Ying Li International Real Estate LimitedSGX: 5DM

FY2024 Results SGXNet Announcement

Feb 28, 2025 at 10:43 AM UTC · Issued by Ying Li International Real Estate Limited

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Ying Li International Real Estate Limited

(Incorporated in the Republic of Singapore)

(Company Registration No.: 199106356W)

Unaudited Condensed Interim Consolidated Financial Statements

For the six months and full year ended 31 December 2024

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Table of Contents

		Page
A.	Unaudited condensed interim consolidated statements of profit or loss and other	3
	comprehensive income
B.	Unaudited condensed interim consolidated statements of financial position	4
C.	Unaudited condensed interim consolidated statements of changes in equity	5
D.	Unaudited condensed interim consolidated statements of cash flows	7
E.	Notes to the unaudited condensed interim consolidated financial statements	8
F.	Other information required by Listing Rule Appendix 7.2	22

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Unaudited condensed interim consolidated statements of profit or loss and other comprehensive income

				The Group
		6 months ended			12 months ended
		31 December	Increase /		31 December	Increase /

		2024	2023	(Decrease)	2024	2023	(Decrease)
	Note	RMB'000	RMB'000	%		RMB'000	RMB'000	%
Revenue	4.2	96,691	109,489	(11.7%)	200,096	208,518	(4.0%)
Cost of sales		(32,839)	(39,421)	(16.7%)	(64,165)	(68,414)	(6.2%)
Gross profit	6.1	63,852	70,068	(8.9%)		135,931	140,104	(3.0%)
Other income	2,298	3,243	(29.1%)	5,960	12,481	(52.2%)
Other gains/(losses) - net
- Fair value (losses)/gains on investment
properties	15	(33,000)	278,791	n.m.	(33,000)	278,791	n.m.
- Fair value loss on financial asset, at
fair value through profit or
loss ("FVPL")	14	-	(210,000)	(100.0%)	-	(210,000)	(100.0%)
- Others	6.1	18,953	75,267	(74.8%)	(32,488)	79,434	n.m.
Marketing expenses		(7,467)	(12,439)	(40.0%)	(14,708)	(19,165)	(23.3%)
Administrative expenses		(44,802)	(42,072)	6.5%	(82,371)	(75,309)	9.4%
Finance expenses		(68,776)	(79,274)	(13.2%)	(147,843)	(156,412)	(5.5%)
(Loss)/profit before income tax		(68,942)	83,584	n.m.		(168,519)	49,924	n.m.
Income tax	7	(9,886)	(31,528)	(68.6%)	(9,886)	(31,528)	(68.6%)

Net (loss)/profit for the financial period/year

Other comprehensive loss

Item that may be reclassified to profit or loss in subsequent period (net of tax)

Currency translation differences arising from consolidation, net

(78,828)

52,056

n.m.

(178,405)

18,396

n.m.

(41,234)

(3,789)

988.3%

(8,307)

(48,851)

(83.0%)

Total comprehensive (loss)/income for
the period/year		(120,062)	48,267	n.m.	(186,712)	(30,455)	513.1%
Net (loss)/profit attributable to:
Equity holders of the Company		(78,770)	52,176	n.m.	(178,466)	16,869		n.m.
Non-controlling interests		(58)	(120)	(51.7%)	61	1,527	(96.0%)
		(78,828)	52,056	n.m.	(178,405)	18,396		n.m.
Total comprehensive (loss)/income
attributable to:		(120,004)	48,387		(186,773)	(31,982)	484%
Equity holders of the Company		n.m.
Non-controlling interests		(58)	(120)	(51.7%)	61	1,527	(96.0%)
		(120,062)	48,267	n.m.	(186,712)	(30,455)	513.1%
(Loss)/earnings per share for

(loss)/profit attributable to
equity holders of the Company
Basic (loss)/earnings per share (RMB
per share)	8(a)	(0.031)	0.020		(0.070)	0.007
Diluted (loss)/earnings per share (RMB
per share)	8(b)	(0.031)	0.013		(0.070)	0.004

n.m. - not meaningful

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Unaudited condensed interim consolidated statements of financial position

		The Group	The Company
		31 December	31 December	31 December	31 December
	Note	2024	2023	2024	2023
ASSETS	RMB'000	RMB'000	RMB'000	RMB'000

Current assets:	11
Development properties	917,331	951,564	-	-
Trade and other receivables	10	357,045	370,725	3,059,344	2,592,800
Cash and cash equivalents		108,413	318,370	34,396	14,071
Non-current assets:		1,382,789	1,640,659	3,093,740	2,606,871
12
Property, plant and equipment	43,750	47,677	746	1,519
Investments in subsidiaries	13	-	-	3,116,474	3,116,474
Investment properties	15	4,287,076	4,371,400	-	-
Financial asset, at FVPL	14	-	-	-	-
		4,330,826	4,419,077	3,117,220	3,117,993
Total assets		5,713,615	6,059,736	6,210,960	5,724,864
LIABILITIES
Current liabilities:	16
Trade and other payables	439,919	406,227	1,194,491	1,461,506
Current income tax liabilities	17	182,082	188,073	-	-
Borrowings	1,034,267	1,605,942	941,516	472,769
Provisions	18	395,948	395,948	-	-
		2,052,216	2,596,190	2,136,007	1,934,275
Non-current liabilities:	16
Other payable - related party	307,018	271,619	307,018	271,619
Deferred income tax liabilities	17	406,571	396,709	-	-
Borrowings	1,201,483	825,996	388,236	-
		1,915,072	1,494,324	695,254	271,619
Total liabilities		3,967,288	4,090,514	2,831,261	2,205,894
NET ASSETS		1,746,327	1,969,222	3,379,699	3,518,970
EQUITY
Capital and reserves attributable to equity
holders of the Company:	19
Share capital	4,028,372	4,028,372	4,028,372	4,028,372
Reverse acquisition reserve		(2,034,754)	(2,034,754)	-	-
Statutory common reserve		91,018	91,018	-	-
Perpetual convertible securities		878,970	878,970	878,970	878,970
Currency translation reserve		(150,927)	(142,620)	(55,036)	(59,579)
Accumulated losses		(1,057,944)	(843,295)	(1,472,607)	(1,328,793)
Equity attributable to equity holders
of the Company		1,754,735	1,977,691	3,379,699	3,518,970
Non-controlling interests		(8,408)	(8,469)	-	-
TOTAL EQUITY		1,746,327	1,969,222	3,379,699	3,518,970

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Unaudited condensed interim consolidated statements of changes in equity

			Attributable to equity holders of theCompany
		Reverse	Statutory	Convertible	Perpetual	Currency			Non-
The Group	Share	acquisition	common	bonds	convertible	translation	Accumulated		controlling	Total
capital	reserve	reserve	reserve	securities	reserve	losses	Sub-total	interests	equity
	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
Balance at 31 December 2023	4,028,372	(2,034,754)	91,018	-	878,970	(142,620)	(843,295)	1,977,691	(8,469)	1,969,222
Total comprehensive (loss)/
income for the financial
year	-	-	-	-	-	(8,307)	(178,466)	(186,773)	61	(186,712)
Distribution on perpetual
convertible securities	-	-	-	-	-	-	(36,183)	(36,183)	-	(36,183)
Balance at 31 December 2024	4,028,372	(2,034,754)	91,018	-	878,970	(150,927)	(1,057,944)	1,754,735	(8,408)	1,746,327
Balance at 31 December 2022
4,028,372	(2,034,754)	91,018	42,458	878,970	(93,769)	(866,536)	2,045,759	(9,996)	2,035,763
Total comprehensive (loss)/
income for the financial
year	-	-	-	-	-	(48,851)	16,869	(31,982)	1,527	(30,455)
Distribution on perpetual
convertible securities	-	-	-	-	-	-	(36,086)	(36,086)	-	(36,086)
Transfer of reserve related to
convertible bonds	-	-	-	(42,458)	-	-	42,458	-	-	-
Balance at 31 December 2023	4,028,372	(2,034,754)	91,018	-	878,970	(142,620)	(843,295)	1,977,691	(8,469)	1,969,222

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Unaudited condensed interim consolidated statements of changes in equity (continued)

		Convertible	Perpetual	Currency
The Company	Share	bonds	convertible	translation		Accumulated	Total
capital	reserve	securities	reserve		losses	equity
	RMB'000	RMB'000	RMB'000	RMB'000		RMB'000	RMB'000
Balance at 31 December 2023	4,028,372	-	878,970	(59,579)	(1,328,793)	3,518,970
Total comprehensive income/(loss) for the financial year	-	-	-	4,543	(107,631)	(103,088)
Distribution on perpetual convertible securities	-	-	-	-	(36,183)	(36,183)
Balance at 31 December 2024	4,028,372	-	878,970	(55,036)	(1,472,607)	3,379,699
Balance at 31 December 2022
4,028,372	42,458	878,970	(41,098)	(1,337,504)	3,571,198
Total comprehensive (loss)/income for the financial year	-	-	-	(18,481)	2,339	(16,142)
Distribution on perpetual convertible securities	-	-	-	-	(36,086)	(36,086)
Transfer of reserve related to convertible bonds	-	(42,458)	-	-	42,458	-
Balance at 31 December 2023	4,028,372	-	878,970	(59,579)	(1,328,793)	3,518,970

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Unaudited condensed interim consolidated statements of cash flows

Operating activities

(Loss)/profit before income tax

Adjustments for:

Depreciation of property, plant and equipment Fair value losses/(gains) on investment properties Fair value loss on financial asset, at FVPL Interest expenses

Interest income

Reversal of provision on legal cases and penalties - net Loss/(gain) on disposal of investment properties - net Loss allowance on trade receivables

Write-down of development properties - Completed properties Unrealised exchange differences

Operating cash flows before working capital changes Development properties

Trade and other receivables Trade and other payables

Cash generated from operations Interest received

Income tax paid

Net cash generated from operating activities

Investing activities

Purchase of property, plant and equipment

Proceeds from disposal of property, plant and equipment Proceeds from disposal of investment properties

Net cash generated from investing activities

Financing activities

Decrease in restricted cash

Proceeds from borrowings

Interest paid

Repayment of borrowings

Repayment of bond notes

Net cash used in financing activities

Net (decrease)/increase in cash and cash equivalents Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at beginning of the financial year

Cash and cash equivalents at end of the financial year Restricted bank balances

Cash and cash equivalents in the consolidated statements of financial position

The Group

12 months ended	12 months ended
31 December 2024	31 December 2023
RMB'000	RMB'000
(168,519)	49,924

4,2824,261

33,000 (278,791)

210,000
147,843 156,412

(3,159)	(9,865)
-	(25,959)
4,386	(2,876)
568	3,301
27,000	-
(1,665)	(20,457)
43,736	85,950
7,233	14,332
13,112	16,363
(14,363)	26,735
49,718	143,380
3,159	9,865
(14)	(2)
52,863	153,243

(219)

28	-
46,938	4,520
46,567	4,301

21,886 207,332

894,851 1,130,562

(79,948) (148,918)

(1,123,332) (976,573)

(215,912)
(286,543) (3,509)

(187,113)	154,035
(958)	894
266,751	111,822
78,680	266,751
29,733	51,619
108,413	318,370

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Notes to the unaudited condensed interim consolidated financial statements

1. General information

Ying Li International Real Estate Limited (the "Company") is listed on the Mainboard of the Singapore Exchange Securities Trading Limited (the "Singapore Exchange" or "SGX-ST") and incorporated and domiciled in Singapore. These unaudited condensed interim consolidated financial statements as at and for the six months period ended 31 December 2024 ("2H2024") and full financial year then ended ("FY2024") comprise the Company and its subsidiaries (collectively, the "Group").

The principal activity of the Company is investment holding. The principal activities of its subsidiaries are:

Property development;
Mall and property management;
Property consultancy, sale, marketing and management;
Commercial property leasing services; and
Others - Investment holding.

2. Basis of preparation

The unaudited condensed interim financial statements for 2H2024 have been prepared in accordance with SFRS(I) 1-34 Interim Financial Reporting issued by the Accounting Standards Committee Singapore. The unaudited condensed interim financial statements do not include all the information required for a complete set of financial statements and should be read in conjunction with the Group's audited financial statements for the financial year ended 31 December 2023. 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 its performance since the last interim financial statements for the six months period 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 unaudited condensed interim financial statements are presented in Chinese Renminbi ("RMB") and all values are rounded to the nearest thousand ("RMB'000") as indicated.

The condensed interim financial statements have been prepared on a going concern basis as the directors have assessed that the Group and the Company would have the ability to meet the obligations for the next twelve months from the reporting date, taking into consideration available cash balances, profitability and cashflow of the Group's operations.

2.1. New and amended standards adopted by the Group

A number of amendments to standards have become applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting those standards.

2.2. Use of judgements, estimates and assumptions

In preparing the unaudited condensed interim financial statements, the management team of the Group ("Management") has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. 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 financial year ended 31 December 2023.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

Valuation of investment properties
Estimation of net realisable value for development properties
Valuation of financial asset, at FVPL
Assessment of expected credit loss ("ECL") of trade and other receivables
Provision on litigation cases and penalties
Deferred income tax

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Classification of unquoted investment in limited partnership

3. Seasonal operations

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

4. Segment and revenue information

The Group is organised into the following main business segments:

Property investment	: Leasing of investment properties to generate rental income, facilities management income
		and holding of properties for capital appreciation
Property development	:	Development and sales of residential, commercial and other types of properties and equity
		investment in property development companies
Others	:	Mainly related with corporate office functions and investment holding

These operating segments are reported in a manner consistent with the internal reporting provided to the executive committee for allocating resources and assessing performance. Interest income, interest expenses and borrowings are not allocated to the operating segments for the financial year ended 31 December 2024 as they were no longer a measurement of the performance of the operating segments with the replacement of the majority of bank loans with loans from a subsidiary of controlling shareholder. Accordingly, the segment information regarding interest income, interest expenses and borrowings for the financial period/year ended 31 December 2023 has been restated for comparative purpose.

4.1.	Reportable segments
		Property		Property
		investment		development	Others		Total
1 July 2024 to 31 December 2024	RMB'000		RMB'000	RMB'000		RMB'000

Revenue
Total segment revenue	94,509	2,182	-	96,691
Segment results	40,091		(7,606)	(859)	31,626
Fair value losses on investment properties	(33,000)	-	-	(33,000)
Interest expenses					(68,776)
Interest income					1,208
Loss before income tax					(68,942)
Depreciation of property, plant and
equipment	-	-	2,151	2,151
As at 31 December 2024
Segment assets	4,305,556	1,241,659	166,400	5,713,615
Segment assets includes:
Additions to:
- Property, plant and equipment	-	-	371	371
Segment liabilities	518,905	440,571	772,062	1,731,538
Borrowings					2,235,750
Total liabilities					3,967,288

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	Property		Property
	investment		development	Others		Total
1 July 2023 to 31 December 2023	RMB'000		RMB'000	RMB'000		RMB'000

Revenue
Total segment revenue	96,681	12,808	-		109,489
Segment results	41,718		(12,701)	63,130		92,147
Fair value gains on investment properties	278,791	-	-		278,791
Fair value loss on financial asset, at FVPL	-	(210,000)	-		(210,000)
Interest expenses						(79,274)
Interest income						1,920
Profit before income tax						83,584
Depreciation of property, plant and
equipment	-	-	2,121		2,121
As at 31 December 2023
Segment assets	4,384,444	1,369,002	306,290		6,059,736
Segment assets includes:
Additions to:
- Property, plant and equipment	-	-	2,333		2,333
Segment liabilities	499,134	458,266	701,176		1,658,576
Borrowings						2,431,938
Total liabilities						4,090,514
	Property		Property
	investment		development	Others		Total
1 January 2024 to 31 December 2024	RMB'000		RMB'000	RMB'000		RMB'000

Revenue
Total segment revenue	190,733	9,363	-		200,096
Segment results	94,710		(28,712)	(56,833)		9,165
Fair value losses on investment properties	(33,000)	-	-		(33,000)
Interest expenses						(147,843)
Interest income						3,159
Loss before income tax						(168,519)
Depreciation of property, plant and
equipment	-	-	4,282		4,282
As at 31 December 2024
Segment assets	4,305,556	1,241,659	166,400		5,713,615
Segment assets includes:
Additions to:
- Property, plant and equipment	-	-	399		399
Segment liabilities	518,905	440,571	772,062		1,731,538
Borrowings						2,235,750
Total liabilities						3,967,288