| Schedule of Right-of-use assets |
| | | | | Leased | | | properties | | | USD’000 | At December 31, 2024 | | | Carrying amount | | 185,514 | At December 31, 2025 | | | Carrying amount | | 204,180 | For the year ended December 31, 2023 | | | Depreciation charge | | 35,709 | Reversal of impairment loss recognized in profit or loss | | (3,916) | For the year ended December 31, 2024 | | | Depreciation charge | | 36,910 | Reversal of impairment loss recognized in profit or loss | | (2,355) | For the year ended December 31, 2025 | | | Depreciation charge | | 38,902 | Impairment loss recognized in profit or loss | | 766 |
| | | | | | | | | 2023 | | 2024 | | 2025 | | | USD’000 | | USD’000 | | USD’000 | Amount recognized in profit or loss: | | | | | | | Expense relating to short-term leases | | 448 | | 2,307 | | 2,928 | Variable lease payments not included in the measurement of lease liabilities | | 3,420 | | 4,005 | | 4,070 | Other movements: | | | | | | | Total cash outflow for leases (Note) | | 47,293 | | 49,848 | | 58,033 | Additions to right-of-use assets | | 23,420 | | 56,896 | | 43,740 | Derecognition of right-of-use assets arising from | | | | | | | lease termination | | (24,076) | | (7,272) | | (903) | Remeasurement of provision for restoration | | — | | 3,850 | | 467 | (Decrease) Increase due to the modification of leases | | (1,310) | | 6,781 | | 10,184 |
Note: During the years ended December 31, 2024 and 2025, the amount includes payments of principal and interest portion of lease liabilities of USD43,536,000 and USD51,035,000 respectively which are presented in financing cash flows and payment of variable lease payments and short-term leases of USD6,312,000 and USD6,998,000 respectively which are presented in operating cash flows. During the years ended December 31, 2024 and 2025, the Group leases various premises for its operations. Lease contracts are entered into for fixed terms of 12 months to 20 years, but may have termination options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. In determining the lease term and assessing the length of the non-cancellable period, the Group applies the definition of a contract and determines the period for which the contract is enforceable.
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| Schedule of variable lease payments |
For the year ended December 31, 2023 | | | | | | | | | | | Number | | Fixed | | Variable | | Total | | | of leases | | payments | | payments | | payments | | | | | USD’000 | | USD’000 | | USD’000 | Office premises without variable lease payments | | 6 | | 352 | | — | | 352 | Leases without variable lease payments | | 193 | | 21,135 | | — | | 21,135 | Leases with variable lease payments | | 61 | | 22,386 | | 3,420 | | 25,806 | Total | | 260 | | 43,873 | | 3,420 | | 47,293 |
For the year ended December 31, 2024 | | | | | | | | | | | Number | | Fixed | | Variable | | Total | | | of leases | | payments | | payments | | payments | | | | | USD’000 | | USD’000 | | USD’000 | Office premises without variable lease payments | | 10 | | 457 | | — | | 457 | Leases without variable lease payments | | 225 | | 25,298 | | — | | 25,298 | Leases with variable lease payments | | 72 | | 20,088 | | 4,005 | | 24,093 | Total | | 307 | | 45,843 | | 4,005 | | 49,848 |
For the year ended December 31, 2025 | | | | | | | | | | | Number | | Fixed | | Variable | | Total | | | of leases | | payments | | payments | | payments | | | | | USD’000 | | USD’000 | | USD’000 | Office premises without variable lease payments | | 11 | | 514 | | — | | 514 | Leases without variable lease payments | | 284 | | 27,850 | | — | | 27,850 | Leases with variable lease payments | | 79 | | 25,599 | | 4,070 | | 29,669 | Total | | 374 | | 53,963 | | 4,070 | | 58,033 |
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