Notes to the Financial Statements For the financial year ended 31 December 2025 Notes to the Financial Statements For the financial year ended 31 December 2025 7. ASSOCIATES AND JOINT VENTURES (continued) Changes in interest in associate (continued) PRE 7 Immaterial associates Total $’000 $’000 $’000 31 December 2024 Revenue 16,529 Loss after tax (3,108) OCI – Total comprehensive income (3,108) Attributable to associate’s shareholders (3,108) Non-current assets 463,122 Current assets 17,631 Non-current liabilities (341,720) Current liabilities (14,068) Net assets 124,965 Attributable to associate’s shareholders 124,965 Group’s interest in net assets of associate at beginning of the year 42,257 2,040 44,297 Group’s share of: - Loss after tax (1,029) (2) (1,031) - OCI – 120 120 Total comprehensive income (1,029) 118 (911) Proceeds from liquidation of associates (includes capital reduction of $795,000 and dividend of $331,000) – (1,121) (1,121) Carrying amount of interest in associate at end of the year 41,228 1,037 42,265 7. ASSOCIATES AND JOINT VENTURES (continued) Joint ventures The Group has 7 (2024: 7) joint ventures that are material and a number of joint ventures that are individually immaterial to the Group. The material joint ventures own and develop commercial, retail, hospitality and residential related real estate assets and healthcare services which are aligned to the Group’s principal activities. All joint ventures are equity accounted. The following is information relating to the joint ventures that are material to the Group: Name of joint ventures Principal activities Country of incorporation Ownership interests held by the Group 2025 2024 % % Chengdu Changfeng Real Estate Development Co., Ltd. (“Chengdu Changfeng”) Property development PRC 50.0 50.0 Perennial Mei Rong Jia 4 (Beijing) Real Estate Co., Ltd., Perennial Mei Rong Jia 5 (Beijing) Real Estate Co., Ltd. and Perennial Mei Rong Jia 6 (Beijing) Real Estate Co., Ltd. (“Perennial Mei Rong Jia 4-6”) Property development PRC 50.0 50.0 Shenyang Summit Real Estate Development Co., Ltd. (“Shenyang Summit”) Investment and property holding PRC 50.0 50.0 Shanghai Renshoutang Eldercare Group Co., Ltd. (“Renshoutang”) Investment holding PRC 49.9 49.9 Perennial HC Holdings Pte. Ltd. and its subsidiaries (“PHCH”) Investment and property holding Singapore 45.0 45.0 GMC Property Pte. Ltd. (“GMC”) Property development Singapore 50.0 50.0 PRE 13 Pte. Ltd. and its joint venture (“PRE 13”) Investment and property holding Singapore 20.0 20.0 Although the Group held 20% of the ownership interest in PRE 13, it has considered that it has joint control over the entity as unanimous consent is required from all parties sharing control in making decisions about the relevant activities of PRE 13. OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 201 200 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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