GuocoLand Limited
And Its Subsidiaries
Condensed Interim Financial Statements
For the half year ended 31 December 2024
Contents
- Condensed consolidated statement of profit or loss and other comprehensive
income | 1 | |
B. | Condensed statements of financial position | 3 |
C. | Condensed statements of changes in equity | 4 |
D. | Condensed consolidated statement of cash flows | 7 |
E. | Notes to the condensed interim consolidated financial statements | 9 |
F. | Other information required by Listing Rule Appendix 7.2 | 20 |
GuocoLand Limited And Its Subsidiaries
- Condensed consolidated statement of profit or loss and other comprehensive income
Note | ||
Revenue | 4.2 | |
Cost of sales | ||
Gross profit | ||
Other income | ||
Administrative expenses | ||
Other expenses | ||
Operating Profit | ||
Share of (loss)/profit of associates and joint | ||
ventures (net of tax) | ||
Finance income | ||
Finance costs | ||
Net finance costs | ||
Profit before tax | 6 | |
Tax expense | 7 | |
Profit for the period | ||
Profit attributable to: | ||
Equity holders of the Company | ||
Non-controlling interests | ||
Earnings per share (cents) | ||
- | Basic | 15 |
- | Diluted | 15 |
Group | ||
Half Year Ended | Increase/ | |
31/12/2024 | 31/12/2023 | (Decrease) |
$'000 | $'000 | % |
1,010,062 | 1,066,431 | (5) |
(762,208) | (853,060) | (11) |
247,854 | 213,371 | 16 |
8,264 | 4,646 | 78 |
(40,874) | (48,835) | (16) |
(697) | (9,903) | (93) |
214,547 | 159,279 | 35 |
(1,374) | 20,543 | N/M |
18,323 | 16,688 | 10 |
(114,806) | (113,505) | 1 |
(96,483) | (96,817) | - |
116,690 | 83,005 | 41 |
(29,913) | (15,895) | 88 |
86,777 | 67,110 | 29 |
74,612 | 66,166 | 13 |
12,165 | 944 | N/M |
86,777 | 67,110 | 29 |
5.88 | 5.13 | 15 |
5.86 | 5.11 | 15 |
N/M : Not meaningful.
1
GuocoLand Limited And Its Subsidiaries
- Condensed consolidated statement of profit or loss and other comprehensive income (cont'd)
Group
Half Year EndedIncrease/
31/12/2024 31/12/2023 (Decrease)
$'000$'000%
Profit for the period
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss:
Translation differences relating to financial statements of foreign subsidiaries, associates and joint ventures
Effective portion of changes in fair value of cash flow hedges
Effective portion of changes in fair value of net investment hedges
Total other comprehensive income for the period, net of tax
Total comprehensive income for the period, net of tax
Attributable to:
Equity holders of the Company
Non-controlling interests
Total comprehensive income for the period, net of tax
86,77767,11029
21,121 | (15,219) | N/M |
(1,821) | - | N/M |
1,927 | 517 | N/M |
21,227 | (14,702) | N/M |
108,004 | 52,408 | 106 |
89,641 | 54,614 | 64 |
18,363 | (2,206) | N/M |
108,004 | 52,408 | 106 |
N/M : Not meaningful.
2
GuocoLand Limited And Its Subsidiaries
- Condensed statements of financial position
Group | Company | ||||
As at | As at | ||||
31/12/2024 | 30/06/2024 | 31/12/2024 | 30/06/2024 | ||
Note | $'000 | $'000 | $'000 | $'000 | |
Non-current assets | |||||
Property, plant and equipment | |||||
and right-of-use assets | 10 | 439,875 | 436,323 | - | - |
Investment properties | 11 | 6,577,126 | 6,555,636 | - | - |
Subsidiaries | - | - | 2,163,260 | 2,152,989 | |
Associates and joint ventures | 702,449 | 783,732 | - | - | |
Deferred tax assets | 12,687 | 14,246 | - | - | |
7,732,137 | 7,789,937 | 2,163,260 | 2,152,989 | ||
Current assets | |||||
Inventories | 12 | 3,117,800 | 3,332,266 | - | - |
Trade and other receivables, | |||||
including derivatives | 188,754 | 234,878 | 1,150 | 1,156 | |
Cash and cash equivalents | 933,318 | 984,155 | 71 | 106 | |
4,239,872 | 4,551,299 | 1,221 | 1,262 | ||
Total assets | 11,972,009 | 12,341,236 | 2,164,481 | 2,154,251 | |
Equity | |||||
Share capital | 14 | 1,926,053 | 1,926,053 | 1,926,053 | 1,926,053 |
Reserves | 2,423,497 | 2,408,270 | 233,685 | 225,165 | |
Equity attributable to ordinary | |||||
equity holders of the | |||||
Company | 4,349,550 | 4,334,323 | 2,159,738 | 2,151,218 | |
Perpetual securities | 408,167 | 408,066 | - | - | |
Non-controlling interests | 889,387 | 852,349 | - | - | |
Total equity | 5,647,104 | 5,594,738 | 2,159,738 | 2,151,218 | |
Non-current liabilities | |||||
Other payables, including | |||||
derivatives | 629,752 | 616,474 | 4,315 | 2,111 | |
Loans and borrowings | 13 | 4,087,895 | 3,030,185 | - | - |
Deferred tax liabilities | 93,175 | 81,640 | - | - | |
4,810,822 | 3,728,299 | 4,315 | 2,111 | ||
Current liabilities | |||||
Trade and other payables, | |||||
including derivatives | 661,567 | 772,849 | 428 | 922 | |
Loans and borrowings | 13 | 838,296 | 2,237,282 | - | - |
Current tax liabilities | 14,220 | 8,068 | - | - | |
1,514,083 | 3,018,199 | 428 | 922 | ||
Total liabilities | 6,324,905 | 6,746,498 | 4,743 | 3,033 | |
Total equity and liabilities | 11,972,009 | 12,341,236 | 2,164,481 | 2,154,251 |
3
GuocoLand Limited And Its Subsidiaries
C. | Condensed statements of changes in equity | ||||||||
Attributable to ordinary equity holders | |||||||||
of the Company | |||||||||
Total | Non- | ||||||||
Share | Other | Accumulated | Ordinary | Perpetual | Controlling | Total | |||
Capital | Reserves* | Profits | Equity | Securities | Interests | Equity | |||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |||
Group | |||||||||
At 1 July 2024 | 1,926,053 | (290,349) | 2,698,619 | 4,334,323 | 408,066 | 852,349 | 5,594,738 | ||
Total comprehensive income for the period | |||||||||
Profit for the period | - | - | 74,612 | 74,612 | - | 12,165 | 86,777 | ||
Other comprehensive income | |||||||||
Items that are or may be reclassified subsequently to profit or loss: | |||||||||
Translation differences relating to financial statements of foreign | |||||||||
subsidiaries, associates and joint ventures | - | 14,559 | - | 14,559 | - | 6,562 | 21,121 | ||
Effective portion of changes in fair value of cash flow hedges | - | (1,457) | - | (1,457) | - | (364) | (1,821) | ||
Effective portion of changes in fair value of net investment hedges | - | 1,927 | - | 1,927 | - | - | 1,927 | ||
Total other comprehensive income, net of tax | - | 15,029 | - | 15,029 | - | 6,198 | 21,227 | ||
Total comprehensive income for the period, net of tax | - | 15,029 | 74,612 | 89,641 | - | 18,363 | 108,004 | ||
Transactions with equity holders, recorded directly in equity | |||||||||
Contributions by and distributions to equity holders | |||||||||
Share-based payments | - | 1,545 | - | 1,545 | - | - | 1,545 | ||
Accrued distribution for perpetual securities | - | - | (9,276) | (9,276) | 9,276 | - | - | ||
Distribution payment for perpetual securities | - | - | - | - | (9,175) | - | (9,175) | ||
Dividends | - | - | (66,683) | (66,683) | - | (1,325) | (68,008) | ||
Capitalisation of shareholder's loan from non-controlling interests | - | - | - | - | - | 20,000 | 20,000 | ||
Total contributions by and distributions to equity holders | - | 1,545 | (75,959) | (74,414) | 101 | 18,675 | (55,638) | ||
Total transactions with equity holders | - | 1,545 | (75,959) | (74,414) | 101 | 18,675 | (55,638) | ||
At 31 December 2024 | 1,926,053 | (273,775) | 2,697,272 | 4,349,550 | 408,167 | 889,387 | 5,647,104 |
* Include reserve for own shares, capital reserve, translation reserve, revaluation reserve, merger reserve and hedging reserve.
4
GuocoLand Limited And Its Subsidiaries
C. | Condensed statements of changes in equity (cont'd) | ||||||||
Attributable to ordinary equity holders | |||||||||
of the Company | |||||||||
Total | Non- | ||||||||
Share | Other | Accumulated | Ordinary | Perpetual | Controlling | Total | |||
Capital | Reserves* | Profits | Equity | Securities | Interests | Equity | |||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |||
Group | |||||||||
At 1 July 2023 | 1,926,053 | (310,208) | 2,654,673 | 4,270,518 | 408,015 | 891,411 | 5,569,944 | ||
Total comprehensive income for the period | |||||||||
Profit for the period | - | - | 66,166 | 66,166 | - | 944 | 67,110 | ||
Other comprehensive income | |||||||||
Items that are or may be reclassified subsequently to profit or loss: | |||||||||
Translation differences relating to financial statements of foreign | |||||||||
subsidiaries, associates and joint ventures | - | (12,069) | - | (12,069) | - | (3,150) | (15,219) | ||
Effective portion of changes in fair value of net investment hedges | - | 517 | - | 517 | - | - | 517 | ||
Total other comprehensive income, net of tax | - | (11,552) | - | (11,552) | - | (3,150) | (14,702) | ||
Total comprehensive income for the period, net of tax | - | (11,552) | 66,166 | 54,614 | - | (2,206) | 52,408 | ||
Transactions with equity holders, recorded directly in equity | |||||||||
Contributions by and distributions to equity holders | |||||||||
Share-based payments | - | 65 | - | 65 | - | - | 65 | ||
Accrued distribution for perpetual securities | - | - | (9,276) | (9,276) | 9,276 | - | - | ||
Distribution payment for perpetual securities | - | - | - | - | (9,124) | - | (9,124) | ||
Dividends | - | - | (66,591) | (66,591) | - | (2,979) | (69,570) | ||
Total contributions by and distributions to equity holders | - | 65 | (75,867) | (75,802) | 152 | (2,979) | (78,629) | ||
Total transactions with equity holders | - | 65 | (75,867) | (75,802) | 152 | (2,979) | (78,629) | ||
At 31 December 2023 | 1,926,053 | (321,695) | 2,644,972 | 4,249,330 | 408,167 | 886,226 | 5,543,723 |
* Include reserve for own shares, capital reserve, translation reserve, revaluation reserve, merger reserve and hedging reserve.
5
GuocoLand Limited And Its Subsidiaries
- Condensed statements of changes in equity (cont'd)
Company
At 1 July 2024 Profit for the period
Total comprehensive income for the period, net of tax Transactions with equity holders, recorded directly in equity
Contributions by and distributions to equity holders Share-basedpayments
Dividends
Total contributions by and distributions to equity holders Total transactions with equity holders
At 31 December 2024
Company
At 1 July 2023 Profit for the period
Total comprehensive income for the period, net of tax Transactions with equity holders, recorded directly in equity
Contributions by and distributions to equity holders Share-basedpayments
Dividends
Total contributions by and distributions to equity holders Total transactions with equity holders
At 31 December 2023
Share | Other | Accumulated | Total |
Capital | Reserves* | Profits | Equity |
S$'000 | S$'000 | S$'000 | S$'000 |
1,926,053 | (158,047) | 383,212 | 2,151,218 |
- | - | 73,658 | 73,658 |
- | - | 73,658 | 73,658 |
- | 1,545 | - | 1,545 |
- | - | (66,683) | (66,683) |
- | 1,545 | (66,683) | (65,138) |
- | 1,545 | (66,683) | (65,138) |
1,926,053 | (156,502) | 390,187 | 2,159,738 |
1,926,053 | (161,858) | 389,676 | 2,153,871 |
- | - | 68,870 | 68,870 |
- | - | 68,870 | 68,870 |
- | 65 | - | 65 |
- | - | (66,591) | (66,591) |
- | 65 | (66,591) | (66,526) |
- | 65 | (66,591) | (66,526) |
1,926,053 | (161,793) | 391,955 | 2,156,215 |
* Include reserve for own shares and capital reserve.
6
GuocoLand Limited And Its Subsidiaries
D. | Condensed consolidated statement of cash flows | ||
Group | |||
Half Year Ended | |||
31/12/2024 | 31/12/2023 | ||
$'000 | $'000 | ||
Cash flows from operating activities | |||
Profit for the period | 86,777 | 67,110 | |
Adjustments for:- | |||
Reversal of allowance for foreseeable loss on development properties | (17) | - | |
Allowance/(Reversal of allowance) for credit loss on trade and other | |||
receivables | 131 | (25) | |
Depreciation of property, plant and equipment and right-of-use assets | 5,653 | 5,570 | |
Finance costs | 114,806 | 113,505 | |
Share-based payments | 1,545 | 65 | |
Write off of property, plant and equipment | 198 | - | |
Gain on disposal of property, plant and equipment | (112) | - | |
Interest income | (18,323) | (16,688) | |
Net fair value loss on derivative financial instruments | - | 9,683 | |
Share of loss/(profit) of associates and joint ventures, net of tax | 1,374 | (20,543) | |
Unrealised foreign exchange gains | (920) | (106) | |
Tax expense | 29,913 | 15,895 | |
221,025 | 174,466 | ||
Changes in:- | |||
Inventories | 156,687 | (256,636) | |
Trade and other receivables | 61,753 | (20,951) | |
Trade and other payables | (57,506) | 30,974 | |
Balances with holding companies and related corporations | 50 | (3,155) | |
Cash from/(used in) operating activities | 382,009 | (75,302) | |
Tax paid | (4,097) | (21,795) | |
Net cash from/(used in) operating activities | 377,912 | (97,097) | |
Cash flows from investing activities | |||
Investment in equity-accounted investee | (1,200) | (1,200) | |
Additions to investment properties | (8,171) | (33,676) | |
Additions to property, plant and equipment | (1,756) | (2,014) | |
Repayment from/(Advances to) associates and joint ventures | 87,950 | (155,244) | |
Dividends and distributions received from associates and joint ventures | 8,697 | 62,189 | |
Interest received | 9,055 | 9,311 | |
Proceeds from disposal of property, plant and equipment | 203 | 18 | |
Net cash from/(used in) investing activities | 94,778 | (120,616) |
7
GuocoLand Limited And Its Subsidiaries
- Condensed consolidated statement of cash flows (cont'd)
Group
Half Year Ended
31/12/2024 31/12/2023
$'000$'000
Cash flows from financing activities
Dividends paid
Dividends paid to non-controlling interests
Distribution payment for perpetual securities
Increase in fixed deposits pledged
Interest paid
Payment for lease liabilities
Proceeds from loan and borrowings
Repayment of loans and borrowings
Proceeds of loans from non-controlling interests
Repayment of loans from non-controlling interests
Net cash (used in)/from financing activities
Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at beginning of the year
Exchange differences on translation of balances held in foreign currencies
Cash and cash equivalents at end of the period
(66,683) (66,591)
(1,325) (2,979)
(9,175) (9,124)
(9,685)(289)
(118,744) (101,719)
-
(412)
1,796,083 1,224,361
(2,142,480) (708,888)
24,6018,800
(4,056) (4,000)
(531,783) 339,159
(59,093) 121,446
974,207 879,455
(1,430) (1,131)
913,684 999,770
For the consolidated statement of cash flows, cash and cash equivalents exclude cash collaterals and are presented net of bank overdrafts repayable on demand.
8
GuocoLand Limited And Its Subsidiaries
- Notes to the condensed interim consolidated financial statements
-
Corporate information
GuocoLand Limited (the "Company") is incorporated and domiciled in Singapore and whose shares are publicly traded on the Mainboard of the Singapore Exchange. These condensed interim consolidated financial statements as at and for the six months ended 31 December 2024 comprise the Company and its subsidiaries (collectively, the Group).
The principal activity of the Company is that of an investment holding company. The principal activities of the Group are those relating to: - investment holding;
- property development and investment;
- hotel operations; and
- provision of management, property management, marketing and maintenance services.
-
Basis of preparation
The condensed interim financial statements for the six months ended 31 December 2024 have been prepared in accordance with Singapore Financial Reporting Standards (International) (SFRS(I)) 1-34 Interim Financial Reporting issued by the Accounting Standards Council Singapore and IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board, and should be read in conjunction with the Group's last annual consolidated financial statements as at and for the year ended 30 June 2024. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the year ended 30 June 2024.
The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s, except for the adoption of new and amended standards as set out in Note 2.1.
The condensed interim financial statements are presented in Singapore dollar which is the Company's functional currency. All financial information has been rounded to the nearest thousand, unless otherwise stated.
2.1 New and amended standards adopted by the Group
A number of new standards and interpretations and amendments to standards are effective for annual period beginning on 1 July 2024. The application of these standards and interpretations did not have a material effect on the condensed interim financial statements.
2.2. Use of judgements and estimates
In preparing the condensed interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 30 June 2024.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
9