NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 16 TRADE AND OTHER RECEIVABLES (CONT’D) (a) Included in other receivables of the Group as at 31 December 2023 is a receivable of $374.0 million (2022: $382.7 million) from HCP Chongqing Property Development Co., Ltd (HCP) and its subsidiaries (HCP Group) which has been fully impaired. (b) The reimbursement asset as at 31 December 2022 related to reimbursements from the buyer of Millennium Hilton Seoul for costs that the Group would incur under certain contracts in respect of the hotel arising from the sale of the hotel (note 28). The buyer had fully reimbursed the Group in 2023. Information about the Group’s and Company’s exposure to credit risk on other receivables is included in note 41. 17 AMOUNTS OWING BY AND TO FELLOW SUBSIDIARIES Group Company Note 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Amounts owing by fellow subsidiaries: – trade 16 132 250 – – Amounts owing to fellow subsidiaries: – trade 4 123 – – – non-trade, interest-free 104,056 110,406 – – – non-trade, interest-bearing 14,814 183,511 – – 30 118,874 294,040 – – Fellow subsidiaries are subsidiaries of the immediate holding company. The non-trade amounts owing to fellow subsidiaries are unsecured and repayable on demand. In respect of interest-bearing amounts owing to fellow subsidiaries, interest was charged at 2.00% (2022: 2.00%) per annum. 18 CASH AND CASH EQUIVALENTS Group Company Note 2023 2022 2023 2022 $’000 $’000 $’000 $’000 Fixed deposits 1,101,238 1,484,627 396,235 425,488 Cash at banks and in hand 1,299,193 878,570 137,566 189,011 Cash and cash equivalents in the statements of financial position 2,400,431 2,363,197 533,801 614,499 Restricted deposits included in other non-current assets 12 110,802 6,494 19 2,511,233 2,369,691 Restricted cash (141,405) (121,544) Bank overdrafts* 21 (325,630) – Cash and cash equivalents in the consolidated statement of cash flows 2,044,198 2,248,147 * In 2022, cash pool overdrafts of $313,521,000 were set off against cash and cash equivalents in the statement of financial position. The presentation has changed in the current year. The cash pool overdrafts are part of the Group’s cash-pooling arrangements with banks where certain subsidiaries’ cash deposits and overdrafts are pooled to optimise its cash balances. 18 CASH AND CASH EQUIVALENTS (CONT’D) As at 31 December 2023, cash and cash equivalents of $116,470,000 (2022: $272,110,000) of the Group were held under project accounts and withdrawals from these project accounts are restricted to payments for expenditure incurred on the Group’s development projects. Cash at banks and fixed deposits for the Group and Company bore interest at 0.05% to 6.05% (2022: 0.10% to 5.70%) and 3.00% to 4.17% (2022: 3.00% to 4.51%) per annum respectively, as at 31 December 2023. Group Note 2023 2022 $’000 $’000 Restricted cash: – Current 30,603 115,050 – Non-current 12 110,802 6,494 141,405 121,544 As at 31 December 2023 and 31 December 2022, restricted cash comprise mainly deposits pledged to financial institutions as collateral for credit facilities granted (see note 22). 19 SHARE CAPITAL Company 2023 2022 Number of shares $’000 Number of shares $’000 Issued and fully paid ordinary share capital with no par value: At 1 January and 31 December 906,901,330 1,661,179 906,901,330 1,661,179 Issued and fully paid non-redeemable convertible non-cumulative preference share capital with no par value: At 1 January 330,874,257 330,218 330,874,257 330,218 Less: Purchase and cancellation of preference shares (33,087,425) (25,808) – – At 31 December 297,786,832 304,410 330,874,257 330,218 1,965,589 1,991,397 At the reporting date, the Company held 2,400,000 (2022: 2,400,000) ordinary shares as treasury shares. During the year, the Company acquired 33,087,425 (2022: Nil) preference shares for a total consideration of $25,808,000 (2022: Nil) and subsequently, cancelled them. Ordinary share capital The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per ordinary share at general meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets. FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 183 182
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