Notes to the Financial Statements For the financial year ended 31 December 2024 13 ASSETS/LIABILITIES HELD FOR SALE The Group Note 2024 2023 $’M $’M Property, plant and equipment – 75 Investment properties 5, 31(c)(i) – 731 Trade and other receivables – 1 Cash and cash equivalents – 5 Assets held for sale – 812 Trade and other payables – 5 Borrowings 16(e) – 234 Deferred tax liabilities 9 – 14 Other non-current liabilities – 1 Liabilities held for sale – 254 Details of assets and liabilities held for sale are as follows: 2023 (a) On 6 November 2023, CLAS announced the divestment of two hotel properties, Courtyard by Marriott SydneyNorth Ryde and Novotel Sydney Parramatta to an unrelated third party, for a total consideration of AUD109 million (S$96 million). Accordingly, the assets comprising mainly property, plant and equipment were reclassified to assets held for sale as at 31 December 2023. The divestment of both properties were completed in 2024. (b) On 18 December 2023, CLAS announced the divestment of three hotels in Osaka, Japan, namely Hotel WBF Honmachi, Hotel WBF Kitasemba East and Hotel WBF Kitasemba West to an unrelated third party, for a total consideration of JPY10.7 billion (S$100 million). Accordingly, the assets comprising mainly investment properties were reclassified to assets held for sale as at 31 December 2023. The divestment of the three properties were completed in 2024. (c) On 12 December 2023, a wholly-owned subsidiary of the Group entered into a sale and purchase agreement to divest its 95% stake in the company which holds the property Capital Square Beijing to an external investor. Post divestment, the Group continues to hold the remaining 5% stake in the company. Accordingly, all assets and liabilities held by the company were reclassified to assets held for sale and liabilities held for sale respectively as at 31 December 2023. The divestment of Capital Square Beijing was completed in 2024. (d) Pursuant to the planned divestment of a logistics centre in Osaka, Japan, to a core logistics Japan fund, the investment property was reclassified to assets held for sale as at 31 December 2023. The divestment was completed in 2024 and the Group continues to hold a 2.7% stake in the property through its investment in the fund. (e) Pursuant to the planned divestment of Citadines Mount Sophia Singapore, the assets comprising mainly investment property were reclassified to assets held for sale as at 31 December 2023. The divestment was completed in 2024. 140 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 14 CASH AND CASH EQUIVALENTS The Group The Company Note 2024 2023 2024 2023 $’M $’M $’M $’M Fixed deposits 1,070 1,128 – – Cash at banks and in hand 1,238 1,332 10 19 Cash and cash equivalents 2,308 2,460 10 19 Restricted bank deposits (a) (14) (21) Cash and cash equivalents in the statement of cash flows 2,294 2,439 (a) These are deposits placed in escrow account for bank balances of certain subsidiaries pledged in relation to banking facilities and bank balances relating to security deposits from tenants which can only be drawn down as rental payment upon tenants’ default or refunded to tenants upon lease expiry. (b) The Group’s cash and cash equivalents are denominated mainly in Singapore Dollars, Chinese Renminbi, Japanese Yen and US Dollars. As at 31 December 2024, the effective interest rates for cash and cash equivalents denominated in these currencies ranged from 0% to 5.57% (2023: 0% to 5.74%) per annum. (c) Cash and cash equivalents are placed with banks and financial institutions which meet appropriate credit criteria. 15 TRADE AND OTHER PAYABLES The Group The Company Note 2024 2023 2024 2023 $’M $’M $’M $’M Trade payables 75 102 2 4 Accruals 584 667 28 28 Accrued development expenditure 23 44 – – Other payables 259 299 3 1 Rental and other deposits 53 72 – – Derivative financial instruments 12 3 – – Liability for employee benefits 19 30 47 2 2 Amounts due to: – subsidiaries Loans (unsecured) – interest free – – 364 13 – associates 7(c) 37 9 * 1 – joint ventures 8(c) 55 79 – – – non-controlling interests (unsecured) – interest free 3 4 – – – interest bearing – 1 – – – related corporations Current accounts (unsecured) – interest free (trade) 105 128 60 75 1,236 1,455 459 124 * Less than $1 million 141 Annual Report 2024
RkJQdWJsaXNoZXIy NTkwNzg=