Notes to the Financial Statements For the financial year ended 31 December 2024 26 TAX EXPENSE (continued) Global minimum tax under Pillar Two To address concerns about uneven profit distribution and tax contributions of large multinational corporations, various agreements have been reached at the global level, including an agreement by over 140 jurisdictions to introduce a global minimum tax rate of 15%. In December 2021, the Organisation for Economic Co-operation and Development (OECD) released a set of model rules, followed by detailed commentary and administrative guidance in 2022 to 2024, which are expected to be used by individual jurisdictions that signed the agreement to amend their local tax laws. As of 31 December 2024, various jurisdictions where the Group operates in (e.g. Australia, France, Germany (and most EU jurisdictions) and the UK) have enacted tax legislations to implement the Pillar Two model rules, effective from 31 December 2023/1 January 2024. Other jurisdictions, such as Singapore, have enacted legislation to implement Pillar Two rules which will take effect from 1 January 2025. Japan and South Korea have also enacted legislation to implement Pillar Two rules; however, the effective date for their domestic minimum tax rules is currently unclear. The Group has performed an assessment of the potential top-up tax impact from the enacted legislations. As of 31 December 2024, the Group did not have subsidiaries with significant operations in countries where the statutory tax rate is less than 15%. Accordingly, top-up taxes, if any, did not and is not expected to have a significant impact to the Group. 27 EARNINGS PER SHARE (a) Basic earnings per share The Group 2024 2023 $’M $’M Basic earnings per share is based on: Net profit attributable to owners of the Company 479 181 2024 2023 No. of shares No. of shares (’000) (’000) Weighted average number of ordinary shares in issue during the year 5,028,160 5,116,425 158 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 27 EARNINGS PER SHARE (continued) (b) Diluted earnings per share In calculating diluted earnings per share, the net profit attributable to owners of the Company and weighted average number of ordinary shares in issue during the year are adjusted for the effects of all potential dilutive ordinary shares: The Group 2024 2023 $’M $’M Diluted earnings per share is based on: Net profit attributable to owners of the Company 479 181 2024 2023 No. of shares (’000) No. of shares (’000) Weighted average number of ordinary shares in issue during the year 5,028,160 5,116,425 Adjustments for potential dilutive ordinary shares under: – CLI Performance Share Plan 52,466 59,177 – CLI Restricted Share Plan 7,091 4,395 59,557 63,572 Weighted average number of ordinary shares used in the calculation of diluted earnings per share 5,087,717 5,179,997 28 DIVIDENDS In respect of the financial year ended 31 December 2024, the Board of Directors of the Company has proposed dividends which comprised the following: (a) a tax-exempt ordinary dividend of 12.0 cents per share which would amount to a payout of approximately $598 million based on the number of issued shares (excluding treasury shares) as at 31 December 2024; and (b) a special distribution in specie of up to 155 million units in CICT that the Group holds on the basis of 0.031 CICT units per share valued at 6 cents (Proposed Distribution), based on the unit price of CICT at market close on 26 February 2025. The tax-exempt dividend and Proposed Distribution are subjected to shareholders’ approval at the forthcoming Annual General Meeting of the Company. The actual dividend payment can only be determined at book closure date. For the financial year ended 31 December 2023, a tax-exempt ordinary dividend of 12.0 cents per share was approved at the Annual General Meeting held on 25 April 2024. The said dividends of $609 million were paid in May 2024. 159 Annual Report 2024
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