Aspial Corp A30

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Financials

Annual Report 2025

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Auditor’s opinion: a true and fair view. Read auditor’s report (PDF p. 48)

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58 tables

Group statement of financial position / part 1

33 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position / part 1 from Annual Report 2025
Metric / unit 2025Group / as at 31 December 20252024Group / as at 31 December 2024 (Restated) Source
Non–current assets
Property, plant and equipmentSingapore dollars in thousands 243,901215,920 PDF p. 55
Investment propertiesSingapore dollars in thousands 75,82271,152 PDF p. 55
Intangible assetsSingapore dollars in thousands 25,34025,808 PDF p. 55
Right–of–use assetsSingapore dollars in thousands 81,53295,598 PDF p. 55
Investment in subsidiariesSingapore dollars in thousands –– PDF p. 55
Investment in associatesSingapore dollars in thousands 101,01597,017 PDF p. 55
Investment in joint ventureSingapore dollars in thousands *– PDF p. 55
Investment securitiesSingapore dollars in thousands 1,7561,761 PDF p. 55
Other receivablesSingapore dollars in thousands 3,6624,166 PDF p. 55
Deferred tax assetsSingapore dollars in thousands 2,4251,478 PDF p. 55
SubtotalSingapore dollars in thousands 535,453512,900 PDF p. 55
Current assets
InventoriesSingapore dollars in thousands 245,560218,279 PDF p. 55
Development propertiesSingapore dollars in thousands 113,660141,659 PDF p. 55
Properties held for saleSingapore dollars in thousands 83,047112,967 PDF p. 55
Trade and other receivablesSingapore dollars in thousands 998,624706,092 PDF p. 55
PrepaymentsSingapore dollars in thousands 3,5213,603 PDF p. 55
Due from subsidiaries (non–trade)Singapore dollars in thousands –– PDF p. 55
Due from associatesSingapore dollars in thousands 3,1033,357 PDF p. 55
Investment securitiesSingapore dollars in thousands 68770 PDF p. 55
DerivativesSingapore dollars in thousands –14,914 PDF p. 55
Cash and bank balancesSingapore dollars in thousands 102,42363,138 PDF p. 55
SubtotalSingapore dollars in thousands 1,550,0061,264,779 PDF p. 55
Total assetsSingapore dollars in thousands 2,085,4591,777,679 PDF p. 55
Current liabilities
Trade and other payablesSingapore dollars in thousands 424,350240,674 PDF p. 55
Due to subsidiaries (non–trade)Singapore dollars in thousands –– PDF p. 55
Due to associates (non–trade)Singapore dollars in thousands 254346 PDF p. 55
Provision for taxationSingapore dollars in thousands 17,99510,778 PDF p. 55
DerivativesSingapore dollars in thousands 12,46015,869 PDF p. 55
Interest–bearing loans and borrowingsSingapore dollars in thousands 617,048561,237 PDF p. 55
Lease liabilitiesSingapore dollars in thousands 24,11825,140 PDF p. 55
Medium–term notesSingapore dollars in thousands –70,894 PDF p. 55
SubtotalSingapore dollars in thousands 1,096,225924,938 PDF p. 55
Net current assetsSingapore dollars in thousands 453,781339,841 PDF p. 55
Definitions & sources

Original report: PDF p. 55 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company statement of financial position / part 1

33 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position / part 1 from Annual Report 2025
Metric / unit 2025Company / as at 31 December 20252024Company / as at 31 December 2024 Source
Non–current assets
Property, plant and equipmentSingapore dollars in thousands –– PDF p. 55
Investment propertiesSingapore dollars in thousands –– PDF p. 55
Intangible assetsSingapore dollars in thousands 3535 PDF p. 55
Right–of–use assetsSingapore dollars in thousands –– PDF p. 55
Investment in subsidiariesSingapore dollars in thousands 493,754422,876 PDF p. 55
Investment in associatesSingapore dollars in thousands 61,10561,105 PDF p. 55
Investment in joint ventureSingapore dollars in thousands –– PDF p. 55
Investment securitiesSingapore dollars in thousands –– PDF p. 55
Other receivablesSingapore dollars in thousands –– PDF p. 55
Deferred tax assetsSingapore dollars in thousands 3159 PDF p. 55
SubtotalSingapore dollars in thousands 554,925484,075 PDF p. 55
Current assets
InventoriesSingapore dollars in thousands –– PDF p. 55
Development propertiesSingapore dollars in thousands –– PDF p. 55
Properties held for saleSingapore dollars in thousands –– PDF p. 55
Trade and other receivablesSingapore dollars in thousands 3110,195 PDF p. 55
PrepaymentsSingapore dollars in thousands 78 PDF p. 55
Due from subsidiaries (non–trade)Singapore dollars in thousands 57,244129,373 PDF p. 55
Due from associatesSingapore dollars in thousands 253 PDF p. 55
Investment securitiesSingapore dollars in thousands –– PDF p. 55
DerivativesSingapore dollars in thousands –– PDF p. 55
Cash and bank balancesSingapore dollars in thousands 2,218881 PDF p. 55
SubtotalSingapore dollars in thousands 59,502140,510 PDF p. 55
Total assetsSingapore dollars in thousands 614,427624,585 PDF p. 55
Current liabilities
Trade and other payablesSingapore dollars in thousands 14,7514,664 PDF p. 55
Due to subsidiaries (non–trade)Singapore dollars in thousands 28,07930,531 PDF p. 55
Due to associates (non–trade)Singapore dollars in thousands –– PDF p. 55
Provision for taxationSingapore dollars in thousands –28 PDF p. 55
DerivativesSingapore dollars in thousands –– PDF p. 55
Interest–bearing loans and borrowingsSingapore dollars in thousands 6,9003,700 PDF p. 55
Lease liabilitiesSingapore dollars in thousands –– PDF p. 55
Medium–term notesSingapore dollars in thousands –49,894 PDF p. 55
SubtotalSingapore dollars in thousands 49,73088,817 PDF p. 55
Net current assetsSingapore dollars in thousands 9,77251,693 PDF p. 55
Definitions & sources

Original report: PDF p. 55 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group statement of financial position / part 2

18 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position / part 2 from Annual Report 2025
Metric / unit 2025Group / as at 31 December 20252024Group / as at 31 December 2024 (Restated) Source
Non–current liabilities
Other payablesSingapore dollars in thousands 373999 PDF p. 56
Interest–bearing loans and borrowingsSingapore dollars in thousands 198,887173,945 PDF p. 56
Lease liabilitiesSingapore dollars in thousands 62,18874,633 PDF p. 56
Medium–term notesSingapore dollars in thousands 168,62569,350 PDF p. 56
Deferred tax liabilitiesSingapore dollars in thousands 15,14519,444 PDF p. 56
SubtotalSingapore dollars in thousands 445,218338,371 PDF p. 56
Total liabilitiesSingapore dollars in thousands 1,541,4431,263,309 PDF p. 56
Net assetsSingapore dollars in thousands 544,016514,370 PDF p. 56
Equity attributable to owners of the Company
Share capitalSingapore dollars in thousands 272,066272,066 PDF p. 56
Treasury sharesSingapore dollars in thousands (2,610)(2,517) PDF p. 56
Other reservesSingapore dollars in thousands (79,913)(72,885) PDF p. 56
Revenue reservesSingapore dollars in thousands 89,89275,066 PDF p. 56
Ordinary equitySingapore dollars in thousands 279,435271,730 PDF p. 56
Perpetual securitiesSingapore dollars in thousands 132,750132,750 PDF p. 56
SubtotalSingapore dollars in thousands 412,185404,480 PDF p. 56
Non–controlling interestsSingapore dollars in thousands 131,831109,890 PDF p. 56
Total equitySingapore dollars in thousands 544,016514,370 PDF p. 56
Total equity and liabilitiesSingapore dollars in thousands 2,085,4591,777,679 PDF p. 56
Definitions & sources

Original report: PDF p. 56 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company statement of financial position / part 2

18 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position / part 2 from Annual Report 2025
Metric / unit 2025Company / as at 31 December 20252024Company / as at 31 December 2024 Source
Non–current liabilities
Other payablesSingapore dollars in thousands –– PDF p. 56
Interest–bearing loans and borrowingsSingapore dollars in thousands –– PDF p. 56
Lease liabilitiesSingapore dollars in thousands –– PDF p. 56
Medium–term notesSingapore dollars in thousands 42,155– PDF p. 56
Deferred tax liabilitiesSingapore dollars in thousands –– PDF p. 56
SubtotalSingapore dollars in thousands 42,155– PDF p. 56
Total liabilitiesSingapore dollars in thousands 91,88588,817 PDF p. 56
Net assetsSingapore dollars in thousands 522,542535,768 PDF p. 56
Equity attributable to owners of the Company
Share capitalSingapore dollars in thousands 272,066272,066 PDF p. 56
Treasury sharesSingapore dollars in thousands (2,610)(2,517) PDF p. 56
Other reservesSingapore dollars in thousands 913913 PDF p. 56
Revenue reservesSingapore dollars in thousands 119,423132,556 PDF p. 56
Ordinary equitySingapore dollars in thousands 389,792403,018 PDF p. 56
Perpetual securitiesSingapore dollars in thousands 132,750132,750 PDF p. 56
SubtotalSingapore dollars in thousands 522,542535,768 PDF p. 56
Non–controlling interestsSingapore dollars in thousands –– PDF p. 56
Total equitySingapore dollars in thousands 522,542535,768 PDF p. 56
Total equity and liabilitiesSingapore dollars in thousands 614,427624,585 PDF p. 56
Definitions & sources

Original report: PDF p. 56 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated statement of comprehensive income

31 metrics

Units appear below each metric. Scroll to compare years

Group consolidated statement of comprehensive income from Annual Report 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 (Restated) Source
Group comprehensive income
RevenueSingapore dollars in thousands 875,804678,355 PDF p. 54
Materials and subcontract costsSingapore dollars in thousands (558,365)(437,428) PDF p. 54
Employee benefitsSingapore dollars in thousands (95,121)(81,454) PDF p. 54
Depreciation and amortisationSingapore dollars in thousands (39,375)(37,348) PDF p. 54
Finance costsSingapore dollars in thousands (44,343)(50,340) PDF p. 54
Other operating expensesSingapore dollars in thousands (120,585)(75,242) PDF p. 54
Interest incomeSingapore dollars in thousands 1,239732 PDF p. 54
Rental incomeSingapore dollars in thousands 6,0796,151 PDF p. 54
Other incomeSingapore dollars in thousands 28,39021,294 PDF p. 54
Share of results of associatesSingapore dollars in thousands 12,0914,204 PDF p. 54
Profit before taxSingapore dollars in thousands 65,81428,924 PDF p. 54
Income tax expenseSingapore dollars in thousands (7,043)(7,328) PDF p. 54
Profit for the yearSingapore dollars in thousands 58,77121,596 PDF p. 54
Items that will not be reclassified to profit or loss
Net fair value changes on equity instruments at fair value through other comprehensive income (“FVOCI”)Singapore dollars in thousands (128)(1,596) PDF p. 54
Share of other comprehensive income of an associateSingapore dollars in thousands (8,406)(4,695) PDF p. 54
Items that may be reclassified subsequently to profit or loss
Net fair value changes on debt instruments at FVOCISingapore dollars in thousands 626(46) PDF p. 54
Net (loss)/gain on cash flow hedgeSingapore dollars in thousands (2,736)370 PDF p. 54
Foreign currency translationSingapore dollars in thousands 4,720(11,089) PDF p. 54
Share of other comprehensive income of associatesSingapore dollars in thousands 3671,289 PDF p. 54
Other comprehensive income for the year, net of taxSingapore dollars in thousands (5,557)(15,767) PDF p. 54
Total comprehensive income for the yearSingapore dollars in thousands 53,2145,829 PDF p. 54
Profit for the year attributable to:
Owners of the CompanySingapore dollars in thousands 21,4803,497 PDF p. 54
Holders of perpetual securitiesSingapore dollars in thousands 8,6298,652 PDF p. 54
Non–controlling interestsSingapore dollars in thousands 28,6629,447 PDF p. 54
SubtotalSingapore dollars in thousands 58,77121,596 PDF p. 54
Total comprehensive income attributable to:
Owners of the CompanySingapore dollars in thousands 15,634(12,363) PDF p. 54
Holders of perpetual securitiesSingapore dollars in thousands 8,6298,652 PDF p. 54
Non–controlling interestsSingapore dollars in thousands 28,9519,540 PDF p. 54
SubtotalSingapore dollars in thousands 53,2145,829 PDF p. 54
Earnings per share (cents)
Basic and diluted i) after distribution to perpetual securities holdersSingapore cents per share 0.970.16 PDF p. 54
ii) before distribution to perpetual securities holdersSingapore cents per share 1.360.55 PDF p. 54
Definitions & sources

Original report: PDF p. 54 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group changes in equity / 2024 / part 1

13 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2024 / part 1 from Annual Report 2025
Metric / unit 2024Group / Share capital (Restated)2024Group / Treasury shares (Restated)2024Group / Other reserves (Restated)2024Group / Revenue reserves (Restated)2024Group / Equity attributable to owners of the Company (Restated)2024Group / Perpetual securities (Restated)2024Group / Total attributable to owners including perpetual securities (Restated)2024Group / Non-controlling interests (Restated)2024Group / Total equity (Restated) Source
Group changes in equity / 2024
At 1 January 2024Singapore dollars in thousands 272,066(2,303)(56,347)71,569284,985132,750417,73585,411503,146 PDF p. 57
Profit for the year (Restated)Singapore dollars in thousands –––3,4973,4978,65212,1499,44721,596 PDF p. 57
Net fair value changes on debt instruments at FVOCISingapore dollars in thousands ––(46)–(46)–(46)–(46) PDF p. 57
Net fair value changes on equity instruments at FVOCISingapore dollars in thousands ––(1,840)–(1,840)–(1,840)244(1,596) PDF p. 57
Net gain on cash flow hedgeSingapore dollars in thousands ––265–265–265105370 PDF p. 57
Foreign currency translationSingapore dollars in thousands ––(10,833)–(10,833)–(10,833)(256)(11,089) PDF p. 57
Share of other comprehensive income of associatesSingapore dollars in thousands ––(3,406)–(3,406)–(3,406)–(3,406) PDF p. 57
Other comprehensive income for the year, net of taxSingapore dollars in thousands ––(15,860)–(15,860)–(15,860)93(15,767) PDF p. 57
Total comprehensive income for the yearSingapore dollars in thousands ––(15,860)3,497(12,363)8,652(3,711)9,5405,829 PDF p. 57
Dividend paid to non–controlling interests of subsidiaries – Cash dividendsSingapore dollars in thousands –––––––(3,893)(3,893) PDF p. 57
Distribution to holders of perpetual securitiesSingapore dollars in thousands –––––(8,652)(8,652)–(8,652) PDF p. 57
Purchase of treasury sharesSingapore dollars in thousands –(214)––(214)–(214)–(214) PDF p. 57
Total contributions by and distributions to ownersSingapore dollars in thousands –(214)––(214)(8,652)(8,866)(3,893)(12,759) PDF p. 57
Definitions & sources

Original report: PDF p. 57 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group changes in equity / 2024 / part 2

7 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2024 / part 2 from Annual Report 2025
Metric / unit 2024Group / Share capital (Restated)2024Group / Treasury shares (Restated)2024Group / Other reserves (Restated)2024Group / Revenue reserves (Restated)2024Group / Equity attributable to owners of the Company (Restated)2024Group / Perpetual securities (Restated)2024Group / Total attributable to owners including perpetual securities (Restated)2024Group / Non-controlling interests (Restated)2024Group / Total equity (Restated) Source
Group changes in equity / 2024
Acquisition of non–controlling interests in a subsidiary without a change in control (Restated)Singapore dollars in thousands –––––––2,3032,303 PDF p. 58
Premium on dilution of interest in a subsidiarySingapore dollars in thousands ––(399)–(399)–(399)399– PDF p. 58
Change in ownership interests in subsidiaries without a change in controlSingapore dollars in thousands ––(279)–(279)–(279)279– PDF p. 58
Capital contribution from non–controlling interestsSingapore dollars in thousands –––––––15,85115,851 PDF p. 58
Total changes in ownership interests in subsidiariesSingapore dollars in thousands ––(678)–(678)–(678)18,83218,154 PDF p. 58
Total transactions with owners in their capacity as ownersSingapore dollars in thousands –(214)(678)–(892)(8,652)(9,544)14,9395,395 PDF p. 58
At 31 December 2024 (Restated)Singapore dollars in thousands 272,066(2,517)(72,885)75,066271,730132,750404,480109,890514,370 PDF p. 58
Definitions & sources

Original report: PDF p. 58 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group changes in equity / 2025 / part 1

15 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2025 / part 1 from Annual Report 2025
Metric / unit 2025Group / Share capital2025Group / Treasury shares2025Group / Other reserves2025Group / Revenue reserves2025Group / Equity attributable to owners of the Company2025Group / Perpetual securities2025Group / Total attributable to owners including perpetual securities2025Group / Non-controlling interests2025Group / Total equity Source
Group changes in equity / 2025
At 1 January 2025Singapore dollars in thousands 272,066(2,517)(72,885)75,066271,730132,750404,480109,890514,370 PDF p. 59
Profit for the yearSingapore dollars in thousands –––21,48021,4808,62930,10928,66258,771 PDF p. 59
Net fair value changes on debt instruments at FVOCISingapore dollars in thousands ––626–626–626–626 PDF p. 59
Net fair value changes on equity instruments at FVOCISingapore dollars in thousands ––(96)–(96)–(96)(32)(128) PDF p. 59
Net loss on cash flow hedgeSingapore dollars in thousands ––(1,951)–(1,951)–(1,951)(785)(2,736) PDF p. 59
Foreign currency translationSingapore dollars in thousands ––3,614–3,614–3,6141,1064,720 PDF p. 59
Share of other comprehensive income of associatesSingapore dollars in thousands ––(8,039)–(8,039)–(8,039)–(8,039) PDF p. 59
Other comprehensive income for the year, net of taxSingapore dollars in thousands ––(5,846)–(5,846)–(5,846)289(5,557) PDF p. 59
Total comprehensive income for the yearSingapore dollars in thousands ––(5,846)21,48015,6348,62924,26328,95153,214 PDF p. 59
Dividend on ordinary sharesSingapore dollars in thousands –––(6,654)(6,654)–(6,654)–(6,654) PDF p. 59
Dividend paid to non–controlling interests of subsidiaries – Cash dividendsSingapore dollars in thousands –––––––(5,490)(5,490) PDF p. 59
Distribution to holders of perpetual securitiesSingapore dollars in thousands –––––(8,629)(8,629)–(8,629) PDF p. 59
Purchase of treasury sharesSingapore dollars in thousands –(93)––(93)–(93)–(93) PDF p. 59
Share–based compensation reservesSingapore dollars in thousands ––17–17–17–17 PDF p. 59
Total contributions by and distributions to ownersSingapore dollars in thousands –(93)17(6,654)(6,730)(8,629)(15,359)(5,490)(20,849) PDF p. 59
Definitions & sources

Original report: PDF p. 59 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group changes in equity / 2025 / part 2

5 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2025 / part 2 from Annual Report 2025
Metric / unit 2025Group / Share capital2025Group / Treasury shares2025Group / Other reserves2025Group / Revenue reserves2025Group / Equity attributable to owners of the Company2025Group / Perpetual securities2025Group / Total attributable to owners including perpetual securities2025Group / Non-controlling interests2025Group / Total equity Source
Group changes in equity / 2025
Change in ownership interests in subsidiaries without a change in controlSingapore dollars in thousands ––(1,199)–(1,199)–(1,199)(2,558)(3,757) PDF p. 60
Capital contribution from non–controlling interestsSingapore dollars in thousands –––––––1,0381,038 PDF p. 60
Total changes in ownership interests in subsidiariesSingapore dollars in thousands ––(1,199)–(1,199)–(1,199)(1,520)(2,719) PDF p. 60
Total transactions with owners in their capacity as ownersSingapore dollars in thousands –(93)(1,182)(6,654)(7,929)(8,629)(16,558)(7,010)(23,568) PDF p. 60
At 31 December 2025Singapore dollars in thousands 272,066(2,610)(79,913)89,892279,435132,750412,185131,831544,016 PDF p. 60
Definitions & sources

Original report: PDF p. 60 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company changes in equity / 2025

7 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2025 from Annual Report 2025
Metric / unit 2025Company / Share capital2025Company / Treasury shares2025Company / Other reserves2025Company / Revenue reserves2025Company / Equity attributable to owners of the Company2025Company / Perpetual securities2025Company / Total equity Source
Company changes in equity / 2025
At 1 January 2025Singapore dollars in thousands 272,066(2,517)913132,556403,018132,750535,768 PDF p. 61
(Loss)/profit for the year, representing total comprehensive income for the yearSingapore dollars in thousands –––(6,479)(6,479)8,6292,150 PDF p. 61
Dividends on ordinary sharesSingapore dollars in thousands –––(6,654)(6,654)–(6,654) PDF p. 61
Distribution to holders of perpetual securitiesSingapore dollars in thousands –––––(8,629)(8,629) PDF p. 61
Purchase of treasury sharesSingapore dollars in thousands –(93)––(93)–(93) PDF p. 61
Total contributions by and distributions to owners, representing total transactions with owners in their capacity as ownersSingapore dollars in thousands –(93)–(6,654)(6,747)(8,629)(15,376) PDF p. 61
At 31 December 2025Singapore dollars in thousands 272,066(2,610)913119,423389,792132,750522,542 PDF p. 61
Definitions & sources

Original report: PDF p. 61 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company changes in equity / 2024

6 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2024 from Annual Report 2025
Metric / unit 2024Company / Share capital2024Company / Treasury shares2024Company / Other reserves2024Company / Revenue reserves2024Company / Equity attributable to owners of the Company2024Company / Perpetual securities2024Company / Total equity Source
Company changes in equity / 2024
At 1 January 2024Singapore dollars in thousands 272,066(2,303)913140,109410,785132,750543,535 PDF p. 61
(Loss)/profit for the year, representing total comprehensive income for the yearSingapore dollars in thousands –––(7,553)(7,553)8,6521,099 PDF p. 61
Distribution to holders of perpetual securitiesSingapore dollars in thousands –––––(8,652)(8,652) PDF p. 61
Purchase of treasury sharesSingapore dollars in thousands –(214)––(214)–(214) PDF p. 61
Total contributions by and distributions to owners, representing total transactions with owners in their capacity as ownersSingapore dollars in thousands –(214)––(214)(8,652)(8,866) PDF p. 61
At 31 December 2024Singapore dollars in thousands 272,066(2,517)913132,556403,018132,750535,768 PDF p. 61
Definitions & sources

Original report: PDF p. 61 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated cash flow statement / part 1

37 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flow statement / part 1 from Annual Report 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 (Restated) Source
Operating activities
Profit before taxSingapore dollars in thousands 65,81428,924 PDF p. 62
Adjustments for:
Loss on disposal/write–off of property, plant and equipmentSingapore dollars in thousands 993750 PDF p. 62
Impairment loss on property, plant and equipmentSingapore dollars in thousands 1,019– PDF p. 62
Development property written offSingapore dollars in thousands 29,984– PDF p. 62
Allowance for write–down of properties held for saleSingapore dollars in thousands –28 PDF p. 62
Intangible assets written offSingapore dollars in thousands 390351 PDF p. 62
Gain on modification and termination of lease contractsSingapore dollars in thousands (121)(189) PDF p. 62
Gain on sale and leaseback of property, plant and equipmentSingapore dollars in thousands –(539) PDF p. 62
Loss on disposal of investment propertiesSingapore dollars in thousands 5482,170 PDF p. 62
Net fair value loss on derivativesSingapore dollars in thousands 8,76939 PDF p. 62
Fair value loss/(gain) on investment securitiesSingapore dollars in thousands 27(19) PDF p. 62
Net fair value (gain)/loss on investment propertiesSingapore dollars in thousands (7,748)6,828 PDF p. 62
Reversal of impairment on investment securitiesSingapore dollars in thousands *(63) PDF p. 62
Depreciation of property, plant and equipmentSingapore dollars in thousands 10,3809,692 PDF p. 62
Depreciation of right–of–use assetsSingapore dollars in thousands 26,72525,790 PDF p. 62
Write–down of inventoriesSingapore dollars in thousands 83943 PDF p. 62
Allowance for expected credit loss on trade and other receivablesSingapore dollars in thousands 5,3324,274 PDF p. 62
Interest expenseSingapore dollars in thousands 43,78149,865 PDF p. 62
Interest incomeSingapore dollars in thousands (1,239)(732) PDF p. 62
Amortisation of intangible assetsSingapore dollars in thousands 2,2701,866 PDF p. 62
Amortisation of medium–term notes issuance feesSingapore dollars in thousands 562475 PDF p. 62
Net gain on remeasuring previously held equity interest in an associate to fair value on business combinationSingapore dollars in thousands –(3,024) PDF p. 62
Net loss/(gain) on disposal of investment securitiesSingapore dollars in thousands 5(5) PDF p. 62
Dividend income from equity instrumentsSingapore dollars in thousands (86)– PDF p. 62
Share of results of associatesSingapore dollars in thousands (12,091)(4,204) PDF p. 62
Unrealised foreign exchange differencesSingapore dollars in thousands (10,559)(11,298) PDF p. 62
Operating cash flows before changes in working capitalSingapore dollars in thousands 165,594111,022 PDF p. 62
Changes in working capital
Increase in inventoriesSingapore dollars in thousands (26,302)(21,498) PDF p. 62
Decrease in development properties and properties held for saleSingapore dollars in thousands 32,99158,601 PDF p. 62
Increase in trade and other receivablesSingapore dollars in thousands (285,892)(223,759) PDF p. 62
Decrease/(increase) in prepaymentsSingapore dollars in thousands 137(343) PDF p. 62
Increase in trade and other payablesSingapore dollars in thousands 167,53486,582 PDF p. 62
Total changes in working capitalSingapore dollars in thousands (111,532)(100,417) PDF p. 62
Cash flows generated from operationsSingapore dollars in thousands 54,06210,605 PDF p. 62
Interest paidSingapore dollars in thousands (36,476)(38,516) PDF p. 62
Income taxes paidSingapore dollars in thousands (5,161)(10,092) PDF p. 62
Net cash flows generated from/(used in) operating activitiesSingapore dollars in thousands 12,425(38,003) PDF p. 62
Definitions & sources

Original report: PDF p. 62 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated cash flow statement / part 2

34 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flow statement / part 2 from Annual Report 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 (Restated) Source
Investing activities
Net cash inflow on acquisition of subsidiariesSingapore dollars in thousands –4,258 PDF p. 63
Purchase of property, plant and equipmentSingapore dollars in thousands (36,638)(17,506) PDF p. 63
Acquisition of intangible assetsSingapore dollars in thousands (1,920)(2,576) PDF p. 63
Proceeds from sale of property, plant and equipmentSingapore dollars in thousands 184,843 PDF p. 63
Interest receivedSingapore dollars in thousands 837589 PDF p. 63
Dividend income from equity instruments receivedSingapore dollars in thousands 86– PDF p. 63
Dividend income from an associate receivedSingapore dollars in thousands –6,610 PDF p. 63
Proceeds from disposal of investment securitiesSingapore dollars in thousands 1,29766 PDF p. 63
Proceeds from sales of investment propertiesSingapore dollars in thousands 1,69211,361 PDF p. 63
Proceeds from issuance of ordinary shares by subsidiaries to non–controlling interestsSingapore dollars in thousands 1,038480 PDF p. 63
Due to/(from) associates, netSingapore dollars in thousands 217(1,473) PDF p. 63
Net cash flows (used in)/generated from investing activitiesSingapore dollars in thousands (33,373)6,652 PDF p. 63
Financing activities
Acquisition of non–controlling interests in subsidiariesSingapore dollars in thousands (325)– PDF p. 63
Dividends paid to non–controlling interests of subsidiariesSingapore dollars in thousands (4,167)(3,686) PDF p. 63
Dividends paid to holders of perpetual securitiesSingapore dollars in thousands (8,629)(8,652) PDF p. 63
Capital contribution from non–controlling shareholderSingapore dollars in thousands –15,371 PDF p. 63
Capital reduction for investment in an associateSingapore dollars in thousands –15,424 PDF p. 63
Decrease/(increase) in restricted cashSingapore dollars in thousands 2,629(2,162) PDF p. 63
Proceeds from issuance of medium–term notesSingapore dollars in thousands 58,50031,000 PDF p. 63
Repayment of medium–term notesSingapore dollars in thousands (28,750)(11,000) PDF p. 63
Purchase of treasury sharesSingapore dollars in thousands (93)(214) PDF p. 63
Purchase of treasury shares of a subsidiarySingapore dollars in thousands (1,026)– PDF p. 63
Proceeds from term loansSingapore dollars in thousands 49,23927,667 PDF p. 63
Repayment of term loansSingapore dollars in thousands (64,145)(53,648) PDF p. 63
Proceeds from short–term bank borrowingsSingapore dollars in thousands 146,517152,912 PDF p. 63
Repayment of short–term bank borrowingsSingapore dollars in thousands (56,250)(95,695) PDF p. 63
Interest paid on lease liabilitiesSingapore dollars in thousands (3,812)(3,314) PDF p. 63
Repayment of principal portion of lease liabilitiesSingapore dollars in thousands (26,125)(25,040) PDF p. 63
Medium–term notes issuance fees paidSingapore dollars in thousands (1,931)(798) PDF p. 63
Net cash flows generated from financing activitiesSingapore dollars in thousands 61,63238,165 PDF p. 63
Net increase in cash and cash equivalentsSingapore dollars in thousands 40,6846,814 PDF p. 63
Effect of exchange rate changes on cash and cash equivalentsSingapore dollars in thousands 1,230319 PDF p. 63
Cash and cash equivalents at beginning of yearSingapore dollars in thousands 59,99052,857 PDF p. 63
Cash and cash equivalents at end of yearSingapore dollars in thousands 101,90459,990 PDF p. 63
Definitions & sources

Original report: PDF p. 63 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

EPS / original profit allocation and weighted average shares

4 metrics

Units appear below each metric. Scroll to compare years

EPS / original profit allocation and weighted average shares from Annual Report 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 (Restated) Source
EPS / original numerator and denominator
Profit for the year attributable to equity holders of the CompanySingapore dollars in thousands 21,4803,497 PDF p. 88
Add: Distribution to perpetual securities holdersSingapore dollars in thousands 8,6298,652 PDF p. 88
Profit attributable to ordinary shareholders of the Company before distribution to perpetual securities holdersSingapore dollars in thousands 30,10912,149 PDF p. 88
Weighted average number of ordinary shares (’000) (excluding treasury shares)Ordinary shares in thousands 2,218,8722,220,468 PDF p. 88
Definitions & sources

Original report: PDF p. 88 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

EPS / original basic and diluted cents results

2 metrics

Units appear below each metric. Scroll to compare years

EPS / original basic and diluted cents results from Annual Report 2025
Metric / unit 2025Group / year ended 31 December 20252024Group / year ended 31 December 2024 (Restated) Source
Earnings per share (cents)
– basic and diluted i) after distribution to perpetual securities holdersSingapore cents per share 0.970.16 PDF p. 88
ii) before distribution to perpetual securities holdersSingapore cents per share 1.360.55 PDF p. 88
Definitions & sources

Original report: PDF p. 88 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Cash / original restricted-cash bridge

3 metrics

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Cash / original restricted-cash bridge from Annual Report 2025
Metric / unit 2025Group / cash at 31 December2024Group / cash at 31 December2025Company / cash at 31 December2024Company / cash at 31 December Source
Cash / original restricted-cash bridge
Cash at banks and on hand, representing cash and cash equivalentsSingapore dollars in thousands 101,90459,9902,218881 PDF p. 122
Restricted cashSingapore dollars in thousands 5193,148–– PDF p. 122
Cash and bank balancesSingapore dollars in thousands 102,42363,1382,218881 PDF p. 122
Definitions & sources

Original report: PDF p. 122 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

NSK FY2024 / original previously reported, adjustment and restated bridge / 107-0

4 metrics

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NSK FY2024 / original previously reported, adjustment and restated bridge / 107-0 from Annual Report 2025
Metric / unit 2024Group / As previously reported2024Group / Adjustments2024Group / Restated Source
NSK FY2024 PPA restatement bridge
Fair value of equity interest in NSK Group held by the Group immediately before the acquisitionSingapore dollars in thousands 6,5761,0397,615 PDF p. 107
Less: Cost of investment in NSK Group immediately before the acquisitionSingapore dollars in thousands (1,597)–(1,597) PDF p. 107
Less: Adjustment for settlement of premium partnership agreementSingapore dollars in thousands –(2,994)(2,994) PDF p. 107
Net gain on remeasuring previously held equity interest in an associate to fair value on business combinationSingapore dollars in thousands 4,979(1,955)3,024 PDF p. 107
Definitions & sources

Original report: PDF p. 107 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

NSK FY2024 / original previously reported, adjustment and restated bridge / 107-1

16 metrics

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NSK FY2024 / original previously reported, adjustment and restated bridge / 107-1 from Annual Report 2025
Metric / unit 2024Group / As previously reported2024Group / Adjustments2024Group / Restated Source
NSK FY2024 PPA restatement bridge
Property, plant and equipmentSingapore dollars in thousands 2,078–2,078 PDF p. 107
Intangible assetsSingapore dollars in thousands 95–95 PDF p. 107
Right–of–use assetsSingapore dollars in thousands 5,798–5,798 PDF p. 107
InventoriesSingapore dollars in thousands 958–958 PDF p. 107
Trade and other receivablesSingapore dollars in thousands 1,053(472)581 PDF p. 107
PrepaymentsSingapore dollars in thousands 65–65 PDF p. 107
Cash and bank balancesSingapore dollars in thousands 4,515–4,515 PDF p. 107
SubtotalSingapore dollars in thousands 14,562(472)14,090 PDF p. 107
Trade and other payablesSingapore dollars in thousands (5,530)2,427(3,103) PDF p. 107
Provision for taxationSingapore dollars in thousands (100)–(100) PDF p. 107
Deferred tax liabilitiesSingapore dollars in thousands (90)–(90) PDF p. 107
Lease liabilitiesSingapore dollars in thousands (6,263)–(6,263) PDF p. 107
Total identifiable net assets at fair valueSingapore dollars in thousands 2,5791,9554,534 PDF p. 107
Non–controlling interest measured at the non–controlling interest’s proportionate share of NSK Group’s net identifiable assetsSingapore dollars in thousands (595)(450)(1,045) PDF p. 107
Goodwill arising from acquisitionSingapore dollars in thousands 6,044(1,505)4,539 PDF p. 107
SubtotalSingapore dollars in thousands 8,028–8,028 PDF p. 107
Definitions & sources

Original report: PDF p. 107 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

NSK FY2024 / original previously reported, adjustment and restated bridge / 108-0

7 metrics

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NSK FY2024 / original previously reported, adjustment and restated bridge / 108-0 from Annual Report 2025
Metric / unit 2024Group / As previously reported2024Group / Adjustments2024Group / Restated Source
NSK acquisition consideration
Cash considerationSingapore dollars in thousands 1,452–1,452 PDF p. 108
NSK FY2024 PPA restatement bridge
Fair value of equity interest in NSK Group held by the Group immediately before the acquisitionSingapore dollars in thousands 6,5762,9949,570 PDF p. 108
Loss on deemed settlement of premium partnership agreementSingapore dollars in thousands –(2,994)(2,994) PDF p. 108
SubtotalSingapore dollars in thousands 8,028–8,028 PDF p. 108
NSK acquisition cash flows
Cash considerationSingapore dollars in thousands (1,452)–(1,452) PDF p. 108
NSK FY2024 PPA restatement bridge
Add: Cash and bank balances of NSK Group acquiredSingapore dollars in thousands 4,515–4,515 PDF p. 108
Net cash inflow on acquisitionSingapore dollars in thousands 3,063–3,063 PDF p. 108
Definitions & sources

Original report: PDF p. 108 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

NSK FY2024 / original previously reported, adjustment and restated bridge / 159-1

4 metrics

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NSK FY2024 / original previously reported, adjustment and restated bridge / 159-1 from Annual Report 2025
Metric / unit 2024Group / As previously reported2024Group / Adjustments2024Group / Restated Source
NSK FY2024 original profit-or-loss restatement
Other incomeSingapore dollars in thousands 23,249(1,955)21,294 PDF p. 159
NSK FY2024 original financial-position restatement
Intangible assetsSingapore dollars in thousands 27,313(1,505)25,808 PDF p. 159
NSK FY2024 PPA restatement bridge
Revenue reservesSingapore dollars in thousands (77,021)1,955(75,066) PDF p. 159
Non–controlling interestsSingapore dollars in thousands (109,440)(450)(109,890) PDF p. 159
Definitions & sources

Original report: PDF p. 159 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group statement of financial position / part 1

32 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position / part 1 from Annual Report 2025
Metric / unit 2023Group / as at 31 December 2023 Source
Non-current assets
Property, plant and equipmentSingapore dollars in thousands 205,448 PDF p. 55
Investment propertiesSingapore dollars in thousands 107,838 PDF p. 55
Intangible assetsSingapore dollars in thousands 15,965 PDF p. 55
Right-of-use assetsSingapore dollars in thousands 86,179 PDF p. 55
Investment in subsidiariesSingapore dollars in thousands − PDF p. 55
Investment in associatesSingapore dollars in thousands 119,863 PDF p. 55
Investment securitiesSingapore dollars in thousands 2,201 PDF p. 55
Other receivablesSingapore dollars in thousands 4,268 PDF p. 55
Deferred tax assetsSingapore dollars in thousands 2,462 PDF p. 55
SubtotalSingapore dollars in thousands 544,224 PDF p. 55
Current assets
InventoriesSingapore dollars in thousands 196,281 PDF p. 55
Development propertiesSingapore dollars in thousands 149,702 PDF p. 55
Properties held for saleSingapore dollars in thousands 153,028 PDF p. 55
Trade and other receivablesSingapore dollars in thousands 490,827 PDF p. 55
PrepaymentsSingapore dollars in thousands 3,241 PDF p. 55
Due from subsidiaries (non-trade)Singapore dollars in thousands − PDF p. 55
Due from associatesSingapore dollars in thousands 3,152 PDF p. 55
Investment securitiesSingapore dollars in thousands 2,821 PDF p. 55
DerivativesSingapore dollars in thousands 1,518 PDF p. 55
Cash and bank balancesSingapore dollars in thousands 53,843 PDF p. 55
SubtotalSingapore dollars in thousands 1,054,413 PDF p. 55
Total assetsSingapore dollars in thousands 1,598,637 PDF p. 55
Current liabilities
Trade and other payablesSingapore dollars in thousands 144,985 PDF p. 55
Due to subsidiaries (non-trade)Singapore dollars in thousands − PDF p. 55
Due to associates (non-trade)Singapore dollars in thousands 79 PDF p. 55
Provision for taxationSingapore dollars in thousands 8,852 PDF p. 55
DerivativesSingapore dollars in thousands 2,804 PDF p. 55
Interest-bearing loans and borrowingsSingapore dollars in thousands 502,540 PDF p. 55
Lease liabilitiesSingapore dollars in thousands 22,975 PDF p. 55
Medium-term notesSingapore dollars in thousands 15,480 PDF p. 55
SubtotalSingapore dollars in thousands 697,715 PDF p. 55
Net current assetsSingapore dollars in thousands 356,698 PDF p. 55
Definitions & sources

Original report: PDF p. 55 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company statement of financial position / part 1

32 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position / part 1 from Annual Report 2025
Metric / unit 2023Company / as at 31 December 2023 Source
Non-current assets
Property, plant and equipmentSingapore dollars in thousands 1 PDF p. 55
Investment propertiesSingapore dollars in thousands − PDF p. 55
Intangible assetsSingapore dollars in thousands 61 PDF p. 55
Right-of-use assetsSingapore dollars in thousands − PDF p. 55
Investment in subsidiariesSingapore dollars in thousands 278,465 PDF p. 55
Investment in associatesSingapore dollars in thousands 76,529 PDF p. 55
Investment securitiesSingapore dollars in thousands − PDF p. 55
Other receivablesSingapore dollars in thousands − PDF p. 55
Deferred tax assetsSingapore dollars in thousands 8 PDF p. 55
SubtotalSingapore dollars in thousands 355,064 PDF p. 55
Current assets
InventoriesSingapore dollars in thousands − PDF p. 55
Development propertiesSingapore dollars in thousands − PDF p. 55
Properties held for saleSingapore dollars in thousands − PDF p. 55
Trade and other receivablesSingapore dollars in thousands 28 PDF p. 55
PrepaymentsSingapore dollars in thousands 8 PDF p. 55
Due from subsidiaries (non-trade)Singapore dollars in thousands 280,276 PDF p. 55
Due from associatesSingapore dollars in thousands 112 PDF p. 55
Investment securitiesSingapore dollars in thousands − PDF p. 55
DerivativesSingapore dollars in thousands − PDF p. 55
Cash and bank balancesSingapore dollars in thousands 1,450 PDF p. 55
SubtotalSingapore dollars in thousands 281,874 PDF p. 55
Total assetsSingapore dollars in thousands 636,938 PDF p. 55
Current liabilities
Trade and other payablesSingapore dollars in thousands 15,467 PDF p. 55
Due to subsidiaries (non-trade)Singapore dollars in thousands 30,975 PDF p. 55
Due to associates (non-trade)Singapore dollars in thousands − PDF p. 55
Provision for taxationSingapore dollars in thousands 621 PDF p. 55
DerivativesSingapore dollars in thousands − PDF p. 55
Interest-bearing loans and borrowingsSingapore dollars in thousands − PDF p. 55
Lease liabilitiesSingapore dollars in thousands − PDF p. 55
Medium-term notesSingapore dollars in thousands − PDF p. 55
SubtotalSingapore dollars in thousands 47,063 PDF p. 55
Net current assetsSingapore dollars in thousands 234,811 PDF p. 55
Definitions & sources

Original report: PDF p. 55 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group statement of financial position / part 2

18 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position / part 2 from Annual Report 2025
Metric / unit 2023Group / as at 31 December 2023 Source
Non-current liabilities
Other payablesSingapore dollars in thousands 656 PDF p. 56
Interest-bearing loans and borrowingsSingapore dollars in thousands 200,839 PDF p. 56
Lease liabilitiesSingapore dollars in thousands 65,470 PDF p. 56
Medium-term notesSingapore dollars in thousands 105,104 PDF p. 56
Deferred tax liabilitiesSingapore dollars in thousands 25,707 PDF p. 56
SubtotalSingapore dollars in thousands 397,776 PDF p. 56
Total liabilitiesSingapore dollars in thousands 1,095,491 PDF p. 56
Net assetsSingapore dollars in thousands 503,146 PDF p. 56
Equity attributable to owners of the Company
Share capitalSingapore dollars in thousands 272,066 PDF p. 56
Treasury sharesSingapore dollars in thousands (2,303) PDF p. 56
Other reservesSingapore dollars in thousands (56,347) PDF p. 56
Revenue reservesSingapore dollars in thousands 71,569 PDF p. 56
Ordinary equitySingapore dollars in thousands 284,985 PDF p. 56
Perpetual securitiesSingapore dollars in thousands 132,750 PDF p. 56
SubtotalSingapore dollars in thousands 417,735 PDF p. 56
Non-controlling interestsSingapore dollars in thousands 85,411 PDF p. 56
Total equitySingapore dollars in thousands 503,146 PDF p. 56
Total equity and liabilitiesSingapore dollars in thousands 1,598,637 PDF p. 56
Definitions & sources

Original report: PDF p. 56 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company statement of financial position / part 2

18 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position / part 2 from Annual Report 2025
Metric / unit 2023Company / as at 31 December 2023 Source
Non-current liabilities
Other payablesSingapore dollars in thousands − PDF p. 56
Interest-bearing loans and borrowingsSingapore dollars in thousands − PDF p. 56
Lease liabilitiesSingapore dollars in thousands − PDF p. 56
Medium-term notesSingapore dollars in thousands 46,340 PDF p. 56
Deferred tax liabilitiesSingapore dollars in thousands − PDF p. 56
SubtotalSingapore dollars in thousands 46,340 PDF p. 56
Total liabilitiesSingapore dollars in thousands 93,403 PDF p. 56
Net assetsSingapore dollars in thousands 543,535 PDF p. 56
Equity attributable to owners of the Company
Share capitalSingapore dollars in thousands 272,066 PDF p. 56
Treasury sharesSingapore dollars in thousands (2,303) PDF p. 56
Other reservesSingapore dollars in thousands 913 PDF p. 56
Revenue reservesSingapore dollars in thousands 140,109 PDF p. 56
Ordinary equitySingapore dollars in thousands 410,785 PDF p. 56
Perpetual securitiesSingapore dollars in thousands 132,750 PDF p. 56
SubtotalSingapore dollars in thousands 543,535 PDF p. 56
Non-controlling interestsSingapore dollars in thousands − PDF p. 56
Total equitySingapore dollars in thousands 543,535 PDF p. 56
Total equity and liabilitiesSingapore dollars in thousands 636,938 PDF p. 56
Definitions & sources

Original report: PDF p. 56 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated statement of comprehensive income

32 metrics

Units appear below each metric. Scroll to compare years

Group consolidated statement of comprehensive income from Annual Report 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Group comprehensive income
RevenueSingapore dollars in thousands 599,998 PDF p. 54
Materials and subcontract costsSingapore dollars in thousands (398,777) PDF p. 54
Employee benefitsSingapore dollars in thousands (71,507) PDF p. 54
Depreciation and amortisationSingapore dollars in thousands (33,937) PDF p. 54
Finance costsSingapore dollars in thousands (53,302) PDF p. 54
Other operating expensesSingapore dollars in thousands (81,860) PDF p. 54
Interest incomeSingapore dollars in thousands 978 PDF p. 54
Rental incomeSingapore dollars in thousands 6,395 PDF p. 54
Other incomeSingapore dollars in thousands 8,412 PDF p. 54
Share of results of associatesSingapore dollars in thousands 5,084 PDF p. 54
Share of results of a joint ventureSingapore dollars in thousands (15) PDF p. 54
Profit/(loss) before taxSingapore dollars in thousands (18,531) PDF p. 54
Income tax (expense)/creditSingapore dollars in thousands 1,431 PDF p. 54
Profit/(loss) for the yearSingapore dollars in thousands (17,100) PDF p. 54
Items that will not be reclassified to profit or loss
Net fair value changes on equity instruments at fair value through other comprehensive income (“FVOCI”)Singapore dollars in thousands (2,927) PDF p. 54
Share of other comprehensive income of an associateSingapore dollars in thousands (1,842) PDF p. 54
Items that may be reclassified subsequently to profit or loss
Net fair value changes on debt instruments at FVOCISingapore dollars in thousands (64) PDF p. 54
Net gain/(loss) on cash flow hedgeSingapore dollars in thousands (1,209) PDF p. 54
Foreign currency translationSingapore dollars in thousands (1,432) PDF p. 54
Share of other comprehensive income of associatesSingapore dollars in thousands (411) PDF p. 54
Other comprehensive income for the year, net of taxSingapore dollars in thousands (7,885) PDF p. 54
Total comprehensive income for the yearSingapore dollars in thousands (24,985) PDF p. 54
Profit/(loss) for the year attributable to:
Owners of the CompanySingapore dollars in thousands (23,540) PDF p. 54
Holders of perpetual securitiesSingapore dollars in thousands 1,300 PDF p. 54
Non-controlling interestsSingapore dollars in thousands 5,140 PDF p. 54
SubtotalSingapore dollars in thousands (17,100) PDF p. 54
Total comprehensive income attributable to:
Owners of the CompanySingapore dollars in thousands (31,106) PDF p. 54
Holders of perpetual securitiesSingapore dollars in thousands 1,300 PDF p. 54
Non-controlling interestsSingapore dollars in thousands 4,821 PDF p. 54
SubtotalSingapore dollars in thousands (24,985) PDF p. 54
Earnings/(loss) per share (cents)
Basic and diluted i) after distribution to perpetual securities holdersSingapore cents per share (1.08) PDF p. 54
ii) before distribution to perpetual securities holdersSingapore cents per share (1.02) PDF p. 54
Definitions & sources

Original report: PDF p. 54 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group changes in equity / 2023 / part 1

16 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2023 / part 1 from Annual Report 2025
Metric / unit 2023Group / Share capital2023Group / Treasury shares2023Group / Other reserves2023Group / Revenue reserves2023Group / Equity attributable to owners of the Company2023Group / Perpetual securities2023Group / Total attributable to owners including perpetual securities2023Group / Non-controlling interests2023Group / Total equity Source
Group changes in equity / 2023
At 1 January 2023Singapore dollars in thousands 267,574(1,704)(48,493)94,900312,277−312,27784,089396,366 PDF p. 57
(Loss)/profit for the yearSingapore dollars in thousands −−−(23,540)(23,540)1,300(22,240)5,140(17,100) PDF p. 57
Net fair value changes on debt instruments at FVOCISingapore dollars in thousands −−(64)−(64)−(64)−(64) PDF p. 57
Net fair value changes on equity instruments at FVOCISingapore dollars in thousands −−(2,769)−(2,769)−(2,769)(158)(2,927) PDF p. 57
Net loss on cash flow hedgeSingapore dollars in thousands −−(865)−(865)−(865)(344)(1,209) PDF p. 57
Foreign currency translationSingapore dollars in thousands −−(1,615)−(1,615)−(1,615)183(1,432) PDF p. 57
Share of other comprehensive income of associatesSingapore dollars in thousands −−(2,253)−(2,253)−(2,253)−(2,253) PDF p. 57
Other comprehensive income for the year, net of taxSingapore dollars in thousands −−(7,566)−(7,566)−(7,566)(319)(7,885) PDF p. 57
Total comprehensive income for the yearSingapore dollars in thousands −−(7,566)(23,540)(31,106)1,300(29,806)4,821(24,985) PDF p. 57
Contributions by and distributions to owners Dividend on ordinary shares − Cash dividendsSingapore dollars in thousands −−−2626−26−26 PDF p. 57
Dividend paid to non-controlling interests of subsidiaries − Cash and scrip dividendsSingapore dollars in thousands −−−−−−−(3,833)(3,833) PDF p. 57
Ordinary shares issued under scrip dividendSingapore dollars in thousands 4,492−−−4,492−4,492−4,492 PDF p. 57
Issuance of perpetual securitiesSingapore dollars in thousands −−−−−132,750132,750−132,750 PDF p. 57
Distribution to holders of perpetual securitiesSingapore dollars in thousands −−−−−(1,300)(1,300)−(1,300) PDF p. 57
Purchase of treasury sharesSingapore dollars in thousands −(599)−−(599)−(599)−(599) PDF p. 57
Total contributions by and distributions to ownersSingapore dollars in thousands 4,492(599)−263,919131,450135,369(3,833)131,536 PDF p. 57
Definitions & sources

Original report: PDF p. 57 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group changes in equity / 2023 / part 2

10 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2023 / part 2 from Annual Report 2025
Metric / unit 2023Group / Share capital2023Group / Treasury shares2023Group / Other reserves2023Group / Revenue reserves2023Group / Equity attributable to owners of the Company2023Group / Perpetual securities2023Group / Total attributable to owners including perpetual securities2023Group / Non-controlling interests2023Group / Total equity Source
Group changes in equity / 2023
Acquisition of non-controlling interests in a subsidiary without a change in controlSingapore dollars in thousands −−−−−−−1,9391,939 PDF p. 58
Premium on dilution of interest in a subsidiarySingapore dollars in thousands −−(210)−(210)−(210)210− PDF p. 58
Change in ownership interests in subsidiaries without a change in controlSingapore dollars in thousands −−105−105−105286391 PDF p. 58
Capital contribution from non-controlling interestsSingapore dollars in thousands −−−−−−−1,6071,607 PDF p. 58
Capital reduction from non-controlling interestsSingapore dollars in thousands −−−−−−−(3,708)(3,708) PDF p. 58
Total changes in ownership interests in subsidiariesSingapore dollars in thousands −−(105)−(105)−(105)334229 PDF p. 58
Total transactions with owners in their capacity as ownersSingapore dollars in thousands 4,492(599)(105)263,814131,450135,264(3,499)131,765 PDF p. 58
Others Transfer from foreign currency translation reserve to fair value adjustment reserve and revenue reserveSingapore dollars in thousands −−(183)183−−−−− PDF p. 58
Total othersSingapore dollars in thousands −−(183)183−−−−− PDF p. 58
At 31 December 2023Singapore dollars in thousands 272,066(2,303)(56,347)71,569284,985132,750417,73585,411503,146 PDF p. 58
Definitions & sources

Original report: PDF p. 58 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company changes in equity / 2023

9 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2023 from Annual Report 2025
Metric / unit 2023Company / Share capital2023Company / Treasury shares2023Company / Other reserves2023Company / Revenue reserves2023Company / Equity attributable to owners of the Company2023Company / Perpetual securities2023Company / Total equity Source
Company changes in equity / 2023
At 1 January 2023Singapore dollars in thousands 267,574(1,704)913140,294407,077−407,077 PDF p. 61
(Loss)/profit for the year, representing total comprehensive income for the yearSingapore dollars in thousands −−−(211)(211)1,3001,089 PDF p. 61
Dividends on ordinary shares − Cash dividendsSingapore dollars in thousands −−−2626−26 PDF p. 61
Ordinary shares issued under scrip dividendSingapore dollars in thousands 4,492−−−4,492−4,492 PDF p. 61
Issuance of perpetual securitiesSingapore dollars in thousands −−−−−132,750132,750 PDF p. 61
Distribution to holders of perpetual securitiesSingapore dollars in thousands −−−−−(1,300)(1,300) PDF p. 61
Purchase of treasury sharesSingapore dollars in thousands −(599)−−(599)−(599) PDF p. 61
Total contributions by and distributions to owners, representing total transactions with owners in their capacity as ownersSingapore dollars in thousands 4,492(599)−263,919131,450135,369 PDF p. 61
At 31 December 2023Singapore dollars in thousands 272,066(2,303)913140,109410,785132,750543,535 PDF p. 61
Definitions & sources

Original report: PDF p. 61 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated cash flow statement / part 1

41 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flow statement / part 1 from Annual Report 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Operating activities
Profit/(loss) before taxSingapore dollars in thousands (18,531) PDF p. 63
Adjustments for:
Loss on disposal/write-off of property, plant and equipmentSingapore dollars in thousands 357 PDF p. 63
Impairment loss on property, plant and equipmentSingapore dollars in thousands 79 PDF p. 63
Allowance for write-down of properties held for saleSingapore dollars in thousands − PDF p. 63
Intangible assets written offSingapore dollars in thousands 300 PDF p. 63
Gain on modification and termination of lease contractsSingapore dollars in thousands (24) PDF p. 63
Gain on sale and leaseback of property, plant and equipmentSingapore dollars in thousands − PDF p. 63
Loss on disposal of investment propertiesSingapore dollars in thousands 3,260 PDF p. 63
Loss on disposal of a joint ventureSingapore dollars in thousands 202 PDF p. 63
Net fair value loss/(gain) on derivativesSingapore dollars in thousands (695) PDF p. 63
Fair value gain on investment securitiesSingapore dollars in thousands (8) PDF p. 63
Net fair value loss/(gain) on investment propertiesSingapore dollars in thousands (282) PDF p. 63
Reversal of impairment on investment securitiesSingapore dollars in thousands (74) PDF p. 63
Depreciation of property, plant and equipmentSingapore dollars in thousands 8,328 PDF p. 63
Depreciation of right-of-use assetsSingapore dollars in thousands 24,100 PDF p. 63
Write-down/(write-back) of inventoriesSingapore dollars in thousands (266) PDF p. 63
Allowance for expected credit loss on trade and other receivablesSingapore dollars in thousands 5,366 PDF p. 63
Financial losses on pledged items not fully covered by insuranceSingapore dollars in thousands 376 PDF p. 63
Interest expenseSingapore dollars in thousands 52,676 PDF p. 63
Interest incomeSingapore dollars in thousands (978) PDF p. 63
Amortisation of prepaid rentSingapore dollars in thousands 1 PDF p. 63
Amortisation of intangible assetsSingapore dollars in thousands 1,508 PDF p. 63
Amortisation of medium-term notes issuance feesSingapore dollars in thousands 626 PDF p. 63
Net gain on remeasuring previously held equity interest in an associate to fair value on business combinationSingapore dollars in thousands − PDF p. 63
Net gain on disposal of investment securitiesSingapore dollars in thousands − PDF p. 63
Dividend income from equity instrumentsSingapore dollars in thousands (2) PDF p. 63
Share of results of associatesSingapore dollars in thousands (5,084) PDF p. 63
Share of results of a joint ventureSingapore dollars in thousands 15 PDF p. 63
Unrealised foreign exchange differencesSingapore dollars in thousands 6,094 PDF p. 63
Operating cash flows before changes in working capitalSingapore dollars in thousands 77,344 PDF p. 63
Changes in working capital
(Increase)/decrease in inventoriesSingapore dollars in thousands 339 PDF p. 63
Decrease in development properties and properties held for saleSingapore dollars in thousands 74,615 PDF p. 63
Increase in trade and other receivablesSingapore dollars in thousands (88,761) PDF p. 63
(Increase)/decrease in prepaymentsSingapore dollars in thousands 1,463 PDF p. 63
Decrease in restricted cashSingapore dollars in thousands 1,026 PDF p. 63
Increase in trade and other payablesSingapore dollars in thousands 20,664 PDF p. 63
Total changes in working capitalSingapore dollars in thousands 9,346 PDF p. 63
Cash flows generated from operationsSingapore dollars in thousands 86,690 PDF p. 63
Interest paidSingapore dollars in thousands (36,275) PDF p. 63
Income taxes paidSingapore dollars in thousands (13,868) PDF p. 63
Net cash flows (used in)/generated from operating activitiesSingapore dollars in thousands 36,547 PDF p. 63
Definitions & sources

Original report: PDF p. 63 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated cash flow statement / part 2

37 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flow statement / part 2 from Annual Report 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Investing activities
Net cash inflow/(outflow) on acquisition of subsidiariesSingapore dollars in thousands (5,601) PDF p. 64
Net cash inflow on disposal of a joint ventureSingapore dollars in thousands 467 PDF p. 64
Purchase of property, plant and equipmentSingapore dollars in thousands (12,061) PDF p. 64
Acquisition of intangible assetsSingapore dollars in thousands (1,260) PDF p. 64
Proceeds from sale of property, plant and equipmentSingapore dollars in thousands 122 PDF p. 64
Investment in an associateSingapore dollars in thousands (3) PDF p. 64
Interest receivedSingapore dollars in thousands 979 PDF p. 64
Purchase of investment securitiesSingapore dollars in thousands (285) PDF p. 64
Dividend income from equity instruments receivedSingapore dollars in thousands 2 PDF p. 64
Dividend income from an associate receivedSingapore dollars in thousands − PDF p. 64
Proceeds from disposal of investment securitiesSingapore dollars in thousands 15 PDF p. 64
Proceeds from sales of investment propertiesSingapore dollars in thousands 29,730 PDF p. 64
Proceeds from issuance of ordinary shares by subsidiaries to non-controlling interestsSingapore dollars in thousands 1,607 PDF p. 64
Due from associates, netSingapore dollars in thousands (792) PDF p. 64
Net cash flows generated from investing activitiesSingapore dollars in thousands 12,920 PDF p. 64
Financing activities
Dividends paid to shareholders of the CompanySingapore dollars in thousands (897) PDF p. 64
Dividends paid to non-controlling interests of subsidiariesSingapore dollars in thousands (3,528) PDF p. 64
Dividends paid to holders of perpetual securitiesSingapore dollars in thousands − PDF p. 64
Capital contribution/(reduction) from non-controlling shareholderSingapore dollars in thousands (3,708) PDF p. 64
Capital reduction for investment in an associateSingapore dollars in thousands − PDF p. 64
Increase in restricted cashSingapore dollars in thousands − PDF p. 64
Proceeds from issuance of medium-term notesSingapore dollars in thousands − PDF p. 64
Repayment of medium-term notesSingapore dollars in thousands (250) PDF p. 64
Purchase of treasury sharesSingapore dollars in thousands (599) PDF p. 64
Proceeds from term loansSingapore dollars in thousands 81,475 PDF p. 64
Repayment of term loansSingapore dollars in thousands (124,374) PDF p. 64
Proceeds from short-term bank borrowingsSingapore dollars in thousands 87,093 PDF p. 64
Repayment of short-term bank borrowingsSingapore dollars in thousands (54,499) PDF p. 64
Interest paid on lease liabilitiesSingapore dollars in thousands (2,401) PDF p. 64
Repayment of principal portion of lease liabilitiesSingapore dollars in thousands (24,273) PDF p. 64
Medium-term notes issuance fees paidSingapore dollars in thousands (184) PDF p. 64
Repayment to immediate holding company (non-trade)Singapore dollars in thousands (1,650) PDF p. 64
Net cash flows generated from/(used in) financing activitiesSingapore dollars in thousands (47,795) PDF p. 64
Net increase in cash and cash equivalentsSingapore dollars in thousands 1,672 PDF p. 64
Effect of exchange rate changes on cash and cash equivalentsSingapore dollars in thousands (324) PDF p. 64
Cash and cash equivalents at beginning of yearSingapore dollars in thousands 51,509 PDF p. 64
Cash and cash equivalents at end of yearSingapore dollars in thousands 52,857 PDF p. 64
Definitions & sources

Original report: PDF p. 64 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

EPS / original profit allocation and weighted average shares

4 metrics

Units appear below each metric. Scroll to compare years

EPS / original profit allocation and weighted average shares from Annual Report 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
EPS / original numerator and denominator
Profit/(loss) for the year attributable to equity holders of the CompanySingapore dollars in thousands (23,540) PDF p. 89
Add: Distribution to perpetual securities holdersSingapore dollars in thousands 1,300 PDF p. 89
Profit/(loss) attributable to ordinary shareholders of the Company before distribution to perpetual securities holdersSingapore dollars in thousands (22,240) PDF p. 89
Weighted average number of ordinary shares (’000) (excluding treasury shares)Ordinary shares in thousands 2,188,330 PDF p. 89
Definitions & sources

Original report: PDF p. 89 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

EPS / original basic and diluted cents results

2 metrics

Units appear below each metric. Scroll to compare years

EPS / original basic and diluted cents results from Annual Report 2025
Metric / unit 2023Group / year ended 31 December 2023 Source
Earnings/(loss) per share (cents)
– basic and diluted i) after distribution to perpetual securities holdersSingapore cents per share (1.08) PDF p. 89
ii) before distribution to perpetual securities holdersSingapore cents per share (1.02) PDF p. 89
Definitions & sources

Original report: PDF p. 89 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Cash / original restricted-cash bridge

3 metrics

Units appear below each metric. Scroll to compare years

Cash / original restricted-cash bridge from Annual Report 2025
Metric / unit 2023Group / cash at 31 December2023Company / cash at 31 December Source
Cash / original restricted-cash bridge
Cash at banks and on hand, representing cash and cash equivalentsSingapore dollars in thousands 52,8571,450 PDF p. 125
Restricted cashSingapore dollars in thousands 986− PDF p. 125
Cash and bank balancesSingapore dollars in thousands 53,8431,450 PDF p. 125
Definitions & sources

Original report: PDF p. 125 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group statement of financial position / part 1

35 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position / part 1 from Annual Report 2025
Metric / unit 2022Group / as at 31 December 2022 Source
Non-current assets
Property, plant and equipmentSingapore dollars in thousands 205,662 PDF p. 51
Investment propertiesSingapore dollars in thousands 142,462 PDF p. 51
Intangible assetsSingapore dollars in thousands 10,898 PDF p. 51
Right-of-use assetsSingapore dollars in thousands 84,566 PDF p. 51
Investment in subsidiariesSingapore dollars in thousands − PDF p. 51
Investment in associatesSingapore dollars in thousands 117,144 PDF p. 51
Investment in a joint ventureSingapore dollars in thousands 685 PDF p. 51
Investment securitiesSingapore dollars in thousands 4,183 PDF p. 51
Trade and other receivablesSingapore dollars in thousands 4,340 PDF p. 51
Deferred tax assetsSingapore dollars in thousands 2,043 PDF p. 51
SubtotalSingapore dollars in thousands 571,983 PDF p. 51
Current assets
InventoriesSingapore dollars in thousands 196,059 PDF p. 51
Development propertiesSingapore dollars in thousands 163,705 PDF p. 51
Properties held for saleSingapore dollars in thousands 221,769 PDF p. 51
Trade and other receivablesSingapore dollars in thousands 395,574 PDF p. 51
PrepaymentsSingapore dollars in thousands 5,019 PDF p. 51
Due from subsidiaries (non-trade)Singapore dollars in thousands − PDF p. 51
Due from associatesSingapore dollars in thousands 2,279 PDF p. 51
Due from a joint venture (non-trade)Singapore dollars in thousands * PDF p. 51
Investment securitiesSingapore dollars in thousands 3,620 PDF p. 51
DerivativesSingapore dollars in thousands 754 PDF p. 51
Cash and bank balancesSingapore dollars in thousands 53,521 PDF p. 51
SubtotalSingapore dollars in thousands 1,042,300 PDF p. 51
Total assetsSingapore dollars in thousands 1,614,283 PDF p. 51
Current liabilities
Trade and other payablesSingapore dollars in thousands 101,739 PDF p. 51
Due to immediate holding company (non-trade)Singapore dollars in thousands 1,650 PDF p. 51
Due to subsidiaries (non-trade)Singapore dollars in thousands − PDF p. 51
Due to an associate (non-trade)Singapore dollars in thousands 117 PDF p. 51
Provision for taxationSingapore dollars in thousands 17,306 PDF p. 51
DerivativesSingapore dollars in thousands 1,525 PDF p. 51
Interest-bearing loans and borrowingsSingapore dollars in thousands 546,708 PDF p. 51
Lease liabilitiesSingapore dollars in thousands 22,550 PDF p. 51
Medium-term notesSingapore dollars in thousands − PDF p. 51
SubtotalSingapore dollars in thousands 691,595 PDF p. 51
Net current assetsSingapore dollars in thousands 350,705 PDF p. 51
Definitions & sources

Original report: PDF p. 51 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company statement of financial position / part 1

35 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position / part 1 from Annual Report 2025
Metric / unit 2022Company / as at 31 December 2022 Source
Non-current assets
Property, plant and equipmentSingapore dollars in thousands 2 PDF p. 51
Investment propertiesSingapore dollars in thousands − PDF p. 51
Intangible assetsSingapore dollars in thousands 102 PDF p. 51
Right-of-use assetsSingapore dollars in thousands − PDF p. 51
Investment in subsidiariesSingapore dollars in thousands 280,817 PDF p. 51
Investment in associatesSingapore dollars in thousands 76,529 PDF p. 51
Investment in a joint ventureSingapore dollars in thousands − PDF p. 51
Investment securitiesSingapore dollars in thousands − PDF p. 51
Trade and other receivablesSingapore dollars in thousands − PDF p. 51
Deferred tax assetsSingapore dollars in thousands − PDF p. 51
SubtotalSingapore dollars in thousands 357,450 PDF p. 51
Current assets
InventoriesSingapore dollars in thousands − PDF p. 51
Development propertiesSingapore dollars in thousands − PDF p. 51
Properties held for saleSingapore dollars in thousands − PDF p. 51
Trade and other receivablesSingapore dollars in thousands 49 PDF p. 51
PrepaymentsSingapore dollars in thousands 35 PDF p. 51
Due from subsidiaries (non-trade)Singapore dollars in thousands 162,182 PDF p. 51
Due from associatesSingapore dollars in thousands 5 PDF p. 51
Due from a joint venture (non-trade)Singapore dollars in thousands − PDF p. 51
Investment securitiesSingapore dollars in thousands − PDF p. 51
DerivativesSingapore dollars in thousands − PDF p. 51
Cash and bank balancesSingapore dollars in thousands 3,358 PDF p. 51
SubtotalSingapore dollars in thousands 165,629 PDF p. 51
Total assetsSingapore dollars in thousands 523,079 PDF p. 51
Current liabilities
Trade and other payablesSingapore dollars in thousands 20,503 PDF p. 51
Due to immediate holding company (non-trade)Singapore dollars in thousands 1,650 PDF p. 51
Due to subsidiaries (non-trade)Singapore dollars in thousands 35,495 PDF p. 51
Due to an associate (non-trade)Singapore dollars in thousands − PDF p. 51
Provision for taxationSingapore dollars in thousands 243 PDF p. 51
DerivativesSingapore dollars in thousands − PDF p. 51
Interest-bearing loans and borrowingsSingapore dollars in thousands 8,100 PDF p. 51
Lease liabilitiesSingapore dollars in thousands − PDF p. 51
Medium-term notesSingapore dollars in thousands − PDF p. 51
SubtotalSingapore dollars in thousands 65,991 PDF p. 51
Net current assetsSingapore dollars in thousands 99,638 PDF p. 51
Definitions & sources

Original report: PDF p. 51 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group statement of financial position / part 2

18 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position / part 2 from Annual Report 2025
Metric / unit 2022Group / as at 31 December 2022 Source
Non-current liabilities
Other payablesSingapore dollars in thousands 4,912 PDF p. 52
Interest-bearing loans and borrowingsSingapore dollars in thousands 170,879 PDF p. 52
Lease liabilitiesSingapore dollars in thousands 64,560 PDF p. 52
Medium-term notesSingapore dollars in thousands 253,468 PDF p. 52
Deferred tax liabilitiesSingapore dollars in thousands 32,503 PDF p. 52
SubtotalSingapore dollars in thousands 526,322 PDF p. 52
Total liabilitiesSingapore dollars in thousands 1,217,917 PDF p. 52
Net assetsSingapore dollars in thousands 396,366 PDF p. 52
Equity attributable to owners of the Company
Share capitalSingapore dollars in thousands 267,574 PDF p. 52
Treasury sharesSingapore dollars in thousands (1,704) PDF p. 52
Other reservesSingapore dollars in thousands (48,493) PDF p. 52
Revenue reservesSingapore dollars in thousands 94,900 PDF p. 52
Ordinary equitySingapore dollars in thousands 312,277 PDF p. 52
Perpetual securitiesSingapore dollars in thousands – PDF p. 52
SubtotalSingapore dollars in thousands 312,277 PDF p. 52
Non-controlling interestsSingapore dollars in thousands 84,089 PDF p. 52
Total equitySingapore dollars in thousands 396,366 PDF p. 52
Total equity and liabilitiesSingapore dollars in thousands 1,614,283 PDF p. 52
Definitions & sources

Original report: PDF p. 52 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company statement of financial position / part 2

18 metrics

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Company statement of financial position / part 2 from Annual Report 2025
Metric / unit 2022Company / as at 31 December 2022 Source
Non-current liabilities
Other payablesSingapore dollars in thousands – PDF p. 52
Interest-bearing loans and borrowingsSingapore dollars in thousands – PDF p. 52
Lease liabilitiesSingapore dollars in thousands – PDF p. 52
Medium-term notesSingapore dollars in thousands 50,000 PDF p. 52
Deferred tax liabilitiesSingapore dollars in thousands 11 PDF p. 52
SubtotalSingapore dollars in thousands 50,011 PDF p. 52
Total liabilitiesSingapore dollars in thousands 116,002 PDF p. 52
Net assetsSingapore dollars in thousands 407,077 PDF p. 52
Equity attributable to owners of the Company
Share capitalSingapore dollars in thousands 267,574 PDF p. 52
Treasury sharesSingapore dollars in thousands (1,704) PDF p. 52
Other reservesSingapore dollars in thousands 913 PDF p. 52
Revenue reservesSingapore dollars in thousands 140,294 PDF p. 52
Ordinary equitySingapore dollars in thousands 407,077 PDF p. 52
Perpetual securitiesSingapore dollars in thousands – PDF p. 52
SubtotalSingapore dollars in thousands 407,077 PDF p. 52
Non-controlling interestsSingapore dollars in thousands – PDF p. 52
Total equitySingapore dollars in thousands 407,077 PDF p. 52
Total equity and liabilitiesSingapore dollars in thousands 523,079 PDF p. 52
Definitions & sources

Original report: PDF p. 52 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated statement of comprehensive income

32 metrics

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Group consolidated statement of comprehensive income from Annual Report 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Group comprehensive income
RevenueSingapore dollars in thousands 506,236 PDF p. 50
Materials and subcontract costsSingapore dollars in thousands (307,739) PDF p. 50
Employee benefitsSingapore dollars in thousands (67,749) PDF p. 50
Depreciation and amortisationSingapore dollars in thousands (33,255) PDF p. 50
Finance costsSingapore dollars in thousands (42,917) PDF p. 50
Other operating expensesSingapore dollars in thousands (81,243) PDF p. 50
Interest incomeSingapore dollars in thousands 1,335 PDF p. 50
Rental incomeSingapore dollars in thousands 5,936 PDF p. 50
Other incomeSingapore dollars in thousands 14,817 PDF p. 50
Share of results of associatesSingapore dollars in thousands 1,108 PDF p. 50
Share of results of a joint ventureSingapore dollars in thousands (34) PDF p. 50
Loss before taxSingapore dollars in thousands (3,505) PDF p. 50
Income tax credit/(expense)Singapore dollars in thousands (8,241) PDF p. 50
Loss for the yearSingapore dollars in thousands (11,746) PDF p. 50
Items that will not be reclassified to profit or loss
Net fair value changes on equity instruments at fair value through other comprehensive income (“FVOCI”)Singapore dollars in thousands (1,107) PDF p. 50
Share of other comprehensive income of an associateSingapore dollars in thousands (2,140) PDF p. 50
Items that may be reclassified subsequently to profit or loss
Net fair value changes on debt instruments at FVOCISingapore dollars in thousands 43 PDF p. 50
Net loss on cash flow hedgeSingapore dollars in thousands (70) PDF p. 50
Foreign currency translationSingapore dollars in thousands (12,775) PDF p. 50
Share of other comprehensive income of associatesSingapore dollars in thousands (2,366) PDF p. 50
Other comprehensive income for the year, net of taxSingapore dollars in thousands (18,415) PDF p. 50
Total comprehensive income for the yearSingapore dollars in thousands (30,161) PDF p. 50
(Loss)/profit for the year attributable to:
Owners of the CompanySingapore dollars in thousands (14,710) PDF p. 50
Holders of perpetual securitiesSingapore dollars in thousands − PDF p. 50
Non-controlling interestsSingapore dollars in thousands 2,964 PDF p. 50
SubtotalSingapore dollars in thousands (11,746) PDF p. 50
Total comprehensive income attributable to:
Owners of the CompanySingapore dollars in thousands (32,151) PDF p. 50
Holders of perpetual securitiesSingapore dollars in thousands − PDF p. 50
Non-controlling interestsSingapore dollars in thousands 1,990 PDF p. 50
SubtotalSingapore dollars in thousands (30,161) PDF p. 50
Loss per share (cents)
Basic and diluted i) after distribution to perpetual securities holdersSingapore cents per share (0.68) PDF p. 50
ii) before distribution to perpetual securities holdersSingapore cents per share (0.68) PDF p. 50
Definitions & sources

Original report: PDF p. 50 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group changes in equity / 2022 / part 1

13 metrics

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Group changes in equity / 2022 / part 1 from Annual Report 2025
Metric / unit 2022Group / Share capital2022Group / Treasury shares2022Group / Other reserves2022Group / Revenue reserves2022Group / Equity attributable to owners of the Company2022Group / Perpetual securities2022Group / Total attributable to owners including perpetual securities2022Group / Non-controlling interests2022Group / Total equity Source
Group changes in equity / 2022
At 1 January 2022Singapore dollars in thousands 267,574(1,482)(30,828)117,464352,728−352,72884,802437,530 PDF p. 53
(Loss)/profit for the yearSingapore dollars in thousands −−−(14,710)(14,710)−(14,710)2,964(11,746) PDF p. 53
Net fair value changes on debt instruments at FVOCISingapore dollars in thousands −−43−43−43−43 PDF p. 53
Net fair value changes on equity instruments at FVOCISingapore dollars in thousands −−(748)−(748)−(748)(359)(1,107) PDF p. 53
Net loss on cash flow hedgeSingapore dollars in thousands −−(49)−(49)−(49)(21)(70) PDF p. 53
Foreign currency translationSingapore dollars in thousands −−(12,181)−(12,181)−(12,181)(594)(12,775) PDF p. 53
Share of other comprehensive income of associatesSingapore dollars in thousands −−(4,506)−(4,506)−(4,506)−(4,506) PDF p. 53
Other comprehensive income for the year, net of taxSingapore dollars in thousands −−(17,441)−(17,441)−(17,441)(974)(18,415) PDF p. 53
Total comprehensive income for the yearSingapore dollars in thousands −−(17,441)(14,710)(32,151)−(32,151)1,990(30,161) PDF p. 53
Dividend on ordinary shares - Cash dividendsSingapore dollars in thousands −−−(5,416)(5,416)−(5,416)−(5,416) PDF p. 53
Dividend paid to non-controlling interests of subsidiaries - Cash dividendsSingapore dollars in thousands −−−−−−−(5,516)(5,516) PDF p. 53
Purchase of treasury sharesSingapore dollars in thousands −(222)−−(222)−(222)−(222) PDF p. 53
Total contributions by and distributions to ownersSingapore dollars in thousands −(222)−(5,416)(5,638)−(5,638)(5,516)(11,154) PDF p. 53
Definitions & sources

Original report: PDF p. 53 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group changes in equity / 2022 / part 2

8 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2022 / part 2 from Annual Report 2025
Metric / unit 2022Group / Share capital2022Group / Treasury shares2022Group / Other reserves2022Group / Revenue reserves2022Group / Equity attributable to owners of the Company2022Group / Perpetual securities2022Group / Total attributable to owners including perpetual securities2022Group / Non-controlling interests2022Group / Total equity Source
Group changes in equity / 2022
Acquisition of non-controlling interests in a subsidiary without a change in controlSingapore dollars in thousands −−(1,239)−(1,239)−(1,239)804(435) PDF p. 54
Premium on dilution of interest in a subsidiarySingapore dollars in thousands −−(2,425)−(2,425)−(2,425)2,425− PDF p. 54
Change in ownership interests in subsidiaries without a change in controlSingapore dollars in thousands −−1,002−1,002−1,002(416)586 PDF p. 54
Total changes in ownership interests in subsidiariesSingapore dollars in thousands −−(2,662)−(2,662)−(2,662)2,813151 PDF p. 54
Total transactions with owners in their capacity as ownersSingapore dollars in thousands −(222)(2,662)(5,416)(8,300)−(8,300)(2,703)(11,003) PDF p. 54
Others Transfer from foreign currency translation reserve to fair value adjustment reserve and revenue reserveSingapore dollars in thousands −−2,438(2,438)−−−−− PDF p. 54
Total othersSingapore dollars in thousands −−2,438(2,438)−−−−− PDF p. 54
At 31 December 2022Singapore dollars in thousands 267,574(1,704)(48,493)94,900312,277−312,27784,089396,366 PDF p. 54
Definitions & sources

Original report: PDF p. 54 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company changes in equity / 2022

6 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2022 from Annual Report 2025
Metric / unit 2022Company / Share capital2022Company / Treasury shares2022Company / Other reserves2022Company / Revenue reserves2022Company / Equity attributable to owners of the Company2022Company / Perpetual securities2022Company / Total equity Source
Company changes in equity / 2022
At 1 January 2022Singapore dollars in thousands 267,574(1,482)91360,062327,067−327,067 PDF p. 57
Profit for the year, representing total comprehensive income for the yearSingapore dollars in thousands −−−85,64885,648−85,648 PDF p. 57
Dividends on ordinary shares - Cash dividendsSingapore dollars in thousands −−−(5,416)(5,416)−(5,416) PDF p. 57
Purchase of treasury sharesSingapore dollars in thousands –(222)––(222)–(222) PDF p. 57
Total contributions by and distributions to owners, representing total transactions with owners in their capacity as ownersSingapore dollars in thousands −(222)−(5,416)(5,638)−(5,638) PDF p. 57
At 31 December 2022Singapore dollars in thousands 267,574(1,704)913140,294407,077−407,077 PDF p. 57
Definitions & sources

Original report: PDF p. 57 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated cash flow statement / part 1

44 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flow statement / part 1 from Annual Report 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Operating activities
Loss before taxSingapore dollars in thousands (3,505) PDF p. 58
Adjustments for:
Property, plant and equipment written offSingapore dollars in thousands 235 PDF p. 58
Impairment loss on property, plant and equipmentSingapore dollars in thousands 526 PDF p. 58
Impairment loss on right-of-use assetsSingapore dollars in thousands 189 PDF p. 58
Allowance for write-down of development propertiesSingapore dollars in thousands 8,371 PDF p. 58
Allowance for write-down of properties held for saleSingapore dollars in thousands 325 PDF p. 58
(Gain)/loss on disposal of property, plant and equipmentSingapore dollars in thousands 96 PDF p. 58
Loss on disposal of intangible assetsSingapore dollars in thousands − PDF p. 58
Gain on modifi cation and termination of lease contractsSingapore dollars in thousands (243) PDF p. 58
Loss/(gain) on disposal of investment propertiesSingapore dollars in thousands (1,346) PDF p. 58
Loss/(gain) on disposal of a joint venture/an associateSingapore dollars in thousands (14) PDF p. 58
Net fair value (gain)/loss on derivativesSingapore dollars in thousands 1,801 PDF p. 58
Fair value gain on investment securitiesSingapore dollars in thousands (1,291) PDF p. 58
Net fair value gain on investment propertiesSingapore dollars in thousands (1,570) PDF p. 58
Reversal of impairment on investment securitiesSingapore dollars in thousands (20) PDF p. 58
Depreciation of property, plant and equipmentSingapore dollars in thousands 8,033 PDF p. 58
Depreciation of right-of-use assetsSingapore dollars in thousands 24,675 PDF p. 58
Write-back of inventoriesSingapore dollars in thousands (448) PDF p. 58
Write-back of allowance for write-down of development propertiesSingapore dollars in thousands (739) PDF p. 58
Allowance for expected credit loss on trade and other receivablesSingapore dollars in thousands 4,050 PDF p. 58
Financial losses on pledged items not fully covered by insuranceSingapore dollars in thousands 10 PDF p. 58
Interest expenseSingapore dollars in thousands 41,918 PDF p. 58
Interest incomeSingapore dollars in thousands (3,457) PDF p. 58
Intangible assets written offSingapore dollars in thousands − PDF p. 58
Amortisation of prepaid rentSingapore dollars in thousands 3 PDF p. 58
Amortisation of intangible assetsSingapore dollars in thousands 544 PDF p. 58
Amortisation of medium-term notes issuance feesSingapore dollars in thousands 999 PDF p. 58
Net loss on disposal of investment securitiesSingapore dollars in thousands 194 PDF p. 58
Dividend income from equity instrumentsSingapore dollars in thousands (371) PDF p. 58
Share of results of associatesSingapore dollars in thousands (1,108) PDF p. 58
Share of results of a joint ventureSingapore dollars in thousands 34 PDF p. 58
Unrealised foreign exchange differencesSingapore dollars in thousands 6,295 PDF p. 58
Operating cash flows before changes in working capitalSingapore dollars in thousands 84,186 PDF p. 58
Changes in working capital
Decrease/(increase) in inventoriesSingapore dollars in thousands (26,847) PDF p. 58
Decrease in development properties and properties held for saleSingapore dollars in thousands 38,462 PDF p. 58
Increase in trade and other receivablesSingapore dollars in thousands (57,330) PDF p. 58
Decrease/(increase) in prepaymentsSingapore dollars in thousands (1,337) PDF p. 58
Decrease in restricted cashSingapore dollars in thousands 1,024 PDF p. 58
Increase in trade and other payablesSingapore dollars in thousands 18,272 PDF p. 58
Total changes in working capitalSingapore dollars in thousands (27,756) PDF p. 58
Cash flows generated from operationsSingapore dollars in thousands 56,430 PDF p. 58
Interest paidSingapore dollars in thousands (26,218) PDF p. 58
Income taxes paidSingapore dollars in thousands (7,910) PDF p. 58
Net cash flows generated from operating activitiesSingapore dollars in thousands 22,302 PDF p. 58
Definitions & sources

Original report: PDF p. 58 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated cash flow statement / part 2

36 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flow statement / part 2 from Annual Report 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Investing activities
Net cash outflow on acquisition of a subsidiarySingapore dollars in thousands − PDF p. 59
Net cash inflow on disposal of a joint ventureSingapore dollars in thousands − PDF p. 59
Purchase of property, plant and equipmentSingapore dollars in thousands (18,077) PDF p. 59
Acquisition of intangible assetsSingapore dollars in thousands (2,120) PDF p. 59
Proceeds from sale of property, plant and equipmentSingapore dollars in thousands 64 PDF p. 59
Investment in an associateSingapore dollars in thousands − PDF p. 59
Interest receivedSingapore dollars in thousands 4,612 PDF p. 59
Purchase of investment securitiesSingapore dollars in thousands (225) PDF p. 59
Dividend income from equity instruments receivedSingapore dollars in thousands 371 PDF p. 59
Dividend income from an associate receivedSingapore dollars in thousands 356 PDF p. 59
Proceeds from disposal of investment securitiesSingapore dollars in thousands 3,072 PDF p. 59
Proceeds from sales of investment propertySingapore dollars in thousands 14,367 PDF p. 59
Proceeds from issuance of ordinary shares by subsidiaries to non-controlling interestsSingapore dollars in thousands − PDF p. 59
Acquisition of non-controlling interests in subsidiariesSingapore dollars in thousands (481) PDF p. 59
Due from associates, netSingapore dollars in thousands (927) PDF p. 59
Net cash flows generated from investing activitiesSingapore dollars in thousands 1,012 PDF p. 59
Financing activities
Dividends paid to shareholders of the CompanySingapore dollars in thousands − PDF p. 59
Dividends paid to non-controlling interests of subsidiariesSingapore dollars in thousands (4,994) PDF p. 59
Capital reduction from non-controlling shareholderSingapore dollars in thousands − PDF p. 59
Proceeds from issuance of medium-term notesSingapore dollars in thousands 36,750 PDF p. 59
Repayment of medium-term notesSingapore dollars in thousands (23,000) PDF p. 59
Purchase of treasury sharesSingapore dollars in thousands (222) PDF p. 59
Purchase of treasury shares of a subsidiarySingapore dollars in thousands (145) PDF p. 59
Proceeds from term loansSingapore dollars in thousands 23,368 PDF p. 59
Repayment of term loansSingapore dollars in thousands (69,276) PDF p. 59
Proceeds from short-term bank borrowingsSingapore dollars in thousands 152,474 PDF p. 59
Repayment of short-term bank borrowingsSingapore dollars in thousands (100,154) PDF p. 59
Interest paid on lease liabilitiesSingapore dollars in thousands (2,090) PDF p. 59
Repayment of principal portion of lease liabilitiesSingapore dollars in thousands (24,616) PDF p. 59
Medium-term notes issuance fees paidSingapore dollars in thousands (552) PDF p. 59
(Repayment to)/advance from immediate holding company (non-trade)Singapore dollars in thousands 1,150 PDF p. 59
Net cash flows used in financing activitiesSingapore dollars in thousands (11,307) PDF p. 59
Net increase in cash and cash equivalentsSingapore dollars in thousands 12,007 PDF p. 59
Effect of exchange rate changes on cash and cash equivalentsSingapore dollars in thousands (756) PDF p. 59
Cash and cash equivalents at beginning of yearSingapore dollars in thousands 40,258 PDF p. 59
Cash and cash equivalents at end of yearSingapore dollars in thousands 51,509 PDF p. 59
Definitions & sources

Original report: PDF p. 59 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

EPS / original profit allocation and weighted average shares

4 metrics

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EPS / original profit allocation and weighted average shares from Annual Report 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
EPS / original numerator and denominator
Loss for the year attributable to equity holders of the CompanySingapore dollars in thousands (14,710) PDF p. 85
Less: Distribution to perpetual securities holdersSingapore dollars in thousands − PDF p. 85
Loss attributable to ordinary shareholders of the CompanySingapore dollars in thousands (14,710) PDF p. 85
Weighted average number of ordinary shares (‘000) (excluding treasury shares)Ordinary shares in thousands 2,165,712 PDF p. 85
Definitions & sources

Original report: PDF p. 85 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

EPS / original basic and diluted cents results

2 metrics

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EPS / original basic and diluted cents results from Annual Report 2025
Metric / unit 2022Group / year ended 31 December 2022 Source
Loss per share (cents)
- basic and diluted i) after distribution to perpetual securities holdersSingapore cents per share (0.68) PDF p. 85
ii) before distribution to perpetual securities holdersSingapore cents per share (0.68) PDF p. 85
Definitions & sources

Original report: PDF p. 85 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Cash / original restricted-cash bridge

3 metrics

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Cash / original restricted-cash bridge from Annual Report 2025
Metric / unit 2022Group / cash at 31 December2022Company / cash at 31 December Source
Cash / original restricted-cash bridge
Cash at banks and on hand, representing cash and cash equivalentsSingapore dollars in thousands 51,5093,358 PDF p. 117
Restricted cashSingapore dollars in thousands 2,012− PDF p. 117
Cash and bank balancesSingapore dollars in thousands 53,5213,358 PDF p. 117
Definitions & sources

Original report: PDF p. 117 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group statement of financial position / part 1

36 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position / part 1 from Annual Report 2025
Metric / unit 2021Group / as at 31 December 2021 Source
Non-current assets
Property, plant and equipmentSingapore dollars in thousands 201,040 PDF p. 47
Investment propertiesSingapore dollars in thousands 160,101 PDF p. 47
Intangible assetsSingapore dollars in thousands 9,444 PDF p. 47
Right-of-use assetsSingapore dollars in thousands 80,245 PDF p. 47
Investment in subsidiariesSingapore dollars in thousands − PDF p. 47
Investment in associatesSingapore dollars in thousands 123,239 PDF p. 47
Investment in a joint ventureSingapore dollars in thousands 718 PDF p. 47
Investment securitiesSingapore dollars in thousands 6,185 PDF p. 47
Trade and other receivablesSingapore dollars in thousands 4,328 PDF p. 47
PrepaymentsSingapore dollars in thousands 1 PDF p. 47
Deferred tax assetsSingapore dollars in thousands 4,219 PDF p. 47
SubtotalSingapore dollars in thousands 589,520 PDF p. 47
Current assets
InventoriesSingapore dollars in thousands 170,293 PDF p. 47
Development propertiesSingapore dollars in thousands 218,803 PDF p. 47
Properties held for saleSingapore dollars in thousands 238,166 PDF p. 47
Trade and other receivablesSingapore dollars in thousands 344,664 PDF p. 47
PrepaymentsSingapore dollars in thousands 4,799 PDF p. 47
Due from subsidiaries (non-trade)Singapore dollars in thousands − PDF p. 47
Due from associatesSingapore dollars in thousands 1,250 PDF p. 47
Due from a joint venture (non-trade)Singapore dollars in thousands * PDF p. 47
Investment securitiesSingapore dollars in thousands 4,668 PDF p. 47
DerivativesSingapore dollars in thousands 1,100 PDF p. 47
Cash and bank balancesSingapore dollars in thousands 43,295 PDF p. 47
SubtotalSingapore dollars in thousands 1,027,038 PDF p. 47
Total assetsSingapore dollars in thousands 1,616,558 PDF p. 47
Current liabilities
Trade and other payablesSingapore dollars in thousands 65,676 PDF p. 47
Due to immediate holding company (non-trade)Singapore dollars in thousands 500 PDF p. 47
Due to subsidiaries (non-trade)Singapore dollars in thousands − PDF p. 47
Due to an associate (non-trade)Singapore dollars in thousands 2,370 PDF p. 47
Provision for taxationSingapore dollars in thousands 16,315 PDF p. 47
DerivativesSingapore dollars in thousands − PDF p. 47
Interest-bearing loans and borrowingsSingapore dollars in thousands 540,032 PDF p. 47
Lease liabilitiesSingapore dollars in thousands 23,572 PDF p. 47
Medium-term notesSingapore dollars in thousands 115,250 PDF p. 47
SubtotalSingapore dollars in thousands 763,715 PDF p. 47
Net current assetsSingapore dollars in thousands 263,323 PDF p. 47
Definitions & sources

Original report: PDF p. 47 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company statement of financial position / part 1

36 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position / part 1 from Annual Report 2025
Metric / unit 2021Company / as at 31 December 2021 Source
Non-current assets
Property, plant and equipmentSingapore dollars in thousands 9 PDF p. 47
Investment propertiesSingapore dollars in thousands − PDF p. 47
Intangible assetsSingapore dollars in thousands 157 PDF p. 47
Right-of-use assetsSingapore dollars in thousands − PDF p. 47
Investment in subsidiariesSingapore dollars in thousands 270,546 PDF p. 47
Investment in associatesSingapore dollars in thousands 76,529 PDF p. 47
Investment in a joint ventureSingapore dollars in thousands − PDF p. 47
Investment securitiesSingapore dollars in thousands − PDF p. 47
Trade and other receivablesSingapore dollars in thousands − PDF p. 47
PrepaymentsSingapore dollars in thousands − PDF p. 47
Deferred tax assetsSingapore dollars in thousands − PDF p. 47
SubtotalSingapore dollars in thousands 347,241 PDF p. 47
Current assets
InventoriesSingapore dollars in thousands − PDF p. 47
Development propertiesSingapore dollars in thousands − PDF p. 47
Properties held for saleSingapore dollars in thousands − PDF p. 47
Trade and other receivablesSingapore dollars in thousands 50 PDF p. 47
PrepaymentsSingapore dollars in thousands 180 PDF p. 47
Due from subsidiaries (non-trade)Singapore dollars in thousands 104,621 PDF p. 47
Due from associatesSingapore dollars in thousands 8 PDF p. 47
Due from a joint venture (non-trade)Singapore dollars in thousands − PDF p. 47
Investment securitiesSingapore dollars in thousands − PDF p. 47
DerivativesSingapore dollars in thousands − PDF p. 47
Cash and bank balancesSingapore dollars in thousands 300 PDF p. 47
SubtotalSingapore dollars in thousands 105,159 PDF p. 47
Total assetsSingapore dollars in thousands 452,400 PDF p. 47
Current liabilities
Trade and other payablesSingapore dollars in thousands 7,093 PDF p. 47
Due to immediate holding company (non-trade)Singapore dollars in thousands 500 PDF p. 47
Due to subsidiaries (non-trade)Singapore dollars in thousands 58,759 PDF p. 47
Due to an associate (non-trade)Singapore dollars in thousands − PDF p. 47
Provision for taxationSingapore dollars in thousands 62 PDF p. 47
DerivativesSingapore dollars in thousands − PDF p. 47
Interest-bearing loans and borrowingsSingapore dollars in thousands 8,912 PDF p. 47
Lease liabilitiesSingapore dollars in thousands − PDF p. 47
Medium-term notesSingapore dollars in thousands − PDF p. 47
SubtotalSingapore dollars in thousands 75,326 PDF p. 47
Net current assetsSingapore dollars in thousands 29,833 PDF p. 47
Definitions & sources

Original report: PDF p. 47 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group statement of financial position / part 2

16 metrics

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Group statement of financial position / part 2 from Annual Report 2025
Metric / unit 2021Group / as at 31 December 2021 Source
Non-current liabilities
Other payablesSingapore dollars in thousands 6,118 PDF p. 48
Interest-bearing loans and borrowingsSingapore dollars in thousands 186,559 PDF p. 48
Lease liabilitiesSingapore dollars in thousands 59,317 PDF p. 48
Medium-term notesSingapore dollars in thousands 125,000 PDF p. 48
Deferred tax liabilitiesSingapore dollars in thousands 38,319 PDF p. 48
SubtotalSingapore dollars in thousands 415,313 PDF p. 48
Total liabilitiesSingapore dollars in thousands 1,179,028 PDF p. 48
Net assetsSingapore dollars in thousands 437,530 PDF p. 48
Equity attributable to owners of the Company
Share capitalSingapore dollars in thousands 267,574 PDF p. 48
Treasury sharesSingapore dollars in thousands (1,482) PDF p. 48
Other reservesSingapore dollars in thousands (30,828) PDF p. 48
Revenue reservesSingapore dollars in thousands 117,464 PDF p. 48
SubtotalSingapore dollars in thousands 352,728 PDF p. 48
Non-controlling interestsSingapore dollars in thousands 84,802 PDF p. 48
Total equitySingapore dollars in thousands 437,530 PDF p. 48
Total equity and liabilitiesSingapore dollars in thousands 1,616,558 PDF p. 48
Definitions & sources

Original report: PDF p. 48 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company statement of financial position / part 2

16 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position / part 2 from Annual Report 2025
Metric / unit 2021Company / as at 31 December 2021 Source
Non-current liabilities
Other payablesSingapore dollars in thousands – PDF p. 48
Interest-bearing loans and borrowingsSingapore dollars in thousands – PDF p. 48
Lease liabilitiesSingapore dollars in thousands – PDF p. 48
Medium-term notesSingapore dollars in thousands 50,000 PDF p. 48
Deferred tax liabilitiesSingapore dollars in thousands 7 PDF p. 48
SubtotalSingapore dollars in thousands 50,007 PDF p. 48
Total liabilitiesSingapore dollars in thousands 125,333 PDF p. 48
Net assetsSingapore dollars in thousands 327,067 PDF p. 48
Equity attributable to owners of the Company
Share capitalSingapore dollars in thousands 267,574 PDF p. 48
Treasury sharesSingapore dollars in thousands (1,482) PDF p. 48
Other reservesSingapore dollars in thousands 913 PDF p. 48
Revenue reservesSingapore dollars in thousands 60,062 PDF p. 48
SubtotalSingapore dollars in thousands 327,067 PDF p. 48
Non-controlling interestsSingapore dollars in thousands – PDF p. 48
Total equitySingapore dollars in thousands 327,067 PDF p. 48
Total equity and liabilitiesSingapore dollars in thousands 452,400 PDF p. 48
Definitions & sources

Original report: PDF p. 48 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated statement of comprehensive income

30 metrics

Units appear below each metric. Scroll to compare years

Group consolidated statement of comprehensive income from Annual Report 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Group comprehensive income
RevenueSingapore dollars in thousands 417,176 PDF p. 46
Materials and subcontract costsSingapore dollars in thousands (244,520) PDF p. 46
Employee benefitsSingapore dollars in thousands (62,793) PDF p. 46
Depreciation and amortisationSingapore dollars in thousands (33,204) PDF p. 46
Finance costsSingapore dollars in thousands (36,613) PDF p. 46
Other operating expensesSingapore dollars in thousands (64,166) PDF p. 46
Interest incomeSingapore dollars in thousands 1,780 PDF p. 46
Rental incomeSingapore dollars in thousands 6,757 PDF p. 46
Other incomeSingapore dollars in thousands 21,559 PDF p. 46
Share of results of associatesSingapore dollars in thousands 521 PDF p. 46
Share of results of a joint ventureSingapore dollars in thousands 89 PDF p. 46
(Loss)/profit before taxSingapore dollars in thousands 6,586 PDF p. 46
Income tax expenseSingapore dollars in thousands (3,931) PDF p. 46
(Loss)/profit for the yearSingapore dollars in thousands 2,655 PDF p. 46
Items that will not be reclassified to profit or loss
Net fair value changes on equity instruments at fair value through other comprehensive income (“FVOCI”)Singapore dollars in thousands (2,379) PDF p. 46
Share of other comprehensive income of an associateSingapore dollars in thousands 211 PDF p. 46
Items that may be reclassified subsequently to profit or loss
Net fair value changes on debt instruments at FVOCISingapore dollars in thousands 61 PDF p. 46
Net loss on cash flow hedgeSingapore dollars in thousands − PDF p. 46
Foreign currency translationSingapore dollars in thousands (8,889) PDF p. 46
Share of other comprehensive income of associatesSingapore dollars in thousands (2,226) PDF p. 46
Other comprehensive income for the year, net of taxSingapore dollars in thousands (13,222) PDF p. 46
Total comprehensive income for the yearSingapore dollars in thousands (10,567) PDF p. 46
(Loss)/profit for the year attributable to:
Owners of the CompanySingapore dollars in thousands (363) PDF p. 46
Non-controlling interestsSingapore dollars in thousands 3,018 PDF p. 46
SubtotalSingapore dollars in thousands 2,655 PDF p. 46
Total comprehensive income attributable to:
Owners of the CompanySingapore dollars in thousands (12,689) PDF p. 46
Non-controlling interestsSingapore dollars in thousands 2,122 PDF p. 46
SubtotalSingapore dollars in thousands (10,567) PDF p. 46
Loss per share (cent)
BasicSingapore cents per share (0.02) PDF p. 46
DilutedSingapore cents per share (0.02) PDF p. 46
Definitions & sources

Original report: PDF p. 46 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group changes in equity / 2021 / part 1

20 metrics

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Group changes in equity / 2021 / part 1 from Annual Report 2025
Metric / unit 2021Group / Share capital2021Group / Treasury shares2021Group / Other reserves2021Group / Revenue reserves2021Group / Equity attributable to owners of the Company2021Group / Non-controlling interests2021Group / Total equity Source
Group changes in equity / 2021
At 1 January 2021Singapore dollars in thousands 226,930(1,781)(4,009)118,590339,730107,211446,941 PDF p. 49
(Loss)/profit for the yearSingapore dollars in thousands −−−(363)(363)3,0182,655 PDF p. 49
Net fair value changes on debt instruments at FVOCISingapore dollars in thousands −−60−60161 PDF p. 49
Net fair value changes on equity instruments at FVOCISingapore dollars in thousands −−(2,389)−(2,389)10(2,379) PDF p. 49
Foreign currency translationSingapore dollars in thousands −−(7,982)−(7,982)(907)(8,889) PDF p. 49
Share of other comprehensive income of associatesSingapore dollars in thousands −−(2,015)−(2,015)−(2,015) PDF p. 49
net of taxSingapore dollars in thousands −−(12,326)−(12,326)(896)(13,222) PDF p. 49
Total comprehensive income for the yearSingapore dollars in thousands −−(12,326)(363)(12,689)2,122(10,567) PDF p. 49
Dividend on ordinary shares - Cash and scrip dividendsSingapore dollars in thousands −−−(481)(481)−(481) PDF p. 49
Dividend paid to non-controlling interests of subsidiaries - Cash dividendsSingapore dollars in thousands −−−−−(8,292)(8,292) PDF p. 49
Ordinary shares issued under scrip dividendsSingapore dollars in thousands 4,304−−−4,304−4,304 PDF p. 49
Treasury shares reissued pursuant to Aspial Performance Share PlanSingapore dollars in thousands −299(139)−160−160 PDF p. 49
Total contributions by and distributions to ownersSingapore dollars in thousands 4,304299(139)(481)3,983(8,292)(4,309) PDF p. 49
Acquisition of non-controlling interests in a subsidiary without a change in controlSingapore dollars in thousands 36,340−(15,013)−21,327(23,551)(2,224) PDF p. 49
Premium on dilution of interest in a subsidiarySingapore dollars in thousands −−506−506(506)− PDF p. 49
Capital contribution from non-controlling interestSingapore dollars in thousands −−−−−5,0555,055 PDF p. 49
Change in ownership interests in subsidiaries without a change in controlSingapore dollars in thousands −−153(282)(129)2,7632,634 PDF p. 49
Total changes in ownership interests in subsidiariesSingapore dollars in thousands 36,340−(14,354)(282)21,704(16,239)5,465 PDF p. 49
Total transactions with owners in their capacity as ownersSingapore dollars in thousands 40,644299(14,493)(763)25,687(24,531)1,156 PDF p. 49
At 31 December 2021Singapore dollars in thousands 267,574(1,482)(30,828)117,464352,72884,802437,530 PDF p. 49
Definitions & sources

Original report: PDF p. 49 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Company changes in equity / 2021

9 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2021 from Annual Report 2025
Metric / unit 2021Company / Share capital2021Company / Treasury shares2021Company / Other reserves2021Company / Revenue reserves2021Company / Total equity Source
Company changes in equity / 2021
At 1 January 2021Singapore dollars in thousands 226,930(1,781)1,05247,715273,916 PDF p. 51
Profit for the year, representing total comprehensive income for the yearSingapore dollars in thousands −−−12,82812,828 PDF p. 51
Dividends on ordinary shares - Cash and scrip dividendsSingapore dollars in thousands −−−(481)(481) PDF p. 51
Ordinary shares issued under scrip dividendsSingapore dollars in thousands 4,304−−−4,304 PDF p. 51
Treasury shares reissued pursuant to Aspial Performance Share PlanSingapore dollars in thousands −299(139)−160 PDF p. 51
Total contributions by and distributions to owners, representing total transactions with owners in their capacity as ownersSingapore dollars in thousands 4,304299(139)(481)3,983 PDF p. 51
Others Acquisition of non-controlling interests in a subsidiary without a change in controlSingapore dollars in thousands 36,340−−−36,340 PDF p. 51
Total OthersSingapore dollars in thousands 36,340−−−36,340 PDF p. 51
At 31 December 2021Singapore dollars in thousands 267,574(1,482)91360,062327,067 PDF p. 51
Definitions & sources

Original report: PDF p. 51 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated cash flow statement / part 1

43 metrics

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Group consolidated cash flow statement / part 1 from Annual Report 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Operating activities
(Loss)/profit before taxSingapore dollars in thousands 6,586 PDF p. 52
Adjustments for:
Property, plant and equipment written-offSingapore dollars in thousands 306 PDF p. 52
Impairment loss on property, plant and equipmentSingapore dollars in thousands − PDF p. 52
Impairment loss on right-of-use assetsSingapore dollars in thousands − PDF p. 52
Allowance for write-down of development propertiesSingapore dollars in thousands 463 PDF p. 52
Allowance for write-down of properties held for saleSingapore dollars in thousands 897 PDF p. 52
Loss/(gain) on disposal of property, plant and equipmentSingapore dollars in thousands (28) PDF p. 52
Gain on modifi cation and termination of lease contractsSingapore dollars in thousands (28) PDF p. 52
Gain on disposal of investment propertiesSingapore dollars in thousands (30) PDF p. 52
Gain on disposal of an associateSingapore dollars in thousands − PDF p. 52
Net fair value loss/(gain) on derivativesSingapore dollars in thousands (8,968) PDF p. 52
Fair value (gain)/loss on investment securitiesSingapore dollars in thousands 24 PDF p. 52
Net fair value (gain)/loss on investment propertiesSingapore dollars in thousands 2,692 PDF p. 52
(Reversal of)/impairment loss on investment securitiesSingapore dollars in thousands 145 PDF p. 52
Depreciation of property, plant and equipmentSingapore dollars in thousands 7,873 PDF p. 52
Depreciation of right-of-use assetsSingapore dollars in thousands 24,599 PDF p. 52
Employee Share Award Scheme expensesSingapore dollars in thousands 160 PDF p. 52
Write-back of inventoriesSingapore dollars in thousands (497) PDF p. 52
Write-back of allowance for write-down of development propertiesSingapore dollars in thousands − PDF p. 52
Allowance for expected credit loss on trade and other receivablesSingapore dollars in thousands 3,852 PDF p. 52
Interest expenseSingapore dollars in thousands 35,439 PDF p. 52
Interest incomeSingapore dollars in thousands (3,862) PDF p. 52
Amortisation of prepaid rentSingapore dollars in thousands 3 PDF p. 52
Amortisation of intangible assetsSingapore dollars in thousands 729 PDF p. 52
Amortisation of medium-term notes issuance feesSingapore dollars in thousands 1,174 PDF p. 52
Net loss/(gain) on disposal of investment securitiesSingapore dollars in thousands (1,345) PDF p. 52
Loss on purchase and cancellation of medium-term notes and bondsSingapore dollars in thousands * PDF p. 52
Dividend income from equity instrumentsSingapore dollars in thousands (2,071) PDF p. 52
Share of results of associatesSingapore dollars in thousands (521) PDF p. 52
Share of results of a joint ventureSingapore dollars in thousands (89) PDF p. 52
Unrealised foreign exchange differencesSingapore dollars in thousands 8,472 PDF p. 52
Operating cash flows before changes in working capitalSingapore dollars in thousands 75,975 PDF p. 52
Changes in working capital
Increase in inventoriesSingapore dollars in thousands (24,540) PDF p. 52
Decrease in development properties and properties held for saleSingapore dollars in thousands 24,570 PDF p. 52
Increase in trade and other receivablesSingapore dollars in thousands (42,937) PDF p. 52
Increase in prepaymentsSingapore dollars in thousands (1,291) PDF p. 52
Decrease in restricted cashSingapore dollars in thousands 2,980 PDF p. 52
Increase/(decrease) in trade and other payablesSingapore dollars in thousands (18,204) PDF p. 52
Total changes in working capitalSingapore dollars in thousands (59,422) PDF p. 52
Cash flows generated from operationsSingapore dollars in thousands 16,553 PDF p. 52
Interest paidSingapore dollars in thousands (26,828) PDF p. 52
Income taxes paidSingapore dollars in thousands (5,058) PDF p. 52
Net cash flows generated from/(used in) operating activitiesSingapore dollars in thousands (15,333) PDF p. 52
Definitions & sources

Original report: PDF p. 52 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Group consolidated cash flow statement / part 2

34 metrics

Units appear below each metric. Scroll to compare years

Group consolidated cash flow statement / part 2 from Annual Report 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Investing activities
Purchase of property, plant and equipmentSingapore dollars in thousands (34,890) PDF p. 53
Acquisition of intangible assetsSingapore dollars in thousands (1,417) PDF p. 53
Proceeds from sale of property, plant and equipmentSingapore dollars in thousands 15 PDF p. 53
Investment in a joint ventureSingapore dollars in thousands (153) PDF p. 53
Interest receivedSingapore dollars in thousands 2,378 PDF p. 53
Purchase of investment securitiesSingapore dollars in thousands (3,499) PDF p. 53
Dividend income from equity instruments receivedSingapore dollars in thousands 2,071 PDF p. 53
Dividend income from an associate receivedSingapore dollars in thousands − PDF p. 53
Proceeds from disposal of investment securitiesSingapore dollars in thousands 3,871 PDF p. 53
Proceeds from sales of investment propertySingapore dollars in thousands 573 PDF p. 53
Acquisition of non-controlling interests in subsidiariesSingapore dollars in thousands − PDF p. 53
Due from associates, netSingapore dollars in thousands (813) PDF p. 53
Due from a joint venture (non-trade), netSingapore dollars in thousands 1,670 PDF p. 53
Net cash flows generated from/(used in) investing activitiesSingapore dollars in thousands (30,194) PDF p. 53
Financing activities
Dividends paid to shareholders of the CompanySingapore dollars in thousands (1,025) PDF p. 53
Dividends paid to non-controlling interests of subsidiariesSingapore dollars in thousands (7,684) PDF p. 53
Proceeds from issuance of ordinary shares by subsidiaries to non-controlling interestsSingapore dollars in thousands 5,055 PDF p. 53
Proceeds from issuance of medium-term notesSingapore dollars in thousands 14,250 PDF p. 53
Repayment of medium-term notesSingapore dollars in thousands (31,000) PDF p. 53
Purchase of treasury sharesSingapore dollars in thousands − PDF p. 53
Purchase of treasury shares of a subsidiarySingapore dollars in thousands (209) PDF p. 53
Proceeds from term loansSingapore dollars in thousands 232,788 PDF p. 53
Repayment of term loansSingapore dollars in thousands (181,839) PDF p. 53
Proceeds from short-term bank borrowingsSingapore dollars in thousands 153,892 PDF p. 53
Repayment of short-term bank borrowingsSingapore dollars in thousands (112,644) PDF p. 53
Interest paid on lease liabilitiesSingapore dollars in thousands (1,867) PDF p. 53
Repayment of principal portion of lease liabilitiesSingapore dollars in thousands (24,059) PDF p. 53
Medium-term notes issuance fees paidSingapore dollars in thousands (1,291) PDF p. 53
Advance from/(repayment to) immediate holding company (non-trade)Singapore dollars in thousands (4,200) PDF p. 53
Net cash flows (used in)/generated from financing activitiesSingapore dollars in thousands 40,167 PDF p. 53
Net increase/(decrease) in cash and cash equivalentsSingapore dollars in thousands (5,360) PDF p. 53
Effect of exchange rate changes on cash and cash equivalentsSingapore dollars in thousands (412) PDF p. 53
Cash and cash equivalents at beginning of yearSingapore dollars in thousands 46,030 PDF p. 53
Cash and cash equivalents at end of yearSingapore dollars in thousands 40,258 PDF p. 53
Definitions & sources

Original report: PDF p. 53 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

EPS / original profit allocation and weighted average shares

2 metrics

Units appear below each metric. Scroll to compare years

EPS / original profit allocation and weighted average shares from Annual Report 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
EPS / original numerator and denominator
Loss for the year attributable to owners of the CompanySingapore dollars in thousands (363) PDF p. 78
Weighted average number of ordinary shares (‘000) (excluding treasury shares)Ordinary shares in thousands 2,032,095 PDF p. 78
Definitions & sources

Original report: PDF p. 78 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

EPS / original basic and diluted cents results

2 metrics

Units appear below each metric. Scroll to compare years

EPS / original basic and diluted cents results from Annual Report 2025
Metric / unit 2021Group / year ended 31 December 2021 Source
Loss per share (cent)
– basicSingapore cents per share (0.02) PDF p. 78
– dilutedSingapore cents per share (0.02) PDF p. 78
Definitions & sources

Original report: PDF p. 78 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Cash / original restricted-cash bridge

3 metrics

Units appear below each metric. Scroll to compare years

Cash / original restricted-cash bridge from Annual Report 2025
Metric / unit 2021Group / cash at 31 December2021Company / cash at 31 December Source
Cash / original restricted-cash bridge
Cash at banks and on hand, representing cash and cash equivalentsSingapore dollars in thousands 40,258300 PDF p. 109
Restricted cashSingapore dollars in thousands 3,037− PDF p. 109
Cash and bank balancesSingapore dollars in thousands 43,295300 PDF p. 109
Definitions & sources

Original report: PDF p. 109 ↗

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

Where the money comes from

Segment information

By business

Business segments 2025 (Group, $'000) 13 lines
Business segments 2025 (Group, $'000)
Item / unit 2025Retail2025Real estate2025Financial service2025Others2025Elimination2025Group Source
Business segments 2025
Revenue$'000 726,57545,716103,513––875,804 PDF p. 140
Inter–segment revenue$'000 10–56,640–(56,650)– PDF p. 140
Results
Segment results$'000 65,247(31,535)61,75619,948(18,336)97,080 PDF p. 140
Unallocated expenses$'000 –––––(253) PDF p. 140
Share of results of associates$'000 8,9231,310–1,858–12,091 PDF p. 140
Interest income$'000 1016833410,401(9,980)1,239 PDF p. 140
Finance costs$'000 (7,177)(11,972)(20,103)(16,491)11,400(44,343) PDF p. 140
Assets
Segment assets$'000 398,308418,1191,120,8601,014,324(967,167)1,984,444 PDF p. 140
Investment in associates$'000 32,3725,988–62,655–101,015 PDF p. 140
Liabilities
Segment liabilities$'000 278,469247,8781,005,166520,957(511,027)1,541,443 PDF p. 140
Other
Capital expenditure$'000 3,9053,0272,83026,961–36,723 PDF p. 140
Depreciation and amortisation$'000 (24,150)(1,153)(10,886)(3,294)108(39,375) PDF p. 140
Other significant non–cash expenses$'000 (1,857)(23,241)(14,456)(51)–(39,605) PDF p. 140
Notes

Capital expenditure comprises additions to property, plant and equipment.

Note A: Inter–segment revenues are eliminated on consolidation.

Note B: Inter–segment assets deducted from segment assets: 2025 967,167; 2024 929,137 ($'000).

Note C: Inter–segment liabilities added to segment liabilities: 2025 511,027; 2024 506,071 ($'000).

Note D: Other non–cash expenses total 39,605 (2025) and 8,668 (2024), mainly fair value, development property written off 29,984, ECL allowance 5,332 etc.

Others segment includes rental of properties, support services, share of result of associate and investment holding. Total assets/total liabilities Group columns as printed; blank cells where not printed.

Business segments 2024 (Group, $'000) 13 lines
Business segments 2024 (Group, $'000)
Item / unit 2024Retail2024Real estate2024Financial service2024Others2024Elimination2024Group Source
Business segments 2024
Revenue$'000 526,81175,06276,482––678,355 PDF p. 141
Inter–segment revenue$'000 67–57,305–(57,372)– PDF p. 141
Results
Segment results (Restated)$'000 30,998(4,456)44,94330,534(27,434)74,585 PDF p. 141
Unallocated expenses$'000 –––––(257) PDF p. 141
Share of results of associates$'000 2,548(472)–2,128–4,204 PDF p. 141
Interest income$'000 4212956212,788(12,834)732 PDF p. 141
Finance costs$'000 (7,847)(19,933)(19,849)(15,674)12,963(50,340) PDF p. 141
Assets
Segment assets (Restated)$'000 351,175466,807793,256998,561(929,137)1,680,662 PDF p. 141
Investment in associates$'000 23,4084,678–68,931–97,017 PDF p. 141
Liabilities
Segment liabilities$'000 262,185337,049706,336463,810(506,071)1,263,309 PDF p. 141
Other
Capital expenditure$'000 5,9056,5173,0152,069–17,506 PDF p. 141
Depreciation and amortisation$'000 22,77389610,4763,203–37,348 PDF p. 141
Other significant non–cash income/(expenses) (Restated)$'000 2,348(6,859)(4,702)545–(8,668) PDF p. 141
Notes

2024 comparatives marked Restated as printed.

Notes A–D as for 2025 table (page 141–142).

By geography

Geographical information (Group, $'000) 6 lines
Geographical information (Group, $'000)
Item / unit 2025Group Revenue2024Group Revenue2025Group Non–current assets2024Group Non–current assets (Restated) Source
Geographical information
Singapore$'000 728,544546,847288,523269,154 PDF p. 143
Australia$'000 41,83257,6947925,025 PDF p. 143
Malaysia$'000 59,06533,746112,103108,579 PDF p. 143
Greater China$'000 1,2562,619240973 PDF p. 143
Europe and others$'000 45,10737,44924,93724,747 PDF p. 143
Total$'000 875,804678,355426,595408,478 PDF p. 143
Notes

Revenue and non–current assets based on geographical location of customers and assets respectively.

Non–current assets consist of property, plant and equipment, right–of–use assets, investment properties and intangible assets.

Total row has no printed label.

Debt

Borrowings

Maturity of borrowings due after one year

Maturity of borrowings due after one year — Group
Item / unit 2025$'0002024$'000 Source
Years after end of reporting period
After one year but within two years$'000 62,52449,270 PDF p. 126
After two years but within five years$'000 29,07429,324 PDF p. 126
After five years$'000 107,28995,351 PDF p. 126
Total after one year$'000 198,887173,945 PDF p. 126
Notes

Loans due after one year are estimated to be repayable as follows. Current portion $617,048,000 (2024: $561,237,000) is due within one year.

Contractual undiscounted maturity - Group, 31 December

Contractual undiscounted maturity - Group, 31 December — Group
Item / unit 20251 year or less, $'00020251 to 5 years, $'0002025over 5 years, $'0002025total, $'00020241 year or less, $'00020241 to 5 years, $'0002024over 5 years, $'0002024total, $'000 Source
Financial liabilities
Interest–bearing loans and borrowings$'000 625,796113,698133,085872,579576,001102,586119,834798,421 PDF p. 144
Medium–term notes$'000 9,915183,246–193,16178,41676,913–155,329 PDF p. 144
Lease liabilities$'000 29,72455,66117,088102,47328,40966,49520,011114,915 PDF p. 144
Notes

Based on contractual undiscounted repayment obligations. Loan row label wraps: 'Interest–bearing loans and' / 'borrowings'.

Based on contractual undiscounted repayment obligations.

Contractual undiscounted maturity - Company, 31 December

Contractual undiscounted maturity - Company, 31 December — Company
Item / unit 20251 year or less, $'00020251 to 5 years, $'0002025over 5 years, $'0002025total, $'00020241 year or less, $'00020241 to 5 years, $'0002024over 5 years, $'0002024total, $'000 Source
Financial liabilities
Medium–term notes$'000 2,74643,525–46,27152,961––52,961 PDF p. 145
Interest–bearing loans and borrowings$'000 3,709––3,7093,709––3,709 PDF p. 145
Notes

Company 31 December 2025 undiscounted obligations.

Company 31 December 2024 undiscounted obligations.

Borrowing notes 2 tables

Interest-bearing loans and borrowings (current/non-current)

Interest-bearing loans and borrowings (current/non-current)
Item / unit 2025Group, $'0002024Group, $'0002025Company, $'0002024Company, $'000 Source
Current
Bank borrowings$'000 529,705438,2706,9003,700 PDF p. 125
Term loans$'000 87,343122,967–– PDF p. 125
Current subtotal$'000 617,048561,2376,9003,700 PDF p. 125
Non-current
Term loans$'000 198,887173,945–– PDF p. 125
Total
Total interest-bearing loans and borrowings$'000 815,935735,1826,9003,700 PDF p. 125
Add
Medium–term notes$'000 168,625140,24442,15549,894 PDF p. 125
Total
Total loans and borrowings$'000 984,560875,42649,05553,594 PDF p. 125
Notes

Secured/unsecured and rates (p125-126): bank borrowings $598,708,000 (2024: $507,633,000) and term loans $217,227,000 (2024: $227,549,000). Short-term bank borrowings $506,805,000 (2024: $417,482,000) at 2.62% to 5.90% (2024: 4.07% to 6.65%), secured by fixed and floating charge. Revolving loans $6,900,000 (2024: $3,700,000) at 2.95% to 4.88% (2024: 4.88% to 5.55%), secured by charge on shares. Term loans and short-term bank borrowing $126,987,000 (2024: $113,416,000) at 0.96% to 5.73% (2024: 0.96% to 7.63%), secured by legal mortgage; term loans repayable 2032 to 2055 (2024: 2025 to 2041). Term loans $3,872,000 (2024: $4,439,000) at 2.35% to 4.89%, secured on receivables/inventories. Term loans $210,000 (2024: $5,361,000) at 2.00% to 2.50%, secured by corporate guarantee. Term loans $173,000 (2024: $100,000) at 1.46% to 4.50% (2024: 4.50%), unsecured. Loans $170,988,000 (2024: $190,684,000) at 2.80% to 9.50% (2024: 3.37% to 6.85%), secured by mortgages/guarantees.

Medium-term notes $168,625,000 (2024: $140,244,000) and loans $9,527,000 (2024: $15,602,000) are at fixed rates; other loans floating (p145).

Medium-term notes

Medium-term notes
Item / unit 2025Group, aggregate principal $'0002024Group, aggregate principal $'0002025Company, aggregate principal $'0002024Company, aggregate principal $'000 Source
Current (6.05%, matures 24 January 2025)
24 January 2022(1)$'000 –21,000–– PDF p. 127
Current (6.50%, matures 21 December 2025)
21 December 2023(4)$'000 –48,150–48,150 PDF p. 127
Non-current (6.50%, matures 02 July 2027)
02 July 2025(5)$'000 42,155–42,155– PDF p. 127
Non-current (5.10%, matures 29 October 2029)
29 October 2025(2)$'000 73,562––– PDF p. 127
Notes

Group/ALL notes under MTN Programme are unsecured; interest payable semi-annually; redeemable at principal on maturity. Total medium-term notes 168,625 / 140,244 (Group), 42,155 / 49,894 (Company). Current subtotal 2024: Group 70,894, Company 49,894; non-current 2025: Group 168,625, Company 42,155; 2024 Group 69,350.

Payout

Dividends & distributions

Dividend policy

ItemValuePeriod / scopeSource
Dividend policy The Company currently does not have a fixed dividend policy. Company PDF p. 38

Dividends declared and proposed

ItemValuePeriod / scopeSource
Final exempt (one–tier) dividend for FY2024 0.30 cents per share Group; final dividend for FY2024, declared and paid during 2025 PDF p. 137
Final exempt (one–tier) dividend for FY2024 0.30 cents per share Group; proposed but not recognised as liability at 31 December 2024 (comparative), on 2,219,779,158 shares PDF p. 137

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
Ernst & Young LLP Ernst & Young LLP Group and Company, FY2025 PDF p. 53
Engagement partner Ho Shyan Yan Group and Company, FY2025 PDF p. 53
Opinion true and fair view Group and Company, FY2025 PDF p. 48

Key audit matters

ItemValuePeriod / scopeSource
Assessment of carrying values of development properties, properties held for sale and hotel properties we have identified the assessment of carrying values of development properties, properties held for sale and hotel properties as a key audit matter. Group, 31 December 2025 PDF p. 49
Allowance for expected credit losses on pawnshop loans and interest receivables of the Group’s financial Trade receivables, in particular pawnshop loans and interest receivables on pawnshop loans, are significant to the Group. Group, 31 December 2025 PDF p. 50
Existence of pledges, cash and inventories The total carrying amounts of pledges, cash and inventories are material to the financial statements, and there is a higher inherent risk of theft and pilferage. Group, 31 December 2025 PDF p. 50
Valuation of investment properties Given the magnitude of these assets and the significant estimation uncertainties involved in determining the fair values of investment properties, we have identified the assessment of valuation of investment properties as a key audit matter. Group, 31 December 2025 PDF p. 51

Going concern

ItemValuePeriod / scopeSource
Note 2.1 Basis of preparation The financial statements of the Group and Company have been prepared on the basis that it will continue to operate as a going concern. Group and Company, FY2025 PDF p. 64

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.

Five full financial years FY2021–FY2025 end on 31 December. FY2025 supplies FY2025/FY2024; FY2024 replacement supplies FY2023; FY2023 supplies FY2022; FY2022 supplies FY2021. Original FY2021 is retained for independent comparison.

Amounts are Singapore dollars in thousands, except explicitly labelled Singapore cents per share or thousand ordinary shares. The audited Group income/comprehensive-income and cash-flow statements and separate Group/Company financial position and changes in equity are retained. Separate Company income and cash-flow statements are not disclosed.

FY2024 Group comparatives are Restated following finalisation of the NSK acquisition purchase-price allocation. Other income 23,249 becomes 21,294; profit 23,551 becomes 21,596; ordinary owners profit 5,452 becomes 3,497; intangibles 27,313 become 25,808 (S$000). Company comparatives are not automatically labelled restated.

Note38 presents credit balances: revenue reserves (77,021)+1,955=(75,066), and NCI (109,440)−450=(109,890). Positive financial-position revenue reserves decrease by 1,955, NCI increase by 450 and total equity decreases by 1,505. Original signs and both before/after columns are retained.

The separate 15 April 2025 FY2024 rectification corrects director remuneration on printed pages28/29 only; it is not the FY2025 NSK financial restatement. The two FY2022 annual-report filings contain the same PDF; both announcements are retained without double-counting pages.

Ordinary-owner profit excludes distributions attributable to perpetual securities holders. EPS after/before perpetual distributions uses its own original numerator and weighted average ordinary-share denominator; FY2025 2,218,872 thousand shares and FY2024 2,220,468 thousand. Whole shares in the later register use a different unit and date.

Cash and bank balances are reconciled to the cash-flow closing amount by restricted cash, not an assumed overdraft: FY2025 101,904+519=102,423; FY2024 59,990+3,148=63,138 (S$000). Restricted cash is a bank escrow reserve for loans. Floating-charge cash and purchasers’ funds excluded from Group assets are distinct disclosures.

Original sub-thousand asterisk amounts mean less than S$1,000. A dash with an asterisk denotes this amount bound and is not exact zero. Five selected primary cells carry this bound.

FY2023 later cashflow presentation combines PPE write-off367 and disposal gain(10) into357, and intangible loss185 plus write-off115 into300. An original sub-thousand investment-disposal loss is later printed as a dash; this is retained as an original presentation difference, not asserted to be exact zero. Cashflow totals are unchanged.

FY2022 later cashflow presentation separately adds pledged-items loss10, raising operating cash before working capital84,176→84,186 and changing receivables(57,320)→(57,330), working capital(27,746)→(27,756). Net operating cash22,302 remains unchanged (S$000).

FY2021 cashflow presentation differs in the later comparative: combined property allowance1,360 splits463/897; interest income(1,780)→(3,862); receivables(44,584)→(42,937). Operating cash(16,765)→(15,333), investing(30,629)→(30,194), financing42,034→40,167. Lease interest1,867 moves from operating to financing, other operating/investing changes offset435, and short-term borrowings41,248 are later gross153,892 less112,644. Net cash decrease5,360 and closing cash40,258 are unchanged. No formal whole-financial-statement restatement label is inferred.

The 1 April 2026 register uses2,218,261,158 ordinary shares excluding20,373,215 treasury shares and nil subsidiary holdings. Top-twenty registered concentration93.37%, public float14.23% and overlapping family deemed interests are distinct. PHILLIP and OCBC printed percentages3.40%/.84% differ from3.39%/.83% recomputed from disclosed counts and denominator; original values are retained and flagged.

All90 material-subsidiary holding paths are retained in88 unique entities, including one liquidated company; this is the annual report’s material-investment list, not a claim of every Group legal entity. AL Capital and Niessing retain both paths and explicit effective-interest footnotes. Four associates, one joint venture, one joint operation and the holding company are separate. Subsequent proposals and acquisitions are not silently classified as FY2025 subsidiaries.

The annual Board has six directors and five other key managers. Koh Wee Seng is Group CEO, Ng Sheng Tiong is property-business CEO, and Lim Swee Ann, Felix is CFO and Company Secretary. The CEO usually chairs Board meetings; no independent-chairman office is invented.

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