Consolidated Statement of Cash Flows Year ended 31 December 2024 Note 2024 2023 $’M $’M Cash flows from investing activities Acquisition of/development expenditure in investment properties (173) (725) Acquisition of subsidiaries 29(b) (144) (47) Deposits received for disposal of investment properties 24 1 Disposal of subsidiaries 29(d) 1,134 378 Dividends received from associates and joint ventures and other investments 441 413 Interest income received 52 54 Investments in associates, joint ventures and other investments (325) (344) Net proceeds from disposal of investment properties, property, plant and equipment and other financial assets 1,162 68 Proceeds from disposal of assets held for sale 404 – Purchase of intangible assets (19) (23) Settlement of hedging instruments 11 38 Net cash generated from/(used in) investing activities 2,567 (187) Cash flows from financing activities Contributions from non-controlling interests 17 334 Dividends paid to non-controlling interests (178) (158) Distributions to perpetual securities holders (14) (13) Dividends paid to shareholders (609) (615) Interest expense paid (498) (481) Repayment of loans from associates and joint ventures (18) (34) Purchase of treasury shares (358) (64) Payment for acquisition of ownership interests in subsidiaries with no change in control (25) (14) Proceeds from bank borrowings 5,732 4,625 Proceeds from issuance of debt securities 844 849 Repayments of lease liabilities (64) (61) Repayments of bank borrowings (7,596) (4,791) Repayments of debt securities (247) (263) Repayment of bank borrowings classified as liabilities held for sale (234) – (Repayment of)/proceeds from loans from related companies (7) 56 Decrease/(increase) in bank deposits pledged for bank facilities 6 (7) Net cash used in financing activities (3,249) (637) Net decrease in cash and cash equivalents (121) (142) Cash and cash equivalents at beginning of the year 2,439 2,624 Effect of exchange rate changes on cash balances held in foreign currencies (24) (38) Cash and cash equivalents reclassified to assets held for sale 13 – (5) Cash and cash equivalents at end of the year 14 2,294 2,439 Significant non-cash transactions In 2024, the Group participated in the distribution reinvestment plans (DRP) of CapitaLand Integrated Commercial Trust and CapitaLand China Trust to receive units in lieu of cash in respect of their distribution for the period from 1 July 2023 to 31 December 2023. The total value of the Group’s participation in the above DRP amounted to $95 million. In May 2023, the Company completed a distribution in specie of 291,982,358 stapled securities in CapitaLand Ascott Trust (CLAS) to its shareholders based on 0.057013 CLAS stapled securities per ordinary share. Based on the closing market price of CLAS stapled securities on 11 May 2023 of $1.07, the distribution in specie amounted to $312 million. The accompanying notes form an integral part of these financial statements. 98 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 14 March 2025. 1 DOMICILE AND ACTIVITIES CapitaLand Investment Limited (the Company or CLI) is incorporated in the Republic of Singapore and has its registered office at 168 Robinson Road, #30-01, Capital Tower, Singapore 068912. The Company’s immediate and ultimate holding companies are CapitaLand Group Pte. Ltd. and Temasek Holdings (Private) Limited respectively. Both companies are incorporated in the Republic of Singapore. The principal activities of the Company are those relating to investment holding and provision of consultancy services as well as being the corporate headquarters which gives direction, provides management support services and integrates the activities of its subsidiaries. The principal activities of the significant entities included in these consolidated financial statements are investment advisory and management, lodging management, commercial management, and investment holding including investment in real estate assets and related financial products. The consolidated financial statements relate to the Company and its subsidiaries (the Group) and the Group’s interests in associates and joint ventures. 2 MATERIAL ACCOUNTING POLICIES 2.1 Basis of preparation (a) Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (SFRS(I)) and IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB). SFRS(I) are issued by the Accounting Standards Council and comprise standards and interpretations that are equivalent to IFRS Accounting Standards as issued by the IASB. All references to SFRS(I) and IFRS are subsequently referred to as SFRS(I) in these financial statements unless otherwise stated. (b) Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below. (c) Functional and presentation currency These financial statements are presented in Singapore Dollars, which is the Company’s functional currency. All financial information presented in Singapore Dollars have been rounded to the nearest million, unless otherwise stated. (d) Use of estimates and judgements The preparation of the financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions about the future including climate-related risks and opportunities, that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Group’s risk management and climate-related commitments where appropriate. Revisions to accounting estimates are recognised prospectively. 99 Annual Report 2024
RkJQdWJsaXNoZXIy NTkwNzg=