Notes to the Financial Statements For the financial year ended 31 December 2024 8 JOINT VENTURES (continued) (d) The following are the material joint ventures of the Group: Name of Company Nature of relationship with the Group Principal place of business Effective interest 2024 2023 % % Orchard Turn Holding Pte Ltd (OTH)1 Owner of an integrated development in Singapore Singapore ^ 50.0 CapitaLand Shanghai Malls2,3 Owner of two integrated developments in China China 65.0 to 73.0 65.0 to 73.0 ^ During the year, the Group divested its 50% interest in OTH to CICT and ceased to account for it as a joint venture. Prior to the divestment, OTH recorded revenue of $221 million and a profit after tax of $358 million. The Group’s share of OTH’s profit and other comprehensive income was $179 million and $1 million respectively. 1 Audited by Deloitte & Touche LLP Singapore (2023: KPMG LLP Singapore) 2 Audited by Deloitte & Touche Tohmatsu Certified Public Accountants LLP, Beijing, PRC (2023: KPMG International) 3 CapitaLand Shanghai Malls comprised two joint ventures namely, Ever Bliss International Limited and Full Grace Enterprises Limited which is each 50% held through the Group’s wholly-owned subsidiary, CapitaLand Mall Asia Limited.ł The Group accounts for its 50% stake as joint ventures while the remaining effective stakes of 15% to 23% are held through its associates, CapitaLand Mall China Income Fund I and CapitaLand Mall China Income Fund II. 132 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 8 JOINT VENTURES (continued) The following summarises the financial information of each of the Group’s material joint ventures based on their respective 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 table also includes summarised financial information for the Group’s interest in immaterial joint ventures, based on the amounts reported in the Group’s consolidated financial statements. CapitaLand Shanghai Malls Other individually immaterial joint ventures Total $’M $’M $’M 31 December 2024 Revenue1 110 Loss after tax2 (101) Other comprehensive income * Total comprehensive income (101) 1 Relates to rental and related income from investment properties. 2 Includes: – depreciation and amortisation (*) – interest income 4 – interest expense (73) – tax income 11 Current assets3 141 Non-current assets 2,384 Current liabilities4 (60) Non-current liabilities5 (1,170) Net assets 1,295 3 Includes cash and cash equivalents 89 4 Includes current financial liabilities (excluding trade and other payables and provisions) (5) 5 Includes non-current financial liabilities (excluding trade and other payables and provisions) (1,121) Carrying amount of interest in joint venture at beginning of the year 515 Group’s share of: – (Loss)/Profit (50) 223 173 – Other comprehensive income * (13) (13) – Total comprehensive income (50) 210 160 Translation and other adjustments (3) 462 Shareholders loans 185 Carrying amount of interest in joint venture at end of the year 647 1,316 1,963 * Less than $1 million 133 Annual Report 2024
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