Banyan Tree B58

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Financials

ANNUAL REPORT 2025

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38 tables

Group income statement — FY2025 source

28 metrics

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Group income statement — FY2025 source from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	Source
Group income statement — FY2025 source
RevenueSingapore dollars thousands	477,363	380,638	PDF p. 88
Other incomeSingapore dollars thousands	17,159	33,072	PDF p. 88
SubtotalSingapore dollars thousands	494,522	413,710	PDF p. 88
Costs and expenses
Cost of operating suppliesSingapore dollars thousands	(25,404)	(24,512)	PDF p. 88
Group income statement — FY2025 source
Cost of properties soldSingapore dollars thousands	(76,771)	(48,176)	PDF p. 88
Salaries and related expensesSingapore dollars thousands	(114,269)	(110,897)	PDF p. 88
Administrative expensesSingapore dollars thousands	(47,586)	(37,377)	PDF p. 88
Sales and marketing expensesSingapore dollars thousands	(37,375)	(27,918)	PDF p. 88
Other operating expensesSingapore dollars thousands	(62,661)	(61,198)	PDF p. 88
Impairment losses on financial assetsSingapore dollars thousands	(4,408)	(482)	PDF p. 88
SubtotalSingapore dollars thousands	(368,474)	(310,560)	PDF p. 88
Profit before interests, taxes, depreciation and amortisationSingapore dollars thousands	126,048	103,150	PDF p. 88
Depreciation of property, plant and equipmentSingapore dollars thousands	(23,542)	(20,756)	PDF p. 88
Depreciation of right-of-use assetsSingapore dollars thousands	(6,449)	(6,768)	PDF p. 88
Amortisation expenseSingapore dollars thousands	(5,744)	(3,765)	PDF p. 88
Profit from operations and other gainsSingapore dollars thousands	90,313	71,861	PDF p. 88
Finance incomeSingapore dollars thousands	3,609	7,860	PDF p. 88
Finance costsSingapore dollars thousands	(24,211)	(25,197)	PDF p. 88
Share of results of associatesSingapore dollars thousands	3,370	(239)	PDF p. 88
Share of results of joint venturesSingapore dollars thousands	(513)	16	PDF p. 88
Profit before taxationSingapore dollars thousands	72,568	54,301	PDF p. 88
Income tax expenseSingapore dollars thousands	(19,392)	(5,654)	PDF p. 88
Profit after taxationSingapore dollars thousands	53,176	48,647	PDF p. 88
Attributable to:
Owners of the CompanySingapore dollars thousands	42,487	42,104	PDF p. 88
Group income statement — FY2025 source
Non-controlling interestsSingapore dollars thousands	10,689	6,543	PDF p. 88
SubtotalSingapore dollars thousands	53,176	48,647	PDF p. 88
Earnings per share attributable to owners of the Company (in cents):
Earnings per share attributable to owners of the Company (in cents): BasicSingapore cents per share	4.90	4.85	PDF p. 88 Label p. 88
DilutedSingapore cents per share	4.89	4.85	PDF p. 88

Definitions & sources

Original report: PDF p. 88 ↗

Group comprehensive income — FY2025 source

11 metrics

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Group comprehensive income — FY2025 source from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	Source
Group comprehensive income — FY2025 source
Profit after taxationSingapore dollars thousands	53,176	48,647	PDF p. 89
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss Exchange differences arising from consolidation of foreign operations and net investment in foreign operationsSingapore dollars thousands	13,698	27,856	PDF p. 89 Label p. 89
Items that may be reclassified subsequently to profit or loss
SubtotalSingapore dollars thousands	13,698	27,856	PDF p. 89
Items that will not be reclassified to profit or loss
Items that will not be reclassified to profit or loss Adjustment on property revaluation reserve, net of deferred taxSingapore dollars thousands	7,585	115	PDF p. 89 Label p. 89
Net fair value (loss)/gain on equity instruments at fair value through other comprehensive incomeSingapore dollars thousands	(1,953)	1,271	PDF p. 89 Label p. 89
SubtotalSingapore dollars thousands	5,632	1,386	PDF p. 89
Other comprehensive income for the financial year, net of taxSingapore dollars thousands	19,330	29,242	PDF p. 89
Total comprehensive income for the financial yearSingapore dollars thousands	72,506	77,889	PDF p. 89
Total comprehensive income attributable to:
Total comprehensive income attributable to: Owners of the CompanySingapore dollars thousands	57,021	67,037	PDF p. 89 Label p. 89
Non-controlling interestsSingapore dollars thousands	15,485	10,852	PDF p. 89
SubtotalSingapore dollars thousands	72,506	77,889	PDF p. 89

Definitions & sources

Original report: PDF p. 89 ↗

Group and Company balance sheets — FY2025 source / assets

29 metrics

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Group and Company balance sheets — FY2025 source / assets from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands	879,820	839,573	–	–	PDF p. 90
Right-of-use assetsSingapore dollars thousands	48,890	57,543	–	–	PDF p. 90
Investment propertiesSingapore dollars thousands	66,632	80,868	–	–	PDF p. 90
Intangible assetsSingapore dollars thousands	179,381	188,701	3,610	3,699	PDF p. 90
Land use rightsSingapore dollars thousands	2,095	2,206	–	–	PDF p. 90
SubsidiariesSingapore dollars thousands	–	–	456,410	505,786	PDF p. 90
Joint venturesSingapore dollars thousands	3,281	67	–	–	PDF p. 90
AssociatesSingapore dollars thousands	91,640	77,957	144	869	PDF p. 90
Long-term investmentsSingapore dollars thousands	928	2,415	–	–	PDF p. 90
Deferred tax assetsSingapore dollars thousands	54,844	39,787	–	–	PDF p. 90
Prepaid island rentalSingapore dollars thousands	13,557	15,073	–	–	PDF p. 90
PrepaymentsSingapore dollars thousands	4,740	2,845	–	–	PDF p. 90
Long-term receivablesSingapore dollars thousands	53,827	27,755	–	–	PDF p. 90
Other receivablesSingapore dollars thousands	3,432	3,425	–	–	PDF p. 90
Costs to acquire contractsSingapore dollars thousands	7,975	7,254	–	–	PDF p. 90
SubtotalSingapore dollars thousands	1,411,042	1,345,469	460,164	510,354	PDF p. 90
Current assets
Property development costsSingapore dollars thousands	335,847	247,542	–	–	PDF p. 90
InventoriesSingapore dollars thousands	9,750	8,679	–	–	PDF p. 90
Prepayments and other non-financial assetsSingapore dollars thousands	22,498	24,054	1,184	1,639	PDF p. 90
Trade receivablesSingapore dollars thousands	88,269	64,431	21	33	PDF p. 90
Other receivablesSingapore dollars thousands	12,528	11,698	2,582	2,936	PDF p. 90
Contract assetsSingapore dollars thousands	1,480	968	–	–	PDF p. 90
Amounts due from subsidiariesSingapore dollars thousands	–	–	173,429	207,393	PDF p. 90
Amounts due from joint venturesSingapore dollars thousands	233	–	–	–	PDF p. 90
Amounts due from associatesSingapore dollars thousands	19,745	20,493	280	226	PDF p. 90
Amounts due from related partiesSingapore dollars thousands	309	693	3	1	PDF p. 90
Cash and short-term depositsSingapore dollars thousands	110,839	115,428	15,385	18,456	PDF p. 90
SubtotalSingapore dollars thousands	601,498	493,986	192,884	230,684	PDF p. 90
Total assetsSingapore dollars thousands	2,012,540	1,839,455	653,048	741,038	PDF p. 90

Definitions & sources

Original report: PDF p. 90 ↗

Group and Company balance sheets — FY2025 source / liabilities and equity

29 metrics

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Group and Company balance sheets — FY2025 source / liabilities and equity from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	2025Company	2024Company	Source
Current liabilities
Tax payableSingapore dollars thousands	22,848	18,726	–	–	PDF p. 91
Other non-financial liabilitiesSingapore dollars thousands	22,423	18,165	138	2,565	PDF p. 91
Interest-bearing loans and borrowingsSingapore dollars thousands	161,984	94,400	85,100	52,217	PDF p. 91
Trade payablesSingapore dollars thousands	41,448	30,997	–	–	PDF p. 91
Other payablesSingapore dollars thousands	66,039	93,261	5,066	6,381	PDF p. 91
Contract liabilitiesSingapore dollars thousands	212,396	199,530	–	–	PDF p. 91
Lease liabilitiesSingapore dollars thousands	5,477	5,204	–	–	PDF p. 91
Amounts due to subsidiariesSingapore dollars thousands	–	–	18,172	73,775	PDF p. 91
Amounts due to associatesSingapore dollars thousands	778	646	–	–	PDF p. 91
Amounts due to related partiesSingapore dollars thousands	246	50	–	12	PDF p. 91
SubtotalSingapore dollars thousands	533,639	460,979	108,476	134,950	PDF p. 91
Net current assetsSingapore dollars thousands	67,859	33,007	84,408	95,734	PDF p. 91
Non-current liabilities
Deferred tax liabilitiesSingapore dollars thousands	240,765	216,849	–	–	PDF p. 91
Defined and other long-term employee benefitsSingapore dollars thousands	6,463	6,930	–	–	PDF p. 91 Label p. 91
Deposits receivedSingapore dollars thousands	2,106	2,100	–	–	PDF p. 91
Other non-financial liabilitiesSingapore dollars thousands	13,962	13,535	–	–	PDF p. 91
Interest-bearing loans and borrowingsSingapore dollars thousands	258,265	232,790	67,667	60,767	PDF p. 91
Other payablesSingapore dollars thousands	3,221	3,720	–	–	PDF p. 91
Lease liabilitiesSingapore dollars thousands	62,833	71,603	–	–	PDF p. 91
Amounts due to subsidiariesSingapore dollars thousands	–	–	122,175	185,471	PDF p. 91
SubtotalSingapore dollars thousands	587,615	547,527	189,842	246,238	PDF p. 91
Total liabilitiesSingapore dollars thousands	1,121,254	1,008,506	298,318	381,188	PDF p. 91
Net assetsSingapore dollars thousands	891,286	830,949	354,730	359,850	PDF p. 91
Company
Equity attributable to owners of the Company Share capitalSingapore dollars thousands	250,668	250,668	250,668	250,668	PDF p. 91 Label p. 91
Treasury sharesSingapore dollars thousands	(421)	(546)	(421)	(546)	PDF p. 91
ReservesSingapore dollars thousands	542,762	497,150	104,483	109,728	PDF p. 91
SubtotalSingapore dollars thousands	793,009	747,272	354,730	359,850	PDF p. 91
Non-controlling interestsSingapore dollars thousands	98,277	83,677	–	–	PDF p. 91
Total equitySingapore dollars thousands	891,286	830,949	354,730	359,850	PDF p. 91

Definitions & sources

Original report: PDF p. 91 ↗

Group changes in equity — FY2025 source / ending 2025 / capital, treasury shares and reserves

21 metrics

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Group changes in equity — FY2025 source / ending 2025 / capital, treasury shares and reserves from ANNUAL REPORT 2025
Metric / unit	2025GroupShare capital	2025GroupTreasury shares	2025GroupShare-based payment reserve	2025GroupLegal reserve	Source
2025
At 1 January 2025Singapore dollars thousands	250,668	(546)	8,048	8,401	PDF p. 92
Group
Profit after taxationSingapore dollars thousands	–	–	–	–	PDF p. 92
Other comprehensive income
Exchange differences arising from consolidation of foreign operations and net investment in foreign operationsSingapore dollars thousands	–	–	–	–	PDF p. 92 Label p. 92
Group
Adjustment on property revaluation reserve, net of deferred taxSingapore dollars thousands	–	–	–	–	PDF p. 92 Label p. 92
Net fair value (loss)/gain on equity instruments at fair value through other comprehensive incomeSingapore dollars thousands	–	–	–	–	PDF p. 92 Label p. 92
Total other comprehensive income for the financial yearSingapore dollars thousands	–	–	–	–	PDF p. 92
Total comprehensive income for the financial yearSingapore dollars thousands	–	–	–	–	PDF p. 92
Contributions by and distributions to owners
Dividends paid on ordinary shares (Note 47)Singapore dollars thousands	–	–	–	–	PDF p. 92
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	180	(162)	–	PDF p. 92 Label p. 92
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	197	–	PDF p. 92 Label p. 92
Acquisition of treasury sharesSingapore dollars thousands	–	(55)	–	–	PDF p. 92
Total transactions with owners in their capacity as ownersSingapore dollars thousands	–	125	35	–	PDF p. 92 Label p. 92
Changes in ownership interests in subsidiary
Acquisition of subsidiaries (Note 17)Singapore dollars thousands	–	–	–	–	PDF p. 92
Contributions by and distributions to owners
Acquisition of non-controlling interestsSingapore dollars thousands	–	–	–	–	PDF p. 92
Total changes in ownership interests in subsidiarySingapore dollars thousands	–	–	–	–	PDF p. 92
Other changes in equity
Dividends paid to loan stockholders of a subsidiarySingapore dollars thousands	–	–	–	–	PDF p. 92
Contributions by and distributions to owners
Dividends paid to non-controlling shareholders of a subsidiarySingapore dollars thousands	–	–	–	–	PDF p. 92 Label p. 92
Transfer to accumulated profits upon disposal of assetSingapore dollars thousands	–	–	–	–	PDF p. 92
Transfer to legal reserveSingapore dollars thousands	–	–	–	466	PDF p. 92
Total other changes in equitySingapore dollars thousands	–	–	–	466	PDF p. 92
At 31 December 2025Singapore dollars thousands	250,668	(421)	8,083	8,867	PDF p. 92

Definitions & sources

Original report: PDF p. 92 ↗

Group changes in equity — FY2025 source / ending 2025 / reserves, accumulated profits and equity totals

21 metrics

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Group changes in equity — FY2025 source / ending 2025 / reserves, accumulated profits and equity totals from ANNUAL REPORT 2025
Metric / unit	2025GroupProperty revaluation reserve	2025GroupCurrency translation reserve	2025GroupOther reserves	2025GroupAccumulated profits	2025GroupEquity attributable to owners of the Company	2025GroupNon-controlling interests	2025GroupTotal equity	Source
Group equity component continuation from preceding physical page
At 1 January 2025Singapore dollars thousands	364,870	(36,972)	22,546	130,257	747,272	83,677	830,949	PDF p. 93 Label p. 92
Profit after taxationSingapore dollars thousands	–	–	–	42,487	42,487	10,689	53,176	PDF p. 93 Label p. 92
Exchange differences arising from consolidation of foreign operations and net investment in foreign operationsSingapore dollars thousands	–	9,855	–	–	9,855	3,843	13,698	PDF p. 93 Label p. 92
Adjustment on property revaluation reserve, net of deferred taxSingapore dollars thousands	6,688	–	–	–	6,688	897	7,585	PDF p. 93 Label p. 92
Net fair value (loss)/gain on equity instruments at fair value through other comprehensive incomeSingapore dollars thousands	–	–	(2,009)	–	(2,009)	56	(1,953)	PDF p. 93 Label p. 92
Total other comprehensive income for the financial yearSingapore dollars thousands	6,688	9,855	(2,009)	–	14,534	4,796	19,330	PDF p. 93 Label p. 92
Total comprehensive income for the financial yearSingapore dollars thousands	6,688	9,855	(2,009)	42,487	57,021	15,485	72,506	PDF p. 93 Label p. 92
Dividends paid on ordinary shares (Note 47)Singapore dollars thousands	–	–	–	(11,270)	(11,270)	–	(11,270)	PDF p. 93 Label p. 92
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	(18)	–	–	–	–	PDF p. 93 Label p. 92
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	–	–	197	–	197	PDF p. 93 Label p. 92
Acquisition of treasury sharesSingapore dollars thousands	–	–	–	–	(55)	–	(55)	PDF p. 93 Label p. 92
Total transactions with owners in their capacity as ownersSingapore dollars thousands	–	–	(18)	(11,270)	(11,128)	–	(11,128)	PDF p. 93 Label p. 92
Acquisition of subsidiaries (Note 17)Singapore dollars thousands	–	–	–	–	–	5,187	5,187	PDF p. 93 Label p. 92
Acquisition of non-controlling interestsSingapore dollars thousands	–	–	28	–	28	(28)	–	PDF p. 93 Label p. 92
Total changes in ownership interests in subsidiarySingapore dollars thousands	–	–	28	–	28	5,159	5,187	PDF p. 93 Label p. 92
Dividends paid to loan stockholders of a subsidiarySingapore dollars thousands	–	–	–	(203)	(203)	–	(203)	PDF p. 93 Label p. 92
Dividends paid to non-controlling shareholders of a subsidiarySingapore dollars thousands	–	–	–	–	–	(6,025)	(6,025)	PDF p. 93 Label p. 92
Transfer to accumulated profits upon disposal of assetSingapore dollars thousands	(1,166)	–	–	1,185	19	(19)	–	PDF p. 93 Label p. 92
Transfer to legal reserveSingapore dollars thousands	–	–	–	(466)	–	–	–	PDF p. 93 Label p. 92
Total other changes in equitySingapore dollars thousands	(1,166)	–	–	516	(184)	(6,044)	(6,228)	PDF p. 93 Label p. 92
At 31 December 2025Singapore dollars thousands	370,392	(27,117)	20,547	161,990	793,009	98,277	891,286	PDF p. 93 Label p. 92

Definitions & sources

Original report: PDF p. 93 ↗

Group changes in equity — FY2025 source / ending 2024 / capital, treasury shares and reserves

18 metrics

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Group changes in equity — FY2025 source / ending 2024 / capital, treasury shares and reserves from ANNUAL REPORT 2025
Metric / unit	2024GroupShare capital	2024GroupTreasury shares	2024GroupShare-based payment reserve	2024GroupLegal reserve	Source
2024
At 1 January 2024Singapore dollars thousands	250,668	(500)	8,044	8,397	PDF p. 94
Group
Profit after taxationSingapore dollars thousands	–	–	–	–	PDF p. 94
Other comprehensive income
Exchange differences arising from consolidation of foreign operations and net investment in foreign operationsSingapore dollars thousands	–	–	–	–	PDF p. 94 Label p. 94
Group
Adjustment on property revaluation reserve, net of deferred taxSingapore dollars thousands	–	–	–	–	PDF p. 94 Label p. 94
Net fair value gain on equity instruments at fair value through other comprehensive incomeSingapore dollars thousands	–	–	–	–	PDF p. 94 Label p. 94
Total other comprehensive income for the financial yearSingapore dollars thousands	–	–	–	–	PDF p. 94
Total comprehensive income for the financial yearSingapore dollars thousands	–	–	–	–	PDF p. 94
Contributions by and distributions to owners
Dividends paid on ordinary shares (Note 47)Singapore dollars thousands	–	–	–	–	PDF p. 94
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	288	(192)	–	PDF p. 94 Label p. 94
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	196	–	PDF p. 94 Label p. 94
Acquisition of treasury sharesSingapore dollars thousands	–	(334)	–	–	PDF p. 94
Total transactions with owners in their capacity as ownersSingapore dollars thousands	–	(46)	4	–	PDF p. 94 Label p. 94
Other changes in equity
Dividends paid to loan stockholders of a subsidiarySingapore dollars thousands	–	–	–	–	PDF p. 94
Contributions by and distributions to owners
Dividends paid to non-controlling shareholders of a subsidiarySingapore dollars thousands	–	–	–	–	PDF p. 94 Label p. 94
Transfer to accumulated profits upon disposal of assetSingapore dollars thousands	–	–	–	–	PDF p. 94
Transfer to legal reserveSingapore dollars thousands	–	–	–	4	PDF p. 94
Total other changes in equitySingapore dollars thousands	–	–	–	4	PDF p. 94
At 31 December 2024Singapore dollars thousands	250,668	(546)	8,048	8,401	PDF p. 94

Definitions & sources

Original report: PDF p. 94 ↗

Group changes in equity — FY2025 source / ending 2024 / reserves, accumulated profits and equity totals

18 metrics

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Group changes in equity — FY2025 source / ending 2024 / reserves, accumulated profits and equity totals from ANNUAL REPORT 2025
Metric / unit	2024GroupProperty revaluation reserve	2024GroupCurrency translation reserve	2024GroupOther reserves	2024GroupAccumulated profits	2024GroupEquity attributable to owners of the Company	2024GroupNon-controlling interests	2024GroupTotal equity	Source
Group equity component continuation from preceding physical page
At 1 January 2024Singapore dollars thousands	365,846	(60,519)	21,371	97,670	690,977	73,967	764,944	PDF p. 95 Label p. 94
Profit after taxationSingapore dollars thousands	–	–	–	42,104	42,104	6,543	48,647	PDF p. 95 Label p. 94
Exchange differences arising from consolidation of foreign operations and net investment in foreign operationsSingapore dollars thousands	–	23,547	–	–	23,547	4,309	27,856	PDF p. 95 Label p. 94
Adjustment on property revaluation reserve, net of deferred taxSingapore dollars thousands	115	–	–	–	115	–	115	PDF p. 95 Label p. 94
Net fair value gain on equity instruments at fair value through other comprehensive incomeSingapore dollars thousands	–	–	1,271	–	1,271	–	1,271	PDF p. 95 Label p. 94
Total other comprehensive income for the financial yearSingapore dollars thousands	115	23,547	1,271	–	24,933	4,309	29,242	PDF p. 95 Label p. 94
Total comprehensive income for the financial yearSingapore dollars thousands	115	23,547	1,271	42,104	67,037	10,852	77,889	PDF p. 95 Label p. 94
Dividends paid on ordinary shares (Note 47)Singapore dollars thousands	–	–	–	(10,411)	(10,411)	–	(10,411)	PDF p. 95 Label p. 94
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	(96)	–	–	–	–	PDF p. 95 Label p. 94
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	–	–	196	–	196	PDF p. 95 Label p. 94
Acquisition of treasury sharesSingapore dollars thousands	–	–	–	–	(334)	–	(334)	PDF p. 95 Label p. 94
Total transactions with owners in their capacity as ownersSingapore dollars thousands	–	–	(96)	(10,411)	(10,549)	–	(10,549)	PDF p. 95 Label p. 94
Dividends paid to loan stockholders of a subsidiarySingapore dollars thousands	–	–	–	(193)	(193)	–	(193)	PDF p. 95 Label p. 94
Dividends paid to non-controlling shareholders of a subsidiarySingapore dollars thousands	–	–	–	–	–	(1,142)	(1,142)	PDF p. 95 Label p. 94
Transfer to accumulated profits upon disposal of assetSingapore dollars thousands	(1,091)	–	–	1,091	–	–	–	PDF p. 95 Label p. 94
Transfer to legal reserveSingapore dollars thousands	–	–	–	(4)	–	–	–	PDF p. 95 Label p. 94
Total other changes in equitySingapore dollars thousands	(1,091)	–	–	894	(193)	(1,142)	(1,335)	PDF p. 95 Label p. 94
At 31 December 2024Singapore dollars thousands	364,870	(36,972)	22,546	130,257	747,272	83,677	830,949	PDF p. 95 Label p. 94

Definitions & sources

Original report: PDF p. 95 ↗

Company changes in equity — FY2025 source / ending 2025

9 metrics

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Company changes in equity — FY2025 source / ending 2025 from ANNUAL REPORT 2025
Metric / unit	2025CompanyShare capital	2025CompanyTreasury shares	2025CompanyShare-based payment reserve	2025CompanyOther reserves	2025CompanyAccumulated profits	2025CompanyTotal equity	Source
Company
At 1 January 2025Singapore dollars thousands	250,668	(546)	8,048	4,372	97,308	359,850	PDF p. 96
Profit after taxationSingapore dollars thousands	–	–	–	–	6,008	6,008	PDF p. 96
Total comprehensive income for the
Total comprehensive income for the financial yearSingapore dollars thousands	–	–	–	–	6,008	6,008	PDF p. 96 Label p. 96
to owners
Dividends paid on ordinary shares (Note 47)Singapore dollars thousands	–	–	–	–	(11,270)	(11,270)	PDF p. 96 Label p. 96
Contributions by and distributions to owners
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	180	(162)	(18)	–	–	PDF p. 96 Label p. 96
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	197	–	–	197	PDF p. 96 Label p. 96
Acquisition of treasury sharesSingapore dollars thousands	–	(55)	–	–	–	(55)	PDF p. 96
Total transactions with owners in their capacity as ownersSingapore dollars thousands	–	125	35	(18)	(11,270)	(11,128)	PDF p. 96 Label p. 96
At 31 December 2025Singapore dollars thousands	250,668	(421)	8,083	4,354	92,046	354,730	PDF p. 96

Definitions & sources

Original report: PDF p. 96 ↗

Company changes in equity — FY2025 source / ending 2024

9 metrics

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Company changes in equity — FY2025 source / ending 2024 from ANNUAL REPORT 2025
Metric / unit	2024CompanyShare capital	2024CompanyTreasury shares	2024CompanyShare-based payment reserve	2024CompanyOther reserves	2024CompanyAccumulated profits	2024CompanyTotal equity	Source
Contributions by and distributions to owners
At 1 January 2024Singapore dollars thousands	250,668	(500)	8,044	4,468	106,088	368,768	PDF p. 96
Profit after taxationSingapore dollars thousands	–	–	–	–	1,631	1,631	PDF p. 96
Total comprehensive income for the
Total comprehensive income for the financial yearSingapore dollars thousands	–	–	–	–	1,631	1,631	PDF p. 96 Label p. 96
to owners
Dividends paid on ordinary shares (Note 47)Singapore dollars thousands	–	–	–	–	(10,411)	(10,411)	PDF p. 96 Label p. 96
Contributions by and distributions to owners
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	288	(192)	(96)	–	–	PDF p. 96 Label p. 96
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	196	–	–	196	PDF p. 96 Label p. 96
Acquisition of treasury sharesSingapore dollars thousands	–	(334)	–	–	–	(334)	PDF p. 96
Total transactions with owners in their capacity as ownersSingapore dollars thousands	–	(46)	4	(96)	(10,411)	(10,549)	PDF p. 96 Label p. 96
At 31 December 2024Singapore dollars thousands	250,668	(546)	8,048	4,372	97,308	359,850	PDF p. 96

Definitions & sources

Original report: PDF p. 96 ↗

Group cash flows — FY2025 source / operating activities

34 metrics

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Group cash flows — FY2025 source / operating activities from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	Source
Cash flows from operating activities
Profit before taxationSingapore dollars thousands	72,568	54,301	PDF p. 97
Adjustments for:
Share of results of associatesSingapore dollars thousands	(3,370)	239	PDF p. 97
Share of results of joint venturesSingapore dollars thousands	513	(16)	PDF p. 97
Depreciation of property, plant and equipmentSingapore dollars thousands	23,542	20,756	PDF p. 97
Depreciation of right-of-use assetsSingapore dollars thousands	6,449	6,768	PDF p. 97
Loss/(Gain) on disposal of property, plant and equipment, netSingapore dollars thousands	65	(95)	PDF p. 97
Write-off of property, plant and equipmentSingapore dollars thousands	210	3	PDF p. 97
Impairment loss on property, plant and equipmentSingapore dollars thousands	903	179	PDF p. 97
Finance incomeSingapore dollars thousands	(3,609)	(7,860)	PDF p. 97
Finance costsSingapore dollars thousands	24,211	25,197	PDF p. 97
Amortisation expenseSingapore dollars thousands	5,744	3,765	PDF p. 97
Impairment losses on financial assetsSingapore dollars thousands	4,408	482	PDF p. 97
Reversal of write-down of property development costsSingapore dollars thousands	–	(1,025)	PDF p. 97
Allowance for inventory obsolescenceSingapore dollars thousands	36	9	PDF p. 97
Defined and other long-term employee benefits expenseSingapore dollars thousands	328	639	PDF p. 97
Share-based payment expensesSingapore dollars thousands	182	275	PDF p. 97
Gain on bargain purchase of subsidiarySingapore dollars thousands	(588)	–	PDF p. 97
Net fair value gain on investment propertiesSingapore dollars thousands	(10,638)	(6,262)	PDF p. 97
Currency realignmentSingapore dollars thousands	2,100	8,412	PDF p. 97
SubtotalSingapore dollars thousands	50,486	51,466	PDF p. 97
Operating profit before working capital changesSingapore dollars thousands	123,054	105,767	PDF p. 97
Increase in inventoriesSingapore dollars thousands	(1,226)	(312)	PDF p. 97
Increase in property development costsSingapore dollars thousands	(40,988)	(47,973)	PDF p. 97
Increase in trade and other receivables and contract assetsSingapore dollars thousands	(61,891)	(9,637)	PDF p. 97
Decrease in amounts due from associates and related partiesSingapore dollars thousands	4,226	6,009	PDF p. 97
(Decrease)/Increase in trade and other payables, and contract liabilitiesSingapore dollars thousands	(6,178)	34,453	PDF p. 97
SubtotalSingapore dollars thousands	(106,057)	(17,460)	PDF p. 97
Cash flows generated from operating activitiesSingapore dollars thousands	16,997	88,307	PDF p. 97
Interest receivedSingapore dollars thousands	3,591	3,347	PDF p. 97
Interest paidSingapore dollars thousands	(15,359)	(29,354)	PDF p. 97
Tax paidSingapore dollars thousands	(6,588)	(2,966)	PDF p. 97
Payment of employee benefitsSingapore dollars thousands	(981)	(737)	PDF p. 97
Payment of cash-settled share grantsSingapore dollars thousands	(110)	(101)	PDF p. 97
Net cash flows (used in)/generated from operating activitiesSingapore dollars thousands	(2,450)	58,496	PDF p. 97

Definitions & sources

Original report: PDF p. 97 ↗

Group cash flows — FY2025 source / investing and financing activities

22 metrics

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Group cash flows — FY2025 source / investing and financing activities from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	Source
Cash flows from investing activities
Purchase of property, plant and equipmentSingapore dollars thousands	(48,305)	(34,745)	PDF p. 98
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands	239	1,311	PDF p. 98
Increase in investment in a joint ventureSingapore dollars thousands	(3,630)	–	PDF p. 98
Increase in long-term investmentsSingapore dollars thousands	(250)	–	PDF p. 98
Acquisition of subsidiaries, net of cash acquiredSingapore dollars thousands	(4,466)	–	PDF p. 98
Dividend income from an associateSingapore dollars thousands	198	297	PDF p. 98
Purchase of investment propertySingapore dollars thousands	(3,958)	–	PDF p. 98
Subsequent expenditure on investment propertiesSingapore dollars thousands	(249)	(32)	PDF p. 98
Additions to intangible assetsSingapore dollars thousands	(347)	–	PDF p. 98
Net cash flows used in investing activitiesSingapore dollars thousands	(60,768)	(33,169)	PDF p. 98
Cash flows from financing activities
Proceeds from bank loansSingapore dollars thousands	112,817	90,305	PDF p. 98
Repayment of bank loansSingapore dollars thousands	(26,174)	(108,972)	PDF p. 98
Payment of lease liabilitiesSingapore dollars thousands	(11,404)	(12,447)	PDF p. 98
Payment of dividends - by subsidiaries to non-controlling interestsSingapore dollars thousands	(6,025)	(1,142)	PDF p. 98 Label p. 98
- by subsidiaries to loan stockholdersSingapore dollars thousands	(203)	(193)	PDF p. 98
- by Company to shareholdersSingapore dollars thousands	(11,270)	(10,411)	PDF p. 98
Purchase of treasury sharesSingapore dollars thousands	(55)	(334)	PDF p. 98
Net cash flows generated from/(used in) financing activitiesSingapore dollars thousands	57,686	(43,194)	PDF p. 98
Net decrease in cash and cash equivalentsSingapore dollars thousands	(5,532)	(17,867)	PDF p. 98
Net foreign exchange differenceSingapore dollars thousands	943	2,592	PDF p. 98
Cash and short-term deposits at beginning of the financial yearSingapore dollars thousands	115,428	130,703	PDF p. 98
Cash and short-term deposits at end of the financial yearSingapore dollars thousands	110,839	115,428	PDF p. 98

Definitions & sources

Original report: PDF p. 98 ↗

Group five-year financial highlights — FY2025 source

12 metrics

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Group five-year financial highlights — FY2025 source from ANNUAL REPORT 2025
Metric / unit	2021Group	2022Group	2023Group	2024Group	2025Group	Source
Group five-year financial highlights
RevenueSingapore dollars millions	221.2	271.3	327.9	380.6	477.4	PDF p. 20
Core Operating Profit/(Loss) 1Singapore dollars millions	(6.8)	19.1	48.2	69.0	109.8	PDF p. 20
Operating Profit 2Singapore dollars millions	4.5	41.7	90.1	103.2	126.0	PDF p. 20
Profit/(Loss) before tax (PBT)Singapore dollars millions	(51.8)	1.3	42.6	54.3	72.6	PDF p. 20
Profit/(Loss) after tax (PAT)Singapore dollars millions	(61.3)	0.6	32.9	48.6	53.2	PDF p. 20
Profit/(Loss) after tax & minority interests (PATMI)Singapore dollars millions	(55.2)	0.8	31.7	42.1	42.5	PDF p. 20
Operating Profit Marginpercent	2	15	27	27	26	PDF p. 20
• Basic earningsSingapore dollars per share	(0.065)	0.001	0.037	0.049	0.049	PDF p. 20
• Diluted earningsSingapore dollars per share	(0.065)	0.001	0.037	0.049	0.049	PDF p. 20
• Net assetsSingapore dollars per share	0.627	0.615	0.882	0.959	1.028	PDF p. 20
Net debt equity ratioratio	0.59	0.46	0.27	0.25	0.35	PDF p. 20
Net AssetsSingapore dollars millions	538.1	533.1	764.9	830.9	891.3	PDF p. 20

Definitions & sources

Original report: PDF p. 20 ↗

Latest report defines core operating profit as operating profit excluding one-off gains or losses, an alternative measure without a standardised SFRS(I) meaning (physical21). Operating Profit is EBITDA. FY2024 footnote mentions restated prior-year comparisons and excluding all Other Income. FY2025 defines current core profit as excluding one-off gains/losses; latest numeric table and exact management reconciliation retained without assuming these wordings interchangeable.

Summary per-share earnings are Singapore dollars, primary-statementEPS is Singapore cents. Summary monetary figures are Singapore dollars millions; primary amounts are thousands.

Summary net asset value uses its printed group net-assets basis; do not automatically replace with owner equity.

Dividends declared and proposed — FY2025 source

2 metrics

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Dividends declared and proposed — FY2025 source from ANNUAL REPORT 2025
Metric / unit	2025Company	2024Company	Source
Declared and paid during financial year
- Final tax-exempt dividend paid of 1.30 cents per share in respect of year 2024 (2024: 1.20 cents per share in respect of 2023)Singapore dollars thousands	11,270	10,411	PDF p. 217 Label p. 217
Proposed; not recognised as liability; subject to shareholder approval
- Final tax-exempt (one-tier) dividend for 2025: 1.35 cents (2024: 1.30 cents) per shareSingapore dollars thousands	11,703	11,266	PDF p. 217 Label p. 217

Definitions & sources

Original report: PDF p. 217 ↗

First row is aggregate cash paid duringFY2025 in respect ofFY2024 at1.30Singaporecents; comparativeFY2024 cash in respect ofFY2023 at1.20cents. Second row proposedFY2025 dividend1.35cents versusFY2024proposal1.30cents,not recognised as year-end liability and subject to AGM approval. Both table amount columns are Singapore dollars thousands.

Closing issued and treasury share counts — FY2025 original

2 metrics

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Closing issued and treasury share counts — FY2025 original from ANNUAL REPORT 2025
Metric / unit	2025Group and Company	2024Group and Company	Source
Issued and fully paid up shares at closing
At 1 January and 31 Decembershares	867,933,508	867,933,508	PDF p. 168
Treasury shares at closing; negative original count sign retained
At 31 Decembershares	(1,029,600)	(1,308,600)	PDF p. 169

Definitions & sources

Original report: PDF p. 168 ↗ PDF p. 169 ↗

Only the original share-count columns selected from mixed share-count/monetary note. Treasury share signs retained as printed; excluding treasury denominator is issued plus original negative treasury count.

Operating profit and one-off reconciliation — FY2025 source

3 metrics

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Operating profit and one-off reconciliation — FY2025 source from ANNUAL REPORT 2025
Metric / unit	2025Group	2024Group	Source
Management operating profit and one-off adjustment reconciliation
Operating ProfitSingapore dollars thousands	126,048	103,150	PDF p. 38
One-off AdjustmentsSingapore dollars thousands	(16,256)	(34,195)	PDF p. 38
Core Operating ProfitSingapore dollars thousands	109,792	68,955	PDF p. 38

Definitions & sources

Original report: PDF p. 38 ↗

Operating profit refers to EBITDA in current report; core operating profit excludes one-off gains/losses and is an alternative financial measure without standardised SFRS(I) meaning. Exact management reconciliation retained; not assumed equivalent to simply subtracting all Other Income.

Group income statement — FY2023 source

27 metrics

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Group income statement — FY2023 source from ANNUAL REPORT 2025
Metric / unit	2023Group	2022Group	Source
Group income statement — FY2023 source
RevenueSingapore dollars thousands	327,911	271,328	PDF p. 45
Other incomeSingapore dollars thousands	51,082	23,782	PDF p. 45
SubtotalSingapore dollars thousands	378,993	295,110	PDF p. 45
Costs and expenses
Cost of operating suppliesSingapore dollars thousands	(21,316)	(17,147)	PDF p. 45
Group income statement — FY2023 source
Cost of properties soldSingapore dollars thousands	(38,268)	(50,367)	PDF p. 45
Salaries and related expensesSingapore dollars thousands	(95,579)	(73,432)	PDF p. 45
Administrative expensesSingapore dollars thousands	(50,545)	(50,277)	PDF p. 45
Sales and marketing expensesSingapore dollars thousands	(25,961)	(13,548)	PDF p. 45
Other operating expensesSingapore dollars thousands	(55,332)	(48,471)	PDF p. 45
Impairment losses on financial assetsSingapore dollars thousands	(1,932)	(167)	PDF p. 45
SubtotalSingapore dollars thousands	(288,933)	(253,409)	PDF p. 45
Profit before interests, taxes, depreciation and amortisationSingapore dollars thousands	90,060	41,701	PDF p. 45
Depreciation of property, plant and equipment and right-of-use assetsSingapore dollars thousands	(23,469)	(19,086)	PDF p. 45
Amortisation expenseSingapore dollars thousands	(906)	(894)	PDF p. 45
Profit from operations and other gainsSingapore dollars thousands	65,685	21,721	PDF p. 45
Finance incomeSingapore dollars thousands	5,384	7,573	PDF p. 45
Finance costsSingapore dollars thousands	(22,312)	(22,681)	PDF p. 45
Share of results of associatesSingapore dollars thousands	(6,179)	(5,328)	PDF p. 45
Share of results of a joint ventureSingapore dollars thousands	9	–	PDF p. 45
Profit before taxationSingapore dollars thousands	42,587	1,285	PDF p. 45
Income tax expenseSingapore dollars thousands	(9,732)	(712)	PDF p. 45
Profit after taxationSingapore dollars thousands	32,855	573	PDF p. 45
Attributable to:
Owners of the CompanySingapore dollars thousands	31,708	767	PDF p. 45
Group income statement — FY2023 source
Non-controlling interestsSingapore dollars thousands	1,147	(194)	PDF p. 45
SubtotalSingapore dollars thousands	32,855	573	PDF p. 45
Earnings per share attributable to owners of the Company (in cents):
Earnings per share attributable to owners of the Company (in cents): BasicSingapore cents per share	3.66	0.09	PDF p. 45 Label p. 45
DilutedSingapore cents per share	3.65	0.08	PDF p. 45

Definitions & sources

Original report: PDF p. 45 ↗

Group comprehensive income — FY2023 source

12 metrics

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Group comprehensive income — FY2023 source from ANNUAL REPORT 2025
Metric / unit	2023Group	2022Group	Source
Group comprehensive income — FY2023 source
Profit after taxationSingapore dollars thousands	32,855	573	PDF p. 45
Items that may be reclassified subsequently to profit or loss
Exchange differences arising from consolidation of foreign operations and net investment in foreign operationsSingapore dollars thousands	3,659	(8,617)	PDF p. 45 Label p. 45
SubtotalSingapore dollars thousands	3,659	(8,617)	PDF p. 45
Items that will not be reclassified to profit or loss
Items that will not be reclassified to profit or loss Adjustment on property revaluation reserve, net of deferred taxSingapore dollars thousands	201,531	4,884	PDF p. 45 Label p. 45
Net fair value loss on equity instruments at fair value through other comprehensive incomeSingapore dollars thousands	(5,153)	(4,772)	PDF p. 45 Label p. 45
Actuarial (loss)/gain arising from defined benefit plan, net of deferred taxSingapore dollars thousands	(1,244)	10	PDF p. 45
SubtotalSingapore dollars thousands	195,134	122	PDF p. 45
Other comprehensive income/(loss) for the financial year, net of taxSingapore dollars thousands	198,793	(8,495)	PDF p. 45
Total comprehensive income/(loss) for the financial yearSingapore dollars thousands	231,648	(7,922)	PDF p. 45
Total comprehensive income/(loss) attributable to:
Total comprehensive income/(loss) attributable to: Owners of the CompanySingapore dollars thousands	206,526	(6,484)	PDF p. 45 Label p. 45
Non-controlling interestsSingapore dollars thousands	25,122	(1,438)	PDF p. 45
SubtotalSingapore dollars thousands	231,648	(7,922)	PDF p. 45

Definitions & sources

Original report: PDF p. 45 ↗

Group and Company balance sheets — FY2023 source / assets

30 metrics

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Group and Company balance sheets — FY2023 source / assets from ANNUAL REPORT 2025
Metric / unit	2023Group	2022Group	2023Company	2022Company	Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands	790,955	555,621	–	–	PDF p. 46
Right-of-use assetsSingapore dollars thousands	62,400	17,187	–	–	PDF p. 46
Investment propertiesSingapore dollars thousands	69,230	85,262	–	–	PDF p. 46
Intangible assetsSingapore dollars thousands	194,134	38,031	3,789	3,881	PDF p. 46
Land use rightsSingapore dollars thousands	2,596	2,731	–	–	PDF p. 46
SubsidiariesSingapore dollars thousands	–	–	497,521	502,259	PDF p. 46
Joint ventureSingapore dollars thousands	59	51	–	–	PDF p. 46
AssociatesSingapore dollars thousands	75,981	102,669	869	869	PDF p. 46
Long-term investmentsSingapore dollars thousands	853	24,238	–	–	PDF p. 46
Deferred tax assetsSingapore dollars thousands	31,013	29,368	–	–	PDF p. 46
Prepaid island rentalSingapore dollars thousands	15,559	16,554	–	–	PDF p. 46
PrepaymentsSingapore dollars thousands	1,950	1,600	–	–	PDF p. 46
Long-term receivablesSingapore dollars thousands	19,596	17,052	–	–	PDF p. 46
Other receivablesSingapore dollars thousands	19,011	2,490	–	–	PDF p. 46
Costs to acquire contractsSingapore dollars thousands	7,423	–	–	–	PDF p. 46
Amounts due from related partiesSingapore dollars thousands	–	269	–	–	PDF p. 46
SubtotalSingapore dollars thousands	1,290,760	893,123	502,179	507,009	PDF p. 46
Current assets
Property development costsSingapore dollars thousands	185,822	186,255	–	–	PDF p. 46
InventoriesSingapore dollars thousands	8,096	4,463	–	–	PDF p. 46
Prepayments and other non-financial assetsSingapore dollars thousands	25,868	14,546	1,804	403	PDF p. 46
Trade receivablesSingapore dollars thousands	58,483	47,854	32	112	PDF p. 46
Other receivablesSingapore dollars thousands	7,050	14,406	1,109	1,045	PDF p. 46
Contract assetsSingapore dollars thousands	1,765	1,557	–	–	PDF p. 46
Amounts due from subsidiariesSingapore dollars thousands	–	–	210,713	171,582	PDF p. 46
Amounts due from associatesSingapore dollars thousands	23,147	30,072	250	10,334	PDF p. 46
Amounts due from related partiesSingapore dollars thousands	45	96	21	18	PDF p. 46
InvestmentsSingapore dollars thousands	–	72,149	–	–	PDF p. 46
Cash and short-term depositsSingapore dollars thousands	130,703	92,795	49,698	29,673	PDF p. 46
SubtotalSingapore dollars thousands	440,979	464,193	263,627	213,167	PDF p. 46
Total assetsSingapore dollars thousands	1,731,739	1,357,316	765,806	720,176	PDF p. 46

Definitions & sources

Original report: PDF p. 46 ↗

Group and Company balance sheets — FY2023 source / liabilities and equity

29 metrics

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Group and Company balance sheets — FY2023 source / liabilities and equity from ANNUAL REPORT 2025
Metric / unit	2023Group	2022Group	2023Company	2022Company	Source
Current liabilities
Tax payableSingapore dollars thousands	18,329	9,134	–	–	PDF p. 46
Other non-financial liabilitiesSingapore dollars thousands	18,959	13,134	1,349	1,726	PDF p. 46
Interest-bearing loans and borrowingsSingapore dollars thousands	92,734	104,237	46,260	42,095	PDF p. 46
Trade payablesSingapore dollars thousands	33,552	24,468	–	–	PDF p. 46
Other payablesSingapore dollars thousands	74,673	128,777	6,358	6,696	PDF p. 46
Contract liabilitiesSingapore dollars thousands	129,847	95,038	–	–	PDF p. 46
Lease liabilitiesSingapore dollars thousands	5,535	2,705	–	–	PDF p. 46
Amounts due to subsidiariesSingapore dollars thousands	–	–	70,746	54,200	PDF p. 46
Amounts due to associatesSingapore dollars thousands	92	17,912	–	–	PDF p. 46
Amounts due to related partiesSingapore dollars thousands	1,758	990	14	13	PDF p. 46
SubtotalSingapore dollars thousands	375,479	396,395	124,727	104,730	PDF p. 46
Net current assetsSingapore dollars thousands	65,500	67,798	138,900	108,437	PDF p. 46
Non-current liabilities
Deferred tax liabilitiesSingapore dollars thousands	197,007	131,752	–	–	PDF p. 46
Defined and other long-term employee benefitsSingapore dollars thousands	6,643	5,016	–	–	PDF p. 46
Deposits receivedSingapore dollars thousands	1,950	1,874	–	–	PDF p. 46
Other non-financial liabilitiesSingapore dollars thousands	23,726	20,958	–	–	PDF p. 46
Interest-bearing loans and borrowingsSingapore dollars thousands	243,443	233,107	70,983	42,778	PDF p. 46
Other payablesSingapore dollars thousands	44,063	3,574	–	–	PDF p. 46
Lease liabilitiesSingapore dollars thousands	74,484	31,495	–	–	PDF p. 46
Amounts due to subsidiariesSingapore dollars thousands	–	–	201,328	194,952	PDF p. 46
SubtotalSingapore dollars thousands	591,316	427,776	272,311	237,730	PDF p. 46
Total liabilitiesSingapore dollars thousands	966,795	824,171	397,038	342,460	PDF p. 46
Net assetsSingapore dollars thousands	764,944	533,145	368,768	377,716	PDF p. 46
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands	250,668	250,668	250,668	250,668	PDF p. 46
Non-current liabilities
Treasury sharesSingapore dollars thousands	(500)	(623)	(500)	(623)	PDF p. 46
ReservesSingapore dollars thousands	440,809	234,453	118,600	127,671	PDF p. 46
SubtotalSingapore dollars thousands	690,977	484,498	368,768	377,716	PDF p. 46
Non-controlling interestsSingapore dollars thousands	73,967	48,647	–	–	PDF p. 46
Total equitySingapore dollars thousands	764,944	533,145	368,768	377,716	PDF p. 46

Definitions & sources

Original report: PDF p. 46 ↗

Group changes in equity — FY2023 source / ending 2023

16 metrics

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Group changes in equity — FY2023 source / ending 2023 from ANNUAL REPORT 2025
Metric / unit	2023GroupShare capital	2023GroupTreasury shares	2023GroupShare-based payment reserve	2023GroupLegal reserve	2023GroupProperty revaluation reserve	2023GroupCurrency translation reserve	2023GroupOther reserves	2023GroupAccumulated profits	2023GroupEquity attributable to owners of the Company	2023GroupNon-controlling interests	2023GroupTotal equity	Source
2023
At 1 January 2023Singapore dollars thousands	250,668	(623)	7,962	8,388	208,243	(66,087)	16,461	59,486	484,498	48,647	533,145	PDF p. 47
Group changes in equity — FY2023 source / ending 2023
Profit after taxationSingapore dollars thousands	–	–	–	–	–	–	–	31,708	31,708	1,147	32,855	PDF p. 47
Other comprehensive income/(loss)
Exchange differences arising from consolidation of foreign operations and net investment in foreign operationsSingapore dollars thousands	–	–	–	–	–	5,568	–	–	5,568	(1,909)	3,659	PDF p. 47 Label p. 47
Group changes in equity — FY2023 source / ending 2023
Adjustment on property revaluation reserve, net of deferred taxSingapore dollars thousands	–	–	–	–	175,380	–	–	–	175,380	26,151	201,531	PDF p. 47 Label p. 47
Net fair value loss on equity instruments at fair value through other comprehensive incomeSingapore dollars thousands	–	–	–	–	–	–	(5,057)	–	(5,057)	(96)	(5,153)	PDF p. 47 Label p. 47
Actuarial loss arising from defined benefit plan, net of deferred taxSingapore dollars thousands	–	–	–	–	–	–	–	(1,073)	(1,073)	(171)	(1,244)	PDF p. 47 Label p. 47
Total other comprehensive income/(loss) for the financial yearSingapore dollars thousands	–	–	–	–	175,380	5,568	(5,057)	(1,073)	174,818	23,975	198,793	PDF p. 47 Label p. 47
Total comprehensive income/(loss) for the
Total comprehensive income/(loss) for the financial yearSingapore dollars thousands	–	–	–	–	175,380	5,568	(5,057)	30,635	206,526	25,122	231,648	PDF p. 47 Label p. 47
Contributions by and distributions to owners
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	123	(68)	–	–	–	(55)	–	–	–	–	PDF p. 47 Label p. 47
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	150	–	–	–	–	–	150	–	150	PDF p. 47 Label p. 47
Total transactions with owners in their capacity as ownersSingapore dollars thousands	–	123	82	–	–	–	(55)	–	150	–	150	PDF p. 47 Label p. 47
Other changes in equity
Dividends paid to loan stockholders of a subsidiarySingapore dollars thousands	–	–	–	–	–	–	–	(197)	(197)	–	(197)	PDF p. 47
Contributions by and distributions to owners
Transfer to accumulated profits upon disposal of assetSingapore dollars thousands	–	–	–	–	(17,777)	–	10,022	7,755	–	198	198	PDF p. 47
Transfer to legal reserveSingapore dollars thousands	–	–	–	9	–	–	–	(9)	–	–	–	PDF p. 47
Total other changes in equitySingapore dollars thousands	–	–	–	9	(17,777)	–	10,022	7,549	(197)	198	1	PDF p. 47
At 31 December 2023Singapore dollars thousands	250,668	(500)	8,044	8,397	365,846	(60,519)	21,371	97,670	690,977	73,967	764,944	PDF p. 47

Definitions & sources

Original report: PDF p. 47 ↗

Group changes in equity — FY2023 source / ending 2022

20 metrics

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Group changes in equity — FY2023 source / ending 2022 from ANNUAL REPORT 2025
Metric / unit	2022GroupShare capital	2022GroupTreasury shares	2022GroupShare-based payment reserve	2022GroupLegal reserve	2022GroupProperty revaluation reserve	2022GroupCurrency translation reserve	2022GroupOther reserves	2022GroupAccumulated profits	2022GroupEquity attributable to owners of the Company	2022GroupNon-controlling interests	2022GroupTotal equity	Source
2022
At 1 January 2022Singapore dollars thousands	247,578	(706)	7,914	8,384	205,223	(58,662)	21,470	57,049	488,250	49,835	538,085	PDF p. 48
Group changes in equity — FY2023 source / ending 2022
Profit/(loss) after taxationSingapore dollars thousands	–	–	–	–	–	–	–	767	767	(194)	573	PDF p. 48
Other comprehensive income/(loss)
Exchange differences arising from consolidation of foreign operations and net investment in foreign operationsSingapore dollars thousands	–	–	–	–	–	(7,425)	–	–	(7,425)	(1,192)	(8,617)	PDF p. 48 Label p. 48
Group changes in equity — FY2023 source / ending 2022
Adjustment on property revaluation reserve, net of deferred taxSingapore dollars thousands	–	–	–	–	4,884	–	–	–	4,884	–	4,884	PDF p. 48 Label p. 48
Net fair value loss on equity instruments at fair value through other comprehensive incomeSingapore dollars thousands	–	–	–	–	–	–	(4,720)	–	(4,720)	(52)	(4,772)	PDF p. 48 Label p. 48
Actuarial gain arising from defined benefit plan, net of deferred taxSingapore dollars thousands	–	–	–	–	–	–	–	10	10	–	10	PDF p. 48 Label p. 48
Total other comprehensive income/(loss) for the financial yearSingapore dollars thousands	–	–	–	–	4,884	(7,425)	(4,720)	10	(7,251)	(1,244)	(8,495)	PDF p. 48 Label p. 48
Total comprehensive income/(loss) for the
Total comprehensive income/(loss) for the financial yearSingapore dollars thousands	–	–	–	–	4,884	(7,425)	(4,720)	777	(6,484)	(1,438)	(7,922)	PDF p. 48 Label p. 48
Contributions by and distributions to owners
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	83	(44)	–	–	–	(39)	–	–	–	–	PDF p. 48 Label p. 48
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	92	–	–	–	–	–	92	–	92	PDF p. 48 Label p. 48
Issue of new sharesSingapore dollars thousands	3,090	–	–	–	–	–	–	–	3,090	–	3,090	PDF p. 48
Total contributions by and distributions to ownersSingapore dollars thousands	3,090	83	48	–	–	–	(39)	–	3,182	–	3,182	PDF p. 48
Changes in ownership interests in subsidiary
Acquisition of non-controlling interestsSingapore dollars thousands	–	–	–	–	–	–	(250)	–	(250)	250	–	PDF p. 48
Contributions by and distributions to owners
Total changes in ownership interests in subsidiarySingapore dollars thousands	–	–	–	–	–	–	(250)	–	(250)	250	–	PDF p. 48
Total transactions with owners in their capacity as ownersSingapore dollars thousands	3,090	83	48	–	–	–	(289)	–	2,932	250	3,182	PDF p. 48 Label p. 48
Other changes in equity
Dividends paid to loan stockholders of a subsidiarySingapore dollars thousands	–	–	–	–	–	–	–	(200)	(200)	–	(200)	PDF p. 48
Contributions by and distributions to owners
Transfer to accumulated profits upon disposal of assetSingapore dollars thousands	–	–	–	–	(1,864)	–	–	1,864	–	–	–	PDF p. 48
Transfer to legal reserveSingapore dollars thousands	–	–	–	4	–	–	–	(4)	–	–	–	PDF p. 48
Total other changes in equitySingapore dollars thousands	–	–	–	4	(1,864)	–	–	1,660	(200)	–	(200)	PDF p. 48
At 31 December 2022Singapore dollars thousands	250,668	(623)	7,962	8,388	208,243	(66,087)	16,461	59,486	484,498	48,647	533,145	PDF p. 48

Definitions & sources

Original report: PDF p. 48 ↗

Company changes in equity — FY2023 source / ending 2023

7 metrics

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Company changes in equity — FY2023 source / ending 2023 from ANNUAL REPORT 2025
Metric / unit	2023CompanyShare capital	2023CompanyTreasury shares	2023CompanyShare-based payment reserve	2023CompanyOther reserves	2023CompanyAccumulated profits	2023CompanyTotal equity	Source
Company
At 1 January 2023Singapore dollars thousands	250,668	(623)	7,962	4,523	115,186	377,716	PDF p. 49
Company changes in equity — FY2023 source
Loss after taxationSingapore dollars thousands	–	–	–	–	(9,098)	(9,098)	PDF p. 49
Total comprehensive loss for the
Total comprehensive loss for the financial yearSingapore dollars thousands	–	–	–	–	(9,098)	(9,098)	PDF p. 49 Label p. 49
to owners
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	123	(68)	(55)	–	–	PDF p. 49 Label p. 49
Contributions by and distributions to owners
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	150	–	–	150	PDF p. 49 Label p. 49
Total transactions with owners in their capacity as ownersSingapore dollars thousands	–	123	82	(55)	–	150	PDF p. 49 Label p. 49
At 31 December 2023Singapore dollars thousands	250,668	(500)	8,044	4,468	106,088	368,768	PDF p. 49

Definitions & sources

Original report: PDF p. 49 ↗

Company changes in equity — FY2023 source / ending 2022

8 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity — FY2023 source / ending 2022 from ANNUAL REPORT 2025
Metric / unit	2022CompanyShare capital	2022CompanyTreasury shares	2022CompanyShare-based payment reserve	2022CompanyOther reserves	2022CompanyAccumulated profits	2022CompanyTotal equity	Source
Contributions by and distributions to owners
At 1 January 2022Singapore dollars thousands	247,578	(706)	7,914	4,562	166,646	425,994	PDF p. 49
Loss after taxationSingapore dollars thousands	–	–	–	–	(51,460)	(51,460)	PDF p. 49
Total comprehensive loss for the
Total comprehensive loss for the financial yearSingapore dollars thousands	–	–	–	–	(51,460)	(51,460)	PDF p. 49 Label p. 49
to owners
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	83	(44)	(39)	–	–	PDF p. 49 Label p. 49
Contributions by and distributions to owners
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	92	–	–	92	PDF p. 49 Label p. 49
Issue of new sharesSingapore dollars thousands	3,090	–	–	–	–	3,090	PDF p. 49
Total transactions with owners in their capacity as ownersSingapore dollars thousands	3,090	83	48	(39)	–	3,182	PDF p. 49 Label p. 49
At 31 December 2022Singapore dollars thousands	250,668	(623)	7,962	4,523	115,186	377,716	PDF p. 49

Definitions & sources

Original report: PDF p. 49 ↗

Group cash flows — FY2023 source / operating activities

35 metrics

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Group cash flows — FY2023 source / operating activities from ANNUAL REPORT 2025
Metric / unit	2023Group	2022Group	Source
Cash flows from operating activities
Profit before taxationSingapore dollars thousands	42,587	1,285	PDF p. 49
Adjustments for:
Share of results of associatesSingapore dollars thousands	6,179	5,328	PDF p. 49
Share of results of a joint ventureSingapore dollars thousands	(9)	–	PDF p. 49
Depreciation of property, plant and equipment and right-of-use assetsSingapore dollars thousands	23,469	19,086	PDF p. 49
(Gain)/Loss on disposal of property, plant and equipment, netSingapore dollars thousands	(704)	126	PDF p. 49
Write-off of property, plant and equipmentSingapore dollars thousands	15	335	PDF p. 49
(Reversal of impairment loss)/Impairment loss on property, plant and equipmentSingapore dollars thousands	(3,870)	915	PDF p. 49 Label p. 49
Finance incomeSingapore dollars thousands	(5,384)	(7,573)	PDF p. 49
Finance costsSingapore dollars thousands	22,312	22,681	PDF p. 49
Amortisation expenseSingapore dollars thousands	906	894	PDF p. 49
Impairment losses on financial assetsSingapore dollars thousands	1,932	167	PDF p. 49
Write down of property development costsSingapore dollars thousands	3,299	393	PDF p. 49
Allowance for inventory obsolescenceSingapore dollars thousands	6	92	PDF p. 49
Defined and other long-term employee benefits expenseSingapore dollars thousands	487	620	PDF p. 49
Share-based payment expensesSingapore dollars thousands	153	119	PDF p. 49
Gain on remeasurement of previously held equity interest in associates at fair valueSingapore dollars thousands	(33,515)	–	PDF p. 49 Label p. 49
Gain on expiry of derivativesSingapore dollars thousands	–	(15,384)	PDF p. 49
Net fair value gain on investment propertiesSingapore dollars thousands	(4,331)	(6,887)	PDF p. 49
Gain on disposal of investment propertySingapore dollars thousands	(10,545)	–	PDF p. 49
Currency realignmentSingapore dollars thousands	15,821	426	PDF p. 49
SubtotalSingapore dollars thousands	16,221	21,338	PDF p. 49
Operating profit before working capital changesSingapore dollars thousands	58,808	22,623	PDF p. 49
Increase in inventoriesSingapore dollars thousands	(3,768)	(614)	PDF p. 49
(Increase)/Decrease in property development costsSingapore dollars thousands	(8,041)	18,127	PDF p. 49
Increase in trade and other receivables and contract assetsSingapore dollars thousands	(46,310)	(6,024)	PDF p. 49
(Increase)/Decrease in amounts due from associates and related partiesSingapore dollars thousands	(1,168)	27,653	PDF p. 49
Increase in trade and other payables, and contract liabilitiesSingapore dollars thousands	59,284	53,473	PDF p. 49
SubtotalSingapore dollars thousands	(3)	92,615	PDF p. 49
Cash flows generated from operating activitiesSingapore dollars thousands	58,805	115,238	PDF p. 49
Interest receivedSingapore dollars thousands	1,979	2,207	PDF p. 49
Interest paidSingapore dollars thousands	(15,273)	(20,046)	PDF p. 49
Tax paidSingapore dollars thousands	(4,359)	(5,831)	PDF p. 49
Payment of employee benefitsSingapore dollars thousands	(259)	(665)	PDF p. 49
Payment of cash-settled share grantsSingapore dollars thousands	(51)	(15)	PDF p. 49
Net cash flows generated from operating activitiesSingapore dollars thousands	40,842	90,888	PDF p. 49

Definitions & sources

Original report: PDF p. 49 ↗

Group cash flows — FY2023 source / investing and financing activities

24 metrics

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Group cash flows — FY2023 source / investing and financing activities from ANNUAL REPORT 2025
Metric / unit	2023Group	2022Group	Source
Cash flows from investing activities
Purchase of property, plant and equipmentSingapore dollars thousands	(27,758)	(18,738)	PDF p. 50
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands	2,993	431	PDF p. 50
Proceeds from disposal of investment propertiesSingapore dollars thousands	40,545	–	PDF p. 50
Proceeds from disposal of long-term investmentsSingapore dollars thousands	13,834	–	PDF p. 50
Proceeds from redemption of redeemable preference sharesSingapore dollars thousands	11,855	–	PDF p. 50
Increase in investment in a joint ventureSingapore dollars thousands	–	(53)	PDF p. 50
Acquisition of subsidiaries, net of cash acquiredSingapore dollars thousands	(35,699)	–	PDF p. 50
Dividend income from an associateSingapore dollars thousands	744	769	PDF p. 50
Subsequent expenditure on investment propertiesSingapore dollars thousands	–	(78)	PDF p. 50
Additions to intangible assetsSingapore dollars thousands	–	(237)	PDF p. 50
Net cash flows generated from/(used in) investing activitiesSingapore dollars thousands	6,514	(17,906)	PDF p. 50
Cash flows from financing activities
Proceeds from bank loansSingapore dollars thousands	129,729	5,959	PDF p. 50
Repayment of bank loansSingapore dollars thousands	(125,322)	(48,803)	PDF p. 50
Redemption of convertible bondsSingapore dollars thousands	–	(43,760)	PDF p. 50
Payment of principal portion of lease liabilitiesSingapore dollars thousands	(11,874)	(4,128)	PDF p. 50
Payment of dividends - by subsidiaries to loan stockholdersSingapore dollars thousands	(197)	(200)	PDF p. 50 Label p. 50
Net cash flows used in financing activitiesSingapore dollars thousands	(7,664)	(90,932)	PDF p. 50
Net increase/(decrease) in cash and cash equivalentsSingapore dollars thousands	39,692	(17,950)	PDF p. 50
Net foreign exchange differenceSingapore dollars thousands	(1,784)	(1,581)	PDF p. 50
Cash and short-term deposits at beginning of the financial yearSingapore dollars thousands	92,795	112,326	PDF p. 50
Cash and short-term deposits at end of the financial yearSingapore dollars thousands	130,703	92,795	PDF p. 50
Cash and cash equivalentsSingapore dollars thousands	130,703	90,052	PDF p. 50
Restricted cashSingapore dollars thousands	–	2,743	PDF p. 50
Total cash and short-term deposits as shown aboveSingapore dollars thousands	130,703	92,795	PDF p. 50

Definitions & sources

Original report: PDF p. 50 ↗

Closing issued and treasury share counts — FY2023 original

2 metrics

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Closing issued and treasury share counts — FY2023 original from ANNUAL REPORT 2025
Metric / unit	2023Group and Company	2022Group and Company	Source
Issued and fully paid up shares at closing
31 Decembershares	867,933,508	867,933,508	PDF p. 92
Treasury shares at closing; negative original count sign retained
At 31 Decembershares	(871,700)	(1,085,700)	PDF p. 92

Definitions & sources

Original report: PDF p. 92 ↗

Group income statement — FY2021 source

26 metrics

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Group income statement — FY2021 source from ANNUAL REPORT 2025
Metric / unit	2021Group	2020Group	Source
Group income statement — FY2021 source
RevenueSingapore dollars thousands	221,228	157,832	PDF p. 55
Other incomeSingapore dollars thousands	13,224	1,747	PDF p. 55
SubtotalSingapore dollars thousands	234,452	159,579	PDF p. 55
Costs and expenses
Cost of operating suppliesSingapore dollars thousands	(9,916)	(9,682)	PDF p. 55
Group income statement — FY2021 source
Cost of properties soldSingapore dollars thousands	(100,824)	(36,186)	PDF p. 55
Salaries and related expensesSingapore dollars thousands	(50,602)	(55,943)	PDF p. 55
Administrative expensesSingapore dollars thousands	(28,691)	(55,777)	PDF p. 55
Sales and marketing expensesSingapore dollars thousands	(7,123)	(7,933)	PDF p. 55
Other operating expensesSingapore dollars thousands	(25,646)	(27,041)	PDF p. 55
Impairment losses on financial assetsSingapore dollars thousands	(7,111)	(2,135)	PDF p. 55
SubtotalSingapore dollars thousands	(229,913)	(194,697)	PDF p. 55
Profit/(Loss) before interests, taxes, depreciation and amortisationSingapore dollars thousands	4,539	(35,118)	PDF p. 55
Depreciation of property, plant and equipment and right-of-use assetsSingapore dollars thousands	(21,845)	(25,557)	PDF p. 55
Amortisation expenseSingapore dollars thousands	(825)	(779)	PDF p. 55
Loss from operations and other gainsSingapore dollars thousands	(18,131)	(61,454)	PDF p. 55
Finance incomeSingapore dollars thousands	3,638	7,016	PDF p. 55
Finance costsSingapore dollars thousands	(39,974)	(33,448)	PDF p. 55
Share of results of associatesSingapore dollars thousands	2,647	(6,686)	PDF p. 55
Loss before taxationSingapore dollars thousands	(51,820)	(94,572)	PDF p. 55
Income tax expenseSingapore dollars thousands	(9,454)	(7,936)	PDF p. 55
Loss after taxationSingapore dollars thousands	(61,274)	(102,508)	PDF p. 55
Attributable to:
Owners of the CompanySingapore dollars thousands	(55,192)	(95,838)	PDF p. 55
Group income statement — FY2021 source
Non-controlling interestsSingapore dollars thousands	(6,082)	(6,670)	PDF p. 55
SubtotalSingapore dollars thousands	(61,274)	(102,508)	PDF p. 55
Earnings per share attributable to owners of the Company (in cents):
Earnings per share attributable to owners of the Company (in cents): BasicSingapore cents per share	(6.50)	(11.41)	PDF p. 55 Label p. 55
DilutedSingapore cents per share	(6.50)	(11.41)	PDF p. 55

Definitions & sources

Original report: PDF p. 55 ↗

Group comprehensive income — FY2021 source

13 metrics

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Group comprehensive income — FY2021 source from ANNUAL REPORT 2025
Metric / unit	2021Group	2020Group	Source
Group comprehensive income — FY2021 source
Loss after taxationSingapore dollars thousands	(61,274)	(102,508)	PDF p. 55
Items that may be reclassified subsequently to profit or loss
Other comprehensive loss: Items that may be reclassified subsequently to profit or loss Realisation of currency translation reservesSingapore dollars thousands	(139)	–	PDF p. 55 Label p. 55
Exchange differences arising from consolidation of foreign operations and net investment in foreign operationsSingapore dollars thousands	(34,720)	(11,985)	PDF p. 55 Label p. 55
SubtotalSingapore dollars thousands	(34,859)	(11,985)	PDF p. 55
Items that will not be reclassified to profit or loss
Items that will not be reclassified to profit or loss Adjustment on property revaluation reserve, net of deferred taxSingapore dollars thousands	115	(550)	PDF p. 55 Label p. 55
Net fair value gain/(loss) on equity instruments at fair value through other comprehensive incomeSingapore dollars thousands	914	(447)	PDF p. 55 Label p. 55
Actuarial loss arising from defined benefit plan, net of deferred taxSingapore dollars thousands	–	(1,222)	PDF p. 55
SubtotalSingapore dollars thousands	1,029	(2,219)	PDF p. 55
Other comprehensive loss for the financial year, net of taxSingapore dollars thousands	(33,830)	(14,204)	PDF p. 55
Total comprehensive loss for the financial yearSingapore dollars thousands	(95,104)	(116,712)	PDF p. 55
Total comprehensive loss attributable to:
Total comprehensive loss attributable to: Owners of the CompanySingapore dollars thousands	(83,578)	(107,924)	PDF p. 55 Label p. 55
Non-controlling interestsSingapore dollars thousands	(11,526)	(8,788)	PDF p. 55
SubtotalSingapore dollars thousands	(95,104)	(116,712)	PDF p. 55

Definitions & sources

Original report: PDF p. 55 ↗

Group and Company balance sheets — FY2021 source / assets

28 metrics

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Group and Company balance sheets — FY2021 source / assets from ANNUAL REPORT 2025
Metric / unit	2021Group	2020Group	2021Company	2020Company	Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands	567,671	651,822	–	–	PDF p. 56
Right-of-use assetsSingapore dollars thousands	17,718	18,769	–	–	PDF p. 56
Investment propertiesSingapore dollars thousands	79,689	62,065	–	–	PDF p. 56
Intangible assetsSingapore dollars thousands	36,723	35,198	3,730	3,815	PDF p. 56
Land use rightsSingapore dollars thousands	2,647	2,338	–	–	PDF p. 56
SubsidiariesSingapore dollars thousands	–	–	562,806	637,063	PDF p. 56
AssociatesSingapore dollars thousands	111,135	155,606	869	3,529	PDF p. 56
Long-term investmentsSingapore dollars thousands	29,010	100,245	–	–	PDF p. 56
Deferred tax assetsSingapore dollars thousands	21,042	23,266	–	–	PDF p. 56
Prepaid island rentalSingapore dollars thousands	17,557	17,962	–	–	PDF p. 56
PrepaymentsSingapore dollars thousands	1,555	433	–	–	PDF p. 56
Long-term receivablesSingapore dollars thousands	20,418	41,530	–	5,720	PDF p. 56
Other receivablesSingapore dollars thousands	4,511	4,883	–	–	PDF p. 56
Amounts due from related partiesSingapore dollars thousands	2,042	17,074	–	–	PDF p. 56
SubtotalSingapore dollars thousands	911,718	1,131,191	567,405	650,127	PDF p. 56
Current assets
Property development costsSingapore dollars thousands	211,391	314,091	–	–	PDF p. 56
InventoriesSingapore dollars thousands	4,050	4,987	–	–	PDF p. 56
Prepayments and other non-financial assetsSingapore dollars thousands	11,220	13,461	699	13	PDF p. 56
Trade receivablesSingapore dollars thousands	41,884	38,163	5,347	4,317	PDF p. 56
Other receivablesSingapore dollars thousands	13,245	18,045	509	666	PDF p. 56
Contract assetsSingapore dollars thousands	1,666	2,592	–	–	PDF p. 56
Amounts due from subsidiariesSingapore dollars thousands	–	–	169,789	185,428	PDF p. 56
Amounts due from associatesSingapore dollars thousands	41,869	2,756	7,202	1,430	PDF p. 56
Amounts due from related partiesSingapore dollars thousands	52	132	16	–	PDF p. 56
InvestmentsSingapore dollars thousands	74,159	2,006	2,010	2,006	PDF p. 56
Cash and short-term depositsSingapore dollars thousands	112,326	51,287	63,060	15,386	PDF p. 56
SubtotalSingapore dollars thousands	511,862	447,520	248,632	209,246	PDF p. 56
Total assetsSingapore dollars thousands	1,423,580	1,578,711	816,037	859,373	PDF p. 56

Definitions & sources

Original report: PDF p. 56 ↗

Group and Company balance sheets — FY2021 source / liabilities and equity

33 metrics

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Group and Company balance sheets — FY2021 source / liabilities and equity from ANNUAL REPORT 2025
Metric / unit	2021Group	2020Group	2021Company	2020Company	Source
Current liabilities
Tax payableSingapore dollars thousands	11,524	9,290	–	16	PDF p. 56
Other non-financial liabilitiesSingapore dollars thousands	13,321	14,297	1,051	1,009	PDF p. 56
Interest-bearing loans and borrowingsSingapore dollars thousands	153,576	226,204	58,825	91,561	PDF p. 56
Convertible bondsSingapore dollars thousands	42,473	–	42,473	–	PDF p. 56
Derivative liability conversion option in convertible bondsSingapore dollars thousands	16,193	–	16,193	–	PDF p. 56 Label p. 56
Trade payablesSingapore dollars thousands	21,825	32,166	–	–	PDF p. 56
Other payablesSingapore dollars thousands	115,123	116,612	70,411	66,867	PDF p. 56
Contract liabilitiesSingapore dollars thousands	69,286	52,853	–	–	PDF p. 56
Lease liabilitiesSingapore dollars thousands	2,291	2,130	–	–	PDF p. 56
Amounts due to subsidiariesSingapore dollars thousands	–	–	33,677	17,570	PDF p. 56
Amounts due to associatesSingapore dollars thousands	17,873	17,886	–	17,831	PDF p. 56
Amounts due to related partiesSingapore dollars thousands	648	270	13	13	PDF p. 56
SubtotalSingapore dollars thousands	464,133	471,708	222,643	194,867	PDF p. 56
Net current assets/(liabilities)Singapore dollars thousands	47,729	(24,188)	25,989	14,379	PDF p. 56
Non-current liabilities
Deferred tax liabilitiesSingapore dollars thousands	128,889	138,017	–	–	PDF p. 56
Defined and other long-term employee benefitsSingapore dollars thousands	5,210	6,727	–	–	PDF p. 56
Deposits receivedSingapore dollars thousands	1,901	1,939	–	–	PDF p. 56
Other non-financial liabilitiesSingapore dollars thousands	16,847	7,792	–	–	PDF p. 56
Interest-bearing loans and borrowingsSingapore dollars thousands	233,173	233,096	33,548	18,813	PDF p. 56
Convertible bondsSingapore dollars thousands	–	41,318	–	41,318	PDF p. 56
Derivative liability conversion option in convertible bondsSingapore dollars thousands	–	15,182	–	15,182	PDF p. 56 Label p. 56
Other payablesSingapore dollars thousands	3,239	3,034	–	–	PDF p. 56
Lease liabilitiesSingapore dollars thousands	32,103	32,298	–	–	PDF p. 56
Amounts due to subsidiariesSingapore dollars thousands	–	–	133,852	130,476	PDF p. 56
SubtotalSingapore dollars thousands	421,362	479,403	167,400	205,789	PDF p. 56
Total liabilitiesSingapore dollars thousands	885,495	951,111	390,043	400,656	PDF p. 56
Net assetsSingapore dollars thousands	538,085	627,600	425,994	458,717	PDF p. 56
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands	247,578	241,750	247,578	241,750	PDF p. 56
Non-current liabilities
Treasury sharesSingapore dollars thousands	(706)	(758)	(706)	(758)	PDF p. 56
ReservesSingapore dollars thousands	241,378	325,247	179,122	217,725	PDF p. 56
SubtotalSingapore dollars thousands	488,250	566,239	425,994	458,717	PDF p. 56
Non-controlling interestsSingapore dollars thousands	49,835	61,361	–	–	PDF p. 56
Total equitySingapore dollars thousands	538,085	627,600	425,994	458,717	PDF p. 56

Definitions & sources

Original report: PDF p. 56 ↗

Group changes in equity — FY2021 source / ending 2021

17 metrics

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Group changes in equity — FY2021 source / ending 2021 from ANNUAL REPORT 2025
Metric / unit	2021GroupShare capital	2021GroupTreasury shares	2021GroupShare-based payment reserve	2021GroupLegal reserve	2021GroupProperty revaluation reserve	2021GroupCurrency translation reserve	2021GroupOther reserves	2021GroupAccumulated profits	2021GroupEquity attributable to owners of the Company	2021GroupNon-controlling interests	2021GroupTotal equity	Source
2021
At 1 January 2021Singapore dollars thousands	241,750	(758)	7,973	8,280	206,123	(29,243)	20,571	111,543	566,239	61,361	627,600	PDF p. 57
Group changes in equity — FY2021 source / ending 2021
Loss after taxationSingapore dollars thousands	–	–	–	–	–	–	–	(55,192)	(55,192)	(6,082)	(61,274)	PDF p. 57
Other comprehensive income
Realisation of currency translation reservesSingapore dollars thousands	–	–	–	–	–	(139)	–	–	(139)	–	(139)	PDF p. 57
Group changes in equity — FY2021 source / ending 2021
Exchange differences arising from consolidation of foreign operations and net investment in foreign operationsSingapore dollars thousands	–	–	–	–	–	(29,280)	–	–	(29,280)	(5,440)	(34,720)	PDF p. 57 Label p. 57
Adjustment on property revaluation reserve, net of deferred taxSingapore dollars thousands	–	–	–	–	115	–	–	–	115	–	115	PDF p. 57 Label p. 57
Net fair value gain on equity instruments at fair value through other comprehensive incomeSingapore dollars thousands	–	–	–	–	–	–	918	–	918	(4)	914	PDF p. 57 Label p. 57
Total other comprehensive gain/(loss) for the financial yearSingapore dollars thousands	–	–	–	–	115	(29,419)	918	–	(28,386)	(5,444)	(33,830)	PDF p. 57 Label p. 57
Total comprehensive gain/(loss) for the financial yearSingapore dollars thousands	–	–	–	–	115	(29,419)	918	(55,192)	(83,578)	(11,526)	(95,104)	PDF p. 57
Contributions by and distributions to owners
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	52	(33)	–	–	–	(19)	–	–	–	–	PDF p. 57 Label p. 57
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	(26)	–	–	–	–	–	(26)	–	(26)	PDF p. 57 Label p. 57
Issue of new sharesSingapore dollars thousands	5,828	–	–	–	–	–	–	–	5,828	–	5,828	PDF p. 57
Total transactions with owners in their capacity as ownersSingapore dollars thousands	5,828	52	(59)	–	–	–	(19)	–	5,802	–	5,802	PDF p. 57 Label p. 57
Other changes in equity
Dividends paid to loan stockholders of a subsidiarySingapore dollars thousands	–	–	–	–	–	–	–	(213)	(213)	–	(213)	PDF p. 57
Contributions by and distributions to owners
Transfer to accumulated profits upon disposal of assetSingapore dollars thousands	–	–	–	–	(1,015)	–	–	1,015	–	–	–	PDF p. 57 Label p. 57
Transfer to legal reserveSingapore dollars thousands	–	–	–	104	–	–	–	(104)	–	–	–	PDF p. 57
Total other changes in equitySingapore dollars thousands	–	–	–	104	(1,015)	–	–	698	(213)	–	(213)	PDF p. 57
At 31 December 2021Singapore dollars thousands	247,578	(706)	7,914	8,384	205,223	(58,662)	21,470	57,049	488,250	49,835	538,085	PDF p. 57

Definitions & sources

Original report: PDF p. 57 ↗

Group changes in equity — FY2021 source / ending 2020

17 metrics

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Group changes in equity — FY2021 source / ending 2020 from ANNUAL REPORT 2025
Metric / unit	2020GroupShare capital	2020GroupTreasury shares	2020GroupShare-based payment reserve	2020GroupLegal reserve	2020GroupProperty revaluation reserve	2020GroupCurrency translation reserve	2020GroupOther reserves	2020GroupAccumulated profits	2020GroupEquity attributable to owners of the Company	2020GroupNon-controlling interests	2020GroupTotal equity	Source
2020
At 1 January 2020Singapore dollars thousands	241,520	(900)	8,111	8,280	208,723	(18,980)	21,100	206,381	674,235	73,178	747,413	PDF p. 58
Group changes in equity — FY2021 source / ending 2020
Loss after taxationSingapore dollars thousands	–	–	–	–	–	–	–	(95,838)	(95,838)	(6,670)	(102,508)	PDF p. 58
Other comprehensive income
Exchange differences arising from consolidation of foreign operations and net investment in foreign operationsSingapore dollars thousands	–	–	–	–	–	(10,263)	–	–	(10,263)	(1,722)	(11,985)	PDF p. 58 Label p. 58
Group changes in equity — FY2021 source / ending 2020
Adjustment on property revaluation reserve, net of deferred taxSingapore dollars thousands	–	–	–	–	(323)	–	–	–	(323)	(227)	(550)	PDF p. 58 Label p. 58
Net fair value loss on equity instruments at fair value through other comprehensive incomeSingapore dollars thousands	–	–	–	–	–	–	(447)	–	(447)	–	(447)	PDF p. 58 Label p. 58
Actuarial loss arising from defined benefit plan, net of deferred taxSingapore dollars thousands	–	–	–	–	–	–	–	(1,053)	(1,053)	(169)	(1,222)	PDF p. 58 Label p. 58
Total other comprehensive loss for the financial yearSingapore dollars thousands	–	–	–	–	(323)	(10,263)	(447)	(1,053)	(12,086)	(2,118)	(14,204)	PDF p. 58
Total comprehensive loss for the financial yearSingapore dollars thousands	–	–	–	–	(323)	(10,263)	(447)	(96,891)	(107,924)	(8,788)	(116,712)	PDF p. 58
Contributions by and distributions to owners
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	142	(60)	–	–	–	(82)	–	–	–	–	PDF p. 58 Label p. 58
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	(78)	–	–	–	–	–	(78)	–	(78)	PDF p. 58 Label p. 58
Issue of new sharesSingapore dollars thousands	230	–	–	–	–	–	–	–	230	–	230	PDF p. 58
Total transactions with owners in their capacity as ownersSingapore dollars thousands	230	142	(138)	–	–	–	(82)	–	152	–	152	PDF p. 58 Label p. 58
Other changes in equity
Dividends paid to loan stockholders of a subsidiarySingapore dollars thousands	–	–	–	–	–	–	–	(224)	(224)	–	(224)	PDF p. 58
Contributions by and distributions to owners
Dividends paid to non-controlling shareholders of a subsidiarySingapore dollars thousands	–	–	–	–	–	–	–	–	–	(3,029)	(3,029)	PDF p. 58 Label p. 58
Transfer to accumulated profits upon disposal of assetSingapore dollars thousands	–	–	–	–	(2,277)	–	–	2,277	–	–	–	PDF p. 58 Label p. 58
Total other changes in equitySingapore dollars thousands	–	–	–	–	(2,277)	–	–	2,053	(224)	(3,029)	(3,253)	PDF p. 58
At 31 December 2020Singapore dollars thousands	241,750	(758)	7,973	8,280	206,123	(29,243)	20,571	111,543	566,239	61,361	627,600	PDF p. 58

Definitions & sources

Original report: PDF p. 58 ↗

Company changes in equity — FY2021 source / ending 2021

8 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity — FY2021 source / ending 2021 from ANNUAL REPORT 2025
Metric / unit	2021CompanyShare capital	2021CompanyTreasury shares	2021CompanyShare-based payment reserve	2021CompanyOther reserves	2021CompanyAccumulated profits	2021CompanyTotal equity	Source
Company
At 1 January 2021Singapore dollars thousands	241,750	(758)	7,973	4,581	205,171	458,717	PDF p. 59
Company changes in equity — FY2021 source
Loss after taxationSingapore dollars thousands	–	–	–	–	(38,525)	(38,525)	PDF p. 59
Total comprehensive loss for the
Total comprehensive loss for the financial yearSingapore dollars thousands	–	–	–	–	(38,525)	(38,525)	PDF p. 59 Label p. 59
to owners
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	52	(33)	(19)	–	–	PDF p. 59 Label p. 59
Contributions by and distributions to owners
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	(26)	–	–	(26)	PDF p. 59 Label p. 59
Issue of new sharesSingapore dollars thousands	5,828	–	–	–	–	5,828	PDF p. 59
Total transactions with owners in their capacity as ownersSingapore dollars thousands	5,828	52	(59)	(19)	–	5,802	PDF p. 59 Label p. 59
At 31 December 2021Singapore dollars thousands	247,578	(706)	7,914	4,562	166,646	425,994	PDF p. 59

Definitions & sources

Original report: PDF p. 59 ↗

Company changes in equity — FY2021 source / ending 2020

8 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity — FY2021 source / ending 2020 from ANNUAL REPORT 2025
Metric / unit	2020CompanyShare capital	2020CompanyTreasury shares	2020CompanyShare-based payment reserve	2020CompanyOther reserves	2020CompanyAccumulated profits	2020CompanyTotal equity	Source
Contributions by and distributions to owners
At 1 January 2020Singapore dollars thousands	241,520	(900)	8,111	4,663	222,467	475,861	PDF p. 59
Loss after taxationSingapore dollars thousands	–	–	–	–	(17,296)	(17,296)	PDF p. 59
Total comprehensive loss for the
Total comprehensive loss for the financial yearSingapore dollars thousands	–	–	–	–	(17,296)	(17,296)	PDF p. 59 Label p. 59
to owners
Treasury shares reissued pursuant to Share-based Incentive PlanSingapore dollars thousands	–	142	(60)	(82)	–	–	PDF p. 59 Label p. 59
Contributions by and distributions to owners
Issuance of share grants pursuant to Share-based Incentive PlanSingapore dollars thousands	–	–	(78)	–	–	(78)	PDF p. 59 Label p. 59
Issue of new sharesSingapore dollars thousands	230	–	–	–	–	230	PDF p. 59
Total transactions with owners in their capacity as ownersSingapore dollars thousands	230	142	(138)	(82)	–	152	PDF p. 59 Label p. 59
At 31 December 2020Singapore dollars thousands	241,750	(758)	7,973	4,581	205,171	458,717	PDF p. 59

Definitions & sources

Original report: PDF p. 59 ↗

Group cash flows — FY2021 source / operating activities

34 metrics

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Group cash flows — FY2021 source / operating activities from ANNUAL REPORT 2025
Metric / unit	2021Group	2020Group	Source
Cash flows from operating activities
Loss before taxationSingapore dollars thousands	(51,820)	(94,572)	PDF p. 59
Adjustments for:
Share of results of associatesSingapore dollars thousands	(2,647)	6,686	PDF p. 59
Depreciation of property, plant and equipment and right-of-use assetsSingapore dollars thousands	21,845	25,557	PDF p. 59
(Gain)/Loss on disposal of property, plant and equipment, netSingapore dollars thousands	(558)	9	PDF p. 59
Write-off of property, plant and equipmentSingapore dollars thousands	156	559	PDF p. 59
Impairment loss on property, plant and equipmentSingapore dollars thousands	433	6,252	PDF p. 59
Allowance for impairment loss on right-of-use assetsSingapore dollars thousands	87	–	PDF p. 59
Finance incomeSingapore dollars thousands	(3,638)	(7,016)	PDF p. 59
Finance costsSingapore dollars thousands	39,974	33,448	PDF p. 59
Amortisation expenseSingapore dollars thousands	825	779	PDF p. 59
Impairment losses on financial assetsSingapore dollars thousands	7,111	2,135	PDF p. 59
Write-off of property development costsSingapore dollars thousands	1,596	15,862	PDF p. 59
Allowance for inventory obsolescenceSingapore dollars thousands	158	4	PDF p. 59
Defined and other long-term employee benefits expenseSingapore dollars thousands	447	5,250	PDF p. 59
Share-based payment expensesSingapore dollars thousands	164	(70)	PDF p. 59
Gain on disposal of investment in subsidiarySingapore dollars thousands	(167)	–	PDF p. 59
Fair value loss on derivativesSingapore dollars thousands	2,708	5,702	PDF p. 59
Net fair value (gain)/loss on investment propertiesSingapore dollars thousands	(1,060)	27	PDF p. 59
Currency realignmentSingapore dollars thousands	1,422	(6,723)	PDF p. 59
SubtotalSingapore dollars thousands	68,856	88,461	PDF p. 59
Operating profit/(loss) before working capital changesSingapore dollars thousands	17,036	(6,111)	PDF p. 59
Decrease in inventoriesSingapore dollars thousands	539	827	PDF p. 59
Decrease/(Increase) in property development costsSingapore dollars thousands	84,564	(365)	PDF p. 59
Decrease in trade and other receivables and contract assetsSingapore dollars thousands	10,393	5,791	PDF p. 59
Decrease in amounts due from related partiesSingapore dollars thousands	2,771	384	PDF p. 59
Increase in trade and other payables, and contract liabilitiesSingapore dollars thousands	26,429	7,635	PDF p. 59
SubtotalSingapore dollars thousands	124,696	14,272	PDF p. 59
Cash flows generated from operating activitiesSingapore dollars thousands	141,732	8,161	PDF p. 59
Interest receivedSingapore dollars thousands	3,662	3,319	PDF p. 59
Interest paidSingapore dollars thousands	(21,863)	(22,930)	PDF p. 59
Tax paidSingapore dollars thousands	(2,680)	(3,493)	PDF p. 59
Payment of employee benefitsSingapore dollars thousands	(1,411)	(4,196)	PDF p. 59
Payment of cash-settled share grantsSingapore dollars thousands	(34)	(14)	PDF p. 59
Net cash flows generated from/(used in) operating activitiesSingapore dollars thousands	119,406	(19,153)	PDF p. 59

Definitions & sources

Original report: PDF p. 59 ↗

Group cash flows — FY2021 source / investing and financing activities

17 metrics

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Group cash flows — FY2021 source / investing and financing activities from ANNUAL REPORT 2025
Metric / unit	2021Group	2020Group	Source
Cash flows from investing activities
Purchase of property, plant and equipmentSingapore dollars thousands	(6,751)	(9,196)	PDF p. 60
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands	1,027	114	PDF p. 60
Dividend income from an associateSingapore dollars thousands	494	520	PDF p. 60
Additions to intangible assetsSingapore dollars thousands	–	(478)	PDF p. 60
Net cash flows used in investing activitiesSingapore dollars thousands	(5,230)	(9,040)	PDF p. 60
Cash flows from financing activities
Proceeds from bank loansSingapore dollars thousands	69,386	88,145	PDF p. 60
Repayment of bank loansSingapore dollars thousands	(116,456)	(82,294)	PDF p. 60
Repayment of notes payableSingapore dollars thousands	–	(100,000)	PDF p. 60
Payment of principal portion of lease liabilitiesSingapore dollars thousands	(3,234)	(3,560)	PDF p. 60
Payment of dividends - by subsidiaries to non-controlling interestsSingapore dollars thousands	–	(3,029)	PDF p. 60 Label p. 60
- by subsidiaries to loan stockholdersSingapore dollars thousands	(213)	(224)	PDF p. 60
Proceeds from issue of bondsSingapore dollars thousands	–	50,403	PDF p. 60
Net cash flows used in financing activitiesSingapore dollars thousands	(50,517)	(50,559)	PDF p. 60
Net increase/(decrease) in cash and cash equivalentsSingapore dollars thousands	63,659	(78,752)	PDF p. 60
Net foreign exchange differenceSingapore dollars thousands	(2,620)	(763)	PDF p. 60
Cash and cash equivalents at beginning of the financial yearSingapore dollars thousands	51,287	130,802	PDF p. 60
Cash and cash equivalents at end of the financial yearSingapore dollars thousands	112,326	51,287	PDF p. 60

Definitions & sources

Original report: PDF p. 60 ↗

Closing issued and treasury share counts — FY2021 original

2 metrics

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Closing issued and treasury share counts — FY2021 original from ANNUAL REPORT 2025
Metric / unit	2021Group and Company	2020Group and Company	Source
Issued and fully paid up shares at closing
31 Decembershares	858,810,492	842,284,980	PDF p. 99
Treasury shares at closing; negative original count sign retained
At 31 Decembershares	(1,230,200)	(1,321,500)	PDF p. 99

Definitions & sources

Original report: PDF p. 99 ↗

Where the money comes from

Segment information

By business

Operating segments – revenue and results, year ended 31 December 12 lines

Operating segments – revenue and results, year ended 31 December
Item / unit	2025Hotel investments	2025Residences	2025Fee-based segment	2025Head Office	2025Total	2024Hotel investments	2024Residences	2024Fee-based segment	2024Head Office	2024Total	Source
Revenue: Segment revenue
Sales$’000	198,986	197,604	118,558	–	515,148	197,039	104,066	114,527	–	415,632	PDF p. 212 PDF p. 213
Inter-segment sales$’000	(174)	–	(37,611)	–	(37,785)	(185)	–	(34,809)	–	(34,994)	PDF p. 212 PDF p. 213
Revenue
Sales to external customers$’000	198,812	197,604	80,947	–	477,363	196,854	104,066	79,718	–	380,638	PDF p. 212 PDF p. 213
Results
Segment results$’000	9,848	80,220	2,649	(19,563)	73,154	21,275	21,031	12,642	(16,159)	38,789	PDF p. 212 PDF p. 213
Other income$’000	3,989	12	13,158	–	17,159	23,563	13	9,496	–	33,072	PDF p. 212 PDF p. 213
Profit/(Loss) from operations and other gains$’000	13,837	80,232	15,807	(19,563)	90,313	44,838	21,044	22,138	(16,159)	71,861	PDF p. 212 PDF p. 213
Finance income$’000	377	2,984	93	155	3,609	135	2,331	222	5,172	7,860	PDF p. 212 PDF p. 213
Finance costs$’000	(13,497)	(1,661)	(1,294)	(7,759)	(24,211)	(13,845)	(1,811)	(1,384)	(8,157)	(25,197)	PDF p. 212 PDF p. 213
Share of results of associates$’000	–	–	–	3,370	3,370	–	–	–	(239)	(239)	PDF p. 212 PDF p. 213
Share of results of joint ventures$’000	–	–	–	(513)	(513)						PDF p. 212
Profit/(Loss) before taxation$’000	717	81,555	14,606	(24,310)	72,568	31,128	21,564	20,976	(19,367)	54,301	PDF p. 212 PDF p. 213
Share of results of a joint venture$’000						–	–	–	16	16	PDF p. 213

Notes

Amounts in $’000. Income tax expense and Profit for the financial year are shown only in the Total column.

Operating segments – assets, liabilities and other information, year ended 31 December 18 lines

Operating segments – assets, liabilities and other information, year ended 31 December
Item / unit	2025Hotel investments	2025Residences	2025Fee-based segment	2025Head Office	2025Total	2024Hotel investments	2024Residences	2024Fee-based segment	2024Head Office	2024Total	Source
Assets and liabilities
Segment assets$’000	802,196	478,061	533,016	49,502	1,862,775	791,853	334,393	550,217	45,181	1,721,644	PDF p. 214 PDF p. 215
Associates$’000	–	–	–	91,640	91,640	–	–	–	77,957	77,957	PDF p. 214 PDF p. 215
Joint ventures$’000	–	–	–	3,281	3,281						PDF p. 214
Deferred tax assets$’000	11,934	33,434	2,920	6,556	54,844	11,040	25,304	2,541	902	39,787	PDF p. 214 PDF p. 215
Total assets$’000	814,130	511,495	535,936	150,979	2,012,540	802,893	359,697	552,758	124,107	1,839,455	PDF p. 214 PDF p. 215
Segment liabilities$’000	139,212	219,200	70,694	8,286	437,392	148,228	201,215	58,831	37,467	445,741	PDF p. 214 PDF p. 215
Interest-bearing loans and borrowings$’000	220,092	30,783	16,608	152,766	420,249	184,379	8,187	21,640	112,984	327,190	PDF p. 214 PDF p. 215
Current and deferred tax liabilities$’000	66,587	121,551	64,648	10,827	263,613	67,028	92,409	62,956	13,182	235,575	PDF p. 214 PDF p. 215
Total liabilities$’000	425,891	371,534	151,950	171,879	1,121,254	399,635	301,811	143,427	163,633	1,008,506	PDF p. 214 PDF p. 215
Other segment information
Capital expenditure$’000	44,853	1,631	1,734	87	48,305	32,804	615	1,177	149	34,745	PDF p. 214 PDF p. 215
Net fair value gain on investment properties$’000	–	–	10,638	–	10,638	–	–	6,262	–	6,262	PDF p. 214 PDF p. 215
Insurance payout for business interruption$’000	3,251	–	–	–	3,251	23,316	–	–	–	23,316	PDF p. 214 PDF p. 215
Cost of properties sold$’000	–	(76,771)	–	–	(76,771)	–	(48,176)	–	–	(48,176)	PDF p. 214 PDF p. 215
Depreciation of property, plant and equipment and right-of-use assets$’000	(26,068)	(2,263)	(1,426)	(234)	(29,991)	(23,350)	(2,327)	(1,606)	(241)	(27,524)	PDF p. 214 PDF p. 215
Amortisation expense$’000	(771)	–	(4,881)	(92)	(5,744)	(791)	–	(2,884)	(90)	(3,765)	PDF p. 214 PDF p. 215
Reversal of impairment losses/ (Impairment losses) on financial assets$’000	1,094	(175)	(3,285)	(2,042)	(4,408)						PDF p. 214
Assets and liabilities
Joint venture$’000						–	–	–	67	67	PDF p. 215
Other segment information
(Impairment losses)/Reversal of impairment losses on financial assets$’000						(313)	505	(1,974)	1,300	(482)	PDF p. 215

Notes

Amounts in $’000. Negative values in parentheses as printed.

By geography

Geographical information – revenue and non-current assets 7 lines

Geographical information – revenue and non-current assets
Item / unit	2025Revenue	2024Revenue	2025Non-current assets	2024Non-current assets	Source
Geographical information
Singapore$’000	409	312	81,729	85,275	PDF p. 216
South East Asia$’000	381,321	282,647	969,499	912,141	PDF p. 216
Indian Oceania$’000	45,734	46,092	87,891	97,160	PDF p. 216
Middle East$’000	5,710	5,198	–	–	PDF p. 216
North East Asia$’000	29,256	33,040	149,047	168,324	PDF p. 216
Rest of the world$’000	14,933	13,349	9,845	9,187	PDF p. 216
Total (unlabelled)$’000	477,363	380,638	1,298,011	1,272,087	PDF p. 216

Notes

Amounts in $’000. Non-current assets consist of property, plant and equipment, right-of-use assets, investment properties, intangible assets, land use rights, joint ventures, associates, prepaid island rental, prepayments and costs to acquire contracts as presented in the consolidated balance sheet.

Revenue from management of hotels and resorts and project and design services is based on customers' location; all other revenue is based on location of the Group's assets. The final total row has no printed label.

Debt

Borrowings

Note 43(b) Group liquidity maturity profile 2025 – loans, borrowings and lease liabilities (undiscounted)

Note 43(b) Group liquidity maturity profile 2025 – loans, borrowings and lease liabilities (undiscounted) — Group
Item / unit	2025Effective rate %	20251 year, $'000	20252 to 5 years, $'000	2025After 5 years, $'000	2025Total, $'000	Source
Loans and borrowings
- S$ floating rate loan (3.68)$'000	3.68	(15,552)	–	–	(15,552)	PDF p. 186

Notes

Column '1 year' is printed as '1 year' (within one year). BHT: Thai Baht; MLR: Minimum lending rate; COF: Cost of fund of lending bank; SORA: Singapore overnight rate average. Contractual undiscounted payments. The MLR row label is split across two lines ('MLR to MLR' above '- 2.50'). Approximately 38.5% (2024: 28.9%) of Group interest-bearing loans and borrowings mature in less than one year.

Note 43(b) Group liquidity maturity profile 2024 – loans, borrowings and lease liabilities (undiscounted)

Note 43(b) Group liquidity maturity profile 2024 – loans, borrowings and lease liabilities (undiscounted) — Group
Item / unit	2024Effective rate %	20241 year, $'000	20242 to 5 years, $'000	2024After 5 years, $'000	2024Total, $'000	Source
Loans and borrowings
- S$ floating rate loan (5.35)$'000	5.35	(10,535)	–	–	(10,535)	PDF p. 187
- S$ fixed rate loan$'000	2.50	(621)	–	–	(621)	PDF p. 187

Notes

Abbreviations (BHT, MLR, COF, SORA) defined on page 189. Effective rate in %.

Note 43(b) Company liquidity maturity profile 2025 – loans and borrowings (undiscounted)

Note 43(b) Company liquidity maturity profile 2025 – loans and borrowings (undiscounted) — Company
Item / unit	2025Effective rate %	20251 year, $'000	20252 to 5 years, $'000	2025After 5 years, $'000	2025Total, $'000	Source
Loans and borrowings
- S$ floating rate loan (3.68)$'000	3.68	(15,552)	–	–	(15,552)	PDF p. 188

Notes

Company has no lease liability row in this table. 55.7% (2024: 46.2%) of the Company's interest-bearing loans and borrowings mature in less than one year.

Note 43(b) Company liquidity maturity profile 2024 – loans and borrowings (undiscounted)

Note 43(b) Company liquidity maturity profile 2024 – loans and borrowings (undiscounted) — Company
Item / unit	2024Effective rate %	20241 year, $'000	20242 to 5 years, $'000	2024After 5 years, $'000	2024Total, $'000	Source
Loans and borrowings
- S$ floating rate loan (5.35)$'000	5.35	(10,535)	–	–	(10,535)	PDF p. 189
- S$ fixed rate loan$'000	2.50	(621)	–	–	(621)	PDF p. 189

Notes

BHT: Thai Baht; MLR: Minimum lending rate; COF: Cost of fund of lending bank; SORA: Singapore overnight rate average.

Borrowing notes 3 tables

Interest-bearing loans and borrowings

Interest-bearing loans and borrowings
Item / unit	2025Group, $'000	2024Group, $'000	2025Company, $'000	2024Company, $'000	Source
Current liabilities (maturity 2026)
Secured bank loans$'000	91,484	41,783	29,600	9,600	PDF p. 162
Unsecured bank loans$'000	70,500	52,617	55,500	42,617	PDF p. 162
Current liabilities
Total current$'000	161,984	94,400	85,100	52,217	PDF p. 162
Non-current liabilities (maturity 2027-2038)
Secured bank loans$'000	212,765	166,790	22,167	4,767	PDF p. 162
Non-current liabilities (maturity 2027-2028)
Unsecured bank loans$'000	45,500	66,000	45,500	56,000	PDF p. 162
Non-current liabilities
Total non-current$'000	258,265	232,790	67,667	60,767	PDF p. 162
Total
Total$'000	420,249	327,190	152,767	112,984	PDF p. 162

Notes

Financial liabilities at amortised cost. Secured bank loans of the Group are secured by assets with net book value $686,633,000 (2024: $632,708,000). Company secured bank loans $51,767,000 (2024: $14,367,000). Loans with carrying amount $383,964,000 (2024: $308,590,000) are subject to covenants.

Reconciliation of liabilities from financing activities, 2025 (loans and leases)

Reconciliation of liabilities from financing activities, 2025 (loans and leases)
Item / unit	2024Opening balance, $'000	2025Cash flows, $'000	2025Accretion of interest, $'000	2025Foreign exchange movement, $'000	2025New leases, $'000	2025Other, $'000	2025Closing balance, $'000	Source
Interest bearing loans and borrowings - secured
- Current (secured)$'000	41,783	25,676	–	1,684	–	22,341	91,484	PDF p. 162
- Non-current (secured)$'000	166,790	63,584	–	4,798	–	(22,407)	212,765	PDF p. 162
Interest bearing loans and borrowings - unsecured
- Current (unsecured)$'000	52,617	(2,617)	–	–	–	20,500	70,500	PDF p. 162
- Non-current (unsecured)$'000	66,000	–	–	–	–	(20,500)	45,500	PDF p. 162
Leases (Note 35)
- Current (leases)$'000	5,204	(11,404)	6,118	(232)	–	5,791	5,477	PDF p. 162
- Non-current (leases)$'000	71,603	–	–	(3,536)	557	(5,791)	62,833	PDF p. 162
Total
Total$'000	403,997	75,239	6,118	2,714	557	(66)	488,559	PDF p. 162

Notes

* Other relates to reclassification of non-current portion of loans and borrowings and capitalisation of transaction costs.

Reconciliation of liabilities from financing activities, 2024 (loans and leases)

Reconciliation of liabilities from financing activities, 2024 (loans and leases)
Item / unit	2023Opening balance, $'000	2024Cash flows, $'000	2024Accretion of interest, $'000	2024Foreign exchange movement, $'000	2024New leases, $'000	2024Other, $'000	2024Closing balance, $'000	Source
Interest bearing loans and borrowings - secured
- Current (secured)$'000	51,074	(26,476)	–	1,562	–	15,623	41,783	PDF p. 163
- Non-current (secured)$'000	164,827	9,468	–	8,086	–	(15,591)	166,790	PDF p. 163
Interest bearing loans and borrowings - unsecured
- Current (unsecured)$'000	41,660	3,957	–	–	–	7,000	52,617	PDF p. 163
- Non-current (unsecured)$'000	78,616	(5,616)	–	–	–	(7,000)	66,000	PDF p. 163
Leases (Note 35)
- Current (leases)$'000	5,535	(12,447)	6,677	364	–	5,075	5,204	PDF p. 163
- Non-current (leases)$'000	74,484	–	–	1,410	784	(5,075)	71,603	PDF p. 163
Total
Total$'000	416,196	(31,114)	6,677	11,422	784	32	403,997	PDF p. 163

Notes

* Other relates to reclassification of non-current portion of loans and borrowings and capitalisation of transaction costs.

Payout

Dividends & distributions

Dividend policy

Item	Value	Period / scope	Source
Dividend Policy	The Company’s Dividend Policy seeks to maximise shareholder value and encourage shareholder loyalty with predictable annual growth in dividend pay-out which is not impacted by profit volatility.	Company	PDF p. 74

Dividends declared and proposed

Item	Value	Period / scope	Source
Final tax-exempt (one-tier) dividend for 2025	1.35 cents per share	FY2025 proposed, subject to shareholders’ approval at AGM; comparative 2024: 1.30 cents per share	PDF p. 217
Final tax-exempt dividend paid	1.30 cents per share	Paid in FY2025 in respect of year 2024; comparative: 1.20 cents per share in respect of 2023	PDF p. 217
To declare a first and final tax exempt (one-tier) dividend	1.35 cents per ordinary share	FY ended 31 December 2025	PDF p. 222

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

Item	Value	Period / scope	Source
Ernst & Young LLP	Ernst & Young LLP	Group	PDF p. 87
Engagement partner	Wong Yew Chung	Group	PDF p. 87
Opinion	true and fair view	Group and Company	PDF p. 84

Key audit matters

Item	Value	Period / scope	Source
Impairment of Goodwill Arising from the Acquisition of Banyan Tree Hotel Management (China) Pte. Ltd. (“BTMC”) and	Impairment of Goodwill Arising from the Acquisition of Banyan Tree Hotel Management (China) Pte. Ltd. (“BTMC”) and Banyan Tree Services (China) Pte. Ltd. (“BTSC”)	Group	PDF p. 84
Impairment of goodwill – description	As at 31 December 2025, the Group’s total goodwill arising from the acquisition of BTMC and BTSC is carried at $93.1 million, which accounted for 4.6% of the Group’s total assets.	Group	PDF p. 84
Fair Value Measurement of Investment Properties	Fair Value Measurement of Investment Properties	Group	PDF p. 85
Fair value of investment properties – description	The Group’s investment properties are measured at fair value.	Group	PDF p. 85

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.

Group income/comprehensive/cash flows and equity changes, Group/Company balance sheets and parent equity changes retained. Separate parent income/comprehensive/cash-flow statements not disclosed. Monetary presentation Singapore dollars thousands; EPS Singapore cents.

FY2025 Group equity is physically split4+7components over adjacent PDF pages; each half retains its original physical page, same-baseline label binding and original monetary headers. Earlier report originals are two-page spreads with explicit panel positions.

Summary per-share earnings are Singapore dollars, primary-statementEPS is Singapore cents. Summary monetary figures are Singapore dollars millions; primary amounts are thousands.

Summary net asset value uses its printed group net-assets basis; do not automatically replace with owner equity.

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