First Quarter Financial Statements

Similar documents
Full Year Financial Statements and Dividend Announcement

Share of results of associates 1, % Profit before taxation 13,654 11,567 18%

First Quarter Financial Statement Announcement for the Period Ended 31 March 2018

Hotel operations and management 35,532 35,281 1% Rental income from investment properties 1 4,901 3,468 41% Total revenue 40,433 38,749 4%

UNAUDITED THIRD QUARTER AND NINE MONTHS FY2017 FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT

First Quarter Ended 31 March 2017 Financial Statement and Dividend Announcement

Other income % % 37,789 36,753 3% 76,584 74,596 3%

RAFFLES MEDICAL GROUP LTD (Co Reg No: K)

Second Quarter and Six Months Ended 30 June 2013 Financial Statement and Dividend Announcement

Group. Revenue 50,033 49, , , Other income including interest income (Note 1a(i)) 321 7,635 (95.8) 3,422 9,611 (64.

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

KEONG HONG HOLDINGS LIMITED

First Quarter Financial Statement Announcement for the Period Ended 31 March 2015

Group Net profit included the following: 1Q18 1Q17 $'000 $'000

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

Hotel operations and management 1 33,678 34,030-1% 69,210 69,311 0% Rental income from investment properties 4,873 3,582 36% 9,774 7,050 39%

UNAUDITED HALF-YEAR FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 MARCH 2018

First Quarter Ended 31 March 2018 Financial Statement and Dividend Announcement

COSMOSTEEL HOLDINGS LIMITED Co. Reg. No Z

Design Studio Group Ltd. 1 st Quarter Financial Statements And Dividend Announcement For The Period Ended 31 March 2017

COSMOSTEEL HOLDINGS LIMITED Co. Reg. No Z

CHARISMA ENERGY SERVICES LIMITED (Company Registration No D)

TLV HOLDINGS LIMITED

Half Year Financial Statements Announcement for the financial period ended 31 January 2018

SIN GHEE HUAT CORPORATION LTD Company Registration No: Z Incorporated in Singapore

Southern Packaging Group Limited

(Incorporated in the Republic of Singapore) (Company Registration No: D)

OLAM INTERNATIONAL LIMITED

TEHO INTERNATIONAL INC LTD. (Company Registration No: K) (Incorporated in the Republic of Singapore)

HOTEL ROYAL LIMITED (Incorporated in the Republic of Singapore) (Co. Reg. No G)

Second Quarter Financial Statements For the Period 30 September 2017

OLAM INTERNATIONAL LIMITED

First Quarter & Three Months Financial Statement And Related Announcement

Second Quarter Financial Statement Announcement for the Period Ended 30 June 2015

CHUAN HUP HOLDINGS LIMITED (Company Registration No.: R)

First Quarter & Three Months Results Financial Statement And Related Announcement

UPP HOLDINGS LIMITED (Company Registration No.: M)

KEONG HONG HOLDINGS LIMITED

2ND QUARTER ENDED 2ND QUARTER ENDED

ROTARY ENGINEERING LIMITED

HOTEL ROYAL LIMITED (Incorporated in the Republic of Singapore) (Co. Reg. No G)

Section Content Page. Page 1

Revenue Note 1 37,237 39,171 (5)

CHUAN HUP HOLDINGS LIMITED (Company Registration No.: R)

First Quarter Financial Statement And Related Announcement for the Quarter Ended 31 March 2018

ROTARY ENGINEERING LIMITED

HOTEL ROYAL LIMITED (Incorporated in the Republic of Singapore) (Co. Reg. No G)

OLD CHANG KEE LTD. (Company Registration No.: W) (Incorporated in the Republic of Singapore on 16 December 2004)

OUE LIMITED. (Company Registration No E)

GAYLIN HOLDINGS LIMITED (Company Registration Number: M)

STRACO CORPORATION LIMITED Company Registration No.: R (Incorporated in Singapore)

Soup Restaurant Group Limited

Soup Restaurant Group Limited

PNE INDUSTRIES LTD (Company registration no R)

SINWA LIMITED (Co. Reg. No.: H) PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

ASIAMEDIC LIMITED Full Year Financial Statements Announcement for the 12 months ended 31 December 2017

GAYLIN HOLDINGS LIMITED (Company Registration Number: M)

(Company Registration Number: G) (Incorporated in the Republic of Singapore) (the Company, and together with its subsidiaries, the Group )

HOTEL ROYAL LIMITED (Incorporated in the Republic of Singapore) (Co. Reg. No G)

MTQ CORPORATION LIMITED (Incorporated in the Republic of Singapore) (Company Registration Number Z)

GAYLIN HOLDINGS LIMITED (Company Registration Number: M)

Half Year Financial Statement And Dividend Announcement 30/09/2016

Unaudited Full Year Financial Statement for the Year Ended 31/12/2016

Soup Restaurant Group Limited

PART 1 INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

Third Quarter Financial Statements and Dividend Announcement for the Period Ended 30/09/2017 ( 3Q2017 )

(Loss) Profit attributable to: Owners of the Parent (4,436) 617 N.M. (5,641) 24 N.M. Non-controlling interests (351) 474 N.M. (236) 1,177 N.M.

Group Fourth Quarter Ended

Profit before taxation 2,963 3,088 (4.0) 7,878 6, Taxation (3) (2) 50.0 (9) (47) (80.9)

GAYLIN HOLDINGS LIMITED (Company Registration Number: M)

Third Quarter Financial Statements and Dividend Announcement for the Period Ended 30/09/2014

HOTEL ROYAL LIMITED (Incorporated in the Republic of Singapore) (Co. Reg. No G)

HAW PAR CORPORATION LIMITED (Company Registration Number: M) (Incorporated in the Republic of Singapore)

LOW KENG HUAT (SINGAPORE) LIMITED (Reg. No G)

Unaudited First Quarter ( 1Q 2016 ) Financial Statement and Dividend Announcement For the Three Months Ended 31 March 2016 ( 3M 2016 )

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

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

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

COURTS ASIA LIMITED UNAUDITED RESULTS FOR THE THIRD QUARTER ENDED 31 DECEMBER 2017 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

(Company Registration Number: G) (Incorporated in the Republic of Singapore) (the Company, and together with its subsidiaries, the Group )

STRACO CORPORATION LIMITED Company Registration No.: R (Incorporated in Singapore)

Third Quarter Financial Statement And Dividend Announcement For The Nine Months Ended 30 September 2016

RYOBI KISO HOLDINGS LTD. (Incorporated in the Republic of Singapore) Company Registration No D

TEHO INTERNATIONAL INC LTD. (Company Registration No: K) (Incorporated in the Republic of Singapore)

(Company Registration Number: G) (Incorporated in the Republic of Singapore) (the Company, and together with its subsidiaries, the Group )

AVI-TECH ELECTRONICS LIMITED (Company Registration No H)

FINANCIAL STATEMENTS AND RELATED ANNOUNCEMENT FOR THE FINANCIAL PERIOD ENDED 31 MARCH 2018

The Board of Directors of Venture Corporation Limited wishes to make the following announcement:

ASIAMEDIC LIMITED Full Year Financial Statements Announcement for the 12 months ended 31 December 2018

OTTO MARINE LIMITED FIRST QUARTER 2009 FINANCIAL STATEMENTS ANNOUNCEMENT TABLE OF CONTENTS. Description. 1. Group Profit and Loss Statement 1 2

Part I - INFORMATION REQUIRED FOR ANNOUNCEMENT OF QUARTERLY (Q1, Q2 & Q3, HALF-YEAR AND FULL YEAR RESULTS)

Swee Hong Limited. Second Quarter and Half Year. Unaudited Financial Statement. for the period ended

Third Quarter Financial Statement And Related Announcement for the Quarter Ended 30 September 2018

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

THOMSON MEDICAL GROUP LIMITED (Incorporated in the Republic of Singapore) (Company Registration No: D) (the Company )

FIRST QUARTER FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE PERIOD ENDED 30 SEPTEMBER 2018

Half Year Financial Statements Announcement for the financial period ended 31 January 2012

HALF YEAR FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE PERIOD ENDED 30 JUNE 2018

8TELECOM INTERNATIONAL HOLDINGS CO. LTD. (Registration No ) (Incorporated in Bermuda)

LCD Global Investments Ltd Company Registration No N (Incorporated in the Republic of Singapore)

Transcription:

(REG. NO. 198000348Z) First Quarter Financial Statements 1(a)(i) Income Statement Quarter ended Quarter ended Mar 31, 2016 Mar 31, 2015 Revenue Cost of sales Gross profit Other operating income Administrative expenses Other operating expenses Finance costs Share of results of associates and jointly controlled entities Profit before income tax Income tax expense Profit after income tax 143,670 158,850 (99,203) (106,168) 44,467 52,682 2,582 2,191 (14,815) (16,234) (386) (98) (8,045) (8,403) 3,018 (3,898) 26,821 26,240 (6,288) (6,451) 20,533 19,789 Attributable to: Shareholders of the Company Non-controlling interests 14,339 14,299 6,194 5,490 20,533 19,789 1(a)(ii) Notes to the income statement: Quarter ended Quarter ended Mar 31, 2016 Mar 31, 2015 Other income including interest income* Depreciation and amortisation Fair value gain in held-for-trading investments* Foreign exchange (loss) gain* Adjustment for under provision of tax in respect of prior years Write-back of impairment of available-for-sale investments* Gain on disposal of property, plant and equipment* 1,611 760 (13,423) (13,150) 902 1,017 (108) 262 (1,484) - 40 97-55 Note: * Included in other operating income (expenses) Page 1 of 10

1(a)(iii) Statement of Comprehensive Income Quarter ended Quarter ended Mar 31, 2016 Mar 31, 2015 Profit after income tax 20,533 19,789 Other comprehensive income (net of tax): Items that may be reclassified subsequently to profit or loss Exchange differences on translating foreign operations Decrease in other reserves Share of other comprehensive loss of associates and jointly controlled entities 1,781 24,763 (5,705) (1,883) (16,115) (2,273) (20,039) 20,607 Other comprehensive (loss) income for the year, net of tax (20,039) 20,607 Total comprehensive income 494 40,396 Attributable to: Shareholders of the Company Non-controlling interests (4,039) 33,726 4,533 6,670 494 40,396 Page 2 of 10

1(b)(i) Statements of Financial Position COMPANY Mar 31, 2016 Dec 31, 2015 Mar 31, 2016 Dec 31, 2015 ASSETS Current assets: Cash and bank balances 113,110 158,827 29,607 84,453 Held-for-trading investments (1) 8,082 - - - Trade and other receivables 65,439 57,152 3,433 2,542 Amount due from associates and jointly controlled entities 179,801 199,625 5,751 5,751 Amount due from subsidiaries - - 887,727 889,486 Inventories 8,127 9,131 222 239 Completed properties held for sale 207,708 207,936 - - Total current assets 582,267 632,671 926,740 982,471 Non-current assets: Associates and jointly controlled entities 575,873 585,589 - - Subsidiaries - - 452,637 454,781 Available-for-sale investments 58,344 66,540 - - Property, plant and equipment 1,175,046 1,195,059 229,881 229,620 Investment properties 688,698 688,698 - - Derivative financial instruments (2) 6,515-6,515 - Deferred tax assets 3,583 3,723 - - Intangible assets 6,072 6,185 - - Total non-current assets 2,514,131 2,545,794 689,033 684,401 Total assets 3,096,398 3,178,465 1,615,773 1,666,872 LIABILITIES AND EQUITY Current liabilities: Short-term borrowings 164,934 231,585 29,998 99,983 Trade and other payables 102,088 120,575 18,656 19,178 Amount due to subsidiaries - - 45,352 44,467 Income tax payable 12,331 11,337 306 68 Total current liabilities 279,353 363,497 94,312 163,696 Non-current liabilities: Advances from subsidiaries - - 21,320 22,094 Derivative financial instruments (2) - 4,530-4,530 Long-term borrowings 852,931 847,003 451,005 430,265 Deferred tax liabilities 13,802 14,151 956 1,016 Total non-current liabilities 866,733 865,684 473,281 457,905 Share capital and reserves: Share capital 719,345 717,895 719,345 717,895 Reserves 1,002,115 1,006,144 180,488 179,029 Equity attributable to shareholders of the Company 1,721,460 1,724,039 899,833 896,924 Perpetual capital securities 148,347 148,347 148,347 148,347 1,869,807 1,872,386 1,048,180 1,045,271 Non-controlling interests 80,505 76,898 - - Total equity 1,950,312 1,949,284 1,048,180 1,045,271 Total liabilities and equity 3,096,398 3,178,465 1,615,773 1,666,872 Note: (1) (2) Acquisition of held-for-trading investments during the quarter. The Group entered into cross currency swaps during the previous financial year to manage its exposure to exchange rate movements on its investments. This represents the estimated fair value of the swaps as at reporting date. Page 3 of 10

1(b)(ii) Aggregate Amount of Group's Borrowings and Debt Securities Amount repayable in one year or less, or on demand As at Mar 31, 2016 As at Dec 31, 2015 Secured Unsecured Secured Unsecured $134,936,000 $29,998,000 $131,602,000 99,983,000 Amount repayable after one year As at Mar 31, 2016 As at Dec 31, 2015 Secured Unsecured Secured Unsecured $403,861,000 $449,070,000 $432,799,000 $414,204,000 Details of any collateral The above are secured by legal mortgages on properties of the Company and some subsidiaries, fixed and floating charges on assets of the Company and some subsidiaries and pledge of shares of certain subsidiaries. Page 4 of 10

1(c) Consolidated Statement of Cash Flows Quarter ended Quarter ended Mar 31, 2016 Mar 31, 2015 Cash flows from operating activities: Profit before income tax and share of results of associates and jointly controlled entities 23,803 30,138 Adjustments for: Amortisation of intangible assets Depreciation expense Share-based payment expense Write-back of impairment of available-for-sale investments Gain on disposal of property, plant and equipment Finance costs Interest income Profit before working capital changes Trade and other payables Completed properties held for sale Receivables and prepayments Held-for-trading investments Inventories Cash generated from operations Income tax paid Net cash from operating activities Cash flows used in investing activities: Additional property, plant and equipment Additional available-for-sale investment Net repayment from associates and jointly controlled entities 4,027 16,977 Proceeds from disposal of property, plant and equipment 159 305 Cash used in investing activities (13,405) (49,505) Cash flows (used in) from financing activities: Interest received Finance costs paid Non-controlling shareholders Additional borrowings Repayment of borrowings Cash (used in) from financing activities 83 82 13,340 13,068 1,460 2,611 (40) (97) - (55) 8,045 8,403 (821) (311) 45,870 53,839 (16,342) (23,013) - 8,045 (9,578) 4,236 (8,082) 9,495 690 1,307 12,558 53,909 (5,177) (3,119) 7,381 50,790 (16,926) (14,530) (665) (52,257) 821 311 (7,799) (8,141) 472 1,075 65,783 90,063 (96,946) (72,269) (37,669) 11,039 Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at beginning of period Effect of exchange rate changes on cash balances held in (43,693) 155,107 12,324 133,103 foreign currencies (1,859) 2,335 Cash and cash equivalents at end of period 109,555 147,762 Cash and cash equivalents at end of period The cash and cash equivalents as at Mar 31, 2016, for the purposes of Consolidated Statement of Cash Flows, comprise of cash and bank balances less deposits under pledge to banks of $3,555,000. Page 5 of 10

1(d)(i) Statement of Changes in Equity Share- Perpetual Non- Share Retained Other holders' capital controlling Total capital profits reserves* equity securities Subtotal interests equity Balance as at Jan 1, 2015 715,415 887,165 99,509 1,702,089 148,347 1,850,436 71,064 1,921,500 Total comprehensive income for the period Profit for the period - 14,299-14,299-14,299 5,490 19,789 Other comprehensive income for the period - - 19,427 19,427-19,427 1,180 20,607 Total - 14,299 19,427 33,726-33,726 6,670 40,396 Transactions with owners, recognised directly in equity Recognition of share-based payments - - 2,611 2,611-2,611-2,611 Net movement during the period - - - - - - 2,224 2,224 Issue of shares 1,450 - (1,450) - - - - - Total 1,450-1,161 2,611-2,611 2,224 4,835 Balance as at Mar 31, 2015 716,865 901,464 120,097 1,738,426 148,347 1,886,773 79,958 1,966,731 Balance as at Jan 1, 2016 717,895 907,542 98,602 1,724,039 148,347 1,872,386 76,898 1,949,284 Total comprehensive income (loss) for the period Profit for the period - 14,339-14,339-14,339 6,194 20,533 Other comprehensive loss for the period - - (18,378) (18,378) - (18,378) (1,661) (20,039) Total - 14,339 (18,378) (4,039) - (4,039) 4,533 494 Transactions with owners, recognised directly in equity Recognition of share-based payments - - 1,460 1,460-1,460-1,460 Net movement during the period - - - - - - (926) (926) Issue of shares 1,450 - (1,450) - - - - - Total 1,450-10 1,460-1,460 (926) 534 Balance as at Mar 31, 2016 719,345 921,881 80,234 1,721,460 148,347 1,869,807 80,505 1,950,312 * Includes asset revaluation reserve, exchange fluctuation reserve, hedge reserve, option reserve and other capital reserve. Page 6 of 10

1(d)(i) Statement of Changes in Equity (cont'd) COMPANY Share- Perpetual Share Retained Other holders' capital Total capital profits reserves** equity securities equity Balance as at Jan 1, 2015 715,415 71,015 113,082 899,512 148,347 1,047,859 Total comprehensive loss for the period Loss for the period - (4,217) - (4,217) - (4,217) Total - (4,217) - (4,217) - (4,217) Transactions with owners, recognised directly in equity Recognition of share-based payments - - 2,611 2,611-2,611 Issue of shares 1,450 - (1,450) - - - Total 1,450-1,161 2,611-2,611 Balance as at Mar 31, 2015 716,865 66,798 114,243 897,906 148,347 1,046,253 Balance as at Jan 1, 2016 717,895 61,960 117,069 896,924 148,347 1,045,271 Total comprehensive income (loss) for the period Loss for the period - (1,747) - (1,747) - (1,747) Other comprehensive income for the period - - 3,196 3,196-3,196 Total - (1,747) 3,196 1,449-1,449 Transactions with owners, recognised directly in equity Recognition of share-based payments - - 1,460 1,460-1,460 Issue of shares 1,450 - (1,450) - - - Total 1,450-10 1,460-1,460 Balance as at Mar 31, 2016 719,345 60,213 120,275 899,833 148,347 1,048,180 ** Includes asset revaluation reserve, hedge reserve and option reserve. Page 7 of 10

1(d)(ii) Details of Any Changes in Company's Issued Share Capital The Company issued 351,900 new ordinary shares for the current quarter under review upon vesting of performance shares granted in conjunction with the Hotel Properties Limited Performance Share Plan. The newly issued shares rank pari passu in all respects with the existing shares of the Company. As at Mar 31, 2016, the number of outstanding share options under the Company's Share Option Schemes was 13,045,000 (as at Mar 31, 2015: 8,320,000), and the number of outstanding performance shares under the Company's Performance Share Plan was 1,507,600 (as at Mar 31, 2015: 1,759,500). 1(d)(iii) Total Number of Issued Shares Total number of issued shares excluding treasury shares Mar 31, 2016 Dec 31, 2015 519,982,651 519,630,751 1(d)(iv) Statement Showing All Sales, Transfers, Disposal, Cancellation and/or Use of Treasury Shares Not applicable. There is no treasury share as at the end of the current financial period reported on. 2. Audit Statement The figures have not been audited or reviewed. 3. Auditors' Report Not applicable. 4. Changes in Accounting Policies The Group and Company have followed the same accounting policies and methods of computation as in the most recently audited annual financial statements except as explained in paragraph 5 below. 5. Reasons for and Effect of Changes in Accounting Policies The Group has adopted all relevant revised Singapore Financial Reporting Standards ("FRS") and amendments that are mandatory for financial years beginning on or after January 1, 2016. The adoption of these revised FRSs and amendments has no significant impact to the Group. 6. Earnings Per Ordinary Share Based on the weighted average number of ordinary shares in issue On a fully diluted basis Quarter ended Mar 31, 2016 Quarter ended Mar 31, 2015 2.32 cents 2.31 cents 2.31 cents 2.31 cents Earnings per ordinary share is calculated based on net profit attributable to ordinary shareholders after deducting provision for distribution to perpetual capital securities holders. Page 8 of 10

7. Net Asset Value COMPANY Mar 31, 2016 Dec 31, 2015 $3.31 $3.32 $1.73 $1.73 Net asset value per ordinary share is calculated based on net assets excluding perpetual capital securities that is attributable to the ordinary shareholders divided by the number of issued shares of the Company. 8. Review of Performance For the first quarter ended March 31, 2016, the Group recorded a revenue of $143.7 million compared to $158.9 million for the corresponding quarter last year. The decrease was primarily due to lower contributions from the Tomlinson Heights condominium development and the Group s resorts in the Maldives. Four Seasons Resort Bali at Jimbaran Bay is currently undergoing a major refurbishment which has affected its performance while Holiday Inn at Vanuatu was also closed for repair since the cyclone in March 2015. The Group s share of results of associates and jointly controlled entities improved from a loss of $3.9 million for Q1 2015 to a profit of $3.0 million for Q1 2016 mainly due to higher profit contributions from Four Seasons Resort Seychelles and Four Seasons Hotel The Westcliff, Johannesburg, as well as reduced losses from Four Seasons Hotel Shanghai at Pudong which was disposed in July 2015. After taking into account taxes and non-controlling interests, the net profit attributable to shareholders for the quarter ended March 31, 2016, was $14.34 million compared to $14.30 million reported for the corresponding quarter last year. 9. Variance from Previous Forecast or Prospect Statement Not applicable. 10. 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 reporting period and the next 12 months. With the global economic outlook remaining uncertain, the Group expects the year ahead to be a challenging one across various business sectors. Nevertheless, our hotels and resorts are expected to generate a recurring income stream for the Group. Refurbishment works are ongoing at various properties. With a strong balance sheet, the Group is also wellpoised to capitalise on available investment opportunities. 11. Dividend (a) Current Financial Period Reported On Any dividend declared for the current financial period reported on? None (b) Corresponding Period of the Immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding financial year? None (c) Date payable Not applicable. (d) Books closure date Not applicable. Page 9 of 10

12. If no dividend has been declared/recommended, a statement to that effect No dividend has been declared/recommended by the Company for the current financial period reported on. 13. Interested Person Transactions ("IPT") The Group has not obtained a general mandate from shareholders for IPTs. Aggregate value of all IPT during the financial period ended Mar 31, Aggregate value of all IPT 2016 (excluding transactions conducted under shareholders' below $100,000 and transactions mandate pursuant to Rule 920 conducted under the shareholders' (excluding transactions Name of Interested Person mandate pursuant to Rule 920) below $100,000) Associates* of Mr Ong Beng Seng / Mr David Fu Kuo Chen - Rental income - Management fee income - Management fee expense 2,516-460 - 208 - Note: * "Associate" in relation to a director, chief executive officer or controlling shareholder means - his immediately family; - the trustees of any trust of which he or his immediate family is a beneficiary or, in the case of a discretionary trust, is a discretionary object; and - any company in which he and his immediate family together (directly or indirectly) have an interest of 30% or more. 14. Negative Assurance Confirmation pursuant to Rule 705(5) of the Listing Manual The Board confirms that, to the best of its knowledge, nothing has come to the attention of the Board which may render the first quarter 2016 unaudited financial statements to be false or misleading in any material respect. 15. Confirmation pursuant to Rule 720(1) of the Listing Manual The Company confirms that it has procured undertakings from all its directors and executive officers (in the format set out in Appendix 7.7) under Rule 720(1). BY ORDER OF THE BOARD Lo Swee Oi Company Secretary May 12, 2016 Page 10 of 10