Notes to the Financial Statements Year ended 31 December 2024 9 NON-CONTROLLING INTERESTS (continued) Under the investment license of Hanoi Tower Center Company Limited, Burton Engineering Pte Ltd is entitled to 76%, 70% and 50% of the distributed profits for each year during the first 25 years, the following ten years and the subsequent ten years, respectively, from the commencement of operations of Hanoi Tower Center Company Limited. From 9 February 2018, profits attributable to NCI of Hanoi Tower Center Company Limited increased from 24% to 30%. Under the investment license of Saigon Office and Serviced Apartment Company Limited, East Australia Trading Company (S) Pte Ltd is entitled to 67%, 60% and 40% of the distributed profits for each year prior to the repayment of its capital bank loan, after the repayment of its capital bank loan and after 31 years from the commencement of operations of Saigon Office and Serviced Apartment Company Limited respectively. From 28 February 2022, profits attributable to NCI of Saigon Office and Serviced Apartment Company Limited increased from 33% to 40%. From 5 October 2023, profits attributable to NCI of Saigon Office and Serviced Apartment Company Limited increased from 40% to 60%. On 31 May 2024, the CapitaLand Ascott REIT Group has acquired the remaining 10% interests in Columbia Student Venture LLC Group. As a result, profits attributable to NCI decreased from 10% to 0%. The following summarises the financial information of each of the CapitaLand Ascott REIT Group’s subsidiaries with material NCI, based on their respective financial statements prepared in accordance with SFRS(I)s/FRSs, modified for fair value adjustments on acquisition and differences in the Stapled Group’s accounting policies. CapitaLand Ascott REIT Group PT Ciputra Liang Court Hanoi Tower Center Company Limited MekongHacota Joint Venture Company Limited Saigon Office and Serviced Apartment Company Limited Somerset Hoa Binh Joint Venture Company Limited Other individually immaterial subsidiaries Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 2024 Revenue 5,509 13,836 7,282 8,001 4,447 Profit/(Loss) 677 2,650 1,804 2,264 (2,164) Attributable to NCI: – Profit/(Loss) 288 795 745 599 (216) 604 2,815 Non-current assets 38,928 60,928 29,472 36,321 22,187 Current assets 3,712 5,721 3,111 4,902 1,088 Non-current liabilities (871) (875) – – – Current liabilities (1,757) (3,078) (1,042) (2,085) (8,470) Net assets 40,012 62,696 31,541 39,138 14,805 Net assets attributable to NCI 17,033 15,047 13,304 12,916 1,480 6,614 66,394 Cash flows from operating activities 951 6,893 3,206 3,711 1,028 Cash flows used in investing activities (287) (270) (271) (498) (107) Cash flows used in financing activities (502) (4,325) (1,859) (2,669) (2,059) Net increase/(decrease) in cash and cash equivalents 162 2,298 1,076 544 (1,138) Dividends paid to NCI (214) (1,297) (768) (1,151) – 187 Annual Report 2024
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