NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 9 INVESTMENTS IN AND BALANCES WITH JOINT VENTURES (CONT’D) (a) At the reporting date, included in the carrying amount of the Group’s investments in joint ventures is goodwill amounting to $15.3 million (2023: $15.3 million) relating to the Group’s interests in one (2023: one) joint venture. (b) In 2023, the Group assessed the carrying amount of its investments in joint ventures for indicators of impairment. Based on the assessment, the Group recognised an impairment loss of $12,279,000 on its investment in a joint venture as a result of its weak financial performance. The recoverable amount was estimated taking into account the fair values of the underlying assets and the liabilities of the joint venture. The fair value measurement was categorised as a Level 3 in the fair value hierarchy as it is derived from unobservable inputs. The movement in impairment losses in respect of investments in joint ventures are as follows: Group Company 2024 2023 2024 2023 $’000 $’000 $’000 $’000 At 1 January 12,105 – – – Impairment loss recognised – 12,279 – – Translation differences on consolidation 59 (174) – – At 31 December 12,164 12,105 – – The impairment loss recognised was included in “Share of after-tax profit of joint ventures” in the consolidated statement of profit or loss and the investment properties segment. (c) The non-trade amounts owing by joint ventures are unsecured. In respect of interest-bearing amounts owing by joint ventures, interest at rates ranging from 2.00% to 4.05% (2023: 2.00% to 4.66%) per annum were charged by the Group. The non-trade amounts presented as receivable within one year are receivable on demand. The non-trade amounts owing by joint ventures after one year are loans to joint ventures for which settlement was neither planned nor likely to occur in the foreseeable future. (d) The non-trade amounts owing to joint ventures are unsecured and repayable on demand. In respect of interest-bearing amounts owing to a joint venture, interest is charged at 1.65% (2023: 1.65%) per annum. Immaterial joint ventures The Group has interests in a number of individually immaterial joint ventures. The following table summarises, in aggregate, the share of profit and other comprehensive income of these immaterial joint ventures that are accounted for using the equity method: Group 2024 2023 $’000 $’000 Carrying amount of interests in individually immaterial joint ventures 1,162,454 1,122,370 Group’s share of: – profit from continuing operations 46,641 44,233 – other comprehensive income (299) 1 – total comprehensive income 46,342 44,234 ANNUAL REPORT 2024 FINANCIALS 135
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