These notes form an integral part of the financial statements. The financial statements were authorised by the Board of Directors on 17 March 2025. 1. DOMICILE AND ACTIVITIES Perennial Holdings Private Limited (the “Company”) is a company incorporated in the Republic of Singapore and has its registered address at 28 Biopolis Road, #02-01, Singapore 138568. The consolidated financial statements as at and for the year ended 31 December 2024 comprise the Company and its subsidiaries (together referred to as the “Group” and individually as “Group entities”) and the Group’s interest in equityaccounted investees. The principal activities of the Group are those of investment holding, real estate investment and development, asset and property management services, healthcare services and hospitality services. The Company’s immediate and ultimate holding company is Perennial Group Private Limited, a company incorporated in the Republic of Singapore. 2. GOING CONCERN As at 31 December 2024, the Group’s total current liabilities exceeded its total current assets by $545.2 million (2023: $960.9 million) and has capital commitments amounting to $667.8 million (2023: $688.1 million) (see note 29). The financial statements have been prepared on a going concern basis, which assumes that the Group will be able to meet its funding requirements and to refinance or repay its borrowing obligations as and when they fall due. The Group’s ability to settle its liabilities as and when they are due for settlement within the next twelve months is highly dependent on its ability to obtain new credit facilities, refinance its existing borrowing obligations or divest its assets as part of its capital recycling strategy. The Group had put in place a $2 billion multicurrency debt issuance programme established on 22 January 2015. As at the date of these financial statements, the uncommitted facilities available to the Group under the programme amounted to $1,922.3 million. As of the date of these financial statements, the Group has $677.8 million in unutilised committed facilities available. Management believes that the refinancing or repayment of the Group’s borrowing obligations will occur as required. Management anticipates that any additional cash required will be met out of operating cash flows or from alternative forms of capital raised such as further asset sales or new loan or debt facilities. In addition, management does not consider that it is probable that a claim will be made against the Group under the financial guarantee contracts issued to certain financial institutions in respect of banking facilities drawn by a joint venture. Management acknowledges that uncertainties remain over the ability of the Group to meet its funding requirements and to refinance or repay its borrowing obligations as and when they fall due. However, as described above, management has a reasonable expectation that the Group is able to continue in operational existence for the foreseeable future. If for any reason the Group is unable to continue as a going concern, then this could have an impact on the Group’s ability to realise assets at their recognised values and to extinguish liabilities in the normal course of business at the amounts stated in the consolidated financial statements. Notes to the Financial Statements Year ended 31 December 2024 OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 169 ANNUAL REPORT 2024
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