NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 42 OPERATING SEGMENTS (CONT’D) Information about reportable segments (cont’d) Property development Hotel operations Investment properties Total Others Total $’000 $’000 $’000 $’000 $’000 $’000 2023 Other material non-cash items Negative goodwill on acquisition of subsidiaries 38,752 – – 38,752 – 38,752 Impairment losses reversed/ (recognised) on property, plant and equipment and investment properties – 54,037 (43,749) 10,288 – 10,288 Allowance made for foreseeable losses on development properties (49,663) – – (49,663) – (49,663) Investments in associates and joint ventures 754,359 601,925 630,309 1,986,593 488,297 2,474,890 Other segment assets 8,275,100 5,383,906 7,140,420 20,799,426 911,213 21,710,639 Reportable segment assets 9,029,459 5,985,831 7,770,729 22,786,019 1,399,510 24,185,529 Deferred tax assets 28,804 Tax recoverable 19,689 Total assets 24,234,022 Reportable segment liabilities 5,769,439 3,537,063 4,349,352 13,655,854 444,387 14,100,241 Deferred tax liabilities 368,510 Provision for taxation 225,927 Total liabilities 14,694,678 Additions to non-current assets** 23,719 263,056 1,514,887 1,801,662 134,589 1,936,251 ** Non-current assets include property, plant and equipment, investment properties, investments in associates and joint ventures, and intangible assets. 42 OPERATING SEGMENTS (CONT’D) Information about reportable segments (cont’d) Property development Hotel operations Investment properties Total Others Total $’000 $’000 $’000 $’000 $’000 $’000 2022 Total revenue (including inter-segment revenue) 1,382,322 1,394,936 375,991 3,153,249 221,788 3,375,037 Inter-segment revenue – (14,272) (34,828) (49,100) (32,524) (81,624) External revenue 1,382,322 1,380,664^ 341,163 3,104,149 189,264 3,293,413 Profit from operating activities 119,685 1,406,099 430,354 1,956,138 (76,409) 1,879,729 Share of after-tax profit/ (loss) of associates and joint ventures 121,132 (1,340) 20,235 140,027 30,137 170,164 Finance income 19,636 61,434 2,869 83,939 7,615 91,554 Finance costs (99,154) (82,972) (69,908) (252,034) (32,646) (284,680) Net finance costs (79,518) (21,538) (67,039) (168,095) (25,031) (193,126) Reportable segment profit/ (loss) before tax 161,299 1,383,221 383,550 1,928,070 (71,303) 1,856,767 Depreciation and amortisation 3,551 120,598 125,218 249,367 27,059 276,426 Other material non-cash items Negative goodwill on acquisition of subsidiaries – – – – 48 48 Impairment loss on other receivables and debt investment – – – – (80,688) (80,688) Impairment losses reversed/ (recognised) on property, plant and equipment and investment properties – 31,770 (35,728) (3,958) (3,657) (7,615) Allowance made for foreseeable losses on development properties (61,766) – – (61,766) – (61,766) ^ Hotel operations for 2022 comprise revenue and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) attributable to hotel rooms owned by the Group of $960.9 million and $165.6 million respectively. FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 253 252
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