Notes to the Financial Statements For the financial year ended 31 December 2024 17 DEBT SECURITIES The Group Note 2024 2023 $’M $’M Secured notes and bonds 90 219 Unsecured notes and bonds 1,540 1,843 16(e), 32(d) 1,630 2,062 Repayable: Not later than 1 year – 238 Between 1 and 5 years 859 1,247 After 5 years 771 577 After 1 Year 1,630 1,824 1,630 2,062 (a) As at 31 December 2024, the effective interest rates for debt securities ranged from 3.15% to 4.41% (2023: 0.55% to 4.41%) per annum. (b) Notes and bonds The Group’s notes and bonds are mainly issued by CLMT, CapitaMalls Asia Treasury Limited (CMATL) and the Group’s treasury vehicle, CLI Treasury Limited (2023: included CLAS and excluded CMATL), under their respective issuance programs. These notes and bonds were denominated mainly in Singapore Dollars, Malaysian Ringgit and Chinese Renminbi (2023: included Japanese Yen, Euro and excluded Chinese Renminbi). Save for the secured notes and bonds described below, the remaining notes and bonds issued were unsecured. As at 31 December 2024, the secured notes and bonds amounting to $90 million (2023: $219 million) were fully secured by deposits pledged and mortgage on an investment property of the Group. Details on asset pledged is disclosed in the relevant note to the financial statements. Sustainability-linked notes As at 31 December 2024, $371 million (2023: $353 million) of the Group’s debt securities were sustainabilitylinked notes issued by CMATL (2023: CLAS), as part of the Group’s sustainable financing. Under the conditions of the notes as at 31 December 2024, interest rates vary according to the achievements of the Group sustainability performance targets of properties in China, that are benchmarked against 2019 energy consumption. 144 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 18 OTHER NON-CURRENT LIABILITIES The Group The Company Note 2024 2023 2024 2023 $’M $’M $’M $’M Amounts due to (unsecured): – associates (interest free) (a), 7(c) 9 9 – – – non-controlling interests (interest free) (a) 29 29 – – Loans from related corporations (unsecured): – interest free 16 (e) 119 126 – – Loans from subsidiaries (unsecured): – interest free – – 486 486 – interest bearing (b) – – 325 325 Liability for employee benefits 19 10 16 1 1 Derivative financial instruments 15 21 – – Security deposits and other non-current payables (c) 229 289 – – Deferred income 17 16 – – 428 506 812 812 (a) Amounts due to associates and non-controlling interests are non-trade and not expected to be repaid within the next twelve months. (b) As at 31 December 2024, the effective interest rate for the loans from subsidiaries is 4.12% (2023: 3.89%) per annum. (c) Other non-current payables included deferred purchase consideration for acquisition of investment amounting to $182 million (2023: $184 million). 19 EMPLOYEE BENEFITS The Group The Company Note 2024 2023 2024 2023 $’M $’M $’M $’M Liability for short-term accumulating compensated absences 14 19 1 1 Liability for staff incentive (a) 15 18 – – Liability for cash-settled share-based payments 11 26 2 2 40 63 3 3 Current 15 30 47 2 2 Non-current 18 10 16 1 1 40 63 3 3 (a) Staff incentive This relates to staff incentive which is based on the achievement of the Group’s financial performance and payable over a period of time. 145 Annual Report 2024
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