NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 39 ACQUISITION OF AND LOSS OF CONTROL IN SUBSIDIARIES, AND CHANGES IN INTERESTS IN SUBSIDIARIES WITHOUT LOSS OF CONTROL (CONT’D) (I) Acquisition of subsidiaries (cont’d) 2022 (cont’d) Identifiable assets acquired and liabilities assumed The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date: Recognised amounts Business combination Acquisition of assets Total $’000 $’000 $’000 Investment properties – 379,407 379,407 Trade and other receivables 17 698 715 Cash and cash equivalents 75 7,960 8,035 Trade and other payables (20) (14,906) (14,926) Lease liabilities – (37,005) (37,005) Provision for taxation – (384) (384) Net identifiable assets acquired 72 335,770 335,842 Cash flows relating to the acquisition Consideration for equity interest –^ 335,770 335,770 Add: Acquisition-related costs – 8,384 8,384 Less: Acquisition-related costs not yet paid – (5,579) (5,579) Less: Cash and cash equivalents acquired (75) (7,960) (8,035) Total net cash outflow (75) 330,615 330,540 ^ Less than $1,000 Negative goodwill Negative goodwill arising from the acquisition of CityNexus was recognised as follows: Total $’000 Consideration transferred –^ Fair value of the Group’s existing 30% interest in the associate 24 Less: Fair value of identifiable net assets 72 Negative goodwill (48) ^ Less than $1,000 The negative goodwill arising from the acquisition of CityNexus was recognised in “other income” in the Group’s consolidated profit or loss. The negative goodwill was attributed to the competitive pricing negotiated with the seller. 39 ACQUISITION OF AND LOSS OF CONTROL IN SUBSIDIARIES, AND CHANGES IN INTERESTS IN SUBSIDIARIES WITHOUT LOSS OF CONTROL (CONT’D) (II) Loss of control in subsidiaries 2022 (a) On 26 May 2022, following the Group’s distribution in specie of part of the CDLHT units that it held, to the Company’s ordinary shareholders (note 35), which reduced the Group’s interest in CDLHT from 38.89% to 27.21%, the Group lost control over CDLHT (note 43). CDLHT was deconsolidated on that date and became an associate of the Group. (b) On 7 March 2022, the Group, through its wholly-owned subsidiary, Singapura Developments (Private) Limited, disposed of its 100% equity interest in Bloomsville Investments Pte. Ltd. (Bloomsville) for a sale consideration (net of transaction costs) of $80.8 million. The Group recognised a total gain on the above transactions of approximately $501.7 million. Effects of disposals The cash flows and net assets of subsidiaries disposed of are provided below: Note CDLHT Bloomsville Total $’000 $’000 $’000 Property, plant and equipment 4 1,378,264 – 1,378,264 Investment properties 5 433,321 – 433,321 Other non-current assets 8,915 – 8,915 Derivative financial assets 20,122 – 20,122 Deferred tax assets 29 3,727 – 3,727 Consumable stocks 2,417 – 2,417 Trade and other receivables 22,125 – 22,125 Cash and cash equivalents 96,408 – 96,408 Assets held for sale – 55,072 55,072 Trade and other payables (43,237) – (43,237) Interest-bearing borrowings (1,107,754) – (1,107,754) Lease liabilities (128,276) – (128,276) Employee benefits (310) – (310) Other non-current liabilities (72,973) – (72,973) Provision for taxation (6,343) – (6,343) Deferred tax liabilities 29 (10,519) – (10,519) Provisions 28 (9,242) – (9,242) Liabilities directly associated with the assets held for sale – (1,583) (1,583) Carrying amount of net assets disposed 586,645 53,489 640,134 FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 213 212
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