Notes to the Financial Statements For the financial year ended 31 December 2024 36 OPERATING SEGMENTS (continued) Business Activities (continued) Fee Incomerelated Business Real Estate Investment Business Corporate and Others Elimination Total $’M $’M $’M $’M $’M 2023 Revenue External revenue 883 1,887 14 – 2,784 Inter-segment revenue 187 43 404 (634) – Total revenue 1,070 1,930 418 (634) 2,784 Segment results Company and subsidiaries 401 399 31 – 831 Associates – 206 – – 206 Joint ventures 3 64 – – 67 EBITDA 404 669 31 – 1,104 Depreciation and amortisation (142) Finance costs (488) Tax expense (141) Profit for the year 333 Segment assets 2,532 30,380 7,864 (6,643) 34,133 Other segment items Interest income 3 25 34 – 62 Depreciation and amortisation (15) (106) (21) – (142) Write-back of impairment losses on assets – 4 – – 4 Fair value loss on investment properties – (257) – – (257) Share-based expenses (30) (8) (17) – (55) Net gains on disposal of investments and investment properties – 73 – – 73 Mark-to-market loss on derivative instruments – (18) – – (18) Carrying amount in: – Associates 1 10,230 – – 10,231 – Joint ventures 14 2,798 – – 2,812 Capital expenditure# 32 582 142 – 756 # Capital expenditure consists of additions of property, plant and equipment, investment properties and intangible assets. 190 CapitaLand Investment Limited Notes to the Financial Statements For the financial year ended 31 December 2024 36 OPERATING SEGMENTS (continued) Geographical Information Singapore China Other developed markets1 Other emerging markets2 Group $’M $’M $’M $’M $’M 2024 External revenue 621 425 1,4184 351 2,815 EBITDA 699 (29) 446 305 1,421 Non-current assets3 6,652 7,603 3,4335 2,403 20,091 2023 External revenue 569 434 1,4524 329 2,784 EBITDA 759 (306) 395 256 1,104 Non-current assets3 8,316 8,276 9,3855 2,735 28,712 1 Excludes Singapore. 2 Excludes China. 3 Non-current assets comprised property, plant and equipment, intangible assets, investment properties, investment in associates and joint ventures. 4 Includes revenue from the United States of America of $541 million (2023: $563 million), Australia of $288 million (2023: $321 million), France of $179 million (2023: $187 million), the United Kingdom of $107 million (2023: $108 million) and Japan of $169 million (2023: $155 million). 5 Includes non-current assets from the United States of America of $627 million (2023: $3,292 million), Japan of $228 million (2023: $1,536 million) and Australia of $928 million (2023: $1,525 million). 37 ADOPTION OF NEW ACCOUNTING STANDARDS (a) The Group has applied the following SFRS(I)s, amendments to and interpretations of SFRS(I) for the first time for the annual period beginning on 1 January 2024: – Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current – Amendments to SFRS(I) 1-1: Non-current Liabilities with Covenants – Amendments to SFRS(I) 1-7 and SFRS(I) 7: Supplier Finance Arrangements – Amendments to SFRS(I) 16: Lease Liability in a Sale and Leaseback The Group has adopted Amendments to SFRS(I) 1-1 Classification of Liabilities as Current or Non-current and Amendments to SFRS(I) 1-1 Non-current Liabilities with Covenants from 1 January 2024. The amendments apply retrospectively and clarify certain requirements for determining whether a liability should be classified as current or non-current and require new disclosures for non-current liabilities that are subject to covenants within 12 months after the reporting period. As disclosed in Note 16 and 17, the Group have secured bank borrowings and debt securities that are subject to specific covenants. As at 31 December 2024, the Group have complied with these covenants. Other than the above, the adoption of the new and amended accounting standards did not have a material effect on the financial statements. 191 Annual Report 2024
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