198 CapitaLand Integrated Commercial Trust Notes to the financial statements Year ended 31 December 2024 31 OPERATING SEGMENTS (continued) Geographical information Group 2024 2023 $’000 $’000 Gross Revenue Singapore 1,501,176 1,447,584 Australia 54,591 56,592 Germany 30,562 55,758 1,586,329 1,559,934 Non-current assets1 Singapore 23,653,181 22,783,693 Australia 770,202 904,743 Germany 715,431 691,046 25,138,814 24,379,482 1 Non-current assets exclude financial instruments (other than equity-accounted investees) and deferred tax assets. 32 ACQUISITION OF SUBSIDIARY AND JOINT VENTURES On 30 October 2024, the Group completed the acquisition of ION Orchard and ION Orchard Link (collectively known as “the Property”) from a related party, CLI Singapore Pte. Ltd.. The property is held through the Group’s wholly owned subsidiary, CRSI’s 50.0% interest in OTH and IOL, which amounts to a 50.0% stake in the Property and a 50.0% stake in OTD, being the property manager. At the time of acquisition, the Group considers whether the acquisition represents the acquisition of a business or the acquisition of an asset. The acquisition has been accounted for as an acquisition of asset in accordance with FRS 103 Business Combinations. Effects of acquisition The identifiable assets acquired, liabilities assumed and effect of cash flows are presented as follows: Group 2024 $’000 Joint ventures 1,061,825 Trade and other receivables 4,320 Cash and cash equivalents 486 Trade and other payables (3) Provision for taxation (571) Identifiable net assets acquired 1,066,057 Add: Premium over net assets acquired 6,966 Total purchase consideration 1,073,023 Add: Acquisition fee and other related expenses 22,192 Total purchase consideration, including acquisitions costs 1,095,215 Add: Consideration to be refunded from vendor 3,248 Less: Acquisition fee paid in units (18,655) Less: Cash and cash equivalents in subsidiary acquired (486) Net cash outflow on acquisition 1,079,322
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