OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 5-Year Financial Summary 2023 2022 2021 2020 2019 Profit or Loss (S$ million) Revenue 200.9 161.3 119.9 111.2 124.2 Earnings Before Interest and Tax 250.8 138.5 135.5 111.7 136.0 Profit After Tax and Minority Interest 29.1 9.1 5.9 19.0 3.8 Financial Position (S$ million) Investment properties 4,148.3 4,385.9 4,230.3 3,524.7 3,378.7 Development properties 1,023.5 1,067.0 1,189.7 1,138.1 1,094.1 Associates and joint ventures 2,481.5 2,297.6 2,315.4 2,345.1 2,254.5 Cash and cash equivalents 216.4 94.8 99.2 123.2 119.8 Other assets 389.9 399.5 653.1 645.8 708.0 Total assets 8,259.6 8,244.8 8,487.7 7,776.9 7,555.1 Equity attributable to owners of the Company 2,573.0 2,631.6 3,029.7 2,840.1 2,632.4 Total borrowings 3,153.4 3,320.1 3,223.8 2,869.8 2,968.6 Non-controlling interests and other liabilities 2,533.2 2,293.1 2,234.8 2,067.0 1,954.1 Total equities & liabilities 8,259.6 8,244.8 8,487.7 7,776.9 7,555.1 Financial Ratios Earnings per share (cents) 1.75 0.55 0.36 1.15 0.23 Net asset value per share (S$) 1.55 1.58 1.82 1.71 1.58 Return on equity (%) 1.1 0.3 0.2 0.7 0.1 Return on total assets (%) 3.0 1.7 1.7 1.5 1.8 Debt equity ratio (net of cash) (times) 0.74 0.82 0.70 0.66 0.74 Interest cover (times) 1.5 1.3 2.1 1.4 1.4 Dividend Ordinary dividend per share (cents) 0.5 0.2 0.1 0.4 0.2 DEBT PROFILE Perennial Holdings’ borrowings are predominantly denominated in SGD with 91.0% in SGD and 8.3% in RMB. Where practicable, the Company will borrow in the same functional currencies required of its overseas projects to achieve a natural foreign currency hedge. The weighted average interest rate on its borrowings for the financial year was about 5.8% (FY2022: 3.9%) per annum, while the weighted average debt maturity profile as at end December 2023 is 1.32 years. About S$1.9 billion of loans will be maturing in 2024. Perennial Holdings has commenced active discussions with the respective lenders to refinance these loans. Debt Maturity Profile (As at 31 December 2023) 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2027 32 >2028 182 Total 3,144 2024 2025 2026 199 MTN China Loan Singapore Loan S$’M 1,974 757 43 ANNUAL REPORT 2023
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