NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 31 OPERATING SEGMENTS (continued) Operating segments (continued) Retail Office Integrated Developments Group $’000 $’000 $’000 $’000 2022 Gross revenue 556,511 463,610 421,626 1,441,747 Segment net property income 394,086 346,452 302,745 1,043,283 Interest and other income 5,336 Investment income 10,594 Finance costs (242,437) Management fees (87,934) Other unallocated expenses (8,536) Share of results (net of tax) of – Joint ventures 42,467 Net income 762,773 Net change in fair value of investment properties 43,687 (113,211) (20,914) (90,438) Gain on divestment of investment property 57,257 – – 57,257 Net change in fair value of financial derivatives – (680) 1,082 402 Total return for the year before tax 729,994 Taxation (4,105) Total return for the year 725,889 Assets and liabilities Segment assets 7,231,245 10,507,117 6,242,726 23,981,088 Unallocated assets: – Joint ventures 361,198 – Equity investments at fair value 180,989 – Financial derivatives 58,912 – Others 84,436 685,535 Total assets 24,666,623 Segment liabilities 200,059 271,141 154,274 625,474 Unallocated liabilities – Loans and borrowings 9,585,261 – Financial derivatives 112,740 – Others 63,755 9,761,756 Total liabilities 10,387,230 Other segmental information Depreciation and amortisation 229 2,486 1,454 4,169 Plant and equipment – capital expenditure 283 111 84 478 Investment properties – capital expenditure 26,973 62,733 48,306 138,012 (Write back)/allowance of doubtful debts (77) 60 (11) (28) Doubtful debts (write back)/written off (11) 130 151 270 ANNUAL REPORT 2023 269 Other Information Overview Leadership Performance Framework
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