220 | CapitaLand Limited Annual Report 2014
Appendix
Notes to the Financial Statements
Year ended 31 December 2014
39 DISCONTINUED OPERATION
(cont’d)
The results of the discontinued operation are as follows
The Group
2014
$’000
2013
$’000
Revenue
–
1,010,457
Cost of sales
–
(755,209)
*URVV SURÀW
–
255,248
Other operating income
–
78,679
Administrative expenses
–
(137,954)
Other operating expenses
–
(5,484)
3URÀW IURP RSHUDWLRQV
–
190,489
Finance costs
–
(58,239)
Share of results of associates
16,300
32,123
Share of results of joint ventures
–
(9,746)
3URÀW EHIRUH JDLQ RQ VDOH RI GLVFRQWLQXHG RSHUDWLRQ
16,300
154,627
Gain/(Loss) on sale of discontinued operation
19,059
(120,849)
Tax on gain on sale of discontinued operation
(6,225)
–
3URÀW IRU WKH \HDU
29,134
33,778
3URÀW DWWULEXWDEOH WR
Owners of the Company
29,134
(34,327)
Non-controlling interest
–
68,105
3URÀW IRU WKH \HDU
29,134
33,778
The impact of the discontinued operation on the consolidated cash now of the Group is as follows
The Group
2014
$’000
2013
$’000
Operating cash nows
–
189,556
Investing cash nows
952,356
461,493
Financing cash nows
–
(264,018)
7RWDO FDVK ÁRZV IURP GLVFRQWLQXHG RSHUDWLRQ
952,356
387,031
40 SUBSEQUENT EVENT
On 16 February 2015, the Group announced that it will acquire the remaining 60% equity interest in CapitaLand
Township Holdings Pte Ltd (CL Township), whose principal activity relates to township development in China,
for a cash consideration of $240 million. The Group will also sell its 40% equity interest in Surbana International
Consultants Holdings Pte Ltd (SIC), which provides building consultancy services and related businesses in Asia,
Africa and Middle East, for a cash consideration of $104 million. Upon completion of the acquisition, the Group’s
interest in CL Township will increase from 40% to 100% and CL Township will become a wholly-owned subsidiary
of the Group.
The full ownership of CL Township will allow the Group to integrate the township development business into
CL China; while the divestment of SIC is consistent with the Group’s strategy to focus resources on its core
businesses.
41 COMPARATIVE INFORMATION
Certain comparatives in the mnancial statements have been changed from prior year due to the changes in
accounting policies as described in note 2(a)(i).
