First Sponsor ADN
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Financials
FIRST SPONSOR GROUP LIMITED ANNUAL REPORT 2025
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13 tablesStatements of Financial Position (Group and Company) as at 31 December 2025
41 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipment$’000 | 622,104 | 584,216 | 963 | 953 | PDF p. 107 |
| Investment properties$’000 | 224,919 | 222,267 | – | – | PDF p. 107 |
| Goodwill$’000 | 7,223 | 6,779 | – | – | PDF p. 107 |
| Subsidiaries$’000 | – | – | 3,322,928 | 3,199,782 | PDF p. 107 |
| Interests in associates and joint ventures$’000 | 1,649,704 | 1,447,656 | 11 | 11 | PDF p. 107 |
| Derivative assets$’000 | 6,591 | 26,402 | 6,591 | 26,402 | PDF p. 107 |
| Other investments$’000 | 15,720 | 11,784 | – | – | PDF p. 107 |
| Deferred tax assets$’000 | 19,104 | 20,327 | – | – | PDF p. 107 |
| Trade and other receivables$’000 | 320,913 | 307,348 | – | – | PDF p. 107 |
| Subtotal$’000 | 2,866,278 | 2,626,779 | 3,330,493 | 3,227,148 | PDF p. 107 |
| Current assets | |||||
| Derivative assets$’000 | 15,128 | 85,062 | 15,128 | 85,062 | PDF p. 107 |
| Trade and other receivables$’000 | 464,491 | 729,089 | 9,870 | 9,971 | PDF p. 107 |
| Development properties$’000 | 1,417,347 | 1,267,821 | – | – | PDF p. 107 |
| Inventories$’000 | 1,542 | 1,551 | – | – | PDF p. 107 |
| Asset held-for-sale$’000 | – | 11,005 | – | – | PDF p. 107 |
| Cash and cash equivalents$’000 | 160,373 | 187,772 | 50,147 | 30,769 | PDF p. 107 |
| Subtotal$’000 | 2,058,881 | 2,282,300 | 75,145 | 125,802 | PDF p. 107 |
| Assets | |||||
| Total assets$’000 | 4,925,159 | 4,909,079 | 3,405,638 | 3,352,950 | PDF p. 107 |
| Equity | |||||
| Share capital$’000 | 146,878 | 146,878 | 146,878 | 146,878 | PDF p. 107 |
| Share premium$’000 | 528,546 | 528,545 | 528,758 | 528,757 | PDF p. 107 |
| Reserves$’000 | 1,271,672 | 1,347,032 | 871,939 | 1,004,350 | PDF p. 107 |
| Equity attributable to owners of the Company$’000 | 1,947,096 | 2,022,455 | 1,547,575 | 1,679,985 | PDF p. 107 |
| Perpetual convertible capital securities$’000 | 243,150 | 243,150 | 243,150 | 243,150 | PDF p. 107 |
| Non-controlling interests$’000 | 108,396 | 105,360 | – | – | PDF p. 107 |
| Total equity$’000 | 2,298,642 | 2,370,965 | 1,790,725 | 1,923,135 | PDF p. 107 |
| Non-current liabilities | |||||
| Derivative liabilities$’000 | 9,265 | 1,436 | 9,265 | 1,436 | PDF p. 108 |
| Deferred tax liabilities$’000 | 62,661 | 60,027 | – | – | PDF p. 108 |
| Loans and borrowings$’000 | 1,392,466 | 1,097,372 | 1,245,367 | 922,343 | PDF p. 108 |
| Other payables$’000 | 9,176 | 13,967 | – | – | PDF p. 108 |
| Lease liabilities$’000 | 97,978 | 91,949 | 213 | 5 | PDF p. 108 |
| Subtotal$’000 | 1,571,546 | 1,264,751 | 1,254,845 | 923,784 | PDF p. 108 |
| Current liabilities | |||||
| Current tax payable$’000 | 17,574 | 16,375 | 2,601 | 2,440 | PDF p. 108 |
| Derivative liabilities$’000 | 44,008 | 2,642 | 44,008 | 2,642 | PDF p. 108 |
| Loans and borrowings$’000 | 39,673 | 194,453 | 28,809 | 216,453 | PDF p. 108 |
| Trade and other payables$’000 | 936,137 | 1,020,412 | 284,503 | 284,432 | PDF p. 108 |
| Lease liabilities$’000 | 3,667 | 3,084 | 147 | 64 | PDF p. 108 |
| Contract liabilities$’000 | 12,934 | 35,347 | – | – | PDF p. 108 |
| Receipts in advance$’000 | 978 | 1,050 | – | – | PDF p. 108 |
| Subtotal$’000 | 1,054,971 | 1,273,363 | 360,068 | 506,031 | PDF p. 108 |
| Liabilities | |||||
| Total liabilities$’000 | 2,626,517 | 2,538,114 | 1,614,913 | 1,429,815 | PDF p. 108 |
| Total equity and liabilities$’000 | 4,925,159 | 4,909,079 | 3,405,638 | 3,352,950 | PDF p. 108 |
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Definitions & sources
Original report: PDF p. 107 ↗ PDF p. 108 ↗
Page 107 (assets and equity) and page 108 (liabilities) together form the statements of financial position. Unit $’000. Note column references omitted from values.
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
Consolidated Statement of Profit or Loss, Year Ended 31 December 2025
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit or loss | |||
| Revenue$’000 | 291,714 | 317,559 | PDF p. 109 |
| Cost of sales$’000 | (169,029) | (181,711) | PDF p. 109 |
| Gross profit$’000 | 122,685 | 135,848 | PDF p. 109 |
| Administrative expenses$’000 | (50,398) | (51,577) | PDF p. 109 |
| Selling expenses$’000 | (15,495) | (17,727) | PDF p. 109 |
| Other (expenses)/income (net)$’000 | (104,339) | 29,922 | PDF p. 109 |
| Other gains (net)$’000 | 3,980 | 374 | PDF p. 109 |
| Results from operating activities$’000 | (43,567) | 96,840 | PDF p. 109 |
| Finance income$’000 | 32,571 | 51,238 | PDF p. 109 |
| Finance costs$’000 | (78,825) | (94,829) | PDF p. 109 |
| Net finance costs$’000 | (46,254) | (43,591) | PDF p. 109 |
| Share of after-tax profit of associates and joint ventures (net)$’000 | 16,050 | 59,510 | PDF p. 109 |
| (Loss)/profit before tax$’000 | (73,771) | 112,759 | PDF p. 109 |
| Tax expense$’000 | (8,869) | (23,051) | PDF p. 109 |
| (Loss)/profit for the year$’000 | (82,640) | 89,708 | PDF p. 109 |
| Attributable to | |||
| Equity holders of the Company$’000 | (78,757) | 93,017 | PDF p. 109 |
| Non-controlling interests$’000 | (3,883) | (3,309) | PDF p. 109 |
| (Loss)/earnings per share (cents) | |||
| - Basiccents per share | (8.02) | 8.02 | PDF p. 109 |
| - Dilutedcents per share | (8.02) | 7.86 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
Unit $’000 except EPS in cents. 2024 EPS column is headed Restated.
The basic earnings per share has been restated to 8.02 cents from the previously reported 8.29 cents. Refer to Note 30 for more details.
No separate Company income statement is presented.
Consolidated Statement of Comprehensive Income, Year Ended 31 December 2025
5 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Comprehensive income | |||
| (Loss)/profit for the year$’000 | (82,640) | 89,708 | PDF p. 110 |
| Other comprehensive income/(loss) | |||
| Total other comprehensive income/(loss) for the year$’000 | 66,456 | (26,766) | PDF p. 110 |
| Comprehensive income | |||
| Total comprehensive (loss)/income for the year$’000 | (16,184) | 62,942 | PDF p. 110 |
| Total comprehensive (loss)/income attributable to | |||
| Equity holders of the Company$’000 | (11,016) | 74,434 | PDF p. 110 |
| Non-controlling interests$’000 | (5,168) | (11,492) | PDF p. 110 |
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Definitions & sources
Original report: PDF p. 110 ↗
Unit $’000. No separate Company comprehensive income statement is presented.
Consolidated Statement of Comprehensive Income
8 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Profit | |||
| (Loss)/profit for the year$’000 | (82,640) | 89,708 | PDF p. 110 |
| Other comprehensive income - items that are or may be reclassified | |||
| Share of translation differences on financial statements of foreign associates and joint ventures$’000 | 5,504 | (6,265) | PDF p. 110 |
| Translation differences on financial statements of foreign subsidiaries$’000 | 60,952 | (20,501) | PDF p. 110 |
| Other comprehensive income | |||
| Total other comprehensive income/(loss) for the year$’000 | 66,456 | (26,766) | PDF p. 110 |
| Total comprehensive income | |||
| Total comprehensive (loss)/income for the year$’000 | (16,184) | 62,942 | PDF p. 110 |
| Total comprehensive (loss)/income attributable to | |||
| Equity holders of the Company$’000 | (11,016) | 74,434 | PDF p. 110 |
| Non-controlling interests$’000 | (5,168) | (11,492) | PDF p. 110 |
| Total comprehensive income attributable - total | |||
| Total comprehensive (loss)/income for the year$’000 | (16,184) | 62,942 | PDF p. 110 |
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Definitions & sources
Original report: PDF p. 110 ↗
Currency S$; $’000.
Consolidated Cash Flow Statement (page 1: operating and start of investing)
38 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| (Loss)/profit for the year$’000 | (82,640) | 89,708 | PDF p. 113 |
| Operating - Adjustments for | |||
| Depreciation of property, plant and equipment$’000 | 19,343 | 18,961 | PDF p. 113 |
| Operating - Fair value loss/(gain) (net) on | |||
| - derivative assets/liabilities$’000 | 138,939 | 10,516 | PDF p. 113 |
| - investment properties$’000 | 1,243 | (30,942) | PDF p. 113 |
| - other investments$’000 | (4,025) | (3,609) | PDF p. 113 |
| Operating - Adjustments for | |||
| Finance income$’000 | (32,571) | (51,238) | PDF p. 113 |
| Finance costs$’000 | 78,825 | 94,829 | PDF p. 113 |
| Operating - (Gain)/loss on disposal of | |||
| - other investments$’000 | (14) | (217) | PDF p. 113 |
| - an investment property$’000 | – | (93) | PDF p. 113 |
| - an associate$’000 | – | – | PDF p. 113 |
| - property, plant and equipment (net)$’000 | 48 | 1 | PDF p. 113 |
| - asset held-for-sale$’000 | (4,023) | – | PDF p. 113 |
| Operating - Impairment loss/(reversal) on | |||
| - financial assets – third party trade receivables (net)$’000 | 430 | 159 | PDF p. 113 |
| - property, plant and equipment (net)$’000 | – | (452) | PDF p. 113 |
| - goodwill$’000 | – | 16,164 | PDF p. 113 |
| Operating - Adjustments for | |||
| Gain on bargain purchase$’000 | – | (76) | PDF p. 113 |
| Write-down of development properties$’000 | 12,479 | 31,507 | PDF p. 113 |
| Property, plant and equipment written off$’000 | 9 | 11 | PDF p. 113 |
| Share of after-tax profit of associates and joint ventures (net)$’000 | (16,050) | (59,510) | PDF p. 113 |
| Tax expense$’000 | 8,869 | 23,051 | PDF p. 113 |
| Operating | |||
| Operating cash flows before changes in working capital (unlabelled subtotal)$’000 | 120,862 | 138,770 | PDF p. 113 |
| Operating - Changes in | |||
| Contract liabilities$’000 | (22,133) | (25,947) | PDF p. 113 |
| Development properties$’000 | (50,277) | (146,511) | PDF p. 113 |
| Inventories$’000 | 103 | (46) | PDF p. 113 |
| Loans and borrowings$’000 | 4,415 | 59,832 | PDF p. 113 |
| Other investments$’000 | – | 40,181 | PDF p. 113 |
| Trade and other receivables$’000 | 120,025 | (11,664) | PDF p. 113 |
| Trade and other payables$’000 | (100,810) | (19,451) | PDF p. 113 |
| Operating | |||
| Cash generated from operations$’000 | 72,185 | 35,164 | PDF p. 113 |
| Interest received$’000 | 9,071 | 6,681 | PDF p. 113 |
| Interest paid$’000 | (5,969) | (6,847) | PDF p. 113 |
| Tax paid$’000 | (7,719) | (10,596) | PDF p. 113 |
| Net cash generated from operating activities$’000 | 67,568 | 24,402 | PDF p. 113 |
| Cash flows from investing activities | |||
| Acquisition of a subsidiary, net of cash acquired$’000 | 2,276 | 6 | PDF p. 113 |
| Advances to associates (net)$’000 | – | (5) | PDF p. 113 |
| Advances to joint ventures (net)$’000 | (7,928) | (11,889) | PDF p. 113 |
| Deposit received in respect of disposal of asset held-for-sale$’000 | – | 2,973 | PDF p. 113 |
| Deposit paid in respect of a potential acquisition$’000 | (8,624) | – | PDF p. 113 |
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Definitions & sources
Original report: PDF p. 113 ↗
Currency S$; $’000. * Amount less than $1,000
Consolidated Cash Flow Statement (page 2: investing, financing, closing cash)
35 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Cash flows from investing activities (cont’d) | |||
| Interest received$’000 | 29,816 | 48,177 | PDF p. 114 |
| Loan to a joint venture$’000 | (10,416) | – | PDF p. 114 |
| Payment for acquisition of non-controlling interest$’000 | (182) | – | PDF p. 114 |
| Payment for acquisition of other investments$’000 | – | (63,799) | PDF p. 114 |
| Payment for additions to property, plant and equipment$’000 | (20,372) | (10,498) | PDF p. 114 |
| Payment for investments in associates and joint ventures$’000 | (66,713) | (73,245) | PDF p. 114 |
| Payment of deferred consideration relating to acquisition of a subsidiary in prior years$’000 | (4,535) | – | PDF p. 114 |
| Investing - Proceeds from disposal of | |||
| - a joint venture$’000 | – | 28 | PDF p. 114 |
| - an asset held-for-sale$’000 | 5,066 | – | PDF p. 114 |
| - other investments$’000 | 103 | – | PDF p. 114 |
| - property, plant and equipment$’000 | 96 | – | PDF p. 114 |
| Cash flows from investing activities (cont’d) | |||
| Return of capital from associates and joint ventures$’000 | 2,168 | 2,634 | PDF p. 114 |
| Net cash used in investing activities$’000 | (79,245) | (105,618) | PDF p. 114 |
| Cash flows from financing activities | |||
| Repayment to associates (net)$’000 | (5,202) | (4,808) | PDF p. 114 |
| Repayment to an affiliated company of a non-controlling interest of a subsidiary (net)$’000 | (8,659) | – | PDF p. 114 |
| Advances by/(repayment to) joint ventures (net)$’000 | 239 | (9,181) | PDF p. 114 |
| Repayment from non-controlling interests of subsidiaries (net)$’000 | 9,068 | 750 | PDF p. 114 |
| Capital contribution by non-controlling interests$’000 | 1,670 | 1,496 | PDF p. 114 |
| Dividends paid to the owners of the Company$’000 | (52,511) | (47,286) | PDF p. 114 |
| Distributions to PCCS holders$’000 | (9,078) | – | PDF p. 114 |
| Interest paid$’000 | (75,108) | (86,165) | PDF p. 114 |
| Loan from a non-controlling interest of a subsidiary$’000 | – | 72 | PDF p. 114 |
| Payment of lease liabilities$’000 | (6,886) | (6,877) | PDF p. 114 |
| Financing - Payment of transaction costs related to | |||
| - borrowings$’000 | (11,120) | (10,116) | PDF p. 114 |
| - PCCS$’000 | – | (803) | PDF p. 114 |
| Cash flows from financing activities | |||
| Proceeds from issuance of PCCS$’000 | – | 243,983 | PDF p. 114 |
| Proceeds from issuance of medium-term notes (“notes”)$’000 | 128,000 | – | PDF p. 114 |
| Redemption of notes$’000 | (78,000) | – | PDF p. 114 |
| Proceeds from bank borrowings$’000 | 3,318,284 | 2,133,705 | PDF p. 114 |
| Repayment of bank borrowings$’000 | (3,227,990) | (2,147,423) | PDF p. 114 |
| Net cash (used in)/generated from financing activities$’000 | (17,292) | 92,536 | PDF p. 114 |
| Net change in cash | |||
| Net (decrease)/increase in cash and cash equivalents$’000 | (28,969) | 11,320 | PDF p. 114 |
| Cash and cash equivalents at the beginning of the year$’000 | 187,772 | 177,799 | PDF p. 114 |
| Effect of exchange rate changes on balances held in foreign currencies$’000 | 1,570 | (1,347) | PDF p. 114 |
| Cash and cash equivalents at the end of the year$’000 | 160,373 | 187,772 | PDF p. 114 |
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Definitions & sources
Original report: PDF p. 114 ↗
Currency S$; $’000. * Amount less than $1,000
Significant non-cash transactions disclosed on page 115 (narrative, not extracted as rows).
Consolidated Statement of Changes in Equity - Group, year ended 31 December 2025
20 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group - Share capital | 2025Group - Share premium | 2025Group - Statutory reserve | 2025Group - Capital reserve | 2025Group - Distributable reserve | 2025Group - Foreign currency translation reserve | 2025Group - Retained earnings | 2025Group - Total attributable to equity holders of the Company | 2025Group - Perpetual convertible capital securities | 2025Group - Non-controlling interests | 2025Group - Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||||||
| At 1 January 2025$’000 | 146,878 | 528,545 | 53,332 | 245 | 655,029 | (131,893) | 770,319 | 2,022,455 | 243,150 | 105,360 | 2,370,965 | PDF p. 111 |
| Total comprehensive (loss)/income for the year | ||||||||||||
| Loss for the year$’000 | – | – | – | – | – | – | (78,757) | (78,757) | – | (3,883) | (82,640) | PDF p. 111 |
| Other comprehensive income/(loss) | ||||||||||||
| Share of translation differences on financial statements of foreign associates and joint ventures$’000 | – | – | – | – | – | 5,504 | – | 5,504 | – | – | 5,504 | PDF p. 111 |
| Translation differences on financial statements of foreign subsidiaries$’000 | – | – | – | – | – | 62,237 | – | 62,237 | – | (1,285) | 60,952 | PDF p. 111 |
| Total other comprehensive income/(loss)$’000 | – | – | – | – | – | 67,741 | – | 67,741 | – | (1,285) | 66,456 | PDF p. 111 |
| Total comprehensive (loss)/income for the year | ||||||||||||
| Total comprehensive income/(loss) for the year$’000 | – | – | – | – | – | 67,741 | (78,757) | (11,016) | – | (5,168) | (16,184) | PDF p. 111 |
| Contributions by and distributions to owners | ||||||||||||
| Issuance of new shares pursuant to exercise of warrants$’000 | – | 1 | – | – | – | – | – | 1 | – | – | 1 | PDF p. 111 |
| Dividends paid to the owners of the Company$’000 | – | – | – | – | – | – | (52,511) | (52,511) | – | – | (52,511) | PDF p. 111 |
| Distributions to perpetual convertible capital securities (“PCCS”) holders$’000 | – | – | – | – | – | – | (11,833) | (11,833) | – | – | (11,833) | PDF p. 111 |
| Transfer to statutory reserve$’000 | – | – | 1,192 | – | – | – | (1,192) | – | – | – | – | PDF p. 111 |
| Total contributions by and distributions to owners$’000 | – | 1 | 1,192 | – | – | – | (65,536) | (64,343) | – | – | (64,343) | PDF p. 111 |
| Changes in ownership interests in subsidiaries | ||||||||||||
| Acquisition of subsidiaries with non-controlling interests$’000 | – | – | – | – | – | – | – | – | – | 1,733 | 1,733 | PDF p. 111 |
| Dilution of interest in a subsidiary by a non-controlling interest$’000 | – | – | – | – | – | – | – | – | – | (2,302) | (2,302) | PDF p. 111 |
| Deemed distribution to a non-controlling interest$’000 | – | – | – | – | – | – | – | – | – | (1,209) | (1,209) | PDF p. 111 |
| Capital contribution by non-controlling interests$’000 | – | – | – | – | – | – | – | – | – | 1,670 | 1,670 | PDF p. 111 |
| Return of capital to non-controlling interests$’000 | – | – | – | – | – | – | – | – | – | (6,584) | (6,584) | PDF p. 111 |
| Capitalisation of loan from non-controlling interest of a subsidiary$’000 | – | – | – | – | – | – | – | – | – | 14,896 | 14,896 | PDF p. 111 |
| Total changes in ownership interests in subsidiaries$’000 | – | – | – | – | – | – | – | – | – | 8,204 | 8,204 | PDF p. 111 |
| Transactions with owners | ||||||||||||
| Total transactions with owners of the Company$’000 | – | – | – | – | – | – | – | – | – | 8,204 | 8,204 | PDF p. 111 |
| Closing balance | ||||||||||||
| At 31 December 2025$’000 | 146,878 | 528,546 | 54,524 | 245 | 655,029 | (64,152) | 626,026 | 1,947,096 | 243,150 | 108,396 | 2,298,642 | PDF p. 111 |
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Definitions & sources
Original report: PDF p. 111 ↗
Currency S$; $’000. * Amount less than $1,000. Column order as printed. The Company-level statement of changes in equity was not located in the pages read.
Consolidated Statement of Changes in Equity - Group, year ended 31 December 2024 (comparative)
17 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2024Group - Share capital | 2024Group - Share premium | 2024Group - Statutory reserve | 2024Group - Capital reserve | 2024Group - Distributable reserve | 2024Group - Foreign currency translation reserve | 2024Group - Retained earnings | 2024Group - Total attributable to equity holders of the Company | 2024Group - Perpetual convertible capital securities | 2024Group - Non-controlling interests | 2024Group - Total equity | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening balance | ||||||||||||
| At 1 January 2024$’000 | 144,176 | 506,058 | 53,117 | 245 | 655,029 | (113,310) | 727,818 | 1,973,133 | – | 115,356 | 2,088,489 | PDF p. 112 |
| Total comprehensive income/(loss) for the year | ||||||||||||
| Profit/(loss) for the year$’000 | – | – | – | – | – | – | 93,017 | 93,017 | – | (3,309) | 89,708 | PDF p. 112 |
| Other comprehensive income/(loss) | ||||||||||||
| Share of translation differences on financial statements of foreign associates and joint ventures$’000 | – | – | – | – | – | (6,265) | – | (6,265) | – | – | (6,265) | PDF p. 112 |
| Translation differences on financial statements of foreign subsidiaries$’000 | – | – | – | – | – | (12,318) | – | (12,318) | – | (8,183) | (20,501) | PDF p. 112 |
| Total other comprehensive income/(loss)$’000 | – | – | – | – | – | (18,583) | – | (18,583) | – | (8,183) | (26,766) | PDF p. 112 |
| Total comprehensive income/(loss) for the year | ||||||||||||
| Total comprehensive income/(loss) for the year$’000 | – | – | – | – | – | (18,583) | 93,017 | 74,434 | – | (11,492) | 62,942 | PDF p. 112 |
| Contributions by and distributions to owners | ||||||||||||
| Dividends paid to the owners of the Company$’000 | – | – | – | – | – | – | (47,286) | (47,286) | – | – | (47,286) | PDF p. 112 |
| Issuance of new shares pursuant to exercise of warrants$’000 | 2,702 | 22,487 | – | – | – | – | – | 25,189 | – | – | 25,189 | PDF p. 112 |
| Issuance of PCCS (Note 19)$’000 | – | – | – | – | – | – | – | – | 243,983 | – | 243,983 | PDF p. 112 |
| PCCS issue expenses$’000 | – | – | – | – | – | – | – | – | (833) | – | (833) | PDF p. 112 |
| Distributions to PCCS holders$’000 | – | – | – | – | – | – | (3,015) | (3,015) | – | – | (3,015) | PDF p. 112 |
| Transfer to statutory reserve$’000 | – | – | 215 | – | – | – | (215) | – | – | – | – | PDF p. 112 |
| Total contributions by and distributions to owners$’000 | 2,702 | 22,487 | 215 | – | – | – | (50,516) | (25,112) | 243,150 | – | 218,038 | PDF p. 112 |
| Changes in ownership interests in subsidiaries | ||||||||||||
| Capital contribution by non-controlling interests$’000 | – | – | – | – | – | – | – | – | – | 1,496 | 1,496 | PDF p. 112 |
| Total changes in ownership interests in subsidiaries$’000 | – | – | – | – | – | – | – | – | – | 1,496 | 1,496 | PDF p. 112 |
| Transactions with owners | ||||||||||||
| Total transactions with owners of the Company$’000 | 2,702 | 22,487 | 215 | – | – | – | (50,516) | (25,112) | 243,150 | 1,496 | 219,534 | PDF p. 112 |
| Closing balance | ||||||||||||
| At 31 December 2024$’000 | 146,878 | 528,545 | 53,332 | 245 | 655,029 | (131,893) | 770,319 | 2,022,455 | 243,150 | 105,360 | 2,370,965 | PDF p. 112 |
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Definitions & sources
Original report: PDF p. 112 ↗
Currency S$; $’000. Column order as printed.
Financial Highlights 2015-2017 (Group, S$'m unless stated)
26 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2015Group | 2016Group | 2017Group | Source |
|---|---|---|---|---|
| Revenue | ||||
| Property developmentS$'m | 165.4 | 162.1 | 308.1 | PDF p. 10 |
| Property holding (1)S$'m | 14.1 | 18.9 | 28.5 | PDF p. 10 |
| Property financingS$'m | 36.3 | 18.1 | 47.8 | PDF p. 10 |
| Consolidated Statement of Profit or Loss | ||||
| RevenueS$'m | 215.8 | 199.1 | 384.4 | PDF p. 10 |
| Gross profit | ||||
| Property developmentS$'m | 46.3 | 20.8 | 98.6 | PDF p. 10 |
| Property holding (1)S$'m | 10.9 | 15.2 | 11.4 | PDF p. 10 |
| Property financingS$'m | 36.2 | 15.8 | 43.0 | PDF p. 10 |
| Consolidated Statement of Profit or Loss | ||||
| Gross profitS$'m | 93.4 | 51.8 | 153.0 | PDF p. 10 |
| Profit/(loss) before taxS$'m | 91.0 | 118.4 | 121.2 | PDF p. 10 |
| Net profit/(loss) attributable to equity holders of the CompanyS$'m | 67.4 | 113.1 | 88.3 | PDF p. 10 |
| Distributions of perpetual convertible capital securitiesS$'m | - | - | - | PDF p. 10 |
| Consolidated Statement of Financial Position | ||||
| Cash and cash equivalentsS$'m | 112.0 | 280.6 | 319.3 | PDF p. 10 |
| Other investments (current) (2)S$'m | - | - | 38.9 | PDF p. 10 |
| Net debt (3)S$'m | 368.8 | 81.3 | 261.7 | PDF p. 10 |
| Total assetsS$'m | 1,800.8 | 1,796.1 | 2,106.5 | PDF p. 10 |
| Equity attributable to owners of the CompanyS$'m | 974.7 | 1,024.6 | 1,080.2 | PDF p. 10 |
| Perpetual convertible capital securitiesS$'m | - | - | - | PDF p. 10 |
| Total equityS$'m | 978.1 | 1,029.7 | 1,086.9 | PDF p. 10 |
| Ratio Analysis | ||||
| Net gearing ratio (4)ratio (times) | 0.38 | 0.08 | 0.24 | PDF p. 10 |
| Return on equity (5)% | 7.2 | 11.3 | 8.4 | PDF p. 10 |
| Per Ordinary Share | ||||
| Net asset value (cents) (6)cents | 165.26 | 173.71 | 183.13 | PDF p. 10 |
| Adjusted net asset value (cents) (7)cents | 165.26 | 173.71 | 183.13 | PDF p. 10 |
| Dividends (tax-exempt (one-tier)) | ||||
| - first interim ordinary dividend (cents)cents | 0.70 | 1.00 | 1.00 | PDF p. 10 |
| - second interim ordinary dividend (cents)cents | - | - | - | PDF p. 10 |
| - final ordinary dividend (cents)cents | 1.00 | 1.00 | 1.20 | PDF p. 10 |
| - total dividends (cents)cents | 1.70 | 2.00 | 2.20 | PDF p. 10 |
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Definitions & sources
Original report: PDF p. 10 ↗
Property holding represents property investment and hotel operations.
Other investments (current) relate to principal-guaranteed structured deposits placed with financial institutions.
Net debt = gross borrowings less cash and cash equivalents less other investments (current) as defined in (2) above.
Net gearing ratio is net debt divided by total equity including non-controlling interests and perpetual convertible capital securities ("PCCS") where applicable.
Return on equity computed based on the net profit attributable to equity holders of the Company divided by the simple average equity attributable to owners of the Company (including PCCS where applicable, but excluding non-controlling interests).
NAV per share computed based on the equity attributable to owners of the Company (excluding PCCS where applicable, and non-controlling interests) and the number of ordinary shares in issue (excluding treasury shares) as at the end of each respective financial years.
(9) For comparative purposes, the number of ordinary shares for the prior years have been adjusted to include the effect of the issue of one bonus share for every ten (10) existing ordinary shares in April 2018.
n.m. – not meaningful
Footnotes (7)-(10) are printed on page 11. Row labels for revenue/gross profit segments repeat (Property development/holding/financing): first three are revenue, next three are gross profit.
Financial Highlights 2018-2025 (Group, S$'m unless stated; row labels are printed on page 10, continuation table without labels)
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2018Group | 2019Group | 2020Group | 2021Group | 2022Group | 2023Group | 2024Group | 2025Group | Source |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||
| Property development (revenue)S$'m | 139.4 | 160.0 | 57.0 | 415.1 | 205.9 | 37.0 | 71.1 | 52.3 | PDF p. 11 |
| Property holding (1) (revenue)S$'m | 55.7 | 71.8 | 41.7 | 55.1 | 148.3 | 193.5 | 201.6 | 207.0 | PDF p. 11 |
| Property financing (revenue)S$'m | 82.3 | 87.4 | 105.2 | 119.0 | 73.3 | 52.4 | 44.9 | 32.4 | PDF p. 11 |
| Consolidated Statement of Profit or Loss | |||||||||
| RevenueS$'m | 277.4 | 319.2 | 203.9 | 589.2 | 427.5 | 282.9 | 317.6 | 291.7 | PDF p. 11 |
| Gross profit | |||||||||
| Property development (gross profit)S$'m | 65.7 | 78.8 | 64.9 | 119.2 | 90.8 | 17.6 | 17.2 | 10.3 | PDF p. 11 |
| Property holding (1) (gross profit)S$'m | 22.0 | 30.5 | 9.1 | 16.1 | 56.9 | 73.4 | 81.2 | 86.5 | PDF p. 11 |
| Property financing (gross profit)S$'m | 73.8 | 79.7 | 97.9 | 106.0 | 58.4 | 40.9 | 37.4 | 25.9 | PDF p. 11 |
| Consolidated Statement of Profit or Loss | |||||||||
| Gross profitS$'m | 161.5 | 189.0 | 171.9 | 241.3 | 206.1 | 131.9 | 135.8 | 122.7 | PDF p. 11 |
| Profit/(loss) before taxS$'m | 144.5 | 194.2 | 125.6 | 202.6 | 195.7 | 27.7 | 112.8 | (73.8) | PDF p. 11 |
| Net profit/(loss) attributable to equity holders of the CompanyS$'m | 113.0 | 167.1 | 103.2 | 121.5 | 131.3 | 12.5 | 93.0 | (78.8) | PDF p. 11 |
| Distributions of perpetual convertible capital securitiesS$'m | 4.5 | 3.5 | 3.0 | - | - | - | 3.0 | 11.8 | PDF p. 11 |
| Consolidated Statement of Financial Position | |||||||||
| Cash and cash equivalentsS$'m | 125.7 | 313.4 | 476.3 | 343.9 | 270.3 | 177.8 | 187.8 | 160.4 | PDF p. 11 |
| Other investments (current) (2)S$'m | 39.3 | - | - | - | - | - | - | - | PDF p. 11 |
| Net debt (3)S$'m | 530.7 | 315.5 | 271.3 | 756.2 | 748.5 | 1,080.4 | 1,116.4 | 1,289.3 | PDF p. 11 |
| Total assetsS$'m | 2,381.8 | 2,760.5 | 3,424.6 | 4,303.5 | 4,338.1 | 4,642.7 | 4,909.1 | 4,925.2 | PDF p. 11 |
| Equity attributable to owners of the CompanyS$'m | 1,150.5 | 1,421.9 | 1,671.1 | 1,863.1 | 1,810.3 | 1,973.1 | 2,022.5 | 1,947.1 | PDF p. 11 |
| Perpetual convertible capital securitiesS$'m | 161.3 | 146.5 | - | - | - | - | 243.2 | 243.2 | PDF p. 11 |
| Total equityS$'m | 1,323.5 | 1,598.6 | 1,747.3 | 1,978.9 | 1,926.0 | 2,088.5 | 2,371.0 | 2,298.6 | PDF p. 11 |
| Ratio Analysis | |||||||||
| Net gearing ratio (4)ratio (times) | 0.40 | 0.20 | 0.16 | 0.38 | 0.39 | 0.52 | 0.47 | 0.56 | PDF p. 11 |
| Return on equity (5)% | 9.4 | 11.6 | 6.4 | 6.9 | 7.1 | 0.7 | 4.4 | n.m. | PDF p. 11 |
| Per Ordinary Share | |||||||||
| Net asset value (cents) (6)cents | 144.70 | 182.11 | 183.05 | 202.39 | 195.95 | 177.89 | 179.09 | 172.42 | PDF p. 11 |
| Adjusted net asset value (cents) (7)cents | 164.81 | 165.16 | 162.75 | 176.60 | 172.35 | 166.94 | 160.09 | 155.20 | PDF p. 11 |
| Diluted earnings/(loss) (cents)cents | 15.02 | 17.12 | 8.87 | 9.16 | 9.90 | 1.08 | 7.86 | (8.02) | PDF p. 11 |
| Dividends (tax-exempt (one-tier)) | |||||||||
| - first interim ordinary dividend (cents)cents | 1.00 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | 1.10 | PDF p. 11 |
| - second interim ordinary dividend (cents)cents | - | - | 2.00 | 2.35 | - | - | - | - | PDF p. 11 |
| - final ordinary dividend (cents)cents | 1.30 | 1.60 | - | - | 2.70 | 3.10 | 3.55 | 3.69 | PDF p. 11 |
| - total dividends (cents)cents | 2.30 | 2.70 | 3.10 | 3.45 | 3.80 | 4.20 | 4.65 | 4.79 | PDF p. 11 |
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Definitions & sources
Original report: PDF p. 11 ↗
Labels for this page are taken in order from the page 10 table (continuation); page 11 prints only values.
(7) Adjusted NAV computed based on net asset value per share adjusted for the full conversion of PCCS and exercise of all warrants to ordinary shares where applicable.
(8) Basic EPS computed based on the net profit attributable to equity holders of the Company and the weighted average number of ordinary shares for the respective financial year. The weighted average number of ordinary shares excluded 307,682 shares in the Company held by a subsidiary since August 2018 which are accounted for as treasury shares in the consolidated financial statements of the Group in accordance with IAS 32 Financial Instruments: Presentation.
(9) For comparative purposes, the number of ordinary shares for the prior years have been adjusted to include the effect of the issue of one bonus share for every ten (10) existing ordinary shares in April 2018.
(10) Restated to be computed based on profit attributable to ordinary shareholders instead of the profit attributable to ordinary shareholders and PCCS holders.
n.m. – not meaningful
Note 30 Earnings per share - profit attributable to ordinary shareholders (Group)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, $'000 | 2024Group, $'000 (basic EPS restated) | Source |
|---|---|---|---|
| (Loss)/profit attributable to ordinary shareholders | |||
| (Loss)/profit for the year attributable to the ordinary shareholders and PCCS holders$'000 | (78,757) | 93,017 | PDF p. 176 |
| Distributions on PCCS$'000 | (11,833) | (3,015) | PDF p. 176 |
| (Loss)/profit attributable to ordinary shareholders$'000 | (90,590) | 90,002 | PDF p. 176 |
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Definitions & sources
Original report: PDF p. 176 ↗
The basic earnings per share for the year ended 31 December 2024 has been restated to 8.02 cents, instead of the previously reported 8.29 cents. The restated basic earnings per share has been computed based on the profit attributable to ordinary shareholders after accounting for distributions on the PCCS.
Note 30 Earnings per share - weighted average number of shares (Group)
4 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group, number of shares | 2024Group, number of shares | Source |
|---|---|---|---|
| Weighted average number of ordinary shares (basic) (i) | |||
| Weighted average number of ordinary sharesnumber of shares | 1,129,265,258 | 1,101,487,994 | PDF p. 177 |
| Weighted average number of ordinary shares during the yearnumber of shares | 1,129,266,258 | 1,121,538,988 | PDF p. 177 |
| Weighted average number of ordinary shares (diluted) (i) | |||
| Potential ordinary shares issuable from the exercise of warrants and/or conversion of PCCS, where applicablenumber of shares | – | 61,845,892 | PDF p. 177 |
| Weighted-average number of ordinary shares (diluted) during the yearnumber of shares | 1,129,266,258 | 1,183,384,880 | PDF p. 177 |
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Definitions & sources
Original report: PDF p. 177 ↗
(i) Adjusted for the effect of 307,682 (2024: 307,682) shares in the Company held by a subsidiary.
The basic and diluted earnings per share are the same for the financial year ended 31 December 2025 as the outstanding warrants and PCCS were anti-dilutive and therefore excluded from the calculation of diluted earnings per share in accordance with IAS 33 Earnings per Share.
Consolidated Statement of Profit or Loss - EPS rows (cents)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group, Restated | Source |
|---|---|---|---|
| (Loss)/earnings per share (cents) | |||
| - Basiccents | (8.02) | 8.02 | PDF p. 109 |
| - Dilutedcents | (8.02) | 7.86 | PDF p. 109 |
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Definitions & sources
Original report: PDF p. 109 ↗
The basic earnings per share has been restated to 8.02 cents from the previously reported 8.29 cents. Refer to Note 30 for more details.
Where the money comes from
Segment information
By business
Operating segments - Information about reportable segments 20 lines
| Item / unit | 2025Property development | 2025Property investment | 2025Property financing | 2025Hotel operations | 2025Total reportable segments | 2025Unallocated | 2025Total | 2024Property development | 2024Property investment | 2024Property financing | 2024Hotel operations | 2024Total reportable segments | 2024Unallocated | 2024Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Segment revenue$'000 | 53,490 | 24,820 | 49,266 | 191,257 | 318,833 | 14,630 | 333,463 | 72,185 | 22,723 | 58,512 | 187,167 | 340,587 | 15,204 | 355,791 | PDF p. 180PDF p. 181 |
| Elimination of inter-segment$'000 | (1,171) | (9,649) | (16,908) | (1,643) | (29,371) | (12,378) | (41,749) | (1,105) | (8,641) | (13,621) | (1,916) | (25,283) | (12,949) | (38,232) | PDF p. 180PDF p. 181 |
| External revenue$'000 | 52,319 | 15,171 | 32,358 | 189,614 | 289,462 | 2,252 | 291,714 | 71,080 | 14,082 | 44,891 | 185,251 | 315,304 | 2,255 | 317,559 | PDF p. 180PDF p. 181 |
| (Loss)/profit from operating$'000 | (11,626) | 10,770 | 26,927 | 20,834 | 46,905 | (90,472) | (43,567) | (22,117) | 46,853 | 33,415 | 2,758 | 60,909 | 35,931 | 96,840 | PDF p. 180PDF p. 181 |
| Finance income$'000 | 20,460 | 4,462 | 209 | 6,880 | 32,011 | 560 | 32,571 | 33,506 | 1,943 | 218 | 13,705 | 49,372 | 1,866 | 51,238 | PDF p. 180PDF p. 181 |
| Finance costs$'000 | (43,742) | (7,172) | (3) | (18,880) | (69,797) | (9,028) | (78,825) | (54,980) | (3,719) | (17) | (28,807) | (87,523) | (7,306) | (94,829) | PDF p. 180PDF p. 181 |
| ventures (net)$'000 | (7,175) | 23,175 | 379 | (329) | 16,050 | – | 16,050 | (23,763) | 82,832 | 661 | (223) | 59,507 | 3 | 59,510 | PDF p. 180PDF p. 181 |
| Segment (loss)/profit before tax$'000 | (42,083) | 31,235 | 27,512 | 8,505 | 25,169 | (98,940) | (73,771) | (67,354) | 127,909 | 34,277 | (12,567) | 82,265 | 30,494 | 112,759 | PDF p. 180PDF p. 181 |
| Depreciation$'000 | (347) | (316) | (78) | (18,044) | (18,785) | (558) | (19,343) | (1,273) | (323) | (77) | (16,738) | (18,411) | (550) | (18,961) | PDF p. 180PDF p. 181 |
| - other investments$'000 | – | – | – | – | – | 4,025 | 4,025 | – | 3,466 | – | – | 3,466 | 143 | 3,609 | PDF p. 180PDF p. 181 |
| - investment properties$'000 | – | (1,243) | – | – | (1,243) | – | (1,243) | – | 30,942 | – | – | 30,942 | – | 30,942 | PDF p. 180PDF p. 181 |
| - derivatives assets/liabilities$'000 | – | – | – | – | – | (138,939) | (138,939) | – | – | – | – | – | (10,516) | (10,516) | PDF p. 180PDF p. 181 |
| Exchange gain/(loss) (net)$'000 | 26 | (4) | (88) | (35) | (101) | 57,468 | 57,367 | PDF p. 180 | |||||||
| Assets | |||||||||||||||
| Segment assets$'000 | 1,752,039 | 230,206 | 469,650 | 706,644 | 3,158,539 | 116,916 | 3,275,455 | 1,789,824 | 229,394 | 618,150 | 644,799 | 3,282,167 | 179,256 | 3,461,423 | PDF p. 180PDF p. 181 |
| ventures$'000 | 1,266,372 | 361,757 | 1,300 | 20,275 | 1,649,704 | – | 1,649,704 | 1,166,721 | 273,825 | 588 | 6,522 | 1,447,656 | – | 1,447,656 | PDF p. 180PDF p. 181 |
| Total assets (unlabelled subtotal)$'000 | 3,018,411 | 591,963 | 470,950 | 726,919 | 4,808,243 | 116,916 | 4,925,159 | 2,956,545 | 503,219 | 618,738 | 651,321 | 4,729,823 | 179,256 | 4,909,079 | PDF p. 180PDF p. 181 |
| Liabilities | |||||||||||||||
| Segment liabilities$'000 | (1,585,690) | (175,530) | (195,245) | (545,022) | (2,501,487) | (125,030) | (2,626,517) | (1,630,511) | (118,878) | (413,795) | (344,433) | (2,507,617) | (30,497) | (2,538,114) | PDF p. 180PDF p. 181 |
| Other segment information | |||||||||||||||
| Capital expenditure*$'000 | 57 | – | 185 | 26,477 | 26,719 | 595 | 27,314 | 6 | – | – | 12,941 | 12,947 | 365 | 13,312 | PDF p. 180PDF p. 181 |
| Exchange (loss)/gain (net)$'000 | (269) | (7) | (161) | (57) | (494) | 58,192 | 57,698 | PDF p. 181 | |||||||
| - goodwill$'000 | – | – | – | (16,164) | (16,164) | – | (16,164) | PDF p. 181 | |||||||
Notes
* Relates to property, plant and equipment (including right-of-use assets), and investment properties where applicable.
Row labelled 'Elimination of inter-segment revenue', '(Loss)/profit from operating activities' and 'Share of after-tax (loss)/profit of associates and joint ventures (net)' wrap across lines; the label is the first/last printed fragment as shown. Third assets row (subtotal) has no printed label. The 'Interests in associates and joint ventures' row label wraps (second line 'ventures'). Impairment and PPE written off / write-down rows omitted from this table for brevity.
Some wrapped-label rows use the last printed fragment as label; subtotal assets row has no printed label. Other impairment/write-off/write-down rows not included.
By geography
Geographical information 8 lines
| Item / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Revenue | |||
| PRC$'000 | 80,692 | 115,472 | PDF p. 182 |
| Europe$'000 | 203,988 | 195,691 | PDF p. 182 |
| Other countries$'000 | 7,034 | 6,396 | PDF p. 182 |
| Total revenue (unlabelled)$'000 | 291,714 | 317,559 | PDF p. 182 |
| Non-current assets* | |||
| PRC$'000 | 1,401,524 | 1,311,411 | PDF p. 182 |
| Europe$'000 | 999,589 | 861,381 | PDF p. 182 |
| Other countries$'000 | 102,837 | 88,126 | PDF p. 182 |
| Total non-current assets (unlabelled)$'000 | 2,503,950 | 2,260,918 | PDF p. 182 |
Notes
Segment revenue is based on the geographical location of customers and segment assets are based on the geographical location of the assets.
* Comprise goodwill, property, plant and equipment, investment properties and interests in associates and joint ventures.
Debt
Borrowings
Terms and debt repayment schedule
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Secured bank loans - Repayable | |||||
| - Within 1 year$'000 | 10,864 | – | – | – | PDF p. 164 |
| - After 1 year but within 5 years$'000 | 147,099 | 175,029 | – | – | PDF p. 164 |
| Unsecured bank loans - Repayable | |||||
| - Within 1 year$'000 | 28,809 | 116,459 | 28,809 | 116,459 | PDF p. 164 |
| - After 1 year but within 5 years$'000 | 1,118,754 | 922,343 | 1,118,754 | 922,343 | PDF p. 164 |
| Unsecured notes - Repayable | |||||
| - Within 1 year$'000 | – | 77,994 | – | 99,994 | PDF p. 164 |
| - After 1 year but within 5 years$'000 | 126,613 | – | 126,613 | – | PDF p. 164 |
Notes
Subtotal rows for each category and the final total are printed without labels (secured 157,963/175,029; unsecured bank 1,147,563/1,038,802/1,147,563/1,038,802; final total 1,432,139/1,291,825/1,274,176/1,138,796). Unsecured notes repayable after 1 year: Group 2025 126,613, Company 2025 126,613. Interest: secured bank loans 2025 3.45% to 3.67% p.a. (2024 4.10% to 4.30%); unsecured bank loans (Group and Company) 2.08% to 5.09% (2024: 2.94% to 6.00%) p.a.; unsecured notes issued May 2025 $128,000,000 3.495% fixed rate notes due May 2030; 2024 notes $100,000,000 3.29% fixed rate, fully redeemed February 2025. Covenants relate to consolidated tangible net worth and net debt to tangible net worth ratio; complied with. Notes under Multicurrency Debt Issuance Programme of $1.0 billion. All amounts printed in S$ ($'000); no after-5-year bucket printed.
Liquidity risk: Group 2025 contractual maturities (loans and lease liabilities)
| Item / unit | 2025Carrying amount, $'000 | 2025Contractual cash flows, $'000 | 2025Cash flows within 1 year, $'000 | 2025Cash flows after 1 year but within 5 years, $'000 | 2025Cash flows after 5 years, $'000 | Source |
|---|---|---|---|---|---|---|
| Group 2025 Non-derivative financial liabilities | ||||||
| Loans and borrowings$'000 | 1,432,139 | (1,584,316) | (53,239) | (1,531,077) | – | PDF p. 185 |
| Lease liabilities$'000 | 101,645 | (139,833) | (6,794) | (25,348) | (107,691) | PDF p. 185 |
Notes
Expected undiscounted cash outflows including interest payments.
Liquidity risk: Group 2024 contractual maturities (loans and lease liabilities)
| Item / unit | 2024Carrying amount, $'000 | 2024Contractual cash flows, $'000 | 2024Cash flows within 1 year, $'000 | 2024Cash flows after 1 year but within 5 years, $'000 | 2024Cash flows after 5 years, $'000 | Source |
|---|---|---|---|---|---|---|
| Group 2024 Non-derivative financial liabilities | ||||||
| Loans and borrowings$'000 | 1,291,825 | (1,383,460) | (616,927) | (766,533) | – | PDF p. 186 |
| Lease liabilities$'000 | 95,033 | (139,353) | (6,400) | (24,275) | (108,678) | PDF p. 186 |
Notes
Expected undiscounted cash outflows including interest payments.
Liquidity risk: Company 2025 contractual maturities (loans and lease liabilities)
| Item / unit | 2025Carrying amount, $'000 | 2025Contractual cash flows, $'000 | 2025Cash flows within 1 year, $'000 | 2025Cash flows after 1 year but within 5 years, $'000 | 2025Cash flows after 5 years, $'000 | Source |
|---|---|---|---|---|---|---|
| Company 2025 Non-derivative financial liabilities | ||||||
| Loans and borrowings$'000 | 1,274,176 | (1,410,315) | (47,441) | (1,362,874) | – | PDF p. 187 |
| Lease liabilities$'000 | 360 | (375) | (155) | (220) | – | PDF p. 187 |
Notes
Expected undiscounted cash outflows including interest payments.
Liquidity risk: Company 2024 contractual maturities (loans and lease liabilities)
| Item / unit | 2024Carrying amount, $'000 | 2024Contractual cash flows, $'000 | 2024Cash flows within 1 year, $'000 | 2024Cash flows after 1 year but within 5 years, $'000 | 2024Cash flows after 5 years, $'000 | Source |
|---|---|---|---|---|---|---|
| Company 2024 Non-derivative financial liabilities | ||||||
| Loans and borrowings$'000 | 1,138,796 | (1,174,580) | (631,589) | (542,991) | – | PDF p. 187 |
| Lease liabilities$'000 | 69 | (70) | (65) | (5) | – | PDF p. 187 |
Notes
Expected undiscounted cash outflows including interest payments.
Borrowing notes 2 tables
Loans and borrowings (carrying amounts)
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Non-current liabilities | |||||
| Secured bank loans$'000 | 147,099 | 175,029 | – | – | PDF p. 164 |
| Unsecured bank loans$'000 | 1,118,754 | 922,343 | 1,118,754 | 922,343 | PDF p. 164 |
| Non-current liabilities - Unsecured notes | |||||
| - held by related parties$'000 | 49,706 | – | 49,706 | – | PDF p. 164 |
| - held by third parties$'000 | 76,907 | – | 76,907 | – | PDF p. 164 |
| Current liabilities | |||||
| Secured bank loans$'000 | 10,864 | – | – | – | PDF p. 164 |
| Unsecured bank loans$'000 | 28,809 | 116,459 | 28,809 | 116,459 | PDF p. 164 |
| Current liabilities - Unsecured notes | |||||
| - held by a subsidiary$'000 | – | – | – | 22,000 | PDF p. 164 |
| - held by third parties$'000 | – | 77,994 | – | 77,994 | PDF p. 164 |
| Total | |||||
| Total loans and borrowings$'000 | 1,432,139 | 1,291,825 | 1,274,176 | 1,138,796 | PDF p. 164 |
Notes
Unsecured notes are listed by holder. Subtotal rows are printed without labels; unlabelled subtotals are not extracted.
Lease liabilities
| Item / unit | 2025Group, $'000 | 2024Group, $'000 | 2025Company, $'000 | 2024Company, $'000 | Source |
|---|---|---|---|---|---|
| Lease liabilities | |||||
| Non-current$'000 | 97,978 | 91,949 | 213 | 5 | PDF p. 169 |
| Current$'000 | 3,667 | 3,084 | 147 | 64 | PDF p. 169 |
Notes
Incremental borrowing rates applied to the lease liabilities ranged from 1.8% to 6.0% (2024: 1.8% to 6.0%) per annum for the Group and 3.8% (2024: 2.2%) per annum for the Company.
Total row (101,645 95,033 360 69) printed without label.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend Policy | The Company does not have a fixed dividend policy. The form, frequency and amount of dividends will depend on the Company’s earnings, financial position, results of operations, capital needs, plans for expansion and other factors which the Board may deem appropriate. The Board will work towards a stable payout with a steady growth as appropriate, subject to the successful implementation of the Group’s business strategy and prevailing market conditions. Any payout is clearly communicated to shareholders via an announcement on SGXNET when the Company discloses its financial results. | Company | PDF p. 90 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Interim tax-exempt (one-tier) ordinary dividend paid of 1.10 cents (2024: 1.10 cents) per ordinary share | 1.10 cents per share | FY2025 interim ordinary dividend, tax-exempt (one-tier); comparative FY2024 also 1.10 cents | PDF p. 163 |
| Final tax-exempt (one-tier) ordinary dividend paid of 3.55 cents (2024: 3.10 cents) per ordinary share | 3.55 cents per share | Final dividend for FY2024 paid in 2025 (comparative year); FY2023 final was 3.10 cents | PDF p. 163 |
| final tax-exempt (one-tier) ordinary dividend of 3.69 cents per qualifying ordinary share | 3.69 cents per share | FY2025 final dividend proposed, Group and Company | PDF p. 163 |
| Record date for final dividend | 4 May 2026 | FY2025 proposed final dividend | PDF p. 219 |
| Payment date for final dividend | 22 May 2026 | FY2025 proposed final dividend | PDF p. 219 |
| total dividend for FY2025 | 4.79 cents per share | FY2025 total (1.10 interim + 3.69 proposed final), tax-exempt (one-tier); comparative FY2024 4.65 cents | PDF p. 90 |
| 4.65 Singapore cents per ordinary share paid for FY2024 | 4.65 cents per share | FY2024 total dividend | PDF p. 90 |
Extracted from FIRST SPONSOR GROUP LIMITED ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Auditor | Ernst & Young LLP | Group | PDF p. 106 |
| Engagement partner | Mr Low Bek Teng | Group | PDF p. 106 |
| Opinion | In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with International Financial Reporting Standards | Group and Company | PDF p. 102 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Carrying value of development properties in subsidiaries, associates and joint ventures | The determination of the carrying value of development properties was significant to our audit due to significant judgement involved in estimating the net realisable values of the development properties as at 31 December 2025. | Group | PDF p. 103 |
| Valuation of investment properties | The valuation process was significant to our audit due to significant judgement involved in determining the appropriate valuation methodology used, and in estimating the underlying assumptions to be applied. | Group | PDF p. 103 |
| Impairment assessment of property, plant and equipment | The impairment assessment was significant to our audit due to significant judgement involved in identification of impairment indicators, and the determination of the appropriate valuation methodology to be used, and in estimating the underlying assumptions to be applied. | Group | PDF p. 104 |
Extracted from FIRST SPONSOR GROUP LIMITED 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 FIRST SPONSOR GROUP LIMITED ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.