Notes to the Financial Statements For the financial year ended 31 December 2024 7 ASSOCIATES The Group Note 2024 2023 $’M $’M (a) Investment in associates 11,679 10,218 Less: Allowance for impairment loss (i) (3) – 11,676 10,218 Add: Amounts due from associates, at amortised cost: Loan accounts-interest free (ii) 13 13 11,689 10,231 (i) Movements in allowance for impairment loss were as follows: The Group Note 2024 2023 $’M $’M At 1 January – – Allowance 25(d) (3) – At 31 December (3) – (ii) These are shareholder loans provided to associates which are unsecured and not expected to be repaid within the next twelve months. The Group The Company Note 2024 2023 2024 2023 $’M $’M $’M $’M (b) Amounts due from associates: Current accounts (unsecured) – interest free (trade) 200 164 * * – interest free (non-trade) 52 36 – – – interest bearing (non-trade) (i) 4 – – – Presented in trade and other receivables 12 256 200 * * Non-current loans (unsecured) – interest free 63 4 – – – interest bearing (ii) 128 172 – – Presented in other non-current assets 10(a) 191 176 – – * Less than $1 million (i) The effective interest rates for interest bearing amounts due from associates ranged from 2.13% to 4.14% (2023: nil) per annum as at 31 December 2024. (ii) The effective interest rates for interest bearing amounts due from associates ranged from 4.30% to 5.39% (2023: 4.20% to 5.50%) per annum as at 31 December 2024. (iii) The Group’s exposure to credit and currency risks, and impairment losses for trade and other receivables from associates, are disclosed in note 32. 126 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 7 ASSOCIATES (continued) The Group The Company Note 2024 2023 2024 2023 $’M $’M $’M $’M (c) Amounts due to associates: Current accounts – interest free (trade) 24 4 * 1 – interest free (non-trade) 9 5 – – – interest bearing (non-trade) (i) 4 – – – Presented in trade and other payables 15 37 9 * 1 Non-current accounts – interest free (trade) 9 9 – – Presented in non-current liabilities 18 9 9 – – * Less than $1 million (i) The effective interest rates for interest bearing amount due to associates was 3.00% (2023: nil) per annum as at 31 December 2024. (d) The following are the material associates of the Group: Name of Company Nature of relationship with the Group Principal place of business Effective interest 2024 2023 % % CapitaLand Integrated Commercial Trust (CICT)1 Singapore-based REIT which invests in shopping malls and commercial properties in Singapore, Australia and Europe Singapore 23.3 23.1 CapitaLand Ascendas REIT (CLAR)2 Singapore-based REIT which invests in industrial properties and business parks in Singapore, Australia, the United States of America, Europe and the United Kingdom Singapore 17.6 17.5 1 Audited by Deloitte & Touche LLP Singapore (2023: KPMG LLP Singapore). 2 Audited by Deloitte & Touche LLP Singapore (2023: Ernst & Young LLP Singapore). Management assessed the extent of the Group’s control over CICT and CLAR, taking into consideration that the REITs are managed by wholly-owned subsidiaries of the Group, the Group’s effective stake in the respective REITs and the returns (both marginal and absolute returns) generated from its investment in and management of both REITs. Management concluded that the Group does not have sufficient control over CICT and CLAR and therefore accounts for its investment in CICT and CLAR as associates. 127 Annual Report 2024
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