Notes to the Financial Statements For the financial year ended 31 December 2024 19 EMPLOYEE BENEFITS (continued) (b) Equity compensation benefits (continued) 2) Share Plans of the Company (continued) ii) Special CLI Founders Performance Share Plan Award (Special PSP) – Equity-settled/Cashsettled (continued) As at 31 December 2024, the number of shares granted under the Special PSP award are as follows: Final number of shares has not been determined (baseline award) 2024 2023 (’000) (’000) Equity-settled 11,371 13,160 Cash-settled 337 372 11,708 13,532 iii) CLI Restricted Share Plans – Equity-settled/Cash-settled This relates to compensation costs of the Company’s RSP 2021 reflecting the benefits accruing to the employees over the service period to which the performance criteria relate. With effect from 2023, the RSP awards have been incorporated into the annual performance bonus where a part of the bonus declared is delivered in the form of deferred shares. Such deferred shares will be granted to eligible employees after the end of the financial year under review pursuant to the CLI RSP. Movements in the number of shares outstanding under the CLI RSP were summarised below: 2024 2023 (’000) (’000) At 1 January 4,637 8,616 Granted 6,969 810 Released (3,976) (2,307) Lapsed/Cancelled (623) (2,482) At 31 December@ 7,007 4,637 @ Comprised 6,995,614 (2023: 4,634,257) shares granted to employees of the Group and 11,125 (2023: 2,356) shares granted to employees of related corporations. The fair values of the shares granted to employees are determined using discounted cashflow method at the measurement date. The weighted average fair values and assumptions are set out below: Year of award 2024 2023 Weighted average fair value at measurement date $2.38 to $2.63 $3.17 to $3.60 Grant date 15 March 2024, 29 April 2024 and 2 December 2024 14 April 2023 and 1 June 2023 Share price at grant date $2.63 to $2.75 $3.31 to $3.71 Expected dividend yield over the vesting period 3.87% to 6.75% 3.31% to 3.73% 150 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 19 EMPLOYEE BENEFITS (continued) (b) Equity compensation benefits (continued) 2) Share Plans of the Company (continued) iii) CLI Restricted Share Plans – Equity-settled/Cash-settled (continued) As at 31 December 2024, the number of shares granted under the CLI RSP award are as follows: Final number of shares determined but not released 2024 2023 (’000) (’000) Equity-settled 6,308 3,875 Cash-settled 699 762 7,007 4,637 20 SHARE CAPITAL 2024 2023 No. of shares No. of shares (’000) (’000) Issued and fully paid, with no par value At 1 January, including treasury shares 5,203,196 5,203,196 Less: Treasury shares (220,056) (102,775) At 31 December, excluding treasury shares 4,983,140 5,100,421 Capital management The Group’s policy is to build a strong capital base so as to maintain investor, creditor and market confidence to sustain future development of the business. The Group monitors the return on capital, which the Group defines as total shareholders’ equity, excluding non-controlling interests, perpetual securities and the level of dividends to ordinary shareholders. The Group monitors its capital using a net debt-to-equity ratio, which is defined as net borrowings divided by total equity (including non-controlling interests and perpetual securities). Note 2024 2023 $’M $’M Borrowings and debt securities 7,901 12,590 Cash and cash equivalents 14 (2,308) (2,460) Net debt 5,593 10,130 Total equity 14,411 18,237 Net debt-to-equity ratio 0.39 0.56 The Group seeks to strike a balance between the higher returns that might be possible with higher level of borrowings and the liquidity and security afforded by a sound capital position. 151 Annual Report 2024
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