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Financial Statements And Related Announcement - Second Quarter Results

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UNAUDITED SECOND QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2018

Profit & Loss

Consolidated Statement of Total Comprehensive Income

Balance Sheets

Review Of Performance

Consolidated income statement

Hotel owning & management

• Revenue decline of 6.4% in Q2 FY2019 and 4.2% in 1H FY2019 was mainly due to a weaker A$.
• Operating profit increased due to lower operating costs.

Property development

• Revenue and operating profit were lower due to decreased number of units settled in Macquarie Park Village in Q2 FY2019 (Q2 FY2019: 15 units; Q2 FY2018: 131 units) and 1H FY2019 (1H FY2019: 126 units; 1H FY2018: 169 units).
• In Q2 FY2019, there were sales of 2 commercial units in The Stamford Residences & The Reynell Terraces and 1 unit in The Stamford Residences Auckland.

Property investment

• Revenue was lower due to the step-down of base rental as provided for in the tenancy agreement.

Consolidated Balance Sheet

• Decrease in development properties for sale was due to the settlement of apartments in Macquarie Park Village during the period.
• Increase in tax recoverable was mainly due to payment of withholding tax which will be refunded in subsequent months.
• Decrease in bank borrowings was due to repayments during the period.

Consolidated Statement of Cash Flows

The Group registered a net decrease in cash and cash equivalents of S$15.5 million and S$37.6 million in Q2 FY2019 and 1H FY2019 respectively, details as follows:

• Cash inflow from operating activities was mainly due to settlement of apartments in Macquarie Park Village.
• Cash outflow from investing activities was mainly due to ongoing refurbishment projects; and
• Cash outflow from financing activities was mainly due to repayment of borrowings, payment of dividends and purchase of treasury shares.

Commentary

• 661 units out of a total 712 units at Macquarie Park Village were settled as at 30 September 2018.
• Hotel segment continues to be stable and is slightly ahead of last year in terms of operating profit.
• Barring any unforeseen circumstances, the Group expects to be profitable in FY2019.