Notes to the Financial Statements For the financial year ended 31 December 2024 8 JOINT VENTURES (continued) OTH CapitaLand Shanghai Malls Other individually immaterial joint ventures Total $’M $’M $’M $’M 31 December 2023 Revenue1 263 118 Profit/(Loss) after tax2 207 (118) Other comprehensive income (22) (44) Total comprehensive income 185 (162) 1 Relates to rental and related income from investment properties. 2 Includes: – depreciation and amortisation (3) (*) – interest income 6 6 – interest expense (54) (69) – tax (expense)/income (24) 8 Current assets3 165 242 Non-current assets 3,392 2,504 Current liabilities4 (72) (69) Non-current liabilities5 (1,657) (1,192) Net assets 1,828 1,485 3 Includes cash and cash equivalents 159 142 4 Includes current financial liabilities (excluding trade and other payables and provisions) (21) (5) 5 Includes non-current financial liabilities (excluding trade and other payables and provisions) (1,657) (1,110) Carrying amount of interest in joint venture at beginning of the year 882 604 Group’s share of: – Profit/(Loss) 104 (59) 22 67 – Other comprehensive income (11) (22) (6) (39) – Total comprehensive income 93 (81) 16 28 Dividends received (60) – Translation and other adjustments – (8) 915 515 Shareholders loans – 228 Carrying amount of interest in joint venture at end of the year 915 743 1,154 2,812 * Less than $1 million (e) As at 31 December 2024, the Group’s share of the capital commitments of joint ventures was $360 million (2023: $415 million). 134 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 9 DEFERRED TAX The movements in the deferred tax assets and liabilities were as follows: At 1/1/2024 Recognised in profit or loss Acquisition/ Disposal of subsidiaries Translation differences At 31/12/2024 $’M $’M $’M $’M $’M The Group (Note 26) Deferred tax liabilities Accelerated tax depreciation 10 15 – * 25 Accrued income and interest receivable 6 * – * 6 Fair value adjustments arising from business combinations 91 – (47) 11 55 Fair value changes of investment properties 294 (70) (148) (8) 68 Unremitted earnings 74 (40) – * 34 Right-of-use assets 178 30 (83) * 125 Others 34 (5) (11) * 18 Total 687 (70) (289) 3 331 Deferred tax assets Unutilised tax losses (9) (5) 11 1 (2) Provisions and expenses (41) (8) 4 * (45) Deferred income (1) 1 – * * Lease liabilities (193) (27) 83 * (137) Others (7) * 4 * (3) Total (251) (39) 102 1 (187) At 1/1/2023 Recognised in profit or loss Acquisition/ Disposal of subsidiaries Transferred to liabilities held for sale Translation differences At 31/12/2023 $’M $’M $’M $’M $’M $’M The Group (Note 26) (Note 13) Deferred tax liabilities Accelerated tax depreciation 8 2 – – * 10 Accrued income and interest receivable 6 * – – * 6 Fair value adjustments arising from business combinations 90 – 5 – (4) 91 Fair value changes of investment properties 338 (23) – (14) (7) 294 Unremitted earnings 69 6 – – (1) 74 Right-of-use assets – 178 – – * 178 Others 32 2 – – * 34 Total 543 165 5 (14) (12) 687 Deferred tax assets Unutilised tax losses (11) 2 – – * (9) Provisions and expenses (43) 1 – – 1 (41) Deferred income (1) (1) – – 1 (1) Lease liabilities – (193) – – * (193) Others (8) 1 – – * (7) Total (63) (190) – – 2 (251) * Less than $1 million 135 Annual Report 2024
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