NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 16 TRADE AND OTHER RECEIVABLES (CONT’D) (b) The reimbursement asset relates to reimbursements from the buyer of Millennium Hilton Seoul for costs that the Group would incur under certain contracts in respect of the hotel arising from the sale of the hotel (note 29). The sale was completed during 2022. Information about the Group’s and Company’s exposure to credit risk on other receivables is included in note 42. 17 AMOUNTS OWING BY AND TO FELLOW SUBSIDIARIES Group Company Note 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Amounts owing by fellow subsidiaries: – trade 16 250 194 – – Amounts owing to fellow subsidiaries: – trade 123 88 – – – non-trade, interest-free 110,406 105,956 – – – non-trade, interest-bearing 183,511 142,604 – – 31 294,040 248,648 – – Fellow subsidiaries are subsidiaries of the immediate holding company. The non-trade amounts owing to fellow subsidiaries are unsecured and repayable on demand. In respect of interest-bearing amounts owing to fellow subsidiaries, interest was charged at 2.00% (2021: 2.00%) per annum. 18 CASH AND CASH EQUIVALENTS Group Company Note 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Restated* Fixed deposits 1,484,627 1,216,718 425,488 556,085 Cash at banks and in hand** 878,570 883,982 189,011 130,237 Cash and cash equivalents in the statements of financial position 2,363,197 2,100,700 614,499 686,322 Restricted deposits included in other non-current assets 12 6,494 89,630 Cash and cash equivalents included in assets held for sale 6 – 631 19 2,369,691 2,190,961 Restricted cash (121,544) (246,828) Cash and cash equivalents in the consolidated statement of cash flows 2,248,147 1,944,133 * Refer to Note 47 ** Net of cash pool overdrafts As at 31 December 2022, cash and cash equivalents of $272,110,000 (2021: $220,808,000) of the Group were held under project accounts and withdrawals from which are restricted to payments for expenditure incurred on the Group’s development projects. Cash at banks and fixed deposits for the Group and Company bore interest at 0.10% to 5.70% (2021: 0.01% to 2.93%) and 3.00% to 4.51% (2021: 0.02% to 2.36%) per annum respectively as at 31 December 2022. 15 CONTRACT ASSETS/(LIABILITIES) Group Company 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Contract assets 465,018 402,330 – – Contract liabilities (613,598) (724,077) (8,190) – Significant changes in the contract assets and the contract liabilities balances during the year are as follows: Group 2022 2021 $’000 $’000 Contract liabilities at the beginning of the year recognised as revenue during the year 278,174 68,036 Increases due to cash received, excluding amounts recognised as revenue during the year (191,595) (525,738) Contract assets reclassified to trade receivables (402,324) (505,231) Changes in measurement of progress 465,018 402,330 16 TRADE AND OTHER RECEIVABLES Group Company Note 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Restated* Trade receivables 242,698 212,784 8,905 1,310 Impairment losses (15,723) (17,025) (82) (135) 226,975 195,759 8,823 1,175 Other receivables (a) 489,499 544,875 2,053 3,726 Impairment losses (389,091) (336,476) (1,048) (1,116) 100,408 208,399 1,005 2,610 Accrued rent receivables 49,671 48,532 2,778 2,389 Impairment losses (19,914) – – – 29,757 48,532 2,778 2,389 Deposits 5,911 11,901 288 288 Amounts owing by: – subsidiaries 7 – – 6,228,009 5,985,134 – associates 8 10,916 1,142 1,540 3 – joint ventures 9 1,086,805 1,288,755 232,414 231,599 – fellow subsidiaries 17 250 194 – – Reimbursement asset (b) 59,505 70,773 – – 1,520,527 1,825,455 6,474,857 6,223,198 Prepayments 100,483 61,616 2,758 2,161 Grant receivables 480 1,339 – 532 Tax recoverable 4,048 4,557 – – 1,625,538 1,892,967 6,477,615 6,225,891 * Refer to Note 47 (a) Included in other receivables of the Group as at 31 December 2022 is a receivable of $382.7 million (2021: $395.1 million) with related impairment loss of $382.7 million (2021: $331.2 million) from HCP Group. CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 FINANCIALS 178 179
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