Last checked at 6 Nov 2008 09:44
To: Business Editor 6th November 2008
For immediate release
MCL Land Limited
Third Quarter 2008 Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 77%-owned subsidiary, MCL Land Limited.
For further information, please contact:
Hongkong Land Limited
Y K Pang (852) 2842 8428
G M Brown (852) 2842 8138
(852) 9612 3496
GolinHarris
Sue So (852) 2501 7984
| 6th November 2008 | ||||||||
| MCL LAND LIMITED | ||||||||
| THIRD QUARTER 2008 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT | ||||||||
| Highlights | ||||||||
| ·; | Mera Springs completed in the third quarter | |||||||
| ·; | Preview of D'Pavilion and The Peak@Balmeg received encouraging response | |||||||
| "The current global financial crisis is having an adverse impact on the residential property market in Singapore and the deteriorating sentiment will put downward pressure on short to medium-term prices. The results for 2008 will benefit from the completions of three development projects in Singapore, namely The Grange, Mera Springs and The Esta. The overall performance of MCL Land may, however, be affected by downward movements in the carrying values of development properties." | ||||||||
| Y K Pang, Chairman | ||||||||
| 6th November 2008 | ||||||||
| Group Results | ||||||||
| Nine months ended 30th September | ||||||||
| 2008 | 2007 | Change | 2008 | Change | ||||
| US$m | US$m | % | S$m | % | ||||
| Revenue | 78.8 | 159.0 | - 50 | 112.6 | - 53 | |||
| Profit before tax | 25.0 | 5.0 | 396 | 35.4 | 360 | |||
| Underlying profit attributable to shareholders * | 21.5 | 4.6 | 367 | 30.3 | 327 | |||
| Profit attributable to shareholders | 21.5 | 5.4 | 298 | 30.3 | 265 | |||
| US¢ | US¢ | S¢ | ||||||
| Underlying earnings per share * | 5.81 | 1.25 | 365 | 8.18 | 328 | |||
| Earnings per share | 5.81 | 1.46 | 298 | 8.18 | 267 | |||
| At 30.9.2008 | At 31.12.2007 | Change | At 30.9.2008 | Change | ||||
| US$m | US$m | % | S$m | % | ||||
| Shareholders' funds | 523.7 | 524.2 | - | 748.9 | 11 | |||
| US$ | US$ | S$ | ||||||
| Net asset value per share | 1.42 | 1.42 | - | 2.02 | 10 | |||
| The exchange rate of US$1=S$1.43 (31.12.2007: US$1=S$1.44) was used for translating assets and liabilities at the balance sheet date and average monthly transaction rates of US$1=S$1.39 (2007: US$1=S$1.52) was used for translating the results for the financial period. | ||||||||
| The financial results for the nine months ended 30thSeptember 2008 and 30thSeptember 2007 have been prepared based on the International Financial Reporting Standards ("IFRS"). These financial results have not been audited or reviewed by the Auditors. | ||||||||
| * The basis for calculating underlying profit and earnings is set out in Note 4 of this report. | ||||||||
| CHAIRMAN'S STATEMENT |
| Overview |
| Residential sales activity remained low in the third quarter of this year due to the uncertainties in global financial markets and the traditionally quiet lunar seventh month. There were 2,244 new residential units launched for sale in the third quarter, of which 1,558 units were sold. 3,845 units of new homes were sold by developers in the nine months ended 30th September, as compared to 13,362 units in the same period in 2007. The official index of residential property prices fell for the first time in four years, reducing 2.4% in the third quarter of 2008 as compared to a marginal increase of 0.2% in the second quarter. As the financial crisis continues, increasingly cautious sentiment can be expected to put further downward pressure on residential property prices in the near term. |
| Group Performance |
| The Group recorded revenue of US$78.8 million in the nine months ended 30th September 2008, primarily from the completion of Mera Springs. The revenue for the corresponding period in 2007 of US$159.0 million was mainly from the completions of The Metz and Mera East. The Group's underlying profit for the first nine months of 2008 was US$21.5 million, mainly attributable to a profit of US$20.9 million recognised on the completion of Mera Springs and The Grange, compared with an underlying profit of US$4.6 million for the corresponding period in 2007. The Group's profit attributable to shareholders for the period was also US$21.5 million, compared with US$5.4 million in the first nine months of 2007. Shareholders' funds were substantially unchanged at US$524 million at 30th September 2008 compared with 31st December 2007. The Group's net debt increased from US$244 million at the last year end to US$359 million at 30th September following the payment of US$181.1 million for the purchase of Yishun Avenue 1 and Casa Nassau partially offset by progress billings from development projects. Net gearing was 69% at 30th September, up from 47% at the end of 2007. |
| Dividend |
| The Board is not recommending the payment of an interim dividend for the nine months ended September 2008 (2007: nil). |
| Properties Construction work of the Group's development projects is progressing well. The Grange, the Group's joint venture project in Singapore and Mera Springs obtained their Temporary Occupation Permits in March and September respectively. The Esta is scheduled to complete in the fourth quarter of 2008. D'Pavilion, a 50-unit apartment development at Upper Serangoon Road achieved good sales on its soft launch in July 2008, and 26% had been committed as at the end of September. Similarly, The Peak@Balmeg, a 180-unit condominium, received a positive response with 26% committed by the period end. All projects previously launched have been fully pre-sold, with the exception of two units at Hillcrest Villa. The Group's joint ventures in Malaysia made good progress in the sales of their developments. The launch of the 391-unit condominium development, Riana Green Phase 1, was well received with over 87% of the units sold. Progress continued with the sales at the joint venture development in Seremban with 133 of the 270 terrace houses, bungalows, bungalow lots and shop offices sold by the end of September. Construction of Wangsa Walk, a retail mall development by the Group's joint venture company, MSL, is progressing well. The development will complete in 2009 and has an estimated net lettable area of about 270,000 sq. ft, of which some 65% has been committed. Acquisitions The development site acquisitions of Nim Park at Nim Road, the 99-year leasehold land parcel in Yishun Avenue 1 and Casa Nassau at Upper East Coast Road, for total consideration of US$239.8 million were completed. Prospects The current global financial crisis is having an adverse impact on the residential property market in Singapore and the deteriorating sentiment will put downward pressure on short to medium-term prices. The results for 2008 will benefit from the completions of three development projects in Singapore, namely The Grange, Mera Springs and The Esta. The overall performance of MCL Land may, however, be affected by downward movements in the carrying values of development properties. Y K Pang Chairman 6th November 2008 |
| Statement pursuant to Rule 705(4) of the Listing Manual The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited financial results for the nine months ended 30th September 2008 to be false or misleading in any material respect. On behalf of the Directors Y K Pang Chairman Hassan Abas Director 6th November 2008 |
| MCL Land Limited Consolidated Profit and Loss Account | ||||||||||||||
| Three months ended | Nine months ended | |||||||||||||
| 30.9.2008 | 30.9.2007 | Change | 30.9.2008 | 30.9.2007 | Change | |||||||||
| Note | US$'000 | US$'000 | % | US$'000 | US$'000 | % | ||||||||
| Revenue | 78,072 | 25,179 | 210 | 78,790 | 159,043 | - | 50 | |||||||
| Cost of sales | (57,542) | (21,490) | 168 | (57,542) | (154,558) | - | 63 | |||||||
| Gross profit | 20,530 | 3,689 | 457 | 21,248 | 4,485 | 374 | ||||||||
| Other operating income | 274 | 228 | 20 | 3,892 | 3,048 | 28 | ||||||||
| Property related expenses | (74) | (383) | - | 81 | (238) | (820) | - | 71 | ||||||
| Administrative expenses | (1,017) | (852) | 19 | (2,648) | (2,259) | 17 | ||||||||
| Marketing expenses | (1,536) | (164) | n/m | (1,901) | (1,621) | 17 | ||||||||
| Share of joint ventures' results | (1,377) | (416) | 231 | 4,695 | 2,216 | 112 | ||||||||
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| Profit before tax | 2 | 16,800 | 2,102 | n/m | 25,048 | 5,049 | 396 | |||||||
| Tax | 3 | (3,516) | 110 | n/m | (3,566) | 352 | n/m | |||||||
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| Profit after tax attributable to shareholders | 13,284 | 2,212 | n/m | 21,482 | 5,401 | 298 | ||||||||
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| US¢ |
| US¢ |
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| Earnings per share ("EPS") | ||||||||||||||
| - basic and diluted* | 4 | 3.59 | 0.60 | 498 | 5.81 | 1.46 | 298 | |||||||
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| n/m = not meaningful | ||||||||||||||
| * Diluted EPS is the same as basic EPS, as there were no outstanding share options. | ||||||||||||||
| MCL Land Limited Consolidated Balance Sheet | ||||||
| At | At | |||||
| 30.9.2008 | 31.12.2007 | |||||
| Note | US$'000 | US$'000 | ||||
| Non-current assets 1 | ||||||
| Plant and equipment | 248 | 354 | ||||
| Investment properties | 17,103 | 17,675 | ||||
| Investments in joint ventures | 35,509 | 30,743 | ||||
| Deferred tax assets | 659 | 319 | ||||
| 53,519 | 49,091 | |||||
| Current assets 2 | ||||||
| Development properties for sale | 1,050,856 | 761,363 | ||||
| Amounts owing by joint ventures | 62,133 | 100,763 | ||||
| Debtors and prepayments | 71,808 | 169,953 | ||||
| Bank balances | 59,690 | 78,419 | ||||
| 1,244,487 | 1,110,498 | |||||
| Total assets | 1,298,006 | 1,159,589 | ||||
| Non-current liabilities 3 | ||||||
| Borrowings | 5 | 288,735 | 227,863 | |||
| Deferred tax liabilities | 752 | 958 | ||||
| Retention money payable | 8,725 | 6,337 | ||||
| 298,212 | 235,158 | |||||
| Current liabilities | ||||||
| Borrowings | 5 | 130,340 | 94,760 | |||
| Amounts owing to joint ventures | 462 | 139 | ||||
| Creditors | 337,442 | 290,385 | ||||
| Current tax liabilities | 7,870 | 14,974 | ||||
| 476,114 | 400,258 | |||||
| Total liabilities | 774,326 | 635,416 | ||||
| Net assets | 523,680 | 524,173 | ||||
| Equity: | ||||||
| Share capital and reserves | ||||||
| Share capital | 276,657 | 276,657 | ||||
| Translation reserve | 110,344 | 105,228 | ||||
| Retained earnings | 136,679 | 142,288 | ||||
| Shareholders' funds | 523,680 | 524,173 | ||||
| Net asset value per share | US$1.42 | US$1.42 | ||||
| Explanatory notes on material variances: | ||||||
| 1 | The increase in non-current assets at 30.9.2008 as compared to 31.12.2007 is mainly due to the profit contribution from the Group's joint ventures. | |||||
| 2 | The increase in current assets is mainly due to the new acquisitions of land at Yishun Avenue 1 and Nim Park, partially offset by repayment of advances from the Group's joint ventures and progress billings collected from the completed project, The Calrose. | |||||
| 3 | The higher non-current liabilities at 30.9.2008 as compared to 31.12.2007 arose mainly from long-term loans drawn down during the period to finance the land purchases. | |||||
| MCL Land Limited Consolidated Statement of Changes in Equity for the three months ended 30 September | |||||
| Attributable to shareholders | |||||
| Share | Translation | Retained | Total | ||
| capital | reserve | earnings | equity | ||
| US$'000 | US$'000 | US$'000 | US$'000 | ||
| 2008 | |||||
| Balance at 1 July | 276,657 | 135,978 | 123,395 | 536,030 | |
| Net loss recognised directly in equity - translation difference | - | (25,634) | - | (25,634) | |
| Profit for the financial period | - | - | 13,284 | 13,284 | |
| Total recognised gain/(loss) for the financial period | - | (25,634) | 13,284 | (12,350) | |
| Balance at 30 September | 276,657 | 110,344 | 136,679 | 523,680 | |
| 2007 | |||||
| Balance at 1 July | 276,657 | 78,966 | 83,586 | 439,209 | |
| Net gain recognised directly in equity - translation difference | - | 11,895 | - | 11,895 | |
| Profit for the financial period | - | - | 2,212 | 2,212 | |
| Total recognised gain for the financial period | - | 11,895 | 2,212 | 14,107 | |
| Balance at 30 September | 276,657 | 90,861 | 85,798 | 453,316 | |
| MCL Land Limited Consolidated Statement of Changes in Equity for the nine months ended 30 September | |||||
| Attributable to shareholders | |||||
| Share | Translation | Retained | Total | ||
| capital | reserve | earnings | equity | ||
| US$'000 | US$'000 | US$'000 | US$'000 | ||
| 2008 | |||||
| Balance at 1 January | 276,657 | 105,228 | 142,288 | 524,173 | |
| Net gain recognised directly in equity - translation difference | - | 5,116 | - | 5,116 | |
| Profit for the financial period | - | - | 21,482 | 21,482 | |
| Total recognised gain for the financial period | - | 5,116 | 21,482 | 26,598 | |
| Dividend | - | - | (27,091) | (27,091) | |
| Balance at 30 September | 276,657 | 110,344 | 136,679 | 523,680 | |
| 2007 | |||||
| Balance at 1 January | 276,657 | 77,370 | 95,154 | 449,181 | |
| Net gain recognised directly in equity - translation difference | - | 13,491 | - | 13,491 | |
| Profit for the financial period | - | - | 5,401 | 5,401 | |
| Total recognised gain for the financial period | - | 13,491 | 5,401 | 18,892 | |
| Dividend | - | - | (14,757) | (14,757) | |
| Balance at 30 September | 276,657 | 90,861 | 85,798 | 453,316 | |
| MCL Land Limited Company Balance Sheet | |||
| At | At | ||
| 30.9.2008 | 31.12.2007 | ||
| US$'000 | US$'000 | ||
| Non-current assets | |||
| Plant and equipment | 213 | 304 | |
| Interests in subsidiaries | 61,121 | 103,650 | |
| Investments in joint ventures | 27,946 | 27,684 | |
| 89,280 | 131,638 | ||
| Current assets | |||
| Amounts owing by subsidiaries | 507,839 | 460,975 | |
| Amounts owing by joint ventures | 62,133 | 99,558 | |
| Debtors and prepayments | 185 | 201 | |
| Bank balances | 3,165 | 3,029 | |
| 573,322 | 563,763 | ||
| Total assets | 662,602 | 695,401 | |
| Non-current liability | |||
| Borrowings | 45,451 | 45,025 | |
| Current liabilities | |||
| Borrowings | 78,316 | 94,760 | |
| Amounts owing to subsidiaries | 96,464 | 93,128 | |
| Amounts owing to joint ventures | 462 | 139 | |
| Creditors | 4,061 | 5,101 | |
| Current tax liabilities | 2,298 | 2,276 | |
| 181,601 | 195,404 | ||
| Total liabilities | 227,052 | 240,429 | |
| Net assets | 435,550 | 454,972 | |
| Equity: | |||
| Share capital and reserves | |||
| Share capital | 276,657 | 276,657 | |
| Translation reserve | 98,753 | 93,361 | |
| Retained earnings | 60,140 | 84,954 | |
| Shareholders' funds | 435,550 | 454,972 | |
| Net asset value per share | US$1.18 | US$1.23 | |
| MCL Land Limited Company Statement of Changes in Equity for the three months ended 30 September | |||||
| Share | Translation | Retained | Total | ||
| capital | reserve | earnings | equity | ||
| US$'000 | US$'000 | US$'000 | US$'000 | ||
| 2008 | |||||
| Balance at 1 July | 276,657 | 120,545 | 60,750 | 457,952 | |
| Net loss recognised directly in equity - translation difference | - | (21,792) | - | (21,792) | |
| Loss for the financial period | - | - | (610) | (610) | |
| Total recognised loss for the financial period | - | (21,792) | (610) | (22,402) | |
| Balance at 30 September | 276,657 | 98,753 | 60,140 | 435,550 | |
| 2007 | |||||
| Balance at 1 July | 276,657 | 68,015 | 69,735 | 414,407 | |
| Net gain recognised directly in equity - translation difference | - | 11,644 | - | 11,644 | |
| Profit for the financial period | - | - | 2,461 | 2,461 | |
| Total recognised gain for the financial period | - | 11,644 | 2,461 | 14,105 | |
| Balance at 30 September | 276,657 | 79,659 | 72,196 | 428,512 | |
| MCL Land Limited Company Statement of Changes in Equity for the nine months ended 30 September | |||||
| Share | Translation | Retained | Total | ||
| capital | reserve | earnings | equity | ||
| US$'000 | US$'000 | US$'000 | US$'000 | ||
| 2008 | |||||
| Balance at 1 January | 276,657 | 93,361 | 84,954 | 454,972 | |
| Net gain recognised directly in equity - translation difference | - | 5,392 | - | 5,392 | |
| Profit for the financial period | - | - | 2,277 | 2,277 | |
| Total recognised gain for the financial period | - | 5,392 | 2,277 | 7,669 | |
| Dividend | - | - | (27,091) | (27,091) | |
| Balance at 30 September | 276,657 | 98,753 | 60,140 | 435,550 | |
| 2007 | |||||
| Balance at 1 January | 276,657 | 67,077 | 84,744 | 428,478 | |
| Net gain recognised directly in equity - translation difference | - | 12,582 | - | 12,582 | |
| Profit for the financial period | - | - | 2,209 | 2,209 | |
| Total recognised gain for the financial period | - | 12,582 | 2,209 | 14,791 | |
| Dividend | - | - | (14,757) | (14,757) | |
| Balance at 30 September | 276,657 | 79,659 | 72,196 | 428,512 | |
| MCL Land Limited Consolidated Statement of Cash Flows | |||||||||
| Three months ended | Nine months ended | ||||||||
| 30.9.2008 | 30.9.2007 | 30.9.2008 | 30.9.2007 | ||||||
| US$'000 | US$'000 | US$'000 | US$'000 | ||||||
| Profit before tax | 16,800 | 2,102 | 25,048 | 5,049 | |||||
| Non-cash items | |||||||||
| Interest income | (241) | (341) | (1,051) | (1,089) | |||||
| Share of joint ventures' results | 1,377 | 416 | (4,695) | (2,216) | |||||
| Depreciation | 41 | 66 | 127 | 221 | |||||
| Fair value gain for an investment property | - | - | - | (1,100) | |||||
| Unrealised translation gain | (4) | (6) | (13) | (4) | |||||
| Profit on disposal of plant and equipment | - | - | - | (2) | |||||
| 1,173 | 135 | (5,632) | (4,190) | ||||||
| Operating profit before working capital changes | 17,973 | 2,237 | 19,416 | 859 | |||||
| Changes in working capital | |||||||||
| Development properties for sale | (10,139) | (61,998) | (287,967) | (22,331) | |||||
| Amounts owing by joint ventures | 2,012 | 3,288 | 41,708 | 3,065 | |||||
| Debtors and prepayments | (40,704) | 7,172 | 103,509 | (29,329) | |||||
| Creditors | 3,465 | 22,322 | 48,345 | 88,587 | |||||
| (45,366) | (29,216) | (94,405) | 39,992 | ||||||
| Cash flows generated from/(used in) operations | (27,393) | (26,979) | (74,989) | 40,851 | |||||
| Interest paid | (2,056) | (2,120) | (6,489) | (8,653) | |||||
| Interest received | 250 | 332 | 1,096 | 1,286 | |||||
| Income tax paid | (4,922) | (1,297) | (11,721) | (3,297) | |||||
| (6,728) | (3,085) | (17,114) | (10,664) | ||||||
| Net cash flows generated from/(used in) operating activities 4 | (34,121) | (30,064) | (92,103) | 30,187 | |||||
| Cash flows from investing activities | |||||||||
| Purchase of plant and equipment | (6) | (26) | (16) | (53) | |||||
| Net proceeds from sale of plant and equipment | 1 | - | 1 | 2 | |||||
| Net cash flows used in investing activities | (5) | (26) | (15) | (51) | |||||
| Cash flows from financing activities | |||||||||
| Drawdown of loans | 55,324 | 62,900 | 262,192 | 118,065 | |||||
| Repayment of loans | (23,904) | (46,027) | (164,383) | (101,793) | |||||
| Dividend paid | - | - | (27,091) | (14,757) | |||||
| Net cash flows provided by financing activities 5 | 31,420 | 16,873 | 70,718 | 1,515 | |||||
| Net change in cash and cash equivalents | (2,706) | (13,217) | (21,400) | 31,651 | |||||
| Cash and cash equivalents at the beginning of the financial period | 65,118 | 93,589 | 78,419 | 48,801 | |||||
| Effect of exchange rate changes | (2,722) | 1,940 | 2,671 | 1,860 | |||||
| Cash and cash equivalents at the end of the financial period | 59,690 | 82,312 | 59,690 | 82,312 | |||||
| Explanatory notes on material variances: | |||||||||
| 4 | The net cash used in operating activities for the nine months ended 30 September 2008 relates mainly to the new acquisitions of land at Yishun Avenue 1 and Nim Park, partially offset by progress billing collected and repayment of advances from joint ventures. | ||||||||
| 5 | The net cash flows provided by financing activities for the nine months ended 30 September 2008 relates to the higher long-term loans drawn down to finance the land purchase, partially offset by dividend paid on 27 May 2008. | ||||||||
| MCL Land Limited Notes | ||||||||||||||
| 1 | Accounting policies and basis of preparation The financial statements contained in this announcement are consistent with those set out in the 2007 audited accounts which have been prepared in conformity with International Financial Reporting Standards ("IFRS"), including International Accounting Standards ("IAS") and interpretations adopted by the International Accounting Standards Board. There have been no changes to the accounting policies set out in the 2007 audited accounts except for the adoption of the following interpretations which are relevant to its operations: IFRIC 11 Group Treasury Share Transactions IFRIC 14 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction The adoption of the above interpretations did not have a material impact on the results of the Group. | |||||||||||||
| 2 | Profit | |||||||||||||
| Group | ||||||||||||||
| Three months ended | Nine months ended | |||||||||||||
| 30.9.2008 | 30.9.2007 | Change | 30.9.2008 | 30.9.2007 | Change | |||||||||
| US$'000 | US$'000 | % | US$'000 | US$'000 | % | |||||||||
| Profit before tax is determined after including: | ||||||||||||||
| Fair value gain for an investment property | - | - | - | - | 1,100 | - | 100 | |||||||
| Net exchange gain/(loss) | - | (127) | - | 100 | 12 | (124) | n/m | |||||||
| Rental income | 303 | 373 | - | 19 | 1,021 | 1,126 | - | 9 | ||||||
| Interest income | 241 | 341 | - | 29 | 1,051 | 1,089 | - | 3 | ||||||
| Depreciation on plant and equipment | (41) | (66) | - | 38 | (127) | (221) | - | 43 | ||||||
| Profit on disposal of plant and equipment | - | - | - | - | 2 | - | 100 | |||||||
| n/m = not meaningful | ||||||||||||||
| 3 | Tax | |||||||||||||
| The provision for income tax is based on the statutory tax rates prevailing in the respective countries in which Group companies operate after taking into account expenses which are not tax deductible, income not subject to tax and Group tax relief. | ||||||||||||||
| 4 | Earnings per share * | |||||||||
| Group | ||||||||||
| Three months ended | Nine months ended | |||||||||
| 30.9.2008 | 30.9.2007 | 30.9.2008 | 30.9.2007 | |||||||
| Basic earnings per share* | ||||||||||
| Profit attributable to shareholders (US$'000) | 13,284 | 2,212 | 21,482 | 5,401 | ||||||
| Weighted average number of ordinary shares in issue ('000) | 369,986 | 369,986 | 369,986 | 369,986 | ||||||
| Basic earnings per share (US¢) | 3.59 | 0.60 | 5.81 | 1.46 | ||||||
| Underlying earnings per share | ||||||||||
| Underlying profit attributable to shareholders (US$'000) | 13,284 | 2,212 | 21,482 | 4,609 | ||||||
| Basic underlying earnings per share (US¢) | 3.59 | 0.60 | 5.81 | 1.25 | ||||||
| A reconciliation of the underlying profit and profit attributable to shareholders is as follows: | ||||||||||
| Group | ||||||||||
| Three months ended | Nine months ended | |||||||||
| 30.9.2008 | 30.9.2007 | 30.9.2008 | 30.9.2007 | |||||||
| US$'000 | US$'000 | US$'000 | US$'000 | |||||||
| Profit attributable to shareholders | 13,284 | 2,212 | 21,482 | 5,401 | ||||||
| Fair value gain of an investment property (net of tax) | - | - | - | (792) | ||||||
| Underlying profit attributable to shareholders | 13,284 | 2,212 | 21,482 | 4,609 | ||||||
| * Diluted EPS is the same as basic EPS, as there were no outstanding share options. | ||||||||||
| 5 | Group borrowings | |||||||||
| Group | ||||||||||
| At | At | |||||||||
| 30.9.2008 | 31.12.2007 | |||||||||
| US$'000 | US$'000 | |||||||||
| Borrowings due within one year | ||||||||||
| - unsecured | 78,316 | 94,760 | ||||||||
| - secured | 52,024 | |||||||||
| 130,340 | 94,760 | |||||||||
| Borrowings due after one year | ||||||||||
| - unsecured | 45,451 | 45,025 | ||||||||
| - secured | 243,284 | 182,838 | ||||||||
| 288,735 | 227,863 | |||||||||
| 419,075 | 322,623 | |||||||||
| Certain subsidiaries of the Company have mortgaged their development properties as security for bank loans. The net book value of properties mortgaged as at 30 September 2008 was US$521.1 million (31 December 2007: US$325.8 million). | ||||||||||
| 6 | Interested person transactions | |||||||||
| Aggregate value of all interested person transactions (excluding transactions less than S$100,000 and transactions conducted under the shareholders' mandate pursuant to Rule 920) | Aggregate value of interested person transactions conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than S$100,000) | |||||||||
| Name of interested person | ||||||||||
| US$'000 | US$'000 | |||||||||
| Three months ended 30 September 2008 | - | - | ||||||||
| Nine months ended 30 September 2008 | ||||||||||
| Hongkong Land Limited | ||||||||||
| - Management consultancy fee | 51 | - | ||||||||
| 7 | Issue of shares | |||||||||
| There have been no changes in the issued share capital of the Company since 31 December 2007. | ||||||||||
| There are no outstanding convertibles issued or treasury shares held by the Company as at 30 September 2008. | ||||||||||
| The total number of issued share capital (excluding treasury shares) as at 30 September 2008 and 31 December 2007 was 369,985,977. | ||||||||||
| 8 | Others | |||||||||
| The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material and unusual nature. No significant transaction or event has occurred between 30 September 2008 and the date of this report. | ||||||||||
| - end - | ||||||||||
| For further information, please contact: | ||||||||||
| MCL Land Limited | ||||||||||
| Steve Chu | ||||||||||
| Full text of the Financial Statements and Dividend Announcement for the nine months ended 30 September 2008 can be accessed through the internet at www.mclland.com.sg. | ||||||||||