INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS

Transcription

1 SINARMAS LAND LIMITED (REG. NO R) Financial Statement And Dividend Announcement PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS 1(a) An income statement and statement of comprehensive income for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year UNAUDITED CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER Change 4th Qtr th Qtr 2010 Change % % Revenue 543, , , , Cost of sales (243,572) (174,787) 39.4 (95,693) (57,089) 67.6 Gross profit 300, , ,707 71, Operating expenses Selling expenses (47,628) (35,373) 34.6 (15,208) (11,630) 30.8 General and administrative expenses (96,938) (89,375) 8.5 (22,184) (21,181) 4.7 Total operating expenses (144,566) (124,748) 15.9 (37,392) (32,811) 14.0 Operating profit 155, , ,315 38, Other income/(expenses) Finance income 37,556 19, ,145 6, Finance costs (29,066) (39,660) (26.7) (4,411) (8,845) (50.1) Foreign exchange gain/(loss), net 4,685 (40,030) n.m. (7,740) (21,834) (64.6) Share of results of associated companies, net of tax 13,496 14,052 (4.0) 4,085 7,536 (45.8) Other operating income, net 11,181 10, , Other income/(expenses), net 37,852 (35,764) n.m. 4,205 (16,255) n.m. Exceptional item Negative goodwill - 16,612 (100.0) Profit before income tax 193, , ,520 22, Income tax (26,791) (23,330) 14.8 (8,421) (6,576) 28.1 Profit from core business 166,683 80, ,099 15, Profit from BCI group (see note 3) - 13,561 (100.0) Profit from FIH group (see note 4) - 224,784 (100.0) - 122,538 (100.0) Total profit for the year/period 166, ,241 (47.8) 48, ,963 (65.1) Attributable to: Owners of the Company 88, ,571 (66.2) 19, ,728 (83.9) Non-controlling interests 77,842 56, ,968 19, , ,241 (47.8) 48, ,963 (65.1) Notes: (1) n.m. not meaningful (2) Certain comparative figures have been restated and reclassified to account for retrospective adjustments arising from the adoption of INT FRS 115. Please refer to Note 5 for further details. (3) Refer to results from BCI and its subsidiaries prior to deconsolidation. Please refer to Additional Information (B) for further details. (4) Refer to results from FIH and its subsidiaries prior to deconsolidation. Please refer to Additional Information (C) for further details. 1

2 UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECMBER th Qtr th Qtr 2010 Profit for the year/period 166, ,241 48, ,963 Other comprehensive income/(loss): Foreign currency translation differences on consolidation 12,300 (27,356) (94,476) (62,183) Equity portion of bonds (2,003) (5,213) (1,335) - Other comprehensive income/(loss), net of tax 10,297 (32,569) (95,811) (62,183) Total comprehensive income/(loss) for the year/period 176, ,672 (47,712) 75,780 Total comprehensive income/(loss) attributable to: Owners of the Company 98, ,033 (31,932) 85,509 Non-controlling interests 78,652 27,639 (15,780) (9,729) 176, ,672 (47,712) 75,780 ADDITIONAL INFORMATION (A) Earnings before income tax, non-controlling interests, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss), exceptional items and share of results of associated companies ( EBITDA ) Change 4th Qtr th Qtr 2010 Change % % Earnings before income tax, noncontrolling interests, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss), exceptional items and share of results of associated companies ( EBITDA ) 221, , ,886 49, Interest on borrowings (29,066) (39,660) (26.7) (4,411) (8,845) (50.1) Depreciation and amortisation (17,299) (17,890) (3.3) (4,300) (4,838) (11.1) Foreign exchange gain/(loss), net 4,685 (40,030) n.m. (7,740) (21,834) (64.6) Exceptional item, net - 16,612 (100.0) Share of results of associated companies, net of tax 13,496 14,052 (4.0) 4,085 7,536 (45.8) Profit before income tax from core business 193, , ,520 22, Profit before income tax from: BCI group - 18,299 (100.0) FIH group - 224,827 (100.0) - 122,538 (100.0) Total profit before income tax 193, ,352 (44.3) 56, ,539 (60.9) Notes: (1) n.m. not meaningful (2) Certain comparative figures have been restated and reclassified to account for retrospective adjustments arising from the adoption of INT FRS 115. Please refer to Note 5 for further details. 2

3 ADDITIONAL INFORMATION (cont d) (B) Bund Center Investment Ltd ( BCI ) and its subsidiaries ( BCI group ) During June 2010, the Company completed the distribution in specie of all the shares held in the share capital of BCI to its shareholders (the Distribution ). The Distribution was effected through a capital reduction in the Company on 18 June Following the completion of the Distribution, the BCI group is no longer a subsidiary of the Company. Accordingly, the Company has consolidated the BCI group results up to 31 May 2010, being the latest monthly management accounts available then and thereafter ceased to consolidate the financial statements of BCI group. The BCI group results were presented separately in the Group s comparative figures. An analysis of the results is as follows: Jan to May 2010 Revenue 53,853 Cost of sales (26,403) Operating expenses (9,302) Other income, net 151 Profit before income tax 18,299 Income tax (4,738) Profit for the period 13,561 Attributable to: Owners of the Company 12,776 Non-controlling interests ,561 (C) Florentina International Holdings Limited ( FIH ) and its subsidiaries ( FIH group ) On 16 September 2010, the Company completed the divestment of the entire issued and paid-up share capital of its wholly-owned subsidiary, FIH (the Divestment ). Following the completion of the Divestment, the FIH group is no longer a subsidiary of the Company. Accordingly, the Company has consolidated the FIH group results up to 30 September 2010, and thereafter ceased to consolidate the financial statements of FIH group. The FIH group results were presented separately in the Group s comparative figures. An analysis of the results is as follows: th Qtr 2010 Revenue 172,568 - Cost of sales (145,236) - Operating expenses (18,186) - Other income, net 4,652 - Gain on divestment of FIH group 88,491 - Write back of impairment loss on FIH group 122, ,538 Profit before income tax 224, ,538 Income tax (43) - Profit for the year/period 224, ,538 Attributable to: Owners of the Company 224, ,538 3

4 1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2011 Assets Group Company 31/12/ /12/ /12/ /12/ /12/2010 Current Assets Cash and cash equivalents 636, , ,573 4,479 16,528 Short-term investments 1,442 1,531 1, Trade receivables 12,355 14,774 10, Other current assets 85,104 54,350 38, , ,937 Inventories, at cost 1,133 1,040 1, Properties held for sale 447, , , ,183,118 1,073, , , ,465 Non-Current Assets Subsidiaries ,428,617 1,426,068 Associated companies 451, , , Joint venture 8, Long-term investments 12,184 11,976 13, Properties under development for sale 741, , , Investment properties 187, , , Property, plant and equipment 158, , , Long-term receivables 218, , , Deferred charges Deferred tax assets , Goodwill 1,784 1,784 1, ,779,606 1,664,997 1,644,860 1,428,683 1,426,337 Assets held by BCI group , Total Assets 2,962,724 2,738,578 3,123,084 1,960,408 1,978,802 Note: Certain comparative figures have been restated and reclassified to account for retrospective adjustments arising from the adoption of INT FRS 115. Please refer to Note 5 for further details. 4

5 UNAUDITED STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2011 (cont'd) Liabilities and Equity Group Company 31/12/ /12/ /12/ /12/ /12/2010 Current Liabilities Short-term borrowings 6,135 65,515 58, Trade payables 20,105 19,629 33, Bonds payables 69,860 83,712 8, Other payables 336, , ,391 35,027 70,304 Obligations under finance leases Income taxes payable , , ,622 35,112 70,422 Non-Current Liabilities Bonds payables 42, , , Obligations under finance leases Long-term borrowings 109,812 55, , Long-term payables 283, , , Deferred tax liabilities , , , Liabilities incurred by BCI group , Total Liabilities 869, ,687 1,220,023 35,282 70,791 Equity attributable to Owners of the Company Issued capital 1,907,108 1,907,108 2,317,772 1,907,108 1,907,108 Foreign currency translation deficit (890,273) (901,763) (814,462) - - Goodwill on consolidation (62,122) (62,122) (105,023) - - Option reserve 16,603 18,606 23, Asset revaluation reserve 9,758 9,758 74, Other reserve 17,303 17, Retained earnings 458, ,732 (3,801) 18, Legal reserve - - 4, ,456,950 1,358,837 1,497,602 1,925,126 1,908,011 Non-Controlling Interests 636, , , Total Equity 2,093,642 1,928,891 1,903,061 1,925,126 1,908,011 Total Liabilities and Equity 2,962,724 2,738,578 3,123,084 1,960,408 1,978,802 5

6 1(b)(ii) Aggregate amount of group s borrowings and debt securities 31/12/ /12/2010 Secured Unsecured Total Secured Unsecured Total Amount repayable in one year or less, or on demand 76,086-76, , ,351 Amount repayable after one 109,997 42, , ,972 41, ,589 year Total 186,083 42, , ,323 41, ,940 Details of any collateral Certain time deposits, trade receivables, properties under development for sale and held for sale, investment properties, and property, plant and equipment have been pledged to the creditors to obtain the above secured borrowings. 1(c) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER Cash flows from operating activities Profit before income tax 193, ,352 Adjustments for: Depreciation 17,140 32,759 Amortisation expense Interest expense 29,066 41,800 Gain on disposal of: Property, plant and equipment (202) (2,185) Investment properties - (164) Available-for-sale financial assets - (161) Gain on divestment of FIH group - (88,491) Property, plant and equipment written off - 6 Inventories written off Negative goodwill - (16,612) Share of results of associated companies, net of tax (13,496) (14,052) Write back of allowance for impairment on: FIH group - (122,538) Available-for-sale financial assets (1,623) (2,954) Changes in fair value of short-term investments (39) 260 Unrealised foreign exchange (gain)/loss, net (7,436) 100,480 Interest income (37,556) (19,496) Operating cash flows before working capital changes 179, ,080 Changes in working capital: Short-term investments 157 (659) Trade receivables 2,419 (8,101) Other current assets and receivables (20,225) (17,542) Inventories (210) (2,748) Trade payables ,158 Other payables 145,843 23,613 Cash generated from operations 308, ,801 6

7 UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2011 (cont'd) Cash generated from operations 308, ,801 Interest paid (25,058) (44,748) Interest received 36,332 18,759 Tax paid (37,771) (28,052) Net cash generated from operating activities 281, ,760 Cash flows from investing activities Proceeds from capital reduction in associated companies 1, Proceeds from divestment of FIH group, net of cash disposed - 166,972 Proceeds from disposal of property, plant and equipment 219 6,757 Proceeds from disposal of investment properties Proceeds from disposal of available-for-sale financial assets 1,427 2,281 Acquisition of interest in associated companies - (4,589) Acquisition of interest in joint venture (8,004) - Capital expenditure on investment properties (22,196) (2,825) Capital expenditure on property, plant and equipment (28,000) (8,434) Payment for deferred expenditure (337) (95) Capital expenditure on properties under development and held for sale (70,003) (42,684) Acquisition of subsidiary, net of cash acquired - 1,349 Cash flow effect arising from deconsolidation of BCI group - 12,130 Dividends from associated companies 4, Net cash (used in)/generated from investing activities (120,106) 132,091 Cash flows from financing activities Acquisition of additional interest in a subsidiary (1,498) (3,000) Repayment of borrowings, net (3,515) (207,613) Repayment of bonds (88,200) (12,107) Decrease/(Increase) in time deposits pledged 2,915 (526) Capital returned to non-controlling shareholders (2,520) (2,250) Cash subscribed by non-controlling shareholders - 179,958 Dividend payment to non-controlling shareholders (7,692) (5,498) Payments of obligations under finance leases (238) (126) Net cash used in financing activities (100,748) (51,162) Net increase in cash and cash equivalents 60, ,689 Cash and cash equivalents at the beginning of the year 570, ,200 Effect of exchange rate changes on cash and cash equivalent 3,078 (39,111) Cash and cash equivalents at the end of the year (See Note) 634, ,778 Note: Cash and cash equivalents consist of cash on hand and balances with banks and comprise the following: 31/12/ /12/2010 Cash on hand and in banks 75,446 43,017 Time deposits 560, , , ,193 Less: Time deposits pledged (1,500) (4,415) 634, ,778 7

8 1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year UNAUDITED STATEMENT OF CHANGES IN EQUITY Issued capital Retained earnings Total The Company Balance at 1 January ,907, ,908,011 Profit for the year, representing total comprehensive income for the year - 17,115 17,115 Balance at 31 December ,907,108 18,018 1,925,126 Balance at 1 January ,317,772 (159,134) 2,158,638 Capital reduction (410,664) - (410,664) Profit for the year, representing total comprehensive income for the year - 160, ,037 Balance at 31 December ,907, ,908,011 UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Foreign currency translation deficit Attributable to Owners of the Company Asset revaluation reserve Non- Controlling Interests Issued Goodwill on Option Other Retained Total capital consolidation reserve reserve earnings Total Equity The Group S$'000 Balance at as previously reported Effect of adoption of INT FRS 115 Balance at as restated Total comprehensive income/(loss) for the year Adjustment to additional rights issue expenses in a subsidiary Dividend paid to non-controlling shareholders Capital returned to non-controlling shareholders Change in interest in a subsidiary Balance at ,907,108 (901,862) (62,122) 18,606 9,758 17, ,685 1,361, ,054 1,931, (2,953) (2,854) - (2,854) 1,907,108 (901,763) (62,122) 18,606 9,758 17, ,732 1,358, ,054 1,928,891-11,490 - (2,003) ,841 98,328 78, , (254) - (254) (265) (519) (7,692) (7,692) (2,520) (2,520) (1,537) (1,498) 1,907,108 (890,273) (62,122) 16,603 9,758 17, ,573 1,456, ,692 2,093,642 8

9 1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (cont d) Foreign currency translation deficit Attributable to Owners of the Company Asset revaluation reserve Non- Controlling Interests Issued Goodwill on Option Other Retained Legal Total capital consolidation reserve reserve earnings reserve Total Equity The Group S$'000 Balance at Effect of adoption of INT FRS 115 Balance at as restated Total comprehensive income/(loss) for the year, restated 2,317,772 (814,467) (105,023) 23,819 74,933 - (3,649) 4,364 1,497, ,459 1,903, (152) - (147) - (147) 2,317,772 (814,462) (105,023) 23,819 74,933 - (3,801) 4,364 1,497, ,459 1,903,061-1,675 - (5,213) , ,033 27, ,672 Capital reduction (410,664) (410,664) - (410,664) Capital returned to non-controlling shareholders Deconsolidation of BCI group Divestment of FIH group Dividend paid to non-controlling shareholders Capital subscription pursuant to rights issue in a subsidiary, net Change in interest in subsidiaries Balance at as restated (2,250) (2,250) - (53,145) (16,335) - (65,175) - 110,962 - (23,693) (16,242) (39,935) - (35,831) 59, (4,364) 19,041-19, (5,498) (5,498) , , , ,518 (19,012) (1,494) 1,907,108 (901,763) (62,122) 18,606 9,758 17, ,732-1,358, ,054 1,928,891 9

10 1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles, as well as the number of shares held as treasury shares, if any, against the total number of issued shares excluding treasury shares of the issuer, as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year The Company did not have treasury shares as at 31 December 2011 and There have been no changes to the number of issued shares of the Company since 31 December December 2011, the outstanding number of warrants was 1,520,978,744. Each warrant carries the right to subscribe for one new ordinary share at an exercise price of S$0.10 and may only be exercised on the fifth (5 th ) anniversary of the date of issuance (i.e. 18 November 2015). Assuming all the warrants are fully exercised, the number of new ordinary shares to be issued would be 1,520,978,744. 1(d)(iii) To show the number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year The total number of issued shares excluding treasury shares as at 31 December 2011 and 2010 was 3,041,959,437 ordinary shares. 1(d)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on Not applicable. 2. Whether the figures have been audited, or reviewed and in accordance with which auditing standard or practice These figures have not been audited, or reviewed by the auditors. 3. Where the figures have been audited or reviewed, the auditors report (including any qualifications or emphasis of matter) Not applicable. 4. Whether the same accounting policies and methods of computation as in the issuer s most recently audited annual financial statements have been applied Except as disclosed in Note 5 below, the Group has applied the same accounting policies and methods of computation consistent with those used in the most recent audited financial statements for the year ended 31 December

11 5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change The Group adopted various new/revised FRSs and Interpretations to FRS ( INT FRS ) that are relevant to its operations and effective for period beginning 1 January Except as disclosed below, the adoption of the new/revised FRSs and INT FRS has had no material financial impact on the Group s financial statements. INT FRS 115 Agreement for the Construction of Real Estate clarifies when revenue and related expenses from a sale of real estate unit should be recognised, if an agreement between a developer and a buyer is reached before the construction of the real estate is completed. It also determines that contracts which do not classify as construction in accordance with FRS 11 can only be accounted for using the percentage of completion method if the entity continuously transfers to the buyer control and the significant risk and rewards of ownership of the work-in-progress in its current state as construction progresses. Prior to adoption of INT FRS 115, the Group s accounting policy for properties under development for sale was to recognise revenue using completed contract method, except for revenue from sale of properties which are completed in more than one year, of which the percentage of completion method is used. The Group has considered the application of INT FRS 115 and concluded that certain precompletion sale contracts were not, in substance, construction contracts, and the legal terms are such that the construction does not represent the continuous transfer of work-in-progress to the buyer. Consequently, the completed contract method of revenue recognition has applied to these contracts. The change in accounting policy has been applied retrospectively and the comparatives have been restated with the following impact: As previously reported Restated for adoption of INT FRS 115 As previously reported Restated for adoption of INT FRS 115 FY2010 FY2010 4Q2010 4Q2010 Consolidated income statement Revenue 440, , , ,156 Cost of sales (189,708) (174,787) (61,815) (57,089) Other expenses, net (35,760) (35,764) (16,251) (16,255) Profit before income tax 107, ,226 23,621 22,001 Profit from core business 83,697 80,896 17,045 15,425 Total profit for the year/period 322, , , ,963 Profit attributable to: Owner of the Company 265, , , ,728 Non-controlling interests 56,670 56,670 19,235 19,235 As previously reported 31/12/2010 Restated for adoption of INT FRS /12/2010 Consolidated statement of financial position Properties under development for sale 668, ,316 Trade receivables 14,826 14,774 Other payables 264, ,059 Equity attributable to Owners of the Company 1,361,691 1,358,837 11

12 6. Earnings per ordinary share of the group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends - - The Group Earnings/(Loss) per ordinary share for the period after deducting any provision for preference dividends:- 4th Qtr th Qtr 2010 (i) Based on weighted average number of ordinary shares - Core Business SGD2.92cents SGD0.82cents SGD0.63cents (SGD0.13cents) - BCI group - SGD0.42cents FIH group - SGD7.39cents - SGD4.03cents Weighted average numbers of shares 3,041,959,437 3,041,959,437 3,041,959,437 3,041,959,437 (ii) On a fully diluted basis - Core Business SGD2.20cents SGD0.78cents SGD0.51cents (SGD0.10cents) Weighted average numbers of shares 4,047,352,166 3,188,970,138 3,778,928,519 3,630,002, Net asset value (for the issuer and group) per ordinary share based on issued shares excluding treasury shares of the issuer at the end of the (a) current financial period reported on and (b) immediately preceding financial year /12/2011 The Group 31/12/ /12/2011 The Company 31/12/2010 Net asset value per ordinary share based on existing issued share capital of 3,041,959,437 shares as at end of the period reported on S$0.48 S$0.45 S$0.63 S$

13 8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group s business. The review must discuss any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors. It must also discuss any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on (in S$ million) For the year ended Indonesia PROPERTY BUSINESS AFP Land China Group (see note 2) (see note 3) 13 Total Property Business Corporate & investment holding Total Core Business Revenue 31 December December 2010, restated Increase/(Decrease) (0.4) Increase/(Decrease) % (1.6) Gross Profit 31 December December 2010, restated Increase/(Decrease) (0.3) Increase/(Decrease) % (2.4) EBITDA (see note (1)) 31 December (0.6) December 2010, restated (6.8) Increase/(Decrease) in earnings (0.6) Increase/(Decrease) % (22.2) Interest on borrowings 31 December (3.6) December Increase/(Decrease) (4.5) (4.3) (6.3) (10.6) Increase/(Decrease) % (15.8) (11.6) n.m. (26.7) Depreciation and amortisation 31 December December Increase/(Decrease) (0.5) (0.2) (0.4) (0.6) Increase/(Decrease) % (3.7) (1.2) (66.7) (3.3) Foreign exchange gain/(loss) 31 December December (1.8) 4.5 (44.5) (40.0) Increase/(Decrease) in gain (5.9) (4.1) Increase/(Decrease) % (93.7) (91.1) n.m. n.m. Exceptional gain 31 December December Increase/(Decrease) in gain (16.6) - - (16.6) - (16.6) Increase/(Decrease) % (100.0) - - (100.0) - (100.0) Share of associates profit, net of tax 31 December December Increase/(Decrease) (0.6) - - (0.6) - (0.6) Increase/(Decrease) % (4.0) - - (4.0) - (4.0) Pre-tax profit/(loss) 31 December (10.6) December 2010, restated (11.5) (54.5) Increase/(Decrease) in profit Increase/(Decrease) % n.m Net profit/(loss) attributable to owners of the Company 31 December (1.7) December 2010, restated (11.7) 79.1 (54.1) 25.0 Increase/(Decrease) in profit (11.2) Increase/(Decrease) % (12.5) n.m Notes: (1) This refers to earnings before income tax, non-controlling interests, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss), exceptional items and share of associated companies results. (2) This refers to certain mixed developments located in Chengdu and Shenyang, China. (3) AFP Land group consists of the former Amcol group of companies mainly located in Singapore, Malaysia and Batam (Indonesia). (4) n.m. not meaningful.

14 PERFORMANCE FOR THE YEAR ENDED 31 DECEMBER 2011 The Group s core business comprised the property business in Indonesia, AFP Land group and certain mixed developments located in Chengdu and Shenyang, China. Revenue for the Group increased to S$543.8 million for the year ended 31 December 2011 ( FY2011 ), representing an increase of 28.6% as compared to S$422.9 million in the previous year ( FY2010 ). In line with higher revenue, EBITDA grew by 29.5% to S$221.7 million in FY2011, while net profit from core business was higher at S$88.8 million as compared to S$25 million in FY2010. REVENUE The Group s revenue comprised mainly contribution from property developments and management, country club and hotel operations in Indonesia, Chengdu and Shenyang in China, Malaysia and Singapore. Following the adoption of INT FRS 115, which became effective on 1 January 2011, the previous year s results were restated to be comparable to current year s results (Please refer to Note 5 for details on the change in accounting policy). BSD City, a satellite city project in West Java is the Group s main revenue contributor, accounted for approximately 40.2% of the total revenue. Increase of S$80.1 million in revenue from Indonesia Property was mainly attributable to higher average selling prices and larger number of completed residential units recognised for our residential projects, as well as higher sales of land for commercial and industrial purposes in Indonesia. During the year, the Group has completed the construction of certain apartment blocks of phase 1 of the mixed development project in Shenyang, China, which was launched in The recognition of revenue from sales of these residential apartments has resulted in increase in revenue from China Property. COST OF SALES Cost of sales increased by 39.4% to S$243.6 million in FY2011 in line with higher revenue recorded and additional infrastructure and landscaping cost incurred by BSD City during the current year. GROSS PROFIT Gross profit increased by 21% to S$300.2 million in FY2011 mainly as a result of higher sales of land and residential properties in Indonesia Property. However, the higher land cost for our Shenyang project has resulted in a decline in overall gross profit margin from 58.7% to 55.2% in FY2011. OPERATING EXPENSES SELLING EXPENSES Selling expenses of S$47.6 million comprised mainly advertising and marketing expenses, professional fees, and salaries and related expenses. Higher selling expenses were mainly due to increased advertising and marketing activities for our new housing clusters in BSD City, and higher salary and related expenses. GENERAL AND ADMINISTRATIVE EXPENSES General and administrative expenses of S$96.9 million comprised mainly salaries and related expenses, professional fees, repairs and maintenance, depreciation, rent, tax and licenses, office supplies and utilities. The increase of S$7.6 million or 8.5% was mainly due to higher professional fees, and salaries and related expenses in Indonesia Property. 14

15 FINANCE INCOME/(COST), NET Net finance income comprised interest income after deducting interest expenses and amortisation of deferred bond and loan charges. The Group recorded a net finance income of S$8.5 million in FY2011 as compared to net finance costs of S$20.4 million in the previous year. This was mainly attributable to higher cash and bank balances resulting from higher advances received from customers for development properties and proceeds from rights issue in a subsidiary in the last quarter of Furthermore, the repayment of bank borrowings and maturing bonds has resulted in lower interest expenses for the year under review. FOREIGN EXCHANGE GAIN/(LOSS), NET Net foreign exchange gain of S$4.7 million in FY2011 mainly resulted from gain on translation of U.S. Dollar ( USD ) denominated monetary assets to SGD as USD strengthened against SGD from US$1 = S$1.29 as at end 2010 to US$1 = S$1.30 as at end The similar translation of USD denominated monetary assets has resulted in net foreign exchange loss in the previous year as USD weakened against SGD from US$1 = S$1.40 as at end 2009 to US$1 = S$1.29 as at end INCOME TAX Income tax expense comprised final tax on revenue derived from sales of land and properties in Indonesia and corporate income tax derived by applying the varying statutory tax rates of the different countries in which the Group operates on its taxable profit and taxable temporary difference. No group relief is available for set-off of taxable profits against tax losses of companies within the Group. Higher income tax expenses in FY2011 were primarily attributable to higher final tax paid on sales of development properties in Indonesia Property during the year. NON-CONTROLLING INTERESTS Non-controlling interests in profit were higher at S$77.8 million in FY2011 in line with higher profit reported in certain subsidiaries in Indonesia Property. REVIEW OF FINANCIAL POSITION AS AT 31 DECEMBER 2011 Assets The Group s total assets increased to S$2,962.7 million as at 31 December 2011 mainly contributed from higher cash and cash equivalents, additional capital expenditure on investment property and property, plant and equipment, as well as increases in properties under development and held for sale and other current assets. The increases in properties under development and held for sale of S$56.2 million and S$20.3 million respectively, were mainly arising from additional land acquisition for future development in Indonesia. Cash and cash equivalents were higher at S$636.1 million mainly as a result of higher advances received from customers for development properties, coupled with cash flows generated from operations during the year. Higher other current assets of S$30.8 million were mainly due to higher final tax paid in line with the increase in number of units sold, coupled with advance payment made for development properties in Indonesia Property. Liabilities Total liabilities of the Group increased by S$59.4 million to S$869.1 million mainly as a result of advances and deposits received in line with the increase in residential units sold, net off repayment of loans and bonds during the year. 15

16 REVIEW OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2011 Net cash generated from operating activities was higher at S$281.6 million in FY2011 mainly resulting from higher advances and deposits received on development properties, coupled with better operating performance. Net cash used in investing activities of S$120.1 million mainly related to the capital expenditure incurred on property, plant and equipment and properties under development, as well as investment in property held for investment purpose. Net cash used in financing activities of S$100.7 million was mainly for repayment of loans and bonds during the year. 9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results Not applicable. 10. A commentary at the date of the announcement of the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months The outlook for the Indonesia property market is expected to remain stable, supported by positive domestic economic fundamentals. We will continue leveraging on the strength of our established brand name and long-standing good reputation, coupled with our large land banks in Jakarta and its surrounding area (Jabodetabek). Furthermore, we will continue monitoring the market conditions to ensure the timely launch of new clusters and property developments. The operating environment in China remains challenging in view of the rising material costs and various measures by the government to stabilise the housing market. Nonetheless, given the stable domestic macro economy, the outlook of the China property remains favourable. 11. Dividend (a) Current Financial Period Reported On Any ordinary dividend declared for the current financial period reported on? Yes Name of Dividend: First and final Dividend Type: Cash Dividend Amount per share: S$ per ordinary share Number of shares: 3,041,959,437 Tax Rate: Tax exempt (one-tier) (b) Corresponding Period of the Immediately Preceding Financial Year Any ordinary dividend declared for the corresponding period of the immediately preceding financial year? No (c) Date payable If approved by shareholders at the forthcoming Annual General Meeting, the proposed final dividend will be paid on 28 June

17 (d) Books closure date NOTICE IS HEREBY GIVEN that the Share Transfer Books and Register of Members of the Company will be closed on 12 June 2012 on which day no share transfer will be effected. Duly completed transfers received by the Company's Share Registrar, B.A.C.S. Private Limited, 63 Cantonment Road, Singapore , up to the close of business at 5.00 p.m. on 11 June 2012 will be registered to determine shareholders' entitlements to the proposed first and final dividend. 12. If no dividend has been declared/recommended, a statement to that effect Not applicable. 13. Interested persons transactions disclosure Name of interested person Aggregate value of all interested person transactions during the financial year under review (excluding transactions less than SGD100,000 and transactions conducted under shareholders mandate pursuant to Rule 920) FY2011 Aggregate value of all interested person transactions conducted under shareholders mandate pursuant to Rule 920 (excluding transactions less than SGD100,000) FY2011 S$ S$ PT Bank Sinarmas Nil 84,971,117 a PT Bank Sinarmas Nil 75,600 b PT Dian Swastatika Sentosa Tbk 11,169,912 Nil PT Global Media Telekomindo Nil 118,801 PT Sinar Mas Agro Resources and Technology Tbk Nil 797,732 PT Sinar Mas Tunggal 1,398,600 Nil Total 12,568,512 85,963,250 Note: a Principal amount of placements as at 31 December 2011 is approximately S$21.4 million. b Related to the leasing contract signed with PT Bank Sinarmas as lessee. 17

18 PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT 14. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer s most recently audited annual financial statements, with comparative information for the immediately preceding year BUSINESS SEGMENT The Group s reportable segments are strategic business units that offer different products and services. They are managed separately because each business unit requires different marketing strategies. Set out below are the Group s reportable segments: Indonesia Property - investment and development of commercial, industrial and residential properties and ownership and management of hotels and resorts in Indonesia. Other Property - investment and development of commercial and residential properties and ownership and management of hotels and resorts in Malaysia and selected mixed developments in China Revenue Indonesia Other Total Core Property Property Others Business Total Revenue 461,297 82, ,901 Inter-segment sales - (141) - (141) Revenue from external customers 461,297 82, ,760 EBITDA 214,367 7,872 (581) 221,658 Other information Depreciation and amortisation (12,947) (4,148) (204) (17,299) Finance income 37, ,556 Finance costs (24,012) (8,733) 3,679 (29,066) Share of results of associated companies, net of tax 13, ,496 Indonesia Property Other Property Others Total Core Business Non-Core Business Total 2010 Revenue Total Revenue, restated 381,190 41, , , ,475 Inter-segment sales - (141) - (141) - (141) Revenue from external customers, restated 381,190 41, , , ,334 EBITDA, restated 173,600 4,282 (6,740) 171,142 49, ,507 Other information Depreciation and amortisation (13,488) (3,853) (549) (17,890) (14,945) (32,835) Exceptional items 16, ,612-16,612 Finance income 19, , ,496 Finance costs (28,436) (8,520) (2,704) (39,660) (2,140) (41,800) Share of results of associated companies, net of tax 14, ,052-14,052 18

19 GEOGRAPHICAL SEGMENT The Group's core property business is located in Indonesia, China, Malaysia and Singapore. The following table provides an analysis of the Group's revenue from core business by geographical market, irrespective of the origin of the goods/services S$'000 S$'000 Indonesia 464, ,036 China 58,038 16,945 Malaysia 16,305 16,315 Singapore 5,296 5, , , In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments Not applicable. 16. A breakdown of sales - The Group S$'000 % Increase/ - Core Business (Decrease) (a) Sales reported for first half year 215, , (b) Operating profit after tax before deducting non-controlling interests reported for first half year 45,919 66,844 (31.3) (c) Sales reported for second half year 327, , (d) Operating profit after tax before deducting non-controlling interests reported for second half year 120,764 14, A breakdown of the total annual dividend (in dollar value) for the issuer s latest full year and its previous full year Ordinary proposed first and final 8,822-19

20 18. Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholders of the issuer pursuant to Rule 704(13) Name Age Family relationship with any Director, Chief Executive Officer and/or Substantial Shareholder Current position and duties, and the year the position was first held Details of changes in duties and position held, if any, during the year Franky Oesman Widjaja 54 Brother of Muktar Widjaja and Frankle (Djafar) Widjaja; uncle of Margaretha Natalia Widjaja, Directors of SML. SML: Chairman since 2000; Executive Chairman since 2006; Director since Formulate the goals and strategic direction of the SML Group. Principal Subsidiaries: PT Paraga Artamida: Commissioner since 2008 PT Bumi Serpong Damai Tbk: Vice President Commissioner since 2007 PT Duta Pertiwi Tbk: Vice President Commissioner since 2007 PT Royal Oriental: Commissioner since 2008 PT Ekacentra Usahamaju: Commissioner since 2008 Muktar Widjaja 57 Brother of Franky Oesman Widjaja and Frankle (Djafar) Widjaja; father of Margaretha Natalia Widjaja, Directors of SML. SML: Chief Executive Officer since 2006; Director since In consultation with the Executive Chairman, to implement measures to achieve the goals and strategic direction of the SML Group as formulated by the Executive Chairman; and manage the operations of the SML Group. 20

21 Name Age Family relationship with any Director, Chief Executive Officer and/or Substantial Shareholder Current position and duties, and the year the position was first held Details of changes in duties and position held, if any, during the year Principal Subsidiaries: PT Paraga Artamida: President Commissioner since 2008 PT Bumi Serpong Damai Tbk: President Commissioner since 2007 PT Duta Pertiwi Tbk: President Commissioner since 2007 PT Royal Oriental: President Commissioner since 2008 PT Ekacentra Usahamaju: President Commissioner since 2008 Frankle (Djafar) Widjaja 55 Brother of Franky Oesman Widjaja and Muktar Widjaja; uncle of Margaretha Natalia Widjaja, Directors of SML. SML: President since 2006; Director since Margaretha Natalia Widjaja 30 Niece of Franky Oesman Widjaja and Frankle (Djafar) Widjaja; daughter of Muktar Widjaja, Directors of SML. SML: Director since 14 December Responsible for assisting the Chief Executive Officer in the operations and strategic development of SML Group. Michael Jackson Purwanto Widjaja 27 Nephew of Franky Oesman Widjaja and Frankle (Djafar) Widjaja; son of Muktar Widjaja; brother of Margaretha Natalia Widjaja, Directors of SML. Principal Subsidiaries: PT Paraga Artamida: Director since 2008 PT Bumi Serpong Damai Tbk: Vice President Director since 2007 PT Duta Pertiwi Tbk: Vice President Director since 2007 PT Royal Oriental: Director since 2008 PT Ekacentra Usahamaju: Director since

22 BY ORDER OF THE BOARD Rafael Buhay Concepcion, Jr. Director 27 February 2012 ABOUT SINARMAS LAND LIMITED # # # Sinarmas Land Limited, listed on the Singapore Exchange and headquartered in Singapore, is engaged in the property business through its operations in Indonesia, China, Malaysia and Singapore. The Group s principal activities and core business comprises the development and construction of commercial, residential and industrial properties, townships, hotels and resorts and the long-term investments in major commercial buildings, hotels and resorts, as well as property sales, leasing and management of its real estate development with Indonesia as the major market for the Group s business. The Company was engaged in both the property and food businesses. Following the completion of divestment of its food business, the Company changed its name from Asia Food & Properties Limited to AFP Properties Limited on 16 September The Company changed to its current name on 28 April # # # Submitted by Kimberley Lye Chor Mei, Company Secretary on 27 February 2012 to the SGX 22