Wing Tai Holdings imi T ed Celebrating Annual Report 2013...SINGAPORE As of 30 June 2013, Foresque Residences, a 496-unit leasehold development at Petir Road was 95% sold (469 units),

ANNUAL REPORT 2013

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CelebratingWing Tai

The 10-storey building at 107 Tampines Road was the tallest building in the neighbourhood. The adjacent factory at No. 105 was subsequently rebuilt as a nine-storey facility.

Early senior staff posing for a photograph at the gate of the fi rst factory at Little Road on its Opening Day in 1963.

The front cover shows the Tembusu, a handsome and distinctive native tree, noted for its deep roots and extensive branch system. Its deep-grained bark conveys character and tenacity, while its fragrant fl owers offer infi nite delight. The Tembusu is an inspiration which guides Wing Tai’s vision and values; it stands as an enduring symbol of integrity and resilience — a fi tting corporate logo for Wing Tai as it sets sights on steady and confi dent growth.

01 CHAIRMAN’S MESSAGE

03 PROPERTY

06 HOSPITALITY

07 RETAIL

08 CORPORATE DATA

09 BOARD OF DIRECTORS

12 KEY MANAGEMENT

13 CORPORATE GOVERNANCE

20 CALENDAR OF EVENTS

21 FINANCIAL REPORTS

Contents The pioneering

founders and their supportive families.

Singapore’s first Finance Minister the late Dr Goh Keng Swee officiated the opening of Wing Tai’s first factory in Singapore on 18 September 1963. Wing Tai was granted pioneer status and by 1989, it had 20 factories in Singapore, Malaysia, Hong Kong, Tunisia, China, Myanmar and Sri Lanka.

With its exciting portfolio of retail brands, Wing Tai holds itself to a high standard in customer centricity to achieve service excellence.

Wing Tai believes in giving back and caring for the society. It is also committed to building trust and long-term relationships with its partners and staff.

Moving in tandem with the transformation growth of the Singapore economy, the company ceased operations in garment manufacturing in 1996 and expanded its business in property in 1978 and fashion retail in 1984.

The Lakeside, China

Belle Vue Residences, Singapore

Today, Wing Tai has a balanced and diversifi ed portfolio of residential, commercial and hospitality properties in Singapore, Malaysia, Hong Kong and China. Its other core business is in fashion and lifestyle retail, in which it manages over 240 stores in Singapore and Malaysia.

Helios Residences, Singapore

Lanson Place Hotel, Hong Kong

Adolfo Dominguez, Singapore

The Meritz, Malaysia

The Giverny, Hong Kong

OVERVIEW

The past year was characterised by uncertainty and volatility in the global market, and macroeconomic concerns dominated market sentiments. With the turn of the year, the market seems to have stabilised with the traction that is gained from the liquidity provided by both the European and United States’ central governments.

Despite the global fi nancial crisis, Asia is still the most probable of emergent markets to see positive growth, compared with Africa and Latin America. This is primarily because of China which will continue to drive Asia’s future economic growth because of urbanisation and the rise of a large middle class population, rebalancing economic growth to focus more on consumption.

The Singapore economy grew by 1.3% in 2012. Despite the uncertainties in the global economic outlook, the Ministry of Trade and Industry upgraded its economic growth forecast for 2013 from 1.0% - 3.0% to 2.5% - 3.5%.

In 2012, private residential sales volume hit a record high — 22,197 new residential units were sold in Singapore. Following a series of cooling measures introduced by the Government, in June 2013 the Monetary Authority of Singapore introduced the new Total Debt Servicing Ratio (TDSR) framework for property loans. The total number of new residential units sold in Singapore decreased to 9,950 units in the fi rst half of 2013, compared to 11,928 new units sold in the fi rst half of 2012.

GROUP PERFORMANCE

For the fi nancial year ended 30 June 2013, the Group recorded a total revenue of S$1,332.5 million. This was 113% higher than the S$624.9 million revenue recorded in the previous year. The progressive sales recognised from Foresque Residences and L’Viv, the additional units sold in Helios Residences and Belle Vue Residences in Singapore contributed to this increase, as well as the contribution from Verticas Residences in Malaysia. Verticas Residences obtained its Temporary Occupation Permit (TOP) in the current year and the revenue for all the units sold as at the end of the current year was fully recognised.

The Group’s operating profi t rose from S$165.5 million to S$435.4 million, a 163% increase over the previous year. In the current year, the Group’s operating profi t includes fair value gains on investment properties. It was S$52.1 million, as compared to S$15.7 million gains in the previous year.

Chairman’s Message

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WING TAI ANNUAL REPORT 2013

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The Group’s share of profi ts of associated and joint venture companies increased by 56% to S$294.8 million in the current year. This increase is due to the higher share of profi t from Wing Tai Properties Limited in Hong Kong. The Group’s net profi t attributable to shareholders for the current year is S$531.1 million, an increase of 102%. It rose from S$262.4 million recorded in the previous year to S$531.1 million for the current year.

The Group’s net asset value per share as at 30 June 2013 was S$3.62 as compared to S$2.85 as at 30 June 2012. The Group’s net gearing ratio has been reduced from 0.17 times as at 30 June 2012 to 0.15 times as at 30 June 2013.

The Board of Directors recommended a fi rst and fi nal dividend of 3 cents per share and a special dividend of 9 cents per share for the current year.

The Group sold a total of 538 residential units, with a total sales value of S$885 million. In Singapore, the Group launched the second phase of Foresque Residences, a 496-unit development in the Upper Bukit Timah precinct. To date, about 95% (469 units) has been sold. The Tembusu, a 337-unit freehold development received positive response when previewed in August 2013, with approximately 65% (220 units) booked.

In September 2012, the Group together with Metro Australia Holdings Pte Ltd and Maxdin Pte Ltd, jointly acquired a 99-year leasehold site located at Prince Charles Crescent in Singapore for the development of The Crest, a premier 469-unit residential development to be released in the last quarter of 2013. In China, the Group acquired a 53,837.9 square meters land in Shanghai’s Baoshan District in November 2012, which is being developed for residential use.

The Group’s investment properties comprising commercial developments and serviced apartments continued to do well, with a revenue of S$37.5 million. Lanson Place’s latest addition — Lanson Place Bukit Ceylon Serviced Residences debut in August 2013.

The Group’s retail division continued to perform well, achieving S$210 million in revenue for all brands under the Group management. As at 30 June 2013, the Group’s retail square footage has exceeded 670,000 square feet, with over 240 stores in Singapore and Malaysia.

PROSPECTS

In view of the current market trends, the Group will adopt an opportunistic approach towards land requisition in Singapore. It will also continue to strengthen its position and explore investment opportunities in Malaysia, China and Hong Kong.

APPRECIATION

We would not have succeeded without the support of our many partners.

We thank our shareholders, who have given us their vote of confi dence and supported us in growing our business; our customers, for their patronage and for taking delight in our products and services; our bankers and business partners, who have stood by us and shared their expertise and experience with us, to help us grow.

On this milestone anniversary, I would like to express my appreciation also to our Board of Directors for their counsel and guidance. Two of our directors, Mr Lee Han Yang and Mr Phua Bah Lee, have expressed their desire to step down at the AGM in October 2013. On behalf of the Board, I thank them most sincerely for the time and the tireless efforts they have given the Company and I am personally grateful to them for their constant advice and support. I am pleased to inform you that both Mr Lee and Mr Phua have, at the Company’s request, very kindly agreed to remain with us as Senior Advisors to the Company. I am glad that we can continue to benefi t from their invaluable experience and wisdom as we move forward to meet the growing demands of our business. To the management and staff of the company, I thank them for their commitment and hard work. Last but not least, to the Government and union leaders who have supported us, we are thankful to have benefi tted from a positive partnership with them through all these years.

WING TAI FOUNDATION

To commemorate the 50th anniversary of our founding in Singapore, the Group has established the Wing Tai Foundation to offer fi nancial aid to the needy elderly and needy young. We have formalised our CSR commitment to contribute a percentage of our annual net profi t towards an endowment fund in the Foundation. An initial S$10 million has been committed to the fund, which will be built up to S$20 million. This enables us to recognise the contribution the elderly have made to Singapore’s progress and nation-building, and to nurture the younger generation, to enrich lives. By giving back, the Group continues to fulfi ll its corporate citizenry role in nation-building and in caring for the society. This, we believe, is aligned to our vision and values, and holds true to our business philosophy of achieving winning partnerships.

CHENG WAI KEUNGChairman12 September 2013

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SINGAPORE

As of 30 June 2013, Foresque Residences, a 496-unit leasehold development at Petir Road was 95% sold (469 units), following a successful launch of the fi nal block in September 2012. Topping out of the development was held in March 2013 and Temporary Occupation Permit is expected to be obtained in the fi rst quarter of 2014.

Ascentia Sky, a 373-unit leasehold development at Alexandra View was fully sold and obtained its Temporary Occupation Permit in January 2013. Units at the development were handled over to homebuyers from May 2013.

L’Viv, a 147-unit freehold development at Newton Road was 98% sold (144 units). Topping out of the development was held in December 2012 and Temporary Occupation Permit is expected to be obtained in the third quarter of 2013. Floridian, a 336-unit freehold development at Bukit Timah was fully sold since August 2012.

Property

The Tembusu, situated at the site of Wing Tai’s former headquarters, is an

anniversary development that bears the hallmarks of a home of exceptional value.

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Belle Vue Residences, a 176-unit freehold development in Oxley Rise designed by Pritzker Prize laureate Toyo Ito, was 99% sold (175 units) while Helios Residences, a 140-unit freehold development in Singapore’s prime Orchard/Cairnhill area was 86% sold (120 units).

Topping out of Le Nouvel Ardmore at Ardmore Park, designed by Pritzker Prize winner Jean Nouvel, was held in March 2013. Exclusive private previews to VIP clients have been ongoing. Construction of Nouvel 18 at Anderson Road is taking shape and its Temporary Occupation Permit is expected to be obtained in the fourth quarter of 2014.

Preview of The Tembusu, a 337-unit freehold development at Tampines Road was held in August 2013. Buyers’ response was encouraging, with 65% (220 units) of the units booked. Groundbreaking of the site was held in April 2013.

The Crest, located in the tranquil Jervois precinct, fronting the good class bungalows of the Chatsworth and Bishopsgate estates, was acquired in September 2012 and is expected to be released in the last quarter of 2013. Groundbreaking of the site was held in June 2013.

The Group’s investment properties fared well, with Winsland House I and Winsland House II achieving average occupancies of 98% and 95% respectively.

MALAYSIA

The Group’s property business activities in Malaysia are conducted through its subsidiary company, Wing Tai Malaysia Berhad.

As of 30 June 2013, Verticas Residences, a 423-unit freehold development at Bukit Ceylon in Kuala Lumpur was 85% sold (361 units). The development was completed in January 2013.

Nobleton Crest, a 25-unit development located at Jalan U-Thant is targeted to be completed in early 2014, with sales launch tentatively planned in December 2013. Le Nouvel KLCC, a 197-unit freehold development at Jalan Ampang, is currently under construction, with

expected completion in September 2015 and sales launch tentatively planned for middle of 2014.

The Bandar Sunway site, a 9.4-acre land planned for 76 units of 3-storey semi-detached houses, is awaiting approval from Malaysian authorities, with sales launch planned in August 2014. The Langgak Golf site, a 2.14-acre land planned for 34 units of high-end condominium and villa units, is also awaiting planning approval from Malaysian authorities.

In Penang, Phase 2 of Taman BM Utama comprising 215 units of 2-storey terrace and semi-detached houses was completed and 96% sold (207 units); 7 units of 2-storey commercial shops were completed and 71% leased (5 units). Phase 3 comprising 141 units of 2-storey and 3-storey terrace houses was completed and 91% sold (129 units). Phase 4 comprising 98 units of 2-storey terrace houses and 3-storey semi-detached houses was 21% completed.

Phase 1 of Jesselton Hills, which comprises 136 units of 2-storey and 2½-storey semi-detached units, was 85% completed and 88% sold (119 units).

Impiana Boulevard and Impiana Avenue, which comprise 2-storey and 3-storey shop offi ces were completed and 68% sold (49 units) and 91% sold (31 units) respectively.

HONG KONG

The Group’s property interests in Hong Kong are represented by its investment in its associated company, Wing Tai Properties Limited.

Providence Bay, Providence Peak and The Graces located at Tai Po comprise an aggregate gross fl oor area of approximately 2.1 million square feet. As of 30 June 2013, Providence Bay and Providence Peak were 60% and 81% sold respectively; The Graces has not been launched for sale.

Seymour, a 82-unit high-end development at Seymour Road, was 94% sold. The Warren and The Pierre were 71% and 97% sold respectively. The residential development at Ko Shan Road, Hung Hom, is currently under construction and is scheduled for completion in 2015.

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In August 2012 and January 2013, the Group through a consortium acquired two premier residential development sites at prestigious Kau To area in Shatin. With an aggregate gross fl oor area of 460,000 square feet, the sites are earmarked for low-density high-end apartments and houses, scheduled for completion between 2016 and 2017.

The two investment properties viz. Landmark East in Kowloon East and W Square in Wan Chai continued to do well, achieving occupancy of 98% and 95% respectively.

CHINA

The Group’s property business activities in China are conducted through its subsidiary companies, Jiaxin (Suzhou) Property Development Co., Ltd and Wing Tai (China) Investment Pte Ltd.

In Suzhou, Phase 3 of The Lakeview, which comprises 190 units in two residential towers was launched in October 2012 and was 27% sold (51 units). The development received Certifi cate of Statutory Completion in May 2013.

Construction of Phase 2 of The Lakeside is slated to commence in end 2013, with sales launch expected in the last quarter of 2014. Designed by Thomas Heatherwick, known for the British Pavilion at Shanghai Expo 2010, the development has 60 apartment suites housed in three iconic blocks, each with panoramic view of the Jinji Lake.

In Shanghai, the Group acquired a prime residential land in Luodian New Town of Baoshan District in November 2012. Adjacent to the 36-hole PGA-standard Lake Malaren Golf Course, the site will be developed into a low-density mixed-landed residential estate, with approximately 235 units of landed homes and duplexes. Construction is expected to commence in 2014 and sales launch is planned for the last quarter of 2014.

In Guangzhou, Horizon Lakeview in the Sino-Singapore Guangzhou Knowledge City will comprise 2,209 apartment and terraced units. Construction of the project has commenced in March 2013, and sales launch is expected in early 2014.

Phase 2 of The Lakeside offers quality residences by the tranquil lake in Suzhou.

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Hospitality

The Group’s hospitality business under Lanson Place management continues to record a steady growth in average rental rate and occupancy.

In Singapore, Lanson Place Winsland Serviced Residences achieved healthy occupancy of 87%. In Malaysia, Lanson Place Bukit Ceylon Serviced Residences had its soft opening in August 2013. Ambassador Row Serviced Suites and Kondominium No. 8 did relatively well, with occupancy of 92% and 63% respectively.

In Hong Kong, Lanson Place Hotel achieved healthy occupancy amid its refurbishment in the fi rst half of 2013. It was awarded the “Asia’s Leading Boutique Hotel” in October 2012 at the World Travel Awards 2012 and the "Certifi cate of Excellence" by TripAdvisor in May 2013.

In China, Lanson Place Central Park Serviced Residences in Beijing achieved high occupancy of over 95% and Lanson Place Jinlin Tiandi Serviced Residences in Shanghai maintained healthy occupancy during its renovation period.

Lanson Place currently has a total of 9 management contracts in Hong Kong, China and Southeast Asia. The group will continue to focus and grow the Lanson Place brand as a pan-Asian brand, and explore investment and management opportunities in gateway cities in the Asia Pacifi c region.

Lanson Place Bukit Ceylon Serviced Residences features an elegant interior with its own exclusive view of Kuala Lumpur, Malaysia.

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Retail

i.t opened its fi rst concept store at Wisma Atria, carrying nine avant-garde street fashion brands, namely

izzue, b + a b, 5cm, tout à coup, fi ngercroxx, Venilla suite, as know as de base, mysty woman and Pageboy.

Ben Sherman reinvents premium customer shirting experience.

The Group’s retail division performed well during the fi nancial year, winning three prestigious awards viz. Singapore Quality Award in Business Excellence 2012 and Organisation Commendation Award for Service Leadership as well as the Pinnacle Individual Service Professional Award at the Service Excellence Medallion Award 2013.

These national recognitions reinforce Wing Tai’s edge in customer service, and enable it to deal effectively with competitions in a tight labour market and rising operating costs.

Despite these challenges, the Group continued to expand its presence in Singapore and Malaysia with plans to open 28 new stores and the addition of new brands. As of 30 June 2013, the Group’s retail division operates over 240 stores in these two countries with over 670,000 square feet of retail space. Three new brands viz. Etam, a French apparel brand; Adolfo Dominguez, a Spanish label; and i.t, Hong Kong popular multi-labels were launched in Singapore while Ben Sherman was introduced in Malaysia.

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BOARD OF DIRECTORS

Executive

Cheng Wai KeungChairman/Managing Director

Edmund Cheng Wai WingDeputy Chairman/Deputy Managing Director

Tan Hwee BinExecutive Director

Non-Executive

Boey Tak HapIndependent

Cheng Man Tak

Tan Sri Dato’ Mohamed Noordin bin HassanIndependent

Lee Han YangIndependent

Lee Kim WahIndependent

Loh Soo EngIndependent

Phua Bah LeeIndependent

Paul Tong Hon ToIndependent

AUDIT COMMITTEE

Paul Tong Hon ToChairman

Boey Tak Hap

Lee Han Yang

Phua Bah Lee

NOMINATING COMMITTEE

Lee Han YangChairman

Cheng Wai Keung

Tan Sri Dato’ Mohamed Noordin bin Hassan

Loh Soo Eng

REMUNERATION COMMITTEE

Loh Soo Eng Chairman

Boey Tak Hap

Tan Sri Dato’ Mohamed Noordin bin Hassan

Phua Bah Lee

COMPANY SECRETARIES

Gabrielle Tan

Ooi Siew Poh

REGISTERED OFFICE

3 Killiney Road#10-01 Winsland House ISingapore 239519Tel: 6280 9111Fax: 6732 9956www.wingtaiasia.com.sg

REGISTRAR & TRANSFER OFFICE

Tricor Barbinder Share Registration Services(A division of Tricor Singapore Pte. Ltd.)80 Robinson Road #02-00 Singapore 068898

AUDITORS

PricewaterhouseCoopers LLPPublic Accountants andCertifi ed Public Accountants8 Cross Street #17-00 PWC BuildingSingapore 048424Audit Partner: Choo Eng Beng(Year of Appointment: 2011)

PRINCIPAL BANKERS

DBS Bank Limited6 Shenton WayDBS BuildingSingapore 068809

The Hongkong and Shanghai Banking Corporation Limited21 Collyer QuayHSBC BuildingSingapore 049320

Malayan Banking Berhad2 Battery RoadMaybank TowerSingapore 049907

Overseas-Chinese Banking Corporation Limited65 Chulia StreetOCBC CentreSingapore 049513

The Bank of Tokyo-Mitsubishi UFJ, Ltd 9 Raffl es Place #01-01 Republic PlazaSingapore 048619

United Overseas Bank Limited80 Raffl es Place UOB PlazaSingapore 048624

Corporate Data

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CHENG WAI KEUNG

Cheng Wai Keung is Chairman of the Board of Wing Tai Holdings Limited (the “Company”), appointed since 1994. He is also Managing Director of the Company and a member of the Nominating Committee. Mr Cheng is Vice Chairman of Singapore-Suzhou Township Development Pte Ltd and Managing Director of Wing Tai Malaysia Berhad, a company listed on the Bursa Malaysia Securities Berhad. He holds directorships in public and private companies, including Temasek Holdings (Private) Limited, Singbridge Holdings Pte Ltd, Singapore Health Services Pte Ltd, and has served on the boards of several government organisations. He was awarded the Distinguished Service Order (DUBC) by the Singapore Government in August 2007, and received the Public Service Star (Bar) (BBM-Lintang) in 1997 and Public Service Star (BBM) in 1987. He has been appointed Justice of The Peace by the Singapore President since 2000. Mr Cheng graduated with Masters of Business Administration from the University of Chicago, after obtaining his Bachelor of Science degree from Indiana University. Mr Cheng was re-elected director on 30 October 2012.

EDMUND CHENG WAI WING

Edmund Cheng Wai Wing has served as Deputy Chairman and Deputy Managing Director of the Company, and as Executive Director of Wing Tai Malaysia Berhad since 1984. He is also Chairman of SATS Limited, a company listed on the SGX-ST, and Mapletree Investments Pte Ltd. He is a member of The Esplanade Co Ltd; and International Council for Asia Society. He was President of REDAS (Real Estate Developers’ Association of Singapore) and now serves as a member on its Presidential Council. For his contribution to public service, he was awarded the Public Service Star Award (Bar) in 2010, Public Service Star Award (BBM) in 1999 and Outstanding Contribution to Tourism Award in 2002 by the Singapore Government. Mr Cheng graduated from Northwestern University and Carnegie Mellon University in USA, with a Bachelor’s degree in Civil Engineering and Master’s in Architecture, respectively. Mr Cheng was re-elected director on 27 October 2011.

BOEY TAK HAP

Boey Tak Hap has served as a non-executive director since2 May 1997. He is a member of both the Audit Committee and Remuneration Committee. Mr Boey was formerly the Chief of Army, Singapore Armed Forces and President and CEO of Singapore Power Group. He was also President and CEO of SMRT Corporation as well as Chief Executive of the Public Utilities Board. Mr Boey graduated from the University of Manchester Institute of Science and Technology with a Bachelor of Science degree in Automatic Control and System Engineering with Management Sciences. In January 2002, he was conferred Honorary Doctor of Engineering by his alma mater. He also holds a Diploma in Business Administration from the National University of Singapore and has attended the Harvard Business School’s Advanced Management Programme in Boston, USA. Mr Boey was re-elected director on 27 October 2011.

CHENG MAN TAK

Cheng Man Tak has served as a non-executive director since 11 May 1981. He is Vice-Chairman of Federation of Hong Kong Industries – Group 24, director of the Federation of Hong Kong Garment Manufacturers and a member of the Occupational Safety and Health Council of Hong Kong. He is also an authority member of Clothing Industry Training Authority and a committee member of Federation of Hong Kong Industries in Hong Kong. Mr Cheng graduated from the University of Southern California with a Bachelor of Science degree and holds a Masters in Business Administration from Pepperdine University, USA. Mr Cheng was re-elected director on 25 October 2010.

Board of Directors

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TAN SRI DATO’ MOHAMED NOORDIN BIN HASSAN

Tan Sri Dato’ Mohamed Noordin bin Hassan has served as a non-executive director since 27 September 2002 and is a member of both the Nominating Committee and Remuneration Committee. He has more than 40 years’ experience with the Malaysia Government, serving at district, state and federal levels including as Deputy Secretary General at the Ministry of Trade and Industry; Secretary General at Ministry of Science, Technology and Environment; and Secretary General at the Ministry of Education. After retiring from the Malaysian civil service in September 1994, he joined Petronas Berhad, as Vice President of Group Human Resource and Vice President of Education until 31 August 2000. He is currently Chairman of Wing Tai Malaysia Berhad, a company listed on the Bursa Malaysia Securities Berhad, and also sits on the Board of several subsidiaries of Wing Tai Malaysia Berhad as well as other companies in Malaysia. He graduated from the University of Malaya with a Bachelor of Arts (Honours) degree in Economics, and has a Master’s degree in Public and International Affairs from the University of Pittsburgh, USA. Tan Sri Dato’ Mohamed Noordin was re-elected director on 30 October 2012.

LEE HAN YANG

Lee Han Yang has served as a non-executive director since 3 January 1989. He is Chairman of the Nominating Committee and a member of the Audit Committee. He is a Barrister-at-Law of Lincoln’s Inn, London and an Advocate and Solicitor of the Supreme Court of Singapore. Mr Lee currently sits on the Board of Low Keng Huat (Singapore) Ltd, a company listed on the SGX-ST. He is also a director of Tan Chong International Ltd, a company listed on the Stock Exchange of Hong Kong. Mr Lee is an active member of the Law Society of Singapore and has served on several committees of the Law Society. He also serves on the Board of the Society for the Physically Disabled and until recently he was on the board of the National Council of Social Service. In August 2006, he was awarded the Public Service Star (BBM) by the President of Singapore. Mr Lee was re-elected director on 30 October 2012.

LEE KIM WAH

Lee Kim Wah has been appointed Senior Advisor to the Company since 5 December 2008 and remains on the board as a non-executive director. He serves as a treasurer of the Singapore National Employers’ Federation. Educated in Accountancy in Australia, Mr Lee was a manager in a public accounting fi rm before joining the Company, where he has served for over 40 years, as Finance Director from May 1977 to December 2008. Mr Lee was conferred the Public Service Medal (PBM) by the Singapore Government in 2000. In 2009, he was awarded the prestigious Medal of Commendation (Gold) for his signifi cant contribution towards the Singapore Labour Movement. Mr Lee was re-elected director on 30 October 2012.

LOH SOO ENG

Loh Soo Eng has served as a non-executive director since 1 June 2004, after retiring as Director-Property. He is Chairman of the Remuneration Committee and a member of the Nominating Committee. He has experience in power, oil, shipbuilding and ship repair industries, as well as in banking, where he had been for 17 years with the DBS Group, as Executive Director of Raffl es City Pte Ltd and General Manager of DBS Land. Mr Loh has served on Government committees, including SAFTI Military College and Temasek Polytechnic. He was Chairman of SLF Properties Pte Ltd and SLF Management Services Pte Ltd and was President of Real Estate Developers’ Association of Singapore (REDAS) from 2001 to 2003. He graduated with a Bachelor of Engineering (Mechanical) degree from the University of Adelaide, Australia. Mr Loh was re-elected director on 30 October 2012.

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PHUA BAH LEE

Phua Bah Lee has served as a non-executive director since 11 January 1989 and is a member of both the Audit Committee and Remuneration Committee. Mr Phua is currently a director of GP Industries Limited, Metro Holdings Limited, Singapura Finance Limited and Pan-United Corporation Limited, all companies are listed on the SGX-ST. He also holds directorships in a number of private companies. He was the Singapore Parliamentary Secretary of the Ministry of Communications from 1968 to 1971; Senior Parliamentary Secretary of the Ministry of Defence from 1972 to 1988; and an elected Member of Parliament for the Tampines Constituency from 1968 to 1988. He graduated from the Nanyang University in Singapore with a Bachelor of Commerce degree. Mr Phua was re-elected director on 30 October 2012.

PAUL TONG HON TO

Paul Tong Hon To has served as a non-executive director since 16 August 2007 and is Chairman of the Audit Committee. He is currently a non-executive director of Chinney Investments, Limited, publicly listed on the Stock Exchange of Hong Kong. Mr Tong has many years of senior management experience in manufacturing and trading businesses with global operations. He was formerly Executive Vice President and General Counsel of Johnson Electric Holdings Limited. He also served as a member on the Inland Revenue Board of Review in Hong Kong. Mr Tong obtained his Bachelor of Science (Economics) degree and postgraduate Certifi cate of Management Studies from the University of London and the University of Oxford in England, respectively. He was admitted as Barrister of the Middle Temple in England, the Supreme Court of Hong Kong, and the High Court of Australia. He is also a CPA of The Hong Kong Institute of Certifi ed Public Accountants; and an Associate Member of The Institute of Chartered Secretaries and Administrators. Mr Tong was re-elected director on 25 October 2010.

TAN HWEE BIN

Tan Hwee Bin has been appointed Executive Director of the Company since 5 December 2008. Prior to her appointment to the board, she was the Chief Operating Offi cer. Ms Tan is a Certifi ed Public Accountant and graduated with a Bachelor of Accountancy degree from the National University of Singapore. In 2005, she completed the Advanced Management Program at Harvard Business School. Ms Tan is Chairman of NTUC Unity Healthcare Co-operative Ltd and NTUC Eldercare Co-operative Ltd. She is also director of Singapore Labour Foundation, NTUC FairPrice Co-operative Ltd and Agency for Integrated Care Pte Ltd. She is a member of the Finance and Establishment Committee of Chinese Development Assistance Council. She was awarded the Public Service Medal (PBM) in 2011. Ms Tan was re-elected director on 30 October 2012.

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DATO’ ROGER CHAN WAN CHUNG

Dato’ Roger Chan Wan Chung joined Wing Tai Malaysia Berhad (“WTMB”) as General Manager in June 1971 and he is one of the pioneer staff of WTMB. With over 40 years of business experience in Malaysia, he assists the Managing Director in overseeing the day-to-day operation of the WTMB Group. He was appointed to the WTMB Board on 18 August 1988 and currently sits on the Board of several subsidiaries of WTMB Group and other private limited companies.

HELEN CHOW

Helen Chow is Director of Wing Tai Property Management Pte Ltd appointed since November 1991, having held various positions in the Company since 1975. She is responsible for marketing and sales functions in the property division. She develops and implements strategies to achieve optimal marketing mix for property products, as well as manages sales operations across geographies to achieve revenue goals. She holds a Bachelor of Arts degree from Mills College, Oakland, California, USA.

HELEN KHOO

Helen Khoo is Executive Director of Wing Tai Retail Pte Ltd and drives the growth and expansion of the Company’s portfolio of retail brands. She was conferred the Mifl ora M. Gatchalian Medal for Women Global Quality Leadership Award 2013, Achievers & Leaders Award (Business Leadership) 2012, WDA’s Singapore Workforce Skills Qualifi cations Champion 2010, Retail Leadership Award 2008 and International Management Action Award (IMAA) 2007. She chairs WDA’s Retail Industry Skills and Training Council and is a member of ITE’s Business & Services Academic Advisory Committee (BSAAC), as well as Honorary Secretary of both Singapore Retailers Association and Orchard Road Business Association. She graduated with a Bachelor of Arts (Honours) degree from the University of Hong Kong.

LEN SIEW LIAN

Len Siew Lian is General Manager (Property) of Wing Tai Holdings Limited. She oversees residential marketing and project launches of development properties for sale, and asset management of commercial/investment properties. She joined the Company in September 1989 where she was involved in commercial leasing of both offi ce and retail. Ms Len graduated with a Bachelor of Science (Estate Management) degree from the National University of Singapore and, in 2008, completed the Advanced Management Program at Harvard Business School.

NG KIM HUAT

Ng Kim Huat is Chief Financial Offi cer, Wing Tai Holdings Limited. He has been with the Company since December 2003, having more than 10 years of auditing experience with an international public accounting fi rm in Singapore as a Certifi ed Public Accountant. He graduated with a Bachelor of Accountancy (Honours) degree from the National University of Singapore.

KARINE LIM

Karine Lim is General Manager, Group Human Resource and has been with the Company since March 2004, having more than 18 years of human resource management experience in the retail, property and public transport industries. She graduated with a Bachelor of Arts (Honours) degree from the National University of Singapore and has acquired a Diploma in Human Resource Management from the Singapore Human Resource Institute.

Key Management

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The Company remains fi rmly committed to ensuring a high standard of corporate governance to protect and enhance long term value and returns for its shareholders. The principles, structures and processes of corporate governance as adopted by the Company for the fi nancial year ended 30 June 2013 are set out in this report which are in line with the principles and guidelines of the Code of Corporate Governance 2005.

The revised Code of Corporate Governance 2012 (the “2012 Code”) takes effect for fi nancial years commencing from 1 November 2012. The Company will where necessary, adopt the recommendations of the 2012 Code in respect of the Company’s Annual Report for the next fi nancial year.

BOARD MATTERS

The Board’s Conduct of its Affairs

The Board is responsible for the overall management of the Company, and the Directors objectively take decisions in the interests of the Company. The Board continues to set the Company’s values and standards to ensure obligations to shareholders and other stakeholders are properly understood and met. The principal functions of the Board include approving strategic business plans and major acquisitions or disposal of assets, reviewing Management performance, reviewing the Group’s corporate policies and fi nancial performance, approving quarterly and annual fi nancial results of the Group, and establishing a framework of prudent and effective controls to assess and manage risk.

The Board conducts regular meetings on a quarterly basis and as necessary when circumstances arise. A total of four Board meetings were held in the current fi nancial year. Details of attendance of the Directors at the Board and Board Committee meetings for the year are as follows:

Directors’ Attendance at Board and Board Committee Meetings for FY2013

Audit Remuneration NominatingName Board Committee Committee Committee

Meetings Meetings Meetings Meetings

Held: 4 Held: 4 Held: 2 Held: 1

Meetings Meetings Meetings Meetings

Attended Attended Attended Attended

Cheng Wai Keung 4 1

Edmund Cheng

Wai Wing 4

Boey Tak Hap 4 4 2

Cheng Man Tak 4

Tan Sri Dato’ Mohamed

Noordin bin Hassan 4 2 1

Lee Han Yang 4 4 1

Lee Kim Wah 4

Loh Soo Eng 4 2 1

Phua Bah Lee 4 4 1 1

Paul Tong Hon To 4 4

Tan Hwee Bin 4

Matters which require the Board’s approval include those involving material acquisitions and disposal of assets, dividends and other returns to shareholders, fund raising exercises, corporate and fi nancial restructuring and interested person transactions of a material nature.

A director’s contribution may extend beyond the confi nes of formal Board meetings, through sharing of views, advice, experience, and strategic networking relationships which would further the interests of the Company.

The Board is responsible for the overall strategy and direction of the Group and is regularly updated on changes to regulations and accounting standards. Where regulatory changes have an important bearing on the Company’s or directors’ disclosure obligations, Directors are briefed during Board meetings. Newly appointed directors are given briefi ngs by the Management on the Group’s business, directions and policies and are encouraged to attend courses organised by the Singapore Institute of Directors as well as other relevant organisations.

Corporate Governance

13


It is important that every director receives further relevant training, particularly on relevant new laws, regulations and changing commercial risks from time to time. The Company Secretary keeps the Directors informed as and whenever there are appropriate courses, conferences and seminars such as those conducted by the Singapore Institute of Directors. The Directors are encouraged to attend such training at the Company’s expense. During FY2013, the seminars/workshops that Directors attended were “Enhanced Listing Rules and Revised Code of Corporate Governance”, “All You Need To Know About The Personal Data Protection Act” and “Nominating Committee Essentials”.

Board Composition and Balance

The Board currently comprises a majority of non-executive directors, with more than one-half of the Board being independent directors. The Nominating Committee reviews the independence of each director annually based on the defi nition of independence as stated in the Code to ensure that there is a strong and independent element on the Board. According to the Code, an “independent” director is one who has no relationship with the company, its related companies or its offi cers that could interfere, or be reasonably perceived to interfere, with the exercise of the director’s independent business judgement with a view to the best interests of the company. In addition, an independent director should have no relationship with any substantial shareholder of the Company.

When considering the independence of the directors, the NC also reviews the annual declaration by the independent non-executive directors regarding their independence and the Directors’ disclosures of interests in transactions. There are currently 11 members on the Board, three of whom are executive directors and eight are non-executive directors (inclusive of seven independent directors). Although six of the independent directors have served for more than nine years on the Board, they are considered independent as the Board recognises that an individual’s independence cannot be determined arbitrarily on the basis of a set period of time. The Board is satisfi ed as to the performance and continued independence of judgment of each of these Directors. Further, the Board

does not consider it to be in the interests of the Company or shareholders to require all Directors who have served for nine years or longer to retire at the same time and strongly favours ensuring continuity and stability through orderly succession.

Given the present scope and nature of the Company’s operations, the Board considers its current size and members whose core competencies, qualifi cations, skills and experience are extensive and complementary, to be appropriate. The Board will examine its size and composition whenever circumstances require it. No individual or smaller group of individuals dominates the Board’s decision-making process. Chairman and Managing Director

The Chairman is also the Managing Director (“MD”) of the Group and has overall responsibility for the management and operation of the Group supported by the respective Heads of Departments. The Board is also well balanced with a strong and independent group of non-executive directors to maintain its independence.

Mr Cheng Wai Keung’s primary role as Chairman is to assist the Board in developing policies and strategies and ensuring that they are implemented effectively. Mr Cheng also provides leadership to the Board and ensuring that Board meetings are held when necessary and that Board members are provided with complete, adequate and timely information. As MD, he makes key decisions on the management and operations of the Group and is responsible for the conduct of the business and affairs of the Group, supported by the respective Heads of Departments. The sustained growth of the Company under Mr Cheng’s leadership shows his ability to discharge the responsibilities of both roles effectively.

BOARD COMMITTEES

To assist the Board in the execution of its responsibilities, the Board delegates specifi c functions to the various Board committees in execution of its responsibilities, namely, Audit, Nominating and Remuneration Committees. Each of these committees has its own terms of reference and reports its activities regularly to the Board.

14


Nominating Committee

Board Membership

The Nominating Committee (“NC”) comprises four members, namely, Mr Lee Han Yang – Chairman of NC, Tan Sri Dato’ Mohamed Noordin bin Hassan, Mr Loh Soo Eng (all of whom are independent non-executive directors) and Mr Cheng Wai Keung. The NC has adopted specifi c written terms of reference. The principal functions of the NC are to make recommendations to the Board for the appointment and re-appointment of directors to the Board and to review the independence of each director annually. The NC will review the composition of the Board and Board Committees from time to time and to search and identify suitable candidates with the right qualifi cations, expertise and experience. Each candidate will be evaluated based on his ability to enhance the Board through his contributions in his area of expertise and to improve the Group’s business strategies, controls or corporate governance.

All directors are required to submit themselves for re-nomination and re-election once every three years. At least one-third of the directors retire at each Annual General Meeting (“AGM”) subject to re-election annually. Directors above the age of 70 are also required under the Companies Act to retire and offer themselves for re-appointment by the shareholders at every AGM.

Key information on the Directors are set out on pages 9 to 11 of this Annual Report.

Board Performance

The NC’s assessment of the effectiveness and performance of the Board as a whole is conducted on an annual basis taking into account the level of participation and contribution of individual directors towards the Board’s effectiveness and competencies, strategic insight, fi nancial literacy, business judgment, sense of accountability and maintenance of expertise relevant to the Group. The aim of the evaluation is to assess if each director continues to contribute effectively and demonstrate commitment to their respective roles. When a director serves on multiple boards, that director is to ensure that suffi cient time and efforts are allocated to the affairs of each company with

assistance from the Management, who provides relevant and complete information on a regular basis for effective discharge of his/her duties.

Access to Information

Prior to each meeting and when the need arises, the Board is furnished with timely and adequate information to enable full deliberation of issues to be considered.

To ensure that the Board is able to fulfi ll its responsibilities, the Management provides the Board with periodic management reports, forecasts/budgets, fi nancial statements and other relevant information of the Group.

The Board has independent access to the Management and the Company Secretary at all times. The Board seeks independent professional advice at the Company’s expense as and when necessary to enable the Directors (whether individually or as a group) to discharge their responsibilities effectively.

The Company Secretary attends all Board meetings and ensures that Board procedures are followed. The Company Secretary together with the Management also ensure that the Company complies with all applicable statutory and regulatory rules.

REMUNERATION MATTERS

Remuneration Committee

The Remuneration Committee (“RC”) comprises four members, all of whom, including the Chairman, are independent non-executive directors. The RC members are Mr Loh Soo Eng - Chairman of RC, Mr Boey Tak Hap, Tan Sri Dato’ Mohamed Noordin bin Hassan and Mr Phua Bah Lee.

The RC reviews and recommends to the Board the remuneration of Directors and key executives of the Group and obtains advice on remuneration matters as and when required from human resource advisers. The RC reviews the structure of the remuneration package for the Directors and key executives to ensure that the package is competitive and suffi cient to attract, retain and motivate key executives. The review by the RC covers all aspects of

15


remuneration, including but not limited to director’s fees, salaries, allowances, bonuses and share plans. No Director is involved in deciding his/her own remuneration.

Directors who participate in Board Committees receive higher fees for the additional responsibilities. All Directors’ fees are approved by shareholders at the Annual General Meeting of the Company before they are paid.

The Company uses the Wing Tai Performance Share Plan (“Wing Tai PSP”) and the Wing Tai Restricted Share Plan (“Wing Tai RSP”) to incentivise employees and directors. The performance conditions in the Wing Tai PSP are stretched targets aimed at sustaining longer-term growth. The performance conditions under the Wing Tai RSP are shorter term targets aimed at encouraging continued service. Under the Wing Tai PSP, performance conditions are set over a three-year performance period. Under the Wing Tai RSP, the shares have a vesting schedule of three years. Other than the restricted shares and performance shares (“Shares”) granted to Ms Tan Hwee Bin, no Shares nor share options were granted to the rest of the Directors during the fi nancial year.

The breakdown (in percentage terms) of the Directors’ remuneration for FY2013 are as follows:

Bonus, Shares Allowance & grantedRemuneration Fees Salary Other Benefi ts duringBands (%) (%) (%) the year

$4,000,001 to $4,250,000 Cheng Wai Keung — 30 70# —

Edmund Cheng Wai Wing — 27 73# —

$1,750,001 to $2,000,000 Tan Hwee Bin — 27 73^ 183,000

Below $250,000 Boey Tak Hap 100 — — —

Cheng Man Tak 100 — — —

Tan Sri Dato’ Mohamed

Noordin bin Hassan 62# — 38# —

Lee Han Yang 100 — — —

Lee Kim Wah 87 — 13 —

Loh Soo Eng 100 — — —

Phua Bah Lee 100 — — —

Paul Tong Hon To 100 — — —

# Includes fees, allowance and other benefi ts from Wing Tai

Malaysia Berhad.

^ Includes the fair values of restricted shares and performance shares

(where applicable).

The breakdown of the remuneration of the top six key executives (one of whom is related to the Managing Director) in bands of $250,000 for FY2013 is set out below. A signifi cant portion of the key executives’ remuneration is linked to corporate and individual performance.

Bonus, Allowance & Other Benefi tsRemuneration Bands Salary (%) (%)

Above $750,000 Dato’ Roger Chan Wan Chung 40 60#

Helen Chow 38 62

Helen Khoo 33 67^

Ng Kim Huat 40 60^

$500,000 to $750,000 Len Siew Lian 40 60^

Karine Lim 39 61^

# Includes allowance and other benefi ts from Wing Tai Malaysia Berhad.

^ Includes the fair values of restricted shares and performance shares

(where applicable).

There is also an employee who is related to the Deputy Chairman, whose remuneration exceeded $150,000 during FY2013.

ACCOUNTABILITY AND AUDIT

Accountability

In presenting the annual fi nancial statements and announcements of fi nancial results to shareholders, it is the aim of the Board to provide shareholders with a balanced and understandable assessment of the Company’s performance, fi nancial position and prospects on a quarterly basis, as well as other price-sensitive public reports, and reports to regulators, if required.

The Board is furnished with periodic management reports which present a balanced and understandable assessment of the Company and its businesses, and all other information that enable the Board to make a balanced and informed assessment of the Company’s performance, position and prospects.

Audit Committee

The Audit Committee (“AC”) comprises four members, all of whom are independent non-executive directors. The AC members are Mr Paul Tong Hon To - Chairman of AC, Mr Boey Tak Hap, Mr Lee Han Yang and Mr Phua Bah Lee.

16


The Board considers the members of the AC appropriately qualifi ed to discharge their responsibilities of the AC. The majority of the members of the AC, including the Chairman, have suffi cient accounting and fi nancial management expertise and experience. The AC held four meetings in FY2013. The AC meetings were held with the internal and external auditors without the presence of the Management once during the year.

The AC is guided by the written terms of reference setting out its authority and duties. The AC has explicit authority to investigate any matter within its terms of reference, full access to and co-operation by the Management and full discretion to invite any Director or executive offi cer to attend its meeting, and reasonable resources to enable it to discharge its functions properly.

The AC maintains a high standard of corporate governance and risk management by reviewing the annual audit plan, internal audit process, the adequacy of internal controls and interested person transactions. The AC also reviews the quarterly and annual fi nancial statements before submitting to the Board for approval. Any changes to accounting standards and issues which have a direct impact on fi nancial statements will be raised at such meetings.

The AC meets on a periodic basis to perform, inter alia, the following: to recommend the appointment, reappointment and removal of the external auditor, to review the scope, results of the audit and its cost effectiveness, and objectivity of the external auditors. Having reviewed the value of non-audit services by the external auditors to the Group, the AC is satisfi ed that the nature and extent of such services will not prejudice the independence and objectivity of the external auditors. The aggregate amount of fees, broken down into audit and non-audit services provided by the auditors to the Company for FY2013 is disclosed on page 57 of this Annual Report.

The Group has complied with Rule 712 and 715 of the Listing Manual issued by the Singapore Exchange Securities Trading Limited in relation to its external auditors.

Risk Management / Internal Controls

The Board recognises the importance of sound internal controls and risk management practices in relation to

good corporate governance. The Group’s internal controls provide reasonable assurance that assets are safeguarded, proper accounting records are maintained, fi nancial information are reliable and applicable laws and regulations are properly complied with.

The Board ensures the Management maintains a sound system of internal controls, including fi nancial, operational and compliance. The Board has the AC to review and report annually on the adequacy and effectiveness of the controls and assist it in its risk management oversight.

The Group has a risk management framework to provide the Board with a Group-wide view of the risks in the respective business units. As part of the framework, a risk register was set up to document the identifi ed risks and mitigating actions. The procedures and processes within the framework allow the Group to regularly review the signifi cance and adequacy of its key risks, consider the effectiveness of the Group’s system of internal controls to limit, mitigate and monitor identifi ed risks and the implementation of further action plans to manage strategic business risks.

As part of the continuing efforts in improving the risk management policies and systems, the Group, with the assistance of KPMG Risk Consulting, review the Group’s existing internal controls and the risk register on a regular basis. Dialogue sessions are carried out with the Management to identify, assess and prioritise the risks with each risk owner. Mitigating actions in managing the key risks, as well as action plans to address the gaps are considered and documented.

Risk tolerance limits are set to align with the risk appetite and are subject to review annually. Operating within risk tolerances provides the Management with greater assurance that the Group remains within its risk appetite.

The key and material risks below are managed within the Group’s risk management framework:

Financial Risks

The Group’s operations and the use of fi nancial instruments exposed it to fi nancial risks, including currency risk, interest rate risk, credit risk, liquidity risk and capital risk. The Group seeks to minimise any adverse effects from the unpredictability of fi nancial markets through identifying

17


and evaluating such exposures and establishing policies to monitor and manage these fi nancial risks. Further details on fi nancial risk management are stipulated in the notes to fi nancial statements under “Financial Risk Management”.

Operational Risks

The Group is exposed to operational risks relating to product and service quality assurance, cost control, sales and marketing, leasing and fi nancial control. Identifi cation and assessment of such risks are essential for the management and mitigation of these risks. The implementation and use of a system of internal controls, operating, reporting and monitoring processes and procedures, supported by information technology systems and human resource skills, are important elements of the risk management framework.

Compliance Risks

The Group has a robust system in meeting the relevant authorities’ regulatory requirement, and this is built in the operating process at various stages. When necessary, external expertises are sought. The Group also maintains close working relationships with business associates and regulators to anticipate change and adjust business plans as and when required.

Based on the internal controls established and the reviews conducted by the internal and external auditors and the existing management controls in place, the Board, with the concurrence of the AC, is satisfi ed that there are adequate internal controls and risk management systems in place within the Group addressing material fi nancial, operational and compliance risks to meet the needs of the Group in its current business environment as at 30 June 2013.

The system of internal controls established by the Group provides reasonable, but not absolute, assurance that the Group will not be adversely affected by any event that can be reasonably foreseen as it strives to achieve its business objectives. The Board, however, notes that no system of internal controls can provide absolute assurance in this regard, or absolute assurance against poor judgement in decision making, human error, losses, fraud or other irregularities.

The Group has put in place a policy on whistle-blowing to facilitate the reporting of activities or practices which are in violation of the Group’s work rules. The AC has the responsibility of overseeing this policy, which is administered with the assistance of the internal auditors. The process of raising the concerns has been communicated to all employees. It is believed that this will encourage openness, promote transparency and act as a form of check and balance against the internal controls and risk management practices of the Group.

Interested Person Transaction

The Company has established an internal policy for transactions with interested persons and has set out the procedures for review and approval of the Company’s interested person transactions (IPT). During FY2013, there is no IPT.

Internal Audit

The internal audit function of the Group is carried out by KPMG Services Pte Ltd (“KPMG”). KPMG, the internal auditors (“IA”), carry out their work based on the Standards for the Professional Practice of Internal Auditing set by The Institute of Internal Auditors.

The IA reports directly to the Chairman of the AC. The AC ensures that the internal auditors are adequately resourced and has appropriate standing within the Company and ensures, on an annual basis, the adequacy of the internal audit function.

A set of internal controls which sets out approval limits for expenditure, investments and divestments and cheque signatory arrangements is adopted by the Company. The IA assists the AC in its functions by reporting their audit fi ndings to the AC and to the Management.

The scope of the IA is to perform detailed work to assist the AC and the Board in the evaluation of internal controls and risk management. The IA submits its plans and recommendations to the AC for approval. The AC reviews the adequacy of the internal audit function through a review of activities carried out by the IA on a quarterly basis and is satisfi ed that there are adequate internal controls in the Company.

18


COMMUNICATION WITH SHAREHOLDERS

In line with the disclosure obligations under the SGX-ST Listing Rules and the Companies Act, the Company promptly informs shareholders of all major developments that impact the Group. Shareholders are updated on the business and affairs of the Company through the quarterly release of the Company’s results. Material and price-sensitive information is publicly released by the Company via SGXNET on an immediate basis where required by the Singapore Exchange Securities Trading Limited (SGX-ST). The Company does not practise selective disclosure. Timely and detailed disclosure of pertinent corporate information is communicated via SGXNET and the Company’s website.

All shareholders receive the annual report of the Company and notice of the AGM. The notice (also advertised in the press) and results are published via SGXNET. To address shareholders’ concerns and share views, the Company also conducts media and analysts briefi ng for its full-year results to provide market updates on the Group’s business.

Shareholders are given the opportunity to raise relevant questions and communicate their views at general meetings. A shareholder can vote in person or by way of proxy at general meetings.

The Company’s website is at www.wingtaiasia.com.sg. The Company’s latest fi nancial results and annual reports are available on the Company’s website. If shareholders have any queries on investor relations, they may contact [email protected].

DEALINGS IN SECURITIES

The Company has adopted and implemented an internal guideline on share dealings in the Company’s securities in compliance with Rule 1207(19)(c) of the Listing Manual of the SGX-ST. All the offi cers of the Company are prohibited from dealing in securities of the Company while in possession of price-sensitive information. They are also prohibited from dealing in securities of the Company during the closed period, which is two weeks before the date of announcement of results for each of the fi rst three quarters of the Company’s fi nancial year and one month before the date of announcement of the full-year fi nancial results. In addition, offi cers of the Company are also discouraged from dealing in the Company’s securities on short-term considerations.

19


JULY 2012

Associate of the Arts Award conferred by National Arts Council, Singapore

Total Defence Awards for Meritorious Defence Partner Award (MDPA), conferred by MINDEF, Singapore

AUGUST 2012

Announcement of full year results for year ended 30 June 2012

Ben Sherman launched in Kuala Lumpur, Malaysia

SEPTEMBER 2012

Joint venture agreement signed with Metro Australia Holdings and Maxdin to develop Prince Charles Crescent site, Singapore

OCTOBER 2012

48th Annual General Meeting, Singapore

Helios Residences won High-Rise Residential Award at FIABCI Property Awards, Singapore

NOVEMBER 2012

Helios Residences clinched Highly Commended for Best Condo Development and Best Residential Architectural Design; Belle Vue Residences won Highly Commended for Green Development at South East Asia Property Awards, Singapore

Ascentia Sky won Bronze award for Best Residential Development at MIPIM Asia Awards, Hong Kong

Topping out of Verticas Residences, Malaysia

Acquired prime residential land in Shanghai Baoshan District, China

Retail division awarded Singapore Quality Award at Business Excellence Awards, Singapore

Retail division won close to 150 Excellent Service Awards (EXSA), Singapore

Retail division moved into new offi ce premises at Ang Mo Kio

DECEMBER 2012

Topping out of L’Viv, Singapore

Participated in Boys’ Brigade Share-A-Gift project to help the needy members in the community, Singapore

JANUARY 2013

Ascentia Sky obtained Temporary Occupation Permit, Singapore

Verticas Residences obtained Temporary Occupation Permit, Malaysia

MARCH 2013

Topping out of Foresque Residences and Le Nouvel Ardmore, Singapore

Participated in Earth Hour Singapore to support environmental sustainability

APRIL 2013

Groundbreaking of The Tembusu, Singapore

Opened Adolfo Dominguez boutique store at Paragon, Singapore

Retail division clinched two awards at Singapore Service Excellence Medallion Award – Organisation Commendation Award for Service Leadership and the Pinnacle Individual Service Professional Award

MAY 2013

Helios Residences and Belle Vue Residences won Gold Award and Certifi ed Award respectively at BCA Universal Design (UD) Mark Award, Singapore

Helios Residences clinched Highly Commended for High-Rise Architecture at The Asia Pacifi c Property Awards, Malaysia

Etam opened stores at Wisma Atria and Raffl es City, Singapore

JUNE 2013

Groundbreaking of Prince Charles Crescent site, Singapore

i.t opened its store at Wisma Atria, Singapore

Retail division participated in donation drives for Sichuan Earthquake charity project, Singapore

Calendar of Events

20


Financial ReportsFOR THE FINANCIAL YEAR 2013

22 FIVE-YEAR FINANCIAL SUMMARY

23 DIRECTORS’ REPORT

30 STATEMENT BY DIRECTORS

31 INDEPENDENT AUDITOR’S REPORT

32 CONSOLIDATED INCOME STATEMENT

33 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

34 STATEMENTS OF FINANCIAL POSITION

35 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

37 CONSOLIDATED STATEMENT OF CASH FLOWS

39 NOTES TO THE FINANCIAL STATEMENTS

115 SHAREHOLDING STATISTICS

21


Five-year Financial Summary

2013 20121 20111 2010 2009 $’000 $’000 $’000 $’000 $’000

Revenue 1,332,500 624,888 751,109 821,851 501,843 Property 1,115,041 401,810 540,185 626,709 324,605 Retail 210,020 216,462 202,350 179,683 160,934 Investment and others 7,439 6,616 8,574 15,459 16,304

Profi t before income tax 690,817 317,821 465,675 274,823 39,960

Profi t after income tax, but before 587,891 284,134 407,691 222,018 28,995 non-controlling interests

Profi t attributable to equity holders 531,126 262,366 371,377 160,750 20,982 of the Company

Shareholders’ equity 2,840,640 2,230,989 1,996,704 1,613,216 1,575,916

Total assets 4,977,772 4,008,341 3,785,992 3,573,473 3,268,935

Total liabilities and non-controlling interests 2,137,132 1,777,352 1,789,288 1,960,257 1,693,019

Earnings per share2 (cents) 67.81 33.60 47.66 20.66 2.68

Net tangible assets per share ($) 3.62 2.85 2.56 2.07 2.03

Cash dividends per share (cents) 12.00 7.00 7.00 5.00 4.00

Notes:

1. From 1 July 2012, the Group adopted the Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets. The change in accounting policy has been applied retrospectively. The 2012 income statement, and the 2011 and 2012 statements of fi nancial position have been restated, as disclosed in pages 39 and 40 of the fi nancial statements. Consequently, the affected fi nancial ratios have been restated accordingly.

2. The number of shares used for this purpose are as follows:

’0002013 783,2162012 780,8032011 779,1812010 777,9452009 782,796

22


Directors’ ReportFOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

The directors present their report to the members together with the audited fi nancial statements of the Group for the fi nancial year ended 30 June 2013 and the statement of fi nancial position of the Company as at 30 June 2013.

DIRECTORS

The directors of the Company at the date of this report are:

Cheng Wai Keung (Chairman and Managing Director)Edmund Cheng Wai Wing (Deputy Chairman and Deputy Managing Director)Boey Tak HapCheng Man TakTan Sri Dato’ Mohamed Noordin bin HassanLee Han YangLee Kim WahLoh Soo EngPhua Bah LeePaul Tong Hon To Tan Hwee Bin

ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE SHARES AND DEBENTURES

Except as disclosed in the “Share Options” and “Share Plans” sections of this report, neither at the end of nor at any time during the fi nancial year was the Company a party to any arrangement, whose object was to enable the directors of the Company to acquire benefi ts through the acquisition of shares in, or debentures of, the Company or any other body corporate.

23



DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES

(a) The interests of the directors holding offi ce at the end of the fi nancial year in the shares, share options and share plans of the Company and related corporations according to the register of the directors’ shareholdings were as follows:

Holdings registered Holdings in which a director in the name of director is deemed to have an interest

As at As at As at As at As at As at Name of directors 01.07.2012 30.06.2013 21.07.2013 01.07.2012 30.06.2013 21.07.2013

Ordinary Shares Cheng Wai Keung — — — 326,831,564 395,038,656 395,038,656Edmund Cheng Wai Wing — — — 310,601,664 310,601,664 310,601,664Lee Han Yang 330,000 280,500 280,500 — — —Lee Kim Wah 937,600 796,960 796,960 — — —Loh Soo Eng 412,800 412,800 412,800 — — —Phua Bah Lee 275,000 233,750 233,750 — — —Tan Hwee Bin 449,100 601,635 601,635 — — — Share Options Lee Kim Wah 409,200 409,200 409,200 — — —Tan Hwee Bin 390,500 390,500 390,500 — — —

Restricted Share Plan Tan Hwee Bin 397,900 342,500 342,500 — — — Performance Share Plan * Tan Hwee Bin 170,000 189,000 189,000 — — — Related corporation Wing Tai Malaysia Berhad Share Options Cheng Wai Keung 800,000 800,000 800,000 — — —Edmund Cheng Wai Wing 800,000 800,000 800,000 — — — Restricted Share Plan Cheng Wai Keung — 53,000 53,000 — — —Edmund Cheng Wai Wing — 53,000 53,000 — — —

* Shares awarded are contingent upon achievement of threshold targets.

(b) By virtue of Section 7 of the Companies Act (Cap. 50), Cheng Wai Keung and Edmund Cheng Wai Wing, who by virtue of their interest of not less than 20% in the issued capital of the Company, are also deemed to have an interest in the shares of the various subsidiary companies held by the Company.

24



DIRECTORS’ CONTRACTUAL BENEFITS

Since the end of the preceding fi nancial year, no director has received or become entitled to receive a benefi t by reason of a contract made by the Company or a related corporation with the director or with a fi rm of which he is a member or with a company in which he has a substantial fi nancial interest, except as disclosed in Note 33 to the fi nancial statements.

SHARE OPTIONS

(a) The Wing Tai Holdings Limited (2001) Share Option Scheme (the “Scheme”)

The Scheme was approved and adopted by the members of the Company at an Extraordinary General Meeting (“EGM”) held on 31 August 2001. The Scheme was terminated by the members of the Company at an EGM held on 30 October 2008 (without prejudice to the rights of holders of options thereunder in respect of options which have been granted).

The Scheme is administered by a committee comprising two directors, namely Cheng Wai Keung and Tan Hwee Bin.

No option was granted under the Scheme during the fi nancial year. No controlling shareholder of the Company or his associate participated in the Scheme.

The aggregate number of options granted since the commencement of the Scheme to the end of the fi nancial year is as follows:

Aggregate options since commencement Aggregate of the Scheme to 30.06.2013 number of outstanding Number of Number of Number of options as at Name of participants options granted options exercised options forfeited 30.06.2013

Directors of the Company Lee Kim Wah 877,200 468,000 — 409,200 Tan Hwee Bin 645,500 255,000 — 390,500

1,522,700 723,000 — 799,700 Group Executives 11,686,600 5,785,500 3,204,500 2,696,600

Total 13,209,300 6,508,500 3,204,500 3,496,300

Other than Lee Kim Wah, none of the participants of the Scheme received 5% or more of the total number of options granted under the Scheme.

25


SHARE OPTIONS (continued)

(a) The Wing Tai Holdings Limited (2001) Share Option Scheme (the “Scheme”) (continued)

Details of the movement in the options granted under the Scheme on the unissued ordinary shares of the Company during the year were as follows:

Number Number As at of options of options As at Exercise Date of grant 01.07.2012 exercised forfeited 30.06.2013 price ($) Expiry date

19.11.2004 249,700 15,400 — 234,300 0.849 18.11.2014 30.09.2005 601,800 77,000 — 524,800 1.300 29.09.2015 05.09.2006 1,153,900 226,200 16,500 911,200 1.645 04.09.2016 06.09.2007 1,842,500 — 16,500 1,826,000 3.136 05.09.2017

Total 3,847,900 318,600 33,000 3,496,300

(b) The Wing Tai Malaysia Berhad (“WTM”) Employees’ Share Option Scheme (the “ESOS”)

WTM, a subsidiary company of the Group, implemented the ESOS approved by the shareholders of WTM at an EGM held on 11 May 2005.

The ESOS is administered by a committee comprising two directors of WTM, namely Cheng Wai Keung and Tan Sri Dato’ Mohamed Noordin bin Hassan.

The directors (including non-executive directors) and employees of WTM who as at the date of offer are confi rmed with at least one year of continuous service in WTM and its subsidiary companies are eligible to participate in the scheme. The ESOS will allow granting of options to all eligible directors and employees by giving them the right to subscribe for new shares of RM1.00 each, subject to the terms and conditions of the by-laws of the ESOS. The details of the ESOS have been disclosed in the Directors’ Report of WTM.

Details of the movement in the options granted under the ESOS on the unissued ordinary shares of WTM during the year were as follows:

Number Number As at of options of options As at Exercise Date of grant 01.07.2012 exercised forfeited 30.06.2013 price (RM) Expiry date

01.12.2005 1,005,000 — — 1,005,000 1.00 15.05.2015 31.01.2007 187,600 141,000 — 46,600 1.00 15.05.2015 19.05.2010 1,641,700 716,500 — 925,200 1.20 15.05.2015

Total 2,834,300 857,500 — 1,976,800

Except for the above, no other options were granted by the Company or any subsidiary companies during the fi nancial year and there were no unissued shares under options at the end of the fi nancial year.


26


SHARE PLANS

(a) The Wing Tai Performance Share Plan (“Wing Tai PSP”) and the Wing Tai Restricted Share Plan (“Wing Tai RSP”)

The Wing Tai PSP and the Wing Tai RSP (collectively referred to as the “Wing Tai Share Plans”) were adopted by the members of the Company at an EGM held on 30 October 2008.

The Wing Tai Share Plans are administered by a committee (the “Committee”) comprising two directors, namely Cheng Wai Keung and Tan Hwee Bin.

(i) Wing Tai PSP One of the primary objectives of the Wing Tai PSP is to increase the Company’s fl exibility and effectiveness

in its continuous efforts to reward, retain and motivate key management staff. The Wing Tai PSP is primarily targeted at executives in key positions who are able to drive the growth of the Company through innovation, creativity and superior performance.

Full-time executives (including executive directors) of the Company, its subsidiary companies or associated companies who hold such rank as may be designated by the Committee from time to time are eligible to participate in the Wing Tai PSP.

Under the Wing Tai PSP, performance conditions are set over a three-year performance period. A specifi ed number of shares will be released by the Committee to the participants at the end of the performance period, provided the threshold targets are achieved. The total number of shares released varies depending on the achievement of pre-set performance targets over the performance period. The achievement factor ranges from 0% to 200%.

Details of the movement in the awards of the Company during the year were as follows:

Additional shares awarded As at Number of arising from Number of As at

Date of grant 01.07.2012 shares granted targets achieved shares released 30.06.2013

03.09.2009 100,000 — 1,100 101,100 — 01.09.2010 121,000 — — — 121,000 08.09.2011 183,000 — — — 183,000 19.09.2012 — 147,000 — — 147,000

Total 404,000 147,000 1,100 101,100 451,000

(ii) Wing Tai RSP The objective of the Wing Tai RSP is to serve as an additional motivational tool to recruit and retain employees.

Full-time executives (including executive directors) of the Company, its subsidiary companies or associated companies who hold such rank as may be designated by the Committee from time to time and non-executive directors are eligible to participate in the Wing Tai RSP.

Under the Wing Tai RSP, performance conditions are set over a one-year performance period. A specifi ed number of shares will be awarded to eligible participants at the end of the performance period depending on the extent of achievement of the performance conditions established. The shares have a vesting schedule of three years. The participant will receive fully paid shares, without any cash consideration payable by the participant.


27


SHARE PLANS (continued)

(a) The Wing Tai Performance Share Plan (“Wing Tai PSP”) and the Wing Tai Restricted Share Plan (“Wing Tai RSP”) (continued)

(ii) Wing Tai RSP (continued) Details of the movement in the awards of the Company during the year were as follows:

As at Number of Number of Number of As at Date of grant 01.07.2012 shares granted shares released shares forfeited 30.06.2013

03.09.2009 447,600 — 447,600 — — 01.09.2010 1,314,600 — 563,400 — 751,200 08.09.2011 1,937,000 — 573,600 34,100 1,329,300 19.09.2012 — 1,815,000 — 6,000 1,809,000

Total 3,699,200 1,815,000 1,584,600 40,100 3,889,500

The information on a director of the Company participating in the Wing Tai PSP and Wing Tai RSP is as follows:

Aggregate awards Aggregate awards granted since released since Aggregate awards Awards commencement of commencement of outstanding granted during plans to the plans to the as at the Name of director the year end of the year end of the year end of the year

Tan Hwee Bin Wing Tai PSP 61,000 231,000 42,500 189,000 Wing Tai RSP 122,000 969,000 626,500 342,500

(b) The Wing Tai Malaysia Restricted Share Plan (“WTM RSP”)

WTM implemented the WTM RSP approved by the shareholders of WTM at an EGM held on 29 November 2011.

The WTM RSP is administered by a committee comprising two directors of WTM, namely Cheng Wai Keung and Tan Sri Dato’ Mohamed Noordin bin Hassan.

The employees and directors of WTM and its subsidiary companies but exclude subsidiary companies which are dormant (the “WTM Group”) whose employment are confi rmed in writing on or before the date of offer, are eligible to participate in the scheme.

The Restricted Share Award represents the right of a participant to receive fully paid shares on a vesting date, their equivalent value or combinations thereof, without any cash consideration payable by the participant, upon the participant achieving pre-determined performance conditions and/or otherwise having performed well and/or made a signifi cant contribution to the WTM Group. The details of the WTM RSP have been disclosed in the Directors’ Report of WTM.

Details of the movement in the awards of WTM during the year were as follows:

As at Number of Number of As at Date of grant 01.07.2012 shares granted shares forfeited 30.06.2013

01.03.2013 — 535,000 6,000 529,000


28


AUDIT COMMITTEE

The Audit Committee consists of four non-executive independent directors. The members of the Committee at the date of this report are:

Paul Tong Hon To (Chairman)Boey Tak HapLee Han YangPhua Bah Lee

The Audit Committee reviewed the Group’s accounting policies and system of internal controls on behalf of the Board of Directors and performed the functions specifi ed in Section 201B(5) of the Companies Act (Cap. 50). In performing its functions, the Committee reviewed:

(a) the audit plans of the Company’s internal and external auditors and their evaluation of the system of internal controls arising from their audit examinations;

(b) the scope and results of internal audit procedures; and

(c) the quarterly results and the full year consolidated fi nancial statements of the Group for the fi nancial year ended 30 June 2013 before their submission to the Board of Directors for approval and the auditor’s report on these fi nancial statements.

The Audit Committee has nominated PricewaterhouseCoopers LLP for re-appointment as auditor of the Company at the forthcoming Annual General Meeting.

INDEPENDENT AUDITOR The independent auditor, PricewaterhouseCoopers LLP, has expressed its willingness to accept re appointment.

On behalf of the directors

CHENG WAI KEUNG EDMUND CHENG WAI WINGDirector Director12 September 2013


29


Statement by DirectorsFOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

In the opinion of the directors,

(a) the statement of fi nancial position of the Company and the consolidated fi nancial statements of the Group as set out on pages 32 to 114 are drawn up so as to give a true and fair view of the state of affairs of the Company and of the Group as at 30 June 2013 and of the results of the business, changes in equity and cash fl ows of the Group for the fi nancial year then ended; and

(b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.

On behalf of the directors

CHENG WAI KEUNG EDMUND CHENG WAI WINGDirector Director12 September 2013

30


Independent Auditor’s Report to the Members of Wing Tai Holdings LimitedREPORT ON THE FINANCIAL STATEMENTS

We have audited the accompanying fi nancial statements of Wing Tai Holdings Limited (the “Company”) and its subsidiary companies (the “Group”) set out on pages 32 to 114, which comprise the consolidated statement of fi nancial position of the Group and the statement of fi nancial position of the Company as at 30 June 2013, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash fl ows of the Group for the fi nancial year then ended, and a summary of signifi cant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of fi nancial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act (the “Act”) and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls suffi cient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profi t and loss accounts and balance sheets and to maintain accountability of assets.

Auditor’s Responsibility

Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of fi nancial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the fi nancial statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated fi nancial statements of the Group and the statement of fi nancial position of the Company are properly drawn up in accordance with the provisions of the Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Group and of the Company as at 30 June 2013, and of the results, changes in equity and cash fl ows of the Group for the fi nancial year ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary companies incorporated in Singapore, of which we are the auditors, have been properly kept in accordance with the provisions of the Act.

PRICEWATERHOUSECOOPERS LLPPublic Accountants and Chartered Accountants

Singapore12 September 2013

31


Consolidated Income StatementFOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

Group 2013 2012 (restated) Note $’000 $’000 Revenue 3 1,332,500 624,888Cost of sales (779,735) (319,497) Gross profit 552,765 305,391 Other gains — net 4 71,526 18,493 Expenses — Distribution (97,605) (95,637) — Administrative and other (91,239) (62,740)

Operating profit 435,447 165,507 Finance costs 7 (39,383) (37,161) Share of profi ts of associated and joint venture companies 294,753 189,475

Profit before income tax 690,817 317,821 Income tax expense 8(a) (102,926) (33,687)

Total profit 587,891 284,134

Attributable to: Equity holders of the Company 531,126 262,366Non-controlling interests 56,765 21,768

587,891 284,134

Basic earnings per share attributable to equity holders of the Company (cents) based on: 9(a) Profi t before fair value gains on investment properties 37.50 19.45 Profi t after fair value gains on investment properties 67.81 33.60

Diluted earnings per share attributable to equity holders of the Company (cents) based on: 9(b) Profi t before fair value gains on investment properties 37.23 19.33 Profi t after fair value gains on investment properties 67.27 33.36

32


Consolidated Statement of Comprehensive Income FOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

Group 2013 2012 (restated) Note $’000 $’000 Total profit 587,891 284,134

Other comprehensive income/(expense): Items that may be reclassified to profit or loss: Cash fl ow hedges 8,864 13,668 Currency translation differences 10,716 3,350 Share of other comprehensive income/(expense) of associated and joint venture companies 8,230 (5,124)

27,810 11,894

Items that will not be reclassified to profit or loss: Revaluation gains on property, plant and equipment 63,362 9,489 Share of revaluation gains on property, plant and equipment of an associated company 2,138 695

65,500 10,184

Other comprehensive income, net of tax 8(a) 93,310 22,078

Total comprehensive income 681,201 306,212

Attributable to: Equity holders of the Company 625,039 285,189Non-controlling interests 56,162 21,023

681,201 306,212

33


Statements of Financial PositionAS AT 30 JUNE 2013

Group Company 2013 2012 2011 2013 2012 (restated) (restated) Note $’000 $’000 $’000 $’000 $’000

ASSETSCurrent assetsCash and cash equivalents 10 1,024,541 848,686 504,235 606,280 441,660Trade and other receivables 12 166,159 83,404 212,651 300,447 436,899Inventories 13 21,796 20,771 18,784 — —Development properties 14 1,463,073 1,093,139 1,238,805 — —Tax recoverable 2,378 1,740 5,758 — —Other current assets 15 59,525 75,112 56,678 4,602 4,462

2,737,472 2,122,852 2,036,911 911,329 883,021

Non-current assetsAvailable-for-sale fi nancial assets 16 3,189 7,170 7,170 3,189 3,189Trade and other receivables 17 292,373 205,461 197,790 661,805 452,565Investment in an associated company 18 1,043,593 736,367 602,498 — —Investments in joint venture companies 19 207,299 161,432 189,769 — —Investments in subsidiary companies 20 — — — 252,392 252,392Investment properties 21 562,153 578,085 560,210 — —Property, plant and equipment 22 131,693 196,974 191,644 8,020 7,828

2,240,300 1,885,489 1,749,081 925,406 715,974

Total assets 4,977,772 4,008,341 3,785,992 1,836,735 1,598,995

LIABILITIESCurrent liabilitiesTrade and other payables 23 325,082 230,005 222,338 160,857 162,980Current income tax liabilities 72,683 83,561 81,808 8,879 5,879Borrowings 24 88,249 25,749 167,126 — —

486,014 339,315 471,272 169,736 168,859

Non-current liabilitiesDerivative fi nancial instruments 11 11,786 20,669 34,116 257 3,503Borrowings 24 1,350,568 1,199,986 1,012,091 570,000 370,000Deferred income tax liabilities 8(b) 62,267 17,137 39,818 — —Other non-current liabilities 26 40,057 33,407 44,611 — —

1,464,678 1,271,199 1,130,636 570,257 373,503

Total liabilities 1,950,692 1,610,514 1,601,908 739,993 542,362

NET ASSETS 3,027,080 2,397,827 2,184,084 1,096,742 1,056,633

EQUITYCapital and reserves attributable to equity holders of the CompanyShare capital 27 838,250 838,250 838,250 838,250 838,250Other reserves 28 87,919 (45,637) (71,590) (490) (6,821)Retained earnings 29 1,914,471 1,438,376 1,230,044 258,982 225,204

2,840,640 2,230,989 1,996,704 1,096,742 1,056,633Non-controlling interests 186,440 166,838 187,380 — —

TOTAL EQUITY 3,027,080 2,397,827 2,184,084 1,096,742 1,056,633

34


Consolidated Statement of Changes in EquityFOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

Attributable to equity holders of the Company Non- Share Other Retained controlling Total capital reserves earnings Total interests equity Note $’000 $’000 $’000 $’000 $’000 $’000

2013 Beginning of fi nancial year, as previously reported 838,250 (40,751) 1,309,057 2,106,556 163,538 2,270,094Effect of adopting Amendments to FRS 12 2.1 — (4,886) 129,319 124,433 3,300 127,733

As restated 838,250 (45,637) 1,438,376 2,230,989 166,838 2,397,827 Total comprehensive income — 93,913 531,126 625,039 56,162 681,201Realisation of reserves — (92) 92 — — —Cost of share-based payment — 2,705 — 2,705 67 2,772Reissuance of treasury shares — 485 — 485 — 485Ordinary and special dividends paid 25 — — (54,838) (54,838) — (54,838)Dividends paid by subsidiary companies to non-controlling interests — — — — (57,449) (57,449)Issue of shares by a subsidiary company to non-controlling interests — — (276) (276) 679 403Acquisition of additional interest in a subsidiary company — — (9) (9) (6) (15)Acquisition by an associated company of its non-controlling interests — 36,545 — 36,545 1,227 37,772Waiver of loan from non-controlling interests — — — — 18,922 18,922

End of financial year 838,250 87,919 1,914,471 2,840,640 186,440 3,027,080

35


Consolidated Statement of Changes in EquityFOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

Attributable to equity holders of the Company Non- Share Other Retained controlling Total capital reserves earnings Total interests equity Note $’000 $’000 $’000 $’000 $’000 $’000

2012Beginning of fi nancial year, as previously reported 838,250 (64,067) 1,120,916 1,895,099 184,916 2,080,015Effect of adopting Amendments to FRS 12 2.1 — (7,523) 109,128 101,605 2,464 104,069

As restated 838,250 (71,590) 1,230,044 1,996,704 187,380 2,184,084 Total comprehensive income — 22,823 262,366 285,189 21,023 306,212Realisation of reserves — (75) 75 — — —Cost of share-based payment — 3,160 — 3,160 37 3,197Reissuance of treasury shares — 45 — 45 — 45Ordinary and special dividends paid 25 — — (54,660) (54,660) — (54,660)Dividends paid by subsidiary companies to non-controlling interests — — — — (34,392) (34,392)Issue of shares by a subsidiary company to non-controlling interests — — (83) (83) 254 171Acquisition of additional interest in a subsidiary company — — 634 634 (2,172) (1,538)Liquidation of a subsidiary company — — — — (5,292) (5,292)

End of fi nancial year 838,250 (45,637) 1,438,376 2,230,989 166,838 2,397,827

An analysis of the movements in each category within “Other reserves” is presented in Note 28.

36


Consolidated Statement of Cash FlowsFOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

Group 2013 2012 (restated) Note $’000 $’000 Cash flows from operating activitiesTotal profi t 587,891 284,134Adjustments for: Income tax expense 102,926 33,687 Depreciation of property, plant and equipment 12,489 11,938 Write-off of property, plant and equipment 674 442 Impairment loss on property, plant and equipment 251 — Dividend income (104) (91) Fair value gains on investment properties (52,112) (15,713) Fair value losses/(gains) on derivative fi nancial instruments 112 (368) Allowance for stock obsolescence 2,044 1,188 Dilution loss on interest in an associated company 2,830 2,613 Gain on disposal of property, plant and equipment (204) (1,489) Gain on liquidation of an available-for-sale fi nancial asset (5,696) — Loss on disposal of investment property — 172 Interest income (11,018) (8,058) Interest expense 39,383 37,161 Share of profi ts of associated and joint venture companies (294,753) (189,475) Share-based payment 2,772 3,197 Translation differences (1,891) (17,807)

Operating cash fl ow before working capital changes 385,594 141,531 Changes in operating assets and liabilities: Balances with associated and joint venture companies 42,424 (1,373) Development properties (132,080) 149,423 Inventories (3,112) (3,259) Trade and other receivables and other current assets (48,000) 120,449 Trade and other payables and other non-current liabilities 59,361 164

Cash generated from operations 304,187 406,935Income tax paid (66,353) (61,261)

Net cash generated from operating activities 237,834 345,674

37


Consolidated Statement of Cash FlowsFOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

Group 2013 2012 (restated) Note $’000 $’000 Cash flows from investing activities Acquisition of additional interest in a subsidiary company (15) (3,221)Acquisition of interest in joint venture companies (16,145) —Additional expenditure on investment property (612) —Purchases of property, plant and equipment (19,883) (9,265)Proceeds from disposal of investment property — 602Proceeds from disposal of property, plant and equipment 247 3,210Net proceeds from liquidation of an available-for-sale fi nancial asset 5,299 —Distribution to non-controlling interests upon liquidation of a subsidiary company — (5,292)(Advancement)/repayment of the loans to joint venture companies (120,637) 1,809Dividends received 32,898 106,907Interest received 3,217 2,991 Net cash (used in)/generated from investing activities (115,631) 97,741

Cash flows from financing activities Proceeds from issue of ordinary shares by a subsidiary company to non-controlling interests 403 171Reissuance of treasury shares 485 45Repayment of the loans from non-controlling interests (1,912) (14,103)Proceeds from borrowings 264,990 274,737Repayment of borrowings (50,407) (231,611)Ordinary and special dividends paid (54,838) (54,660)Dividends paid to non-controlling interests (57,449) (31,675)Interest paid (46,784) (44,838)

Net cash generated from/(used in) financing activities 54,488 (101,934)

Net increase in cash and cash equivalents 176,691 341,481Cash and cash equivalents at beginning of fi nancial year 848,686 504,235Effects of currency translation on cash and cash equivalents (836) 2,970

Cash and cash equivalents at end of financial year 10 1,024,541 848,686

38


Notes to the Financial StatementsFOR THE FINANCIAL YEAR ENDED 30 JUNE 2013

These notes form an integral part of and should be read in conjunction with the accompanying fi nancial statements.

1. GENERAL INFORMATION

Wing Tai Holdings Limited (the “Company”) is incorporated and domiciled in Singapore and is listed on the Singapore Exchange Securities Trading Limited. The address of its registered offi ce is 3 Killiney Road, #10-01 Winsland House I, Singapore 239519.

The principal activity of the Company is that of an investment holding company. The principal activities of the Company’s subsidiary companies are shown in Note 35.

2. SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation These fi nancial statements have been prepared in accordance with Singapore Financial Reporting Standards

(“FRS”). The fi nancial statements have been prepared under the historical cost convention, except as disclosed in the accounting policies below.

The preparation of fi nancial statements in conformity with FRS requires management to exercise its judgement in the process of applying the Group’s accounting policies. It also requires the use of accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the fi nancial statements, and the reported amounts of revenues and expenses during the fi nancial year. Although these estimates are based on management’s best knowledge of current events and actions, actual results may ultimately differ from those estimates. The areas involving a higher degree of judgement or complexity are disclosed in Notes 2.7, 2.8 and 8.

Amendments and interpretations to published standards effective in 2013

On 1 July 2012, the Group adopted the new or amended FRS and Interpretations to FRS (“INT FRS”) that are mandatory for application from that date. Changes to the Group’s accounting policies have been made as required, in accordance with the transitional provisions in the respective FRS and INT FRS.

The new or amended FRS and INT FRS that are relevant to the Group are as follows:

Amendments to FRS 1 Presentation of Items of Other Comprehensive Income Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets

The adoption of the above new or amended FRS and INT FRS did not result in any signifi cant impact on the fi nancial statements of the Group, except for Amendments to FRS 12 Deferred Tax: Recovery of Underlying Assets.

The Amendments to FRS 12 apply to the measurement of deferred tax liabilities and assets arising from investment properties measured using the fair value model under FRS 40 Investment Property, including investment property acquired in a business combination and subsequently measured using the fair value model. For the purposes of measuring deferred tax, the Amendments have introduced a rebuttable presumption that the carrying amount of an investment property measured at fair value will be recovered entirely through sale. The presumption can be rebutted if the investment property is depreciable and is held within a business model whose objective is to consume substantially all of the economic benefi ts over time, rather than through sale.

39



2. SIGNIFICANT ACCOUNTING POLICIES (continued)

2.1 Basis of preparation (continued)

Amendments and interpretations to published standards effective in 2013 (continued)

The Group previously provided for deferred tax liabilities on the fair value gains of its investment properties according to the income tax rate on the basis that the carrying amount of the investment properties will be recovered through use. Upon the adoption of the Amendments to FRS 12, such deferred tax is measured according to the capital gains tax rate on the basis of recovery through sale. Accordingly, there will be no deferred tax liability on investment properties in Singapore and Hong Kong as there is no tax on capital gains in these countries.

The change in accounting policy has been applied retrospectively and the comparatives have been restated accordingly. The effects on adoption are as follows:

Consolidated Income Statement

Group 2013 2012 $’000 $’000

Increase in share of profi ts of associated and joint venture companies 39,344 17,638 (Increase)/decrease in income tax expense (275) 3,271

Increase in total profi t 39,069 20,909

Increase in total profi t attributable to: — Equity holders of the Company 38,528 20,191 — Non-controlling interests 541 718

39,069 20,909

Increase in: — Basic earnings per share (cents) 4.92 2.58 — Diluted earnings per share (cents) 4.89 2.57

Statement of Financial Position

Group 2013 2012 2011 $’000 $’000 $’000

Increase/(decrease) in: — Other reserves (4,150) (4,886) (7,523) — Retained earnings 167,847 129,319 109,128 — Non-controlling interests 3,855 3,300 2,464 — Investment in an associated company 118,625 78,481 58,222 — Deferred income tax liabilities (48,927) (49,252) (45,847)

40




2.2 Revenue recognition Revenue for the Group comprises the fair value of the consideration received or receivable for the sale of goods

in the ordinary course of the Group’s activities. Revenue is presented, net of goods and services tax, rebates and discounts, and after eliminating sales within the Group.

The Group recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables will fl ow to the entity and when the specifi c criteria for each of the Group’s activities are met as follows:

(a) Sale of goods

Revenue from the sale of goods is recognised when a Group entity has delivered the products to the customer, the customer has accepted the products and collectability of the related receivable is reasonably assured, except for income from the sale of development properties as disclosed in Note 2.8.

(b) Rental income

Rental income from operating leases (net of any incentives given to the lessees) is recognised on a straight-line basis over the lease term.

(c) Management fee

Management fee comprises charges for the management and maintenance of properties and fi nance and administration fees. Revenue from management fee is recognised when management services are rendered.

(d) Dividend income

Dividend income is recognised when the right to receive payment is established.

(e) Interest income

Interest income is recognised using the effective interest method.

2.3 Group accounting (a) Subsidiary companies

(i) Consolidation Subsidiary companies are entities over which the Group has power to govern the fi nancial and

operating policies, generally accompanied by a shareholding of more than one half of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiary companies are consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date on which control ceases.

In preparing the consolidated fi nancial statements, transactions, balances and unrealised gains on transactions between group entities are eliminated. Unrealised losses are also eliminated but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiary companies have been changed where necessary to ensure consistency with the accounting policies adopted by the Group.

41




2.3 Group accounting (continued) (a) Subsidiary companies (continued)

(i) Consolidation (continued) Non-controlling interests are that part of the net results of operations and of net assets of a

subsidiary company attributable to the interests which are not owned directly or indirectly by the equity holders of the Company. They are shown separately in the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of fi nancial position and consolidated statement of changes in equity. Total comprehensive income is attributed to the non-controlling interests based on their respective interests in a subsidiary company, even if this results in the non-controlling interests having a defi cit balance.

(ii) Acquisition of businesses The acquisition method of accounting is used to account for business combinations by the Group.

The consideration transferred for the acquisition of a subsidiary company comprises the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred also includes the fair value of any contingent consideration arrangement and the fair value of any pre-existing equity interest in the subsidiary company.

Acquisition-related costs are expensed as incurred.

Identifi able assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.

On an acquisition-by-acquisition basis, the Group recognises any non-controlling interest in the acquiree at the date of acquisition either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s identifi able net assets.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifi able net assets acquired is recorded as goodwill. Please refer to Note 2.4 for the accounting policy on goodwill on acquisitions.

(iii) Disposals of subsidiary companies or businesses When a change in the Company’s ownership interest in a subsidiary company results in a loss of

control over the subsidiary company, the assets and liabilities of the subsidiary company including any goodwill are derecognised. Amounts recognised in other comprehensive income in respect of that entity are also reclassifi ed to the income statement or transferred directly to retained earnings if required by a specifi c FRS.

Any retained interest in the entity is remeasured at fair value. The difference between the carrying amount of the retained investment at the date when control is lost and its fair value is recognised in the income statement.

Please refer to Note 2.5 for the accounting policy on investments in subsidiary companies in the separate fi nancial statements of the Company.

42




2.3 Group accounting (continued)

(b) Transactions with non-controlling interests

Changes in the Company’s ownership interest in a subsidiary company that do not result in a loss of control over the subsidiary company are accounted for as transactions with equity owners of the Group. Any difference between the change in the carrying amounts of the non-controlling interest and the fair value of the consideration paid or received is recognised in a separate reserve within equity attributable to the equity holders of the Company.

(c) Associated and joint venture companies

Associated companies are entities over which the Group has signifi cant infl uence, but not control, generally accompanied by a shareholding of between and including 20% and 50% of the voting rights. Joint venture companies are entities over which the Group has contractual arrangements to jointly share the control over the economic activity of the entities with one or more parties.

Investments in associated and joint venture companies are accounted for in the consolidated fi nancial statements using the equity method of accounting less impairment losses, if any.

Investments in associated and joint venture companies are initially recognised at cost. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued or liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Goodwill on associated and joint venture companies represents the excess of the cost of acquisition of the associated and joint venture companies over the Group’s share of the fair value of the identifi able net assets of the associated and joint venture companies and is included in the carrying amount of the investments. Please refer to Note 2.4 for the accounting policy on goodwill on acquisitions.

In applying the equity method of accounting, the Group’s share of its associated and joint venture

companies’ post-acquisition profi ts or losses are recognised in the income statement and its share of post-acquisition other comprehensive income is recognised in other comprehensive income. These post-acquisition movements and distributions received from the associated and joint venture companies are adjusted against the carrying amount of the investments. When the Group’s share of losses in an associated or joint venture company equals or exceeds its interest in the associated or joint venture company, including any other unsecured non-current receivables, the Group does not recognise further losses, unless it has obligations or has made payments on behalf of the associated or joint venture company.

Unrealised gains on transactions between the Group and its associated and joint venture companies are eliminated to the extent of the Group’s interest in the associated and joint venture companies. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. The accounting policies of associated and joint venture companies have been changed where necessary to ensure consistency with the accounting policies adopted by the Group.

Gains and losses arising from partial disposals or dilutions in investments in associated and joint venture companies are recognised in the income statement.

Investments in associated and joint venture companies are derecognised when the Group loses signifi cant infl uence. Any retained interest in the entity is remeasured at its fair value. The difference between the carrying amount of the retained investment at the date when signifi cant infl uence is lost and its fair value is recognised in the income statement.

Please refer to Note 2.5 for the accounting policy on investments in associated and joint venture companies in the separate fi nancial statements of the Company.

43




2.4 Goodwill on acquisitions

Goodwill on acquisitions of subsidiary companies on or after 1 July 2009 represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifi able net assets acquired.

Goodwill on acquisitions of subsidiary companies prior to 1 July 2009 and on acquisitions of associated and joint venture companies represent the excess of the cost of the acquisitions over the fair value of the Group’s share of the identifi able net assets acquired.

Goodwill on subsidiary companies is recognised separately as intangible assets and carried at cost less accumulated impairment losses. Goodwill on associated and joint venture companies is included in the carrying amount of the investments.

Gains and losses on the disposal of subsidiary, associated and joint venture companies include the carrying amount of goodwill relating to the entity sold, except for goodwill arising from acquisitions prior to 1 July 2001. Such goodwill was adjusted against retained earnings in the year of acquisition and is not recognised in the income statement on disposal.

2.5 Investments in subsidiary, associated and joint venture companies

Investments in subsidiary, associated and joint venture companies are carried at cost less accumulated impairment losses in the Company’s statement of fi nancial position. On disposal of investments in subsidiary, associated and joint venture companies, the difference between disposal proceeds and the carrying amounts of the investments are recognised in the income statement.

2.6 Property, plant and equipment

(a) Measurement

(i) Land and buildingsLand and buildings are initially recognised at cost.

Freehold and 999-year leasehold land are subsequently carried at the revalued amounts less accumulated impairment losses. Buildings and leasehold land are subsequently carried at the revalued amounts less accumulated depreciation and accumulated impairment losses.

Land and buildings are revalued by independent professional valuers once every three years and whenever their carrying amounts are likely to differ materially from their revalued amounts. When an asset is revalued, any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset. The net amount is then restated to the revalued amount of the asset.

Increases in carrying amounts arising from revaluation, including currency translation differences, are recognised in other comprehensive income, unless they offset previous decreases in the carrying amounts of the same asset, in which case, they are recognised in the income statement. Decreases in carrying amounts that offset previous increases of the same asset are charged against other comprehensive income. All other decreases in carrying amounts are recognised in the income statement.

44




2.6 Property, plant and equipment (continued)

(a) Measurement (continued)

(ii) Other property, plant and equipment All other items of property, plant and equipment are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

(iii) Components of costs

The cost of an item of property, plant and equipment initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, including borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset. The projected cost of dismantlement, removal or restoration is also recognised as part of the cost of property, plant and equipment if the obligation for the dismantlement, removal or restoration is incurred as a consequence of either acquiring the asset or using the asset for purposes other than to produce inventories.

(b) Depreciation

Freehold and 999-year leasehold land are not depreciated. Depreciation on other items of property, plant and equipment is calculated using the straight-line method to allocate their depreciable amounts over their estimated useful lives. The annual depreciation rates are as follows:

Buildings and leasehold land 1 – 3% or over the remaining lease period, whichever is shorterMotor vehicles 20%Offi ce equipment 10 – 33%Furniture and fi ttings 10% or over the remaining lease period, whichever is shorter

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at the end of each reporting period. The effects of any revision are recognised in the income statement when the changes arise.

(c) Subsequent expenditure

Subsequent expenditure relating to property, plant and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefi ts associated with the item will fl ow to the Group and the cost of the item can be measured reliably. All other repair and maintenance expenses are recognised in the income statement when incurred.

(d) Disposal

On disposal of an item of property, plant and equipment, the difference between the disposal proceeds and its carrying amount is recognised in the income statement. Any amount in the asset revaluation reserve relating to that asset is transferred to retained earnings directly.

(e) Transfer

Transfers of land and building are made to/from property, plant and equipment only when there is a change in use. For a transfer from property, plant and equipment to development properties, the deemed cost for subsequent accounting is the fair value at the date of the change in use.

45




2.7 Investment properties

Investment properties are held for long-term rental yields and/or for capital appreciation and are not occupied substantially by the Group.

Investment properties are initially recognised at cost and subsequently carried at fair value, determined annually by independent professional valuers. Signifi cant assumptions are required to determine the fair value. Changes in fair values are recognised in the income statement.

Investment properties are subject to renovations or improvements at regular intervals. The cost of major renovations and improvements is capitalised. The cost of maintenance, repairs and minor improvements is charged to the income statement when incurred.

On disposal of an investment property, the difference between the disposal proceeds and the carrying amount is recognised in the income statement.

Transfers are made to/from investment properties only when there is a change in use. For a transfer from investment properties to development properties/property, plant and equipment, the deemed cost for subsequent accounting is the fair value at the date of the change in use.

2.8 Development properties

(a) Properties under development

Properties under development are stated at cost plus attributable profi ts, less foreseeable losses and progress payments received and receivable. An allowance is made where the estimated net realisable value of the properties has fallen below their carrying value.

Cost includes cost of land and other direct and related expenditure, including interest on borrowings incurred in developing the properties. Interest and other related expenditure are capitalised as and when the activities that are necessary to get the asset ready for its intended development are in progress.

Sales of development properties under construction in respect of sale and purchase agreements entered into prior to completion of construction are recognised when the properties are delivered to the buyers, except for in cases where the control and risk and rewards of the property are transferred to the buyers as construction progresses.

For sales of development properties of the Group that are within the scope as described in paragraph 2 of the Accompanying Note to INT FRS 115 - Agreements for the Construction of Real Estate, the Group recognises revenue for sales of such development properties by reference to the stage of completion of the properties.

The stage of completion is measured by reference to the physical surveys of construction work completed as certifi ed by the architects or quantity surveyors for the individual units sold. When it is probable that the total development costs will exceed the total revenue, the expected loss is recognised as expense immediately. Signifi cant assumptions are required to estimate the total contract costs. In making this estimate, management has relied on past experience and the work of specialists.

46




2.8 Development properties (continued)

(b) Properties held for sale

Properties held for sale are stated at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less selling expenses.

2.9 Impairment of non-fi nancial assets

(a) Goodwill

Goodwill recognised separately as an intangible asset is tested for impairment annually and whenever there is indication that the goodwill may be impaired.

For the purpose of impairment testing of goodwill, goodwill is allocated to each of the Group’s cash generating units (“CGU”) expected to benefi t from synergies arising from the business combination.

An impairment loss is recognised when the carrying amount of a CGU, including the goodwill, exceeds the recoverable amount of the CGU. The recoverable amount of a CGU is the higher of the CGU’s fair value less cost to sell and value-in-use. The total impairment loss of a CGU is allocated fi rst to reduce the carrying amount of goodwill allocated to the CGU and then to the other assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU.

An impairment loss on goodwill is recognised in the income statement and is not reversed in a subsequent period.

(b) Property, plant and equipment Investments in subsidiary, associated and joint venture companies

Property, plant and equipment and investments in subsidiary, associated and joint venture companies are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired.

For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash infl ows that are largely independent of those from other assets. If this is the case, the recoverable amount is determined for the CGU to which the asset belongs.

If the recoverable amount of the asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. The difference between the carrying amount and the recoverable amount is recognised as an impairment loss in the income statement, unless the asset is carried at revalued amount, in which case, such impairment loss is treated as a revaluation decrease. Please refer to Note 2.6 for the treatment of a revaluation decrease.

An impairment loss for an asset other than goodwill is reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognised for the asset in prior years.

47




2.9 Impairment of non-fi nancial assets (continued)

(b) Property, plant and equipment Investments in subsidiary, associated and joint venture companies (continued)

A reversal of impairment loss for an asset other than goodwill is recognised in the income statement, unless the asset is carried at revalued amount, in which case, such reversal is treated as a revaluation increase. However, to the extent that an impairment loss on the same revalued asset was previously recognised in the income statement, a reversal of that impairment is also recognised in the income statement.

2.10 Financial assets

(a) Classification

The Group classifi es its fi nancial assets in the following categories: at fair value through profi t or loss, loans and receivables and available-for-sale. The classifi cation depends on the nature of the assets and the purpose for which the assets were acquired. Management determines the classifi cation of its fi nancial assets at initial recognition.

(i) Financial assets, at fair value through profi t or loss Financial assets designated as at fair value through profi t or loss at inception are those that are managed and their performances are evaluated on a fair value basis, in accordance with a documented Group investment strategy. Derivatives are categorised as fi nancial assets at fair value through profi t or loss unless they are designated as hedges. Assets in this category are presented as current assets if they are expected to be realised within 12 months after the end of the reporting period.

(ii) Loans and receivablesLoans and receivables are non-derivative fi nancial assets with fi xed or determinable payments that are not quoted in an active market. They are presented as current assets, except for those expected to be realised later than 12 months after the end of the reporting period which are presented as non-current assets. Loans and receivables are presented as “cash and cash equivalents” and “trade and other receivables” on the statement of fi nancial position and also includes deposits and sundry receivables classifi ed as “other current assets”.

(iii) Available-for-sale fi nancial assets Available-for-sale fi nancial assets are non-derivatives that are either designated in this category or not classifi ed in any of the other categories. They are presented as non-current assets unless management intends to dispose of the assets within 12 months after the end of the reporting period.

(b) Recognition and derecognition

Regular way purchases and sales of fi nancial assets are recognised on trade-date – the date on which the Group commits to purchase or sell the asset.

Financial assets are derecognised when the rights to receive cash fl ows from the fi nancial assets have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. On disposal of a fi nancial asset, the difference between the carrying amount and the sale proceeds is recognised in the income statement. Any amount in the fair value reserve relating to that asset is transferred to the income statement.

48




2.10 Financial assets (continued)

(c) Initial measurement

Financial assets are initially recognised at fair value plus transaction costs except for fi nancial assets at fair value through profi t or loss, which are recognised at fair value. Transaction costs for fi nancial assets at fair value through profi t or loss are recognised immediately in the income statement.

(d) Subsequent measurement

Financial assets, both available-for-sale and at fair value through profi t or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortised cost using the effective interest method.

Changes in the fair values of fi nancial assets at fair value through profi t or loss including the effects of currency translation, interest and dividends are recognised in the income statement when the changes arise.

Interest and dividend income on available-for-sale fi nancial assets are recognised separately in the income statement. Changes in the fair values of available-for-sale equity securities (i.e. non-monetary items) are recognised in other comprehensive income, together with the related currency translation differences.

(e) Impairment

The Group assesses at the end of each reporting period whether there is objective evidence that a fi nancial asset or a group of fi nancial assets is impaired and recognises an allowance for impairment when such evidence exists.

(i) Loans and receivables Signifi cant fi nancial diffi culties of the debtor, probability that the debtor will enter bankruptcy, and default or signifi cant delay in payments are objective evidence that these fi nancial assets are impaired.

The carrying amount of these assets is reduced through the use of an impairment allowance account which is calculated as the difference between the carrying amount and the present value of estimated future cash fl ows, discounted at the original effective interest rate. When the asset becomes uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are recognised against the same line item in the income statement.

The allowance for impairment loss account is reduced through the income statement in a subsequent period when the amount of impairment loss decreases and the related decrease can be objectively measured. The carrying amount of the asset previously impaired is increased to the extent that the new carrying amount does not exceed the amortised cost had no impairment been recognised in prior periods.

(ii) Available-for-sale fi nancial assetsA signifi cant or prolonged decline in the fair value of an equity security below its cost is considered as an indicator that the available-for-sale fi nancial asset is impaired.

49




2.10 Financial assets (continued)

(e) Impairment (continued)

(ii) Available-for-sale fi nancial assets (continued)If any evidence of impairment exists, the cumulative loss that was recognised in the fair value reserve is transferred to the income statement. The cumulative loss is measured as the difference between the acquisition cost (net of any principal repayments and amortisation) and the current fair value, less any impairment loss previously recognised in the income statement. The impairment losses recognised in the income statement on equity securities are not reversed through the income statement.

2.11 Financial guarantees

The Company has issued corporate guarantees to banks for borrowings of its subsidiary and joint venture companies. These guarantees are fi nancial guarantees as they require the Company to reimburse the banks if the subsidiary and joint venture companies fail to make principal or interest payments when due in accordance with the terms of their borrowings.

Financial guarantees are initially recognised at their fair values plus transaction costs in the Company’s statement of fi nancial position.

Financial guarantees are subsequently amortised to the income statement over the tenure of the subsidiary and joint venture companies’ borrowings, unless it is probable that the Company will reimburse the bank for an amount higher than the unamortised amount. In this case, the fi nancial guarantees shall be carried at the expected amount payable to the bank in the Company’s statement of fi nancial position.

Intra-group transactions are eliminated on consolidation.

2.12 Inventories

Inventories are carried at the lower of cost and net realisable value. Cost is determined using the weighted average method. The cost of fi nished goods and work-in-progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity) but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business less applicable variable selling expenses.

2.13 Borrowings and borrowing costs

Borrowings are presented as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the end of the reporting period.

Borrowings are initially recognised at fair value (net of transaction costs) and subsequently carried at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.

Borrowing costs are recognised in the income statement using the effective interest method except for those costs that are directly attributable to borrowings acquired specifi cally for the construction or development of properties. The actual borrowing costs incurred during the period up to the issuance of the temporary occupation permit less any investment income on temporary investment of these borrowings, are capitalised in the cost of the property under development.

50




2.14 Derivative fi nancial instruments and hedging activities

A derivative fi nancial instrument is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and if so, the nature of the item being hedged.

Fair value changes on derivatives that are not designated or do not qualify for hedge accounting are recognised in the income statement when the changes arise.

The Group documents at the inception of the transaction the relationship between the hedging instruments and hedged items, as well as its risk management objective and strategies for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, on whether the derivatives designated as hedging instruments are highly effective in offsetting changes in cash fl ows of the hedged items.

The carrying amount of a derivative designated as a hedge is presented as a non-current asset or liability if the remaining expected life of the hedged item is more than 12 months, and as a current asset or liability, if the remaining expected life of the hedged item is less than 12 months.

The Group has entered into interest rate and cross currency swaps that are cash fl ow hedges for the Group’s exposure to interest rate and currency risks on its borrowings. These contracts entitle the Group to receive interest at fl oating rates on notional principal amounts and oblige the Group to pay interest at fi xed rates on the notional principal amounts that are denominated in the same or different currency, thus allowing the Group to raise borrowings at fl oating rates and swap them into fi xed rates that are lower than those available if they borrowed at fi xed rates directly.

The fair value changes on the effective portion of interest rate and cross currency swaps designated as cash fl ow hedges are recognised in other comprehensive income and transferred to the income statement when the interest expense on the borrowings are recognised in the income statement. The fair value changes on the ineffective portion of the interest rate and cross currency swaps are recognised immediately in the income statement.

Currency forwards are entered into to manage exposure to fl uctuations in foreign currency exchange rates on highly probable forecast transactions. These contracts do not qualify for hedge accounting.

2.15 Fair value estimation of fi nancial assets and liabilities

The fair values of fi nancial instruments traded in active markets (such as exchange-traded and over-the-counter securities and derivatives) are based on quoted market prices at the end of the reporting period. The quoted market prices used for fi nancial assets are the current bid prices; the appropriate quoted market prices for fi nancial liabilities are the current asking prices.

The fair values of fi nancial instruments that are not traded in an active market are determined by using valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at the end of each reporting period. Where appropriate, quoted market prices or dealer quotes for similar instruments are used. Valuation techniques, such as discounted cash fl ow analyses, are also used to determine the fair values of the fi nancial instruments.

51




2.15 Fair value estimation of fi nancial assets and liabilities (continued)

The fair values of interest rate and cross currency swaps are calculated as the present value of the estimated future cash fl ows discounted at actively quoted interest and forward exchange rates. The fair values of currency forwards are determined using actively quoted forward exchange rates.

The fair values of fi nancial liabilities carried at amortised cost are estimated by discounting the future contractual cash fl ows at the current market interest rates that are available to the Group for similar fi nancial liabilities.

The fair values of current fi nancial assets and liabilities carried at amortised cost approximate their carrying amounts.

2.16 Operating leases

(a) When the Group is the lessee:

Leases where substantially all risks and rewards incidental to ownership are retained by the lessors are classifi ed as operating leases. Payments made under operating leases (net of any incentives received from the lessors) are recognised in the income statement on a straight-line basis over the period of the lease.

Contingent rents are recognised as an expense in the income statement when incurred.

(b) When the Group is the lessor:

Leases of investment properties where the Group retains substantially all risks and rewards incidental to ownership are classifi ed as operating leases. Rental income from operating leases (net of any incentives given to the lessees) is recognised in the income statement on a straight-line basis over the lease term.

2.17 Income taxes

Current income tax for current and prior periods is recognised at the amount expected to be paid to or be recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred income tax is recognised for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the fi nancial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profi t or loss at the time of the transaction.

A deferred income tax liability is recognised on temporary differences arising on investments in subsidiary, associated and joint venture companies, except where the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

A deferred income tax asset is recognised to the extent that it is probable that future taxable profi t will be available against which the deductible temporary differences and tax losses can be utilised.

Deferred income tax is measured:

(a) at the tax rates that are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period; and

52




2.17 Income taxes (continued)

(b) based on the tax consequence that will follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amounts of its assets and liabilities except for investment properties. Investment property measured at fair value is presumed to be recovered entirely through sale.

Current and deferred income taxes are recognised as income or expense in the income statement, except to the extent that the tax arises from a business combination or a transaction which is recognised directly in equity. Deferred income tax arising from a business combination is adjusted against goodwill on acquisition.

2.18 Provisions

Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is more likely than not that an outfl ow of resources will be required to settle the obligation and the amount has been reliably estimated.

2.19 Trade and other payables

Trade and other payables represent liabilities for goods and services provided to the Group prior to the end of the fi nancial year which are unpaid. They are classifi ed as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business, if longer). Otherwise, they are presented as non-current liabilities.

Trade and other payables are initially recognised at fair value, and subsequently carried at amortised cost, using the effective interest method.

2.20 Employee compensation

(a) Defined contribution plans

Defi ned contribution plans are post-employment benefi t plans under which the Group pays fi xed contributions into separate entities such as the Central Provident Fund on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.

(b) Share-based payment

The Group operates an equity-settled, share-based payment plan. The value of the employee services received in exchange for the grant of shares and share options is charged to the income statement with a corresponding increase in the share-based payment reserve over the vesting period. The total amount to be recognised over the vesting period is determined by reference to the fair value of the shares and share options granted on the date of the grant. Non-market vesting conditions are included in the estimation of the number of shares and share options that are expected to vest on the vesting date. At the end of each reporting period, the Group revises its estimates of the number of shares and share options that are expected to vest on the vesting date and recognises the impact of the revision of the estimates in the income statement, with a corresponding adjustment to the share-based payment reserve over the remaining vesting period.

53




2.21 Currency translation

(a) Functional and presentation currency

Items included in the fi nancial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The fi nancial statements are presented in Singapore Dollars, which is the functional currency of the Company.

(b) Transactions and balances

Transactions in a currency other than the functional currency (“foreign currency”) are translated into the functional currency using the exchange rates at the dates of the transactions. Currency translation differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the end of the reporting period are recognised in the income statement, unless they arise from borrowings in foreign currencies qualifying as net investment in foreign operations. Those currency translation differences are recognised in other comprehensive income in the consolidated fi nancial statements and transferred to the income statement as part of the gain or loss on disposal of the foreign operation.

Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined.

(c) Translation of Group entities’ financial statements

The results and fi nancial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

(i) Assets and liabilities are translated at the closing exchange rates at the end of the reporting period;

(ii) Income and expenses are translated at average exchange rates (unless the average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated using the exchange rates at the dates of the transactions); and

(iii) All resulting currency translation differences are recognised in other comprehensive income.

Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations and translated at the closing rates at the end of the reporting period.

54




2.22 Segment reporting

Operating segments are reported in a manner consistent with the Group’s principal activities and internal reporting provided to management who are responsible for allocating resources and assessing the performance of the operating segments.

Sales between segments are carried out at arm’s length. The revenue from external parties reported to management is measured in a manner consistent with that in the income statement.

Management assesses the performance of the operating segments based on a measure of Earnings before interest and tax (“EBIT”). Interest income and fi nance costs are not allocated to the segments.

The amounts provided to management with respect to total assets and liabilities are measured in a manner consistent with that of the fi nancial statements. These assets and liabilities are allocated based on the operations of the segment. All assets and liabilities are allocated to reportable segments other than tax recoverable and current and deferred income tax.

Segment capital expenditure is the total cost incurred during the fi nancial year to acquire property, plant and equipment and investment properties.

2.23 Cash and cash equivalents

For the purpose of presentation in the consolidated statement of cash fl ows, cash and cash equivalents include interest-bearing bank accounts, fi xed deposits with fi nancial institutions and cash and bank balances, which are subject to an insignifi cant risk of change in value.

2.24 Share capital and treasury shares

Ordinary shares are classifi ed as equity. Incremental costs directly attributable to the issuance of new ordinary shares are deducted against the share capital account.

When any entity within the Group purchases the Company’s ordinary shares (“treasury shares”), the consideration paid including any directly attributable incremental cost is presented as a component within equity attributable to the Company’s equity holders, until they are cancelled, sold or reissued.

When treasury shares are subsequently cancelled, the cost of treasury shares are deducted against the share capital account if the shares are purchased out of capital of the Company, or against the retained earnings of the Company if the shares are purchased out of earnings of the Company.

When treasury shares are subsequently sold or reissued pursuant to the employee share plans and share option scheme, the cost of the treasury shares is reversed from the treasury shares reserve.

2.25 Dividends to equity holders of the Company

Dividends to equity holders of the Company are recognised when the dividends are approved for payment.

55



3. REVENUE

Group 2013 2012 $’000 $’000

Revenue from sale of: — development properties 1,077,589 363,919 — goods 212,852 219,126Rental income 37,452 37,891Management fees 4,503 3,861Dividend income 104 91

1,332,500 624,888

4. OTHER GAINS — NET

Group 2013 2012 $’000 $’000

Interest income from: — joint venture companies 7,981 5,140 — banks 3,037 2,918Gain on disposal of property, plant and equipment 204 1,489Loss on disposal of investment property — (172)Gain on liquidation of an available-for-sale fi nancial asset 5,696 —Fair value gains on investment properties 52,112 15,713Loss on defaulted sales of development properties — (6,540)Dilution loss on interest in an associated company (2,830) (2,613)Other miscellaneous gains 5,326 2,558

71,526 18,493

56



5. EXPENSES BY NATURE

Group 2013 2012 $’000 $’000

Depreciation of property, plant and equipment 12,489 11,938Employee compensation 85,487 74,101Auditors’ remuneration paid/payable to: — auditor of the Company 331 325 — other auditors 240 210Other fees paid/payable to: — auditor of the Company 117 20 — other auditors 281 230Fair value losses/(gains) on derivative fi nancial instruments 112 (368)Allowance for stock obsolescence 2,044 1,188Write-off of property, plant and equipment 674 442Impairment loss on property, plant and equipment 251 —Rental expense on operating leases 51,938 52,017Foreign exchange loss/(gain) 3,088 (12,506)Development cost included in cost of sales 613,409 196,510Raw materials and fi nished goods included in cost of sales 83,721 81,497

Included in the Group’s rental expense on operating leases is contingent rent amounting to $2.4 million (2012: $3.2 million).

6. EMPLOYEE COMPENSATION

Group 2013 2012 $’000 $’000

Wages and salaries (including directors’ remuneration) 75,735 63,962Employer’s contribution to defi ned contribution plans including Central Provident Fund 6,980 6,942Share-based payment 2,772 3,197

85,487 74,101

Please refer to Note 33(b) for directors’ remuneration.

57



7. FINANCE COSTS

Group 2013 2012 $’000 $’000

Interest expense to banks 39,383 37,161

8. INCOME TAXES

(a) Income tax expense Group 2013 2012 (restated) $’000 $’000

Tax expense/(credit) attributable to profi t is made up of: Current income tax — Singapore 27,819 47,485 — Foreign 43,406 7,441

71,225 54,926Deferred income tax 33,740 (21,297)

104,965 33,629(Over)/under provision in preceding fi nancial years — Current income tax (1,418) 2,726 — Deferred income tax (621) (2,668)

102,926 33,687

The Group is subject to income taxes in numerous jurisdictions. Signifi cant judgement is required in estimating the capital allowances and the deductibility of certain expenses in determining the provision for income taxes. There are many transactions and calculations during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the fi nal tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred income tax provisions in the period in which such determination is made.

58



8. INCOME TAXES (continued)

(a) Income tax expense (continued)

The income tax expense on profi t before tax and share of profi ts of associated and joint venture companies differs from the amount that would arise using the Singapore standard rate of income tax as explained below:

Group 2013 2012 (restated) % %

Singapore standard rate of income tax 17.0 17.0Different tax rates in other countries 2.9 1.1Expenses not deductible for tax purposes 5.2 8.5Income not subject to tax (1.2) (5.0)Tax losses not recognised 2.6 4.6

26.5 26.2

The tax charge relating to each component of other comprehensive income/(expense) is as follows:

Group Before tax Tax charge After tax $’000 $’000 $’000

2013Cash fl ow hedges 8,864 — 8,864Currency translation differences 10,716 — 10,716Share of other comprehensive income of associated and joint venture companies 8,230 — 8,230Revaluation gains on property, plant and equipment 75,094 (11,732) 63,362Share of revaluation gains on property, plant and equipment of an associated company 2,138 — 2,138

105,042 (11,732) 93,310

2012 (restated) Cash fl ow hedges 13,668 — 13,668Currency translation differences 3,350 — 3,350Share of other comprehensive expense of associated and joint venture companies (5,124) — (5,124)Revaluation gains on property, plant and equipment 10,964 (1,475) 9,489Share of revaluation gains on property, plant and equipment of an associated company 695 — 695

23,553 (1,475) 22,078

59




(b) Deferred income taxes

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current income tax assets against current income tax liabilities and when the deferred income taxes relate to the same fi scal authority. The amounts, determined after appropriate offsetting, are shown on the statement of fi nancial position as follows:

Group 2013 2012 2011 (restated) (restated) $’000 $’000 $’000

Deferred income tax liabilities to be settled after one year 62,267 17,137 39,818

Deferred income tax assets are recognised for tax losses carried forward to the extent that realisation of the related tax benefi ts through future taxable profi ts is probable. The Group had unrecognised tax losses of $153.3 million (2012: $175.6 million) at the end of the reporting period which can be carried forward and used to offset against future taxable income subject to meeting certain statutory requirements by those companies with unutilised tax losses in their respective countries of incorporation. These tax losses have no expiry date.

The movement in deferred income tax assets and liabilities (prior to offsetting of balances within the same tax jurisdiction) during the fi nancial year is as follows:

Deferred income tax liabilities — Group

Recognition Accelerated of profits on tax Revaluation percentage depreciation gains of completion Others Total $’000 $’000 $’000 $’000 $’000

2013 Beginning of fi nancial year 5,079 56,782 6,320 227 68,408Effect of adopting Amendments to FRS 12 — (49,252) — — (49,252)

As restated 5,079 7,530 6,320 227 19,156Currency translation differences (3) 160 — 124 281Charged/(credited) to: — other comprehensive income — 11,732 — — 11,732 — income statement (545) 7,940 21,317 2,823 31,535

End of financial year 4,531 27,362 27,637 3,174 62,704

60




(b) Deferred income taxes (continued)

Deferred income tax liabilities — Group (continued)

Recognition Accelerated of profits on tax Revaluation percentage depreciation gains of completion Others Total $’000 $’000 $’000 $’000 $’000

2012 (restated) Beginning of fi nancial year 6,331 51,846 27,746 156 86,079Effect of adopting Amendments to FRS 12 — (45,847) — — (45,847)

As restated 6,331 5,999 27,746 156 40,232Currency translation differences (13) (213) — — (226)Charged/(credited) to: — other comprehensive income — 1,475 — — 1,475 — income statement (1,239) 269 (21,426) 71 (22,325)

End of fi nancial year 5,079 7,530 6,320 227 19,156

Deferred income tax assets — Group

Provisions Tax losses Others Total $’000 $’000 $’000 $’000

2013 Beginning of fi nancial year 19 395 1,605 2,019Currency translation differences — (2) 4 2Charged to income statement — (65) (1,519) (1,584)

End of financial year 19 328 90 437

2012 Beginning of fi nancial year 19 331 64 414Currency translation differences — (6) (29) (35)Credited to income statement — 70 1,570 1,640

End of fi nancial year 19 395 1,605 2,019

61



9. EARNINGS PER SHARE

(a) Basic earnings per share

Basic earnings per share is calculated by dividing the net profi t attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the fi nancial year.

Group 2013 2012 (restated) $’000 $’000

Net profi t before fair value gains on investment properties attributable to equity holders of the Company 293,705 151,847 Fair value gains on investment properties 237,421 110,519

Net profi t after fair value gains on investment properties attributable to equity holders of the Company 531,126 262,366

’000 ’000

Weighted average number of ordinary shares in issue for basic earnings per share 783,216 780,803

Basic earnings per share (cents) based on: Profi t before fair value gains on investment properties 37.50 19.45Profi t after fair value gains on investment properties 67.81 33.60

(b) Diluted earnings per share

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue to assume issuance of all dilutive potential ordinary shares from share plans and share options.

62



9. EARNINGS PER SHARE (continued)

(b) Diluted earnings per share (continued) Group 2013 2012 (restated) $’000 $’000

Net profi t before fair value gains on investment properties attributable to equity holders of the Company 293,705 151,847Adjustments for share options and share plans of: — a subsidiary company (152) (25) — an associated company (304) (150)

Net profi t before fair value gains on investment properties used to determine diluted earnings per share 293,249 151,672

Net profi t after fair value gains on investment properties attributable to equity holders of the Company 531,126 262,366Adjustments for share options and share plans of: — a subsidiary company (152) (20) — an associated company (1,151) (597)

Net profi t after fair value gains on investment properties used to determine diluted earnings per share 529,823 261,749

’000 ’000

Weighted average number of ordinary shares in issue for basic earnings per share 783,216 780,803Adjustments for: — share plans 4,014 3,750 — share options 356 79

Number of ordinary shares used to determine diluted earnings per share 787,586 784,632

Diluted earnings per share (cents) based on: Profi t before fair value gains on investment properties 37.23 19.33Profi t after fair value gains on investment properties 67.27 33.36

63



10. CASH AND CASH EQUIVALENTS

Group Company 2013 2012 2013 2012 $’000 $’000 $’000 $’000

Fixed deposits with fi nancial institutions 622,368 694,293 317,700 402,350Cash and bank balances 402,173 154,393 288,580 39,310

1,024,541 848,686 606,280 441,660

Included in cash and cash equivalents of the Group are amounts held under Housing Developers (Project Account) (Amendment) Rules 1997, totalling $175.6 million (2012: $65.0 million), the use of which is subject to restrictions imposed by the aforementioned rules.

The carrying amounts of cash and cash equivalents approximated their fair values.

11. DERIVATIVE FINANCIAL INSTRUMENTS

Group Company Contract Fair value Contract notional (liability)/ notional Fair value amount asset amount liability $’000 $’000 $’000 $’000

2013 Cash fl ow hedges — Interest rate and cross currency swaps 275,563 (11,744) 25,000 (257)Non-hedging instruments — Currency forwards 11,603 (42) — —

(11,786) (257)

2012 Cash fl ow hedges — Interest rate and cross currency swaps 375,703 (20,738) 125,000 (3,503)Non-hedging instruments — Currency forwards 10,369 69 — —

(20,669) (3,503)

As at 30 June 2013, the fi xed interest rate on HKD interest rate swap is 5.5% (2012: 5.5%) per annum, the fi xed interest rate on USD interest rate swap is 2.8% (2012: 2.8%) per annum and the fi xed interest rates on SGD interest rate swaps vary from 2.5% to 3.0% (2012: 2.5% to 5.5%) per annum. The main fl oating rates are Hong Kong Interbank Offered Rate, London Interbank Offered Rate and Singapore Swap Offered Rate.

Interest rate swaps are entered into to hedge fl oating rate borrowings that will mature between September 2013 to October 2014. Fair value gains and losses on the interest rate swaps recognised in the cash fl ow hedge reserve are reclassifi ed to the income statement as part of fi nance costs or capitalised in the costs of the properties under development over the period of the borrowings.

Please refer to Note 2.14 for details of the fi nancial instruments and hedging policies.

64



12. TRADE AND OTHER RECEIVABLES — CURRENT

Group Company 2013 2012 2013 2012 $’000 $’000 $’000 $’000

Trade receivables 105,100 57,033 — —Allowance for impairment of receivables (202) (245) — —

104,898 56,788 — —

Due from subsidiary companies — non-trade [Note 12(i)] — — 491,353 621,718Allowance for impairment of receivables — — (191,222) (185,179)

— — 300,131 436,539

Due from associated and joint venture companies — non-trade [Note 12(ii)] 61,261 24,491 316 360

Due from non-controlling interests — non-trade [Note 12(iii)] — 2,125 — —

Total current receivables 166,159 83,404 300,447 436,899

(i) Amounts due from subsidiary companies are unsecured and repayable on demand. Included in the amounts due from subsidiary companies are fi xed-interest loan receivables of $240.8 million (2012: $236.8 million).

(ii) Amounts due from associated and joint venture companies are unsecured and repayable on demand. Included in the amounts due from associated and joint venture companies are fi xed-interest loan receivables of $54.9 million (2012: $17.4 million).

(iii) Amounts due from non-controlling interests are unsecured, interest free and repayable on demand.

The carrying amounts of current trade and other receivables approximated their fair values.

65



13. INVENTORIES

Group 2013 2012 $’000 $’000

Raw materials 365 471Work-in-progress 126 73Finished goods 21,305 20,227

21,796 20,771

The cost of inventories recognised as expense and included in “cost of sales” amounted to $83.7 million (2012: $81.5 million).

14. DEVELOPMENT PROPERTIES

Group 2013 2012 $’000 $’000

Properties under development — Land, at cost 1,022,999 712,791 — Development costs 676,070 452,907 — Overhead expenditure capitalised 89,230 73,064

1,788,299 1,238,762 — Attributable profi ts 377,363 41,841 — Allowance for foreseeable losses (76,577) (76,973)

2,089,085 1,203,630 — Progress payments received and receivable (786,554) (323,641)

1,302,531 879,989Properties held for sale 160,542 213,150

1,463,073 1,093,139

Value of properties under development mortgaged to secure long term banking facilities granted (Note 24) 780,960 737,917

Total interest capitalised during the fi nancial year 8,958 9,173

66



14. DEVELOPMENT PROPERTIES (continued)

The major development properties are as follows:

% of Gross Group’s completion Expected Land floor interest in Type of at completion area area propertyLocation development Tenure 30.06.2013 date (Sq m) (Sq m) (%)

Singapore

Helios Residences 140 units of Freehold 100 n/a 7,399 20,717 100at Cairnhill Circle apartments Belle Vue 176 units of Freehold 100 n/a 23,004 32,205 60Residences condominiumat Oxley Walk housing

L’VIV 147 units of Freehold 88 2013 3,984 11,156 100at Newton Road apartments

Le Nouvel 43 units of Freehold 51 2014 5,624 15,746 100Ardmore at condominiumArdmore Park housing

Foresque 496 units of Leasehold 75 2014 22,744 47,763 100Residences condominiumat Petir Road housing

The Tembusu at 337 units of Freehold — 2016 13,149 27,614 100Tampines Road condominium housing and

1 unit of shop

Malaysia

Sering Ukay 152 units Freehold Phase 3 — — 188,151 52,955 60.9at Mukim of Ulu of semi-Klang, Gombak, detachedSelangor houses and bungalows

Verticas 423 Freehold Towers A, 100 n/a 9,764 29,373 60.9Residences at units of B, C, DSection 57, Town condominiumof Kuala Lumpur housing

Kondominium 197 units of Freehold 22 2015 6,084 50,033 60.9Le Nouvel at condominiumSection 43, housingTown of Kuala Lumpur

67





Malaysia (continued)

Kondominium 25 units of Freehold 65 2014 4,047 15,078 60.9Nobleton Crest condominiumat Section 89, housingTown ofKuala Lumpur

Taman Seri 34 units of Freehold Phase 6 100 n/a 463 775 60.9Impian at Mukim shop offi ces14 and 15, Daerah Seberang Perai Tengah,Pulau Pinang

Taman Nagasari 423 units of Freehold Blocks A & B — — 27,863 50,026 60.9at Mukim 6, fl ats andProvince vacant landWellesley Central,Pulau Pinang Taman Bukit 595 units Freehold Phase 1 100 n/a 64,223 33,109 60.9Minyak Utama of terrace Phase 2 100 n/aat Mukim 14, and semi- Phase 3 100 n/aDaerah Seberang detached Phase 4 21 2015Perai Tengah, housesPulau Pinang and shop houses

Sentral Greens at 54 units Freehold 100 n/a 1,425 260 60.9Mukim 13, Tempat of terraceRelau, Daerah and semi-Timur Laut, detachedPulau Pinang houses

Impiana 81 units of Freehold 100 n/a 10,015 14,786 60.9Boulevard shop housesand Impiana and vacantGallery at landMukim 14, Daerah Seberang Perai Tengah, Pulau Pinang

68





Malaysia (continued)

Jesselton Hills 810 units of Freehold Phase 1 85 2013 468,671 34,129 60.9at Mukim 15, terrace and Phase 2-5 — —Daerah Seberang semi-detachedPerai Tengah, houses andPulau Pinang vacant land

Vacant land — 99-year — — 38,155 n/a 60.9at Pekan leasePenaga, District expiringof Petaling, 2093Selangor

Vacant land at — Freehold — — 8,645 n/a 60.9Section 89A, Town ofKuala Lumpur

Vacant land — Freehold — — 376,466 n/a 60.9at Mukim 14-16, Daerah Seberang Perai Tengah,Pulau Pinang

Vacant land at — Freehold — — 2,282 n/a 60.9Mukim 17, Batu Ferringhi,Pulau Pinang

The People’s Republic of China

The Lakeview at 190 units of 70-year Phase 3 100 n/a 9,740 32,140 75No.63 Xinggang apartments leaseStreet, Suzhou expiringIndustrial Park 2066

The Lakeside 60 units of 70-year Phase 2 — — 19,518 18,990 75at No.1 Xingzhou apartments leaseStreet, Suzhou expiringIndustrial Park 2066

Vacant land at — 70-year — — 53,838 n/a 100F1-3 Luodian New leaseTown, Shanghai expiringBaoshan District 2083

n/a: not applicable

69



15. OTHER CURRENT ASSETS

Group Company 2013 2012 2013 2012 $’000 $’000 $’000 $’000

Deposits 11,245 12,079 190 71 Prepayments 43,612 60,970 3,333 2,043 Sundry receivables 4,668 2,063 1,079 2,348

59,525 75,112 4,602 4,462

The carrying amounts of deposits and sundry receivables approximated their fair values.

16. AVAILABLE-FOR-SALE FINANCIAL ASSETS

Group Company 2013 2012 2013 2012 $’000 $’000 $’000 $’000

Beginning of fi nancial year 7,170 7,170 3,189 3,189 Liquidation (3,981) — — —

End of fi nancial year 3,189 7,170 3,189 3,189

The available-for-sale fi nancial assets comprised unquoted equity shares in Singapore.

70



17. TRADE AND OTHER RECEIVABLES — NON-CURRENT

Group Company 2013 2012 2013 2012 $’000 $’000 $’000 $’000

Loans to subsidiary companies [Note 17(i)] — — 676,184 467,037 Allowance for impairment of receivables — — (14,379) (14,472)

— — 661,805 452,565

Loans to joint venture companies [Note 17(ii)] 282,577 198,770 — — Allowance for impairment of receivables (189) (190) — —

282,388 198,580 — —

Loans to non-controlling interests [Note 17(iii)] 9,985 6,881 — —

Total non-current receivables 292,373 205,461 661,805 452,565

(i) Loans to subsidiary companies are unsecured, have no fi xed terms of repayment and are not expected to

be repayable within the next 12 months. Included in the loans to subsidiary companies are fi xed-interest loan receivables of $312.7 million (2012: $202.5 million) and fl oating-interest loan receivables of $12.4 million (2012: $12.4 million).

The interest-free loans to subsidiary companies are intended to be a long-term source of additional capital for the subsidiary companies. As a result, management considers such loans to be in substance part of the Company’s net investment in these subsidiary companies and has accounted for these loans in accordance with Note 2.5.

(ii) Loans to joint venture companies are unsecured, have no fi xed terms of repayment and are not expected to be repayable within the next 12 months. Included in the loans to joint venture companies are fi xed-interest loan receivables of $282.4 million (2012: $198.6 million).

The interest-bearing loans to joint venture companies amounting to $282.4 million (2012: $183.1 million) are subordinated to banking facilities of $967.8 million (2012: $893.8 million) granted by banks to the said joint venture companies.

(iii) Loans by certain subsidiary companies to non-controlling interests are made proportionate to the

shareholders’ equity stake in the subsidiary companies on a pari passu basis. The loans are unsecured, interest-free, have no fi xed terms of repayment and are not expected to be repayable within the next 12 months.

The carrying amounts of non-current trade and other receivables approximated their fair values.

71



18. INVESTMENT IN AN ASSOCIATED COMPANY


Carrying amount of quoted investment in an associated company 1,043,593 736,367 602,498

The above carrying amount included the following: — Share of an associated company’s other comprehensive income/(expense) for the year 48,140 (4,854) 7,326 — Share of an associated company’s net profi t for the year 263,413 124,312 111,125

The summarised fi nancial information of an associated company, not adjusted for the proportionate ownership interest held by the Group, is as follows:


Assets 4,265,639 3,646,401 3,093,111 Liabilities (1,248,499) (1,107,980) (978,703) Revenue 497,840 402,635 263,850 Net profi t 765,104 387,455 400,750

Share of an associated company’s contingent liabilities and fi nancial guarantees incurred jointly with other investors 6,403 — —

Market value of quoted equity shares 371,575 308,870 231,200

As at 30 June 2013, the carrying value of quoted equity shares is higher than the market value. The directors consider the carrying value of investment in the associated company appropriate, after having evaluated various qualitative and quantitative factors including the historical fi nancial performance of the associated company.

Details of the Group’s associated company are listed in Note 35 to the fi nancial statements.

72



19. INVESTMENTS IN JOINT VENTURE COMPANIES

The following amounts represent the Group’s share of the assets, liabilities, revenue and expenses of the joint venture companies which are included in the consolidated statement of fi nancial position and consolidated statement of comprehensive income using equity accounting.

Group 2013 2012 $’000 $’000

Assets — Current assets 902,754 755,864 — Non-current assets 140,388 34,602

1,043,142 790,466

Liabilities — Current liabilities (280,465) (182,124) — Non-current liabilities (555,378) (446,910)

(835,843) (629,034)

Net assets 207,299 161,432

Revenue 253,646 328,262Expenses (215,014) (250,265)Income tax expense (7,292) (12,834)

Net profi t 31,340 65,163

The Group’s share of the capital commitments of the joint venture companies were as follows:

Group 2013 2012 $’000 $’000

Contracted but not provided for 81,606 48,714

Details of the Group’s joint venture companies are listed in Note 35 to the fi nancial statements.

73



20. INVESTMENTS IN SUBSIDIARY COMPANIES

Company 2013 2012 $’000 $’000

Beginning and end of fi nancial year 252,392 252,392

Details of the Group’s subsidiary companies are listed in Note 35 to the fi nancial statements.

21. INVESTMENT PROPERTIES

Group 2013 2012 $’000 $’000

Beginning of fi nancial year 578,085 560,210Fair value gains recognised in income statement 52,112 15,713Transfer to property, plant and equipment (2,285) —Transfer (to)/from development properties (66,485) 2,795Additional expenditure 612 —Disposals — (774)Currency translation differences 114 141

End of fi nancial year 562,153 578,085

The major investment properties are as follows:

Group’s Lettable interest in area propertyLocation Description Tenure (Sq m) (%)

SingaporeWinsland House I 10-storey 99-year lease 13,165 100at 3 Killiney Road commercial building expiring 2082(1st to 9th fl oor)

Winsland House II 8-storey 99-year lease 7,287 100at 163 Penang Road commercial building expiring 2093 Winsland House IIat 165 Penang Road Conservation 99-year lease 534 100 house expiring 2093

Lanson Place 9-storey 99-year lease 6,030 100Winsland Serviced serviced apartments expiring 2093Residences at 167 Penang Road

74



21. INVESTMENT PROPERTIES (continued)

Group’s Lettable interest in area propertyLocation Description Tenure (Sq m) (%)

MalaysiaLanson Place 132 units of Freehold 22,702 60.9Kondominium No. 8 condominiumat Section 89A, housingTown of Kuala Lumpur

Sering Ukay at Jalan SU1E, 10 units of Freehold 2,872 60.9Ampang, Selangor shop offi ces

Taman Bukit Minyak Utama at 7 units of Freehold 2,776 60.9Lorong Bukit Minyak Utama 2, shop offi cesPulau Pinang

The People’s Republic of China Singa Plaza 8-storey 50-year lease 8,255 75at No. 8 Jinji Hu Road, commercial building expiring 2046Suzhou Industrial Park

Investment properties are carried at fair values at the end of the reporting period as determined by independent professional valuers based on the Direct Market Comparison Method and Investment Method.

Investment properties are leased to third parties under operating leases (Note 30).

Investment properties with a total valuation of $535.5 million (2012: $516.1 million) were mortgaged to banks to secure long term banking facilities granted to the subsidiary companies (Note 24).

The following amounts are recognised in the income statement:

Group 2013 2012 $’000 $’000

Rental income 31,694 31,962Direct operating expenses arising from investment properties that generated rental income (10,759) (10,801)

75



22. PROPERTY, PLANT AND EQUIPMENT

Freehold Leasehold land and land and Motor Office Furniture buildings buildings vehicles equipment and fittings Total $’000 $’000 $’000 $’000 $’000 $’000

GROUP 2013 Cost or valuation Beginning of fi nancial year Cost — — 6,058 19,709 46,914 72,681Valuation 111,442 57,082 — — — 168,524

111,442 57,082 6,058 19,709 46,914 241,205Additions — 299 516 2,991 16,077 19,883Disposals — — (277) (58) (2) (337)Write-off — — — (1,407) (6,772) (8,179)Revaluation gains 71,700 2,788 — — — 74,488Transfer to development properties (148,700) — — — — (148,700)Transfer from investment properties — 2,285 — — — 2,285Currency translation differences (266) (78) (20) (71) (163) (598)

End of fi nancial year 34,176 62,376 6,277 21,164 56,054 180,047

Representing: Cost — — 6,277 21,164 56,054 83,495Valuation 34,176 62,376 — — — 96,552

34,176 62,376 6,277 21,164 56,054 180,047

Accumulated depreciation and impairment losses Beginning of fi nancial year 402 523 3,543 9,460 30,303 44,231Depreciation charge 314 1,151 839 2,110 8,075 12,489Disposals — — (236) (56) (2) (294)Write-off — — — (1,361) (6,144) (7,505)Impairment loss — — — 37 214 251Revaluation adjustments (103) (503) — — — (606)Currency translation differences (6) (8) (13) (65) (120) (212)

End of fi nancial year 607 1,163 4,133 10,125 32,326 48,354

Net book value End of financial year 33,569 61,213 2,144 11,039 23,728 131,693

76



22. PROPERTY, PLANT AND EQUIPMENT (continued)

Freehold Leasehold land and land and Motor Office Furniture buildings buildings vehicles equipment and fittings Total $’000 $’000 $’000 $’000 $’000 $’000

GROUP 2012 Cost or valuation Beginning of fi nancial year Cost — — 5,348 17,724 45,972 69,044Valuation 104,076 57,029 — — — 161,105

104,076 57,029 5,348 17,724 45,972 230,149Additions — 432 776 2,997 5,060 9,265Disposals (1,247) (581) (27) (276) (31) (2,162)Write-off — — — (545) (3,724) (4,269)Revaluation gains 9,150 361 — — — 9,511Currency translation differences (537) (159) (39) (191) (363) (1,289)

End of fi nancial year 111,442 57,082 6,058 19,709 46,914 241,205

Representing: Cost — — 6,058 19,709 46,914 72,681Valuation 111,442 57,082 — — — 168,524

111,442 57,082 6,058 19,709 46,914 241,205

Accumulated depreciation and impairment losses Beginning of fi nancial year 450 312 2,504 8,178 27,061 38,505Depreciation charge 621 1,155 1,068 2,209 6,885 11,938Disposals (140) (8) — (269) (24) (441)Write-off — — — (482) (3,345) (3,827)Revaluation adjustments (525) (928) — — — (1,453)Currency translation differences (4) (8) (29) (176) (274) (491)

End of fi nancial year 402 523 3,543 9,460 30,303 44,231

Net book value End of fi nancial year 111,040 56,559 2,515 10,249 16,611 196,974

77




Motor Office Furniture vehicles equipment and fittings Total $’000 $’000 $’000 $’000

COMPANY 2013 Beginning of fi nancial year Cost 2,122 6,878 2,101 11,101

Additions — 565 564 1,129Disposals (108) (24) — (132)Write-off — (130) (317) (447)


Accumulated depreciation Beginning of fi nancial year 1,439 760 1,074 3,273Depreciation charge 264 231 257 752Disposals (81) (24) — (105)Write-off — (119) (170) (289)

End of fi nancial year 1,622 848 1,161 3,631

Net book value End of financial year 392 6,441 1,187 8,020

78




Motor Office Furniture vehicles equipment and fittings Total $’000 $’000 $’000 $’000

COMPANY 2012 Beginning of fi nancial year Cost 2,122 5,418 2,072 9,612 Additions — 1,558 29 1,587Disposals — (94) — (94)Write-off — (4) — (4)


Accumulated depreciation Beginning of fi nancial year 1,014 774 873 2,661Depreciation charge 425 84 201 710Disposals — (94) — (94)Write-off — (4) — (4)

End of fi nancial year 1,439 760 1,074 3,273

Net book value End of fi nancial year 683 6,118 1,027 7,828

79




The freehold and leasehold land and buildings of the Group were valued by independent professional valuers based on the Direct Market Comparison Method and Investment Method at the end of the reporting period. If the freehold and leasehold land and buildings stated at valuation were included in the fi nancial statements at cost less accumulated depreciation, their net book values would be as follows:

Group 2013 2012 $’000 $’000

Freehold land and buildings 32,491 41,860Leasehold land and buildings 45,700 44,714

The major properties included in freehold and leasehold land and buildings are as follows:

Lettable areaLocation Description Tenure (Sq m)

Singapore

Winsland House I 10-storey 99-year lease 2,889at 3 Killiney Road commercial building expiring 2082(Basement 1 and 10th fl oor)

Malaysia

166-A, Rifl e Range Road, 5-storey 99-year lease 11,13611400 Pulau Pinang commercial building expiring 2109 Ambassador Row 221 units of serviced Freehold 17,452Serviced Suites apartments in aat 1 Jalan Ampang Hilir, 20-storey building55000 Kuala Lumpur Property, plant and equipment with net book values amounting to $84.5 million (2012: $80.2 million) were mortgaged to banks to secure long term banking facilities granted to subsidiary companies (Note 24).

80



23. TRADE AND OTHER PAYABLES

Group Company 2013 2012 2013 2012 $’000 $’000 $’000 $’000

Due to subsidiary companies — non-trade [Note 23(i)] — — 151,678 155,982

Due to associated and joint venture companies — non-trade [Note 23(ii)] 95,716 30,956 — —

Due to an investee company — non-trade [Note 23(ii)] — 4,378 — —

Due to non-controlling interests — non-trade [Note 23(iii)] 23,262 43,174 — —

Accrued project costs 69,437 43,703 — —Accrued operating expenses 65,399 59,134 7,534 5,007Trade creditors 39,096 27,980 — —Other creditors 27,242 17,005 1,645 1,991Tenancy deposits 4,930 3,675 — —

206,104 151,497 9,179 6,998

Total trade and other payables 325,082 230,005 160,857 162,980

(i) Non-trade amounts due to subsidiary companies are unsecured and repayable on demand. Included in the amounts due to subsidiary companies are fi xed-interest payables of $17.7 million (2012: $40.7 million) and fl oating-interest payables of $23.0 million (2012: $6.4 million).

(ii) Non-trade amounts due to associated, joint venture and investee companies are unsecured, interest-free and repayable on demand.

(iii) Non-trade amounts due to non-controlling interests are unsecured, interest-free and repayable on demand.

The carrying amounts of trade and other payables approximated their fair values.

81



24. BORROWINGS

Group Company 2013 2012 2013 2012 $’000 $’000 $’000 $’000

Current — Secured term loans 81,083 18,568 — — — Unsecured bank loans 7,166 7,181 — —

88,249 25,749 — —

Non-current — Secured bank loans 585,187 634,184 — — — Unsecured bank loans 320,381 320,802 125,000 125,000 — Unsecured medium term notes due in 2015 120,000 120,000 120,000 120,000 — Unsecured medium term notes due in 2016 65,000 65,000 65,000 65,000 — Unsecured medium term notes due in 2018 60,000 60,000 60,000 60,000 — Unsecured medium term notes due in 2022 100,000 — 100,000 — — Unsecured medium term notes due in 2023 100,000 — 100,000 —

1,350,568 1,199,986 570,000 370,000

Total borrowings 1,438,817 1,225,735 570,000 370,000

The carrying amounts of borrowings approximated their fair values.

(a) Interest rate risks

The exposure of the borrowings of the Group and of the Company to interest rate changes and the contractual repricing dates at the end of the reporting period are as follows:

Group Company 2013 2012 2013 2012 $’000 $’000 $’000 $’000

Less than one year 724,180 585,933 100,000 —Between one and two years 234,637 — 120,000 —Between two and fi ve years 195,000 510,802 65,000 185,000Over fi ve years 285,000 129,000 285,000 185,000

1,438,817 1,225,735 570,000 370,000

(b) Security granted

The Group’s secured borrowings are generally secured by mortgages on certain development properties (Note 14), investment properties (Note 21) and property, plant and equipment (Note 22) and assignment of all rights, titles and benefi ts with respect to the properties.

82



25. DIVIDENDS

Group and Company 2013 2012 $’000 $’000

Dividends paid in respect of the preceding financial year First and fi nal dividend of 3 cents per share (2012: 3 cents per share) 23,502 23,426Special dividend of 4 cents per share (2012: 4 cents per share) 31,336 31,234

54,838 54,660

The directors have recommended a fi rst and fi nal dividend in respect of the fi nancial year ended 30 June 2013 of 3 cents per share and a special dividend of 9 cents per share. These fi nancial statements do not refl ect these proposed dividends, which will be accounted for in the shareholders’ equity as an appropriation of retained earnings in the fi nancial year ending 30 June 2014.

The proposed fi rst and fi nal dividend and special dividend in respect of the fi nancial year ended 30 June 2012 have been accounted for in the shareholders’ equity as an appropriation of retained earnings in the current fi nancial year.

26. OTHER NON-CURRENT LIABILITIES

Group 2013 2012 $’000 $’000

Tenancy deposits 3,924 3,946Loans from non-controlling interests 8,995 9,015Retention payable 24,084 17,390Others 3,054 3,056

40,057 33,407

Loans from non-controlling interests are unsecured, interest-free, have no fi xed terms of repayment and are not expected to be repayable within the next 12 months.

The carrying amounts of other non-current liabilities approximated their fair values.

83



27. SHARE CAPITAL

Group and Company Issued share capital Number of ordinary shares Amount ’000 $’000

2013 Beginning and end of financial year 793,927 838,250

2012 Beginning and end of fi nancial year 793,927 838,250

All issued ordinary shares are fully paid. There is no par value for these ordinary shares.

(a) The Wing Tai Holdings Limited (2001) Share Option Scheme (the “Scheme”)

The Scheme was approved and adopted by the members of the Company at an Extraordinary General Meeting (“EGM”) held on 31 August 2001. The Scheme was terminated by the members of the Company at an EGM held on 30 October 2008 (without prejudice to the rights of holders of options thereunder in respect of options which have been granted).

Details of the movement in the options granted under the Scheme on the unissued ordinary shares of the Company during the year were as follows:


2013 19.11.2004 249,700 15,400 — 234,300 0.849 18.11.201430.09.2005 601,800 77,000 — 524,800 1.300 29.09.201505.09.2006 1,153,900 226,200 16,500 911,200 1.645 04.09.201606.09.2007 1,842,500 — 16,500 1,826,000 3.136 05.09.2017

Total 3,847,900 318,600 33,000 3,496,300

84



27. SHARE CAPITAL (continued)

(a) The Wing Tai Holdings Limited (2001) Share Option Scheme (the “Scheme”) (continued)


2012 02.11.2001 22,000 22,000 — — 0.616 01.11.201119.11.2004 287,100 37,400 — 249,700 0.849 18.11.201430.09.2005 639,200 — 37,400 601,800 1.300 29.09.201505.09.2006 1,239,700 — 85,800 1,153,900 1.645 04.09.201606.09.2007 1,980,000 — 137,500 1,842,500 3.136 05.09.2017

Total 4,168,000 59,400 260,700 3,847,900

All the outstanding share options are exercisable. Options exercised during the fi nancial year resulted in 318,600 (2012: 59,400) treasury shares being reissued at an average price of $1.52 (2012: $0.76) per share. The weighted average share price at the time of exercise was $1.96 (2012: $1.28) per share.

(b) Share Plans

The Wing Tai Performance Share Plan (“Wing Tai PSP”) and the Wing Tai Restricted Share Plan (“Wing Tai RSP”) (collectively referred to as the “Share Plans”) were adopted by the members of the Company at an EGM held on 30 October 2008.

Wing Tai PSPOn 19 September 2012, awards were granted by the Company to qualifying employees pursuant to the Wing Tai PSP in respect of 147,000 shares of the Company. Under the Wing Tai PSP, performance conditions are set over a three-year performance period. A specifi ed number of shares will be released by the Committee to the participants at the end of the performance period, provided the threshold targets are achieved. The total number of shares released varies depending on the achievement of pre-set performance targets over the performance period. The achievement factor ranges from 0% to 200%.


Additional shares awarded As at Number of arising from Number of As at

Date of grant 01.07.2012 shares granted targets achieved shares released 30.06.2013

2013 03.09.2009 100,000 — 1,100 101,100 — 01.09.2010 121,000 — — — 121,000 08.09.2011 183,000 — — — 183,000 19.09.2012 — 147,000 — — 147,000

Total 404,000 147,000 1,100 101,100 451,000

85




(b) Share Plans (continued)

Wing Tai PSP (continued)

As at Number of Number of As at Date of grant 01.07.2011 shares granted shares forfeited 30.06.2012

2012 03.09.2009 146,000 — 46,000 100,00001.09.2010 175,000 — 54,000 121,00008.09.2011 — 265,000 82,000 183,000

Total 321,000 265,000 182,000 404,000

Wing Tai RSPOn 19 September 2012, awards were granted by the Company to qualifying employees pursuant to the Wing Tai RSP in respect of 1,815,000 shares of the Company. Under the Wing Tai RSP, performance conditions are set over a one-year performance period. A specifi ed number of shares will be awarded to eligible participants at the end of the performance period depending on the extent of achievement of the performance conditions established. The shares have a vesting schedule of three years. The participant will receive fully paid shares, without any cash consideration payable by the participant.



2013 03.09.2009 447,600 — 447,600 — —01.09.2010 1,314,600 — 563,400 — 751,20008.09.2011 1,937,000 — 573,600 34,100 1,329,30019.09.2012 — 1,815,000 — 6,000 1,809,000

Total 3,699,200 1,815,000 1,584,600 40,100 3,889,500


2012 18.05.2009 842,800 — 829,200 13,600 —03.09.2009 870,800 — 373,200 50,000 447,60001.09.2010 2,103,000 — 630,900 157,500 1,314,60008.09.2011 — 2,086,000 — 149,000 1,937,000

Total 3,816,600 2,086,000 1,833,300 370,100 3,699,200

86




(b) Share Plans (continued)

Wing Tai RSP (continued)The fair values of the awards granted pursuant to the Wing Tai PSP and the Wing Tai RSP on 19 September 2012 (2012: 8 September 2011) determined using the Monte Carlo simulation model was $0.2 million (2012: $0.2 million) and $2.8 million (2012: $2.6 million) respectively. The signifi cant inputs into the model were share price at grant date of $1.65 (2012: $1.35) per share, standard deviation of expected share price returns of 32.3% (2012: 50.2%), dividend yield of 3.8% (2012: 4.4%) and annual risk-free interest rates of 0.3% [one-year], 0.3% [two-years] and 0.3% [three-years] (2012: 0.1% [one-year], 0.1% [two-years] and 0.3% [three-years]). The volatility measured at the standard deviation of expected share price returns is based on the statistical analysis of monthly share prices over the past three years.

28. OTHER RESERVES

Group Company 2013 2012 2011 2013 2012 (restated) (restated) $’000 $’000 $’000 $’000 $’000

Share-based payment reserve 11,867 10,921 9,829 11,233 10,392Cash fl ow hedge reserve (11,285) (20,149) (33,817) (257) (3,503)Asset revaluation reserve 162,147 98,708 89,294 — —Share of capital reserves of associated and joint venture companies 61,090 14,515 18,789 — —Currency translation reserve (125,406) (136,894) (140,834) — —Treasury shares reserve (11,466) (13,710) (15,823) (11,466) (13,710)Statutory reserve 972 972 972 — —

87,919 (45,637) (71,590) (490) (6,821)

Group Company 2013 2012 2013 2012 (restated) $’000 $’000 $’000 $’000

(a) Share-based payment reserveBeginning of fi nancial year 10,921 9,829 10,392 9,359Employee share plans and share option scheme: — Value of employee services (Notes 6 and 27) 2,772 3,197 2,600 3,101 — Reissuance of treasury shares (1,759) (2,068) (1,759) (2,068)Attributable to non-controlling interests (67) (37) — —


(b) Cash flow hedge reserve

Beginning of fi nancial year (20,149) (33,817) (3,503) (6,286)Fair value losses (2,719) (1,178) (58) (636)Transfer to: — development properties — 1,426 — — — income statement 11,583 13,420 3,304 3,419

End of fi nancial year (11,285) (20,149) (257) (3,503)

87



28. OTHER RESERVES (continued)

Group Company 2013 2012 2013 2012 (restated) $’000 $’000 $’000 $’000

(c) Asset revaluation reserveBeginning of fi nancial year 98,708 89,294 — —Revaluation gains on property, plant and equipment 75,094 10,964 — —Deferred income tax charged to other comprehensive income [Note 8(b)] (11,732) (1,475) — —Transfer to retained earnings upon realisation (149) (51) — —Attributable to non-controlling interests 226 (24) — —

End of fi nancial year 162,147 98,708 — —

(d) Share of capital reserves of associated and joint venture companies

Beginning of fi nancial year 14,566 18,840 — —Effect of adopting Amendments to FRS 12 (51) (51) — —

As restated 14,515 18,789 — —Share of capital reserves of: — an associated company 48,140 (4,854) — — — joint venture companies — 425 — —Attributable to non-controlling interests (1,565) 155 — —

End of fi nancial year 61,090 14,515 — —

(e) Currency translation reserve

Beginning of fi nancial year (132,059) (133,362) — —Effect of adopting Amendments to FRS 12 (4,835) (7,472) — —

As restated (136,894) (140,834) — —Translation of fi nancial statements of foreign subsidiary, associated and joint venture companies 11,059 15,752 — —Translation of foreign currency denominated loans which form part of net investment in subsidiary companies (343) (12,402) — —Attributable to non-controlling interests 772 590 — —

End of fi nancial year (125,406) (136,894) — —

(f) Treasury shares reserve Beginning of fi nancial year (13,710) (15,823) (13,710) (15,823)Reissuance of treasury shares 2,244 2,113 2,244 2,113

End of fi nancial year (11,466) (13,710) (11,466) (13,710)

(g) Statutory reserve Beginning and end of fi nancial year 972 972 — —

Total 87,919 (45,637) (490) (6,821)

88



28. OTHER RESERVES (continued)

Capital reserves of associated and joint venture companies arise from currency translation and other reserves which are not distributable.

Included in the issued ordinary shares of the Company as at 30 June 2013 was 10,242,700 (2012: 12,247,000) treasury shares held by the Company.

The Company reissued 2,004,300 (2012: 1,892,700) treasury shares during the fi nancial year pursuant to the Wing Tai PSP, Wing Tai RSP and share options. The purchase cost of the treasury shares reissued amounted to $2.2 million (2012: $2.1 million). The total consideration for the treasury shares reissued which comprised the value of employee services amounted to $1.8 million (2012: $2.1 million).

29. RETAINED EARNINGS

(a) Retained earnings of the Group are distributable except for accumulated retained earnings of associated and joint venture companies amounting to $721.8 million (2012: $464.6 million) and treasury shares reserve amounting to $11.5 million (2012: $13.7 million). Retained earnings of the Company are distributable except for the treasury shares reserve of $11.5 million (2012: $13.7 million).

(b) Movement in retained earnings for the Company were as follows: Company

2013 2012 $’000 $’000

Beginning of fi nancial year 225,204 97,901Net profi t 88,616 181,963Dividends paid (Note 25) (54,838) (54,660)

End of fi nancial year 258,982 225,204

89



30. COMMITMENTS

(a) Capital commitments

Capital expenditures contracted for at the end of the reporting period but not recognised in the fi nancial statements, excluding those relating to investments in joint venture companies (Note 19), are as follows:

Group 2013 2012 $’000 $’000

Commitments in respect of contracts placed 218,494 224,864

(b) Operating lease commitments — where the Group is a lessee

The Group leases various retail units under non-cancellable operating lease agreements. The leases have varying terms, escalation clauses and renewal rights.

The future minimum lease payables under non-cancellable operating leases contracted for at the end of the reporting period but not recognised as liabilities, are as follows:

Group 2013 2012 $’000 $’000

Not later than one year 46,334 42,685Between one and fi ve years 67,395 42,935

113,729 85,620

(c) Operating lease commitments — where the Group is a lessor

The Group leases out offi ce units and serviced apartments under non-cancellable operating lease agreements. The leases have varying terms, escalation clauses and renewal rights.

The future minimum lease receivables under non-cancellable operating leases contracted for at the end of the reporting period but not recognised as receivables, are as follows:

Group 2013 2012 $’000 $’000

Not later than one year 19,782 20,911Between one and fi ve years 17,463 19,450

37,245 40,361

90



31. CONTINGENT LIABILITIES AND FINANCIAL GUARANTEES

The details and estimates of the maximum amounts of contingent liabilities and fi nancial guarantees, excluding those relating to investment in an associated company (Note 18), are as follows:

Group Company 2013 2012 2013 2012 $’000 $’000 $’000 $’000

Financial guarantees issued to banks for credit facilities granted to: — subsidiary companies — — 202,981 208,702 — joint venture companies 21,372 11,743 8,280 8,280

21,372 11,743 211,261 216,982

The Company has given fi nancial guarantees for all liabilities incurred under a tender bond facility of a subsidiary company amounting to $15.0 million (2012: $15.0 million) granted by a bank to the subsidiary company.

32. FINANCIAL RISK MANAGEMENT

Financial risk factors The Group’s activities expose it to market risk (including currency risk and interest rate risk), credit risk and

liquidity risk. The Group’s overall risk management strategy seeks to minimise any adverse effects from the unpredictability of fi nancial markets on the Group’s fi nancial performance. After identifying and evaluating its exposure to the fi nancial risks, the Group establishes policies to monitor and manage these risks in accordance with its risk management philosophy. The Group uses fi nancial instruments such as currency forwards, cross currency swaps, interest rate swaps and foreign currency borrowings to hedge certain fi nancial risk exposures.

(a) Market risk

(i) Currency risk The Group operates in Asia with dominant operations in Singapore, Malaysia, Hong Kong SAR and the People’s Republic of China. Entities in the Group may transact in currencies other than their respective functional currencies. Currency risk arises within entities in the Group when transactions are denominated in foreign currencies. To manage the currency exposure, the Group enters into currency forwards with banks.

The Group also holds long-term overseas investments and its net assets are exposed to currency translation risk. The Group uses natural hedging opportunities, like borrowing in the currency of the country in which these investments are located whenever practicable. The exchange differences arising from such translations are captured under the currency translation reserve. These translation differences are reviewed and monitored on a regular basis.

91



32. FINANCIAL RISK MANAGEMENT (continued)

(a) Market risk (continued)

(i) Currency risk (continued) The Group’s currency exposure is as follows:

SGD RM USD HKD Other Total $’000 $’000 $’000 $’000 $’000 $’000

2013 Financial assets Cash and cash equivalents 922,518 54,320 9,582 8,057 30,064 1,024,541Available-for-sale fi nancial assets 3,189 — — — — 3,189Trade and other receivables (current and non-current) 375,005 72,873 665 9,989 — 458,532Other fi nancial assets 11,614 2,459 1 8 1,831 15,913

1,312,326 129,652 10,248 18,054 31,895 1,502,175

Financial liabilities Trade and other payables (231,402) (63,834) (3,242) (759) (25,845) (325,082)Borrowings (1,204,905) (127,531) (44,604) (61,777) — (1,438,817)Other fi nancial liabilities (22,516) (10,090) (4,397) — — (37,003)

(1,458,823) (201,455) (52,243) (62,536) (25,845) (1,800,902)

Net fi nancial (liabilities)/ assets (146,497) (71,803) (41,995) (44,482) 6,050 (298,727) Net fi nancial liabilities/ (assets) denominated in the respective entities’ functional currencies 57,159 84,035 46,329 (10,684) (9,773) 167,066Firm commitments and highly probable forecast transactions in foreign currencies — — (2,479) (1,585) (4,542) (8,606)Currency forwards and cross currency swaps (62,428) — 3,705 63,981 6,495 11,753

Currency exposure (151,766) 12,232 5,560 7,230 (1,770) (128,514)

92





(i) Currency risk (continued) SGD RM USD HKD Other Total $’000 $’000 $’000 $’000 $’000 $’000

2012Financial assetsCash and cash equivalents 748,443 21,068 58,390 5,767 15,018 848,686Available-for-sale fi nancial assets 7,170 — — — — 7,170Trade and other receivables (current and non-current) 253,028 28,276 676 6,885 — 288,865Other fi nancial assets 11,407 2,531 3 7 194 14,142

1,020,048 51,875 59,069 12,659 15,212 1,158,863

Financial liabilitiesTrade and other payables (187,278) (34,735) (2,286) (474) (5,232) (230,005)Borrowings (1,017,238) (101,695) (44,800) (62,002) — (1,225,735)Other fi nancial liabilities (15,772) (10,163) (4,416) — — (30,351)

(1,220,288) (146,593) (51,502) (62,476) (5,232) (1,486,091)

Net fi nancial (liabilities)/ assets (200,240) (94,718) 7,567 (49,817) 9,980 (327,228)

Net fi nancial liabilities/ (assets) denominated in the respective entities’ functional currencies 110,668 101,012 46,501 (7,577) (12,868) 237,736Firm commitments and highly probable forecast transactions in foreign currencies — — (1,584) — (3,915) (5,499)Currency forwards and cross currency swaps (62,370) — 4,638 62,370 5,858 10,496

Currency exposure (151,942) 6,294 57,122 4,976 (945) (84,495)

93





(i) Currency risk (continued) The Company’s currency exposure is as follows:

SGD RM USD HKD Total $’000 $’000 $’000 $’000 $’000

2013Financial assetsCash and cash equivalents 588,723 10,273 22 7,262 606,280Available-for-sale fi nancial assets 3,189 — — — 3,189Trade and other receivables (current and non-current) 799,738 2,588 116,699 43,227 962,252Other fi nancial assets 1,263 — 1 5 1,269

1,392,913 12,861 116,722 50,494 1,572,990

Financial liabilitiesTrade and other payables (155,881) — (4,891) (85) (160,857)Borrowings (570,000) — — — (570,000)

(725,881) — (4,891) (85) (730,857)

Net fi nancial assets 667,032 12,861 111,831 50,409 842,133

Net fi nancial assets denominated in the Company’s functional currency (667,032) — — — (667,032)

Currency exposure — 12,861 111,831 50,409 175,101

94





(i) Currency risk (continued)

SGD RM USD HKD Total $’000 $’000 $’000 $’000 $’000

2012Financial assetsCash and cash equivalents 430,963 5,639 16 5,042 441,660Available-for-sale fi nancial assets 3,189 — — — 3,189Trade and other receivables (current and non-current) 735,211 2,633 97,774 53,846 889,464Other fi nancial assets 2,414 — 1 4 2,419

1,171,777 8,272 97,791 58,892 1,336,732

Financial liabilitiesTrade and other payables (113,176) — (49,594) (210) (162,980)Borrowings (370,000) — — — (370,000)

(483,176) — (49,594) (210) (532,980)

Net fi nancial assets 688,601 8,272 48,197 58,682 803,752

Net fi nancial assets denominated in the Company’s functional currency (688,601) — — — (688,601)

Currency exposure — 8,272 48,197 58,682 115,151

95





(i) Currency risk (continued)If the RM, USD and HKD change against the SGD by 1% (2012: 1%) each with all other variables including tax rate being held constant, the effects arising from the net fi nancial asset/liability position will be as follows:

Increase/(decrease) Increase/(decrease) Other comprehensive Profit after tax income

2013 2012 2013 2012 $’000 $’000 $’000 $’000

GROUP RM against SGD — strengthened 123 63 — — — weakened (123) (63) — — USD against SGD — strengthened 979 1,486 — — — weakened (979) (1,486) — — HKD against SGD — strengthened 706 670 (618) (620) — weakened (706) (670) 618 620 COMPANY RM against SGD — strengthened 129 83 — — — weakened (129) (83) — — USD against SGD — strengthened 1,118 482 — — — weakened (1,118) (482) — — HKD against SGD — strengthened 504 587 — — — weakened (504) (587) — —

(ii) Cash fl ow and fair value interest rate risksCash fl ow interest rate risk is the risk that the future cash fl ows of a fi nancial instrument will fl uctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the fair value of a fi nancial instrument will fl uctuate due to changes in market interest rates.

96





(ii) Cash fl ow and fair value interest rate risks (continued)The Group’s and the Company’s exposure to cash fl ow interest rate risks arises mainly from fl oating rate borrowings. The Group manages these cash fl ow interest rate risks by maintaining a prudent mix of fi xed and fl oating rate borrowings and using fl oating-to-fi xed interest rate swaps.

The Group’s borrowings at fl oating rates on which effective hedges have not been entered into are denominated mainly in SGD, RM and USD. If the SGD, RM and USD interest rates increase/decrease by 1% (2012: 1%) with all other variables including tax rate being held constant, the profi t after tax would have been lower/higher by $3.0 million (2012: $0.7 million) as a result of higher/lower interest expense on these borrowings. Other comprehensive income would have been higher/lower by $1.6 million (2012: $5.3 million) as a result of higher/lower fair value of interest rate swaps designated as cash fl ow hedges of fl oating rate borrowings.

The Company’s borrowings at fl oating rates on which effective hedges have been entered into are denominated in SGD. If the SGD interest rates increase/decrease by 1% (2012: 1%) with all other variables including tax rate being held constant, the profi t after tax would have been lower/higher by $1.0 million (2012: Nil) as a result of higher/lower interest expense on these borrowings. Other comprehensive income would have been higher/lower by Nil (2012: $1.0 million) as a result of higher/lower fair value of interest rate swaps designated as cash fl ow hedges of fl oating rate borrowings.

(b) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in fi nancial loss to the Group. The major classes of fi nancial assets of the Group and of the Company are bank deposits and trade and other receivables. The Group has no signifi cant concentration of credit risk with any single entity. The Group has policies in place to ensure that the sales of products and the rendering of services are to customers with acceptable credit standing. Derivative counterparties and cash transactions are limited to high credit quality fi nancial institutions. The Group has policies that limit the amount of credit exposure to any fi nancial institution.

As the Group and the Company do not hold any collateral, the maximum exposure to credit risk for each class of fi nancial instruments is the carrying amount of that class of fi nancial instruments presented on the statements of fi nancial position, except as disclosed in Note 31.

97




(b) Credit risk (continued)

The credit risk for trade receivables is as follows:

Group 2013 2012 $’000 $’000

By business segments Development properties 98,464 50,092Investment properties 1,228 939Retail 4,230 2,614Others 976 3,143

104,898 56,788

(i) Financial assets that are neither past due nor impairedBank deposits that are neither past due nor impaired are mainly deposits with banks with high credit-ratings assigned by international credit-rating agencies. Trade and other receivables that are neither past due nor impaired are substantially companies with a good collection track record with the Group.

(ii) Financial assets that are past due and/or impairedThere is no other class of fi nancial assets that is past due and/or impaired except for trade and other receivables.

The age analysis of trade receivables past due but not impaired is as follows:

Group 2013 2012 $’000 $’000

Past due less than 3 months 18,742 2,608Past due 3 to 6 months 109 769Past due over 6 months 436 553

19,287 3,930

98




(b) Credit risk (continued)

The carrying amount of trade and other receivables individually determined to be impaired and the movement in the related allowance for impairment are as follows:

Group Company 2013 2012 2013 2012 $’000 $’000 $’000 $’000

Gross amount 391 435 373,984 401,253Less: Allowance for impairment (391) (435) (205,601) (199,651)

— — 168,383 201,602

Beginning of fi nancial year 435 1,104 199,651 173,203Allowance (written back)/made (26) 67 5,950 26,448Allowance utilised (17) (730) — —Currency translation differences (1) (6) — —

End of fi nancial year 391 435 205,601 199,651

The impaired trade and other receivables arose mainly from loans to subsidiary companies for which recoverability is uncertain.

(c) Liquidity risk

The Group actively manages its debt maturity profi le, operating cash fl ows and the availability of funding so as to ensure that all refi nancing, repayment and funding needs are met. The Group adopts prudent liquidity risk management by maintaining suffi cient cash and the availability of funding through an adequate amount of committed credit facilities. The Group raises committed funding from both capital markets and fi nancial institutions and prudently balances its portfolio with short term funding so as to achieve overall cost effectiveness.

99




(c) Liquidity risk (continued)

The table below analyses the maturity profi le of the Group’s and the Company’s fi nancial liabilities (including derivative fi nancial liabilities) based on contractual undiscounted cash fl ows. Balances due within 12 months equal their carrying amounts as the impact of discounting is not signifi cant.

Between Between Less than 1 and 2 2 and 5 Over 1 year years years 5 years $’000 $’000 $’000 $’000

GROUP 2013 Net-settled interest rate swaps 2,204 405 — —Gross-settled cross currency swap — Receipts (2,054) (62,424) — — — Payments 3,713 68,873 — —Gross-settled currency forwards — Receipts (11,753) — — — — Payments 11,603 — — —Trade and other payables 325,082 — — —Borrowings 128,699 318,656 775,811 396,948Other fi nancial liabilities — 27,752 9,228 23

457,494 353,262 785,039 396,971

2012 Net-settled interest rate swaps 7,868 2,092 380 —Gross-settled cross currency swap — Receipts (2,078) (2,078) (62,657) — — Payments 3,713 3,713 68,873 —Gross-settled currency forwards — Receipts (10,496) — — — — Payments 10,369 — — —Trade and other payables 230,005 — — —Borrowings 59,779 277,708 746,733 274,452Other fi nancial liabilities — 24,175 6,139 37

299,160 305,610 759,468 274,489

100




(c) Liquidity risk (continued)

Between Between Less than 1 and 2 2 and 5 Over 1 year years years 5 years $’000 $’000 $’000 $’000

COMPANY2013 Net-settled interest rate swaps 180 — — —Trade and other payables 162,162 — — —Borrowings 20,182 139,802 209,466 324,461

182,524 139,802 209,466 324,461

2012 Net-settled interest rate swaps 3,313 175 — —Trade and other payables 164,717 — — —Borrowings 10,657 10,657 206,656 189,845

178,687 10,832 206,656 189,845

In addition to the above, the Group and the Company issued fi nancial guarantees of $21.4 million (2012: $11.7 million) and $211.3 million (2012: $217.0 million) respectively (Note 31).

101




(d) Capital risk

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern and to maintain an optimal capital structure so as to maximise shareholder value. In order to maintain or achieve an optimal capital structure, the Group may adjust the amount of dividend payment, return capital to shareholders, issue new shares, buy back issued shares, obtain new borrowings or reduce borrowings.

Management monitors capital based on debt-equity ratio. The debt-equity ratio is calculated as net debt divided by shareholders’ equity. Net debt is calculated as borrowings less cash and cash equivalents.

Group Company 2013 2012 2011 2013 2012 (restated) (restated) $’000 $’000 $’000 $’000 $’000

Borrowings 1,438,817 1,225,735 1,179,217 570,000 370,000Less: Cash and cash equivalents (1,024,541) (848,686) (504,235) (606,280) (441,660)

Net debt 414,276 377,049 674,982 (36,280) (71,660)

Shareholders’ equity 2,840,640 2,230,989 1,996,704 1,096,742 1,056,633

Debt-equity ratio 15% 17% 34% (3%) (7%)

The Group and the Company are required by some banks to maintain a certain level of the debt-equity ratio. The Group and the Company are in compliance with all externally imposed capital requirements for the fi nancial years ended 30 June 2013 and 2012.

102




(e) Fair value measurements

The following table presents assets and liabilities measured at fair value and classifi ed by level of the following fair value measurement hierarchy:

(i) quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);(ii) inputs other than quoted prices included within Level 1 that are observable for the asset or liability,

either directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and (iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs)

(Level 3).

Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000

GROUP 2013 Assets Available-for-sale fi nancial assets — — 3,189 3,189

Liabilities Derivative fi nancial instruments — 11,786 — 11,786

2012 Assets Available-for-sale fi nancial assets — — 7,170 7,170


COMPANY 2013 Assets Available-for-sale fi nancial assets — — 3,189 3,189

Liabilities Derivative fi nancial instruments — 257 — 257

2012 Assets Available-for-sale fi nancial assets — — 3,189 3,189


103




(e) Fair value measurements (continued)

The fair value of interest rate and cross currency swaps is calculated as the present value of the estimated future cash fl ows. The fair value of currency forwards is determined using quoted forward currency rates at the end of the reporting period. These instruments are classifi ed as Level 2 and comprise derivative fi nancial instruments. The valuation technique for available-for-sale fi nancial assets is based on unobservable inputs, as such, these assets are classifi ed as Level 3. Any changes to these unobservable inputs will not have a material impact on the fair value of the available-for-sale fi nancial assets.

(f) Financial instruments by category

The carrying amount of the different categories of fi nancial instruments is as disclosed on the face of the statements of fi nancial position and in Notes 11 and 16 to the fi nancial statements, except for the following:

Group Company 2013 2012 2013 2012 $’000 $’000 $’000 $’000

Loans and receivables 1,498,986 1,151,693 1,569,801 1,333,543Financial liabilities at amortised cost 1,800,902 1,486,091 730,857 532,980

104



33. RELATED PARTY TRANSACTIONS In addition to the related party information disclosed elsewhere in the fi nancial statements, the following signifi cant

transactions took place between the Group and related parties during the fi nancial year at terms agreed between the parties:

(a) Rendering of services

Group 2013 2012 $’000 $’000

Sale of development property to a joint venture company 57,650 —Commission income received from joint venture companies 291 1,076Management and service fees received from joint venture companies 3,945 2,542Management fees paid to an associated company 834 833Payments on behalf of joint venture companies 7,158 6,754

(b) Key management personnel compensation

Key management personnel compensation is as follows:

Group 2013 2012 $’000 $’000

Salaries and other short term employee benefi ts 15,201 12,124Share-based payment 912 1,075

16,113 13,199

Included in the above is compensation to directors of the Company which amounted to $10.0 million (2012: $8.2 million).

105



34. SEGMENT INFORMATION The Group is organised into three main business segments – development properties, investment properties and

retail. Other operations of the Group comprise mainly garment manufacturing and investment holding, neither of which constitutes a separately reportable segment. The segment information for the reportable segments is as follows:

Development Investment

properties properties Retail Others Group2013 $’000 $’000 $’000 $’000 $’000

Revenue 1,077,589 37,452 210,020 7,439 1,332,500

EBIT 369,856 74,902 14,353 (34,682) 424,429Interest income 11,018

Operating profi t 435,447 Finance costs (39,383)Share of profi ts of associated and joint venture companies 41,088 208,840 11,104 33,721 294,753

Profi t before income tax 690,817 Income tax expense (102,926)

Total profit 587,891

Segment assets 2,571,154 655,954 75,352 78,393 3,380,853Investment in an associated company 207,939 833,020 — 2,634 1,043,593Investments in joint venture companies 155,419 2,838 43,908 5,134 207,299Due from associated and joint venture companies 332,595 11 2,260 8,783 343,649

3,267,107 1,491,823 121,520 94,944 4,975,394

Tax recoverable 2,378

Consolidated total assets 4,977,772

Segment liabilities 159,781 11,639 28,608 176,897 376,925Borrowings 447,504 225,932 — 765,381 1,438,817

607,285 237,571 28,608 942,278 1,815,742

Current income tax liabilities 72,683Deferred income tax liabilities 62,267

Consolidated total liabilities 1,950,692

Capital expenditure 521 1,690 12,604 5,680 20,495Depreciation 227 1,581 7,037 3,644 12,489

106



34. SEGMENT INFORMATION (continued)

Development Investment properties properties Retail Others Group2012 (restated) $’000 $’000 $’000 $’000 $’000

Revenue 363,919 37,891 216,462 6,616 624,888

EBIT 118,960 39,138 21,540 (22,189) 157,449Interest income 8,058

Operating profi t 165,507 Finance costs (37,161)Share of profi ts of associated and joint venture companies 75,382 108,157 8,138 (2,202) 189,475

Profi t before income tax 317,821 Income tax expense (33,687)

Total profi t 284,134

Segment assets 1,946,475 744,254 62,473 132,529 2,885,731Investment in an associated company 157,129 541,571 4,621 33,046 736,367Investments in joint venture companies 101,517 13,589 33,793 12,533 161,432Due from associated and joint venture companies 186,738 6,108 1,748 28,477 223,071

2,391,859 1,305,522 102,635 206,585 4,006,601




538,166 244,841 29,144 697,665 1,509,816



Capital expenditure 306 994 5,143 2,822 9,265Depreciation 264 1,805 6,304 3,565 11,938

107



34. SEGMENT INFORMATION (continued)

Development Investment properties properties Retail Others Group2011 (restated) $’000 $’000 $’000 $’000 $’000

Segment assets 1,857,749 730,709 66,609 120,945 2,776,012Investment in an associated company 156,772 410,891 4,923 29,912 602,498Investments in joint venture companies 141,119 12,743 23,573 12,334 189,769Due from associated and joint venture companies 178,546 6,563 1,221 25,625 211,955

2,334,186 1,160,906 96,326 188,816 3,780,234




647,506 239,923 30,052 562,801 1,480,282



The Group’s three main business segments operate in three main geographical areas – Singapore, Malaysia and the People’s Republic of China (“PRC”)/Hong Kong SAR.

Revenue Non-current assets 2013 2012 2013 2012 2011 (restated) (restated) $’000 $’000 $’000 $’000 $’000

Singapore 932,812 507,576 1,010,009 1,015,635 1,018,880Malaysia 375,940 116,426 113,329 106,769 106,658PRC/Hong Kong SAR 23,748 886 1,116,962 763,085 623,543

1,332,500 624,888 2,240,300 1,885,489 1,749,081

108



35. COMPANIES IN THE GROUP

Information relating to the companies in the Group is given below, with the exception of inactive and dormant companies. Singapore-incorporated subsidiary and joint venture companies are audited by PricewaterhouseCoopers LLP, Singapore unless otherwise indicated.

Equity held Country of by the Group incorporation/ 2013 2012

Name of companies place of business Principal activities % %

(a) Wing Tai Holdings Limited Singapore-Quoted Investment holding n/a n/a on Singapore Exchange Securities Trading Limited (b) Subsidiary companies Wing Tai Malaysia Berhad ! Malaysia-Quoted Investment holding 60.9 61.1 on Bursa Malaysia Securities Berhad Angel Wing (M) Sdn. Bhd. *, ! Malaysia Property development 60.9 61.1 Angkasa Indah Sdn. Bhd. *, ! Malaysia Property development 60.9 61.1 Brave Dragon Ltd *, % British Virgin Investment holding 89.4 89.4 Islands (“BVI”)/ Hong Kong SAR Chanlai Sdn. Bhd. *, ! Malaysia Property development 60.9 61.1 Crossbrook Group Ltd # BVI/Hong Kong SAR Investment holding 100 100 DNP Clothing Sdn. Bhd. *, ! Malaysia Retailing of garments 60.9 61.1 DNP Fashion Sdn. Bhd. *, ! Malaysia Retailing of garments 60.9 61.1 DNP Hartajaya Sdn. Bhd. *, ! Malaysia Property development 60.9 61.1 DNP Jaya Sdn. Bhd. *, ! Malaysia Property investment 60.9 61.1 DNP Land Sdn. Bhd. *, ! Malaysia Property development 60.9 61.1 DNP Property Management *, ! Malaysia Project management and 60.9 61.1 Sdn. Bhd. maintenance of properties D & P-Ejenawa Sdn. Bhd. *, ! Malaysia Property development 60.9 61.1 n/a: not applicable

109



35. COMPANIES IN THE GROUP (continued)



(b) Subsidiary companies (continued) Grand Eastern Realty & *, ! Malaysia Property development 60.9 61.1 Development Sdn. Bhd. Harta-Aman Sdn. Bhd. *, ! Malaysia Property development 60.9 61.1 Hartamaju Sdn. Bhd. *, ! Malaysia Property development 60.9 61.1 Jiaxin (Suzhou) Property *, > PRC Property development, 75 75 Development Co., Ltd investment and management Quality Frontier Sdn. Bhd. *, ! Malaysia Property development 60.9 61.1 Seniharta Sdn. Bhd. *, ! Malaysia Property investment 60.9 61.1 Sri Rampaian Sdn. Bhd. *, ! Malaysia Manufacture of 60.9 61.1 textile garments Starpuri Development *, ! Malaysia Property development 60.9 61.1 Sdn. Bhd. Suzhou Property * Singapore Property development 75 75 Development Pte Ltd and investment holding Winace Investment Pte Ltd * Singapore Investment holding 100 100 Wincharm Investment Pte Ltd * Singapore Investment holding 100 100 Wincheer Investment Pte Ltd * Singapore Property investment 100 100 and development Wingold Investment Pte Ltd * Singapore Investment holding 100 100 Winglow Investment Pte. Ltd. * Singapore Investment holding 100 100 Wingstar Investment Pte. Ltd. * Singapore Investment holding 100 100

110






(b) Subsidiary companies (continued) Winmax Investment Pte Ltd * Singapore Property investment 100 100 Winnervest Investment Pte Ltd * Singapore Property investment 100 100 and development

Winnorth Investment Pte Ltd * Singapore Property investment 100 100 and development Winquest Investment Pte Ltd * Singapore Property investment 60 60 and development Winrose Investment Pte Ltd * Singapore Property investment 100 100 and development Winshine Investment Pte Ltd * Singapore Property investment 100 100 Winsland Investment Pte Ltd * Singapore Property investment 100 100 Winsmart Investment Pte Ltd * Singapore Property investment 100 100 and development Winswift Investment Pte Ltd * Singapore Investment holding 60.9 61.1 Wing Mei (M) Sdn. Bhd. *, ! Malaysia Property investment 60.9 61.1 Wing Tai (China) * Singapore Investment holding 100 100 Investment Pte. Ltd. Wing Tai Clothing Pte Ltd * Singapore Retailing of garments 100 100 Wing Tai Fashion Apparel Pte. * Singapore Retailing of garments 100 100 Ltd. (formerly known as Fox Fashion Apparel (S) Pte. Ltd.)

Wing Tai Investment Singapore Investment holding 100 100 & Development Pte Ltd Wing Tai Investment * Singapore Management of 100 100 Management Pte Ltd investment properties Wing Tai Land Pte Ltd Singapore Investment holding 100 100

111






(b) Subsidiary companies (continued)

Wing Tai Property * Singapore Project management 100 100 Management Pte Ltd and maintenance of properties

Wing Tai Retail Pte. Ltd. Singapore Investment holding 100 100 Wing Tai Retail * Singapore Management of retail 100 100 Management Pte. Ltd. operations Yong Yao (Shanghai) Property * PRC Property development 100 — Development Co., Ltd Yoshinoya (S) Pte Ltd * Singapore Restaurant operator 100 100 (c) Associated company Wing Tai Properties *, % Bermuda-Quoted Property development, 33.5 33.6 Limited on The Stock property investment and Exchange of management, hospitality Hong Kong Limited/ investment and Hong Kong SAR management, garment manufacturing and investing activities (d) Joint venture companies Choice Homes Beta Pte Ltd *, ^ Singapore Property investment 30 30 and development Orwin Development Limited * Singapore Property investment 40 40 and development Summervale Properties Pte Ltd *, & Singapore Property investment 50 50 and development Winpride Investment Pte. Ltd. * Singapore Property investment 40 40 and development

112






(d) Joint venture companies (continued) G2000 Apparel (S) Pte Ltd * Singapore Retailing of garments 45 45 Uniqlo (Singapore) Pte. Ltd. *, ~ Singapore Retailing of garments 49 49

Uniqlo (Malaysia) Sdn. Bhd. *, ! Malaysia Retailing of garments 27.4 27.5 Optima Investment *, & Singapore Real estate 40 40 & Development Pte. Ltd. Kualiti Gold Sdn Bhd *, ! Malaysia Property investment 30.4 30.5 Wingcrown Investment * Singapore Property investment 40 — Pte. Ltd. and development

* Held by Group companies.

! Audited by Ernst and Young, Malaysia.

# These companies are not required to be audited by law in the country of incorporation.

% Audited by PricewaterhouseCoopers, Hong Kong.

& Audited by KPMG LLP, Singapore.

^ Audited by Deloitte & Touche LLP, Singapore.

~ Audited by Ernst and Young LLP, Singapore.

> Audited by RSM, China.

In accordance to Rule 716 of the Singapore Exchange Securities Trading Limited – Listing Rules, the Audit Committee and the Board of Directors of the Company confi rmed that they are satisfi ed that the appointment of different auditors for its signifi cant subsidiary and associated companies would not compromise the standard and effectiveness of the audit of the Company.

113



36. NEW OR REVISED ACCOUNTING STANDARDS AND INTERPRETATIONS Below are the mandatory standards and amendments to existing standards that have been published, and are

relevant for the Group’s accounting periods beginning on or after 1 July 2013 or later periods and which the Group has not early adopted:

FRS 113 Fair Value Measurement (effective for annual periods beginning on or after 1 January 2013)

FRS 113 provides consistent guidance across FRSs on how fair value should be determined and which disclosures should be made in the fi nancial statements. The Group has yet to assess the full impact of FRS 113 and intends to adopt the standard from 1 July 2013.

37. AUTHORISATION OF FINANCIAL STATEMENTS

These fi nancial statements have been authorised for issue in accordance with a resolution of the Board of Directors on 12 September 2013.

114


Shareholding StatisticsAS AT 12 SEPTEMBER 2013

SHARE CAPITAL

No. of Issued Shares: 793,927,260No. of Issued Shares (excluding Treasury Shares): 785,020,860No./percentage of Treasury Shares: 8,906,400 (1.13%)Class of Shares: Ordinary SharesVoting Rights (excluding Treasury Shares): 1 vote per share

DISTRIBUTION OF SHAREHOLDERS

Size of Shareholdings No. of Shareholders % No. of Shares %

1 to 999 662 5.76 246,664 0.031,000 to 10,000 8,755 76.14 35,179,908 4.4810,001 to 1,000,000 2,055 17.87 75,627,146 9.641,000,001 and above 26 0.23 673,967,142 85.85

Total 11,498 100.00 785,020,860 100.00

TWENTY LARGEST SHAREHOLDERS

Name No. of Shares %

1 Wing Sun Development Private Limited 222,235,490 28.312 DBS Vickers Securities (Singapore) Pte Ltd 73,589,316 9.373 Winlyn Investment Pte Ltd 72,717,436 9.264 Citibank Nominees Singapore Pte Ltd 70,492,048 8.985 DBS Nominees Pte Ltd 65,465,322 8.346 HSBC (Singapore) Nominees Pte Ltd 41,550,132 5.297 DBSN Services Pte Ltd 28,308,549 3.618 UOB Kay Hian Pte Ltd 21,332,699 2.729 United Overseas Bank Nominees Pte Ltd 14,853,890 1.8910 Raffl es Nominees (Pte) Ltd 13,625,708 1.7411 Empire Gate Holdings Limited 12,119,572 1.5412 Morgan Stanley Asia (Singapore) Securities Pte Ltd 5,181,552 0.6613 DB Nominees (S) Pte Ltd 5,040,209 0.6414 OCBC Nominees Singapore Pte Ltd 4,329,715 0.5515 Liu Hing Yuen Patricia @ Liu Pui Yuk 4,208,409 0.5416 Winway Investment Pte Ltd 3,529,166 0.4517 Maybank Kim Eng Securities Pte Ltd 2,319,550 0.3018 Ng Bee Har 2,106,000 0.2719 CIMB Securities (Singapore) Pte Ltd 1,835,739 0.2320 Paramount Assets Investments Pte Ltd 1,750,000 0.22

Total 666,590,502 84.91

PERCENTAGE OF SHAREHOLDING HELD IN THE HANDS OF PUBLIC

As at 12 September 2013, approximately 49.01% of the issued ordinary shares of the Company are held by the public. Rule 723 of the Listing Manual of the Singapore Exchange Securities Trading Limited has accordingly been complied with.

115


Shareholding StatisticsAS AT 12 SEPTEMBER 2013

SUBSTANTIAL SHAREHOLDERS AS SHOWN IN THE REGISTER OF SUBSTANTIAL SHAREHOLDERS

Name Interest (No. of Ordinary Shares)

Cheng Wai Keung 395,038,656 1

Edmund Cheng Wai Wing 310,601,6642

Christopher Cheng Wai Chee 307,207,2483

Edward Cheng Wai Sun 307,072,4983

Deutsche Bank International Trust Co. (Cayman) Limited 307,072,4983

Deutsche Bank International Trust Co. Limited 307,072,4983

Wing Sun Development Private Limited 222,235,490

Wing Tai Asia Holdings Limited 234,355,0624

Winlyn Investment Pte Ltd 72,717,436

Terebene Holdings Inc 72,717,4365

Metro Champion Limited 72,717,4366

Ascend Capital Limited 68,207,092

1 Includes 395,038,656 shares benefi cially owned by Wing Sun Development Private Limited, Winlyn Investment

Pte Ltd, Winway Investment Pte Ltd, Empire Gate Holdings Limited, Wilma Enterprises Limited and Ascend Capital Limited.

2 Includes 310,601,664 shares benefi cially owned by Wing Sun Development Private Limited, Winlyn Investment Pte Ltd, Winway Investment Pte Ltd and Empire Gate Holdings Limited.

3 Includes 307,072,498 shares benefi cially owned by Wing Sun Development Private Limited, Winlyn Investment Pte Ltd and Empire Gate Holdings Limited.

4 Includes 234,355,062 shares benefi cially owned by Wing Sun Development Private Limited and Empire Gate Holdings Limited.

5 Shares benefi cially owned by Winlyn Investment Pte Ltd in which Terebene Holdings Inc is deemed to have an interest.

6 Shares benefi cially owned by Winlyn Investment Pte Ltd in which Metro Champion Limited is deemed to have an interest.

116


The 10-storey building at 107 Tampines Road was the tallest building in the neighbourhood. The adjacent factory at No. 105 was subsequently rebuilt as a nine-storey facility.

Early senior staff posing for a photograph at the gate of the fi rst factory at Little Road on its Opening Day in 1963.

The front cover shows the Tembusu, a handsome and distinctive native tree, noted for its deep roots and extensive branch system. Its deep-grained bark conveys character and tenacity, while its fragrant fl owers offer infi nite delight. The Tembusu is an inspiration which guides Wing Tai’s vision and values; it stands as an enduring symbol of integrity and resilience — a fi tting corporate logo for Wing Tai as it sets sights on steady and confi dent growth.

01 CHAIRMAN’S MESSAGE

03 PROPERTY

06 HOSPITALITY

07 RETAIL

08 CORPORATE DATA

09 BOARD OF DIRECTORS

12 KEY MANAGEMENT

13 CORPORATE GOVERNANCE

20 CALENDAR OF EVENTS

21 FINANCIAL REPORTS

Contents The pioneering

founders and their supportive families.

Singapore’s first Finance Minister the late Dr Goh Keng Swee officiated the opening of Wing Tai’s first factory in Singapore on 18 September 1963. Wing Tai was granted pioneer status and by 1989, it had 20 factories in Singapore, Malaysia, Hong Kong, Tunisia, China, Myanmar and Sri Lanka.

With its exciting portfolio of retail brands, Wing Tai holds itself to a high standard in customer centricity to achieve service excellence.

Wing Tai believes in giving back and caring for the society. It is also committed to building trust and long-term relationships with its partners and staff.

Moving in tandem with the transformation growth of the Singapore economy, the company ceased operations in garment manufacturing in 1996 and expanded its business in property in 1978 and fashion retail in 1984.

The Lakeside, China

Belle Vue Residences, Singapore

Today, Wing Tai has a balanced and diversifi ed portfolio of residential, commercial and hospitality properties in Singapore, Malaysia, Hong Kong and China. Its other core business is in fashion and lifestyle retail, in which it manages over 240 stores in Singapore and Malaysia.

Helios Residences, Singapore

Lanson Place Hotel, Hong Kong

Adolfo Dominguez, Singapore

The Meritz, Malaysia

The Giverny, Hong Kong

ANNUAL REPORT 2013

WIN

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eport 2013

50TH ANNIVERSARY

OUR WINNING PARTNERSHIPS

Documents

Wing Tai Holdings imi T ed Celebrating Annual Report 2013...SINGAPORE As of 30 June 2013, Foresque Residences, a 496-unit leasehold development at Petir Road was 95% sold (469 units),