Notes to the Financial Statements For the financial year ended 31 December 2024 6 SUBSIDIARIES (continued) (b) Significant subsidiaries directly and indirectly held by the Company, which are incorporated and conducting business in the Republic of Singapore, are as set out below: Name of Company Effective interest 2024 2023 % % CapitaLand Business Services Pte. Ltd. 100 100 CLI India Pte. Ltd. 100 100 CLI International Pte. Ltd. 100 100 CapitaLand Mall Asia Limited 1001 1001 CLI Asset Management Pte. Ltd. (formerly known as CLI FM Pte. Ltd.) 100 100 CLI PE Pte. Ltd. 100 100 CLI Singapore Pte. Ltd. 100 100 CLI Treasury Limited 100 100 The Ascott Limited 100 100 All the above subsidiaries are audited by Deloitte & Touche LLP Singapore (2023: KPMG LLP Singapore). 1 Includes an indirect 15.2% (2023: 15.2%) interest held through CapitaLand Business Services Pte. Ltd. (c) The Group manages the following listed real estate investment trusts/business trusts (REITs): – CapitaLand Ascendas REIT (CLAR) – CapitaLand Ascott Trust (CLAS) – CapitaLand China Trust (CLCT) – CapitaLand India Trust (CLINT) – CapitaLand Integrated Commercial Trust (CICT) – CapitaLand Malaysia Trust (CLMT) collectively referred to as CLI REITs. Determining whether the Group has control over the REITs it manages requires management judgement. In exercising its judgement, management considers the proportion of its ownership interest and voting rights, the REIT managers’ decision making authority over the REITs as well as the Group’s overall exposure to variable returns, both from the REIT managers’ remuneration and the Group’s interests in the REITs. As of 31 December 2024, the Group assesses that it controls CLMT (2023: CLMT and CLAS) (collectively referred to as Consolidated REITs), although the Group owns less than half of the ownership interest and voting power of the Consolidated REITs. CLAS is a stapled group comprising CapitaLand Ascott Real Estate Investment Trust and CapitaLand Ascott Business Trust. Following the sale of 4.88% stake in CLAS in December 2024, the Group assessed that it has lost control in CLAS and consequently CLAS ceased to be a Consolidated REIT of the Group with effect from 19 December 2024. The activities of CLMT are managed by the Group’s wholly-owned subsidiary, namely CapitaLand Malaysia REIT Management Sdn Bhd (REIT Manager). The REIT Manager has decision-making authority over CLMT, subject to oversight by the trustee of CLMT. The Group’s overall exposure to variable returns, both from the REIT Managers’ remuneration and the interests in CLMT, is significant and any decisions made by the REIT Manager affect the Group’s overall exposure to variable returns. 124 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 6 SUBSIDIARIES (continued) (d) The following subsidiary of the Group has material non-controlling interests (NCI): Name of Subsidiary Principal place of business Effective interest held by NCI 2024 2023 % % CapitaLand Ascott Trust (CLAS) Asia Pacific, Europe and the United States of America ^ 71.71 ^ Following the sale of 4.88% stake in CLAS on 19 December 2024, the Group ceased to consolidate CLAS as a subsidiary in accordance with SFRS(I) 10 Consolidated Financial Statements, and now accounts for it as an associate. CLAS is audited by Deloitte & Touche LLP Singapore. Prior to the sale, CLAS recorded revenue of $810 million, profit after tax of $244 million and other comprehensive income of -$26 million. The profit and total comprehensive income attributable to NCI amounted to $175 million and $155 million respectively. 1 Indirectly held through The Ascott Limited. Audited by KPMG LLP Singapore. Following the sale of 4.88% stake in CLAS, there were no material non-controlling interests (NCI) as of 31 December 2024. For the year ended 31 December 2023, the financial information of CLAS is based on its consolidated financial statements prepared in accordance with SFRS(I), modified for fair value adjustments on acquisition and differences in the Group’s accounting policies. The information is before inter-company eliminations with other entities in the Group. CLAS Other subsidiaries with individually immaterial NCI Total $’M $’M $’M 31 December 2023 Revenue 745 Profit after tax 230 Other comprehensive income 46 Total comprehensive income 276 Attributable to NCI: – Profit 164 (12) 152 – Total comprehensive income 197 (76) 121 Current assets 857 Non-current assets 7,873 Current liabilities (941) Non-current liabilities (2,960) Net assets 4,829 Net assets attributable to NCI 3,596 284 3,880 Cash flows from: – Operating activities 301 – Investing activities (297) – Financing activities1 64 Net increase in cash and cash equivalents 68 1 Includes dividends paid to NCI amounting to $137 million. 125 Annual Report 2024
RkJQdWJsaXNoZXIy NTkwNzg=