NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2022 35 EARNINGS PER SHARE(CONT’D) Basic earnings per share (cont’d) Group 2022 2021 Number of shares Number of shares Weighted average number of ordinary shares Weighted average number of ordinary shares during the year 906,901,330 906,901,330 Basic earnings per share 140.3 cents 7.9 cents Diluted earnings per share Diluted earnings per share is calculated based on: Group 2022 2021 $’000 $’000 Restated* Profit attributable to ordinary shareholders after adjustment for non-redeemable convertible non-cumulative preference dividends 1,272,418 71,809 Add: Dividends on non-redeemable convertible non-cumulative preference shares 12,904 – Profit attributable to ordinary shareholders after adjustment for non-redeemable convertible non-cumulative preference dividends 1,285,322 71,809 Group 2022 2021 Number of shares Number of shares Weighted average number of ordinary shares used in the calculation of basic earnings per share 906,901,330 906,901,330 Potential ordinary shares issuable under non-redeemable convertible non-cumulative preference shares 44,998,898 – Weighted average number of ordinary shares and potential shares assuming full conversion of preference shares 951,900,228 906,901,330 Diluted earnings per share 135.0 cents 7.9 cents For the year ended 31 December 2021, the diluted earnings per share was the same as basic earnings per share as the conversion of the non-redeemable convertible non-cumulative preference shares was considered anti-dilutive. * Refer to Note 47 34 TAX EXPENSE (CONT’D) Reconciliation of effective tax rate Group 2022 2021 $’000 $’000 Restated* Profit before tax 1,856,767 214,803 Tax using the Singapore tax rate of 17% (2021: 17%) 315,650 36,516 Income not subject to tax (152,964) (93,098) Expenses not deductible for tax purposes: – expenses 174,894 80,757 – write-back (2,761) (4,934) Effect of changes in tax rates and legislation 1,425 (6,442) Effect of different tax rates in other countries 50,411 6,294 Effect of share of results of associates and joint ventures (30,274) (18,274) Land appreciation tax 22,037 22,482 Effect of tax deduction on land appreciation tax (5,509) (5,621) Unrecognised deferred tax assets 40,414 88,976 Utilisation of previously unrecognised deferred tax assets (7,604) (24,909) Tax effect of losses not allowed to be set off against future taxable profits 7,862 9,932 Tax incentives – (222) Origination of temporary differences 158,277 – Withholding taxes 1,677 2,829 Over provision in respect of prior years (30,967) (6,378) 542,568 87,908 35 EARNINGS PER SHARE Basic earnings per share Basic earnings per share is calculated based on: Group 2022 2021 $’000 $’000 Restated* Profit attributable to owners of the Company 1,285,322 84,713 Less: Dividends on non-redeemable convertible non-cumulative preference shares (12,904) (12,904) Profit attributable to ordinary shareholders after adjustment for non-redeemable convertible non-cumulative preference dividends 1,272,418 71,809 * Refer to Note 47 CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2022 FINANCIALS 202 203
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