NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 32 PROFIT FOR THE YEAR (CONT’D) Group Note 2024 2023 $’000 $’000 Other expenses Allowance made for foreseeable losses on development properties (net) 13 4,236 49,663 (Reversal of impairment losses)/Impairment losses recognised on: – property, plant and equipment 4 (59,797) (54,037) – investment properties 5 19,513 43,749 – trade receivables and accrued receivables 41 14,515 7,142 – other receivables 41 3,220 743 – amounts owing by associates 8 – 57 Loss on dilution of interest in an associate 2,723 – Loss on liquidation of a subsidiary 9 – Property, plant and equipment and investment properties written off 5,611 7,608 Provisions made/(written back) 28 3,105 (3,587) Finance income Interest income under the effective interest method: – amounts owing by associates at amortised cost 681 158 – amounts owing by joint ventures at amortised cost 40,953 24,466 – cash and cash equivalents 53,035 56,656 – others 1,868 1,164 Net change in fair value of cash flow hedges, reclassified from hedging reserve 18,915 14,235 Fair value gains on financial derivatives – 1,291 Fair value gains on financial assets mandatorily measured at FVTPL (net) 1,092 – Net exchange gain 70,627 – 187,171 97,970 Less: Finance income capitalised in development properties (534) – Total finance income 186,637 97,970 Finance costs Amortisation of transaction costs capitalised 10,261 6,612 Interest expense: – term loans and bank loans 475,985 374,362 – bonds and notes 84,102 78,287 – amounts owing to fellow subsidiaries 275 802 – amounts owing to joint ventures 5 12 – lease liabilities 24,811 25,320 – others 3,556 7,049 Fair value losses on financial derivatives 227 – Fair value losses on financial assets mandatorily measured at FVTPL (net) – 36,389 Net exchange loss – 4,472 Unwinding of discount on non-current liabilities 6,346 1,133 Finance costs capitalised in: – development properties## (30,831) (35,016) – property, plant and equipment (401) (128) – investment properties (15,266) (7,716) Total finance costs 559,070 491,578 Net finance costs 372,433 393,608 * Non-audit fees paid to auditors of the Company and other firms affiliated with KPMG International Limited include audit-related services of $231,000 (2023: $30,000). # Included rental rebate of $28,000 (2023: $146,000) deducted against depreciation of right-of-use assets. ## Relates to development properties for which revenue is recognised at a point in time. Borrowing costs on development properties where revenue is recognised over time is charged to profit or loss, as incurred. ANNUAL REPORT 2024 FINANCIALS 159
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