Notes to the Financial Statements For the financial year ended 31 December 2024 8 JOINT VENTURES The Group Note 2024 2023 $’M $’M (a) Investment in joint ventures 1,639 2,445 Less: Allowance for impairment loss (i) (13) (13) 1,626 2,432 Add: Amounts due from joint ventures, at amortised cost: Loan accounts (ii) – interest free 334 377 – interest bearing (iii) 16 16 350 393 Less: Allowance for impairment loss on receivables 32 (13) (13) 337 380 1,963 2,812 (i) Movements in allowance for impairment loss were as follows: The Group Note 2024 2023 $’M $’M At 1 January (13) (12) Allowance 25(d) – (1) Translation differences * * At 31 December (13) (13) * Less than $1 million (ii) These are shareholder loans provided to joint ventures which are unsecured and not expected to be repaid within the next twelve months. As at 31 December 2024, shareholder loans due from joint ventures include an amount of approximately $168 million (2023: $211 million), the repayment of which is subordinated to that of the external borrowings of these joint ventures. (iii) As at 31 December 2024, the effective interest rates for the interest bearing loans to joint ventures ranged from 6.05% to 6.50% (2023: 4.25% to 6.50%) per annum. 130 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 8 JOINT VENTURES (continued) The Group The Company Note 2024 2023 2024 2023 $’M $’M $’M $’M (b) Amounts due from joint ventures: Current accounts (unsecured) – interest free (trade) 57 47 * * – interest free (non-trade) 446 203 – * – interest bearing (non-trade) (i) – 4 – – 503 254 * * Less: Allowance for impairment loss on receivables 32 (26) (28) – – Presented in trade and other receivables 12 477 226 * * Non-current accounts (unsecured) – interest free (non-trade) – 19 – – Presented in other non-current assets 10 – 19 – – * Less than $1 million (i) The effective interest rate for interest bearing amounts due from joint ventures as at 31 December 2023 was 1.80% per annum. (ii) The Group’s exposure to credit and currency risks, and impairment losses for trade and other receivables from joint ventures are disclosed in note 32. The Group Note 2024 2023 $’M $’M (c) Amounts due to joint ventures: Current accounts (unsecured) – interest free (mainly non-trade) 51 30 – interest bearing (non-trade) 4 49 Presented in trade and other payables 15 55 79 As at 31 December 2024, the effective interest rate for interest bearing amounts due to joint ventures was 5.25% (2023: 3.00% to 5.25%) per annum. 131 Annual Report 2024
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