Guoco : GuocoLand Limited - Financial Results for the Year Ended 30 June 2020

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

OVERSEAS REGULATORY ANNOUNCEMENT

(This overseas regulatory announcement is issued pursuant to Rule 13.10(B) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.)

Please refer to the attached announcement on the next page.

As at the date of this announcement, the board of directors of Guoco Group Limited comprises Mr. KWEK Leng Hai as Executive Chairman; Mr. TANG Hong Cheong as President & CEO; Mr. KWEK Leng San as Non-executive Director; Mr. Roderic N. A. SAGE, Mr. David Michael NORMAN and Mr. Lester G. HUANG, SBS, JP as Independent Non-executive Directors.

FINANCIAL STATEMENTS AND RELATED ANNOUNCEMENT::FULL YEARLY RESULTS

Issuer & Securities

Issuer/ Manager

GUOCOLAND LIMITED

Securities

GUOCOLAND LIMITED - SG1R95002270 - F17

Stapled Security

No

Announcement Details

Announcement Title

Financial Statements and Related Announcement

Date &Time of Broadcast

24-Aug-2020 20:23:41

Status

New

Announcement Sub Title

Full Yearly Results

Announcement Reference

SG200824OTHRDX01

Submitted By (Co./ Ind. Name)

Mary Goh Swon Ping

Designation

Group Company Secretary

Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)

Please refer to the attachments.

Additional Details

For Financial Period Ended

30/06/2020

Attachments

SGX-Jun2020_combined.pdf

SGX-News%20Release-24Aug20.pdf

Total size =2105K MB

HALF AND FULL YEAR FINANCIAL STATEMENT ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE 2020

1(a) An income statement (for the Group) together with a comparative statement for the corresponding period of the immediately preceding financial year.

		Group		Group
		Half Year Ended	Increase/	Full Year Ended	Increase/
		30/06/2020	30/06/2019	(Decrease)	30/06/2020	30/06/2019	(Decrease)
		S$'000	S$'000	%	S$'000	S$'000	%
Revenue	369,756	616,000	(40)	941,841	926,957	2
Cost of sales	(248,320)	(414,544)	(40)	(641,757)	(631,102)	2
Gross profit
121,436	201,456	(40)	300,084	295,855	1
Other income	146,646	220,503	(33)	162,618	238,798	(32)
Administrative expenses	(40,823)	(55,409)	(26)	(88,215)	(93,290)	(5)
Other expenses	(112,899)	(28,188)	N/M	(128,429)	(37,441)	N/M
Finance costs	(56,960)	(54,149)	5	(108,282)	(107,691)	1
Share of profit/(loss) of
associates and joint
ventures (net of tax)	13,888	(9,688)	N/M	20,922	12,789	64
Profit before tax
71,288	274,525	(74)	158,698	309,020	(49)
Tax expense	(50,697)	(23,827)	113	(68,652)	(21,404)	N/M
Profit for the
period/year	20,591	250,698	(92)	90,046	287,616	(69)
Profit attributable to:
Equity holders of the
Company	39,537	218,660	(82)	114,069	255,674	(55)
Non-controlling interests	(18,946)	32,038	N/M	(24,023)	31,942	N/M
		20,591	250,698	(92)	90,046	287,616	(69)

N/M : Not meaningful.

Page 1

1(a)(i) Breakdown and explanatory notes to the income statement:-
	Group		Group
	Half Year Ended	Increase/	Full Year Ended	Increase/
	30/06/2020	30/06/2019	(Decrease)	30/06/2020	30/06/2019	(Decrease)
	S$'000	S$'000	%	S$'000	S$'000	%
Interest income	7,557	13,721	(45)	18,119	19,877	(9)
Allowance for
foreseeable loss on
development
properties	(4,739)	(1,035)	N/M	(4,725)	(1,035)	N/M
Depreciation of
property, plant and
equipment	(8,409)	(9,348)	(10)	(17,224)	(16,807)	2
Net fair value loss on
derivative financial
instruments	(51,506)	(21,505)	140	(65,475)	(25,988)	152
Net foreign exchange
gain	4,278	5,190	(18)	4,935	12,759	(61)
Net fair value
(loss)/gain on
investment properties	(8,275)	197,413	N/M	(8,275)	197,413	N/M
Gain on disposal of
interests in a
subsidiary	2,798	-	N/M	2,798	-	N/M
Gain/(Loss) on disposal
of property, plant and
equipment	126,221	(1)	N/M	126,157	(1)	N/M
Impairment loss on
investment in a joint
venture	(47,000)	-	N/M	(47,000)	-	N/M

N/M : Not meaningful.

Page 2

1(b)(i) A statement of financial position (for the issuer and Group), together with a comparative statement as at the end of the immediately preceding financial year.

		Group	Company
		As At	As At
		30/06/2020	30/06/2019	30/06/2020	30/06/2019
		S$'000	S$'000	S$'000	S$'000
Non-current assets
Property, plant and equipment	488,538	592,263	-	-
Investment properties	4,917,019	4,877,319	-	-
Subsidiaries	-	-	2,135,935	2,215,738
Associates and joint ventures	529,648	543,969	-	-
Other receivables, including derivatives	911	891	-	-
Deferred tax assets	24,250	29,795	-	-
		5,960,366	6,044,237	2,135,935	2,215,738
Current assets
Inventories	3,922,646	2,982,227	-	-
Contract assets	40,755	35,113	-	-
Trade and other receivables, including
derivatives	202,044	146,154	1	3
Cash and cash equivalents	933,892	823,718	167	214
Assets held for sale	78,852	-	-	-
		5,178,189	3,987,212	168	217
Total assets	11,138,555	10,031,449	2,136,103	2,215,955
Equity
Share capital	1,926,053	1,926,053	1,926,053	1,926,053
Reserves	1,925,371	1,899,645	178,665	258,598
Equity attributable to ordinary equity
holders of the Company	3,851,424	3,825,698	2,104,718	2,184,651
Perpetual securities	406,492	405,949	-	-
		4,257,916	4,231,647	2,104,718	2,184,651
Non-controlling interests	503,434	410,866	-	-
Total equity
4,761,350	4,642,513	2,104,718	2,184,651
Non-current liabilities
Other payables, including derivatives	746,779	610,771	30,352	30,352
Loans and borrowings	4,541,806	4,204,356	-	-
Deferred tax liabilities	37,517	22,874	-	-
		5,326,102	4,838,001	30,352	30,352
Current liabilities
Trade and other payables, including
derivatives	247,114	204,033	1,033	903
Contract liabilities	20,173	21,171	-	-
Loans and borrowings	723,443	285,440	-	-
Current tax liabilities	60,373	40,291	-	49
		1,051,103	550,935	1,033	952
Total liabilities	6,377,205	5,388,936	31,385	31,304
Total equity and liabilities		11,138,555	10,031,449	2,136,103	2,215,955

Page 3

(b)(ii) Aggregate amount of Group's borrowings and debt securities.

Amount repayable in one year or less, or on demand

As at 30/06/2020 (S$'000)	As at 30/06/2019 (S$'000)
Secured	Unsecured	Secured	Unsecured
316,021	407,422	45,376	240,064
Amount repayable after one year
As at 30/06/2020 (S$'000)	As at 30/06/2019 (S$'000)
Secured	Unsecured	Secured	Unsecured
3,666,504	875,302	3,326,625	877,731

Details of any collateral

The Group's assets pledged/mortgaged to secure loan facilities granted to the Group are as follows:-

	Group
	As At
	30/06/2020	30/06/2019
	S$'000	S$'000
At carrying amounts:-
Property, plant and equipment	470,533	480,671
Investment properties	4,284,596	4,244,548
Inventories	2,955,183	1,799,882
Assets held for sale	78,852	-

Page 4

1(c) A cash flow statement (for the Group), together with a comparative statement for the corresponding period of the immediately preceding financial year.

	Group	Group
	Half Year Ended	Full Year Ended
	30/06/2020	30/06/2019	30/06/2020	30/06/2019
	S$'000	S$'000	S$'000	S$'000
Cash flows from operating activities
Profit before tax	71,288	274,525	158,698	309,020
Adjustments for:-
Allowance for foreseeable loss on
development properties	4,739	1,035	4,725	1,035
(Write-back)/Credit loss allowance on trade
and other receivables	(108)	775	223	775
Depreciation of property, plant and
equipment	8,409	9,348	17,224	16,807
Finance costs	56,960	54,149	108,282	107,691
Gain on disposal of interests in a
subsidiary	(2,798)	-	(2,798)	-
(Gain)/Loss on disposal of property, plant
and equipment	(126,221)	1	(126,157)	1
Impairment loss on investment in a joint
venture	47,000	-	47,000	-
Interest income	(7,557)	(13,721)	(18,119)	(19,877)
Net fair value loss on derivative financial
instruments	51,506	21,505	65,475	25,988
Net fair value loss/(gain) from investment
properties	8,275	(197,413)	8,275	(197,413)
Share of (profit)/loss of associates and joint
ventures (net of tax)	(13,888)	9,688	(20,922)	(12,789)
Share-based payments	1,086	1,282	2,387	2,622
Unrealised exchange loss/(gain)	2,888	(446)	(982)	(5,464)
	101,579	160,728	243,311	228,396
Changes in:-
Inventories	31,626	(181,722)	(891,273)	(140,096)
Deposits for land	-	28,774	-	-
Contract assets	(36,824)	6,145	(5,886)	155,993
Trade and other receivables	27,163	(11,510)	(82,651)	161,955
Trade and other payables	13,386	(33,538)	40,889	(48,003)
Contract liabilities	935	(3,708)	(965)	(11,987)
Balances with holding companies and
related corporations	(44,617)	3,472	(8,616)	3,203
Cash generated from/(used in) operating
activities	93,248	(31,359)	(705,191)	349,461
Tax paid	(21,250)	(7,673)	(26,677)	(27,993)
Net cash from/(used in) operating
activities	71,998	(39,032)	(731,868)	321,468

Page 5

Cash flows from investing activities Additions to investment properties Additions to property, plant and equipment Balances with associates and joint ventures Capital reduction of a joint venture Dividends received from associates and joint

ventures

Increase in share capital of subsidiaries with non-controlling interests

Interest received

Proceeds from disposal of property, plant and equipment

Net cash from/(used in) investing activities

Cash flows from financing activities Capital reduction of a subsidiary with non-

controlling interests Dividends paid

Dividends paid to non-controlling interests Distribution payment for perpetual securities (Increase)/Decrease in fixed deposits pledged Interest paid

Proceeds from loans and borrowings Proceeds from loans from non-controlling

interests

Repayment of loans and borrowings

Net cash (used in)/from financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the period/year

Exchange differences on translation of balances held in foreign currencies

Cash and cash equivalents at end of the period/year

Group	Group
Half Year Ended	Full Year Ended
30/06/2020	30/06/2019	30/06/2020	30/06/2019
S$'000	S$'000	S$'000	S$'000
(14,293)	(34,028)	(81,466)	(42,017)
(560)	(2,788)	(2,452)	(7,957)
1,164	(90,686)	(3,669)	(112,971)
-	-	-	281,293
250	826	29,268	162,875
13,033	-	68,404	-
5,075	10,594	13,102	16,783
214,766	-	214,777	-
219,435	(116,082)	237,964	298,006
-	-	-	(258)
-	-	(77,684)	(77,684)
(19)	-	(1,492)	(1,749)
(9,275)	(9,276)	(18,400)	(18,299)
(702)	(554)	3,680	(435)
(95,324)	(87,506)	(167,877)	(156,111)
545,271	288,839	1,573,287	1,543,923
9,330	6,207	98,973	17,655
(501,509)	(429,954)	(805,257)	(1,968,820)
(52,228)	(232,244)	605,230	(661,778)
239,205	(387,358)	111,326	(42,304)
679,967	1,200,999	808,874	870,340
3,521	(4,767)	2,493	(19,162)
922,693	808,874	922,693	808,874

For the purpose of the consolidated statement of cash flows, cash and cash equivalents exclude cash collaterals and are presented net of bank overdrafts repayable on demand.

For the half year ended 30 June 2020, net cash generated from operating activities was $72.0 million as compared to $39.0 million used in the previous corresponding period. Net cash from investing activities of $219.4 million was mainly from the sale of Guoman Hotel in Shanghai. For financing activities, net cash of $52.2 million was used mainly for repayment of loans and interest payments during the period.

For the financial year ended 30 June 2020, operating activities used cash of $731.9 million mainly for new land acquisitions, as compared to cash generated of $321.5 million in the previous financial year. Net cash from investing activities in the current financial year of $238.0 million was mainly from the sale of Guoman Hotel. Meanwhile, net cash from financing activities of $605.2 million was mainly from loans and borrowings for new land acquisitions during the year.

Page 6

1(d)	Consolidated Statement of Comprehensive Income
		Group		Group
		Half Year Ended	Increase/	Full Year Ended	Increase/
		30/06/2020	30/06/2019	(Decrease)	30/06/2020	30/06/2019	(Decrease)
		S$'000	S$'000	%	S$'000	S$'000	%
	Profit for the period/year	20,591	250,698	(92)	90,046	287,616	(69)
	Other comprehensive
	income
	Items that are or may be
	reclassified subsequently
	to profit or loss:
	Translation differences
	relating to financial
	statements of foreign
	subsidiaries, associates
	and joint ventures	21,530	(28,721)	N/M	6,670	(117,400)	N/M
	Translation differences of
	subsidiaries reclassified to
	profit or loss upon
	disposal	(49)	-	N/M	(49)	-	N/M
	Effective portion of changes
	in fair value of cash flow
	hedges	(2,778)	228	N/M	607	2,407	(75)
	Effective portion of changes
	in fair value of net
	investment hedges	(5,788)	1,774	N/M	(1,652)	6,763	N/M

Total other comprehensive income for the period/year, net of tax

Total comprehensive income for the period/year, net of tax

Attributable to:

Equity holders of the

Company

Non-controlling interests

Total comprehensive income for the period/year, net of tax

12,915	(26,719)	N/M	5,576	(108,230)	N/M
33,506	223,979	(85)	95,622	179,386	(47)
49,901	194,904	(74)	119,966	160,969	(25)
(16,395)	29,075	NM	(24,344)	18,417	N/M
33,506	223,979	(85)	95,622	179,386	(47)

N/M: Not meaningful.

Page 7

1(e)(i) A statement (for the issuer and Group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.

Statement of Changes in Equity for the Full Year ended 30 June 2020 and 30 June 2019
	Attributable to ordinary equity holders
		of the Company
				Total			Non-
	Share	Other	Accumulated	Ordinary	Perpetual		Controlling	Total
	Capital	Reserves*	Profits	Equity	Securities	Total	Interests	Equity
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Group
At 1 July 2019	1,926,053	(230,300)	2,129,945	3,825,698	405,949	4,231,647	410,866	4,642,513
Total comprehensive income for the year
Profit for the year	-	-	114,069	114,069	-	114,069	(24,023)	90,046
Other comprehensive income
Items that are or may be reclassified subsequently to
profit or loss:-
Translation differences relating to financial statements of
foreign subsidiaries, associates and joint ventures	-	6,483	-	6,483	-	6,483	187	6,670
Translation differences of subsidiaries reclassified to
profit or loss upon disposal	-	459	-	459	-	459	(508)	(49)
Effective portion of changes in fair value of cash flow
hedges	-	607	-	607	-	607	-	607
Effective portion of changes in fair value of net
investment hedges	-	(1,652)	-	(1,652)	-	(1,652)	-	(1,652)
Total other comprehensive income, net of tax	-	5,897	-	5,897	-	5,897	(321)	5,576

Total comprehensive income for the year, net of tax

Transactions with equity holders, recorded directly in equity

Contributions by and distributions to equity holders Accrued distribution for perpetual securities Distribution payment for perpetual securities Dividends

Capitalisation of shareholder's loan from non-controlling interests

Capital contributions from non-controlling interests Share-based payments

Total contributions by and distributions to equity holders

Total transactions with equity holders At 30 June 2020

-	5,897	114,069	119,966	-	119,966	(24,344)	95,622
-	-	(18,943)	(18,943)	18,943	-	-	-
-	-	-	-	(18,400)	(18,400)	-	(18,400)
-	-	(77,684)	(77,684)	-	(77,684)	(1,492)	(79,176)
-	-	-	-	-	-	50,000	50,000
-	-	-	-	-	-	68,404	68,404
-	2,387	-	2,387	-	2,387	-	2,387
-	2,387	(96,627)	(94,240)	543	(93,697)	116,912	23,215
-	2,387	(96,627)	(94,240)	543	(93,697)	116,912	23,215
1,926,053	(222,016)	2,147,387	3,851,424	406,492	4,257,916	503,434	4,761,350

* Include reserve for own shares, share option reserve, capital reserve, translation reserve, revaluation reserve, merger reserve and hedging reserve.

Page 8

		Attributable to ordinary equity holders
			of the Company
					Total			Non-
		Share	Other	Accumulated	Ordinary	Perpetual		Controlling	Total
		Capital	Reserves*	Profits	Equity	Securities	Total	Interests	Equity
		S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Group
At 1 July 2018	1,926,053	(138,217)	1,971,227	3,759,063	404,976	4,164,039	394,456	4,558,495
Total comprehensive income for the year
Profit for the year	-	-	255,674	255,674	-	255,674	31,942	287,616
Other comprehensive income
Items that are or may be reclassified subsequently to
profit or loss:-
Translation differences relating to financial statements of
foreign subsidiaries, associates and joint ventures	-	(103,875)	-	(103,875)	-	(103,875)	(13,525)	(117,400)
Effective portion of changes in fair value of cash flow
hedges	-	2,407	-	2,407	-	2,407	-	2,407
Effective portion of changes in fair value of net
investment hedges	-	6,763	-	6,763	-	6,763	-	6,763
Total other comprehensive income, net of tax	-	(94,705)	-	(94,705)	-	(94,705)	(13,525)	(108,230)
Total comprehensive income for the year, net of tax	-	(94,705)	255,674	160,969	-	160,969	18,417	179,386
Transactions with equity holders, recorded directly in
equity
Contributions by and distributions to equity holders
Accrued distribution for perpetual securities	-	-	(19,272)	(19,272)	19,272	-	-	-
Distribution payment for perpetual securities	-	-	-	-	(18,299)	(18,299)	-	(18,299)
Dividends	-	-	(77,684)	(77,684)	-	(77,684)	(1,749)	(79,433)
Capital reduction of a subsidiary with non-controlling
interests	-	-	-	-	-	-	(258)	(258)
Share-based payments	-	2,622	-	2,622	-	2,622	-	2,622
Total contributions by and distributions to equity
holders	-	2,622	(96,956)	(94,334)	973	(93,361)	(2,007)	(95,368)
Total transactions with equity holders	-	2,622	(96,956)	(94,334)	973	(93,361)	(2,007)	(95,368)
At 30 June 2019		1,926,053	(230,300)	2,129,945	3,825,698	405,949	4,231,647	410,866	4,642,513

* Include reserve for own shares, share option reserve, capital reserve, translation reserve, revaluation reserve, merger reserve and hedging reserve.

Page 9

	Share	Other	Accumulated	Total
	Capital	Reserves*	Profits	Equity
	S$'000	S$'000	S$'000	S$'000
Company
At 1 July 2019	1,926,053	(158,015)	416,613	2,184,651
Loss for the year	-	-	(4,636)	(4,636)
Total comprehensive income for the year	-	-	(4,636)	(4,636)
Transactions with equity holders, recorded directly in equity
Contributions by and distributions to equity holders
Dividends	-	-	(77,684)	(77,684)
Share-based payments	-	2,387	-	2,387
Total contributions by and distributions to equity holders	-	2,387	(77,684)	(75,297)
Total transactions with equity holders	-	2,387	(77,684)	(75,297)
At 30 June 2020	1,926,053	(155,628)	334,293	2,104,718
Company
At 1 July 2018	1,926,053	(160,637)	180,952	1,946,368
Profit for the year	-	-	313,345	313,345
Total comprehensive income for the year	-	-	313,345	313,345
Transactions with equity holders, recorded directly in equity
Contributions by and distributions to equity holders
Dividends	-	-	(77,684)	(77,684)
Share-based payments	-	2,622	-	2,622
Total contributions by and distributions to equity holders	-	2,622	(77,684)	(75,062)
Total transactions with equity holders	-	2,622	(77,684)	(75,062)
At 30 June 2019	1,926,053	(158,015)	416,613	2,184,651

• Include reserve for own shares, share option reserve and capital reserve.

Page 10

Statement of Changes in Equity for the Half Year ended 30 June 2020 and 30 June 2019
	Attributable to ordinary equity holders
		of the Company
				Total			Non-
	Share	Other	Accumulated	Ordinary	Perpetual		Controlling	Total
	Capital	Reserves*	Profits	Equity	Securities	Total	Interests	Equity
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Group
At 1 January 2020	1,926,053	(233,466)	2,117,247	3,809,834	406,370	4,216,204	470,997	4,687,201
Total comprehensive income for the period
Profit for the period	-	-	39,537	39,537	-	39,537	(18,946)	20,591
Other comprehensive income
Items that are or may be reclassified subsequently to
profit or loss:-
Translation differences relating to financial statements of
foreign subsidiaries, associates and joint ventures	-	18,471	-	18,471	-	18,471	3,059	21,530
Translation differences of subsidiaries reclassified to
profit or loss upon disposal	-	459	-	459	-	459	(508)	(49)
Effective portion of changes in fair value of cash flow
hedges	-	(2,778)	-	(2,778)	-	(2,778)	-	(2,778)
Effective portion of changes in fair value of net
investment hedges	-	(5,788)	-	(5,788)	-	(5,788)	-	(5,788)
Total other comprehensive income, net of tax	-	10,364	-	10,364	-	10,364	2,551	12,915

Total comprehensive income for the period, net of tax

Transactions with equity holders, recorded directly in equity

Contributions by and distributions to equity holders Accrued distribution for perpetual securities Distribution payment for perpetual securities Dividends

Capitalisation of shareholder's loan from non-controlling interests

Capital contributions from non-controlling interests Share-based payments

Total contributions by and distributions to equity holders

Total transactions with equity holders At 30 June 2020

-	10,364	39,537	49,901	-	49,901	(16,395)	33,506
-	-	(9,397)	(9,397)	9,397	-	-	-
-	-	-	-	(9,275)	(9,275)	-	(9,275)
-	-	-	-	-	-	(19)	(19)
-	-	-	-	-	-	35,818	35,818
-	-	-	-	-	-	13,033	13,033
-	1,086	-	1,086	-	1,086	-	1,086
-	1,086	(9,397)	(8,311)	122	(8,189)	48,832	40,643
-	1,086	(9,397)	(8,311)	122	(8,189)	48,832	40,643
1,926,053	(222,016)	2,147,387	3,851,424	406,492	4,257,916	503,434	4,761,350

* Include reserve for own shares, share option reserve, capital reserve, translation reserve, revaluation reserve, merger reserve and hedging reserve.

Page 11

		Attributable to ordinary equity holders
			of the Company
					Total			Non-
		Share	Other	Accumulated	Ordinary	Perpetual		Controlling	Total
		Capital	Reserves*	Profits	Equity	Securities	Total	Interests	Equity
		S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Group
At 1 January 2019	1,926,053	(207,826)	1,921,102	3,639,329	405,408	4,044,737	381,791	4,426,528
Total comprehensive income for the period
Profit for the period	-	-	218,660	218,660	-	218,660	32,038	250,698
Other comprehensive income
Items that are or may be reclassified subsequently to
profit or loss:-
Translation differences relating to financial statements of
foreign subsidiaries, associates and joint ventures	-	(25,758)	-	(25,758)	-	(25,758)	(2,963)	(28,721)
Effective portion of changes in fair value of cash flow
hedges	-	228	-	228	-	228	-	228
Effective portion of changes in fair value of net
investment hedges		-	1,774	-	1,774	-	1,774	-	1,774
Total other comprehensive income, net of tax	-	(23,756)	-	(23,756)	-	(23,756)	(2,963)	(26,719)
Total comprehensive income for the period, net of tax		-	(23,756)	218,660	194,904	-	194,904	29,075	223,979
Transactions with equity holders, recorded directly in
equity
Contributions by and distributions to equity holders
Accrued distribution for perpetual securities	-	-	(9,817)	(9,817)	9,817	-	-	-
Distribution payment for perpetual securities	-	-	-	-	(9,276)	(9,276)	-	(9,276)
Share-based payments		-	1,282	-	1,282	-	1,282	-	1,282
Total contributions by and distributions to equity
holders		-	1,282	(9,817)	(8,535)	541	(7,994)	-	(7,994)
Total transactions with equity holders	-	1,282	(9,817)	(8,535)	541	(7,994)	-	(7,994)
At 30 June 2019		1,926,053	(230,300)	2,129,945	3,825,698	405,949	4,231,647	410,866	4,642,513

* Include reserve for own shares, share option reserve, capital reserve, translation reserve, revaluation reserve, merger reserve and hedging reserve.

Page 12

	Share	Other	Accumulated	Total
	Capital	Reserves*	Profits	Equity
	S$'000	S$'000	S$'000	S$'000
Company
At 1 January 2020	1,926,053	(156,714)	337,426	2,106,765
Loss for the period	-	-	(3,133)	(3,133)
Total comprehensive income for the period	-	-	(3,133)	(3,133)
Transactions with equity holders, recorded directly in equity
Contributions by and distributions to equity holders
Share-based payments	-	1,086	-	1,086
Total contributions by and distributions to equity holders	-	1,086	-	1,086
Total transactions with equity holders
-	1,086	-	1,086
At 30 June 2020	1,926,053	(155,628)	334,293	2,104,718
Company
At 1 January 2019	1,926,053	(159,297)	252,952	2,019,708
Profit for the period	-	-	163,661	163,661
Total comprehensive income for the period	-	-	163,661	163,661
Transactions with equity holders, recorded directly in equity
Contributions by and distributions to equity holders
Share-based payments	-	1,282	-	1,282
Total contributions by and distribution to equity holders	-	1,282	-	1,282
Total transactions with equity holders	-	1,282	-	1,282
At 30 June 2019	1,926,053	(158,015)	416,613	2,184,651

• Include reserve for own shares, share option reserve and capital reserve.

Page 13

1(e)(ii) Details of any changes in the Company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year. State the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year. A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on.

1. Issued and fully paid ordinary shares (S$'000):-

At 1 January and 30 June 2020

1,926,053

1. GuocoLand Limited Executive Share Scheme 2018 (ESS):-

	No. of share options	2020	2019
	At 1 January	37,900,000	38,700,000
	Lapsed	-	(800,000)
	At 30 June	37,900,000	37,900,000
			As At
		30/06/2020	30/06/2019
(c)	No. of issued ordinary shares	1,183,373,276	1,183,373,276
	Less : No. of shares acquired by the Trust for ESS	(73,604,933)	(73,604,933)
		1,109,768,343	1,109,768,343

1. No. of shares acquired by the Trust for ESS:-

At 1 July 2019 and 30 June 2020

73,604,933

Page 14

1. Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice.
   The figures for the financial year ended 30 June 2020 have been audited by the Company's auditors.
2. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of a matter).
   The auditors' report with respect to the Group's financial statements for the year ended 30 June 2020 is attached.
3. Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied.
   Except as disclosed in Item 5 below, the Group has applied the same accounting policies and methods of computation in the financial statements for the current financial year as those applied in the most recently audited financial statements of the Group for the financial year ended 30 June 2019.
4. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change.
   The Group has applied the same accounting policies and methods of computation in the financial statements for the current financial year as that of the audited financial statements for the year ended 30 June 2019, except for the adoption of new/revised SFRS(I) applicable for the financial period beginning 1 July 2019 as follows:-
5. • SFRS(I) 16 Leases
   • SFRS(I) INT 23 Uncertainty over Income Tax Treatments
   • Long-termInterests in Associates and Joint Ventures (Amendments to SFRS(I) 1-28)
   • Income Tax Consequence of Payments on Financial Instruments Classified as Equity (Amendments to SFRS(I) 1-12)

SFRS(I) 16

SFRS(I) 16 introduces a single, on-balance sheet lease accounting model for lessees. A lessee recognises a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. There are recognition exemptions for short-term leases and leases of low-value items. Lessor accounting remains similar to the current standard - i.e. lessors continue to classify leases as finance or operating leases.

The Group applied SFRS(I) 16 on 1 July 2019, using the modified retrospective approach. Therefore, the cumulative effect of adopting SFRS(I) 16 will be recognised as an adjustment to the opening balance of retained earnings at 1 July 2019, with no restatement of comparative information. The Group applied the practical expedient to grandfather the definition of a lease on transition and accordingly SFRS(I) 16 will be applied to these lease contracts.

The adoption of SFRS(I) 16 did not have a material effect on the financial statements of the Group.

Page 15

6. Earnings per ordinary share of the Group for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends.

Group	Group
Half Year Ended	Full Year Ended
30/06/2020	30/06/2019	30/06/2020	30/06/2019

Earnings per ordinary share for the period/year based on the Group's profit attributable to equity holders of the Company*:-

1. Based on weighted average number

of ordinary shares in issue after
adjusting for the shares held by the
Trust for ESS (cents)	2.72	18.82	8.57	21.30
Weighted average number of
ordinary shares ('000)	1,109,768	1,109,768	1,109,768	1,109,768
(b) On a fully diluted basis (cents)	2.72	18.82	8.57	21.30
Weighted average number of
ordinary shares ('000)	1,109,768	1,109,768	1,109,768	1,109,768

• After deducting accrued distribution for perpetual securities for the half and full year ended 30 June 2020 of $9,397,000 (2019: $9,817,000) and $18,943,000 (2019: $19,272,000) respectively.

7. Net asset value (for the issuer and Group) per ordinary share based on issued share capital of the issuer at the end of the:-

1. current financial period reported on; and
2. immediately preceding financial year.

	Group	Company
	As At	As At
	30/06/2020	30/06/2019	30/06/2020	30/06/2019
	S$	S$	S$	S$
Net asset value per ordinary share based
on existing issued share capital after
adjusting for the shares held by the Trust
for ESS	3.47	3.45	1.90	1.97

Page 16

8. A review of the performance of the Group, to the extent necessary for a reasonable understanding of the Group's business. It must include a discussion of the following:-

1. any significant factors that affected the turnover, costs and earnings of the Group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and
2. any material factors that affected the cash flow, working capital, assets or liabilities of the Group during the current financial period reported on.

1. Income statement
   Half Year Ended 30 June 2020
   For the half year ended 30 June 2020, revenue and gross profit for the Group decreased by 40% to $369.8 million and $121.4 million respectively, as compared to the previous corresponding period. The Coronavirus Disease 2019 ("COVID-19") pandemic has impacted the sales momentum and construction progress of the Group's development projects in the second half of the financial year. The decrease in performance was mainly due to lower contribution from the residential projects in Singapore. Whilst revenue from the Group's investment properties decreased by approximately 4%, revenue from the hotel business fell by more than 65% as compared to the previous corresponding period. Gross profit margin for the Group remained stable at approximately 33%.
   In line with the lower sales activities, administrative expenses fell by 26% to $40.8 million. Meanwhile, other income decreased by 33% to $146.6 million. In 2019, a net fair value gain on investment properties of $197.4 million was recorded. In the current period, it was a net fair value loss on investment properties of $8.3 million. The independent valuation reports have highlighted estimation uncertainty arising from the COVID-19 pandemic, a higher degree of caution should be exercised when relying upon the valuation. The valuations are based on the information available as at the date of valuation and values may change significantly and unexpectedly over a short period of time. The drop in the fair value gain was partially offset by the gain from the sale of Guoman Hotel in Shanghai in the current period; which was also the main reason for the increase in tax expense. Tax expenses for the half year included tax on disposal gain in China at 25% as well as adjustment for non-deductible items relating to unrealised impairment and fair value losses.
   Other expenses increased by $84.7 million to $112.9 million for the half year ended 30 June 2020, partly due to the higher fair value losses on the interest rate swaps to hedge floating interest rate. In addition, in view of the economic uncertainties ahead, the Group recorded an impairment loss of $47 million on its joint venture investment in EcoWorld International Berhad ("EWI") during the period due to the uncertain market conditions in the United Kingdom and Australia.
   Overall, the Group's profit attributable to equity holders of the Company decreased by 82% to $39.5 million for the half year ended 30 June 2020.
   Full Year Ended 30 June 2020
   For the full year ended 30 June 2020, the Group's revenue and gross profit increased marginally to $941.8 million and $300.1 million respectively, as compared to the last financial year. Whilst revenue from the Group's property development business has increased by approximately 5%, revenue from investment properties decreased marginally and revenue from hotels fell by close to 30%.
   Other income decreased by 32% to $162.6 million due to the absence of fair value gain on investment properties in the current year, but the drop was partially offset by the gain from the sale of Guoman Hotel in Shanghai. Mainly due to the gain on disposal of Guoman Hotel, tax expense increased by $47.2 million to $68.7 million for the financial year. Meanwhile, other expenses increased by $91.0 million to $128.4 million mainly due to the impairment loss provided on the
   Group's joint venture investment and the higher fair value losses on the interest rate swaps. Current year's taxes included tax on disposal gain in China at 25% as well as adjustment for non-deductible items relating to unrealised impairment and fair value losses.
   Consequently, profit attributable to equity holders of the Company decreased by 55% to $114.1 million for the full year ended 30 June 2020.

Page 17

1. 1. Statement of financial position
      The Group's total equity, excluding non-controlling interests, was $4.3 billion as at 30 June 2020. This was a slight increase of 1% as compared to 30 June 2019 as profit recorded for the year was partially offset by dividends payment of $77.7 million during the year.
      As at 30 June 2020, property, plant and equipment fell by 18% to $488.5 million mainly due to the sale of Guoman Hotel in Shanghai during the year. Meanwhile, a conditional sale and purchase agreement was entered to dispose an office building known as Menara Guoco in Malaysia for a consideration of RM242.1 million in March 2020. Accordingly, this building has been reclassified from investment properties to assets held for sale as at 30 June 2020.
      Inventories increased by 32% to $3.9 billion mainly due to the acquisition of a site at Tan Quee Lan Street ("Tan Quee Lan Site") in Singapore during the year. Meanwhile, non-current other payables increased by 22% to $746.8 million mainly due to contributions by the Group's joint venture partners for their equity interests in the Tan Quee Lan Site, as represented by amounts due to non-controlling interests.
      Total loans and borrowings increased by 17% as compared to 30 June 2020 mainly due to the financing of new land acquisitions. As at 30 June 2020, the Group's gearing is at approximately one time.
2. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.
   No forecast has been previously disclosed to shareholders.
3. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the Group operates and any known factors or events that may affect the Group in the next reporting period and the next 12 months.
   Latest real estate statistics released by the Urban Redevelopment Authority in Singapore showed that overall private residential price index increased by 0.3% quarter-on-quarter in the 2nd quarter of 2020, compared with the 1.0% decrease in the previous quarter. Prices of non-landed residential properties in the Core Central Region and Outside Central Region increased by 2.7% and 0.1% respectively, while prices in the Rest of Central Region decreased by 1.7%, from the previous quarter. As part of the circuit breaker measures to curb the spread of COVID-19, showflats were closed and property viewings disallowed from 7 April to 18 June.
   According to official data from the National Bureau of Statistics of China, new home prices across the 70 biggest cities in China rose 0.5% month-on-month and 4.8% year-on-year in July 2020. In Chongqing, prices increased by 0.5% month-on-month and 4.6% year-on-year in July 2020.
   The Group is paying close attention to the COVID-19 situation and its impact on the Group's property development and investment activities. Construction of the Group's ongoing development projects in
   Singapore, China and Malaysia have resumed. We will proactively manage our business to build a resilient and sustainable business for the long term. This includes provision of a safe business and work environment for our clients, business partners and employees, greater use of technology to ensure business continuity and diversification of our supply chains. Additional measures adopted include active containment of costs, management of cashflow, further streamlining of processes and reconfiguring our sales and marketing approach.

Page 18

11. Dividend

1. Current Financial Period Reported On

Name of Dividend	Proposed First and Final One-Tier Exempt Ordinary Dividend
Dividend Type	Cash
Dividend Amount Per	6 cents
Share (in cents)

1. Corresponding Period of the Immediately Preceding Financial Year

Name of Dividend	Proposed First and Final One-Tier Exempt Ordinary Dividend
Dividend Type	Cash
Dividend Amount Per	7 cents
Share (in cents)

1. Date payable
   The proposed first and final one-tier exempt ordinary dividend of 6 cents per share in respect of the financial year ended 30 June 2020, if approved at the Annual General Meeting to be held on 23 October 2020, will be paid on 19 November 2020.
2. Books closure date
   Notice is hereby given that subject to shareholders approving the declaration of a first and final one-tier exempt ordinary dividend, the Transfer Books and Register of Members of the Company will be closed on 2 November 2020, for the preparation of dividend warrants. Duly completed transfers should reach the office of the Company's Registrar, B.A.C.S. Private Limited, at 8
   Robinson Road #03-00 ASO Building, Singapore 048544, not later than 5.00 p.m. on 30 October 2020. In respect of shares in securities accounts with The Central Depository (Pte) Limited
   ("CDP"), the said dividends will be paid by the Company to CDP which will in turn distribute the dividend entitlements to holders of ordinary shares in accordance with its practice.

Page 19

12. Segmented revenue and results for business or geographical segments (of the Group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year.

Business Segment
	GuocoLand	GuocoLand	GuocoLand	GuocoLand
	Singapore	China	Malaysia	Vietnam	Others	Sub-Total	Unallocated	Total
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
2020
Revenue
External revenue	756,027	3,399	123,864	7,039	51,482	941,811	30	941,841

Results

Segment profit/(loss) before tax

Share of profit of associates and joint ventures (net of tax)

Impairment loss

Interest income

Finance costs

Profit/(loss) before tax

Tax (expense)/credit

Profit/(loss) for the year

2019 Revenue

External revenue

Results

Segment profit/(loss) before tax

Share of profit/(loss) of associates and joint ventures (net of tax)

Interest income

Finance costs

Profit/(loss) before tax

Tax (expense)/credit

Profit/(loss) for the year

183,149	(21,802)	18,093	1,760	105,237	286,437	(11,498)	274,939
-	1,673	286	-	18,963	20,922	-	20,922
-	-	-	-	(47,000)	(47,000)	-	(47,000)
4,498	3,080	1,281	860	750	10,469	7,650	18,119
(70,558)	-	(10,457)	-	(10,365)	(91,380)	(16,902)	(108,282)
117,089	(17,049)	9,203	2,620	67,585	179,448	(20,750)	158,698
(21,684)	3,563	(11,941)	(1,975)	(31,425)	(63,462)	(5,190)	(68,652)
95,405	(13,486)	(2,738)	645	36,160	115,986	(25,940)	90,046
716,542	3,721	114,530	19,178	72,956	926,927	30	926,957
383,974	2,226	12,063	7,127	(9,643)	395,747	(11,702)	384,045
(1,600)	7,933	2,393	-	4,063	12,789	-	12,789
4,886	2,712	1,909	449	857	10,813	9,064	19,877
(63,258)	(1,151)	(16,684)	-	(6,322)	(87,415)	(20,276)	(107,691)
324,002	11,720	(319)	7,576	(11,045)	331,934	(22,914)	309,020
(18,833)	7,153	(2,687)	(1,861)	(1,647)	(17,875)	(3,529)	(21,404)
305,169	18,873	(3,006)	5,715	(12,692)	314,059	(26,443)	287,616

Page 20

1. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments.
   For the current financial year ended 30 June 2020, GuocoLand Singapore segment continues to be the key contributor of the Group's revenue, with contribution of approximately 80%. Comparing with the previous financial year, revenue increased by 6% to $756.0 million. Due to the absence of fair value gain on investment properties in current financial year, profit for the year decreased by 69% to $95.4 million.
   GuocoLand China segment recorded a loss for the year of $13.5 million as compared to a profit of $18.9 million in the previous financial year. This was mainly because completed projects in China were substantially sold in prior years and new projects are under construction and not launched in the year.
   GuocoLand Malaysia segment's revenue increased by 8% to $123.9 million in the current financial year mainly due to the disposal of a land parcel located in the Mukim and District of Jasin, Melaka. However, the segment recorded a loss for the year of $2.7 million, although it was an improvement of close to 10% as compared to the previous financial year. The loss for the year was mainly due to additional tax provided during the year in relation to prior years. Meanwhile, as GuocoLand Vietnam segment has substantially brought down its inventory in last financial year, revenue and profit for the current financial year decreased to $7.0 million and $0.6 million respectively.
   Included in the Others segment are the performance of the hotels and EWI. Revenue from hotels fell by close to 30% to $51.5 million for the year. Profit for the year for the Others segment was $36.2 million as compared to a loss of $12.7 million in the previous financial year. This was mainly due to the gain from the sale of Guoman Hotel in Shanghai, but partially offset by the impairment loss provided for the investment in EWI in view of the economic uncertainties.
2. A breakdown of sales.

		Group
		Full Year Ended	Increase/
		30/06/2020	30/06/2019	(Decrease)
		S$'000	S$'000	%
(a)	Revenue for first half year	572,085	310,957	84
(b)	Profit after tax but before deducting non-controlling
	interests for first half year	69,455	36,918	88
(c)	Revenue for second half year	369,756	616,000	(40)

1. Profit after tax but before deducting non-controlling

interests for second half year

20,591

250,698

(92)

15. A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year.

Group

Full Year Ended 30/06/2020 30/06/2019

S$'000 S$'000

Ordinary dividends paid in respect of previous financial years

77,684

77,684

16. Interested Person Transactions

The Company does not have a shareholders' mandate for interested person transactions.

Page 21

1. Confirmation Pursuant to Rule 720(1) of the Listing Manual
   GuocoLand Limited confirms that undertakings under Rule 720(1) have been obtained from all its directors and executive officers in the format set out in Appendix 7.7.
2. Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer.
   Pursuant to Rule 704(13) of the Listing Manual of the Singapore Exchange Securities Trading Limited,
   GuocoLand Limited (the "Company") confirms that there is no person occupying a managerial position in the Company or in any of its principal subsidiaries who is a relative of the director, chief executive officer or substantial shareholder of the Company.
3. Disclosure on Acquisitions and Realisations Pursuant to Rule 706A
   Pursuant to Rule 706A of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Company had made the following announcements relating to acquisitions and realisations made by the Group during the financial year ended 30 June 2020:
   Acquisitions
4. 1. 26 July 2019 The incorporation of a wholly-owned subsidiary, GuocoLand China Holding Pte. Ltd.
   2. 18 Sept 2019 The incorporation of indirect subsidiaries, MTG Apartments Pte. Ltd. and MTG Retail Pte. Ltd.
   3. 12 March 2020 The establishment of a new subsidiary, Chongqing Xin Hao Ren Real Estate
      Development Co., Ltd in the People's Republic of China.

Realisations

1. 6 August 2019 The commencement of members' voluntary liquidation of Waterline
   Development Pte. Ltd.
2. 4 December 2019 The cessation of Beijing Ming Hua Property Co. Ltd. ("BJMH") as a

subsidiary upon the completion of the transfer of 75% equity interest in BJMH by GuocoLand (China) Limited, the Company's wholly-owned subsidiary, to Beijng Huarong Comprehensive Co., Ltd.

1. 9 December 2019 The striking-off of joint venture company, Chengdu Yi Xin Lake Development Pte. Ltd.
2. 2 March 2020 The dissolution of a dormant indirect wholly-owned subsidiary, Elliot Development Pte. Ltd. under member's voluntary liquidation.
3. 26 June 2020 The commencement of members' voluntary liquidation of Goodwood Residences Development Pte. Ltd.

The details relating to the aforesaid acquisitions and realisations may be found in the relevant announcements as per the dates stated above.

BY ORDER OF THE BOARD

Mary Goh Swon Ping

Group Company Secretary

24 August 2020

Page 22