NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 10 FINANCIAL ASSETS (CONT’D) (c) Equity investments designated at FVOCI The Group designated the equity investments shown below as equity investments at FVOCI because these equity investments represent investments that the Group intends to hold for the long-term for strategic purposes. Group Company Fair value Dividend income recognised Fair value Dividend income recognised $’000 $’000 $’000 $’000 2023 Unquoted investment in a fellow subsidiary: – Hong Leong Holdings Limited 404,089 3,206 404,089 3,206 Unquoted investment in a non-related company: – Singapore-Suzhou Township Development Pte. Ltd. 22,264 863 – – Quoted investment in a fellow subsidiary: – Hong Leong Finance Limited 27,203 1,822 22,874 1,533 2022 Unquoted investment in a fellow subsidiary: – Hong Leong Holdings Limited 407,903 2,295 407,903 2,295 Unquoted investment in a non-related company: – Singapore-Suzhou Township Development Pte. Ltd. 24,261 905 – – Quoted investment in a fellow subsidiary: – Hong Leong Finance Limited 26,006 1,306 21,868 1,098 In 2022, the Group disposed one of the other equity investments designated at FVOCI due to privatisation of the investee. The investment had a fair value of $13,342,000 at the date of disposal, and the cumulative gain on disposal amounted to $4,003,000. The cumulative gain on disposal was reclassified from fair value reserve to accumulated profits. Information about the Group’s and the Company’s exposures to credit and market risks, and fair value measurement, is included in note 41. 11. DERIVATIVE FINANCIAL ASSETS/(LIABILITIES) Group Company 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Derivative financial assets Cross currency swaps 37,503 43,696 37,503 43,696 Forward exchange contracts 2,427 49,636 2,427 49,636 Interest rate swaps 14,388 18,917 14,388 18,917 54,318 112,249 54,318 112,249 Non-current 22,528 40,449 22,528 40,449 Current 31,790 71,800 31,790 71,800 54,318 112,249 54,318 112,249 Derivative financial liabilities Cross currency swaps – (780) – (780) Forward exchange contracts (10,486) (780) (10,486) (780) Interest rate swaps (6,479) (645) (6,479) (645) (16,965) (2,205) (16,965) (2,205) Non-current (6,479) (645) (6,479) (645) Current (10,486) (1,560) (10,486) (1,560) (16,965) (2,205) (16,965) (2,205) As at the reporting date, the Group and the Company have cross-currency swaps, forward exchange contracts and interest rate swaps with a total notional amount of $530,303,000 (2022: $559,484,000), $1,284,523,000 (2022: $1,008,329,000) and $1,715,387,000 (2022: $840,952,000) respectively. 12. OTHER NON-CURRENT ASSETS Group Company Note 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Amounts owing by subsidiaries 7 – – 7,641,397 6,428,732 Amount owing by joint ventures 9 292,834 274,332 – – Deposits 11,898 11,946 – – Other receivables 7,256 6,682 – – Restricted bank deposits 18 110,802 6,494 – – 422,790 299,454 7,641,397 6,428,732 Prepayments 28,128 288 – – Intangible assets 1,609 1,714 – – Deferred tax assets 29 28,804 47,468 – – 481,331 348,924 7,641,397 6,428,732 FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 179 178
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