NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 13. LEASES Leases as lessee i. Amounts recognised in the statement of total return 2023 2022 $’000 $’000 Group Interest on lease liabilities 148 444 ii. Amounts recognised in statement of cash flows 2023 2022 $’000 $’000 Total cash outflow for leases 1,303 3,769 CapitaMall Qibao has ceased operations since March 2023 and the land and building lease in the Group has ended as at 31 December 2023. Leases as lessor The Group leases out its investment properties consisting of its owned retail and commercial properties as well as leased properties (see Note 4). All leases are classified as operating leases from a lessor perspective. The Group has classified these leases as operating leases, because they do not transfer substantially all of the risks and rewards incidental to the ownership of the assets. Note 4 sets out information about the operating leases of investment properties. Rental income from investment properties and investment property subleases recognised by the Group during 2023 was $330.9 million (2022: $356.4 million). The following table sets out a maturity analysis of lease payments, showing the undiscounted lease payments to be received after the reporting date. 2023 2022 $’000 $’000 Group Less than one year 292,649 339,901 One to two years 185,408 210,303 Two to three years 112,328 127,069 Three to four years 51,121 63,352 Four to five years 28,452 40,099 More than five years 56,041 55,820 Total 725,999 836,544 ANNUAL REPORT 2023 197 Financials Framework Portfolio Performance Leadership Overview
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