Group Figures

2008 - 2009 Totals

Profit Statement

Profit Statement    Year ended 30 Sep ($'000) FY08 FY09

Revenue          4,990,067               5,332,567   Cost of sales          (3,316,321)              (3,557,525)   Gross profit           1,673,746                1,775,042   Other Income             24,533                17,414   Operating Expenses          (968,353)             (1,007,247)   Trading profit/(loss)             729,926                 785,209   Share of joint venture/ associated   companies' profit             26,615                  11,873   Gross income from investments                 9,241                  13,539   Profit before interest, taxation,            impairment on Investments and fair   value adjustment of investment properties   (net)            765,782                   810,621   Interest income/(expense)         (64,589)                 (66,344)   Impairment on investments           (47,955)                  (7,292)   Fair value adjustment of investment properties   (net)            71,846                   (122,597)   Profit before taxation & exceptional   items           725,084                  614,388   Exceptional items           12,057                   1,440   Profit before taxation (PBT)           737,141                  615,828   Taxation           (169,429)               (173,451)   Profit after taxation (PAT)           567,712                 442,377         Attributable profit to shareholders of the Company:   Before fair value adjustment & exceptional items           371,844                466,457   Fair value adjustment of investment properties   (net)             44,245               (113,488)   Exceptional items            19,738                  6,565   After fair value adjustment and exceptional   items         435,827             359,534   Minority interests         131,885                 82,843   Profit after taxation (PAT)         567,712             442,377

Balance Sheet

Balance Sheet    Year ended 30 Sep (S$'000) FY08 FY09

Share capital and reserves           5,283,274              5,584,724   Minority interests           1,135,242              1,098,731   Shareholder Equity           6,418,516                  6,683,455   Non-current assets       Fixed assets           1,231,828              1,239,721   Investment properties           3,558,922              3,444,233   Properties held for development           162,297               169,801   Other non-current assets           1,294,032              1,687,433   Total non-current assets           6,247,079                6,541,188       Current assets               Properties held for sale           4,576,737             4,007,448   Inventories           468,502              423,507   Trade receivables           714,058              734,167   Other current assets           1,520,025             2,161,258   Total current assets           7,279,322               7,326,380                                 Total assets employed           13,526,401             13,867,568                           Less: Current liabilities                              Trade payables           576,592               681,508   Borrowings           2,079,576             1,692,726   Other current liabilities           937,503             1,062,702   Total current liabilities           3,593,671             3,436,936         Net current assets           3,685,651             3,889,444                          Less: Non-current liabilities       Long-term borrowings           3,355,259             3,608,299   Other non-current liabilities           158,955              138,878    Total non-current liabilities           3,514,214               3,747,177    Net assets           6,418,516               6,683,455

Cash Flow Statement

Cash flow Statement    Year ended 30 Sep (S$'000) FY08 FY09

Cash Flows From Operating Activities   Profit before taxation and exceptional items          725,084                 614,388   Adjustments for :                        Non-cash items          (109,252)                 90,853   Changes in working capital           366,259                 27,239    Cash generated from operations           982,091                732,480   Interest expenses paid, net           (61,349)                (76,933)   Income taxes paid           (151,335)               (142,176)   Payment of employee benefits           (2,858)                (2,606)   Payment of cash-settled options           (854)                  (559)   Progress payment received/receivable on   properties held for sale           1,109,298              1,625,303   Development expenditure on properties   held for sale           (1,578,355)              (959,526)    Net cash from operating   activities           296,638               1,175,983      Cash Flows From Investing Activities   Dividends from joint venture and associated   companies           19,134                41,870   Investment income           9,241                13,539   Proceeds from sale of fixed assets and   properties           15,466                15,018   Proceeds from sale of other investments and   short term investments           25,215                 6,137   Proceeds from disposal of business           (2,335)               155,299   Purchase of fixed assets and properties           (453,404)              (368,103)   Purchase of other investments           (105,759)                  (84)   Acquisition of minority interests of subsidiary   companies           (65,057)               (35,940)   Acquisition and restructuring of subsidiary   companies and businesses           (84,558)                   -   Payment for intangible assets           (23,709)              (25,232)   Development expenditure on properties held   for development           (29,532)             (105,817)   Investments in joint venture and associated   companies           (120,792)             (58,604)   (Additional) / Repayment of trade advances           (60)              1,663   Net cash used in investing activities           (816,150)              (360,254)     Cash Flow From Financing Activities   Proceeds from term loans and bank   borrowings           676,463             39,824   Repayment of loan from minority interests              -             (1,403)   Share buy-back by a subsidiary company           (225)                 -   Proceeds from issue of shares:           19,998            10,866   Payment of dividends :           (272,561)           (247,303)   Net cash from / (used in) financing activities           423,675           (198,016)         Net (decrease)/increase in cash and cash   equivalents           (95,837)            617,713   Cash and cash equivalents at beginning of   year           1,138,186           1,020,068   Effects of exchange rate changes on cash   and cash equivalents           (22,281)             (13,871)   Cash and cash equivalents at end of year           1,020,068            1,623,910

2005 - 2009 Charts

5 year Group Chart

Sales and PBIT(before EI)		APBE
Earnings Per Share		Dividend Per Share (Net)

5 Year Review

5 year Group Statistic - Profit Statement

Profit Statement    Year ended 30 Sep ($ m)        FY05 FY06 FY07 FY08 FY09

Revenue 3,488 3,802 4,731 4,990 5,333   Profit before taxation:             - before impairment, fair value gain & exceptional items 474 537 661 701 744   - after exceptional items 504 571 673 737 616   Profit attributable to shareholders:             - before fair value gain & exceptional    items 271 295 378 372 466   - after exceptional items 296 320 379 436 360

5 year Group Statistic - Balance Sheet

Balance Sheet    Year ended 30 Sep ($ m)        FY05 FY06 FY07 FY08 FY09

Net asset value   (Share capital & reserves) 3,097 3,600 5,221 5,283 5,585   Total assets employed 8,219 9,667 12,873 13,526 13,868   Long-term borrowings 2,185 2,829 2,477 3,355 3,608   Share Price   At close of business on the first trading   day after preliminary announcement of   results ($) 3.38 4.46 5.75 3.10 3.88   Market Capitalisation ($m) 3,944 5,231 7,955 4,308 5,408   Financial Ratio (%)   Return on average shareholders' equity               - profit before impairment, fair value      gain, taxation and exceptional items 15.7 16.0 15.0 13.6 13.7     - attributable net profit before fair      value gain and exceptional items 9.0 8.8 8.6 7.1 8.6   Gearing ratio   - with minority interest 74.7 64.4 59.0 68.6 54.7   Per Share   Profit before impairment, fair value     gain,taxation and exceptional items   (cents) 40.8 45.9 50.0 50.5 53.4   Attributable net profit              - before fair value and exceptional     items (cents) 23.3 25.3 28.6 26.8 33.5    - after exceptional items (cents) 25.4 27.3 28.7 31.4 25.9   Net assets value ($) 2.65 3.07 3.77 3.80 4.01   Dividend               - net (cents) 11.0 12.0 13.5 13.5 13.5     - cover (times) 2.1 2.1 2.1 2.0 2.5