Financial Performance CLI achieved an overall Profit After Tax and Minority Interests (PATMI) of S$479 million in FY 2024, 165% higher than FY 2023. This was mainly due to reduced revaluation losses, better performance from the FRB segment and higher portfolio gains. Through concerted capital recycling efforts, CLI generated net portfolio gains of S$230 million in FY 2024, which has significantly reduced CLI’s holdings in non-fund investments, enhancing capital efficiency and increasing CLI’s capacity to invest for growth. Components of PATMI (S$ million) FY 2023FY 2024 FY 2023FY 2024 FY 2023FY 2024 FY 2023FY 2024 FY 2023FY 2024 568 510 213 230 781 740 (600) (261)1 181 479 Operating PATMI 10% YoY Lower in FY 2024 mainly due to • absence of contribution from divested properties • lower one-off income from lodging operations • higher foreign exchange losses and interest expenses • partially mitigated by improved performance mainly from FRB Total PATMI 165% YoY Cash PATMI 5% YoY Portfolio Gains 8% YoY • Higher due to stronger divestment activity • Largely attributed to divestments of a retail mall in Singapore, as well as business parks in India and China Revaluation (unrealised)/ Impairment 57% YoY Revaluation losses were mainly in China and the UK, partially mitigated by gains in India and Singapore = = + + 1 Includes S$82 million of non-cash, accounting loss from the deconsolidation of CapitaLand Ascott Trust (CLAS), which includes the realisation of foreign currency translation losses and remeasurement of the retained stake. FY 2024 Performance Review 20 CapitaLand Investment Limited Revenue by Business Segments (S$ million) Revenue increased in FY 2024, driven by a 9% growth in revenue from FRB, partially offset by the absence of revenue contribution from divested properties. In terms of geographical segment, CLI’s two core markets, Singapore and China, accounted for 37% (FY 2023: 36%) of total revenue. The remaining revenue was contributed by other developed markets (50%) and other emerging markets (13%). 2,784 2,815 1,070 1,930 1,169 1,864 (218) (216) FRB Corporate and elimination REIB FY 2023 FY2024 EBITDA by Geography (S$ million) FY 2023 Total: 1,104 FY 2024 Total: 1,421 (306) 759 395 256 (29) 446 305 China Other Developed Countries Other Emerging Countries Singapore 699 EBITDA from Singapore declined mainly due to the losses recognised from the divestment of CLI's stake in CLAS and absence of contribution from divested properties, partially mitigated by higher event-driven fees earned from the fund management business. EBITDA from China improved mainly due to reduced losses from the revaluation of investment properties. EBITDA by Business Segments (S$ million) EBITDA was higher in FY 2024 primarily due to lower revaluation losses from investment properties. Operating EBITDA was comparable to FY 2023 as the absence of contribution from divested properties in Singapore, the USA and China was partially mitigated by the improved performance from the FRB segment. FY 2023 FY2024 1,104 1,421 436 1,038 Operating (23) (30) Nonoperating 404 FRB Corporate and elimination REIB operating REIB non-operating 1,040 Operating (371) Nonoperating 31 21 Annual Report 2024
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