Notes to the Financial Statements For the financial year ended 31 December 2024 23 OTHER COMPREHENSIVE INCOME The Group’s items of other comprehensive income do not have any related tax effect. 24 REVENUE Revenue of the Group is analysed as follows: The Group 2024 2023 $’M $’M Revenue from contracts with customers 999 904 Rental of investment properties: – Retail, office, business park, industrial, logistics and data centre properties rental and related income 438 441 – Lodging properties rental and related income 1,359 1,408 Others 19 31 2,815 2,784 Disaggregation of revenue from contracts with customers: The Group 2024 2023 $’M $’M Primary segment Fee income – Fee income-related business 943 855 – Real estate investment business 33 33 – Corporate and others 17 14 993 902 Development properties for sale – Real estate investment business 6 2 999 904 Secondary segment Singapore 568 515 China1 176 184 Other developed markets2 150 123 Other emerging markets3 105 82 999 904 Timing of revenue recognition Products transferred at a point in time 40 22 Products and services transferred over time 959 882 999 904 1 includes Hong Kong 2 includes the United Kingdom, France, Germany, Spain, Belgium, Ireland, Japan, South Korea, the United States of America, Australia, and New Zealand but excludes Singapore and Hong Kong 3 excludes China 154 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 25 PROFIT BEFORE TAX Profit before tax includes the following: The Group Note 2024 2023 $’M $’M (a) Cost of sales include: Foreseeable losses on development properties for sale 11 24 – Operating expenses of investment properties that generated rental income 667 679 Lease expenses (short-term lease) 179 188 Lease expenses (variable lease payments not included in the measurement of lease liabilities) 18 20 Staff costs 644 638 – include Contributions to defined contribution plans 53 54 Share-based expenses: – equity-settled 3 15 – cash-settled 1 8 (b) Other operating income: Interest income from: – deposits and notes 44 52 – associates and joint ventures 7 9 – others 4 1 55 62 Distribution income 4 6 Net foreign exchange gain – * Net gain from change of ownership interests in subsidiaries, associates and joint ventures – 40 Net gain in fair value of financial assets designated as fair value through profit or loss 3 – Net gain on disposal of investment properties – 23 Net gain on disposal of property, plant and equipment 18 – Net gain on disposal of available-for-sale financial assets – 10 Government grants 9 11 Net gain on right-of-use assets lease remeasurement/ modification 20 * Others 53 67 162 219 * Less than $1 million 155 Annual Report 2024
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