NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 34 EARNINGS PER SHARE (CONT’D) Diluted earnings per share Diluted earnings per share is calculated based on: Group 2023 2022 $’000 $’000 Profit attributable to ordinary shareholders after adjustment for non-redeemable convertible non-cumulative preference dividends 305,059 1,272,418 Add: Dividends on non-redeemable convertible non-cumulative preference shares 12,254 12,904 Profit attributable to owners of the Company 317,313 1,285,322 Group 2023 2022 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 44,616,717 44,998,898 Weighted average number of ordinary shares and potential shares assuming full conversion of preference shares 951,518,047 951,900,228 Diluted earnings per share 33.3 cents 135.0 cents 35 DIVIDENDS Company 2023 2022 $’000 $’000 Final tax exempt (one-tier) ordinary dividend paid of 8.0 cents (2022: 8.0 cents) per ordinary share in respect of the previous financial year 72,552 72,552 Special final tax exempt (one-tier) ordinary dividend paid of 8.0 cents (2022: 1.0 cents) per ordinary share in respect of the previous financial year 72,552 9,069 Special interim tax exempt (one-tier) ordinary dividend paid of 4.0 cents (2022: 12.0 cents) per ordinary share in respect of the current financial year 36,276 108,828 Non-cumulative tax exempt (one-tier) preference dividend paid of 1.93 cents (2022: 1.93 cents) per preference share 6,399 6,399 Non-cumulative tax exempt (one-tier) preference dividend paid of 1.97 cents (2022: 1.97 cents) per preference share 5,855 6,505 193,634 203,353 Distribution in specie of 20.19 cents per ordinary share in 2022* – 183,124 193,634 386,477 35 DIVIDENDS (CONT’D) After the respective reporting dates, the directors proposed the following ordinary dividends, which have not been provided for: Company 2023 2022 $’000 $’000 Final tax exempt (one-tier) ordinary dividend of 8.0 cents (2022: 8.0 cents) per ordinary share 72,552 72,552 Special final tax exempt (one-tier) ordinary dividend of Nil (2022: 8.0 cents) per ordinary share – 72,552 72,552 145,104 * The distribution in specie was completed on 26 May 2022. The Company distributed 144,191,823 CDLHT units that it held to its ordinary shareholders at 0.159 CDLHT Unit per ordinary share through a distribution in specie. The distribution in specie, based on $1.27 per CDLHT Unit, amounted to $183,124,000. 36 LEASES Leases as lessee The Group leases hotel properties and office facilities. The leases of hotel properties and office facilities run for periods ranging from 1 to 116 years (2022: 1 to 116 years), with options to renew after lease expiry dates. Some leases provide for additional rent payments that are based on changes in local price indices. For certain leases, the Group is restricted from entering into any sub-lease arrangements. The leases for hotel properties were entered into many years ago as combined leases of land and buildings. The Group also leases IT equipment and motor vehicles under a number of leases. Amounts recognised in profit or loss 2023 2022 $’000 $’000 Interest on lease liabilities 25,320 20,127 Income from sub-leasing right-of-use assets presented in ‘revenue’ – 4,015 Expenses relating to short-term leases 2,650 5,305 Expenses relating to variable lease payments 41,519 23,976 Expenses relating to leases of low-value assets, excluding short-term leases of lowvalue assets 322 181 Amounts recognised in statement of cash flows 2023 2022 $’000 $’000 Payment of lease liabilities 24,701 26,032 Interest expense 25,320 20,127 Total cash outflow for leases 50,021 46,159 FINANCIALS FINANCIALS ANNUAL REPORT 2023 CITY DEVELOPMENTS LIMITED 205 204
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