Edition 5HG

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Financials

Annual Report 2025

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13 tables

Consolidated Statement of Comprehensive Income (Group)

29 metrics

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Consolidated Statement of Comprehensive Income (Group) from Annual Report 2025
Metric / unit 2025Group2024Group Source
Income
Revenue$'000 633701 PDF p. 87
Other gains
- Interest$'000 *20 PDF p. 87
- Others$'000 14415 PDF p. 87
Expenses
- Employee compensation$'000 (699)(1,091) PDF p. 87
- Changes in inventories$'000 9(39) PDF p. 87
- Purchases of inventories$'000 (295)(195) PDF p. 87
- Rental expense on short term operating lease$'000 (12)(2) PDF p. 87
- Amortisation and depreciation$'000 (247)(345) PDF p. 87
- Professional fees$'000 (407)(287) PDF p. 87
- Finance costs$'000 (105)(70) PDF p. 87
- Utilities$'000 (299)(436) PDF p. 87
- Other expenses$'000 (512)(478) PDF p. 87
- Bad debts written off$'000 *(24) PDF p. 87
- Impairment loss on property, plant and equipment$'000 (600)(1,300) PDF p. 87
- Reversal of/(provision for) loss allowance on trade and other receivables$'000 6(98) PDF p. 87
Total expenses$'000 (3,161)(4,365) PDF p. 87
Income
Share of loss from investment in associated company$'000 (97)(39) PDF p. 87
Loss before income tax$'000 (2,611)(3,268) PDF p. 87
Income tax credit$'000 34 PDF p. 87
Net loss for the financial year$'000 (2,608)(3,264) PDF p. 87
Other comprehensive gain: Items that may be reclassified subsequently to profit or loss
Currency translation differences on translation of financial statements of foreign subsidiary corporations$'000 4360 PDF p. 87
Other comprehensive gain
Total comprehensive loss for the financial year$'000 (2,565)(3,204) PDF p. 87
Net loss attributable to
Equity holders of the Company$'000 (2,584)(3,184) PDF p. 87
Non-controlling interests$'000 (24)(80) PDF p. 87
Subtotal$'000 (2,608)(3,264) PDF p. 87
Total comprehensive loss attributable to
Equity holders of the Company$'000 (2,541)(3,124) PDF p. 87
Non-controlling interests$'000 (24)(80) PDF p. 87
Subtotal$'000 (2,565)(3,204) PDF p. 87
Loss per share attributable to equity holders of the Company
Basic and diluted loss per sharecents per share (0.10)(0.13) PDF p. 87
Definitions & sources

* Amount less than $1,000

The accompanying notes form an integral part of these financial statements.

No separate Company income statement is presented in the report.

Balance Sheets (Group)

26 metrics

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Balance Sheets (Group) from Annual Report 2025
Metric / unit 2025Group2024Group Source
Current assets
Cash and cash equivalents$'000 437583 PDF p. 88
Trade and other receivables$'000 186151 PDF p. 88
Inventories$'000 8677 PDF p. 88
Subtotal$'000 709811 PDF p. 88
Non-current asset classified as held-for-sale$'000 1,1071,064 PDF p. 88
Subtotal$'000 1,8161,875 PDF p. 88
Non-current assets
Property, plant and equipment$'000 1,5412,197 PDF p. 88
Intangible assets$'000 28 PDF p. 88
Financial assets, at FVOCI$'000 ** PDF p. 88
Investment in associated company$'000 1,1241,221 PDF p. 88
Subtotal$'000 2,6673,426 PDF p. 88
Assets
Total assets$'000 4,4835,301 PDF p. 88
Current liabilities
Trade and other payables$'000 7,2985,602 PDF p. 88
Bank borrowings – secured$'000 1,344825 PDF p. 88
Subtotal$'000 8,6426,427 PDF p. 88
Non-current liabilities
Bank borrowings – secured$'000 7601,228 PDF p. 88
Subtotal$'000 7601,228 PDF p. 88
Liabilities
Total liabilities$'000 9,4027,655 PDF p. 88
NET LIABILITIES$'000 (4,919)(2,354) PDF p. 88
Equity
Share capital$'000 43,07943,079 PDF p. 88
Treasury shares$'000 (1,236)(1,236) PDF p. 88
Other reserves$'000 156113 PDF p. 88
Accumulated losses$'000 (46,766)(44,182) PDF p. 88
Subtotal$'000 (4,767)(2,226) PDF p. 88
Non-controlling interest$'000 (152)(128) PDF p. 88
Total equity$'000 (4,919)(2,354) PDF p. 88
Definitions & sources

* Amount less than $1,000

The accompanying notes form an integral part of these financial statements.

Balance Sheets (Company)

18 metrics

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Balance Sheets (Company) from Annual Report 2025
Metric / unit 2025Company2024Company Source
Current assets
Cash and cash equivalents$'000 84113 PDF p. 89
Trade and other receivables$'000 1,0941,482 PDF p. 89
Subtotal$'000 1,1781,595 PDF p. 89
Non-current assets
Property, plant and equipment$'000 –– PDF p. 89
Intangible assets$'000 –– PDF p. 89
Financial assets, at FVOCI$'000 ** PDF p. 89
Investments in subsidiary corporations$'000 –– PDF p. 89
Investment in associated company$'000 –– PDF p. 89
Subtotal$'000 ** PDF p. 89
Assets
Total assets$'000 1,1781,595 PDF p. 89
Current liability
Trade and other payables$'000 5,2213,693 PDF p. 89
Liability
Total liability$'000 5,2213,693 PDF p. 89
NET LIABILITIES$'000 (4,043)(2,098) PDF p. 89
Equity
Share capital$'000 43,07943,079 PDF p. 89
Treasury shares$'000 (1,236)(1,236) PDF p. 89
Other reserves$'000 269269 PDF p. 89
Accumulated losses$'000 (46,155)(44,210) PDF p. 89
Total equity$'000 (4,043)(2,098) PDF p. 89
Definitions & sources

* Amount less than $1,000

The accompanying notes form an integral part of these financial statements.

Consolidated Statement of Comprehensive Income (Group)

27 metrics

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Consolidated Statement of Comprehensive Income (Group) from Annual Report 2025
Metric / unit 2025Group, $'0002024Group, $'000 Source
Income
Revenue$'000 633701 PDF p. 87
Other gains
- Interest$'000 *20 PDF p. 87
- Others$'000 14415 PDF p. 87
Expenses
- Employee compensation$'000 (699)(1,091) PDF p. 87
- Changes in inventories$'000 9(39) PDF p. 87
- Purchases of inventories$'000 (295)(195) PDF p. 87
- Rental expense on short term operating lease$'000 (12)(2) PDF p. 87
- Amortisation and depreciation$'000 (247)(345) PDF p. 87
- Professional fees$'000 (407)(287) PDF p. 87
- Finance costs$'000 (105)(70) PDF p. 87
- Utilities$'000 (299)(436) PDF p. 87
- Other expenses$'000 (512)(478) PDF p. 87
- Bad debts written off$'000 *(24) PDF p. 87
- Impairment loss on property, plant and equipment$'000 (600)(1,300) PDF p. 87
- Reversal of/(provision for) loss allowance on trade and other receivables$'000 6(98) PDF p. 87
Total expenses$'000 (3,161)(4,365) PDF p. 87
Income
Share of loss from investment in associated company$'000 (97)(39) PDF p. 87
Loss before income tax$'000 (2,611)(3,268) PDF p. 87
Income tax credit$'000 34 PDF p. 87
Net loss for the financial year$'000 (2,608)(3,264) PDF p. 87
Other comprehensive gain: Items that may be reclassified subsequently to profit or loss
Currency translation differences on translation of financial statements of foreign subsidiary corporations$'000 4360 PDF p. 87
Other comprehensive gain
Total comprehensive loss for the financial year$'000 (2,565)(3,204) PDF p. 87
Net loss attributable to
Equity holders of the Company$'000 (2,584)(3,184) PDF p. 87
Non-controlling interests$'000 (24)(80) PDF p. 87
Total comprehensive loss attributable to
Equity holders of the Company$'000 (2,541)(3,124) PDF p. 87
Non-controlling interests$'000 (24)(80) PDF p. 87
Loss per share attributable to equity holders of the Company (cents per share)
Basic and diluted loss per sharecents per share (0.10)(0.13) PDF p. 87
Definitions & sources

* Amount less than $1,000

Note reference column omitted from values. No separate Company income statement/comprehensive income is presented.

Consolidated Statement of Cash Flows (Group)

33 metrics

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Consolidated Statement of Cash Flows (Group) from Annual Report 2025
Metric / unit 2025Group, $'0002024Group, $'000 Source
Cash flows from operating activities
Loss before income tax$'000 (2,611)(3,268) PDF p. 92
Cash flows from operating activities - Adjustments for
- Amortisation and depreciation$'000 247345 PDF p. 92
- Interest income$'000 *(20) PDF p. 92
- Interest expense$'000 10570 PDF p. 92
- Bad debts written off$'000 *24 PDF p. 92
- (Reversal of)/ provision for loss allowance on trade and other receivables$'000 (6)98 PDF p. 92
- Inventory write-down$'000 223 PDF p. 92
- Fair value gain on financial assets at fair value through profit or loss$'000 –(169) PDF p. 92
- Share of loss of an associated company$'000 9739 PDF p. 92
- Impairment loss on property, plant and equipment$'000 6001,300 PDF p. 92
- Currency translation differences$'000 *– PDF p. 92
Cash flows from operating activities
Operating cash flows before working capital changes$'000 (1,566)(1,558) PDF p. 92
Changes in working capital
- Trade and other receivables$'000 (29)156 PDF p. 92
- Inventories$'000 (11)16 PDF p. 92
- Trade and other payables$'000 221(248) PDF p. 92
Cash flows from operating activities
Cash used in operations$'000 (1,385)(1,634) PDF p. 92
Interest received$'000 *11 PDF p. 92
Interest paid$'000 (106)(65) PDF p. 92
Income tax received$'000 34 PDF p. 92
Net cash used in operating activities$'000 (1,488)(1,684) PDF p. 92
Cash flows from investing activities
Additions to property, plant and equipment$'000 (189)(261) PDF p. 92
Government grants received for reimbursement of purchase of property, plant and equipment$'000 –292 PDF p. 92
Government grants received for reimbursement of purchase of intangible assets$'000 4– PDF p. 92
Additions to intangible assets$'000 –(8) PDF p. 92
Net cash (used in)/generated by investing activities$'000 (185)23 PDF p. 92
Cash flows from financing activities
Proceeds from bank borrowings$'000 7001,800 PDF p. 92
Repayment of bank borrowings$'000 (648)(302) PDF p. 92
Proceeds from immediate and ultimate holding corporation$'000 1,475250 PDF p. 92
Net cash generated from financing activities$'000 1,5271,748 PDF p. 92
Net change in cash
Net (decrease)/increase in cash and cash equivalents$'000 (146)87 PDF p. 92
Cash and cash equivalents at beginning of financial year$'000 383296 PDF p. 92
Effects of currency translation on cash and cash equivalents$'000 *– PDF p. 92
Cash and cash equivalents at end of financial year$'000 237383 PDF p. 92
Definitions & sources

* Amount less than $1,000

No Company cash flow statement is presented.

Reconciliation of liabilities arising from financing activities (Group) – 2025

2 metrics

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Reconciliation of liabilities arising from financing activities (Group) – 2025 from Annual Report 2025
Metric / unit 2025Group, Beginning of financial year, $'0002025Group, Proceeds from borrowings, $'0002025Group, Principal and interest payments (cash), $'0002025Group, Non-cash changes: Interest expense, $'0002025Group, End of financial year, $'000 Source
2025
Bank borrowings – secured$'000 2,053700(754)1052,104 PDF p. 93
Other payables to immediate and ultimate holding corporation$'000 3,0001,475––4,475 PDF p. 93
Definitions & sources

Column headings: Beginning of financial year; Proceeds from borrowings; Principal and interest payments; Non-cash changes – Interest expense; End of financial year.

Reconciliation of liabilities arising from financing activities (Group) – 2024

2 metrics

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Reconciliation of liabilities arising from financing activities (Group) – 2024 from Annual Report 2025
Metric / unit 2024Group, Beginning of financial year, $'0002024Group, Proceeds from borrowings, $'0002024Group, Principal and interest payments (cash), $'0002024Group, Non-cash changes: Interest expense, $'0002024Group, End of financial year, $'000 Source
2024
Bank borrowings – secured$'000 5511,800(368)702,053 PDF p. 93
Other payables to immediate and ultimate holding corporation$'000 2,750250––3,000 PDF p. 93
Definitions & sources

Column headings as per 2025 table.

Consolidated Statement of Changes in Equity – Group, 2025

3 metrics

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Consolidated Statement of Changes in Equity – Group, 2025 from Annual Report 2025
Metric / unit 2025Group, Share capital, $'0002025Group, Treasury shares, $'0002025Group, Other reserves, $'0002025Group, Accumulated losses, $'0002025Group, Attributable to equity holders of the Company Total, $'0002025Group, Non-controlling interests, $'0002025Group, Total equity, $'000 Source
Group 2025
Beginning of financial year$'000 43,079(1,236)113(44,182)(2,226)(128)(2,354) PDF p. 90
Total comprehensive gain/(loss) for the financial year$'000 ––43(2,584)(2,541)(24)(2,565) PDF p. 90
End of financial year$'000 43,079(1,236)156(46,766)(4,767)(152)(4,919) PDF p. 90
Definitions & sources

Share capital is capital in dollars ($'000), not a share count.

Consolidated Statement of Changes in Equity – Group, 2024

3 metrics

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Consolidated Statement of Changes in Equity – Group, 2024 from Annual Report 2025
Metric / unit 2024Group, Share capital, $'0002024Group, Treasury shares, $'0002024Group, Other reserves, $'0002024Group, Accumulated losses, $'0002024Group, Attributable to equity holders of the Company Total, $'0002024Group, Non-controlling interests, $'0002024Group, Total equity, $'000 Source
Group 2024
Beginning of financial year$'000 43,079(1,236)53(40,998)898(48)850 PDF p. 90
Total comprehensive gain/(loss) for the financial year$'000 ––60(3,184)(3,124)(80)(3,204) PDF p. 90
End of financial year$'000 43,079(1,236)113(44,182)(2,226)(128)(2,354) PDF p. 90
Definitions & sources

Share capital is capital in dollars ($'000), not a share count.

Statement of Changes in Equity – Company, 2025

3 metrics

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Statement of Changes in Equity – Company, 2025 from Annual Report 2025
Metric / unit 2025Company, Share capital, $'0002025Company, Treasury shares, $'0002025Company, Other reserves, $'0002025Company, Accumulated losses, $'0002025Company, Total equity, $'000 Source
Company 2025
Beginning of financial year$'000 43,079(1,236)269(44,210)(2,098) PDF p. 91
Total comprehensive loss for the financial year$'000 –––(1,945)(1,945) PDF p. 91
End of financial year$'000 43,079(1,236)269(46,155)(4,043) PDF p. 91
Definitions & sources

Share capital is capital in dollars ($'000), not a share count.

Statement of Changes in Equity – Company, 2024

3 metrics

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Statement of Changes in Equity – Company, 2024 from Annual Report 2025
Metric / unit 2024Company, Share capital, $'0002024Company, Treasury shares, $'0002024Company, Other reserves, $'0002024Company, Accumulated losses, $'0002024Company, Total equity, $'000 Source
Company 2024
Beginning of financial year$'000 43,079(1,236)269(41,471)641 PDF p. 91
Total comprehensive loss for the financial year$'000 –––(2,739)(2,739) PDF p. 91
End of financial year$'000 43,079(1,236)269(44,210)(2,098) PDF p. 91
Definitions & sources

Share capital is capital in dollars ($'000), not a share count.

Note 9 Loss per share (Group)

3 metrics

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Note 9 Loss per share (Group) from Annual Report 2025
Metric / unit 2025Group, FY ended 31 December 20252024Group, FY ended 31 December 2024 Source
Loss per share
Net loss attributable to equity holders of the Company ($’000)$’000 (2,584)(3,184) PDF p. 115
Weighted average number of ordinary shares outstanding for basic loss per share (‘000)'000 shares 2,510,9242,510,924 PDF p. 115
Basic and diluted loss per share (cents)cents (0.10)(0.13) PDF p. 115
Definitions & sources

Basic loss per share is calculated by dividing the net loss attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding less outstanding treasury shares during the financial year.

For the purpose of calculating diluted loss per share, net loss attributable to equity holders of the Company and the weighted average number of ordinary shares outstanding are adjusted for the effects of all dilutive potential ordinary shares. There were no anti-dilutive potential ordinary shares during the financial years ended 31 December 2025 and 2024.

The weighted average share count row label wraps over two lines; the quote is the second line as printed.

Consolidated Statement of Comprehensive Income - loss per share line

1 metrics

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Consolidated Statement of Comprehensive Income - loss per share line from Annual Report 2025
Metric / unit 2025Group2024Group Source
Loss per share attributable to equity holders of the Company (cents per share)
Basic and diluted loss per sharecents per share (0.10)(0.13) PDF p. 87
Definitions & sources

Note reference 9. No dividend per share is presented.

Where the money comes from

Segment information

By business

Segment information - Group, by business segment 18 lines
Segment information - Group, by business segment — Group
Item / unit 2025Agricultural segment2024Agricultural segment2025All other segments2024All other segments2025Total2024Total Source
Revenue
- External parties$'000 633701––633701 PDF p. 139
Segment results
Segment results, representing loss before income tax$'000 (2,226)(2,745)(385)(523)(2,611)(3,268) PDF p. 139
Net loss include
- Interest income$'000 *9*11*20 PDF p. 139
- Amortisation and depreciation$'000 (247)(345)––(247)(345) PDF p. 139
- Finance costs$'000 (105)(70)––(105)(70) PDF p. 139
- Bad debts written off$'000 *(5)–(19)*(24) PDF p. 139
- Employee compensation$'000 (576)(828)(123)(263)(699)(1,091) PDF p. 139
- Purchase of inventories$'000 (295)(195)––(295)(195) PDF p. 139
- Loss allowance for expected credit losses on trade and other receivables$'000 6(89)–(9)6(98) PDF p. 139
- Inventory write-down$'000 (2)(23)––(2)(23) PDF p. 139
- Fair value gain on financial assets at fair value through profit or loss$'000 –169–––169 PDF p. 139
- Impairment loss on property, plant and equipment$'000 (600)(1,300)––(600)(1,300) PDF p. 139
- Share of loss of associated company, net of tax$'000 (97)(39)––(97)(39) PDF p. 139
Assets
Segment assets$'000 3,4094,1391,0741,1624,4835,301 PDF p. 139
Segment assets include: Additions to
- Property, plant and equipment$'000 189261––189261 PDF p. 139
- Intangible assets$'000 –8–––8 PDF p. 139
- Investment in associated company$'000 –1,221–––1,221 PDF p. 139
Liabilities
Segment liabilities$'000 4,4353,0914,9674,5649,4027,655 PDF p. 139
Notes

* Amount less than $1,000

All other segments comprise the investment holding segment, grouped with the property development segment (exited; Group actively seeking a buyer for the land development rights).

Geographically, management manages the business in Singapore and Malaysia; business segment perspective considers the agriculture business in Singapore.

By geography

Geographical information - Revenue 1 lines
Geographical information - Revenue — Group
Item / unit 2025Revenue2024Revenue Source
Revenue
Singapore$'000 633701 PDF p. 140
Geographical information - Non-current assets 1 lines
Geographical information - Non-current assets — Group
Item / unit 2025Non-current assets2024Non-current assets Source
Non-current assets
Singapore$'000 2,6673,426 PDF p. 140

Debt

Borrowings

Borrowing notes 2 tables

Bank borrowings - secured

Bank borrowings - secured — Group
Item / unit 2025$'0002024$'000 Source
Current
Bank loan$'000 1,344825 PDF p. 126
Non-current
Bank loan$'000 7601,228 PDF p. 126
Notes

Total bank borrowings secured: 2,104 (2025), 2,053 (2024). Security: $142,000 (2024: $349,000) secured by deed of subordination, fixed and floating charge over subsidiary assets and director guarantee; $1,962,000 (2024: $1,704,000) secured by mortgage over properties owned by entities associated with a director of the Company and director guarantees.

Note 20(b) Discount rate for fair value of non-current fixed rate bank loan

Note 20(b) Discount rate for fair value of non-current fixed rate bank loan — Group
Item / unit 2025%2024% Source
Fair value of non-current borrowings
Bank loan% 5.355.18 PDF p. 127
Notes

Fair value of non-current fixed rate instrument is $677,000 (2024: $1,105,000). Effective interest rates for bank borrowings range from 2.5% to 5.5% per annum (2024: 2.5% to 5.5% per annum) (page 133).

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
Provision 11.6 of the Code: Dividend policy The Company does not have a fixed dividend policy at present. The form, frequency and amount of dividend declared or recommended in respect of any particular year or period will depend on various factors including but not limited to, the Company’s earnings, general financial condition, results of operations, capital requirements, positive cash flow generated from operations, general business condition, development plans and other factors as the Directors deem appropriate. Company, FY2025 PDF p. 68

Dividends declared and proposed

ItemValuePeriod / scopeSource
Dividend recommendation FY2025 Due to the net losses incurred by the Group in FY2025, the Board is not recommending any dividend for the financial year ended 31 December 2025. Group, FY2025 PDF p. 68

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

ItemValuePeriod / scopeSource
Audit firm CLA Global TS Public Accounting Corporation Group and Company, FY2025 PDF p. 86
Engagement director Lee Tze Shiong Group and Company, FY2025 PDF p. 86
Opinion In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet and statement of changes in equity of the Company are properly drawn up Group and Company, FY2025 PDF p. 79

Going concern

ItemValuePeriod / scopeSource
Going concern (Note 2.1) The financial statements of the Company and of the Group have been prepared on a going concern basis as the management believe that the Group and the Company will be able to meet its liabilities as and when they fall due. Group and Company, FY2025 PDF p. 94

Extracted from Annual Report 2025 and checked against the cited pages; see the original report for full context.

How to read these figures

Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.

Comparative figures follow Annual Report 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.