Full Year Financial Statement Announcement for the Year Ended 30 June 2025

8/28/25, 11:04 PM Financial Statements and Related Announcement::Full Yearly Results

FINANCIAL STATEMENTS AND RELATED ANNOUNCEMENT::FULL YEARLY RESULTS

Issuer/ Manager

GUOCOLAND LIMITED

Securities

GUOCOLAND LIMITED - SG1R95002270 - F17

Stapled Security

No

Announcement Title

Financial Statements and Related Announcement

Date &Time of Broadcast

28-Aug-2025 23:00:31

Status

New

Announcement Sub Title

Full Yearly Results

Announcement Reference

SG250828OTHR9QWP

Submitted By (Co./ Ind. Name)

Ng Chooi Peng

Designation

Group Company Secretary

Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)

Please refer to the attachments.

For Financial Period Ended

30/06/2025

SGX Condensed Report Jun25_FinalR.pdf

SGX Media Release FY2025 Results_FR.pdf

Total size =895K MB

Contents

1. Condensed consolidated statement of profit or loss and other comprehensive income 1
2. Condensed statements of financial position 3
3. Condensed statements of changes in equity 4
4. Condensed consolidated statement of cash flows 7
5. Notes to the condensed interim consolidated financial statements 9
6. Other information required by Listing Rule Appendix 7.2 22

1. Condensed consolidated statement of profit or loss and other comprehensive income

Group

Half Year Ended Increase/

Group

Full Year Ended Increase/

# See note 6.2.

N/M : Not meaningful.

1. Condensed consolidated statement of profit or loss and other comprehensive income (cont'd)

   	Group Half Year Ended		Increase/	Group Full Year Ended		Increase/
   	30/06/2025 30/06/2024#		(Decrease)	30/06/2025 30/06/2024#		(Decrease)
   	$'000 $'000		%	$'000 $'000		%
   Profit for the period/year	52,036 28,928		80	138,813 96,038		45
   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 Translation differences of subsidiary, associate and joint venture reclassified to profit or loss upon disposal Effective portion of changes in fair	(47,965) 5,988 N/M (26,844) (9,231) 191 - 24,866 (100) - 24,866 (100)
   value of cash flow hedges	(14,244)	478	N/M	(16,065)	478	N/M
   Effective portion of changes in fair
   value of net investment hedges	14,878	147	N/M	16,805	664	N/M
   Total other comprehensive income
   for the period/year, net of tax	(47,331)	31,479	N/M	(26,104)	16,777	N/M
   Total comprehensive income for
   the period/year, net of tax	4,705	60,407	(92)	112,709	112,815	-
   Attributable to:
   Equity holders of the Company	(8,967)	92,719	N/M	80,674	147,333	(45)
   Non-controlling interests	13,672	(32,312)	N/M	32,035	(34,518)	N/M
   Total comprehensive income for
   the period/year, net of tax	4,705	60,407	(92)	112,709	112,815	-

   # See note 6.2.

   N/M : Not meaningful.

2. Condensed statements of financial position

* Include reserve for own shares, capital reserve, translation reserve, revaluation reserve, merger reserve and hedging reserve.

* Include reserve for own shares, capital reserve, translation reserve, revaluation reserve, merger reserve and hedging reserve.

#See note 6.2.

* Include reserve for own shares and capital reserve.

1. Condensed consolidated statement of cash flows (cont'd) Group Full Year Ended

   	30/06/2025	30/06/2024#
   	$'000	$'000
   Cash flows from financing activities Dividends paid	(66,683)	(66,591)
   Dividends paid to non-controlling interests	(7,911)	(8,990)
   Distribution payment for perpetual securities	(18,450)	(18,399)
   (Increase)/Decrease in fixed deposits pledged	(5,427)	179
   Interest paid	(217,076)	(233,755)
   Payment for lease liabilities	(185)	(812)
   Proceeds from loan and borrowings	3,474,373	2,268,423
   Proceeds of loans from non-controlling interests	39,000	65,626
   Proceeds from issue of perpetual securities	178,527	-
   Repayment of loans from non-controlling interests	(51,850)	(7,200)
   Repayment of loans and borrowings	(3,314,721)	(2,126,641)
   Redemption of perpetual securities	(400,000)	-
   Net cash used in financing activities	(390,403)	(128,160)
   Net (decrease)/increase in cash and cash equivalents	(223,958)	102,678
   Cash and cash equivalents at beginning of the year	981,893	879,455
   Exchange differences on translation of balances held in foreign currencies	(11,965)	(240)
   Cash and cash equivalents at end of the year	745,970	981,893
   # See note 6.2.

   For the consolidated statement of cash flows, cash and cash equivalents exclude cash collaterals and are presented net of bank overdrafts repayable on demand.

   Significant non-cash transaction

   During the financial year, a subsidiary capitalised shareholders' loans from non-controlling interests of

   $20.0 million (2024: $6.0 million) through the issuance of shares by the subsidiary to the non-controlling interests.

2. Notes to the condensed interim consolidated financial statements
   1. 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 and full year ended 30 June 2025 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.

   2. Basis of preparation

      The condensed interim financial statements for the six months and full year ended 30 June 2025 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 2025. 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.

      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.

         Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next interim period are included in the following notes:

         Note 11 - determination of fair value of investment properties

         Note 12 - allowance for foreseeable losses on development properties

   3. Seasonal operations

      The Group's business is not affected significantly by seasonal or cyclical factors during the financial period.

   4. Segment and revenue information

      Management has determined the operating segments based on the reports reviewed by the Group Chief Executive Officer ("GCEO") that are used to make strategic decisions. The Group's reportable operating segments are as follows:-

      1. GuocoLand Singapore - development of residential, commercial, and integrated properties, and property investment (holding properties for rental income) in Singapore.

      2. GuocoLand China - development of residential, commercial, and integrated properties, and property investment (holding properties for rental income) in China.

      3. GuocoLand Malaysia - development of residential, commercial, and integrated properties, and property investment (holding properties for rental income) in Malaysia.

      The hotel operations of the Group, which is in Singapore and Malaysia, are not significant to the Group and have been included in the "Unallocated" column. The "Unallocated" column for the previous financial period included the Group's investment in EcoWorld International Berhad, which was disposed as at 30 June 2024.

      Information regarding the results of each reportable segment is included below. Performance is measured based on segment profit after income tax, as included in the internal management reports that are reviewed by the GCEO. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.

      Revenue of the Group includes income from sale of development properties, rental income, and income from hotel operations. In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers.

      1. Reportable segments

         GuocoLand Singapore		GuocoLand China	GuocoLand Malaysia	Sub-Total	Unallocated	Total
         $'000 1 January to 30 June 2025		$'000	$'000	$'000	$'000	$'000
         Revenue External revenue 678,905		116,656	77,727	873,288	33,052	906,340
         Results Operating profit/(loss) 165,560		(87,290)	13,847	92,117	(7,911)	84,206
         Share of profit/(loss) of associates and joint ventures (net of tax) (4,033)		69	282	(3,682)	-	(3,682)
         Finance income 4,506		1,070	1,138	6,714	10,488	17,202
         Finance costs (51,772)		(6,066)	(5,874)	(63,712)	(36,997)	(100,709)
         Net finance costs (47,266)		(4,996)	(4,736)	(56,998)	(26,509)	(83,507)
         114,261		(92,217)	9,393	31,437	(34,420)	(2,983)
         Fair value gains on investment properties	76,470	(19,173)	756	58,053	800	58,853
         Profit/(Loss) before tax	190,731	(111,390)	10,149	89,490	(33,620)	55,870
         Tax (expense)/credit	(15,524)	16,137	(3,285)	(2,672)	(1,162)	(3,834)
         Profit/(Loss) for the period	175,207	(95,253)	6,864	86,818	(34,782)	52,036
         Other segment items:-
         Depreciation Allowance for foreseeable losses on	(67)	(168)	(329)	(564)	(4,940)	(5,504)
         development properties -		(81,795)	(1,008)	(82,803)	-	(82,803)
         1 January to 30 June 2024
         Revenue
         External revenue 630,726		42,200	47,417	720,343	32,977	753,320
         Results
         Operating profit/(loss)	144,336	15,612	17,265	177,213	(15,513)	161,700
         Share of profit/(loss) of associates and joint ventures (net of tax)	(2,423)	88	994	(1,341)	(4,728)	(6,069)
         Finance income	6,443	3,341	639	10,423	8,801	19,224
         Finance costs	(80,177)	(8,177)	(3,188)	(91,542)	(34,690)	(126,232)
         Net finance costs	(73,734)	(4,836)	(2,549)	(81,119)	(25,889)	(107,008)
         	68,179	10,864	15,710	94,753	(46,130)	48,623
         Fair value gains on investment
         properties	37,010	883	1,021	38,914	1,300	40,214
         Profit/(Loss) before tax	105,189	11,747	16,731	133,667	(44,830)	88,837
         Tax (expense)/credit	(5,148)	(54,467)	(417)	(60,032)	123	(59,909)
         Profit/(Loss) for the period	100,041	(42,720)	16,314	73,635	(44,707)	28,928
         Other segment items:-
         Depreciation (Allowance)/Writeback of allowance	(181)	(180)	(641)	(1,002)	(4,443)	(5,445)
         for foreseeable losses on
         development properties - Fair value gain on transfer from		(104,148)	394	(103,754)	-	(103,754)
         development properties to investment properties -		123,675	-	123,675	-	123,675

         4.1	Reportable segments (cont'd)
         	GuocoLand Singapore	GuocoLand China	GuocoLand Malaysia	Sub-Total	Unallocated	Total
         1 July 2024 to 30 June 2025	$'000	$'000	$'000	$'000	$'000	$'000
         Revenue External revenue	1,520,591	210,543	115,189	1,846,323	70,079	1,916,402
         Results
         Operating profit/(loss)	382,365	(92,105)	18,876	309,136	(10,383)	298,753
         Share of profit/(loss) of associates and joint ventures (net of tax)	(6,795)	69	1,670	(5,056)	-	(5,056)
         Finance income	10,182	3,835	1,588	15,605	19,920	35,525
         Finance costs	(123,161)	(14,776)	(8,545)	(146,482)	(69,033)	(215,515)
         Net finance costs	(112,979)	(10,941)	(6,957)	(130,877)	(49,113)	(179,990)
         Fair value gains on investment	262,591	(102,977)	13,589	173,203	(59,496)	113,707
         properties	76,470	(19,173)	756	58,053	800	58,853
         Profit/(Loss) before tax	339,061	(122,150)	14,345	231,256	(58,696)	172,560
         Tax (expense)/credit	(37,569)	10,026	(5,041)	(32,584)	(1,163)	(33,747)
         Profit/(Loss) for the year	301,492	(112,124)	9,304	198,672	(59,859)	138,813
         Segment assets	9,397,110	1,737,507	747,954	11,882,571	492,692	12,375,263
         Segment liabilities	3,939,742	630,773	226,314	4,796,829	2,050,904	6,847,733
         Other segment items:- Associates and joint ventures	605,390	2,667	72,229	680,286	-	680,286
         Depreciation Allowance for foreseeable losses on development properties	(207) -	(344) (81,795)	(892) (1,008)	(1,443) (82,803)	(9,714) -	(11,157) (82,803)
         1 July 2023 to 30 June 2024
         Revenue External revenue	1,472,660	169,333	107,109	1,749,102	70,649	1,819,751
         Results
         Operating profit/(loss)	332,006	(19,014)	23,350	336,342	(15,363)	320,979
         Share of profit/(loss) of associates and joint ventures (net of tax)	16,481	102	2,825	19,408	(4,934)	14,474
         Finance income	12,553	6,629	1,197	20,379	15,533	35,912
         Finance costs	(161,368)	(10,581)	(5,932)	(177,881)	(61,856)	(239,737)
         Net finance costs	(148,815)	(3,952)	(4,735)	(157,502)	(46,323)	(203,825)
         Fair value gains on investment	199,672	(22,864)	21,440	198,248	(66,620)	131,628
         properties	37,010	883	1,021	38,914	1,300	40,214
         Profit/(Loss) before tax	236,682	(21,981)	22,461	237,162	(65,320)	171,842
         Tax (expense)/credit	(20,919)	(52,652)	(2,360)	(75,931)	127	(75,804)
         Profit/(Loss) for the year	215,763	(74,633)	20,101	161,231	(65,193)	96,038
         Segment assets	9,084,668	2,215,881	734,364	12,034,913	494,969	12,529,882
         Segment liabilities	4,002,107	899,206	242,869	5,144,182	1,678,912	6,823,094
         Other segment items:- Associates and joint ventures	655,032	4,574	73,806	733,412	-	733,412
         Depreciation (Allowance)/Writeback of allowance for foreseeable losses on development properties	(285) -	(374) (104,148)	(1,462) 394	(2,121) (103,754)	(8,894) -	(11,015) (103,754)
         Fair value gain on transfer from development properties to investment properties	-	123,675	-	123,675	-	123,675

      2. Disaggregation of revenue Group Half Year Ended Group Full Year Ended Revenue recognised at a point in time:

         Sale of development properties

         30/06/2025 30/06/2024 30/06/2025 30/06/2024 $'000 $'000 $'000 $'000

         Singapore	34,163	14,252	79,510	29,793
         China	108,345	30,800	190,803	148,671
         Malaysia	13,282	10,043	18,402	20,651
         	155,790	55,095	288,715	199,115
         Revenue recognised over time:
         Sale of development properties
         Singapore	516,024	510,761	1,195,806	1,239,402
         Malaysia	49,905	32,801	78,501	78,090
         	565,929	543,562	1,274,307	1,317,492
         Hotel operations
         Singapore	18,570	19,831	40,447	42,472
         Malaysia	14,394	13,054	29,489	28,031
         	32,964	32,885	69,936	70,503
         Rental and related income from investment
         properties
         Singapore	128,467	105,430	244,774	203,118
         China	8,310	11,400	19,740	20,662
         Malaysia	13,759	3,415	16,575	5,881
         	150,536	120,245	281,089	229,661
         Management fee income	1,121	1,533	2,355	2,980
         	906,340	753,320	1,916,402	1,819,751

         A breakdown of sales:

         Group Full Year Ended Increase/

         30/06/2025 30/06/2024 (Decrease)

         Sales reported for the first half year	$'000 1,010,062	$'000 1,066,431	% (5)
         Profit after tax before deducting non-controlling interests reported for first half year	86,777	67,110	29
         Sales reported for second half year	906,340	753,320	20
         Profit after tax before deducting non-controlling interests reported for second half year	52,036	28,928	80

   5. Financial assets and financial liabilities

      Set out below is an overview of the financial assets and financial liabilities of the Group and the Company as at 30 June 2025 and 30 June 2024:

      Group As at Company As at 30/06/2025 30/06/2024#30/06/2025 30/06/2024

      $'000				$'000	$'000	$'000
      Financial Assets
      Cash and bank balances and trade and other
      receivables^ (Amortised cost)			1,094,597	1,184,733	1,211	1,256
      Financial Liabilities
      Trade and other payables and borrowings* (Amortised
      cost)			6,519,833	6,448,160	2,494	3,033
      ^ Excludes prepayments and derivatives.
      * Excludes derivatives and contract liabilities.
      # See note 6.2.
      6. Profit before taxation
      6.1 Significant items
      Group				Group
      Half Year		Ended	Increase/	Full Year	Ended	Increase/
      30/06/2025		30/06/2024	(Decrease)	30/06/2025	30/06/2024	(Decrease)
      $'000		$'000	%	$'000	$'000	%
      Income / (Expenses)
      Cost of sales (788,355)		(696,079)	13	(1,550,563)	(1,549,139)	-
      Fair value gain on transfer from
      development properties to
      investment properties	- 123,675		(100) - 123,675			(100)
      	(788,355) (572,404)		38 (1,550,563) (1,425,464)			9
      Interest income from fixed
      deposits with banks	6,873	10,750	(36)	15,964	21,247	(25)
      Interest income from joint
      ventures	10,329	8,474	22	19,561	14,665	33
      Loss on disposal of interests in a
      subsidiary	-	(720)	(100)	-	(720)	(100)
      Net gain on deemed acquisition
      of a subsidiary (see note 6.2)	-	11,150	(100)	-	11,150	(100)
      Loss on disposal of interests in a
      joint venture	-	(8,975)	(100)	-	(8,975)	(100)
      Net foreign exchange gain/(loss)	7,413	339	N/M	7,513	(115)	N/M
      Fair value loss on derivative
      financial instrument	-	-	-	-	(9,683)	(100)
      Gain on disposal of property,
      plant and equipment	5	1	N/M	117	2	N/M
      Write-off of property, plant and
      equipment	-	(1)	N/M	(198)	(1)	N/M

      1. Significant items (cont'd)

         Group

         Half Year Ended Increase/

         Group

         Full Year Ended Increase/

         30/06/2025 30/06/2024

         (Decrease)

         30/06/2025 30/06/2024

         (Decrease)

         $'000 $'000 % $'000 $'000 %

         Allowance for foreseeable losses

         on development properties (82,803) (103,754) (20) (82,803) (103,754) (20)

         Allowance for credit loss on trade

         and other receivables (237) (31) N/M (368) (6) N/M

         Depreciation of property, plant and equipment and right-of-

         use assets (5,504) (5,445) 1 (11,157) (11,015) 1

         Management fees paid and

         payable to related corporations (5,555) (4,091) 36 (11,328) (9,967) 14

         N/M: Not meaningful

      2. Acquisition of subsidiary

         On 28 May 2024, pursuant to a rights issue by Tower Real Estate Investment Trust ("Tower REIT"), GuocoLand (Malaysia) Berhad ("GLM"), a subsidiary of the Group, acquired an additional 11.66% of the shares and voting interests of Tower REIT for a consideration of $9.1 million, bringing its equity interest from 21.66% to 33.32%. At the Group, the effective interest in Tower REIT accordingly increased from 14.73% to 22.66%.

         In the current financial year, the auditors of GLM reassessed that Tower REIT should be accounted for as a consolidated subsidiary instead of an equity accounted associate. Accordingly, changes to the comparative figures have been made.

         From the date of the acquisition to 30 June 2024, Tower REIT contributed $0.9 million revenue to the Group's results. A net gain of $11.2 million relating to the deemed acquisition was recognised in the statement of comprehensive income as a result of the negative goodwill ($39.5 million) arising from the deemed acquisition, the loss on remeasurement of previously held interests of Tower REIT ($25.6 million) and the translation losses reclassified to profit or loss and comprehensive income ($2.7 million).

         Key changes to the comparative figures have been summarised as follows:

         Consolidated statement of financial position	As at 30/06/2024 As reported	Adjusted	As at 30/06/2024 Restated
         Assets	$'000	$'000	$'000
         Investment properties	6,555,636	229,613	6,785,249
         Associates and joint ventures	783,732	(50,320)	733,412
         Other non-current assets	450,569	567	451,136
         Non-current assets	7,789,937	179,860	7,969,797
         Current assets	4,551,299	8,786	4,560,085
         Total assets	12,341,236	188,646	12,529,882
         Equity Other equity	2,334,119	-	2,334,119
         Reserves	2,408,270	2,298	2,410,568
         Non-controlling interests	852,349	109,752	962,101
         Total equity	5,594,738	112,050	5,706,788
         Liabilities Non-current loans and borrowings	3,030,185	66,511	3,096,696
         Other non-current liabilities	698,114	7,271	705,385
         Current liabilities	3,018,199	2,814	3,021,013
         Total liabilities	6,746,498	76,596	6,823,094

         Consolidated statement of cash flows	Full Year Ended 30/06/2024 As reported	Adjusted	Full Year Ended 30/06/2024 Restated
         	$'000	$'000	$'000
         Net cash from operating activities	471,512	469	471,981
         Investment in equity accounted investee	(55,322)	9,122	(46,200)
         Acquisition of subsidiary, net of cash acquired	-	9,540	9,540
         Other net cash used in investing activities	(204,483)	-	(204,483)
         Net cash used in investing activities	(259,805)	18,662	(241,143)
         Repayment of loans and borrowings	(2,115,194)	(11,447)	(2,126,641)
         Other net cash from financing activities	1,998,481	-	1,998,481
         Net cash used in financing activities	(116,713)	(11,447)	(128,160)
         Net increase in cash and cash equivalents	94,994	7,684	102,678

         There were no material adjustments to the statement of comprehensive income of the Group for the year ended 30 June 2024.

      3. Related party transactions

      There is no material related party transactions apart from those disclosed elsewhere in the financial statements.

      1. Taxation

         The Group calculates the period income tax expense using the tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the condensed consolidated statement of profit or loss are:

         Group Half Year Ended Group Full Year Ended

         Current tax

         30/06/2025 30/06/2024 30/06/2025 30/06/2024 $'000 $'000 $'000 $'000

         Current year	(21,179)	14,242	(8,447)	17,086
         Under/(Over) provision in respect of prior years	281	(3,221)	376	(2,773)
         Deferred tax	(20,898)	11,021	(8,071)	14,313
         Movements in temporary differences	24,732	48,888	41,818	61,491
         Tax expense	3,834	59,909	33,747	75,804

         The Amendments to SFRS(I) 1-12: International Tax Reform - Pillar Two Model Rules introduce a temporary mandatory exception to the accounting for deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules as well as disclosure requirements on the exposure to Pillar Two income taxes upon adoption.

         Accordingly, the Group has applied the temporary mandatory exception in Amendments to SFRS(I) 1-12: International Tax Reform - Pillar Two Model Rules retrospectively and is not accounting for deferred taxes arising from any top-up tax due to the Pillar Two model rules in the consolidated financial statements.

         The ultimate holding company and its subsidiaries continue to monitor Pillar Two legislative developments and evaluate the potential exposure to the Pillar Two income taxes for all of its subsidiaries that operate in the same jurisdictions as the Group.

      2. Dividends

         Ordinary dividends paid:

         Final one-tier tax exempt dividend paid of 6 cents (2024: 6 cents) per

         Group Full Year Ended

         30/06/2025 30/06/2024

         $'000 $'000

         ordinary share in respect of the previous financial year 66,683 66,591

      3. Net Asset Value

         Net asset value per ordinary share based on existing share capital after adjusting for the shares held by the Trust for the GuocoLand Limited Executive Share Scheme 2018

         Group Company As at As at

         30/06/2025 30/06/2024	30/06/2025	30/06/2024
         $ $	$	$
         3.90 3.90	2.01	1.94

      4. Property, plant and equipment

         During the six months ended 30 June 2025, the Group acquired assets amounting to $4.9 million (2024:

         $2.9 million) and disposed of assets amounting to $0.5 million (2024: $0.1 million).

      5. Investment properties

         The Group's Investment properties comprise commercial properties, and reversionary interests in freehold land and commercial properties.

         Group As at

         	30/06/2025	30/06/2024#
         	$'000	$'000
         At 1 July	6,785,249	6,202,902
         Additions	133,818	76,097
         Deemed acquisition of a subsidiary	-	229,613
         Reclassification from development properties	-	239,803
         Changes in fair values recognised in profit or loss	58,853	40,214
         Translation differences recognised in other comprehensive income	(7,111)	(3,380)
         At 30 June	6,970,809	6,785,249
         Comprising: Completed investment properties	6,722,504	6,489,635
         Investment properties under development	248,305	295,614
         	6,970,809	6,785,249

         # See note 6.2.

         In the previous financial year, a high-rise office tower ("North Tower") in Guoco Changfeng City, Shanghai was transferred from development properties to investment properties due to change in use to hold the asset for capital appreciation and rental income. Accordingly, the property was transferred at fair value and the fair value gain of $123.7 million was recognised in the profit or loss under cost of sales.

         1. Valuation

            Investment properties are stated at fair value based on independent valuations. The fair value of investment properties is determined by external independent property valuers, which have appropriate recognised professional qualifications and recent experience in the location and category of property being valued. The independent valuers provide the fair values of the Group's investment property portfolio annually. The fair values are based on market values being the estimated amount for which a property could be exchanged on the date of the valuation between a willing buyer and a willing seller in an arm's length transaction after proper marketing wherein the parties had each acted knowledgeably.

            The fair value measurement for the investment properties have been categorised as Level 3 fair values based on the inputs to the valuation techniques used.

            The valuers have considered valuation techniques including the direct comparison method, income capitalisation method and residual land method in determining the open market values. The specific risks inherent in each of the properties are taken into consideration in arriving at the valuations.

            The direct comparison method involves the analysis of comparable sales of similar properties and adjusting the sale prices to that reflective of the investment properties, taking into consideration the location, tenure, age of development, trade mix, lettable area, condition, facilities within the development, standard of finishes and fittings as well as date of transaction.

            The income capitalisation approach is an investment approach whereby the gross passing income has been adjusted to reflect anticipated operating costs and an ongoing vacancy to produce a net income on a fully leased basis. The adopted fully leased net income is capitalised over the remaining term of the lease from the date of valuation at an appropriate investment yield which reflects the nature, location and tenancy profile of the property together with current market investment criteria.

            The residual land method involves the deduction of the estimated total development and related costs, together with developer's profit margin, from the gross development value assuming it was completed as at the date of valuation. In estimating the gross development value, the valuer has considered the sale of comparable properties and adjustments are made to reflect the differences in location, tenure, size, standard of finishes and fittings as well as the dates of transactions.

            The following table shows the Group's valuation techniques used in measuring the fair value of investment properties and the key unobservable inputs used:

            Key unobservable inputs Inter-relationship between

            Type of investment properties

            Commercial properties

            Valuation Method

            • Direct comparison method

              Singapore China Malaysia

            • Sales prices of

              $3,011 to $4,210 (2024: $3,010 to

              $4,123) per square feet (psf)

              key unobservable inputs and fair value measurement

              The estimated fair value increases when sales price and gross development value increases and capitalisation rate decreases

              Commercial properties under development

            • Income capitalisation method

            • Residual land method

            • Capitalisation rate of 3.3% to 4.5% (2024:

              3.3% to 4.5%)

            • Gross

            development value of $3,380 (2024: $3,380 to

            $4,122) psf

            • Capitalisation rate of 3.8% to 4.8% (2024:

              3.8% to 4.5%)

              • Capitalisation rate of 4.0% to 6.0% (2024:

                4.0% to 6.0%)

      6. Inventories Group As at

         30/06/2025 30/06/2024

         	$'000	$'000
         Development properties	2,344,861	2,620,838
         Contract assets for development properties	795,269	710,720
         Consumable stocks	790	708
         	3,140,920	3,332,266

         The Group adopts the percentage of completion method of revenue recognition for residential projects under the progressive payment scheme in Singapore and Malaysia.

         The Group recognises an allowance for foreseeable losses on development properties taking into consideration the selling prices of comparable properties, location of property, expected net selling prices and development expenditure. Market conditions may, however, change which may affect the future selling prices of the remaining unsold residential units of the development properties and accordingly, the carrying value of development properties for sale may have to be written down in future periods. During the financial year, allowance for foreseeable losses of $82.8 million (2024: $103.8 million) has been made in respect of the Group's development properties.

      7. Loans and Borrowings Group As at

         	30/06/2025	30/06/2024#
         	$'000	$'000
         Amount repayable within one year or on demand
         Secured	23,778	1,919,963
         Unsecured	850,399	317,319
         	874,177	2,237,282
         Amount repayable after one year
         Secured	3,598,095	1,917,626
         Unsecured	1,011,641	1,179,070
         	4,609,736	3,096,696
         Total loans and borrowings	5,483,913	5,333,978
         # See note 6.2
         The secured loans and borrowings are secured on the following assets:
         Group As at
         	30/06/2025	30/06/2024#
         At carrying amounts:-	$'000	$'000
         Property, plant and equipment	373,721	407,481
         Investment properties	5,613,087	6,102,587
         Development properties	1,589,521	1,703,631
         # See note 6.2

      8. Share Capital

         (a) Company

         	2025 No. of shares	Amount	2024 No. of shares	Amount
         	'000	$'000	'000	$'000
         Issued and fully paid ordinary shares, with no par value At 1 January and 30 June	1,183,373	1,926,053	1,183,373	1,926,053

         Company As at 2025 2024 '000 '000

         (b) GuocoLand Limited Executive Share Scheme 2018 ("ESS 2018")

         1. No. of share options

            At 1 January and 30 June - -

         2. No. of share grant

         At 1 January 2,994 4,532

         Granted 477 -

         Vested (1,697) (1,538)

         At 30 June 1,774 2,994

         In February 2025, the Company granted 476,711 shares under the ESS 2018. Further details of the share grant were announced on 11 February 2025.

         (c) At 30 June No. of issued ordinary shares	1,183,373	1,183,373
         Less: No. of shares acquired by the Trust for ESS 2018	(70,289)	(71,986)
         	1,113,084	1,111,387
         (d) No. of shares acquired by the Trust for ESS 2018 At 1 January	71,986	73,524
         Transfer for share grant vested	(1,697)	(1,538)
         At 30 June	70,289	71,986

         As at 30 June 2025, the Trust for the ESS 2018 held an aggregate of 70,289,210 (2024: 71,985,925) shares in the Company which had been acquired from the market for the purpose of satisfying outstanding share options and shares granted or to be granted to participants under the ESS 2018.

      9. Earnings per share Group Half Year Ended Group Full Year Ended

         	30/06/2025	30/06/2024	30/06/2025	30/06/2024
         Earnings per ordinary share for the period/year based on the Group's profit attributable to equity holders of the Company1:-
         (a) Based on weighted average number of ordinary shares in issue after adjusting for the shares held by the Trust for ESS 2018 (cents)	2.56	4.79	8.43	9.90
         Weighted average number of ordinary shares ('000)	1,113,084	1,111,387	1,113,084	1,111,387
         (b) On a fully diluted basis (cents)	2.56	4.77	8.42	9.88
         Weighted average number of ordinary shares2 ('000)	1,114,858	1,114,382	1,114,858	1,114,382

         1 After deducting accrued distribution for perpetual securities for the half and full year ended 30 June 2025 of $3.9 million (2024: $9.2 million) and $13.2 million (2024: $18.5 million) respectively.

         2 After incorporating the effect of the shares granted, if any.

3. OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2

1. Review

   The condensed statements of financial position of GuocoLand Limited ("the Company") and its subsidiaries (the "Group") as at 30 June 2025, the related condensed consolidated statement of profit or loss and other comprehensive income for the six-month period and financial year ended 30 June 2025 (respectively "2H FY25" and "FY25"), the condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for FY25, and certain explanatory notes have not been audited or reviewed.

2. Review of performance of the Group

   1. Statement of profit or loss

      On the back of the strong performance from Singapore for both twin engines of the property development ("Property Development") and property investment ("Property Investment") businesses, the Group closed the financial year ended 30 June 2025 with a total revenue of $1.92 billion, an increase of 5% as compared to the previous financial year ("FY24"). Overall, the Group achieved a profit attributable to equity holders of $107.1 million for FY25, a decrease of 17% year-on-year ("y-o-y"), as growth in Singapore was offset by losses in China.

      Revenue from Property Development grew 3% y-o-y to $1.56 billion for FY25. Progressive recognition of profits from the residential developments in Singapore, that have been substantially sold, contributed $1.28 billion of Property Development revenue, similar to FY24. Singapore's Property Development continued to provide a strong base for the Group's performance and contributed more than 80% of the Group's Property Development revenue in FY25.

      China's Property Development revenue increased 28% y-o-y to $190.8 million for FY25 because the hand-over of some residential units at Guoco Central Park in Chongqing to buyers began in 2H FY25. China continues to be a challenging market and sales remain weak. The Group will continue to focus on improving liquidity and reducing gearing in China's Property Development by actively monetising its residential properties in Chongqing.

      As there continues to be challenges in the Chinese residential market, the Group recognised an allowance for foreseeable losses of $81.8 million in 2H FY25 for its China's development properties. Mainly due to the operating losses in China, total operating profit for the Group decreased 7% y-o-y to $298.8 million for FY25, although operating profit from Singapore had grown 15% y-o-y to $382.4 million for FY25.

      Revenue from Property Investment grew 22% y-o-y to $281.1 million for FY25, mainly driven by growth in the Singapore portfolio. Revenue from Singapore's Property Investment portfolio contributed 87% of the Group's Property Investment revenue in FY25. Revenue from Singapore's Property Investment grew 21% y-o-y to $244.8 million, mainly due to higher recurring rental revenue from Guoco Tower and Guoco Midtown. Committed occupancy for both Guoco Tower and Guoco Midtown remained close to 100%.

      In FY25, the fair value gains from the Group's Singapore investment properties portfolio increased to $76.5 million. This was partially offset by lower valuations of the Group's investment properties in China. As a result, the Group recognised total fair value gains on investment properties of $58.9 million for FY25, an increase of 46% y-o-y.

      The Group recognised a share of loss of associates and joint ventures of $5.1 million for FY25 as compared to a share of profit of $14.5 million for FY24. This was mainly due to expenses recognised from new joint venture projects in the current financial year. Y-o-y, net finance costs fell 12% to

      $180.0 million for FY25 mainly due to lower interest rates in FY25 as compared to FY24.

      In line with the growth and strong assets from Singapore's twin engines, profit before tax from Singapore grew 43% y-o-y to $339.1 million for FY25. After including the losses from China, profit before tax for the Group was $172.6 million for FY25, similar to FY24.

   2. Statement of financial position

      The Group's equity attributable to ordinary equity holders was $4.34 billion as at 30 June 2025, unchanged from the last financial year end, as profit recorded for FY25 was largely offset by dividends of $66.7 million paid. Mainly due to the full redemption of the $400 million perpetual securities in January 2025 and the issuance of the $180 million perpetual securities in February 2025, total equity fell slightly by 3% y-o-y.

      Total assets for the Group stood at $12.38 billion as at 30 June 2025. Singapore's high quality residential developments and prime investment properties, which are the key growth drivers for the Group, made up 76% of the Group's total assets.

      The Group's investment properties increased 3% y-o-y to $6.97 billion as at 30 June 2025. The increase was due to the acquisition of additional three floors of office space at 20 Collyer Quay, the Group's Grade A commercial building at Raffles Place. Construction progress and higher valuations of the Group's investment properties portfolio in Singapore had also contributed to the increase.

      Mainly due to the strong sales driving progressive recognition of development projects in Singapore (including joint venture residential projects), the Group's associates and joint ventures, and inventories decreased by 7% and 6%, to $680.3 million and $3.14 billion respectively as at 30 June 2025. During the year, the Group replenished its Singapore's residential development pipeline with the acquisition of River Valley Green (Parcel B) and completed the acquisition of the land parcels at Margaret Drive, Faber Walk and Tengah Garden Avenue with joint venture partners.

      In line with the sales activities of the Singapore's development projects and the obtaining of Temporary Occupation Permit for Midtown Modern in 2H FY25, trade and other receivables increased by 57% y-o-y to $370.4 million as at 30 June 2025 mainly due to increase in sales proceeds receivables.

      The Group's loans and borrowings are backed by the Group's high quality assets in Singapore. Along with the acquisition of new land plots in Singapore during the year, the Group's total loans and borrowings increased slightly by 3% y-o-y to $5.48 billion as at 30 June 2025. Approximately 50% of the Group's loans and borrowings are backed by a strong portfolio of high-quality investment assets with stable, recurring rental revenue and cash flows in Singapore. The remaining loans and borrowings are mainly to support the development projects in Singapore. As these development projects are progressively completed, the accompanying loans will be progressively repaid with the sales proceeds received. As at 30 June 2025, debt-to-assets1 ratio stayed at 0.4 times for the Group.

      1 Refers to total loans and borrowings divided by total assets.

   3. Reportable segments

      Assets in Singapore, which accounted for 76% of the Group's total assets as at 30 June 2025, continued to be a strong foundation for the Group's performance for FY25. The GuocoLand Singapore segment contributed close to 80% of the Group's revenue, achieving revenue of $1.52 billion for FY25, an increase of 3% y-o-y. Revenue growth was mainly from Property Investment due to higher rental revenue from the Group's premium Grade A offices. Whilst revenue from Property Investment grew 21% y-o-y to $244.8 million, revenue from sales of residential developments in Singapore continued to anchor the Group's revenue, contributing $1.28 billion for FY25. In line with the growth in revenue, operating profit from GuocoLand Singapore increased 15% y-o-y to $382.4 million for FY25. Together with the lower net finance cost and the higher fair value gains on investment properties, profit after tax for the segment increased 40% y-o-y to $301.5 million for FY25.

      GuocoLand China's assets accounted for 14% of the Group's total assets as at 30 June 2025. The segment's revenue increased 24% y-o-y to $210.5 million for FY25. The increase was mainly contributed by revenue recognised from sold units of Guoco Central Park in Chongqing which were handed over to buyers in 2H FY25. In view of the prevailing uncertain outlook of the real estate sector in China, the segment recognised an allowance for foreseeable losses of $81.8 million on its development properties in 2H FY25. As a result, the segment recorded an operating loss of $92.1 million for FY25. Together with the fair value loss of $19.2 million recognised for investment properties in Shanghai, the loss after tax for the segment was $112.1 million for FY25.

      GuocoLand Malaysia segment's revenue for FY25 was $115.2 million, an increase of 8% y-o-y mainly due to an increase in the recurring revenue from Property Investment. Overall, the segment's profit after tax decreased 54% y-o-y to $9.3 million for FY25 as profit for FY24 included a one-off net gain of $11.2 million from the deemed acquisition of a subsidiary.

   4. Statement of cash flows

   For FY25, the Group generated net cash from operating activities of $202.8 million. This was lower than the $472.0 million generated for FY24 as sales proceeds collected in FY25 was used for the acquisition of a residential land parcel during the year.

   Net cash used in investing activities for FY25 was $36.4 million as cash return from residential joint ventures was used for additions in investment properties during the financial year. In FY24, cash used in investment activities was $241.1 million, mainly due to investments in associates and ventures. Net cash used in financing activities of $390.4 million for FY25 was mainly for loans repayments, redemption of perpetual securities, interest and dividend payments.

3. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.

   No forecast has been previously disclosed to shareholders.

4. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the Group operates and any known factors or events that may affect the Group in the next operating period and the next 12 months

   Singapore

   Singapore's Gross Domestic Product (GDP) grew by an average of 4.3% in the first half of the year. This solid performance prompted the Ministry of Trade and Industry (MTI) to upgrade its full-year GDP growth forecast for 2025 to 1.5% to 2.5%, an improvement from its earlier forecast. However, potential risks from global geopolitical and trade tensions remain.

   Buying demand from homeowners remains resilient, supported by a healthy labour market and moderating interest rates. Price growth was moderate in the private residential property market, as the second quarter of 2025 saw prices rising by 1.0% quarter-on-quarter, a modest increase compared to the end of 2024.

   The office market in Singapore showed resilience, particularly in the core Central Business District (CBD). Effective rents for Grade A offices increased slightly, and the vacancy rate improved, indicating a healthy demand for high-quality spaces. This is driven by a notable "flight to quality" trend, where companies are moving to buildings with superior features.

   China

   China's economy grew by 5.2% year-on-year in the second quarter (2Q) of 2025, slightly lower than the 5.4% in the previous quarter. Although the 2Q growth was slower than that of first quarter, the overall growth for first half of 2025 is still in line with the government target of 5%. To support growth, the People's Bank of China has maintained key lending rates at record lows, including the 5-year loan prime rate at 3.5%. Recent data suggests a slowing decline in new home prices. A sustainable recovery will be dependent on the overall economy and consumer confidence improving.

   In the office sector, Shanghai's vacancy rate edged up to 22.4% in 2Q as 163,000 square metres of new supply entered the market, pressuring rents. For the rest of the year, over 700,000 square metres of new office space is expected. The authorities have begun taking steps to address the issue, primarily by scaling back commercial land sales, encouraging developers to return plots which have not started development, as well as promoting conversion of existing office stock to alternative uses. These actions will gradually reduce the volume of new office supply entering the market.

   Malaysia

   Bank Negara Malaysia (BNM) has adjusted its 2025 GDP growth forecast to a more conservative range of 4.0% to 4.8% (from 4.5% to 5.5%), citing a slowing global economy. BNM reduced the Overnight Policy Rate (OPR) to 2.75% in July as a pre-emptive move to ensure the economy remains on a steady growth path amid moderate inflation pressure.

   The first quarter (1Q) of 2025 saw a dip in the overall Malaysian property market, with transaction volumes declining by 6.2% and value by 9.0% year-on-year. Despite the slowdown in transactions, construction activity grew in 1Q 2025, with 28,344 residential units beginning construction, up from 21,391 units in 1Q 2024.

   The commercial office market in Greater Kuala Lumpur continues to face challenges. The overall vacancy rate was 16.1% in the first quarter of 2025, with KL City (CBD) seeing a vacancy rate of 19.4%, which slightly narrowed to 19.2% in the second quarter of 2025.

5. Dividend information
   1. Current Financial Period Reported on

      Any dividend recommended for the current financial period reported on? Yes

      Name of Dividend	First and final
      Dividend type	Cash
      Dividend per share	7 cents
      Tax rate	Tax exempt

      The Directors are pleased to propose a tax exempt one-tier first and final cash dividend of 7 cents per share in respect of the financial year ended 30 June 2025.

   2. Corresponding Period of the Immediate Preceding Financial Year

      Any dividend declared for the corresponding period of the immediately preceding financial year? Yes

      Name of Dividend	First and final
      Dividend type	Cash
      Dividend per share	6 cents
      Tax rate	Tax exempt

   3. Date Payable

      19 November 2025

   4. Record Date

      Notice is hereby given that, subject to members approving the proposed first and final dividend at the Company's 49th Annual General Meeting, the Transfer Books and Register of Members of the Company will be closed on 6 November 2025 for the preparation of dividend warrants. Duly completed registrable transfers of ordinary shares in the capital of the Company ("Shares") received by the Company's Share Registrar, B.A.C.S. Private Limited, at 77 Robinson Road, #06-03 Robinson 77, Singapore 068896 up to

      5.00 p.m. on 5 November 2025 will be registered to determine members' entitlement to the proposed dividend. Members whose securities accounts with The Central Depository (Pte) Limited are credited with Shares as at 5.00 p.m. on 5 November 2025, will be entitled to the proposed dividend.

6. Interested person transactions

   The Company does not have a shareholders' mandate for interested person transactions.

7. Confirmation that the issuer has procured undertaking from all its directors and executive officers (in the format set out in Appendix 7.7) under Rule 720(1)

   GuocoLand Limited confirms that undertakings under Rule 720(1) have been obtained from all its directors and executive officers in the format set out in Appendix 7.7.

8. Disclosure of persons occupying managerial positions who are related to a director, CEO or substantial shareholder

   Pursuant to Rule 704(13) of the Listing Manual of the Singapore Exchange Securities Trading Limited, GuocoLand Limited (the "Company") confirms that there is no person occupying a managerial position in the Company or in any of its principal subsidiaries who is a relative of the director, chief executive officer or substantial shareholder of the Company.

9. Disclosure on acquisitions and realisations pursuant to Rule 706A of the Listing Manual of SGX-ST

During the second half of the financial year ended 30 June 2025, the following subsidiary/associated company(ies) were established:

Ng Chooi Peng

Group Company Secretary 28 August 2025

• Resilient FY2025 results were supported by twin engines of Property Development and Property Investment

• Recurring rental revenue from investment properties grew 22% year-on-year to S$281 million for FY2025

• Proposed final dividend of 7 Singapore cents per share

SINGAPORE, 28 August 2025 - GuocoLand Limited ("GuocoLand") (国浩房地产) and its subsidiaries (the "Group") achieved revenue of S$1.92 billion for the financial year ended 30 June 2025 ("FY2025"), comparable to the S$1.82 billion in revenue achieved for the previous financial year. The resilient performance was underpinned by the Group's twin engines of Property Development and Property Investment, which performed well during the year.

Revenue from Property Development grew 3% year-on-year ("y-o-y") to S$1.56 billion for FY2025 from S$1.52 billion for FY2024, supported by progressive recognition of earnings from substantially sold residential developments in Singapore. Property Investment revenue also grew 22% to S$281 million for FY2025 from S$230 million for FY2024, due to higher rental revenue from Guoco Tower and Guoco Midtown. During the year, Singapore remained the key driver of the Group's performance, achieving revenue of S$1.52 billion, or about 80% of total revenue, across both Property Development and Property Investment.

The Group turned in an operating profit of S$299 million for FY2025, down 7% y-o-y from FY2024. Singapore operating profit grew 15% to S$382 million for FY2025, from S$332 million in FY2024. The higher operating profit from Singapore was offset by an allowance for foreseeable losses made on China development properties, in view of the persistent headwinds in the real estate sector there.

Mr Cheng Hsing Yao, Group Chief Executive Officer of GuocoLand (郑馨尧, 集团总裁,国浩房地产), said, "Both our twin engines of Property Development and Property Investment in Singapore have contributed to our strong performance for FY2025, despite pervasive macroeconomic uncertainties. We expect our businesses in Singapore to stay resilient going forward."