FRASERS PROPERTY LIMITED FRASERS PROPERTY LIMITED AND ITS SUBSIDIARIES
Registration Number: 196300440G
CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE 6 MONTHS ENDED 31 MARCH 2024
Frasers Property Limited and its subsidiaries
Condensed Interim Financial Statements
For the 6 months ended 31 March 2024
TABLE OF CONTENTS
Item No. | Description | Page No. | |
A | Condensed Interim Consolidated Profit Statement | ||
B | Condensed Interim Consolidated Statement of Comprehensive | ||
Income | |||
C | Condensed Interim Statements of Financial Position | ||
D | Condensed Interim Consolidated Statement of Changes in Equity | - 5 | |
E | Condensed Interim Statement of Changes in Equity | 6 | - 7 |
F | Condensed Interim Consolidated Statement of Cash Flows | - 9 | |
G | Notes to the Condensed Interim Financial Statements | 10 | - 37 |
H | Other Information Required by Listing Rule Appendix 7.2 | 38 | - 46 |
Frasers Property Limited and its subsidiaries
Condensed Interim Financial Statements
For the 6 months ended 31 March 2024
CONDENSED INTERIM CONSOLIDATED PROFIT STATEMENT
Note | |
REVENUE | 3 |
Cost of sales | |
Gross profit | |
Other income/(losses) | |
Administrative expenses | |
TRADING PROFIT | 4 |
Share of results of joint ventures and associates, net of tax | |
PROFIT BEFORE INTEREST, FAIR VALUE CHANGE, | |
TAX AND EXCEPTIONAL ITEMS ("PBIT") | |
Interest income | |
Interest expense | |
Net interest expense | |
PROFIT BEFORE FAIR VALUE CHANGE, TAX | |
AND EXCEPTIONAL ITEMS | |
Fair value change and gain on disposal | |
of investment properties | |
PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS | |
Exceptional items | 5 |
PROFIT BEFORE TAX | |
Tax | 6 |
PROFIT FOR THE FINANCIAL PERIOD | |
Attributable to: | |
Owners of the Company | |
Holders of perpetual securities | |
Non-controlling interests | |
PROFIT FOR THE FINANCIAL PERIOD | |
Attributable profit: | |
- Before fair value change and exceptional items | |
- Fair value change | |
- Exceptional items | |
Non-controlling interests | |
PROFIT FOR THE FINANCIAL PERIOD | |
EARNINGS PER SHARE | 7 |
Basic earnings per share | |
Diluted earnings per share |
6 months ended
31/03/2024 $'000
1,549,182
(912,949)
636,233
20,580
(207,987)
448,826
128,805
577,631
53,313
(300,281)
(246,968)
330,663
(146)
330,517
(9,496)
321,021
(117,477)
203,544
35,812
21,605
146,127
203,544
54,970
726
1,721
57,417
146,127
203,544
0.91¢
0.91¢
6 months ended
31/03/2023 $'000
1,946,299
(1,142,569)
803,730
4,257
(193,195)
614,792
70,146
684,938
52,870
(249,094)
(196,224)
488,714
(4,421)
484,293
158
484,451
(64,673)
419,778
197,238
28,536
194,004
419,778
228,519
(2,718)
(27)
225,774
194,004
419,778
5.02¢
5.02¢
Inc/(Dec)
%
(20.4)
(20.1)
(20.8)
N/M
7.7
(27.0)
83.6
(15.7)
0.8
20.5
25.9
(32.3)
(96.7)
(31.8)
N/M
(33.7)
81.6
(51.5)
(81.8)
(24.3)
(24.7)
(51.5)
(75.9)
N/M
N/M
(74.6)
(24.7)
(51.5)
(81.9)
(81.9)
1
Frasers Property Limited and its subsidiaries
Condensed Interim Financial Statements
For the 6 months ended 31 March 2024
CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 months ended | 6 months ended | ||
31/03/2024 | 31/03/2023 | ||
$'000 | $'000 | ||
PROFIT FOR THE FINANCIAL PERIOD | 203,544 | 419,778 | |
OTHER COMPREHENSIVE INCOME | |||
Items that may be reclassified subsequently to profit statement: | |||
Effective portion of changes in fair value of cash flow hedges | (196,916) | (290,076) | |
Net change in fair value of cash flow hedges reclassified to profit | |||
statement | 48,740 | 98,175 | |
Foreign currency translation | (9,139) | (184,283) | |
Share of other comprehensive income of joint ventures and | |||
associates | (16,199) | (18,827) | |
Realisation of reserves on disposal of associates | 15,230 | - | |
(158,284) | (395,011) | ||
Items that will not be reclassified subsequently to profit statement: | |||
Change in fair value of equity investments at fair value through | |||
other comprehensive income | (15,038) | (3,614) | |
Total other comprehensive income for the financial period, | |||
net of tax | (173,322) | (398,625) | |
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD | 30,222 | 21,153 | |
Attributable to: | |||
Owners of the Company | (126,073) | (122,560) | |
Holders of perpetual securities | 21,605 | 28,536 | |
Non-controlling interests | 134,690 | 115,177 | |
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL PERIOD | 30,222 | 21,153 | |
2
Frasers Property Limited and its subsidiaries
Condensed Interim Financial Statements
For the 6 months ended 31 March 2024
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
Note |
NON-CURRENT ASSETS |
Group | |
As at | As at |
31/03/2024 | 30/09/2023 |
$'000 | $'000 |
Company
As at | As at |
31/03/2024 | 30/09/2023 |
$'000 | $'000 |
Investment properties | 9 |
Property, plant and equipment | |
Investments in: | |
- Subsidiaries | |
- Joint ventures | 10 |
- Associates | 10 |
Other non-current assets | |
Intangible assets |
Other receivables
Deferred tax assets
Derivative financial instruments
24,515,811
2,126,448
-
3,052,601
1,170,769
86,223
570,190
529,481
118,289
233,766
24,173,571
2,104,554
-
2,725,203
1,142,528
102,392
569,965
779,537
110,526
401,481
2,310 | 2,310 |
13 | 14 |
1,122,559 | 1,122,559 |
500 | 500 |
- | - |
22,959 | 26,258 |
- | - |
5,085,322 | 5,331,374 |
- | - |
91,072 | 83,276 |
32,403,578
32,109,757
6,324,735
6,566,291
CURRENT ASSETS
Properties held for sale | 11 |
Contract assets | 12 |
Other current assets | |
Trade and other receivables | |
Derivative financial instruments | |
Bank deposits | |
Cash and cash equivalents | |
Assets held for sale | 13 |
TOTAL ASSETS | |
CURRENT LIABILITIES | |
Trade and other payables | |
Contract liabilities | 12 |
Derivative financial instruments | |
Provision for tax | |
Lease liabilities | |
Loans and borrowings | 14 |
Liabilities held for sale | 13 |
NET CURRENT ASSETS | |
NON-CURRENT LIABILITIES | |
Other payables | |
Derivative financial instruments | |
Deferred tax liabilities | |
Lease liabilities | |
Loans and borrowings | 14 |
NET ASSETS | |
SHARE CAPITAL AND RESERVES | |
Share capital | 15 |
Retained earnings | |
Dividend reserve | |
Other reserves |
Equity attributable to owners of the Company
NON-CONTROLLING INTERESTS - Perpetual securities
NON-CONTROLLING INTERESTS - Others
3,717,753
57,347
125,706
935,095
64,809
9,376
2,627,255
185,810
7,723,151
40,126,729
1,918,679
284,476
58,147
354,116
34,044
4,286,141
120,353
7,055,956
667,195
500,591
92,320
1,130,763
792,035
12,562,703
15,078,412
17,992,361
2,987,858
7,414,786
-
(819,489)
9,583,155
896,134
10,479,289
7,513,072
3,618,108
213,065
123,811
628,330
46,669
528
2,658,340
382,747
7,671,598
39,781,355
2,009,274
261,020
55,190
409,575
35,344
3,858,372
6,189
6,634,964
1,036,634
458,233
28,890
1,098,552
757,903
12,602,900
14,946,478
18,199,913
2,987,858
7,392,060
176,672
(661,682)
9,894,908
896,134
10,791,042
7,408,871
-
-
303
516,236
-
-
255,515
-
772,054
7,096,789
577,171
-
-
5,174
-
-
-
582,345
189,709
336,024
91,072
-
-
-
427,096
6,087,348
2,987,858
3,078,350
-
21,140
6,087,348
-
6,087,348
-
-
-
-
303,330
-
-
269,433
-
572,763
7,139,054
558,543
-
-
4,068
-
-
-
562,611
10,152
336,067
83,276
-
-
-
419,343
6,157,100
2,987,858
2,966,801
176,672
25,769
6,157,100
-
6,157,100
-
TOTAL EQUITY | 17,992,361 | 18,199,913 | 6,087,348 | 6,157,100 | |||
3
Frasers Property Limited and its subsidiaries
Condensed Interim Financial Statements
For the 6 months ended 31 March 2024
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non- | ||||||||
Equity | controlling | Non- | ||||||
attributable to | interests - | controlling | ||||||
Share | Retained | Dividend | Other | owners of the | perpetual | interests - | Total | |
capital | earnings | reserve | reserves | Company | securities | Total | others | equity |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
Group
6 months ended 31 March 2024
As at 1 October 2023
Profit for the financial period
Other comprehensive income
Effective portion of changes in fair value of cash flow hedges
Net change in fair value of cash flow hedges reclassified to profit statement
Foreign currency translation Share of other comprehensive
income of joint ventures and associates
Realisation of reserves on disposal of associates
Change in fair value of equity investments at fair value through other comprehensive income
Other comprehensive income for the financial period
Total comprehensive income for the financial period
Contributions by and distributions to owners
Reclassification of share-based compensation plan from equity-settled to cash-settled
Dividend paid
Transfer to other reserves
Total contributions by and distributions to owners
Changes in ownership interests in subsidiaries
Issue of units/shares to non-controlling interests
Capital reduction by a subsidiary with non-controlling interests Change in interests in subsidiaries
without change in control Issuance costs incurred by a
subsidiary
Total changes in ownership interests in subsidiaries
Total transactions with owners in their capacity as owners
Contributions by and distributions to perpetual securities holders
Distributions to perpetual securities holders
Total contributions by and
distributions to perpetual securities holders
2,987,858 | 7,392,060 | 176,672 | (661,682) | 9,894,908 | 896,134 | 10,791,042 | 7,408,871 | 18,199,913 |
- | 35,812 | - | - | 35,812 | 21,605 | 57,417 | 146,127 | 203,544 |
- | - | - | (169,331) | (169,331) | - | (169,331) | (27,585) | (196,916) |
- | - | - | 46,552 | 46,552 | - | 46,552 | 2,188 | 48,740 |
- | - | - | (12,397) | (12,397) | - | (12,397) | 3,258 | (9,139) |
- | - | - | (12,576) | (12,576) | - | (12,576) | (3,623) | (16,199) |
- | - | - | 897 | 897 | - | 897 | 14,333 | 15,230 |
- | - | - | (15,030) | (15,030) | - | (15,030) | (8) | (15,038) |
- | - | - | (161,885) | (161,885) | - | (161,885) | (11,437) | (173,322) |
- | 35,812 | - | (161,885) | (126,073) | 21,605 | (104,468) | 134,690 | 30,222 |
- | 1,329 | - | (1,329) | - | - | - | - | - |
- | - | (176,672) | - | (176,672) | - | (176,672) | (238,583) | (415,255) |
- | (5,527) | - | 5,527 | - | - | - | - | - |
- | (4,198) | (176,672) | 4,198 | (176,672) | - | (176,672) | (238,583) | (415,255) |
- | - | - | - | - | - | - | 203,113 | 203,113 |
- | - | - | - | - | - | - | (70) | (70) |
- | (7,577) | - | (120) | (7,697) | - | (7,697) | 7,069 | (628) |
- | (1,311) | - | - | (1,311) | - | (1,311) | (2,018) | (3,329) |
- | (8,888) | - | (120) | (9,008) | - | (9,008) | 208,094 | 199,086 |
- | (13,086) | (176,672) | 4,078 | (185,680) | - | (185,680) | (30,489) | (216,169) |
- | - | - | - | - | (21,605) | (21,605) | - | (21,605) |
- | - | - | - | - | (21,605) | (21,605) | - | (21,605) |
As at 31 March 2024 | 2,987,858 | 7,414,786 | - | (819,489) | 9,583,155 | 896,134 | 10,479,289 | 7,513,072 | 17,992,361 |
4
Frasers Property Limited and its subsidiaries
Condensed Interim Financial Statements
For the 6 months ended 31 March 2024
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (cont'd)
Equity | Non- | ||||||||
attributable | controlling | Non- | |||||||
to owners of | interests - | controlling | |||||||
Share | Retained | Dividend | Other | the | perpetual | interests - | Total | ||
capital | earnings | reserve | reserves | Company | securities | Total | others | equity | |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
Group | |||||||||
6 months ended 31 March 2023 | |||||||||
As at 1 October 2022 | 2,987,858 | 7,456,563 | 117,781 | (216,321) | 10,345,881 | 1,244,172 | 11,590,053 | 7,788,489 | 19,378,542 |
Profit for the financial period | - | 197,238 | - | - | 197,238 | 28,536 | 225,774 | 194,004 | 419,778 |
Other comprehensive income | |||||||||
Effective portion of changes in | |||||||||
fair value of cash flow hedges | - | - | - | (235,038) | (235,038) | - | (235,038) | (55,038) | (290,076) |
Net change in fair value of cash | |||||||||
flow hedges reclassified to | |||||||||
profit statement | - | - | - | 77,684 | 77,684 | - | 77,684 | 20,491 | 98,175 |
Foreign currency translation | - | - | - | (146,155) | (146,155) | - | (146,155) | (38,128) | (184,283) |
Share of other comprehensive | |||||||||
income of joint ventures and | |||||||||
associates | - | - | - | (15,242) | (15,242) | - | (15,242) | (3,585) | (18,827) |
Change in fair value of equity | |||||||||
investments at fair value | |||||||||
through other comprehensive | |||||||||
income | - | - | - | (1,047) | (1,047) | - | (1,047) | (2,567) | (3,614) |
Other comprehensive income | |||||||||
for the financial period | - | - | - | (319,798) | (319,798) | - | (319,798) | (78,827) | (398,625) |
Total comprehensive income | |||||||||
for the financial period | - | 197,238 | - | (319,798) | (122,560) | 28,536 | (94,024) | 115,177 | 21,153 |
Contributions by and distributions to owners
Reclassification of share-based compensation plan from equity-settled to cash-settled
Dividend paid
Transfer to other reserves
Total contributions by and distributions to owners
Changes in ownership interests in subsidiaries
Issue of units/shares to non-controlling interests
Capital reduction by a subsidiary with non-controlling interests
Disposal of a subsidiary with non-controlling interests
Total changes in ownership interests in subsidiaries
- | 2,828 | - | (35,425) | (32,597) | - | (32,597) | - | (32,597) |
- | - | (117,781) | - | (117,781) | - | (117,781) | (207,423) | (325,204) |
- | (5,159) | - | 5,159 | - | - | - | - | - |
- | (2,331) | (117,781) | (30,266) | (150,378) | - | (150,378) | (207,423) | (357,801) |
- | - | - | - | - | - | - | 25,172 | 25,172 |
- | - | - | - | - | - | - | (1,508) | (1,508) |
- | - | - | - | - | - | - | (1,320) | (1,320) |
- | - | - | - | - | - | - | 22,344 | 22,344 |
Total transactions with | ||||||||||
owners in their capacity | ||||||||||
as owners | - | (2,331) | (117,781) | (30,266) | (150,378) | - | (150,378) | (185,079) | (335,457) | |
Contributions by and | ||||||||||
distributions to perpetual | ||||||||||
securities holders | ||||||||||
Redemption of perpetual securities | - | (1,962) | - | - | (1,962) | (348,038) | (350,000) | - | (350,000) | |
Distributions to perpetual | ||||||||||
securities holders | - | - | - | - | - | (28,536) | (28,536) | - | (28,536) | |
Total contributions by and | ||||||||||
distributions to perpetual | ||||||||||
securities holders | - | (1,962) | - | - | (1,962) | (376,574) | (378,536) | - | (378,536) | |
As at 31 March 2023 | 2,987,858 | 7,649,508 | - | (566,385) | 10,070,981 | 896,134 | 10,967,115 | 7,718,587 | 18,685,702 | |
5
Frasers Property Limited and its subsidiaries
Condensed Interim Financial Statements
For the 6 months ended 31 March 2024
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
Share-based | |||||||
Share | Retained | Dividend | Other | Fair value | compensation | Total | |
capital | earnings | reserve | reserves | reserve | reserve | equity | |
$'000 | $'000 | $'000 | $'000 | S$'000 | $'000 | $'000 | |
Company | |||||||
6 months ended 31 March 2024 | |||||||
As at 1 October 2023 | 2,987,858 | 2,966,801 | 176,672 | 25,769 | 24,109 | 1,660 | 6,157,100 |
Profit for the financial period | - | 110,220 | - | - | - | - | 110,220 |
Other comprehensive income | |||||||
Change in fair value of equity investments at fair | |||||||
value through other comprehensive income | - | - | - | (3,300) | (3,300) | - | (3,300) |
Other comprehensive income for the financial | |||||||
period | - | - | - | (3,300) | (3,300) | - | (3,300) |
Total comprehensive income for the | |||||||
financial period | - | 110,220 | - | (3,300) | (3,300) | - | 106,920 |
Contributions by and distributions to owners | |||||||
Reclassification of share-based compensation | |||||||
plan from equity-settled to cash-settled | - | 1,329 | - | (1,329) | - | (1,329) | - |
Dividend paid | - | - | (176,672) | - | - | - | (176,672) |
Total contributions by and distributions | |||||||
to owners | - | 1,329 | (176,672) | (1,329) | - | (1,329) | (176,672) |
As at 31 March 2024 | 2,987,858 | 3,078,350 | - | 21,140 | 20,809 | 331 | 6,087,348 |
6
Frasers Property Limited and its subsidiaries
Condensed Interim Financial Statements
For the 6 months ended 31 March 2024
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (cont'd)
Share-based | |||||||
Share | Retained | Dividend | Other | Fair value | compensation | Total | |
capital | earnings | reserve | reserves | reserve | reserve | equity | |
$'000 | $'000 | $'000 | $'000 | S$'000 | $'000 | $'000 | |
Company | |||||||
6 months ended 31 March 2023 | |||||||
As at 1 October 2022 | 2,987,858 | 3,120,542 | 117,781 | 59,968 | 23,602 | 36,366 | 6,286,149 |
Loss for the financial period | - | (40,837) | - | - | - | - | (40,837) |
Other comprehensive income | |||||||
Change in fair value of equity investments at fair | |||||||
value through other comprehensive income | - | - | - | 3,615 | 3,615 | - | 3,615 |
Other comprehensive income for the financial | |||||||
period | - | - | - | 3,615 | 3,615 | - | 3,615 |
Total comprehensive income for the financial | |||||||
period | - | (40,837) | - | 3,615 | 3,615 | - | (37,222) |
Contributions by and distributions to owners | |||||||
Reclassification of share-based compensation | |||||||
plan from equity-settled to cash-settled | - | 2,828 | - | (35,425) | - | (35,425) | (32,597) |
Dividend paid | - | - | (117,781) | - | - | - | (117,781) |
Total contributions by and distributions | |||||||
to owners | - | 2,828 | (117,781) | (35,425) | - | (35,425) | (150,378) |
As at 31 March 2023 | 2,987,858 | 3,082,533 | - | 28,158 | 27,217 | 941 | 6,098,549 |
7
Frasers Property Limited and its subsidiaries
Condensed Interim Financial Statements
For the 6 months ended 31 March 2024
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
6 months ended | 6 months ended | |||
31/03/2024 | 31/03/2023 | |||
$'000 | $'000 | |||
Note | ||||
Cash flows from operating activities | ||||
Profit for the financial period | 203,544 | 419,778 | ||
Adjustments for: | ||||
Depreciation of property, plant and equipment and right-of-use assets | 4 | 36,813 | 36,250 | |
Fair value change and gain on disposal of investment properties | 146 | 4,421 | ||
Share of results of joint ventures and associates, net of tax | (128,805) | (70,146) | ||
Amortisation of intangible assets | 4 | 2,458 | 3,077 | |
Gain on disposal of property, plant and equipment | 4 | (632) | (981) | |
Net reversal of allowance for impairment on trade receivables | (124) | (1,061) | ||
Bad debts written off | 104 | 43 | ||
Write-down/(reversal of write-down) to net realisable value of properties held for sale | 4 | 71,853 | (92,011) | |
Employee share-based expense | 4 | 12,735 | 10,159 | |
Net loss on disposal of joint ventures and associates | 5 | 9,094 | 5 | |
Gain on disposal of a subsidiary | 4 | (16,121) | - | |
Net fair value change on derivative financial instruments | 4 | 45,643 | 124,962 | |
Interest income | (53,313) | (52,870) | ||
Interest expense | 300,281 | 249,094 | ||
Tax | 6 | 117,477 | 64,673 | |
Exchange difference | (41,324) | (73,022) | ||
Operating profit before working capital changes | 559,829 | 622,371 | ||
Change in trade and other receivables | (49,864) | 218,963 | ||
Change in contract costs | (360) | (3,583) | ||
Change in contract assets | 155,718 | 72,931 | ||
Change in contract liabilities | 23,456 | 69,732 | ||
Change in properties held for sale | (199,428) | 173,095 | ||
Change in inventory | (408) | (1,490) | ||
Change in trade and other payables | 40,540 | (81,060) | ||
Cash generated from operations | 529,483 | 1,070,959 | ||
Income taxes paid | (148,775) | (69,860) | ||
Net cash generated from operating activities | 380,708 | 1,001,099 | ||
Cash flows from investing activities | ||||
Purchase of/development expenditure on investment properties | (524,863) | (374,704) | ||
Purchase of property, plant and equipment | (19,666) | (83,917) | ||
Proceeds from disposal of investment properties | 344,216 | 40,144 | ||
Proceeds from disposal of property, plant and equipment | 380 | 75 | ||
Investments in/loans to joint ventures and associates | (309,709) | (819,925) | ||
Dividends from joint ventures and associates | 10 | 43,220 | 31,922 | |
Settlement of hedging instruments | 3,281 | (7,245) | ||
Purchase of financial assets | (20) | (28,680) | ||
Purchase of intangible assets | (1,889) | (990) | ||
Interest received | 55,935 | 54,802 | ||
Acquisition of a subsidiary, net of cash acquired (Note A) | (2,569) | - | ||
Disposal of subsidiaries, net of cash disposed (Note B) | - | 137,973 | ||
Proceeds from disposal of joint ventures and associates | 51,179 | - | ||
(Placement)/Uplift of deposits | (8,844) | 63 | ||
Net cash used in investing activities | (369,349) | (1,050,482) | ||
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Frasers Property Limited published this content on 10 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2024 15:26:11 UTC.
