NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Significant non-cash transactions There were the following significant non-cash transactions during the year: 2023 • Dividends amounting to $1,263,000 were paid by a subsidiary to its non-controlling interests in the form of additional shares in that subsidiary. • Management fee income of $11,063,000 was received and receivable by the Group in the form of units in an associate. 2022 • Dividends amounting to $1,200,000 were paid by a subsidiary to its non-controlling interests in the form of additional shares in that subsidiary. • In May 2022, the Company distributed 144,191,823 stapled securities in CDL Hospitality Trusts (“CDLHT” and such stapled securities, the “CDLHT units”) that it held to its ordinary shareholders at 0.159 CDLHT Unit per ordinary share based on $1.27 per CDLHT Unit, amounting to $183,124,000 (Note 35). These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 22 March 2024. 1 DOMICILE AND ACTIVITIES City Developments Limited (the Company) is incorporated in the Republic of Singapore and has its registered office at 9 Raffles Place, #12-01 Republic Plaza, Singapore 048619. The principal activities of the Company are those of a property developer and owner, and investment holding. The principal activities of the subsidiaries are those of property developers and owners, hotel owners and operators, a club operator and owner, investment in properties and in shares, property management, project management and provision of consultancy, procurement and laundry services. The consolidated financial statements for the year ended 31 December 2023 relate to the Company and its subsidiaries (together referred to as the “Group” and individually as “Group entities”) and the Group’s interests in associates and joint ventures. The directors consider the immediate and ultimate holding company to be Hong Leong Investment Holdings Pte. Ltd., a company incorporated in the Republic of Singapore. 2 BASIS OF PREPARATION 2.1 Statement of compliance The financial statements have been prepared in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)s) and International Financial Reporting Standards (IFRSs). SFRS(I)s, issued by the Accounting Standards Council (Accounting Standards Committee under Accounting and Corporate Regulatory Authority with effect from 1 April 2023), comprises standards and interpretations that are equivalents to IFRSs as issued by the International Accounting Standards Board (IASB). All references to SFRS(I)s and IFRSs are subsequently referred to as SFRS(I) in the financial statements. 2.2 Basis of measurement The financial statements have been prepared on the historical cost basis except as otherwise described in the notes below. 2.3 Functional and presentation currency The financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial information has been rounded to the nearest thousand, unless otherwise stated. 2.4 Use of estimates and judgement The preparation of the financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively. CONSOLIDATED STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2023 FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 133 132
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