OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX BUSINESS FINANCIAL STRUCTURE HIGHLIGHTS REVENUE (S$’m) EARNINGS BEFORE INTEREST AND TAX (“EBIT”) (S$’m) 2016 110.2 2016 111.2 2017 74.5 2017 219.6 2018 78.3 2018 376.2 REAL ESTATE BUSINESS HEALTHCARE BUSINESS MANAGEMENT BUSINESS 2019 124.2 2019 136.0 2020 111.2 2020 111.7 FY2020 revenue decreased by 10.5% mainly due to the impact FY2020 EBIT decreased by 17.8% mainly due to lower fair value China Singapore Hospitals/ Asset Management Medical Centres Ownership arising from COVID-19, which includes lower revenue from The gains and Employee Share Option Scheme paid out in FY2020. Development/ Capitol Kempinski Hotel Singapore, lower occupancy rate from Fair value gains at the EBIT level totalled S$2.1m in FY2020 as Integrated Integrated Perennial 90% Project Management Capitol Singapore, CHIJMES, Perennial Jihua Mall and Perennial compared to S$66.4m in FY2019. The decrease was mitigated by Developments Ownership Developments Ownership International International Health and Medical Hub. Higher rental rebates remeasurement gain and bargain purchase for Beijing Tongzhou Specialist Medical Property Management granted to Capitol Singapore and CHIJMES’ tenants also Integrated Development Phase 2 acquisition, as well as gain on Chengdu East Perennial 80% Capitol 100% Centre Singapore contributed to the lower revenue in FY2020. disposal of Zhuhai Hengqin Integrated Development, 111 High Speed International Hospital Management Railway Integrated Health and Eldercare and Somerset and AXA Tower. Development Medical AXA Tower 10% Senior Housing Ownership Hub Hotel Management Retail Malls/ Plot C 50% Shanghai 49.9% PROFIT AFTER TAX AND MINORITY INTEREST (“PATMI”) EARNINGS PER SHARE (“EPS”) Commercial Renshoutang Plot D1 50% Eldercare Group (S$’m) (cents) CHIJMES 51.6%1 Plot D2 50% Co., Ltd. Xi’an North Plot 4 65.7% House of 50% 2016 35.1 2016 2.11 High Speed Tan Yeok Nee 2017 100.3 2017 6.02 Railway Integrated Plot 5 65.7% Development Residential 2018 78.1 2018 4.70 2019 3.8 2019 0.23 Shenyang Shenyang 50% Caldecott Hill 50% Longemont Longemont Site 2020 19.0 2020 1.15 Integrated Shopping Development Mall Forett at 40% Bukit Timah PATMI increased by S$15.2m in FY2020 due to lower finance FY2020 EPS increased by 0.92 cents to 1.15 cents, as a result Shenyang 50% costs, higher other income derived from gain on disposal of 111 of higher PATMI. Mall Business Parks Somerset, AXA Tower and Zhuhai Hengqin Integrated Development, as well as remeasurement gain and bargain Shenyang 50% Perennial 63% purchase for Beijing Tongzhou Integrated Development Phase 2, Longemont Business City Offices which was offset by lower fair value gains. Perennial Tianjin 45% South High Speed Other Markets Railway International TOTAL ASSETS (S$’b) DIVIDEND PER SHARE (cents) Healthcare and Integrated Business City Developments Ownership 2016 7.0 2016 0.4 Perennial Kunming 45% The Light City, 50% 2017 6.7 2017 1.0 South High Speed Penang, Railway Malaysia 2018 7.7 2018 0.4 International 2019 7.6 2019 0.2 Healthcare and Mixed-use 50% Business City Development 2020 7.8 2020 0.2 1 in Mandalay, Hangzhou West 11.1% Myanmar High Speed FY2020 total assets increased by 2.9% due mainly to the Proposed dividend of 0.24 cent per share for FY2020. Railway Integrated Mixed-use 25% increased investments into a joint venture, remeasurement of the Development Development equity of Beijing Tongzhou Integrated Development Phase 2 and 1 in Colombo, appreciation of the Chinese Renminbi (RMB) which resulted in Beijing Tongzhou Phase 1 40% Sri Lanka higher translation assets value. Integrated 1 Development Phase 2 36.2% Residential Retail Malls Ownership The Sanctuary 40% Collection in GEARING RATIO (times) NET ASSET VALUE (“NAV”) PER SHARE (S$) Perennial 100% Sentul Selatan, Jihua Mall, Foshan Greater Jakarta, 2016 0.66 2016 1.631 Perennial 100% Indonesia 2017 0.57 2017 1.663 Qingyang Mall, Chengdu 2018 0.72 2018 1.644 2019 0.74 2019 1.584 2020 0.66 2020 1.709 Net gearing (Debt-to-Equity ratio) decreased to 0.66x due to NAV per share increased by 7.9% from S$1.584 in 31 December reduction in debt coupled with increase in equity due to foreign 2019, mainly attributable to increase in foreign currency currency translation gain arising from the appreciation of RMB translation reserves due to the appreciation of RMB against the against the Singapore Dollar (SGD). SGD by 5.2% for the year. 1 Approximate percentage. Annual Report 2020 A GRAND VISION, OUR BLOSSOMING OPPORTUNITIES 39.