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 9. TRADE AND OTHER RECEIVABLES Group Company 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Trade receivables 43,195 35,999 387 252 Trade amounts due from: subsidiaries – – 43,450 32,973 associates 15,152 13,237 – – joint ventures 23,922 19,349 61 50 Non-trade amounts due from: subsidiaries – – 266,505 30,456 associates 22 10 – – joint ventures 58,169 38,991 – – non-controlling interests 29,709 61,407 – – Loans to joint ventures 34,523 33,271 – – Loan to a related corporation 6,175 6,379 – – Interest receivables 8,174 31,616 165,263 155,080 Other receivables 73,916 54,501 7,232 5,455 Deposits 19,962 21,839 3,310 3,495 312,919 316,599 486,208 227,761 Prepayments 36,920 35,650 400 357 349,839 352,249 486,608 228,118 Non-current 18,381 13,820 – – Current 331,458 338,429 486,608 228,118 349,839 352,249 486,608 228,118 Non-trade amounts due from subsidiaries, associates, joint ventures and non-controlling interests are unsecured, interest-free and repayable on demand. Loans to joint ventures consist of the followings: (i) Loans of $23.9 million (2024: $24.6 million), which are unsecured, bear interest at 4.35% – 9.00% (2024: 3.85% – 9.00%) per annum and repayable on demand; and (ii) The remaining amount of $10.6 million (2024: $8.6 million), which is unsecured, interest-free and repayable on demand. Loans to a related corporation are unsecured, interest-free and repayable on demand. There is no allowance for impairment losses arising from the non-trade balances with subsidiaries and related parties as the ECL is insignificant. The Group and the Company’s exposure to credit and market risks related to trade and other receivables are disclosed in Note 23. 10. DEVELOPMENT PROPERTIES Group 2025 2024 $’000 $’000 Development properties, at cost 1,025,555 1,051,586 Development properties consist of completed commercial properties for sale and land parcels that the Group has intention to develop and sell upon completion. The Group assessed the net realisable value of the completed properties for sale by reference to the recent transacted prices for the property or comparable properties and prevailing property market conditions. The net realisable value of the land parcels was assessed by reference to the gross development value of the properties and estimated costs to complete the development. The assessment of the gross development value involved making certain assumptions, including market rental, capitalisation and discount rates. Changes in market conditions may affect the net realisable value of the development properties and accordingly, the carrying value of the development properties may have to be written down in the future periods. During the year, borrowing costs capitalised in development properties amounted to $12.3 million (2024: $13.7 million). These borrowing costs were incurred at interest rates ranging from 3.85% to 6.70% (2024: 4.20% – 9.95%) per annum. Development properties of the Group recognised as cost of sales, excluding foreseeable losses amounted to $45.3 million (2024: $Nil). Security As at 31 December 2025, development properties with a total carrying amount of $698.5 million (2024: $720.1 million) were pledged as security for loans and borrowings (Note 12). 11. CASH AND CASH EQUIVALENTS Group Company 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Cash at bank and on hand 68,086 59,639 763 701 Short-term deposits 49,995 47,381 873 919 118,081 107,020 1,636 1,620 Cash and cash equivalents amounting to $62.2 million (2024: $71.7 million) are charged or assigned by way of security for credit facilities granted to the Group (Note 12). OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 207 206 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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