in office at the date of this statement are as follows: Kwek Leng Beng (Executive Chairman) Sherman Kwek Eik Tse (Executive Director) Lee Jee Cheng Philip Philip Yeo Liat Kok Ong Lian Jin Colin Daniel Marie Ghislain Desbaillets Chong Yoon Chou Chan Swee Liang Carolina (Carol Fong) Tang Ai Ai Mrs Wong Ai Ai Tan Kian Seng (Appointed on 10 March 2023) DIRECTORS’ INTERESTS Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, share options, warrants and/or debentures of the Company, or of related corporations, either at the beginning of the financial year, or date of appointment if later, or at the end of the financial year. The directors of the Company consider Hong Leong Investment Holdings Pte. Ltd. to be the immediate and ultimate holding company of the Company. According to the register of directors’ shareholdings kept by the Company under Section 164 of the Companies Act 1967 (the “Act”), particulars of interests of directors who held office at the end of the financial year (including those of their spouses and children below 18 years of age) in shares and/or share options of the Company and in related corporations are as follows: FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 113 112
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