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 (CONT’D) Leasehold land and buildings Furniture, fittings, plant and equipment and improvements Total $’000 $’000 $’000 Group Balance at 1 January 2022 306,240 4,003 310,243 Depreciation charge for the year (32,145) (1,232) (33,377) Additions to right-of-use assets 561,117 912 562,029 Disposal/Written off (1,948) (3) (1,951) Disposal of subsidiaries (82,238) (57) (82,295) Translation differences on consolidation (15,741) (28) (15,769) Balance at 31 December 2022 735,285 3,595 738,880 Buildings $’000 Company Balance at 1 January 2021 20,029 Depreciation charge for the year (6,267) Additions to right-of-use assets 1,942 Balance at 31 December 2021 15,704 Balance at 1 January 2022 15,704 Depreciation charge for the year (6,261) Additions to right-of-use assets 21,905 Balance at 31 December 2022 31,348 (a) Included in property, plant and equipment are certain hotel properties of the Group with carrying amount totalling $381,711,000 (2021: $584,019,000) which are mortgaged to certain financial institutions to secure credit facilities (refer to notes 23 and 24 for more details of the facilities). (b) During 2022, the Group transferred the reversionary interest of three hotels leased to CDL Hospitality Trusts (CDLHT) from property, plant and equipment to investment properties located in Singapore, following the deconsolidation of CDLHT (refer to note 40). The Group also reclassified a hotel under development from property, plant and equipment to development properties, as the hotel was developed with the intention for sale to CDLHT. (c) During 2021, the Group transferred two hotel properties located in Australia held by the Group’s non whollyowned subsidiary, CDLHT, from investment properties to property, plant and equipment, when CDLHT became both the owner and operator of the properties. 4 PROPERTY, PLANT AND EQUIPMENT (CONT’D) Note Freehold land Furniture, fittings and equipment Right-of-use assets Total $’000 $’000 $’000 $’000 Company Cost At 1 January 2021 2,570 37,597 32,293 72,460 Additions – 4,255 1,942 6,197 Disposal/Written off – (5,595) – (5,595) At 31 December 2021 2,570 36,257 34,235 73,062 At 1 January 2022 2,570 36,257 34,235 73,062 Additions – 4,905 21,905 26,810 Transfer to investment properties 5 (2,570) – – (2,570) At 31 December 2022 – 41,162 56,140 97,302 Accumulated depreciation At 1 January 2021 – 22,757 12,264 35,021 Charge for the year – 4,749 6,267 11,016 Disposal/Written off – (5,518) – (5,518) At 31 December 2021 – 21,988 18,531 40,519 At 1 January 2022 – 21,988 18,531 40,519 Charge for the year – 4,997 6,261 11,258 At 31 December 2022 – 26,985 24,792 51,777 Carrying amounts At 1 January 2021 2,570 14,840 20,029 37,439 At 31 December 2021 2,570 14,269 15,704 32,543 At 31 December 2022 – 14,177 31,348 45,525 Right-of-use assets classified within property, plant and equipment Leasehold land and buildings Furniture, fittings, plant and equipment and improvements Total $’000 $’000 $’000 Group Balance at 1 January 2021 296,007 4,805 300,812 Depreciation charge for the year (21,204) (1,349) (22,553) Additions to right-of-use assets 27,139 480 27,619 Reversal of impairment loss 664 – 664 Disposal/Written off (2,130) (4) (2,134) Translation differences on consolidation 5,764 71 5,835 Balance at 31 December 2021 306,240 4,003 310,243 CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 FINANCIALS 156 157
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