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QUARTERLY REPORT on the Consolidated Results for the First Quarter Ended 31 March 2019

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QUARTERLY REPORT on the Consolidated Results for the First Quarter Ended 31 March 2019 Sime Darby Property Berhad (Company No. 15631-P) T +(603) 7849 5000 F +(603) 7849 5690 W www.simedarbyproperty.com Toll Free : 1800 88 1118 Level 10, Block G, No. 2, Jalan PJU 1A/7A, Property Ara Damansara, PJU 1A, 47301 Petaling Jaya, Selangor Darul Ehsan, Malaysia QUARTERLY REPORT On the consolidated results for the first quarter ended 31 March 2019 The Directors are pleased to announce the following: Unaudited Condensed Consolidated Statement of Profit or Loss Amounts in RM thousand unless otherwise stated Quarter ended 31 March % Note 2019 2018 +/(-) Revenue A8 575,132 559,502 2.8 Cost of sales (440,121) (465,469) Gross profit 135,011 94,033 43.6 Other income 1,864 11,122 Selling and marketing expenses (17,421) (21,084) Administrative expenses (49,334) (41,325) Operating profit 70,120 42,746 Other gains 204,404 11,537 Share of results of joint ventures 3,840 (17,868) Share of results of associates (374) 772 Profit before interest and tax A7 277,990 37,187 647.5 Finance income 30,224 25,600 Finance costs (6,734) (19,789) Profit before tax 301,480 42,998 601.1 Tax expense B6 (27,158) (14,282) Profit for the period 274,322 28,716 855.3 Attributable to: - owners of the Company 265,075 33,669 687.3 - non-controlling interests 9,247 (4,953) Profit for the period 274,322 28,716 855.3 Basic earnings per share attributable to owners of the Company (sen) B11 3.9 0.5 687.3 The Group has changed its financial year-end from 30 June to 31 December. Accordingly, comparative information for the corresponding interim period of the preceding year is presented. 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 period ended 31 December 2018. SIME DARBY PROPERTY BERHAD (Company No: 15631-P) Unaudited Condensed Consolidated Statement of Comprehensive Income Amounts in RM thousand unless otherwise stated Quarter ended 31 March % 2019 2018 +/(-) Profit for the period 274,322 28,716 855.3 Other comprehensive income/(loss) Items that will be reclassified subsequently to profit or loss: Currency translation differences 43,429 (19,524) Net changes in fair value of investments – (3,368) Share of other comprehensive gain of an associate – 789 Other comprehensive income/(loss) for the period 43,429 (22,103) 296.5 Total comprehensive income for the period 317,751 6,613 4,704.9 Attributable to: - owners of the Company 309,181 14,750 1,996.1 - non-controlling interest 8,570 (8,137) Total comprehensive income for the period 317,751 6,613 4,704.9 The Group has changed its financial year-end from 30 June to 31 December. Accordingly, comparative information for the corresponding interim period of the preceding year is presented. 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 period ended 31 December 2018. 2 SIME DARBY PROPERTY BERHAD (Company No: 15631-P) Unaudited Condensed Consolidated Statement of Financial Position Amounts in RM thousand unless otherwise stated Unaudited Audited As at As at Note 31 March 2019 31 December 2018 Non -current assets Property, plant and equipment 660,145 640,445 Investment properties 712,823 644,206 Inventories (note 1) 2,124,477 2,127,594 Joint ventures 2,805,783 2,574,020 Associates 140,861 140,492 Investments 59,484 59,239 Intangible assets 3,478 3,454 Deferred tax assets 497,068 487,225 Receivables 88,000 88,000 Contract assets 1,378,079 1,409,083 8,470,198 8,173,758 Current assets Inventories (note 1) 4,467,046 4,625,027 Receivables 710,779 736,579 Contract assets 817,592 773,602 Prepayment 23,469 18,556 Tax recoverable 54,741 60,226 Cash held under Housing Development Accounts 362,746 343,518 Bank balances, deposits and cash 358,531 305,572 6,794,904 6,863,080 Assets held for sale (note 2) 1,950 79,519 Total assets A7 15,267,052 15,116,357 Equity Share capital 6,800,839 6,800,839 Fair value reserve 38,063 38,063 Exchange reserve (18,938) (63,044) Retained profits 2,630,728 2,433,661 Attributable to owners of the Company 9,450,692 9,209,519 Non-controlling interests 245,451 236,881 Total equity 9,696,143 9,446,400 Non-current liabilities Borrowings B8 1,858,150 1,925,221 Contract liabilities 254,250 256,231 Deferred tax liabilities 170,584 170,175 Lease liabilities 87,116 – 2,370,100 2,351,627 Current liabilities Payables 1,150,062 1,390,175 Borrowings B8 1,341,970 1,347,816 Provisions 100,575 108,823 Lease liabilities 17,092 – Contract liabilities 284,552 210,532 Tax provision 238,550 260,984 Dividend payable 68,008 – 3,200,809 3,318,330 Total liabilities 5,570,909 5,669,957 Total equity and liabilities 15,267,052 15,116,357 3 SIME DARBY PROPERTY BERHAD (Company No: 15631-P) Unaudited Condensed Consolidated Statement of Financial Position (continued) Amounts in RM thousand unless otherwise stated Unaudited Audited As at As at 31 March 2019 31 December 2018 Net assets per share attributable to owners of the Company (RM) 1.39 1.35 Note: 1. Inventories Completed development units 813,411 871,281 On-going development Launched 1,218,887 1,248,047 Not yet launched 2,433,250 2,504,136 Others 1,498 1,563 4,467,046 4,625,027 Not within normal operating cycle 2,124,477 2,127,594 6,591,523 6,752,621 2. Assets held for sale Property, plant and equipment 1,950 79,519 The property, plant and equipment classified as non-current assets held for sale as at 31 March 2019 were in relation to two bungalows in Penang. The sale and purchase agreement for Darby Park Executive Suites in Singapore was signed on 1 November 2018 and completed on 31 January 2019 for a consideration of SGD93.0 million. The Group registered a gain on disposal of SGD67.3 million (equivalent to RM204.3 million). The sale and purchase agreement for the two bungalows was signed on 19 December 2018. The completion is subjected to the fulfilment of conditions precedent. 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 period ended 31 December 2018. 4 SIME DARBY PROPERTY BERHAD (Company No: 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 capital reserve reserve profits the Company interests equity Quarter ended 31 March 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 income for the period – – 44,106 265,075 309,181 8,570 317,751 Transaction with owners - dividend payable – – – (68,008) (68,008) – (68,008) At 31 March 2019 6,800,839 38,063 (18,938) 2,630,728 9,450,692 245,451 9,696,143 Quarter ended 31 March 2018 At 1 January 2018 6,800,839 16,035 25,256 3,025,431 9,867,561 220,902 10,088,463 Total comprehensive (loss)/income for the period – (2,579) (16,340) 33,669 14,750 (8,137) 6,613 Transaction with owners - dividend payable/paid – – – (136,017) (136,017) (26,516) (162,533) At 31 March 2018 6,800,839 13,456 8,916 2,923,083 9,746,294 186,249 9,932,543 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 period ended 31 December 2018. 5 SIME DARBY PROPERTY BERHAD (Company No: 15631-P) Unaudited Condensed Consolidated Statement of Cash Flows Amounts in RM thousand unless otherwise stated Quarter ended 31 March 2019 2018 Cash flow from operating activities Profit for the period 274,322 28,716 Adjustments for: Share of results of joint ventures and associates (3,466) 17,096 Depreciation and amortisation 13,917 12,031 Write-down of inventories – 756 Reversal of impairments (147) (7,082) Write-offs of fixed assets 109 108 Gain on disposal (203,392) (9,949) Changes in fair value of quoted investments 245 – Finance income (30,224) (25,600) Finance costs 6,734 19,789 Tax expense 27,158 14,282 85,256 50,147 Changes in working capital: - inventories 195,187 (51,688) - trade, other receivables and prepayments 7,655 46,315 - contract assets and contract liabilities 59,054 (138,959) - trade, other payables and provisions (205,888) (89,083) Cash from/(used in) operations 141,264 (183,268) Tax paid (53,857) (13,434) Net cash from/(used in) operating activities 87,407 (196,702) Cash flow from investing activities Finance income received 3,139 6,076 Proceeds from sale of: - property, plant and equipment 280,507 236 - investment properties – 56,717 Purchase of: - property, plant and equipment (806) (8,271) - investment properties – (30,099) - intangible assets (462) (228) Subscription of shares in joint ventures (182,026) (106,776) Advances to an associate (744) – Net cash from/(used in) investing activities 99,608 (82,345) Cash flow from financing activities Finance costs paid (38,695) (29,424) Borrowings raised 2,944 507,978 Repayments of long-term borrowings (118,699) (190,057) Revolving credits (net) 40,000 (166,750) Dividend paid to non-controlling interests – (26,516) Net cash (used in)/from financing activities (114,450) 95,231 6 SIME DARBY PROPERTY BERHAD (Company No: 15631-P) Unaudited Condensed Consolidated Statement of Cash Flows (continued) Amounts in RM thousand unless otherwise stated Quarter ended 31 March 2019 2018 Net changes in cash and cash equivalents 72,565 (183,816) Foreign exchange differences (378) (5,700) Cash and cash equivalents at beginning of the period 649,090 1,035,931 Cash and cash equivalents at end of the period 721,277 846,415 For the purpose of the Statement of Cash Flows, cash and cash equivalents comprised the following: Cash held under Housing Development Accounts 362,746 506,241 Bank balances, deposits and cash 358,531 340,174 721,277 846,415 The Group has changed its financial year-end from 30 June to 31 December.
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