Notes to the Financial Statements For the financial year ended 31 December 2024 25 PROFIT BEFORE TAX (continued) The Group Note 2024 2023 $’M $’M (c) Administrative expenses include: Write off and allowance/(reversal of allowance) for impairment loss on trade receivables 6 (6) Amortisation of intangible assets 4 20 19 Auditors’ remuneration: – auditors of the Company and other firms affiliated with auditors of the Company1 8 8 – other auditors * 1 Non-audit fees: – auditors of the Company and other firms affiliated with auditors of the Company1 * 1 – other auditors 2 1 Depreciation of property, plant and equipment 3 66 63 Depreciation of right-of-use assets 3 54 60 Write back of listing and restructuring expenses (10) (2) Acquisition-related costs on business combinations 12 1 Staff costs 232 212 – include Contributions to defined contribution plans 15 19 Share-based expenses: – equity-settled 17 23 – cash-settled 3 9 1 Overseas practices of Deloitte & Touche Tohmatsu Limited (2023: KPMG International) (d) Other operating expenses include: Allowance for impairment loss on: – non-trade receivables * 2 – interest in joint ventures 8(a)(i) – 1 – interest in associates 7(a)(i) 3 – Net foreign exchange loss 38 – Write off of property, plant and equipment 2 1 Write off of intangible assets 5 – Net mark-to-market loss on derivative instruments 16 18 Net fair value loss from investment properties 5 22 257 Net loss in fair value of financial assets designated as fair value through profit or loss – 8 Net loss from change of ownership interests in subsidiaries, associates and joint ventures 96 – Net loss from disposal of investment properties 33 – (e) Finance costs: Interest costs paid and payable: – on bank loans and overdrafts 434 498 – on debt securities 82 61 – lease liabilities 26 24 – derivatives (66) (113) – others 31 27 Total finance costs 507 497 Less: Borrowing costs capitalised in investment properties – (9) 507 488 * Less than $1 million 156 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 26 TAX EXPENSE The Group 2024 2023 $’M $’M Current tax expense – Based on current year’s results 225 160 – Over provision in respect of prior years (65) (32) – Group relief – * 160 128 Deferred tax expense – Origination and reversal of temporary differences (107) (16) – Over provision in respect of prior years (2) (9) (109) (25) Withholding tax – Current year 29 25 – Under provision in respect of prior years * 13 29 38 80 141 Reconciliation of effective tax rate Profit before tax 774 474 Less: Share of results of associates and joint ventures (620) (273) Profit before share of results of associates and joint ventures and tax 154 201 Income tax using Singapore tax rate of 17% (2023: 17%) 26 34 Adjustments: Expenses not deductible for tax purposes 199 228 Income not subject to tax (151) (180) Effect of unrecognised tax losses 4 19 Effect of changes in other deductible temporary differences 1 (24) Effect of different tax rates in foreign jurisdictions 18 36 Effect of taxable distributions from REITs 30 32 Withholding taxes 29 25 Overprovision in respect of prior years (67) (28) Group relief – * Others (9) (1) 80 141 * Less than $1 million 157 Annual Report 2024
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