NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 31 REVENUE (CONT’D) As at 31 December 2023, the Group has property development income of $467,188,000 (2022: $1,100,870,000) which is expected to be recognised over the next four years (2022: three years) as construction of the development properties progresses. The Group has applied the practical expedient in paragraph 121 of SFRS(I) 15 and does not disclose information about its remaining performance obligations if: • the performance obligation is part of a contract that has an original expected duration of one year or less; or • the Group has a right to invoice a customer in an amount that corresponds directly with its performance to date, and it recognises revenue in that amount. Disaggregation of revenue from customers In the following table, revenue from customers is disaggregated by geographical markets and timing of revenue recognition. The total disaggregated revenue of the Group excludes rental income from investment properties and dividend income from investments. The table also includes a reconciliation of the disaggregated revenue with the Group’s reportable segments. Reportable segments Property development Hotel operations Others Total 2023 2022 2023 2022 2023 2022 2023 2022 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Geographical market Singapore 2,110,209 1,111,261 288,976 251,973 194,311 183,800 2,593,496 1,547,034 Japan 495,547 – – 1,575 – – 495,547 1,575 China 101,430 139,742 37,314 15,205 – – 138,744 154,947 United States – – 475,961 448,448 – – 475,961 448,448 United Kingdom 50,257 62,443 361,608 354,683 60 62 411,925 417,188 Australasia 35,103 68,876 85,152 74,975 – 98 120,255 143,949 Rest of Asia (excluding Singapore and China) 24 – 211,966 203,738 – – 211,990 203,738 Other countries – – 37,538 30,067 – – 37,538 30,067 2,792,570 1,382,322 1,498,515 1,380,664 194,371 183,960 4,485,456 2,946,946 Timing of revenue recognition Products and services transferred at a point in time 1,760,838 309,454 442,139 419,780 2,264 2,850 2,205,241 732,084 Products and services transferred over time 1,031,732 1,072,868 1,056,376 960,884 192,107 181,110 2,280,215 2,214,862 2,792,570 1,382,322 1,498,515 1,380,664 194,371 183,960 4,485,456 2,946,946 32 PROFIT FOR THE YEAR The following items have been included in arriving at profit for the year: Group Note 2023 2022 $’000 $’000 Other income Gain on disposal of subsidiaries 39 – 501,726 Gain on dilution of associates 2,776 – Gain on liquidation of subsidiaries 5 – Recognition of deferred gain on subsidiary disposed in prior years – 6,635 Negative goodwill on acquisition of subsidiaries 39 38,752 48 Management fees and miscellaneous income 6,796 17,348 Profit on sale of property, plant and equipment and investment properties 109,908 1,257,275^^ 158,237 1,783,032 Staff costs Contributions to defined contribution plans 42,113 44,485 Increase in liability for defined benefit plans 25 586 654 Increase/(Decrease) in liability for short-term accumulating compensated absences 2,370 (3,841) Long-term benefits 2,013 890 Wages and salaries 688,190 689,062 735,272 731,250 Less: Staff costs capitalised in: – development properties (16,370) (14,101) – investment properties (1,008) (1,228) – property, plant and equipment – (226) Wage grant^ – (3,002) 717,894 712,693 Other expenses Amortisation of intangible assets 471 158 Audit fees paid to: – auditors of the Company and other firms affiliated with KPMG International Limited* 6,873 7,068 – other auditors 303 46 Non-audit fees: – auditors of the Company and other firms affiliated with KPMG International Limited* 2,898 3,282 – other auditors 457 301 Depreciation of: – property, plant and equipment# 4 138,547 160,314 – investment properties 5 115,012 115,954 Direct operating expenses arising from rental of investment properties (excluding depreciation) 154,780 109,551 FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 199 198
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