NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 32 REVENUE (CONT’D) As at 31 December 2022, the Group has property development income of $1,100,870,000 (2021: $1,424,898,000) which is expected to be recognised over the next three years (2021: four years) as construction of the development properties progresses. The Group has applied the practical expedient in paragraph 121 of SFRS(I) 15 and does not disclose information about its remaining performance obligations if: • the performance obligation is part of a contract that has an original expected duration of one year or less; or • the Group has a right to invoice a customer in an amount that corresponds directly with its performance to date, and it recognises revenue in that amount. Included in rental income from investment properties for the year ended 31 December 2021 were rental rebates granted of approximately $9.0 million to eligible tenants to cushion the impact of the COVID-19 pandemic. Disaggregation of revenue In the following table, revenue is disaggregated by geographical markets and timing of revenue recognition. The total disaggregated revenue of the Group excludes rental income from investment properties and dividend income from investments. The table also includes a reconciliation of the disaggregated revenue with the Group’s reportable segments. Reportable segments Property development Hotel operations Others Total 2022 2021 2022 2021 2022 2021 2022 2021 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 Geographical market Singapore 1,111,261 853,818 251,973 143,878 183,800 151,910 1,547,034 1,149,606 China 139,742 274,829 15,205 25,662 – – 154,947 300,491 United States – – 448,448 254,997 – – 448,448 254,997 United Kingdom 62,443 21,305 354,683 193,204 62 22 417,188 214,531 Australasia 68,876 104,518 74,975 95,661 98 40 143,949 200,219 Rest of Asia (excluding Singapore and China) – – 205,313 152,997 – – 205,313 152,997 Other countries – – 30,067 6,719 – – 30,067 6,719 1,382,322 1,254,470 1,380,664 873,118 183,960 151,972 2,946,946 2,279,560 Timing of revenue recognition Products and services transferred at a point in time 309,454 417,452 1,380,664 873,118 2,850 3,994 1,692,968 1,294,564 Products and services transferred over time 1,072,868 837,018 – – 181,110 147,978 1,253,978 984,996 1,382,322 1,254,470 1,380,664 873,118 183,960 151,972 2,946,946 2,279,560 31 TRADE AND OTHER PAYABLES Group Company Note 2022 2021 2022 2021 $’000 $’000 $’000 $’000 Restated* Trade payables 249,348 253,595 1,858 2,032 Accruals 502,098 464,141 88,564 74,507 Deferred income 60,884 53,719 – – Other payables 60,547 106,295 1,096 988 Rental and other deposits 56,700 75,979 8,424 8,813 Retention sums payable 17,518 11,261 – – Amounts owing to: – subsidiaries 7 – – 2,119,114 2,498,058 – associates 8 7,395 2 6 – – joint ventures 9 91,133 97,902 22,727 22,727 – fellow subsidiaries 17 294,040 248,648 – – – non-controlling interests 125,266 143,389 – – 1,464,929 1,454,931 2,241,789 2,607,125 * Refer to Note 47 Included in other payables of the Group are unsecured non-trade amounts owing to HCP Group of $5.9 million (2021: $50.3 million). As of 31 December 2021, $27.8 million bore interest ranging from 6.0% to 12.0% per annum. The non-trade amount owing to non-controlling interests is unsecured and due within one year. $112.2 million of the balance bears interest at rates ranging from 6.0% to 12.0% per annum and the remaining balance is interest-free. 32 REVENUE Revenue of the Group includes property development income, income from owning and operating hotels, rental income, dividend income and others but excludes intra-group transactions. Property development income consists mainly of sale proceeds of commercial and residential properties. Others include mainly management and consultancy fees, and income from the provision of laundry services. Group 2022 2021 $’000 $’000 Revenue from contracts with customers: – Hotel operations 1,380,664 873,118 – Development properties for which revenue is: – recognised over time 1,072,868 837,018 – recognised at a point in time 309,454 417,452 2,762,986 2,127,588 Dividends from investments: – fellow subsidiaries – quoted equity investments – at FVOCI 1,306 1,387 – unquoted equity investments – at FVOCI 2,295 1,890 – others – quoted equity investments – at FVOCI 334 334 – quoted equity investments – mandatorily at FVTPL 464 684 – unquoted equity investments – at FVOCI 905 880 Rental income from investment properties 341,163 341,118 Others 183,960 151,972 3,293,413 2,625,853 CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 FINANCIALS 196 197
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