NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 35 DIVIDENDS Company 2025 2024 $’000 $’000 Final tax exempt (one-tier) ordinary dividend paid of 8.0 cents (2024: 8.0 cents) per ordinary share in respect of the previous financial year 71,472 71,531 Special interim tax exempt (one-tier) ordinary dividend paid of 3.0 cents (2024: 2.0 cents) per ordinary share in respect of the current financial year 26,802 17,868 Non-cumulative tax exempt (one-tier) preference dividend paid of 1.93 cents (2024: 1.94 cents) per preference share 4,665 5,212 Non-cumulative tax exempt (one-tier) preference dividend paid of 1.96 cents (2024: 1.96 cents) per preference share 4,742 5,255 107,681 99,866 After the respective reporting dates, the directors proposed the following ordinary dividends, which have not been provided for: Company 2025 2024 $’000 $’000 Final tax exempt (one-tier) ordinary dividend of 25.0 cents (2024: 8.0 cents) per ordinary share 223,350 71,472 36 LEASES Leases as lessee The Group leases hotel properties and office facilities. The leases of hotel properties and office facilities run for periods ranging from 1 to 116 years (2024: 1 to 116 years), with options to renew after lease expiry dates. Some leases provide for additional rent payments that are based on changes in local price indices. For certain leases, the Group is restricted from entering into any sub-lease arrangements. The leases for hotel properties were entered into many years ago as combined leases of land and buildings. The Group also leases IT equipment and motor vehicles under a number of leases. Amounts recognised in profit or loss 2025 2024 $’000 $’000 Interest on lease liabilities 24,147 24,811 Expenses relating to short-term leases 2,890 2,822 Expenses relating to variable lease payments 39,050 42,903 Expenses relating to leases of low-value assets, excluding short-term leases of low-value assets 617 508 Amounts recognised in statement of cash flows 2025 2024 $’000 $’000 Payment of short-term leases 2,890 2,822 Payment of variable lease payments 39,050 42,903 Payment of leases of low-value assets, excluding short-term leases of low-value assets 617 508 Payment of lease liabilities 46,000 26,871 Interest expense 24,147 24,811 Total cash outflow for leases 112,704 97,915 186 | CITY DEVELOPMENTS LIMITED
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