CITY DEVELOPMENTS LIMITED City Developments Limited and its subsidiaries
Registration Number: 196300316Z
Condensed Interim Financial Statements For the six months ended 30 June 2023
City Developments Limited and its subsidiaries
Interim financial statements
Six months ended 30 June 2023
Condensed Interim Consolidated Statement of Profit or Loss
Six months ended 30 June 2023
Group | ||||
6 months | 6 months | |||
ended 30 | ended 30 | |||
Note | June 2023 | June 2022 | ||
$'000 | $'000 | |||
Restated* | ||||
Revenue | 5 | 2,703,697 | 1,472,553 | |
Cost of sales | (1,917,178) | (889,095) | ||
Gross profit | 786,519 | 583,458 | ||
Other income | 7 | 18,834 | 1,422,522 | |
Administrative expenses | (293,156) | (284,286) | ||
Other operating expenses | (225,676) | (197,615) | ||
Profit from operating activities | 286,521 | 1,524,079 | ||
Finance income | 6 | 73,348 | 60,717 | |
Finance costs | 6 | (220,563) | (99,483) | |
Net finance costs | (147,215) | (38,766) | ||
Share of after-tax profit of associates | 7,655 | 52,015 | ||
Share of after-tax profit of joint ventures | 32,574 | 40,674 | ||
Profit before tax | 7 | 179,535 | 1,578,002 | |
Tax expense | 8 | (61,969) | (432,745) | |
Profit for the period | 117,566 | 1,145,257 | ||
Attributable to: | ||||
Owners of the Company | 66,485 | 1,119,474 | ||
Non-controlling interests | 51,081 | 25,783 | ||
Profit for the period | 117,566 | 1,145,257 | ||
Earnings per share | ||||
- | Basic | 9 | 6.6 cents | 122.7 cents |
- | Diluted | 9 | 6.6 cents | 117.6 cents |
- As the proposed REIT listing of the two UK commercial properties did not materialise, in accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the Group has reclassified the assets held for sale and the liabilities directly associated with the assets, back to the Group's respective assets and liabilities. Accordingly, the comparative figures for 1H 2022 were restated to account for the retrospective effect on the related depreciation arising from the above reclassification following the Group's decision not to proceed with the planned IPO in 2H 2022.
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City Developments Limited and its subsidiaries
Interim financial statements
Six months ended 30 June 2023
Condensed Interim Consolidated Statement of Comprehensive Income
Six months ended 30 June 2023
Group | |||
6 months | 6 months | ||
ended 30 | ended 30 | ||
Note | June 2023 | June 2022 | |
$'000 | $'000 | ||
Restated* | |||
Profit for the period | 117,566 | 1,145,257 | |
Other comprehensive income | |||
Items that will not be reclassified to profit or loss: | |||
Defined benefit plan remeasurements | (327) | - | |
Net change in fair value of equity investments | |||
at FVOCI | 3,422 | 508 | |
3,095 | 508 | ||
Items that are or may be reclassified subsequently | |||
to profit or loss: | |||
Effective portion of changes in fair value of cash flow hedges | 33,297 | 616 | |
Exchange differences on hedges of net investment | |||
in foreign operations | 15,605 | (10,492) | |
Exchange differences on monetary items forming part of net | |||
investments in foreign operations | 22,783 | (51,463) | |
Exchange differences reclassified to profit or loss on disposal of | |||
subsidiaries | 25 | - | 85,302 |
Share of translation differences of equity-accounted investees | (13,834) | (14,665) | |
Translation differences arising on consolidation of foreign | |||
operations | (130,292) | (61,642) | |
(72,441) | (52,344) | ||
Total other comprehensive income for the period, | |||
net of tax | (69,346) | (51,836) | |
Total comprehensive income for the period | 48,220 | 1,093,421 | |
Total comprehensive income attributable to: | |||
Owners of the Company | 6,414 | 1,083,927 | |
Non-controlling interests | 41,806 | 9,494 | |
Total comprehensive income for the period | 48,220 | 1,093,421 |
- As the proposed REIT listing of the two UK commercial properties did not materialise, in accordance with SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the Group has reclassified the assets held for sale and the liabilities directly associated with the assets, back to the Group's respective assets and liabilities. Accordingly, the comparative figures for 1H 2022 were restated to account for the retrospective effect on the related depreciation arising from the above reclassification following the Group's decision not to proceed with the planned IPO in 2H 2022.
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CDL - City Developments Ltd. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2023 23:32:13 UTC.
