Cortina C41

SGD 3.95 +0.00% +0.00 Updated 23 Oct 2026, 13:38 SGT
+ Add holding ☆ Watchlist Email updates Compare
More
My transactions Market links SGXGoogleYahooTradingView

Financials

Annual Report 2026

Open annual report

Auditor’s opinion: give a true and fair view. Read auditor’s report (PDF p. 77)

Explore the statements

34 tables

Group statement of financial position

37 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position from Annual Report 2026
Metric / unit 2026Group / as at 31 March 20262025Group / as at 31 March 2025 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 56,53243,865 PDF p. 82
Investment propertiesSingapore dollars thousands 50,42251,462 PDF p. 82
Right-of-use assetsSingapore dollars thousands 106,599110,561 PDF p. 82
Investments in subsidiariesSingapore dollars thousands –– PDF p. 82
Investments in associatesSingapore dollars thousands 3,9383,858 PDF p. 82
Intangible assetsSingapore dollars thousands 79236 PDF p. 82
Deferred tax assetsSingapore dollars thousands 8,0057,353 PDF p. 82
Other non-financial assetsSingapore dollars thousands 20,50121,232 PDF p. 82
Total non-current assetsSingapore dollars thousands 246,076238,567 PDF p. 82
Current assets
Assets held for saleSingapore dollars thousands –159 PDF p. 82
InventoriesSingapore dollars thousands 338,988346,805 PDF p. 82
Trade and other receivablesSingapore dollars thousands 37,92717,099 PDF p. 82
Other non-financial assetsSingapore dollars thousands 10,67315,270 PDF p. 82
Cash and cash equivalentsSingapore dollars thousands 162,787132,359 PDF p. 82
Total current assetsSingapore dollars thousands 550,375511,692 PDF p. 82
Total assetsSingapore dollars thousands 796,451750,259 PDF p. 82
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 35,48135,481 PDF p. 82
Other reservesSingapore dollars thousands (3,875)(6,957) PDF p. 82
Retained earningsSingapore dollars thousands 444,905407,012 PDF p. 82
Equity attributable to owners of the CompanySingapore dollars thousands 476,511435,536 PDF p. 82
Non-controlling interestsSingapore dollars thousands 21,85419,818 PDF p. 82
Total equitySingapore dollars thousands 498,365455,354 PDF p. 82
Non-current liabilities
ProvisionsSingapore dollars thousands 8,6286,063 PDF p. 82
Financial liabilities – lease liabilitiesSingapore dollars thousands 73,18678,504 PDF p. 82
Other financial liabilitiesSingapore dollars thousands 35,86128,500 PDF p. 82
Other non-financial liabilitiesSingapore dollars thousands 223191 PDF p. 82
Deferred tax liabilitiesSingapore dollars thousands 2,8102,684 PDF p. 82
Total non-current liabilitiesSingapore dollars thousands 120,708115,942 PDF p. 82
Current liabilities
ProvisionsSingapore dollars thousands 736723 PDF p. 82
Income tax payableSingapore dollars thousands 14,95213,577 PDF p. 82
Financial liabilities – lease liabilitiesSingapore dollars thousands 40,59738,416 PDF p. 82
Trade and other payablesSingapore dollars thousands 70,50578,240 PDF p. 82
Other financial liabilitiesSingapore dollars thousands 42,11233,221 PDF p. 82
Other non-financial liabilitiesSingapore dollars thousands 8,47614,786 PDF p. 82
Total current liabilitiesSingapore dollars thousands 177,378178,963 PDF p. 82
Total liabilitiesSingapore dollars thousands 298,086294,905 PDF p. 82
Total equity and liabilitiesSingapore dollars thousands 796,451750,259 PDF p. 82
Definitions & sources

Original report: PDF p. 82 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Company statement of financial position

37 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position from Annual Report 2026
Metric / unit 2026Company / as at 31 March 20262025Company / as at 31 March 2025 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 1,141526 PDF p. 82
Investment propertiesSingapore dollars thousands 59,66463,620 PDF p. 82
Right-of-use assetsSingapore dollars thousands –– PDF p. 82
Investments in subsidiariesSingapore dollars thousands 168,155165,509 PDF p. 82
Investments in associatesSingapore dollars thousands 1,0001,000 PDF p. 82
Intangible assetsSingapore dollars thousands –– PDF p. 82
Deferred tax assetsSingapore dollars thousands –– PDF p. 82
Other non-financial assetsSingapore dollars thousands 181174 PDF p. 82
Total non-current assetsSingapore dollars thousands 230,141230,829 PDF p. 82
Current assets
Assets held for saleSingapore dollars thousands –– PDF p. 82
InventoriesSingapore dollars thousands –– PDF p. 82
Trade and other receivablesSingapore dollars thousands 99,48961,147 PDF p. 82
Other non-financial assetsSingapore dollars thousands 137296 PDF p. 82
Cash and cash equivalentsSingapore dollars thousands 29,54514,659 PDF p. 82
Total current assetsSingapore dollars thousands 129,17176,102 PDF p. 82
Total assetsSingapore dollars thousands 359,312306,931 PDF p. 82
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 35,48135,481 PDF p. 82
Other reservesSingapore dollars thousands –– PDF p. 82
Retained earningsSingapore dollars thousands 246,986224,885 PDF p. 82
Equity attributable to owners of the CompanySingapore dollars thousands 282,467260,366 PDF p. 82
Non-controlling interestsSingapore dollars thousands –– PDF p. 82
Total equitySingapore dollars thousands 282,467260,366 PDF p. 82
Non-current liabilities
ProvisionsSingapore dollars thousands –– PDF p. 82
Financial liabilities – lease liabilitiesSingapore dollars thousands 159– PDF p. 82
Other financial liabilitiesSingapore dollars thousands 27,00028,500 PDF p. 82
Other non-financial liabilitiesSingapore dollars thousands 223191 PDF p. 82
Deferred tax liabilitiesSingapore dollars thousands –– PDF p. 82
Total non-current liabilitiesSingapore dollars thousands 27,38228,691 PDF p. 82
Current liabilities
ProvisionsSingapore dollars thousands –– PDF p. 82
Income tax payableSingapore dollars thousands 384165 PDF p. 82
Financial liabilities – lease liabilitiesSingapore dollars thousands 42– PDF p. 82
Trade and other payablesSingapore dollars thousands 47,53716,209 PDF p. 82
Other financial liabilitiesSingapore dollars thousands 1,5001,500 PDF p. 82
Other non-financial liabilitiesSingapore dollars thousands –– PDF p. 82
Total current liabilitiesSingapore dollars thousands 49,46317,874 PDF p. 82
Total liabilitiesSingapore dollars thousands 76,84546,565 PDF p. 82
Total equity and liabilitiesSingapore dollars thousands 359,312306,931 PDF p. 82
Definitions & sources

Original report: PDF p. 82 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group consolidated statement of profit or loss and comprehensive income

25 metrics

Units appear below each metric. Scroll to compare years

Group consolidated statement of profit or loss and comprehensive income from Annual Report 2026
Metric / unit 2026Group / year ended 31 March 20262025Group / year ended 31 March 2025 Source
Group profit or loss and comprehensive income
RevenueSingapore dollars thousands 978,968862,784 PDF p. 81
Interest incomeSingapore dollars thousands 8391,082 PDF p. 81
Other income and gainsSingapore dollars thousands 5,1403,050 PDF p. 81
Changes in inventories of finished goodsSingapore dollars thousands (7,817)38,093 PDF p. 81
Purchase of goods and consumablesSingapore dollars thousands (658,629)(620,622) PDF p. 81
Employee benefits expenseSingapore dollars thousands (79,165)(74,223) PDF p. 81
Rental expenseSingapore dollars thousands (19,191)(11,375) PDF p. 81
Depreciation expenseSingapore dollars thousands (14,226)(14,549) PDF p. 81
Depreciation of right-of-use assetsSingapore dollars thousands (44,244)(41,867) PDF p. 81
Other expensesSingapore dollars thousands (51,679)(45,343) PDF p. 81
Other lossesSingapore dollars thousands (5,172)(333) PDF p. 81
Finance costsSingapore dollars thousands (6,563)(6,453) PDF p. 81
Share of results of equity-accounted associatesSingapore dollars thousands 8791 PDF p. 81
Profit before taxSingapore dollars thousands 98,34890,335 PDF p. 81
Income tax expenseSingapore dollars thousands (25,987)(20,242) PDF p. 81
Profit for the yearSingapore dollars thousands 72,36170,093 PDF p. 81
Profit for the year attributable to:
Owners of the CompanySingapore dollars thousands 64,41963,601 PDF p. 81
Non-controlling interestsSingapore dollars thousands 7,9426,492 PDF p. 81
Subtotal (unlabelled in original)Singapore dollars thousands 72,36170,093 PDF p. 81
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations, net of taxSingapore dollars thousands 3,4407,038 PDF p. 81
Total comprehensive income for the yearSingapore dollars thousands 75,80177,131 PDF p. 81
Total comprehensive income for the year attributable to:
Owners of the CompanySingapore dollars thousands 67,46869,711 PDF p. 81
Non-controlling interestsSingapore dollars thousands 8,3337,420 PDF p. 81
Subtotal (unlabelled in original)Singapore dollars thousands 75,80177,131 PDF p. 81
Earnings per share currency unit
Basic and dilutedSingapore cents per share 38.938.4 PDF p. 81
Definitions & sources

Original report: PDF p. 81 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group changes in equity / 2026

6 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2026 from Annual Report 2026
Metric / unit 2026Group / Total equity2026Group / Subtotal attributable to owners2026Group / Share capital2026Group / Other reserves2026Group / Retained earnings2026Group / Non-controlling interests Source
Group changes in equity / 2026
Opening balance at 1 April 2025Singapore dollars thousands 455,354435,53635,481(6,957)407,01219,818 PDF p. 83
Changes in equity Total comprehensive income for the yearSingapore dollars thousands 75,80167,468–3,04964,4198,333 PDF p. 83
Transferred to/(from) retained earningsSingapore dollars thousands –––33(33)– PDF p. 83
Dividends paid (Note 13)Singapore dollars thousands (26,493)(26,493)––(26,493)– PDF p. 83
Dividends paid to non-controlling interestsSingapore dollars thousands (6,297)––––(6,297) PDF p. 83
Closing balance at 31 March 2026Singapore dollars thousands 498,365476,51135,481(3,875)444,90521,854 PDF p. 83
Definitions & sources

Original report: PDF p. 83 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group changes in equity / 2025

5 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2025 from Annual Report 2026
Metric / unit 2025Group / Total equity2025Group / Subtotal attributable to owners2025Group / Share capital2025Group / Other reserves2025Group / Retained earnings2025Group / Non-controlling interests Source
Group changes in equity / 2025
Opening balance at 1 April 2024Singapore dollars thousands 406,172392,31835,481(13,067)369,90413,854 PDF p. 83
Changes in equity Total comprehensive income for the yearSingapore dollars thousands 77,13169,711–6,11063,6017,420 PDF p. 83
Dividends paid (Note 13)Singapore dollars thousands (26,493)(26,493)––(26,493)– PDF p. 83
Dividends paid to non-controlling interestsSingapore dollars thousands (1,456)––––(1,456) PDF p. 83
Closing balance at 31 March 2025Singapore dollars thousands 455,354435,53635,481(6,957)407,01219,818 PDF p. 83
Definitions & sources

Original report: PDF p. 83 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Company changes in equity / 2026

4 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2026 from Annual Report 2026
Metric / unit 2026Company / Total equity2026Company / Share capital2026Company / Retained earnings Source
Company changes in equity / 2026
Opening balance at 1 April 2025Singapore dollars thousands 260,36635,481224,885 PDF p. 83
Changes in equity Total comprehensive income for the yearSingapore dollars thousands 48,594–48,594 PDF p. 83
Dividends paid (Note 13)Singapore dollars thousands (26,493)–(26,493) PDF p. 83
Closing balance at 31 March 2026Singapore dollars thousands 282,46735,481246,986 PDF p. 83
Definitions & sources

Original report: PDF p. 83 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Company changes in equity / 2025

4 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2025 from Annual Report 2026
Metric / unit 2025Company / Total equity2025Company / Share capital2025Company / Retained earnings Source
Company changes in equity / 2025
Opening balance at 1 April 2024Singapore dollars thousands 242,65535,481207,174 PDF p. 83
Changes in equity Total comprehensive income for the yearSingapore dollars thousands 44,204–44,204 PDF p. 83
Dividends paid (Note 13)Singapore dollars thousands (26,493)–(26,493) PDF p. 83
Closing balance at 31 March 2025Singapore dollars thousands 260,36635,481224,885 PDF p. 83
Definitions & sources

Original report: PDF p. 83 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group consolidated statement of cash flows

37 metrics

Units appear below each metric. Scroll to compare years

Group consolidated statement of cash flows from Annual Report 2026
Metric / unit 2026Group / year ended 31 March 20262025Group / year ended 31 March 2025 Source
Cash flows from operating activities
Profit before taxSingapore dollars thousands 98,34890,335 PDF p. 84
Adjustments for:
Depreciation of property, plant and equipment and investment propertiesSingapore dollars thousands 14,22614,549 PDF p. 84
Depreciation of right-of-use assetsSingapore dollars thousands 44,24441,867 PDF p. 84
Amortisation of intangible assetsSingapore dollars thousands 157157 PDF p. 84
Interest incomeSingapore dollars thousands (839)(1,082) PDF p. 84
Interest expenseSingapore dollars thousands 6,5636,453 PDF p. 84
Share of results of equity-accounted associatesSingapore dollars thousands (87)(91) PDF p. 84
Gains on lease modificationsSingapore dollars thousands (284)(50) PDF p. 84
Gains on disposal of property, plant and equipmentSingapore dollars thousands (49)(881) PDF p. 84
Property, plant and equipment written-offSingapore dollars thousands 1,507266 PDF p. 84
Gains on disposal of assets held for sale (Note 22)Singapore dollars thousands (328)(1,141) PDF p. 84
Provision of impairment loss on property, plant and equipmentSingapore dollars thousands 2,593– PDF p. 84
Operating cash flows before changes in working capitalSingapore dollars thousands 166,051150,382 PDF p. 84
InventoriesSingapore dollars thousands 10,041(32,562) PDF p. 84
Trade and other receivablesSingapore dollars thousands (20,702)3,460 PDF p. 84
Other assetsSingapore dollars thousands 5,278(7,017) PDF p. 84
Trade and other payablesSingapore dollars thousands (5,546)(43,224) PDF p. 84
Other non-financial liabilitiesSingapore dollars thousands (6,343)4,736 PDF p. 84
Net cash flows generated from operationsSingapore dollars thousands 148,77975,775 PDF p. 84
Income taxes paidSingapore dollars thousands (24,105)(21,547) PDF p. 84
Net cash flows generated from operating activitiesSingapore dollars thousands 124,67454,228 PDF p. 84
Cash flows from investing activities
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands 1612,699 PDF p. 84
Purchase of property, plant and equipment (Note 25B)Singapore dollars thousands (29,331)(6,574) PDF p. 84
Proceeds from disposal of assets held for sale (Note 22)Singapore dollars thousands 4805,520 PDF p. 84
Interest receivedSingapore dollars thousands 8391,082 PDF p. 84
Net cash flows (used in)/from investing activitiesSingapore dollars thousands (27,851)2,727 PDF p. 84
Cash flows from financing activities
Lease liabilities paidSingapore dollars thousands (43,387)(40,842) PDF p. 84
Proceeds from loans and borrowingsSingapore dollars thousands 49,10161,436 PDF p. 84
Repayment of loans and borrowingsSingapore dollars thousands (33,221)(28,593) PDF p. 84
Interest paidSingapore dollars thousands (6,563)(6,453) PDF p. 84
Dividends paidSingapore dollars thousands (26,493)(26,493) PDF p. 84
Dividends paid to non-controlling interests of subsidiariesSingapore dollars thousands (6,297)(1,456) PDF p. 84
Net cash flows used in financing activitiesSingapore dollars thousands (66,860)(42,401) PDF p. 84
Net increase in cash and cash equivalentsSingapore dollars thousands 29,96314,554 PDF p. 84
Cash and cash equivalents, beginning balanceSingapore dollars thousands 132,251116,041 PDF p. 84
Effect of foreign exchange rate adjustmentsSingapore dollars thousands 4591,656 PDF p. 84
Cash and cash equivalents, ending balance (Note 25)Singapore dollars thousands 162,673132,251 PDF p. 84
Definitions & sources

Original report: PDF p. 84 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Note 25 / Group unrestricted and restricted cash

3 metrics

Units appear below each metric. Scroll to compare years

Note 25 / Group unrestricted and restricted cash from Annual Report 2026
Metric / unit 2026Group2025Group Source
Note 25 cash
Not restricted in useSingapore dollars thousands 162,673132,251 PDF p. 123
Restricted in useSingapore dollars thousands 114108 PDF p. 123
Subtotal (unlabelled in original)Singapore dollars thousands 162,787132,359 PDF p. 123
Definitions & sources

Original report: PDF p. 123 ↗

SGD thousands. Group restricted cash 114/108 is excluded from cash-flow cash; Company cash has no restriction.

Note 25 / Company unrestricted and restricted cash

3 metrics

Units appear below each metric. Scroll to compare years

Note 25 / Company unrestricted and restricted cash from Annual Report 2026
Metric / unit 2026Group2025Group Source
Note 25 cash
Not restricted in useSingapore dollars thousands 29,54514,659 PDF p. 123
Restricted in useSingapore dollars thousands –– PDF p. 123
Subtotal (unlabelled in original)Singapore dollars thousands 29,54514,659 PDF p. 123
Definitions & sources

Original report: PDF p. 123 ↗

SGD thousands. Group restricted cash 114/108 is excluded from cash-flow cash; Company cash has no restriction.

Note 25A / Group cash-flow reconciliation

3 metrics

Units appear below each metric. Scroll to compare years

Note 25A / Group cash-flow reconciliation from Annual Report 2026
Metric / unit 2026Group2025Group Source
Note 25A cash-flow cash
As shown aboveSingapore dollars thousands 162,787132,359 PDF p. 124
Restricted in useSingapore dollars thousands (114)(108) PDF p. 124
Cash and cash equivalents for statement of cash flows purposes and at the end of the yearSingapore dollars thousands 162,673132,251 PDF p. 124
Definitions & sources

Original report: PDF p. 124 ↗

Note 25C / Group financing liability rollforward 2026

3 metrics

Units appear below each metric. Scroll to compare years

Note 25C / Group financing liability rollforward 2026 from Annual Report 2026
Metric / unit 2026Opening balance2026Financing cash flows2026Non-cash changes2026Closing balance Source
Group
Other financial liabilitiesSingapore dollars thousands 61,72115,88037277,973 PDF p. 124
Leases liabilitiesSingapore dollars thousands 116,920(43,387)40,251113,783 PDF p. 124
Total liabilities from financing activitiesSingapore dollars thousands 178,641(27,507)40,623191,756 PDF p. 124
Definitions & sources

Original report: PDF p. 124 ↗

Non-cash amounts include FX and lease additions/modifications; they are not cash proceeds. Original FY2026 lease line 116920 - 43387 + 40251 = 113784, but printed closing is 113783; total line likewise differs by SGD 1 thousand. Original values retained; no invented balancing adjustment.

Note 25C / Group financing liability rollforward 2025

3 metrics

Units appear below each metric. Scroll to compare years

Note 25C / Group financing liability rollforward 2025 from Annual Report 2026
Metric / unit 2025Opening balance2025Financing cash flows2025Non-cash changes2025Closing balance Source
Group
Other financial liabilitiesSingapore dollars thousands 28,59332,84328561,721 PDF p. 124
Leases liabilitiesSingapore dollars thousands 118,283(40,842)39,479116,920 PDF p. 124
Total liabilities from financing activitiesSingapore dollars thousands 146,876(7,999)39,764178,641 PDF p. 124
Definitions & sources

Original report: PDF p. 124 ↗

Non-cash amounts include FX and lease additions/modifications; they are not cash proceeds. Original FY2026 lease line 116920 - 43387 + 40251 = 113784, but printed closing is 113783; total line likewise differs by SGD 1 thousand. Original values retained; no invented balancing adjustment.

Note 29 / Group lease balances

3 metrics

Units appear below each metric. Scroll to compare years

Note 29 / Group lease balances from Annual Report 2026
Metric / unit 2026Group2025Group Source
Note 29 lease classification
Lease liabilities, currentSingapore dollars thousands 40,59738,416 PDF p. 128
Lease liabilities, non-currentSingapore dollars thousands 73,18678,504 PDF p. 128
Subtotal (unlabelled in original)Singapore dollars thousands 113,783116,920 PDF p. 128
Definitions & sources

Original report: PDF p. 128 ↗

Lease balances exclude short-term, low-value and revenue-variable rentals. Group total 113783 differs from Company total 201.

Note 29 / Company lease balances

3 metrics

Units appear below each metric. Scroll to compare years

Note 29 / Company lease balances from Annual Report 2026
Metric / unit 2026Group2025Group Source
Note 29 lease classification
Lease liabilities, currentSingapore dollars thousands 42– PDF p. 128
Lease liabilities, non-currentSingapore dollars thousands 159– PDF p. 128
Subtotal (unlabelled in original)Singapore dollars thousands 201– PDF p. 128
Definitions & sources

Original report: PDF p. 128 ↗

Lease balances exclude short-term, low-value and revenue-variable rentals. Group total 113783 differs from Company total 201.

Note 30 / Group other financial liabilities

8 metrics

Units appear below each metric. Scroll to compare years

Note 30 / Group other financial liabilities from Annual Report 2026
Metric / unit 2026Group2025Group Source
Note 30 borrowings
Non-current Financial instruments with floating interest rates Bank loan A (Note 30A)Singapore dollars thousands 27,00028,500 PDF p. 130
Bank loan B (Note 30B)Singapore dollars thousands 8,861– PDF p. 130
Total non-current portionSingapore dollars thousands 35,86128,500 PDF p. 130
Current Financial instruments with floating interest rates Bank loan A (Note 30A)Singapore dollars thousands 1,5001,500 PDF p. 130
Bank loan B (Note 30B)Singapore dollars thousands 2,215– PDF p. 130
Financial instruments with fixed interest rates Bills payable (Note 30C)Singapore dollars thousands 38,39731,721 PDF p. 130
Total current portionSingapore dollars thousands 42,11233,221 PDF p. 130
Total non-current and currentSingapore dollars thousands 77,97361,721 PDF p. 130
Definitions & sources

Original report: PDF p. 130 ↗

Note 30 / Company other financial liabilities

8 metrics

Units appear below each metric. Scroll to compare years

Note 30 / Company other financial liabilities from Annual Report 2026
Metric / unit 2026Group2025Group Source
Note 30 borrowings
Non-current Financial instruments with floating interest rates Bank loan A (Note 30A)Singapore dollars thousands 27,00028,500 PDF p. 130
Bank loan B (Note 30B)Singapore dollars thousands –– PDF p. 130
Total non-current portionSingapore dollars thousands 27,00028,500 PDF p. 130
Current Financial instruments with floating interest rates Bank loan A (Note 30A)Singapore dollars thousands 1,5001,500 PDF p. 130
Bank loan B (Note 30B)Singapore dollars thousands –– PDF p. 130
Financial instruments with fixed interest rates Bills payable (Note 30C)Singapore dollars thousands –– PDF p. 130
Total current portionSingapore dollars thousands 1,5001,500 PDF p. 130
Total non-current and currentSingapore dollars thousands 28,50030,000 PDF p. 130
Definitions & sources

Original report: PDF p. 130 ↗

Note 14 / Group EPS attributable profit and weighted shares

2 metrics

Units appear below each metric. Scroll to compare years

Note 14 / Group EPS attributable profit and weighted shares from Annual Report 2026
Metric / unit 2026Group2025Group Source
Note 14 EPS
Numerators Earnings attributable to owners of the Company ($’000)Singapore dollars thousands 64,41963,601 PDF p. 106
Denominator Weighted average number of equity shares – BasicOrdinary shares 165,578,415165,578,415 PDF p. 106
Definitions & sources

Original report: PDF p. 106 ↗

Weighted denominator 165578415 is whole shares, not thousands. Profit is SGD thousands; multiply by 100000 for Singapore-cent EPS. No potential dilution.

Original FY2024 net borrowing cash-flow presentation

1 metrics

Units appear below each metric. Scroll to compare years

Original FY2024 net borrowing cash-flow presentation from Annual Report 2026
Metric / unit 2024Group Source
Cash flows from financing activities
Increase / (decrease) in loans and borrowingsSingapore dollars thousands 13,575 PDF p. 87
Definitions & sources

Original report: PDF p. 87 ↗

Original basis retained. Later FY2025 comparative splits net borrowing 13575 into proceeds 26575 and repayments 13000, and combined dividends 36123 into owners 26493 and NCI 9630; totals unchanged.

Original FY2024 combined dividends including NCI

1 metrics

Units appear below each metric. Scroll to compare years

Original FY2024 combined dividends including NCI from Annual Report 2026
Metric / unit 2024Total equity2024Subtotal attributable to owners2024Share capital2024Other reserves2024Retained earnings2024Non-controlling interests Source
Current year
Dividends paid (Note 13)Singapore dollars thousands (36,123)(26,493)––(26,493)(9,630) PDF p. 85
Definitions & sources

Original report: PDF p. 85 ↗

Original basis retained. Later FY2025 comparative splits net borrowing 13575 into proceeds 26575 and repayments 13000, and combined dividends 36123 into owners 26493 and NCI 9630; totals unchanged.

Group statement of financial position

37 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position from Annual Report 2026
Metric / unit 2024Group / as at 31 March 2024 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 52,138 PDF p. 80
Investment propertiesSingapore dollars thousands 52,496 PDF p. 80
Right-of-use assetsSingapore dollars thousands 113,041 PDF p. 80
Investments in subsidiariesSingapore dollars thousands – PDF p. 80
Investments in associatesSingapore dollars thousands 3,700 PDF p. 80
Intangible assetsSingapore dollars thousands 393 PDF p. 80
Deferred tax assetsSingapore dollars thousands 2,192 PDF p. 80
Other non-financial assetsSingapore dollars thousands 20,910 PDF p. 80
Total non-current assetsSingapore dollars thousands 244,870 PDF p. 80
Current assets
Assets held for saleSingapore dollars thousands 4,379 PDF p. 80
InventoriesSingapore dollars thousands 308,712 PDF p. 80
Trade and other receivablesSingapore dollars thousands 20,066 PDF p. 80
Other non-financial assetsSingapore dollars thousands 8,072 PDF p. 80
Cash and cash equivalentsSingapore dollars thousands 116,154 PDF p. 80
Total current assetsSingapore dollars thousands 457,383 PDF p. 80
Total assetsSingapore dollars thousands 702,253 PDF p. 80
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 35,481 PDF p. 80
Other reservesSingapore dollars thousands (13,067) PDF p. 80
Retained earningsSingapore dollars thousands 369,904 PDF p. 80
Equity attributable to owners of the CompanySingapore dollars thousands 392,318 PDF p. 80
Non-controlling interestsSingapore dollars thousands 13,854 PDF p. 80
Total equitySingapore dollars thousands 406,172 PDF p. 80
Non-current liabilities
ProvisionsSingapore dollars thousands 4,827 PDF p. 80
Financial liabilities – lease liabilitiesSingapore dollars thousands 80,492 PDF p. 80
Other financial liabilitiesSingapore dollars thousands – PDF p. 80
Other non-financial liabilitiesSingapore dollars thousands 208 PDF p. 80
Deferred tax liabilitiesSingapore dollars thousands 67 PDF p. 80
Total non-current liabilitiesSingapore dollars thousands 85,594 PDF p. 80
Current liabilities
ProvisionsSingapore dollars thousands 1,346 PDF p. 80
Income tax payableSingapore dollars thousands 13,247 PDF p. 80
Financial liabilities – lease liabilitiesSingapore dollars thousands 37,791 PDF p. 80
Trade and other payablesSingapore dollars thousands 119,407 PDF p. 80
Other financial liabilitiesSingapore dollars thousands 28,593 PDF p. 80
Other non-financial liabilitiesSingapore dollars thousands 10,103 PDF p. 80
Total current liabilitiesSingapore dollars thousands 210,487 PDF p. 80
Total liabilitiesSingapore dollars thousands 296,081 PDF p. 80
Total equity and liabilitiesSingapore dollars thousands 702,253 PDF p. 80
Definitions & sources

Original report: PDF p. 80 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Company statement of financial position

37 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position from Annual Report 2026
Metric / unit 2024Company / as at 31 March 2024 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 1,227 PDF p. 80
Investment propertiesSingapore dollars thousands 64,983 PDF p. 80
Right-of-use assetsSingapore dollars thousands – PDF p. 80
Investments in subsidiariesSingapore dollars thousands 163,587 PDF p. 80
Investments in associatesSingapore dollars thousands 1,000 PDF p. 80
Intangible assetsSingapore dollars thousands – PDF p. 80
Deferred tax assetsSingapore dollars thousands – PDF p. 80
Other non-financial assetsSingapore dollars thousands 174 PDF p. 80
Total non-current assetsSingapore dollars thousands 230,971 PDF p. 80
Current assets
Assets held for saleSingapore dollars thousands 4,379 PDF p. 80
InventoriesSingapore dollars thousands – PDF p. 80
Trade and other receivablesSingapore dollars thousands 31,633 PDF p. 80
Other non-financial assetsSingapore dollars thousands 46 PDF p. 80
Cash and cash equivalentsSingapore dollars thousands 1,493 PDF p. 80
Total current assetsSingapore dollars thousands 37,551 PDF p. 80
Total assetsSingapore dollars thousands 268,522 PDF p. 80
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 35,481 PDF p. 80
Other reservesSingapore dollars thousands – PDF p. 80
Retained earningsSingapore dollars thousands 207,174 PDF p. 80
Equity attributable to owners of the CompanySingapore dollars thousands 242,655 PDF p. 80
Non-controlling interestsSingapore dollars thousands – PDF p. 80
Total equitySingapore dollars thousands 242,655 PDF p. 80
Non-current liabilities
ProvisionsSingapore dollars thousands – PDF p. 80
Financial liabilities – lease liabilitiesSingapore dollars thousands – PDF p. 80
Other financial liabilitiesSingapore dollars thousands – PDF p. 80
Other non-financial liabilitiesSingapore dollars thousands 208 PDF p. 80
Deferred tax liabilitiesSingapore dollars thousands – PDF p. 80
Total non-current liabilitiesSingapore dollars thousands 208 PDF p. 80
Current liabilities
ProvisionsSingapore dollars thousands – PDF p. 80
Income tax payableSingapore dollars thousands 49 PDF p. 80
Financial liabilities – lease liabilitiesSingapore dollars thousands 69 PDF p. 80
Trade and other payablesSingapore dollars thousands 25,492 PDF p. 80
Other financial liabilitiesSingapore dollars thousands – PDF p. 80
Other non-financial liabilitiesSingapore dollars thousands 49 PDF p. 80
Total current liabilitiesSingapore dollars thousands 25,659 PDF p. 80
Total liabilitiesSingapore dollars thousands 25,867 PDF p. 80
Total equity and liabilitiesSingapore dollars thousands 268,522 PDF p. 80
Definitions & sources

Original report: PDF p. 80 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group consolidated statement of profit or loss and comprehensive income

25 metrics

Units appear below each metric. Scroll to compare years

Group consolidated statement of profit or loss and comprehensive income from Annual Report 2026
Metric / unit 2024Group / year ended 31 March 2024 Source
Group profit or loss and comprehensive income
RevenueSingapore dollars thousands 810,988 PDF p. 79
Interest incomeSingapore dollars thousands 762 PDF p. 79
Other income and gainsSingapore dollars thousands 485 PDF p. 79
Changes in inventories of finished goodsSingapore dollars thousands 77,089 PDF p. 79
Purchase of goods and consumablesSingapore dollars thousands (617,865) PDF p. 79
Employee benefits expenseSingapore dollars thousands (67,094) PDF p. 79
Rental expenseSingapore dollars thousands (9,666) PDF p. 79
Depreciation expenseSingapore dollars thousands (13,275) PDF p. 79
Depreciation of right-of-use assetsSingapore dollars thousands (37,222) PDF p. 79
Other expensesSingapore dollars thousands (45,998) PDF p. 79
Other lossesSingapore dollars thousands (2,475) PDF p. 79
Finance costsSingapore dollars thousands (4,664) PDF p. 79
Share of results of equity-accounted associatesSingapore dollars thousands 223 PDF p. 79
Profit before taxSingapore dollars thousands 91,288 PDF p. 79
Income tax expenseSingapore dollars thousands (23,964) PDF p. 79
Profit for the yearSingapore dollars thousands 67,324 PDF p. 79
Profit for the year attributable to:
Owners of the CompanySingapore dollars thousands 61,053 PDF p. 79
Non-controlling interestsSingapore dollars thousands 6,271 PDF p. 79
Subtotal (unlabelled in original)Singapore dollars thousands 67,324 PDF p. 79
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations, net of taxSingapore dollars thousands (6,678) PDF p. 79
Total comprehensive income for the yearSingapore dollars thousands 60,646 PDF p. 79
Total comprehensive income for the year attributable to:
Owners of the CompanySingapore dollars thousands 55,109 PDF p. 79
Non-controlling interestsSingapore dollars thousands 5,537 PDF p. 79
Subtotal (unlabelled in original)Singapore dollars thousands 60,646 PDF p. 79
Earnings per share
Basic and dilutedSingapore cents per share 36.9 PDF p. 79
Definitions & sources

Original report: PDF p. 79 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group changes in equity / 2024

5 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2024 from Annual Report 2026
Metric / unit 2024Group / Total equity2024Group / Subtotal attributable to owners2024Group / Share capital2024Group / Other reserves2024Group / Retained earnings2024Group / Non-controlling interests Source
Group changes in equity / 2024
Opening balance at 1 April 2023Singapore dollars thousands 381,649363,70235,481(7,123)335,34417,947 PDF p. 81
Changes in equity Total comprehensive income for the yearSingapore dollars thousands 60,64655,109–(5,944)61,0535,537 PDF p. 81
Dividends paid (Note 13)Singapore dollars thousands (26,493)(26,493)––(26,493)– PDF p. 81
Dividends paid to non-controlling interestSingapore dollars thousands (9,630)––––(9,630) PDF p. 81
Closing balance at 31 March 2024Singapore dollars thousands 406,172392,31835,481(13,067)369,90413,854 PDF p. 81
Definitions & sources

Original report: PDF p. 81 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Company changes in equity / 2024

4 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2024 from Annual Report 2026
Metric / unit 2024Company / Total equity2024Company / Share capital2024Company / Retained earnings Source
Company changes in equity / 2024
Opening balance at 1 April 2023Singapore dollars thousands 226,84035,481191,359 PDF p. 82
Changes in equity Total comprehensive income for the yearSingapore dollars thousands 42,308–42,308 PDF p. 82
Dividends paid (Note 13)Singapore dollars thousands (26,493)–(26,493) PDF p. 82
Closing balance at 31 March 2024Singapore dollars thousands 242,65535,481207,174 PDF p. 82
Definitions & sources

Original report: PDF p. 82 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group consolidated statement of cash flows

37 metrics

Units appear below each metric. Scroll to compare years

Group consolidated statement of cash flows from Annual Report 2026
Metric / unit 2024Group / year ended 31 March 2024 Source
Cash flows from operating activities
Profit before taxSingapore dollars thousands 91,288 PDF p. 83
Adjustments for:
Depreciation of property, plant and equipment and investment propertiesSingapore dollars thousands 13,275 PDF p. 83
Depreciation of right-of-use assetsSingapore dollars thousands 37,222 PDF p. 83
Amortisation of intangible assetsSingapore dollars thousands 157 PDF p. 83
Interest incomeSingapore dollars thousands (762) PDF p. 83
Interest expenseSingapore dollars thousands 4,664 PDF p. 83
Share of result of equity-accounted associatesSingapore dollars thousands (223) PDF p. 83
Gains on lease modificationsSingapore dollars thousands (212) PDF p. 83
Gains on disposal of property, plant and equipmentSingapore dollars thousands (223) PDF p. 83
Property, plant and equipment written-offSingapore dollars thousands 295 PDF p. 83
Gains on disposal of assets held for saleSingapore dollars thousands – PDF p. 83
Reversal of impairment loss on investment propertySingapore dollars thousands (281) PDF p. 83
Operating cash flows before changes in working capitalSingapore dollars thousands 145,200 PDF p. 83
InventoriesSingapore dollars thousands (82,056) PDF p. 83
Trade and other receivablesSingapore dollars thousands (6,761) PDF p. 83
Other assetsSingapore dollars thousands (8,449) PDF p. 83
Trade and other payablesSingapore dollars thousands 19,936 PDF p. 83
Other non-financial liabilitiesSingapore dollars thousands (3,182) PDF p. 83
Net cash flows generated from operationsSingapore dollars thousands 64,688 PDF p. 83
Income taxes paidSingapore dollars thousands (25,069) PDF p. 83
Net cash flows generated from operating activitiesSingapore dollars thousands 39,619 PDF p. 83
Cash flows from investing activities
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands 389 PDF p. 83
Purchase of property, plant and equipment (Note 25B)Singapore dollars thousands (26,322) PDF p. 83
Proceeds from disposal of assets held for saleSingapore dollars thousands – PDF p. 83
Interest receivedSingapore dollars thousands 762 PDF p. 83
Net cash flows from/(used in) investing activitiesSingapore dollars thousands (25,171) PDF p. 83
Cash flows from financing activities
Lease liabilities paidSingapore dollars thousands (34,626) PDF p. 83
Proceeds from loans and borrowingsSingapore dollars thousands 26,575 PDF p. 83
Repayment of loans and borrowingsSingapore dollars thousands (13,000) PDF p. 83
Interest paidSingapore dollars thousands (4,664) PDF p. 83
Dividends paidSingapore dollars thousands (26,493) PDF p. 83
Dividends paid to non-controlling interests of subsidiariesSingapore dollars thousands (9,630) PDF p. 83
Net cash flows used in financing activitiesSingapore dollars thousands (61,838) PDF p. 83
Net increase/(decrease) in cash and cash equivalentsSingapore dollars thousands (47,390) PDF p. 83
Cash and cash equivalents, beginning balanceSingapore dollars thousands 166,370 PDF p. 83
Effect of foreign exchange rate adjustmentsSingapore dollars thousands (2,939) PDF p. 83
Cash and cash equivalents, ending balance (Note 25)Singapore dollars thousands 116,041 PDF p. 83
Definitions & sources

Original report: PDF p. 83 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group statement of financial position

37 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position from Annual Report 2026
Metric / unit 2023Group / as at 31 March 2023 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 37,940 PDF p. 84
Investment propertiesSingapore dollars thousands 57,643 PDF p. 84
Right-of-use assetsSingapore dollars thousands 105,155 PDF p. 84
Investments in subsidiariesSingapore dollars thousands – PDF p. 84
Investments in associatesSingapore dollars thousands 3,527 PDF p. 84
Intangible assetsSingapore dollars thousands 550 PDF p. 84
Deferred tax assetsSingapore dollars thousands 2,504 PDF p. 84
Other non-financial assetsSingapore dollars thousands 12,810 PDF p. 84
Total non-current assetsSingapore dollars thousands 220,129 PDF p. 84
Current assets
Assets held for saleSingapore dollars thousands – PDF p. 84
InventoriesSingapore dollars thousands 231,624 PDF p. 84
Trade and other receivablesSingapore dollars thousands 13,018 PDF p. 84
Other non-financial assetsSingapore dollars thousands 9,245 PDF p. 84
Cash and cash equivalentsSingapore dollars thousands 166,484 PDF p. 84
Total current assetsSingapore dollars thousands 420,371 PDF p. 84
Total assetsSingapore dollars thousands 640,500 PDF p. 84
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 35,481 PDF p. 84
Other reservesSingapore dollars thousands (7,123) PDF p. 84
Retained earningsSingapore dollars thousands 335,344 PDF p. 84
Equity attributable to owners of the CompanySingapore dollars thousands 363,702 PDF p. 84
Non-controlling interestsSingapore dollars thousands 17,947 PDF p. 84
Total equitySingapore dollars thousands 381,649 PDF p. 84
Non-current liabilities
ProvisionsSingapore dollars thousands 5,502 PDF p. 84
Financial liabilities – lease liabilitiesSingapore dollars thousands 75,699 PDF p. 84
Other financial liabilitiesSingapore dollars thousands 5,000 PDF p. 84
Other non-financial liabilitiesSingapore dollars thousands 2,911 PDF p. 84
Deferred tax liabilitiesSingapore dollars thousands 128 PDF p. 84
Total non-current liabilitiesSingapore dollars thousands 89,240 PDF p. 84
Current liabilities
ProvisionsSingapore dollars thousands – PDF p. 84
Income tax payableSingapore dollars thousands 13,689 PDF p. 84
Financial liabilities – lease liabilitiesSingapore dollars thousands 32,765 PDF p. 84
Trade and other payablesSingapore dollars thousands 102,007 PDF p. 84
Other financial liabilitiesSingapore dollars thousands 10,231 PDF p. 84
Other non-financial liabilitiesSingapore dollars thousands 10,919 PDF p. 84
Total current liabilitiesSingapore dollars thousands 169,611 PDF p. 84
Total liabilitiesSingapore dollars thousands 258,851 PDF p. 84
Total equity and liabilitiesSingapore dollars thousands 640,500 PDF p. 84
Definitions & sources

Original report: PDF p. 84 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Company statement of financial position

37 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position from Annual Report 2026
Metric / unit 2023Company / as at 31 March 2023 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 1,701 PDF p. 84
Investment propertiesSingapore dollars thousands 70,343 PDF p. 84
Right-of-use assetsSingapore dollars thousands – PDF p. 84
Investments in subsidiariesSingapore dollars thousands 141,487 PDF p. 84
Investments in associatesSingapore dollars thousands 1,000 PDF p. 84
Intangible assetsSingapore dollars thousands – PDF p. 84
Deferred tax assetsSingapore dollars thousands – PDF p. 84
Other non-financial assetsSingapore dollars thousands – PDF p. 84
Total non-current assetsSingapore dollars thousands 214,531 PDF p. 84
Current assets
Assets held for saleSingapore dollars thousands – PDF p. 84
InventoriesSingapore dollars thousands – PDF p. 84
Trade and other receivablesSingapore dollars thousands 26,340 PDF p. 84
Other non-financial assetsSingapore dollars thousands 120 PDF p. 84
Cash and cash equivalentsSingapore dollars thousands 5,246 PDF p. 84
Total current assetsSingapore dollars thousands 31,706 PDF p. 84
Total assetsSingapore dollars thousands 246,237 PDF p. 84
Equity attributable to owners of the Company
Share capitalSingapore dollars thousands 35,481 PDF p. 84
Other reservesSingapore dollars thousands – PDF p. 84
Retained earningsSingapore dollars thousands 191,359 PDF p. 84
Equity attributable to owners of the CompanySingapore dollars thousands 226,840 PDF p. 84
Non-controlling interestsSingapore dollars thousands – PDF p. 84
Total equitySingapore dollars thousands 226,840 PDF p. 84
Non-current liabilities
ProvisionsSingapore dollars thousands – PDF p. 84
Financial liabilities – lease liabilitiesSingapore dollars thousands 69 PDF p. 84
Other financial liabilitiesSingapore dollars thousands – PDF p. 84
Other non-financial liabilitiesSingapore dollars thousands – PDF p. 84
Deferred tax liabilitiesSingapore dollars thousands – PDF p. 84
Total non-current liabilitiesSingapore dollars thousands 69 PDF p. 84
Current liabilities
ProvisionsSingapore dollars thousands – PDF p. 84
Income tax payableSingapore dollars thousands 284 PDF p. 84
Financial liabilities – lease liabilitiesSingapore dollars thousands 67 PDF p. 84
Trade and other payablesSingapore dollars thousands 18,774 PDF p. 84
Other financial liabilitiesSingapore dollars thousands – PDF p. 84
Other non-financial liabilitiesSingapore dollars thousands 203 PDF p. 84
Total current liabilitiesSingapore dollars thousands 19,328 PDF p. 84
Total liabilitiesSingapore dollars thousands 19,397 PDF p. 84
Total equity and liabilitiesSingapore dollars thousands 246,237 PDF p. 84
Definitions & sources

Original report: PDF p. 84 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group consolidated statement of profit or loss and comprehensive income

25 metrics

Units appear below each metric. Scroll to compare years

Group consolidated statement of profit or loss and comprehensive income from Annual Report 2026
Metric / unit 2023Group / year ended 31 March 2023 Source
Group profit or loss and comprehensive income
RevenueSingapore dollars thousands 826,555 PDF p. 83
Interest incomeSingapore dollars thousands 1,119 PDF p. 83
Other income and gainsSingapore dollars thousands 1,013 PDF p. 83
Changes in inventories of finished goodsSingapore dollars thousands 20,424 PDF p. 83
Purchase of goods and consumablesSingapore dollars thousands (574,887) PDF p. 83
Employee benefits expenseSingapore dollars thousands (65,799) PDF p. 83
Rental expenseSingapore dollars thousands (9,752) PDF p. 83
Depreciation expenseSingapore dollars thousands (8,800) PDF p. 83
Depreciation of right-of-use-assetsSingapore dollars thousands (33,114) PDF p. 83
Other expensesSingapore dollars thousands (43,977) PDF p. 83
Other lossesSingapore dollars thousands (2,364) PDF p. 83
Finance costsSingapore dollars thousands (4,040) PDF p. 83
Share of profit from equity-accounted associatesSingapore dollars thousands 71 PDF p. 83
Profit before taxSingapore dollars thousands 106,449 PDF p. 83
Income tax expenseSingapore dollars thousands (22,948) PDF p. 83
Profit for the yearSingapore dollars thousands 83,501 PDF p. 83
Profit for the year attributable to:
Owners of the CompanySingapore dollars thousands 76,526 PDF p. 83
Non-controlling interestsSingapore dollars thousands 6,975 PDF p. 83
Subtotal (unlabelled in original)Singapore dollars thousands 83,501 PDF p. 83
Items that may be reclassified subsequently to profit or loss
Exchange differences on translating foreign operations, net of taxSingapore dollars thousands (8,286) PDF p. 83
Total comprehensive income for the yearSingapore dollars thousands 75,215 PDF p. 83
Total comprehensive income for the year attributable to:
Owners of the CompanySingapore dollars thousands 69,040 PDF p. 83
Non-controlling interestsSingapore dollars thousands 6,175 PDF p. 83
Subtotal (unlabelled in original)Singapore dollars thousands 75,215 PDF p. 83
Earnings per share currency unit
Basic and dilutedSingapore cents per share 46.2 PDF p. 83
Definitions & sources

Original report: PDF p. 83 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group changes in equity / 2023

5 metrics

Units appear below each metric. Scroll to compare years

Group changes in equity / 2023 from Annual Report 2026
Metric / unit 2023Group / Total equity2023Group / Subtotal attributable to owners2023Group / Share capital2023Group / Other reserves2023Group / Retained earnings2023Group / Non-controlling interests Source
Group changes in equity / 2023
Opening balance at 1 April 2022Singapore dollars thousands 329,168314,53235,481356278,69514,636 PDF p. 85
Changes in equity Total comprehensive income for the yearSingapore dollars thousands 75,21569,040–(7,486)76,5266,175 PDF p. 85
Transferred to/(from) retained earningsSingapore dollars thousands –––7(7)– PDF p. 85
Dividends paid (Note 13)Singapore dollars thousands (22,734)(19,870)––(19,870)(2,864) PDF p. 85
Closing balance at 31 March 2023Singapore dollars thousands 381,649363,70235,481(7,123)335,34417,947 PDF p. 85
Definitions & sources

Original report: PDF p. 85 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Company changes in equity / 2023

4 metrics

Units appear below each metric. Scroll to compare years

Company changes in equity / 2023 from Annual Report 2026
Metric / unit 2023Company / Total equity2023Company / Share capital2023Company / Retained earnings Source
Company changes in equity / 2023
Opening balance at 1 April 2022Singapore dollars thousands 68,70535,48133,224 PDF p. 86
Changes in equity Total comprehensive income for the yearSingapore dollars thousands 178,005–178,005 PDF p. 86
Dividends paid (Note 13)Singapore dollars thousands (19,870)–(19,870) PDF p. 86
Closing balance at 31 March 2023Singapore dollars thousands 226,84035,481191,359 PDF p. 86
Definitions & sources

Original report: PDF p. 86 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group consolidated statement of cash flows

36 metrics

Units appear below each metric. Scroll to compare years

Group consolidated statement of cash flows from Annual Report 2026
Metric / unit 2023Group / year ended 31 March 2023 Source
Cash flows from operating activities
Profit before taxSingapore dollars thousands 106,449 PDF p. 87
Adjustments for:
Depreciation of property, plant and equipment and investment propertiesSingapore dollars thousands 8,800 PDF p. 87
Depreciation of right-of-use assetsSingapore dollars thousands 33,114 PDF p. 87
Amortisation of intangible assetsSingapore dollars thousands 369 PDF p. 87
Interest incomeSingapore dollars thousands (1,119) PDF p. 87
Interest expenseSingapore dollars thousands 4,040 PDF p. 87
Share of profit from equity-accounted associatesSingapore dollars thousands (71) PDF p. 87
Gains on disposal of right-of-use assetsSingapore dollars thousands (236) PDF p. 87
Gains on disposal of property, plant and equipmentSingapore dollars thousands (572) PDF p. 87
Property, plant and equipment written-offSingapore dollars thousands 1,136 PDF p. 87
Reversals of impairment loss on investment propertySingapore dollars thousands – PDF p. 87
Operating cash flows before changes in working capitalSingapore dollars thousands 151,910 PDF p. 87
InventoriesSingapore dollars thousands (25,551) PDF p. 87
Trade and other receivablesSingapore dollars thousands (1,615) PDF p. 87
Other assetsSingapore dollars thousands (8,744) PDF p. 87
Trade and other payablesSingapore dollars thousands 16,250 PDF p. 87
Other non-financial liabilitiesSingapore dollars thousands (7,414) PDF p. 87
Net cash flows generated from operationsSingapore dollars thousands 124,836 PDF p. 87
Income taxes paidSingapore dollars thousands (17,797) PDF p. 87
Net cash flows generated from operating activitiesSingapore dollars thousands 107,039 PDF p. 87
Cash flows from investing activities
Proceeds from disposal of property, plant and equipmentSingapore dollars thousands 944 PDF p. 87
Purchase of property, plant and equipment (Note 25B)Singapore dollars thousands (24,103) PDF p. 87
Purchase of investment propertiesSingapore dollars thousands (50,500) PDF p. 87
Interest receivedSingapore dollars thousands 1,119 PDF p. 87
Net cash flows used in investing activitiesSingapore dollars thousands (72,540) PDF p. 87
Cash flows from financing activities
Lease liabilities paidSingapore dollars thousands (31,860) PDF p. 87
Increase / (decrease) in loans and borrowingsSingapore dollars thousands (31,583) PDF p. 87
Interest paidSingapore dollars thousands (4,040) PDF p. 87
Dividends paidSingapore dollars thousands (19,870) PDF p. 87
Dividends paid to non-controlling interests of subsidiariesSingapore dollars thousands (2,864) PDF p. 87
Cash restricted in useSingapore dollars thousands 30,016 PDF p. 87
Net cash flows used in financing activitiesSingapore dollars thousands (60,201) PDF p. 87
Net decrease in cash and cash equivalentsSingapore dollars thousands (25,702) PDF p. 87
Cash and cash equivalents, beginning balanceSingapore dollars thousands 196,390 PDF p. 87
Effect of foreign exchange rate adjustmentsSingapore dollars thousands (4,318) PDF p. 87
Cash and cash equivalents, ending balance (Note 25)Singapore dollars thousands 166,370 PDF p. 87
Definitions & sources

Original report: PDF p. 87 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Group statement of financial position

35 metrics

Units appear below each metric. Scroll to compare years

Group statement of financial position from Annual Report 2026
Metric / unit 2022Group / as at 31 March 2022 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 24,429 PDF p. 70
Investment propertiesSingapore dollars thousands 6,548 PDF p. 70
Right-of-use assetsSingapore dollars thousands 95,000 PDF p. 70
Investments in subsidiariesSingapore dollars thousands – PDF p. 70
Investments in associatesSingapore dollars thousands 3,494 PDF p. 70
Intangible assetsSingapore dollars thousands 919 PDF p. 70
Deferred tax assetsSingapore dollars thousands 2,689 PDF p. 70
Other assetsSingapore dollars thousands 9,567 PDF p. 70
Total non-current assetsSingapore dollars thousands 142,646 PDF p. 70
Current assets
InventoriesSingapore dollars thousands 211,199 PDF p. 70
Trade and other receivablesSingapore dollars thousands 12,351 PDF p. 70
Other assetsSingapore dollars thousands 4,233 PDF p. 70
Cash and cash equivalentsSingapore dollars thousands 226,520 PDF p. 70
Total current assetsSingapore dollars thousands 454,303 PDF p. 70
Total assetsSingapore dollars thousands 596,949 PDF p. 70
EQUITY AND LIABILITIES
Equity attributable to owners of the parent Share capitalSingapore dollars thousands 35,481 PDF p. 70
Other reservesSingapore dollars thousands 356 PDF p. 70
Retained earningsSingapore dollars thousands 278,695 PDF p. 70
Equity, attributable to owners of the parent, totalSingapore dollars thousands 314,532 PDF p. 70
Non-controlling interestsSingapore dollars thousands 14,636 PDF p. 70
Total equitySingapore dollars thousands 329,168 PDF p. 70
Non-current liabilities
ProvisionsSingapore dollars thousands 4,925 PDF p. 70
Financial liabilities – lease liabilitiesSingapore dollars thousands 70,390 PDF p. 70
Other financial liabilitiesSingapore dollars thousands 25,500 PDF p. 70
Other liabilitiesSingapore dollars thousands 5,357 PDF p. 70
Deferred tax liabilitiesSingapore dollars thousands 156 PDF p. 70
Total non-current liabilitiesSingapore dollars thousands 106,328 PDF p. 70
Current liabilities
Income tax payableSingapore dollars thousands 12,718 PDF p. 70
Financial liabilities – lease liabilitiesSingapore dollars thousands 27,194 PDF p. 70
Trade and other payablesSingapore dollars thousands 83,646 PDF p. 70
Other financial liabilitiesSingapore dollars thousands 21,484 PDF p. 70
Other liabilitiesSingapore dollars thousands 16,411 PDF p. 70
Total current liabilitiesSingapore dollars thousands 161,453 PDF p. 70
Total liabilitiesSingapore dollars thousands 267,781 PDF p. 70
Total equity and liabilitiesSingapore dollars thousands 596,949 PDF p. 70
Definitions & sources

Original report: PDF p. 70 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Company statement of financial position

35 metrics

Units appear below each metric. Scroll to compare years

Company statement of financial position from Annual Report 2026
Metric / unit 2022Company / as at 31 March 2022 Source
Non-current assets
Property, plant and equipmentSingapore dollars thousands 394 PDF p. 70
Investment propertiesSingapore dollars thousands 9,011 PDF p. 70
Right-of-use assetsSingapore dollars thousands – PDF p. 70
Investments in subsidiariesSingapore dollars thousands 141,487 PDF p. 70
Investments in associatesSingapore dollars thousands 1,000 PDF p. 70
Intangible assetsSingapore dollars thousands – PDF p. 70
Deferred tax assetsSingapore dollars thousands – PDF p. 70
Other assetsSingapore dollars thousands – PDF p. 70
Total non-current assetsSingapore dollars thousands 151,892 PDF p. 70
Current assets
InventoriesSingapore dollars thousands – PDF p. 70
Trade and other receivablesSingapore dollars thousands 14,304 PDF p. 70
Other assetsSingapore dollars thousands 663 PDF p. 70
Cash and cash equivalentsSingapore dollars thousands 525 PDF p. 70
Total current assetsSingapore dollars thousands 15,492 PDF p. 70
Total assetsSingapore dollars thousands 167,384 PDF p. 70
EQUITY AND LIABILITIES
Equity attributable to owners of the parent Share capitalSingapore dollars thousands 35,481 PDF p. 70
Other reservesSingapore dollars thousands – PDF p. 70
Retained earningsSingapore dollars thousands 33,224 PDF p. 70
Equity, attributable to owners of the parent, totalSingapore dollars thousands 68,705 PDF p. 70
Non-controlling interestsSingapore dollars thousands – PDF p. 70
Total equitySingapore dollars thousands 68,705 PDF p. 70
Non-current liabilities
ProvisionsSingapore dollars thousands – PDF p. 70
Financial liabilities – lease liabilitiesSingapore dollars thousands – PDF p. 70
Other financial liabilitiesSingapore dollars thousands – PDF p. 70
Other liabilitiesSingapore dollars thousands – PDF p. 70
Deferred tax liabilitiesSingapore dollars thousands – PDF p. 70
Total non-current liabilitiesSingapore dollars thousands – PDF p. 70
Current liabilities
Income tax payableSingapore dollars thousands 220 PDF p. 70
Financial liabilities – lease liabilitiesSingapore dollars thousands 12 PDF p. 70
Trade and other payablesSingapore dollars thousands 98,447 PDF p. 70
Other financial liabilitiesSingapore dollars thousands – PDF p. 70
Other liabilitiesSingapore dollars thousands – PDF p. 70
Total current liabilitiesSingapore dollars thousands 98,679 PDF p. 70
Total liabilitiesSingapore dollars thousands 98,679 PDF p. 70
Total equity and liabilitiesSingapore dollars thousands 167,384 PDF p. 70
Definitions & sources

Original report: PDF p. 70 ↗

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

Where the money comes from

Segment information

By business

Profit or loss by operating segment, Group 8 lines
Profit or loss by operating segment, Group
Item / unit 2026Group Retail2026Group Wholesale2026Group Others2026Group Elimination2026Group Total2025Group Retail2025Group Wholesale2025Group Others2025Group Elimination2025Group Total Source
Revenue by segment
Total revenue by segment$’000 909,87068,105993–978,968808,84953,108827–862,784 PDF p. 98
Inter-segment revenue$’000 51454,9876,205(61,706)–55161,9274,815(67,293)– PDF p. 98
Total revenue$’000 910,384123,0927,198(61,706)978,968809,400115,0355,642(67,293)862,784 PDF p. 98
Results
EBITDA$’000 151,86211,38453,616(53,411)163,451147,0809,48447,317(50,611)153,270 PDF p. 98
Finance costs$’000 (5,787)(40)(731)(5)(6,563)(5,842)(225)(367)(19)(6,453) PDF p. 98
Depreciation and amortisation$’000 (55,605)(1,154)(1,703)(165)(58,627)(53,559)(1,210)(1,609)(195)(56,573) PDF p. 98
ORBT$’000 90,47010,19051,182(53,581)98,26187,6798,04945,341(50,825)90,244 PDF p. 98
Share of results of associates$’000 21–66–8726–65–91 PDF p. 98
Notes

Units $’000. Profit before tax, income tax expense and profit for the year are printed only in the Total column.

Segment assets and reconciliations, Group 1 lines
Segment assets and reconciliations, Group
Item / unit 2026Group Retail2026Group Wholesale2026Group Others2026Group Elimination2026Group Total2025Group Retail2025Group Wholesale2025Group Others2025Group Elimination2025Group Total Source
Assets
Segment assets$’000 693,745121,124354,471(384,832)784,508627,593120,294305,273(314,112)739,048 PDF p. 99
Notes

Units $’000. Unallocated items and total assets printed only in Total column.

Segment liabilities and reconciliations, Group 1 lines
Segment liabilities and reconciliations, Group
Item / unit 2026Group Retail2026Group Wholesale2026Group Others2026Group Elimination2026Group Total2025Group Retail2025Group Wholesale2025Group Others2025Group Elimination2025Group Total Source
Liabilities
Segment liabilities$’000 287,77470,40661,452(139,308)280,324248,81571,15332,889(74,213)278,644 PDF p. 99
Notes

Units $’000. Unallocated items and total liabilities printed only in Total column.

Expenditures for non-current assets by segment, Group 1 lines
Expenditures for non-current assets by segment, Group
Item / unit 2026Group Retail2026Group Wholesale2026Group Others2026Group Total2025Group Retail2025Group Wholesale2025Group Others2025Group Total Source
Expenditures for non-current assets
Property, plant and equipment$’000 28,5293299429,5555,5302709006,700 PDF p. 100
Notes

Units $’000.

By geography

Geographical information: revenue and total assets 5 lines
Geographical information: revenue and total assets
Item / unit 2026Revenue2025Revenue2026Total assets2025Total assets Source
Geographical information
Singapore$’000 419,743380,722418,912407,446 PDF p. 100
South East Asia (a)$’000 424,153344,750237,712216,080 PDF p. 100
North East Asia (b)$’000 131,918135,864114,264120,388 PDF p. 100
Others countries$’000 3,1541,44825,5636,345 PDF p. 100
Total$’000 978,968862,784796,451750,259 PDF p. 100
Notes

(a) South East Asia includes Malaysia, Thailand and Indonesia.

(b) North East Asia includes Hong Kong, Macau and Taiwan.

Revenues are attributed to countries on the basis of the customer’s location irrespective of the origin of the goods and services. The total assets are analysed by the geographical area in which the assets are located.

Final unlabeled row is the printed total.

Debt

Borrowings

Liquidity risk – contractual undiscounted maturity: Group

Liquidity risk – contractual undiscounted maturity: Group — Group
Item / unit 2026Less than 1 year, $'00020262–5 years, $'0002026Over 5 years, $'0002026Total, $'000 Source
Group 2026
Gross borrowings commitments$'000 42,49636,930–79,426 PDF p. 134
Gross lease liabilities$'000 44,55974,9762,563122,098 PDF p. 134
Notes

Contractual undiscounted cash flows. Undiscounted amounts on borrowings with fixed and floating rates are determined by reference to conditions existing at the reporting date.

Liquidity risk – contractual undiscounted maturity: Group

Liquidity risk – contractual undiscounted maturity: Group — Group
Item / unit 2025Less than 1 year, $'00020252–5 years, $'0002025Over 5 years, $'0002025Total, $'000 Source
Group 2025
Gross borrowings commitments$'000 34,49230,581–65,073 PDF p. 134
Gross lease liabilities$'000 43,07878,6475,106126,831 PDF p. 134
Notes

Contractual undiscounted cash flows.

Liquidity risk – contractual undiscounted maturity: Company

Liquidity risk – contractual undiscounted maturity: Company — Company
Item / unit 2026Less than 1 year, $'00020262–5 years, $'0002026Over 5 years, $'0002026Total, $'000 Source
Company 2026
Gross borrowings commitments$'000 1,53227,573–29,105 PDF p. 134
Gross lease liabilities$'000 50172–222 PDF p. 134
Notes

Contractual undiscounted cash flows.

Liquidity risk – contractual undiscounted maturity: Company

Liquidity risk – contractual undiscounted maturity: Company — Company
Item / unit 2025Less than 1 year, $'00020252–5 years, $'0002025Over 5 years, $'0002025Total, $'000 Source
Company 2025
Gross borrowings commitments$'000 2,62530,581–33,206 PDF p. 134
Notes

No gross lease liabilities row printed for Company 2025.

Borrowing notes 2 tables

Other financial liabilities (borrowings)

Other financial liabilities (borrowings)
Item / unit 2026Group, $'0002025Group, $'0002026Company, $'0002025Company, $'000 Source
Non-current – Financial instruments with floating interest rates
Bank loan A (Note 30A)$'000 27,00028,50027,00028,500 PDF p. 130
Bank loan B (Note 30B)$'000 8,861––– PDF p. 130
Non-current
Total non-current portion$'000 35,86128,50027,00028,500 PDF p. 130
Current – Financial instruments with floating interest rates
Bank loan A (Note 30A)$'000 1,5001,5001,5001,500 PDF p. 130
Bank loan B (Note 30B)$'000 2,215––– PDF p. 130
Current – Financial instruments with fixed interest rates
Bills payable (Note 30C)$'000 38,39731,721–– PDF p. 130
Current
Total current portion$'000 42,11233,2211,5001,500 PDF p. 130
Total
Total non-current and current$'000 77,97361,72128,50030,000 PDF p. 130
Notes

Bank loan A: working capital loans drawn 2 December 2024, repayable in instalments on 2 December 2025 and 2 December 2026 for $1.5 million each and balance of $27 million on 2 December 2027; covered by corporate guarantee from a subsidiary; floating rate.

Bank loan B: term loan drawn 27 March 2026 to finance acquisition of retail operations; repayable in fixed instalments commencing 12 months after drawdown then quarterly, final maturity 26 March 2029; covered by corporate guarantee from the Company; floating rate.

Bills payable to banks are covered by corporate guarantees from the Company and a subsidiary.

Currency denomination of borrowings not separately disclosed on pages read; figures in $'000 as printed.

Financial liabilities – lease liabilities

Financial liabilities – lease liabilities
Item / unit 2026Group, $'0002025Group, $'0002026Company, $'0002025Company, $'000 Source
Lease liabilities
Lease liabilities, current$'000 40,59738,41642– PDF p. 128
Lease liabilities, non-current$'000 73,18678,504159– PDF p. 128
Lease liabilities, total$'000 113,783116,920201– PDF p. 128
Notes

Total row has no printed label; label is descriptive.

Lease liability does not include short-term leases of less than 12 months and low-value leases.

Page 129: Certain obligations under leases of $299,000 (2025: $141,000) are secured by a legal charge over the leased assets (Group); $222,000 (2025: $Nil) for Company.

Payout

Dividends & distributions

Dividends declared and proposed

ItemValuePeriod / scopeSource
final tax exempt (1-tier) dividend of 2.0 cents per share 2.0 cents per share Proposed for FY2026 (year ended 31 March 2026); tax exempt (1-tier) PDF p. 106
special tax exempt (1-tier) dividend of 14.0 cents per share 14.0 cents per share Proposed for FY2026 (year ended 31 March 2026); tax exempt (1-tier) PDF p. 106
Final tax exempt (1-tier) dividend paid 0.020 $ per share Rate per share, Group and Company, 2025 (comparative), $ per share PDF p. 106
Special tax exempt (1-tier) dividend paid 0.140 $ per share Rate per share, Group and Company, 2025 (comparative), $ per share PDF p. 106
Total dividends paid (unlabelled total row) 0.160 $ per share Rate per share, Group and Company, 2026 and 2025, $ per share; amounts $’000 26,493 each year PDF p. 106
Record Date 5 August 2026 FY2026 final and special dividends PDF p. 148
payment of the Dividends 14 August 2026 FY2026 final and special dividends PDF p. 148
Dividend (Net)* 26.5 S$ Million FY2026 proposed (also FY2025 26.5) PDF p. 18

Extracted from Annual Report 2026 and checked against the cited pages; see the original report for full context.

Auditor’s report

Audit & risk signals

Audit opinion

ItemValuePeriod / scopeSource
Audit firm RSM SG Assurance LLP Group and Company, year ended 31 March 2026 PDF p. 80
Engagement partner Eu Chee Wei David Group and Company PDF p. 80
Opinion properly drawn up in accordance with the provisions of the Companies Act 1967 Group and Company, 31 March 2026 · As at 2026-03-31 PDF p. 77

Key audit matters

ItemValuePeriod / scopeSource
Net realisable value of inventories The determination of net realisable value is subject to significant estimation uncertainty, and is affected by the age of the inventories, prevailing market conditions of the timepieces and related products in the retail industry and historical allowance experience. Group, 31 March 2026 PDF p. 78

Extracted from Annual Report 2026 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 2026, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.

Five full financial years ended 31 March 2022–2026. Statements in Singapore dollars thousands, EPS in Singapore cents, weighted-share denominator in whole ordinary shares. Group and Company financial position and equity remain separate; no standalone Company income or cash-flow statement is disclosed.

RSM SG Assurance LLP gives an unmodified true-and-fair opinion signed by Eu Chee Wei David on 26 June 2026. Net realisable value of inventories is a Key Audit Matter: inventory 338,988 SGD thousands, 43% of total assets. This is not a modified audit opinion.

Group statement-of-position cash 162,787 SGD thousands includes restricted cash 114. Cash-flow closing cash 162,673 excludes that restriction; prior 132,359 less 108 equals 132,251. Company cash 29,545 is separate. Operating 124,674 plus investing(27,851) plus financing(66,860) equals net increase 29,963; opening 132,251 plus 29,963 plus FX 459 equals 162,673.

Original Note 25 C FY 2026 lease rollforward contains a SGD 1 thousand arithmetic difference: opening 116,920 minus cash 43,387 plus noncash 40,251 equals 113,784, while printed closing is 113,783. The total financing-liability line similarly calculates 191,757 but prints 191,756. All printed values are retained; no invented balancing adjustment. Closing 113,783 agrees with current 40,597 plus noncurrent 73,186. Company lease 201 equals 42 plus 159. Other financial liabilities 77,973 and lease 113,783 are distinct balances.

FY 2023 original income statement repeats profit 83,501 once more before OCI; later comparative omits that repeated line. FY 2024 original net borrowing 13,575 is later split into proceeds 26,575 and repayments 13,000. FY 2024 original combined dividends 36,123 are later split into owners 26,493 and NCI 9,630. Aggregate results and closing balances agree; each original basis is retained without inventing a restatement.

FY 2026 EPS 38.9 Singapore cents uses profit attributable to owners 64,419 SGD thousands over 165,578,415 whole weighted shares. Group total profit 72,361 includes NCI 7,942 and is not the EPS numerator. FY 2025 EPS 38.4 uses 63,601 over the same whole-share denominator. No dilutive potential ordinary shares are disclosed.

Note 13 reports paid final 2 cents and special 14 cents per share, total 26,493 SGD thousands. It separately proposes the same final 2 cents plus special 14 cents for FY 2026, subject to the 28 July 2026 AGM and not included as a year-end liability. The later AGM minutes table 16 cents and a 14 August 2026 payment date; shareholder suggestion 19 cents received only the response Noted and is not an adopted dividend.

Proceedings brought by Sincere Brand Management concerning Franck Muller distribution remain ongoing. At financial-statement approval, outcome cannot be reliably determined and resolution timing cannot be predicted. Australian retail acquisition through Cortina Watch Pty completed 22 June 2026 for A$24,500,000, approximately SGD 21,710,000, after year-end; initial purchase accounting was incomplete. Refundable deposit 10,855 SGD thousands paid in FY 2026 is separate from a completed year-end business combination.

Nine annual-report directors include Chairman Lim Keen Ban Anthony and Group CEO Lim Jit Ming Raymond. Official 24 July 2026 announcements schedule Anthony retirement 31 December 2026 and honorary Emeritus Chairman from 1 January 2027; Raymond becomes Executive Chairman and Group CEO only from 1 January 2027. As at 16 October 2026 the future chair change has not taken effect. Issuer CFO is Yuen King Yu Andrew, and Foo Soon Soo and Low Bing Yoke Sapphira are company secretaries. Three 15 May 2026 appointments are subsidiary management promotions, after year-end.

Register 15 June 2026:165,578,415 ordinary shares, no treasury shares,426 holders; top 20 registered holders 162,348,455 shares 98.04%, public float 22.31%. Eleven major-holder rows include overlapping Lim-family deemed block 77,261,425 shares 46.66%, not five separate blocks. Two PTC direct interest cells are genuinely blank, not zero. Yu spouse/Rennick direct and deemed interests overlap.

Notes 18/19 list 26 subsidiaries and 3 associates, retaining dormant entities. Montre Royale Distributors and Societe Anonyme de La Montre Royale each have 50% effective Group interest, and Pendulum Service Center 49% is an associate. The structure chart Societe 100% is its intermediate holding basis. Sincere Watch India is one 100%-effective subsidiary reached through 99.80% and 0.20% routes; Taiwan branches are not extra legal entities.

Five annual originals comprise 812 pages. Eight related filing attachments comprise 94 attachment pages, but two 2022 shareholder-query attachments are byte-identical; there are 7 unique related PDFs 90 pages,12 unique PDFs 902 pages overall. Both filing associations and original generic identity rejections are preserved. Five independent SGX leadership HTML announcements are archived separately.

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