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QUARTERLY REPORT on the Consolidated Results for the Fourth Quarter Ended 31 December 2020

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QUARTERLY REPORT on the Consolidated Results for the Fourth Quarter Ended 31 December 2020 Sime Darby Property Berhad 197301002148 (15631-P) T +(603) 7849 5000 F +(603) 7849 5690 W www.simedarbyproperty.com Toll Free: 1-800-88-1118 Block G, 10th Floor, No.2, Jalan PJU 1A/7A, Ara Damansara, PJU 1A, 47301 Petaling Jaya, Selangor Darul Ehsan, Malaysia. QUARTERLY REPORT On the consolidated results for the fourth quarter ended 31 December 2020 The Directors hereby announce the following: Unaudited Condensed Consolidated Statement of Profit or Loss Amounts in RM thousand unless otherwise stated Quarter ended Year ended 31 December % 31 December % Note 2020 2019 +/(-) 2020 2019 +/(-) Revenue A8 705,191 888,932 (20.7) 2,062,781 3,179,994 (35.1) Cost of sales (551,067) (680,904) (1,772,953) (2,387,730) Gross profit 154,124 208,028 (25.9) 289,828 792,264 (63.4) Other income 6,579 645 15,806 9,700 Selling and marketing expenses (22,847) (38,593) (74,060) (119,763) Administrative expenses (73,808) (71,366) (232,102) (241,647) Operating profit/(loss) 64,048 98,714 (528) 440,554 Share of results of joint ventures (46,221) 3,619 (420,030) (29,901) Share of results of associates (1,961) 858 (1,300) 53 Other (losses)/gains (69,118) 17,441 (88,022) 156,633 (Loss)/Profit before interest A7 (53,252) 120,632 (144.1) (509,880) 567,339 (189.9) and tax Finance income 25,659 30,683 109,944 121,242 Finance costs (7,411) (7,681) (44,774) (22,911) (Loss)/Profit before tax (35,004) 143,634 (124.4) (444,710) 665,670 (166.8) Tax expense B6 (24,721) (34,479) (70,973) (74,789) (Loss)/Profit for the period (59,725) 109,155 (154.7) (515,683) 590,881 (187.3) Attributable to: - owners of the Company (55,928) 102,955 (154.3) (478,802) 598,531 (180.0) - non-controlling interests (3,797) 6,200 (36,881) (7,650) (Loss)/Profit for the period (59,725) 109,155 (154.7) (515,683) 590,881 (187.3) Basic (loss)/earnings per share attributable to owners of the Company (sen) B10 (0.8) 1.5 (154.3) (7.0) 8.8 (180.0) The unaudited Condensed Consolidated Statement of Profit or Loss should be read in conjunction with the accompanying explanatory notes and the audited financial statements for the financial year ended 31 December 2019. SIME DARBY PROPERTY BERHAD Registration No: 197301002148 (15631-P) Unaudited Condensed Consolidated Statement of Comprehensive Income Amounts in RM thousand unless otherwise stated Quarter ended Year ended 31 December % 31 December % 2020 2019 +/(-) 2020 2019 +/(-) (Loss)/Profit for the period (59,725) 109,155 (154.7) (515,683) 590,881 (187.3) Other comprehensive income/(loss) Items which will subsequently be reclassified to profit or loss (net of tax): Currency translation differences 76,591 121,038 45,569 49,513 Share of other comprehensive income/(loss) of an associate 3,153 (710) 1,074 (351) Net changes in fair value of investments – – (2,298) (420) 79,744 120,328 44,345 48,742 Reclassified to profit or loss: Currency translation differences on repayment of net investments (7,119) – 6,642 – Other comprehensive income for the 72,625 120,328 50,987 48,742 period Total comprehensive income/(loss) for the period 12,900 229,483 (94.4) (464,696) 639,623 (172.7) Attributable to: - owners of the Company 17,705 222,694 (92.0) (426,301) 648,208 (165.8) - non-controlling interest (4,805) 6,789 (38,395) (8,585) Total comprehensive income/(loss) for the period 12,900 229,483 (94.4) (464,696) 639,623 (172.7) The unaudited Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the accompanying explanatory notes and the audited financial statements for the financial year ended 31 December 2019. 2 SIME DARBY PROPERTY BERHAD Registration No: 197301002148 (15631-P) Unaudited Condensed Consolidated Statement of Financial Position Amounts in RM thousand unless otherwise stated Unaudited Audited As at As at Note 31 December 2020 31 December 2019 Non -current assets Property, plant and equipment 628,038 636,284 Investment properties 707,170 745,785 Inventories (note 1) 4,468,084 4,542,929 Joint ventures 2,480,258 2,805,001 Associates 139,142 139,137 Investments 56,275 58,788 Intangible assets 5,721 4,143 Deferred tax assets 592,235 579,376 Receivables 80,790 50,790 Contract assets 1,255,602 1,318,352 10,413,315 10,880,585 Current assets Inventories (note 1) 1,883,467 1,989,843 Receivables 622,660 628,711 Contract assets 1,123,772 1,198,933 Prepayment 7,794 17,549 Tax recoverable 32,203 23,334 Cash held under Housing Development Accounts 345,486 456,706 Bank balances, deposits and cash 456,351 286,632 4,471,733 4,601,708 Total assets A7 14,885,048 15,482,293 Equity Share capital 6,800,839 6,800,839 Fair value reserve 35,151 36,375 Exchange reserve 42,046 (11,679) Retained profits 2,225,657 2,896,175 Attributable to owners of the Company 9,103,693 9,721,710 Non-controlling interests 185,763 228,296 Total equity 9,289,456 9,950,006 Non-current liabilities Payables 78,744 81,375 Borrowings B8 3,033,927 2,408,140 Lease liabilities 66,057 74,042 Provisions 131,188 99,332 Contract liabilities 244,937 251,623 Deferred tax liabilities 172,562 163,713 3,727,415 3,078,225 Current liabilities Payables 1,248,533 1,304,027 Borrowings B8 292,542 796,147 Lease liabilities 16,880 17,670 Provisions 116,681 76,569 Contract liabilities 134,241 100,902 Tax provision 59,300 158,747 1,868,177 2,454,062 Total liabilities 5,595,592 5,532,287 Total equity and liabilities 14,885,048 15,482,293 3 SIME DARBY PROPERTY BERHAD Registration No: 197301002148 (15631-P) Unaudited Condensed Consolidated Statement of Financial Position (continued) Amounts in RM thousand unless otherwise stated Unaudited Audited As at As at 31 December 2020 31 December 2019 Net assets per share attributable to owners of the Company (RM) 1.34 1.43 Note: 1. Inventories Completed development units 556,806 532,786 Ongoing development 1,325,194 1,455,335 Others 1,467 1,722 1,883,467 1,989,843 Not within normal operating cycle 4,468,084 4,542,929 6,351,551 6,532,772 The unaudited Condensed Consolidated Statement of Financial Position should be read in conjunction with the accompanying explanatory notes and the audited financial statements for the financial year ended 31 December 2019. 4 SIME DARBY PROPERTY BERHAD Registration No: 197301002148 (15631-P) Unaudited Condensed Consolidated Statement of Changes in Equity Amounts in RM thousand unless otherwise stated Attributable Non- Share Fair value Exchange Retained to owners of controlling Total Note capital reserve reserve profits the Company interests equity Year ended 31 December 2020 At 1 January 2020 6,800,839 36,375 (11,679) 2,896,175 9,721,710 228,296 9,950,006 Total comprehensive (loss)/income for the year – (1,224) 53,725 (478,802) (426,301) (38,395) (464,696) Transaction with owners: - dividends paid – – – (204,025) (204,025) (4,400) (208,425) - reversal of tax provision on waiver on intercompany loan – – – 15,409 15,409 – 15,409 - acquisition of non-controlling interest A12(b) – – – (3,100) (3,100) 262 (2,838) At 31 December 2020 6,800,839 35,151 42,046 2,225,657 9,103,693 185,763 9,289,456 Year ended 31 December 2019 At 1 January 2019 6,800,839 38,063 (63,044) 2,433,661 9,209,519 236,881 9,446,400 Total comprehensive (loss)/income for the year – (1,688) 51,365 598,531 648,208 (8,585) 639,623 Transaction with owners: - dividends paid – – – (136,017) (136,017) – (136,017) At 31 December 2019 6,800,839 36,375 (11,679) 2,896,175 9,721,710 228,296 9,950,006 The unaudited Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying explanatory notes and the audited financial statements for the financial year ended 31 December 2019. 5 SIME DARBY PROPERTY BERHAD Registration No: 197301002148 (15631-P) Unaudited Condensed Consolidated Statement of Cash Flows Amounts in RM thousand unless otherwise stated Year ended 31 December Note 2020 2019 Cash flow from operating activities (Loss)/Profit for the year (515,683) 590,881 Adjustments for: Share of results of joint ventures and associates 421,330 29,848 Depreciation and amortisation 62,097 53,125 Write-down of inventories 131,293 43,318 Write-off of property development expenditure 73,111 9,723 Impairment 39,957 34,113 Gain on disposal of property, plant and equipment (15) (246,232) Adjustment to variable consideration in respect of property disposal in prior year 31,098 – Provisions 42,637 89,557 Finance income (109,944) (121,242) Finance costs 44,774 22,911 Tax expense 70,973 74,789 Others 8,130 (5,131) 299,758 575,660 Changes in working capital: - inventories 73,983 320,518 - trade, other receivables and prepayments (10,081) 65,764 - contract assets and contract liabilities 262,718 (336,196) - trade, other payables and provisions (51,889) 9,543 Cash from operations 574,489 635,289 Tax paid (167,828) (233,407) Dividends received from joint ventures and associate 3,595 9,759 Net cash from operating activities 410,256 411,641 Cash flow from investing activities Finance income received 10,509 16,085 Proceeds from sale of property, plant and equipment 17 333,971 Purchase/addition of: - property, plant and equipment (17,008) (11,712) - investment properties (14,206) (75,269) - intangible assets (3,230) (2,247) Subscription of shares in joint ventures (45,865) (187,212) Advances to joint ventures and associates (37,031) (4,244) Others 950 – Net cash (used in)/from investing activities (105,864) 69,372 Cash flow from financing activities Finance costs paid (145,662) (169,209) Net proceeds from/(repayment of) borrowings 124,405 (67,092) Repayments of lease liabilities (15,853) (14,164) Dividend paid on ordinary shares (204,025) (136,017)
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