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ALLGREEN PROPERTIES LIMITED (Company Registration No: 198601009N) Second Quarter and First Half 2010 Financial Statements

1(a). An income statement (for the group) together with a comparative statement for the corresponding period of

the immediately preceding financial year.


(i)

CONSOLIDATED INCOME STATEMENT FOR THE


2nd Quarter ended 30 June 2010 2009 Change S$'000 S$'000 % 177,632 84,628 109.90 (95,878) 81,754 2,831 (4,178) (4,617) (5,557) (4,412) (980) 64,841 (10,386) 54,455 (36,708) 47,920 (509) (971) (4,321) (3,838) (3,761) (409) 34,111 (6,114) 27,997 161.19 70.61 656.19 330.28 6.85 44.79 17.31 139.61 90.09 69.87 94.50 Half Year ended 30 June 2010 2009 Change S$'000 S$'000 % 333,568 165,361 101.72 (187,300) 146,268 5,321 (8,090) (10,999) (9,928) (8,781) (1,651) 112,140 (16,854) 95,286 (70,541) 94,820 5,984 (2,422) (10,809) (8,494) (7,212) (756) 71,111 (9,826) 61,285 165.52 54.26 (11.08) 234.02 1.76 16.88 21.76 118.39 57.70 71.52 55.48

Revenue Cost of sales Gross profit Other operating income Distribution and selling expenses Administrative expenses Other operating expenses Finance cost Share of results of associated companies, net of tax Profit before tax Taxation Profit after tax Profit attributable to: Shareholders of the Company Non-controlling Interests

39,424 15,031 54,455

23,422 4,575 27,997

68.32 228.55 94.50

74,372 20,914 95,286

52,653 8,632 61,285

41.25 142.28 55.48

Notes: 2nd Quarter ended 30 June 2010 2009 Change S$'000 S$'000 % The following significant items have been included in arriving at profit after taxation: Depreciation Interest income (Loss)/Gain in foreign exchange Interest expense (Provision for)/Write back of tax in respect of prior years (net) Write back of provision for diminution in value of development properties (net) Half Year ended 30 June 2010 2009 Change S$'000 S$'000 %

(2,239) 120 180 (4,331) (159) 1,374

(2,320) 70 (2,841) (3,721) (8) 4,630

(3.49) 71.43 106.34 16.39 nm (70.32)

(4,514) 236 (209) (8,667) (240) 22,979

(4,935) 161 1,314 (7,131) 156 9,888

(8.53) 46.58 (115.91) 21.54 (253.85) 132.39

1(b)(i). A balance sheet (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year. BALANCE SHEETS AS AT 30 JUNE 2010 AND 31 DECEMBER 2009: Group 30/06/10 S$'000 Non-Current Assets Property, plant and equipment Investment properties Subsidiary companies Associated companies Current Assets Stocks and contract work-in-progress Development properties Trade receivables Deposits and prepayments Other receivables Cash and cash equivalents Total current assets Total assets Share capital Reserves Retained profits Non-controlling interests Total equity Non-Current Liabilities Loans from non-controlling shareholders of subsidiary Long-term borrowings Rental deposits Deferred taxation Current Liabilities Trade payables Rental deposits Other payables Advances from subsidiary companies Current tax payable Borrowings Total current liabilities Total equity and liabilities 1(b)(ii). Aggregate amount of group's borrowings and debt securities Amount repayable in one year or less, or on demand As at 30/06/2010 (S$'000) Secured Unsecured 116,020 221,610 Amount repayable after one year As at 30/06/2010 (S$'000) Secured Unsecured 594,494 80,000 Details of collateral: Borrowings are secured by the following: a) assignments creating fixed and floating charges on certain subsidiary companies' assets; b) assignments of rental proceeds and all monies standing to the credit of the project accounts, rental and sale proceeds accounts of certain subsidiary companies; c) first legal mortgages on certain subsidiary companies' investment and development properties and assignment of all rights, titles and interests on all sale and tenancy agreements, building agreements, construction contracts, guarantees, performance bonds, insurance policies and any other contracts in respect of the investment and development properties of certain subsidiary companies; and d) corporate guarantees given by the Company and the non-controlling shareholders of certain subsidiary companies. As at 31/12/2009 (S$'000) Secured Unsecured 713,978 50,000 As at 31/12/2009 (S$'000) Secured Unsecured 134,840 145,504 293,232 1,683,800 508,056 274 1,129,777 189,338 3,901 19,839 163,107 1,506,236 3,991,324 1,177,185 86,144 1,107,803 2,371,132 313,877 2,685,009 100,159 674,494 11,400 92,327 58,438 10,747 1,795 19,325 337,630 427,935 3,991,324 31/12/09 S$'000 296,579 1,683,800 505,071 327 1,210,493 111,171 4,077 18,770 151,939 1,496,777 3,982,227 1,177,185 86,668 1,097,046 2,360,899 292,474 2,653,373 102,505 763,978 12,818 84,578 51,629 9,406 2,023 21,573 280,344 364,975 3,982,227 Company 30/06/10 31/12/09 S$'000 S$'000 210 1,789,673 114,984 367 189 1,168 116,708 1,906,591 1,177,185 182,093 1,359,278 1,359,278 80,000 7,763 4,109 70 233,761 221,610 459,550 1,906,591 208 1,845,171 114,244 1 296 94 843 115,478 1,960,857 1,177,185 236,962 1,414,147 1,414,147 50,000 7,645 7,773 80 335,639 69 145,504 489,065 1,960,857

1(c). A cashflow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year.

CONSOLIDATED CASHFLOW STATEMENTS FOR THE: 2nd Quarter ended 30 June 2010 2009 S$'000 S$'000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation Adjustments for: Depreciation of property, plant and equipment (Gain)/Loss on disposal of property, plant and equipment (net) Interest income Interest expense Share of results of associated companies Loss on liquidation of an associated company Write back of provision for diminution in value of development properties (net) Operating profit before working capital changes Decrease in stocks and contract work-in-progress Decrease in development properties Increase in trade and other receivables, deposits and prepayments Increase/(Decrease) in trade and other payables Increase/(Decrease) in rental deposits Cash generated from operations Interest paid Income tax paid Net cash generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from disposal of property, plant and equipment Additions to property, plant and equipment Investment in associated companies Dividends from associated companies Interest received Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Capital contribution from non-controlling shareholders Funds (to)/from non-controlling shareholders Dividends paid to shareholders of the Company Increase in borrowings Decrease in borrowings Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Foreign exchange difference Cash and cash equivalents as at the beginning of the period Cash and cash equivalents as at the end of the period 64,841 2,239 (12) (120) 4,331 980 24 (1,374) 70,909 19 44,346 (63,380) 14,685 662 67,241 (7,372) (10,758) 49,111 29 (483) (4,075) 125 111 (4,293) (1,562) (63,615) (259,814) 293,300 (31,691) 13,127 17 149,963 163,107 34,111 2,320 19 (70) 3,721 409 (4,630) 35,880 35 16,427 (25,210) 3,085 459 30,676 (6,517) (10,982) 13,177 8 (3,228) (21,441) 71 (24,590) 62 (2,397) (31,807) 293,850 (277,100) (17,392) (28,805) (549) 131,007 101,653 Half Year ended 30 June 2010 2009 S$'000 S$'000 112,140 4,514 (9) (236) 8,667 1,651 24 (22,979) 103,772 53 107,083 (79,060) 6,581 (77) 138,352 (12,749) (11,353) 114,250 31 (1,189) (4,849) 125 236 (5,646) 601 (2,353) (63,615) 148,596 (180,100) (96,871) 11,733 (565) 151,939 163,107 71,111 4,935 19 (161) 7,131 756 (9,888) 73,903 76 11,213 (7,973) (9,105) 523 68,637 (16,205) (6,174) 46,258 8 (6,062) (36,725) 185 (42,594) 62 1,131 (31,807) 376,560 (373,622) (27,676) (24,012) (215) 125,880 101,653

1(d) CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE :


2nd Quarter ended 2010 S$'000 54,455 30 June 2009 S$'000 27,997 Change % 94.50 Half Year ended 2010 S$'000 95,286 30 June 2009 S$'000 61,285 Change % 55.48

Profit for the period Other comprehensive income: Foreign currency translation gain/(loss) Other comprehensive income/(expense) for the period, net of tax Total comprehensive income for the period Total comprehensive income attributable to: Shareholders of the Company Non-controlling Interests

2,390

(21,667)

111.03

(629)

1,157

(154.36)

2,390 56,845

(21,667) 6,330

111.03 798.03

(629) 94,657

1,157 62,442

(154.36) 51.59

41,838 15,007 56,845

1,822 4,508 6,330

nm 232.90 nm

73,848 20,809 94,657

53,826 8,616 62,442

37.20 141.52 51.59

1(e)(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.
STATEMENTS OF CHANGES IN EQUITY FOR THE 2ND QUARTER ENDED 30 JUNE 2010: <---------------------------Attributable to shareholders--------------------------->

Share capital S$'000


Group

Retained profits S$'000 995,343 23,422 (31,807) 986,958 1,131,994 39,424 (63,615) 1,107,803

Foreign currency Revaluation translation reserve reserve S$'000 S$'000 69,392 69,392 66,033 66,033 55,943 (21,600) 34,343 17,697 2,414 20,111

Equity attributable to owners of the Total parent Non-controlling reserves total interests S$'000 S$'000 S$'000 125,335 (21,600) 103,735 83,730 2,414 86,144 2,297,863 1,822 (31,807) 2,267,878 2,392,909 41,838 (63,615) 2,371,132

Total equity S$'000

Balance at 01/04/2009 Total comprehensive income for the period Dividends paid (net) Capital contribution Decrease in quasi-equity loans Balance at 30/06/2009 Balance at 01/04/2010 Total comprehensive income for the period Dividends paid (net) Balance at 30/06/2010

1,177,185 1,177,185 1,177,185 1,177,185

276,389 2,574,252 4,508 6,330 (31,807) 62 62 (18) (18) 280,941 298,870 15,007 313,877 2,548,819 2,691,779 56,845 (63,615) 2,685,009

<---------------------------Attributable to shareholders---------------------------> Foreign currency Revaluation translation reserve reserve S$'000 S$'000

Share capital S$'000 Company Balance at 01/04/2009 Total comprehensive income for the period Dividends paid (net) Balance at 30/06/2009 Balance at 01/04/2010 Total comprehensive income for the period Dividends paid (net) Balance at 30/06/2010 1,177,185 1,177,185 1,177,185 1,177,185

Retained profits S$'000

Total reserves S$'000

Total S$'000

45,892 7,165 (31,807) 21,250 239,222 6,486 (63,615) 182,093

1,223,077 7,165 (31,807) 1,198,435 1,416,407 6,486 (63,615) 1,359,278

1(e)(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. STATEMENTS OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 30 JUNE 2010: <------------------------Attributable to shareholders------------------------> Equity Foreign attributable to currency owners of the Non-controlling Share Retained Revaluation translation Total parent interests capital profits reserve reserve reserves total S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 Group Balance at 01/01/2009 Total comprehensive income for the period Dividends paid (net) Capital contribution Decrease in quasi-equity loans Balance at 30/06/2009 Balance at 01/01/2010 Total comprehensive income for the period Dividends paid (net) Capital contributions Decrease in quasi-equity loans Balance at 30/06/2010 1,177,185 1,177,185 1,177,185 1,177,185 966,112 52,653 (31,807) 986,958 1,097,046 74,372 (63,615) 1,107,803 69,392 69,392 66,033 66,033 33,170 1,173 34,343 20,635 (524) 20,111 102,562 1,173 103,735 2,245,859 53,826 (31,807) 2,267,878

Total equity S$'000

272,266 2,518,125 8,616 62,442 (31,807) 62 62 (3) (3) 280,941 2,548,819

86,668 2,360,899 (524) 73,848 (63,615) 86,144 2,371,132

292,474 2,653,373 20,809 94,657 (63,615) 601 601 (7) (7) 313,877 2,685,009

<---------------------------Attributable to shareholders---------------------------> Foreign currency Retained Revaluation translation profits reserve reserve S$'000 S$'000 S$'000 47,238 5,819 (31,807) 21,250 236,962 8,746 (63,615) 182,093 -

Share capital S$'000 Company Balance at 01/01/2009 Total comprehensive income for the period Dividends paid (net) Balance at 30/06/2009 Balance at 01/01/2010 Total comprehensive income for the period Dividends paid (net) Balance at 30/06/2010 1,177,185 1,177,185 1,177,185 1,177,185

Total reserves S$'000 -

Total S$'000 1,224,423 5,819 (31,807) 1,198,435 1,414,147 8,746 (63,615) 1,359,278

1(e)(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 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.

During the period ended 30 June 2010, there was no change in the issued share capital of the Company. Number of shares '000 Issued share capital as at 31/12/2009 and 30/06/2010 1,590,381 Amount S$'000 1,177,185

As at 30 June 2010, there were 6,375 (As at 31 December 2009: 6,375) unissued shares under the Allgreen Share Option Scheme 2002.
1(e)(iii) To show the total 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 30 June 2010 was 1,590,381,075 (As at 31 December 2009 : 1,590,381,075). The Company did not hold any treasury shares as at 30 June 2010 and 31 December 2009.
1(e)(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. There was no sales, transfers, disposal, cancellation and/or use of treasury shares during the period ended 30 June 2010.

2. Whether the figures have been audited, or reviewed and in accordance with which auditing standard or practice.
The figures have not been audited.

3. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of a 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.
The Group has applied the same accounting policies and methods of computation in the financial statements for the current period as compared with the audited financial statements for the year ended 31 December 2009.

5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, which has changed, as well as the reasons for, and the effect of, the change.
Not applicable.

6. Earnings per ordinary share of the group for the current period reported on and the corresponding period of the
immediately preceding financial year, after deducting any provision for preference dividends.

Group 2nd Quarter ended 30 June 2010 2009 Earnings per ordinary share of the Company for the period based on Group's profit attributable to shareholders : (i) Based on the weighted average number of shares (ii) On a fully diluted basis 2.48 cents 1.47 cents

Group Half Year ended 30 June 2010 2009

4.68

cents

3.31

cents

2.48

cents

1.47

cents

4.68

cents

3.31

cents

7. Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end
of the (a) current period reported and (b) immediately preceding year.

Group 30/06/10 S$ Net asset value per ordinary share on issued share capital at the end of the period 1.49 31/12/09 S$ 1.48

Company 30/06/10 31/12/09 S$ S$ 0.85 0.89

8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. It must include a discussion of the following:(a) 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; and (b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current period reported on. 2Q 2010 vs 2Q 2009 Income statement As compared to 2Q 2009, the Group's revenue increased by 110% to S$177.6 million, due to increases in revenue from development properties, investment properties and hotel. In the development properties segment, higher revenue was due to more units sold and higher progressive sales recognition arising from new launches. The Group officially launched The Cascadia at Bukit Timah Road, Phase 2e and 2f of Pavilion Park at Bukit Batok in 2Q 2010, which were all well received. Phase 2b of Pavilion Park obtained its TOP in 2Q 2010. In respect of investment properties, Great World City Offices, Retail and Serviced Apartments enjoyed high occupancies and rental rates. Occupancy and room rates of Traders Hotel were also higher than the corresponding period in 2009. Other operating income comprises mainly exchange gains, recovery and incidental income from investment properties. 2Q 2009 registered a negative operating income mainly due to the downward adjustment in exchange, which did not recur in 2Q 2010. Distribution and selling expenses increased from S$1.0 million in 2Q 2009 to S$4.2 million in 2Q 2010 mainly due to higher showflat expenses incurred as the Group prepared its projects for launches. Other operating expenses were higher in 2Q 2010 as compared 2Q 2009 mainly due to translation loss on foreign currency contracts. Share of losses of associated companies was higher in 2Q 2010 as compared to 2Q 2009 mainly due to higher preliminary and operating expenses incurred by our associated companies, as they are now more active. Our Kerry Parkside project in Shanghai is expected to soft launch towards the end of this year. Overall, profit before taxation improved by 90% from S$34.1 million in 2Q 2009 to S$64.8 million in 2Q 2010, due to the better performance of the development properties segment. After taxation and non-controlling interests, the group's profit attributable to the shareholders improved by 68% from S$23.4 million in 2Q 2009 to S$39.4 million in 2Q 2010.

8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. It must include a discussion of the following:(a) 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; and (b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current period reported on. 1H 2010 vs 1H 2009 Income statement The Group's revenue increased by 102% to S$333.6 million, due to increases in revenue from development properties, investment properties and hotel. In the development properties segment, higher revenue was due to more units sold and higher progressive sales recognition arising from new launches. The Group officially launched Holland Residences at Taman Warna in 1Q 2010, followed by Phase 2e and 2f of Pavilion Park at Bukit Batok and The Cascadia at Bukit Timah Road in 2Q 2010. Phase 2a and 2b of Pavilion Park obtained their TOP in 1H 2010. In respect of investment properties, Great World City Offices, Retail and Serviced Apartments enjoyed high occupancies and rental rates. Room rates and occupancy at Traders Hotel were also higher than the corresponding period in 2009. Higher distribution and selling expenses incurred during the period were mainly due to higher showflat expenses as the Group prepared itself for new launches. Share of losses of associated companies was higher in 2010 as compared to 2009 mainly due to higher preliminary and operating expenses incurred by our associated companies, as they are now more active. Our Kerry Parkside project in Shanghai is expected to soft launch towards the end of this year. The profit before taxation improved significantly from S$71.1 million in 1H 2009 to S$112.1 million in 1H 2010. The lower effective tax rate in Year 2010 was mainly due to non-taxable income of about S$23.0 million (net write-back of provision for diminution in value of development properties).

After taxation and non-controlling interests, the group's profit attributable to the shareholders improved by 41% from S$52.7 million in Year 2009 to S$74.4 million in Year 2010.

Balance Sheet and Cashflow The reduction in Development Properties was the result of a corresponding decrease in proportion to sales revenue being recognised under our progressive payment scheme. Trade receivables increased from S$111.2 million as at 31 December 2009 to S$189.3 million as at 30 June 2010 mainly due to billings raised for Cascadia and Viva under the deferred payment scheme as well as amounts receivable under Sales and Purchase Agreements for The Cascadia. The increase in cash and cash equivalents was mainly due to proceeds received for Pavilion Park, Holland Residences and Viva. As at 30 June 2010, the Group's gearing was 0.32x with net borrowings at S$849.0 million (As at 31 December 2009: 0.34x with net borrowings at S$892.4 million).

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9.

Where a forecast, or a prospect statement, has been previously disclosed to shareholders, the issuer must explain any variance between it and the actual results. Our reported results for the 1H 2010 are in line with the prospect statement made in 1Q 2010 results announcement.

10. A commentary at the date of this 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. Transactions volumes have declined for the 3 consecutive months to June 2010, resulting from buyers being cautious of increase in supply and an overall 5.3% price increase in 2Q 2010 over 1Q 2010.

Allgreen will remain profitable in 3Q 2010, barring unforeseen circumstances.

11. Dividend (a) Current Financial Period Reported On Any dividend recommended for the current financial period reported on ? (b) Corresponding Period of the Immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding year? (c) Date payable Not applicable. (d) Books closing date Not applicable. 12. If no dividend has been declared/recommended, a statement to that effect. No dividend has been declared/recommended for the period ended 30 June 2010. No

No

BY ORDER OF THE BOARD MS ISOO TAN COMPANY SECRETARY 12th August 2010 CONFIRMATION BY THE BOARD On behalf of the Board of Directors of the Company, GOH SOO SIAH and KHOR THONG MENG being two directors of the Company, do hereby confirm to the best of our knowledge, that nothing has come to the attention of the Board of Directors of the Company which may render the financial results for the period ended 30 June 2010 to be false or misleading. On behalf of the Board of Directors GOH SOO SIAH Executive Chairman Singapore, 12th August 2010 KHOR THONG MENG Executive Director

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