Annual Report 2025 157 Notes to the Financial Statements 31 December 2025 Group Trust 2025 $’000 2024 $’000 2025 $’000 2024 $’000 Lease liabilities At the beginning of the financial year 629,861 646,322 600,874 617,834 D erecognition of lease liabilities due to divestments (56,789) (8,979) (56,789) (8,979) Remeasurement of lease liabilities 39,415 – 39,415 – Payment of land rent expenses (37,460) (36,695) (36,562) (35,799) Interest expenses on the lease liabilities (Note 22) 27,393 28,461 26,823 27,818 Exchange differences 2,356 752 – – At the end of the financial year 604,776 629,861 573,761 600,874 Presented as Current 42,277 39,315 41,803 38,393 Non-current 562,499 590,546 531,958 562,481 604,776 629,861 573,761 600,874 8. Interests in Subsidiaries and Loans to Subsidiaries Trust 2025 $’000 2024 $’000 Interests in subsidiaries Equity investment, at cost At the beginning of the financial year 1,706,575 1,706,575 Acquisitions / addition 894,887 – At the end of the financial year 2,601,462 1,706,575 Loans to subsidiaries (Note a) 2,550,762 2,507,093 5,152,224 4,213,668 Loans to subsidiaries Current (Note b) 240,550 30,187 Non-current (Note c) 593,522 495,236 834,072 525,423 (a) As loans to subsidiaries for both financial years ended 31 December 2025 and 31 December 2024 were, in substance, a part of the Trust’s net investment in the subsidiaries, they are stated at cost less accumulated impairment losses. Loans to subsidiaries are interest free and unsecured. The settlement of the amounts is neither planned nor likely to occur in the foreseeable future. (b) As at 31 December 2025, a loan to a subsidiary bears floating interest averaging 5.3% per annum. The principal amount of the loan to subsidiary is unsecured and due in the next 12 months from the end of the financial year. As at 31 December 2024, a loan to a subsidiary bore interest of 5.0% per annum. The principal amount of the loan to subsidiary is unsecured and due in the next 12 months from the end of the financial year. In 2025, upon maturity, the loan to a subsidiary is treated as part of the Trust’s net investment in the subsidiaries (Note (a)). 7. Leases (continued) As lessee (continued)
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