Group Figures

2007 - 2006 Totals

Profit Statement

Profit Statement    Year ended 30 Sep (S$'000) FY2006 FY2007

Revenue           3,802,272              4,738,272   Cost of sales         (2,555,831)            (3,205,068)   Gross profit           1,246,441              1,533,204   Operating expenses            (683,280)               (848,759)   Trading profit/(loss)             563,161                 684,445   Other income               33,865                   47,657   Profit before interest, taxation (PBIT) &   exceptional items             597,026                 732,102   Interest income/(expense)             (60,351)                 (71,070)   Profit before taxation   & exceptional items             536,675                661,032   Exceptional items               34,003                   11,662   Profit before taxation (PBT)             570,678                 672,694   Taxation           (138,650)               (174,364)   Profit after taxation (PAT)             432,028                 498,330         Attributable profit to shareholders of the Company:   Before exceptional items            295,414                377,920   Exceptional items              24,111                       681   After exceptional items            319,525                378,601   Minority interests            112,503                119,729              432,028                498,330

Balance Sheet

Balance Sheet    Year ended 30 Sep (S$'000) FY2006 FY2007

Share capital and reserves           3,600,480              5,220,597   Minority interests           1,004,098              1,161,447           4,604,578              6,382,044   Non-current assets       Fixed assets           1,123,164              1,150,563   Investment properties           2,708,016              3,224,389   Properties held for development                79,834                 127,834   Other non-current assets              774,848                 967,893   Total non-current assets           4,685,862              5,470,679       Current assets               Properties held for sale          2,581,872             3,958,204   Inventories             365,525                486,368   Trade receivables             481,854                828,530   Other current assets          1,551,497             2,121,797   Total current assets          4,980,748             7,394,899                                 Total assets employed          9,666,610           12,865,578                           Less: Current liabilities                              Trade payables             398,455                506,985   Borrowings             972,872             2,437,121   Other current liabilities             718,265                920,256   Total current liabilities          2,089,592             3,864,362         Net current assets/(liabilities)          2,891,156             3,530,537                          Less: Non-current liabilities       Long-term borrowings         2,829,333            2,476,939   Other non-current liabilities            143,107               142,233            2,972,440            2,619,172   Net assets         4,604,578            6,382,044

Cash Flow Statement

Cash flow Statement    Year ended 30 Sep (S$'000) FY2006 FY2007

Cash Flows From Operating Activities   Profit before taxation and exceptional items              536,675                 661,032   Adjustments for :                        Cash generated from operations            472,794                  16,097   Interest expenses paid, net            (58,162)               (71,070)   Income taxes paid          (102,104)             (140,328)   Payment of employee benefits              (2,651)                 (5,953)   Payment of cash-settled options                       -                 (3,519)   Progress payment received/receivable on   properties held for sale         1,114,092             1,490,533   Development expenditure on properties   held for sale       (1,158,416)           (2,303,582)   Net cash (used in)/from operating   activities           265,553             1,017,822     Cash Flows From Investing Activities   Dividends from joint venture and associated   companies            12,740                14,517   Investment income            12,028                11,476   Proceeds from sale of fixed assets and   properties            26,652                77,463   Proceeds from sale of other investments and   short term investments              5,220              239,952   Proceeds from disposal of business              1,390                  2,170   Purchase of fixed assets       (166,463)           (264,970)   Purchase of other investments       (230,570)             (59,253)   Acquisition of minority interests of subsidiary   companies           (1,845)             (24,036)   Acquisition and restructuring of subsidiary   companies and businesses         (39,750)             (23,987)   Payment for intangible assets           (9,184)             (45,159)   Development expenditure on properties held   for development                    -             (65,634)   Investments in joint venture and associated   companies       (250,073)           (100,286)   Repayment of (additional) trade advances           (1,002)                 4,645   Net cash used in investing activities       (640,857)           (233,102)     Cash Flow From Financing Activities   Proceeds from term loans and bank   borrowings         481,487             854,944   Uplift/(placement) of fixed deposits pledged          (1,482)                 6,082   Payment of equity's listing expenses        (14,532)                 (377)   Loan (to)/from minority interests            1,656              (4,470)   Share buy-back by a subsidiary company                   -                 (510)   Proceeds from issue of shares:         360,372             983,446   Payment of dividends :       (185,666)           (262,858)   Net cash from financing activities         641,835          1,576,257         Net increase in cash and cash   equivalents          266,531             325,333   Cash and cash equivalents at beginning of   year          567,849             816,736   Effects of exchange rate changes on cash   and cash equivalents          (17,644)               (3,883)   Cash and cash equivalents at end of year           816,736          1,138,186

2003 - 2007 Charts

5 year Group Chart

5 Year Review

5 year Group Statistic - Profit Statement

Profit Statement    Year ended 30 Sep ($ m)       FY2003 FY2004 FY2005 FY2006 FY2007

Revenue 3,022 2,724 3,488 3,802 4,738   Profit before taxation:               - before exceptional items 457 445 474 537 661     - after exceptional items 511 468 504 571 673   Profit attributable to shareholders:               - before exceptional items 273 264 271 295 378     - after exceptional items 333 290 296 320 379

5 year Group Statistic - Balance Sheet

Balance Sheet    Year ended 30 Sep ($ m)       FY2003 FY2004 FY2005 FY2006 FY2007

Net asset value   (Share capital & reserves) 2,839 2,926 3,097 3,600 5,221   Total assets employed 7,131 7,459 8,219 9,667 12,866   Long-term borrowings 1,442 2,114 2,185 2,829 2,477   Share Price   At close of business on the first trading   day after preliminary announcement of   results ($) 2.28 2.82 3.38 4.46 5.75   Market Capitalisation ($m) 2,628 3,271 3,944 5,231 7,955   Financial Ratio (%)   Return on average shareholders' equity               - profit before taxation and       exceptional items 15.9 15.8 16.1 16.0 15.0     - attributable net profit before       exceptional items 9.4 9.2 9.0 8.8 8.6   Gearing ratio   - with minority interest 67.9 72.5 74.7 64.4 59.0   Per Share   Profit before taxation and exceptional   items (cents) 34.5 38.5 40.8 45.9 50.0   Attributable net profit              - before exceptional items (cents) 20.6 22.8 23.3 25.3 28.6    - after exceptional items (cents) 25.2 25.1 25.4 27.3 28.7   Net assets value ($) 2.5 2.5 2.7 3.1 3.77   Dividend               - net (cents) 10.0 11.0 11.0 12.0 13.5     - cover (times) 2.1 2.1 2.1 2.1 2.1