NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 4 PROPERTY, PLANT AND EQUIPMENT Note Freehold land and buildings Leasehold land and buildings Freehold and leasehold properties under development Furniture, fittings, plant and equipment and improvements Renovationin-progress Right-ofuse assets Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Group Cost At 1 January 2021 4,089,858 1,672,463 299,211 1,864,634 28,648 344,340 8,299,154 Acquisition of subsidiaries 40 – 21,184 – 120 – – 21,304 Additions 3,597 1,319 70,530 47,383 22,601 27,619 173,049 Disposal/Written off (14,583) – (8,752) (19,390) – (10,082) (52,807) Reclassifications 2,299 (116) – 5,850 (8,033) – – Transfer from investment properties 5 36,527 (1,443) – 25,318 – – 60,402 Transfer to assets held for sale (334,443) – – (82,744) – – (417,187) Translation differences on consolidation (1,085) 14,078 4,437 15,757 35 6,459 39,681 At 31 December 2021 3,782,170 1,707,485 365,426 1,856,928 43,251 368,336 8,123,596 At 1 January 2022 3,782,170 1,707,485 365,426 1,856,928 43,251 368,336 8,123,596 Additions 4,874 2,648 54,527 40,056 15,565 562,029 679,699 Disposal/Written off (19,360) (20,399) (1,715) (43,506) (352) (17,044) (102,376) Disposal of subsidiaries 40 (750,283) (713,040) – (615,600) (4,918) (86,661) (2,170,502) Reclassifications 9,418 128,964 (131,804) 7,103 (13,681) – – Transfer from assets held for sale 16,054 – – 8,950 – – 25,004 Transfer to investment properties 5 (5,884) – – – – – (5,884) Transfer to development properties – – (245,291) – – – (245,291) Translation differences on consolidation (140,260) (89,523) (3,959) (78,282) (3,358) (17,266) (332,648) At 31 December 2022 2,896,729 1,016,135 37,184 1,175,649 36,507 809,394 5,971,598 Accumulated depreciation and impairment losses At 1 January 2021 1,045,821 421,220 3,642 1,259,259 – 43,528 2,773,470 Charge for the year 25,763 23,834 – 105,888 – 22,553 178,038 Disposal/Written off (14,583) – – (15,916) – (7,948) (38,447) Reclassifications 39,860 – – (39,860) – – – Transfers from investment properties 5 375 (445) – 12,825 – – 12,755 Transfer to assets held for sale (36,439) – – (65,688) – – (102,127) Impairment losses reversed (net) (75,356) (15,311) – (4,044) – (664) (95,375) Translation differences on consolidation 11,613 9,904 73 11,233 – 624 33,447 At 31 December 2021 997,054 439,202 3,715 1,263,697 – 58,093 2,761,761 At 1 January 2022 997,054 439,202 3,715 1,263,697 – 58,093 2,761,761 Charge for the year 21,425 19,954 – 85,962 – 33,377 160,718 Disposal/Written off (18,552) (16,518) – (42,775) – (15,093) (92,938) Reclassifications (7,804) 6,337 – 1,467 – – – Disposal of subsidiaries 40 (138,126) (214,674) – (435,072) – (4,366) (792,238) Impairment losses reversed (net) (6,060) (25,709) – 3,656 – – (28,113) Transfer from assets held for sale 6,981 – – 3,661 – – 10,642 Translation differences on consolidation (27,668) (24,851) (24) (55,004) – (1,497) (109,044) At 31 December 2022 827,250 183,741 3,691 825,592 – 70,514 1,910,788 Carrying amounts At 1 January 2021 3,044,037 1,251,243 295,569 605,375 28,648 300,812 5,525,684 At 31 December 2021 2,785,116 1,268,283 361,711 593,231 43,251 310,243 5,361,835 At 31 December 2022 2,069,479 832,394 33,493 350,057 36,507 738,880 4,060,810 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D) 3.20 Earnings per share The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding, for the dilutive effect arising from the conversion of the non-redeemable convertible non-cumulative preference shares. 3.21 Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenue and incur expenses, including revenue and expenses that relate to transactions with any of the Group’s other components. All operating segments’ operating results are reviewed regularly by the Board of Directors and Group Chief Executive Officer (CEO) to make decisions about resources to be allocated to the segment and assess its performance, and for which discrete financial information is available. Segment results that are reported to the Group’s Board of Directors and Group CEO include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly tax assets and liabilities. 3.22 New standards and amendments not adopted A number of new standards and amendments to standards are effective for annual periods beginning after 1 January 2022 and earlier application is permitted. Except as disclosed in note 2.5, the Group has not early adopted the new or amended standards in preparing these financial statements. The Group is in the process of assessing the impact of the new standards and amendments to standards on its financial statements. CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 FINANCIALS 154 155
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