NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 42 OPERATING SEGMENTS (CONT’D) Property development Hotel operations Investment properties Total Others Total $’000 $’000 $’000 $’000 $’000 $’000 2024 Total revenue (including inter-segment revenue) 939,438 1,622,391 510,686 3,072,515 231,484 3,303,999 Inter-segment revenue – (276) (11,041) (11,317) (21,485) (32,802) External revenue 939,438 1,622,115^ 499,645 3,061,198 209,999 3,271,197 Profit from operating activities 96,144 274,789 301,307 672,240 13,427 685,667 Share of after-tax profit/(loss) of associates and joint ventures 43,837 (10,505) 25,014 58,346 2,445 60,791 Finance income 61,367 92,137 13,592 167,096 19,541 186,637 Finance costs (182,835) (162,976) (193,810) (539,621) (19,449) (559,070) Net finance (costs)/income (121,468) (70,839) (180,218) (372,525) 92 (372,433) Reportable segment profit before tax 18,513 193,445 146,103 358,061 15,964 374,025 Depreciation and amortisation 4,146 116,849 141,485 262,480 14,843 277,323 Other material non-cash items Impairment losses reversed/ (recognised) on property, plant and equipment and investment properties – 55,458 (19,513) 35,945 4,339 40,284 Allowance made for foreseeable losses on development properties (4,236) – – (4,236) – (4,236) Investments in associates and joint ventures 796,642 574,637 657,076 2,028,355 439,333 2,467,688 Other segment assets 8,548,148 5,633,209 7,876,650 22,058,007 1,031,676 23,089,683 Reportable segment assets 9,344,790 6,207,846 8,533,726 24,086,362 1,471,009 25,557,371 Deferred tax assets 35,414 Tax recoverable 14,102 Total assets 25,606,887 Reportable segment liabilities 6,053,893 3,606,802 5,546,596 15,207,291 456,175 15,663,466 Deferred tax liabilities 415,039 Provision for taxation 219,384 Total liabilities 16,297,889 Additions to non-current assets** 4,630 177,435 736,179 918,244 51,178 969,422 ^ Hotel operations for 2024 comprise revenue and Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) attributable to hotel rooms owned by the Group of $1,137.1 million and $301.4 million respectively. ** Non-current assets include property, plant and equipment, investment properties, investments in associates and joint ventures, and intangible assets. 228 | CITY DEVELOPMENTS LIMITED
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