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PERENNIAL REAL ESTATE HOLDINGS LIMITED
Annual Report 2015
NOTES TO THE FINANCIAL STATEMENTS
These notes form an integral part of the financial statements.
The financial statements were authorised by the Board of Directors on 8 March 2016.
1 DOMICILE AND ACTIVITIES
Perennial Real Estate Holdings Limited (formerly known as St. James Holdings Limited) (the “Company”) is a company
incorporated in the Republic of Singapore and has its registered address at 8 Shenton Way, #45-01, AXA Tower,
Singapore 068811.
The financial statements of the Group as at and for the period ended 31 December 2015 comprises the Company and
its subsidiaries (together referred to as the “Group” and individually as “Group entities”) and the Group’s interest in
equity-accounted investees.
During the financial period, the Company changed its name from St. James Holdings Limited to Perennial Real Estate
Holdings Limited following the completion of the acquisition of the equity interests in certain real estate and management
businesses, and the disposal of the entertainment business (see note 4).
Following the completion of the acquisition, the principal activities of the Group are those of investment holding, real estate
investment and development, asset and property management services.
The Company also changed its financial year end from 30 June to 31 December. Consequently, the reporting period for
2015 covered a period of 18 months from 1 July 2014 to 31 December 2015 which reflected mainly the operating results
of the real estate business of the Company and its subsidiaries which commenced on completion of the acquisition on
28 October 2014. The comparative period covered a period of 12 months for the financial year ended 30 June 2014
which pertained to the operating results of disposed entertainment business.
2 BASIS OF PREPARATION
2.1 Statement of compliance
The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (“FRS”).
2.2 Basis of measurement
The financial statements have been prepared on the historical cost basis except as otherwise described in the
notes below.
2.3 Functional and presentation currency
The financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial
information presented in Singapore dollars have been rounded to the nearest thousand, unless otherwise stated.
2.4 Use of estimates and judgements
The preparation of the financial statements in conformity with FRSs requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income
and expenses. Actual results may differ from these estimates.
