SML-Annual Report 2014 PDF

Sinarmas Land Limited
Annual Report 2014
Building
FOR A BETTER FUTURE
Contents
01 Corporate Profile
02 Financial Highlights
04 Milestones
04 Year in Brief
05 Awards & Accolades
06 Chairman and CEO Statement
10 Board of Directors
14 Corporate Governance Report
30 Corporate Structure
31 Corporate Directory
32 Diversification • Diversifikasi •
34 Strength • Kekuatan •
36 Expertise • Keahlian •
38 Financial Review
42 Operations Review
48 Network of Operations
50 Property Portfolio
58 Investor Relations
60 Corporate Social Responsibility
63 Human Capital
65 Financial Report
151 Shareholding Statistics
152 Warrantholding Statistics
153 Notice of Annual General Meeting
Proxy Form
CORPORATE PROFILE VISION

Sinarmas Land Limited (“SML” and together with its subsidiaries, the “Group”) listed on the To be the leading property
Singapore Exchange and headquartered in Singapore, is engaged in the property business developer in South East
through its operations in Indonesia, China, Malaysia, Singapore and United Kingdom. Asia, trusted by customers,
employees, society,
In Indonesia, SML is the largest property developer in terms of strategic land bank and other stakeholders
and market capitalization. SML operates chiefly through two public listed Indonesian
subsidiaries, namely PT Bumi Serpong Damai Tbk (BSDE) and PT Duta Pertiwi Tbk (DUTI)
– with a combined market capitalization in excess of US$3.5 billion. Its Indonesia property
division is engaged in many sub-sectors of the property business, including township VALUES
development, residential, commercial, industrial and hospitality-related properties. SML has Positive Attitude,
THE BREEZE
long-term investments in commercial buildings, hotels and resorts, is involved in property Continuous Improvement,
BSD City, Indonesia
development and has a presence in Singapore, Malaysia, China and United Kingdom. Loyalty, Integrity, Innovation,
Cover: Commitment
SINAR MAS LAND PLAZA
BSD City, Indonesia
Financial Highlights
REVENUE EBITDA PROFIT ATTRIBUTABLE EARNINGS PER SHARE (BASIC) 2014 TOTAL ASSETS BY CATEGORY
(S$ MILLION) (S$ MILLION) TO OWNERS OF THE COMPANY (CENTS) (%)
(S$ MILLION)
631.3 1,178.8 828.6 274.8 638.1 451.7 112.7 288.9 240.6 3.70 9.50 7.91
FY2012 FY2013 FY2014 FY2012 FY2013 FY2014 FY2012 FY2013 FY2014 FY2012 FY2013 FY2014
(restated) (restated) (restated) (restated)
TOTAL
S$4,744.7 M
Property under Development 36.7
NET CASH GENERATED FROM TOTAL ASSETS CASH DIVIDEND RETURN ON Cash and Cash Equivalents 18.4
OPERATING ACTIVITIES (S$ MILLION) (CENTS) SHAREHOLDERS’ EQUITY
(S$ MILLION) (%)
Associated Companies 6.9
and Joint Ventures
309.0 311.4 342.7 3,395.8 3,999.7 4,744.7 0.38 0.50 0.50 7.5 20.3 14.0
Property Held for Sale 17.8
Investment Properties 10.5
Other Current Assets and Receivables 5.6
Property Plant and Equipment 3.3
Long Term Receivables 0.8
Total 100
FY2012 FY2013 FY2014 FY2012 FY2013 FY2014 FY2012 FY2013 FY2014 FY2012 FY2013 FY2014
(restated) (restated) (restated)
2 Sinarmas Land Limited Annual Report 2014 Financial Highlights 3

Milestones
– ITC brand
established
– Establishment of S$1 billion
(1990)
Multicurrency Medium
– DUTI – IPO Term Note Programme
– BSDE rights – Strategic alliance
(1994)
– Asia Food & issue to acquire: with AEON Mall, – Internal restructuring of
– DUTI – Convertible Properties (AFP) – Sinarmas 2008 DUTI, Sinar Mas Hongkong Land the Group’s shareholding
Bonds conversion listing in Singapore Land controls – BSDE Teladan, Sinar and Kompas interest in PT Plaza
(1995) (1997) BSDE – IPO Mas Wisesa Gramedia Group Indonesia Realty Tbk
1972 1984-1989 1990-1995 1996-1997 2002 2003-2007 2008 2010 2011 2012 2013 2014
– DUTI – BSDE established – BSDE – – Sinarmas – BSDE – – Acquisition of – Increase effective
established (1984) IDR250 billion Land brand IDR1 trillion New Brook Buildings stake in BSDE from
Bond issue introduced bond issue in London, United 49.87% to 51.50%
– BSDE
(2003) Kingdom, for
commenced – AFP changed – PT Paraga – Acquisition of
£84.05 million
operations – BSDE – name to Artamida Warwick House
(1984-1989) IDR600 billion Sinarmas Land acquires PT Plaza – BSDE acquires in London, United
of developing Bond issue Indonesia Realty 8.23% of PT Plaza Kingdom, for
self-sufficient (2006) Tbk (from 17.6% Indonesia Realty Tbk £57.28 million
city to 26.0%)
– BSDE – – Disposal of
IDR1.75 trillion New Brook Buildings
bond issue in London, United
Kingdom, for
£113.40 million
Year in Brief Awards & Accolades

2014 2014
2Q 2014 • PAM and PT Ekacentra Usahamaju
each subscribed for 437,424,900
3Q 2014 Indonesia Contact
Center Association
Warta Ekonomi
Sinar Mas Land, Special
BCI Asia Awards 2014
Sinar Mas Land as
Cityscape Awards 2014
for Emerging Markets
new shares of BSDE for a total Sinar Mas Land, The Best Recognition Sustainable Green Top 10 Developers Sinar Mas Land Plaza,
• BSDE conducted capital increase • Completion of acquisition of
consideration of IDR1.6 trillion Business Contribution (Silver) Development Property Award Category: Commercial
without pre-emptive rights by Warwick House in London,
issuing 874,849,800 shares
(approximately S$175 million).
United Kingdom, for £57.28 million
Indonesia Green Development
representing 5% of its issued
The Company’s effective interest Finance Asia Properti Indonesia Awards 2014
and paid-up share capital
in BSDE and PIR increased from PT. BSD, Tbk., 5th Ranking Award 2014 BSD City, Category: Water Southeast Asia Property
49.87% to 51.50% and from 4Q 2014 of Best Investor Relations BSD Green Office Park, The Preservation Treatment Awards 2014
17.06% to 17.62% respectively Finest Concept Office Building Sinar Mas Land as Best
• BSDE acquired, and PT Paraga
Artamida (PAM) a subsidiary • Waiver of the existing mutual Property & Bank ASEAN Energy Developer (Indonesia)
• Establishment of S$1 billion undertakings between Sinarmas Land Award 2014 Properti Indonesia Awards 2014
of the Company, sold 25.99%
Multicurrency Medium Term Limited and Bund Center Investment Sinar Mas Land, Property Award 2014 Sinar Mas Land Plaza, Forbes Indonesia
of an associated company,
Note Programme Ltd and substitution with a set of Developer with the Largest PT BSD, Tbk., The Best Best Practice Competition Best of The Best Awards 2014,
PT Plaza Indonesia Realty Tbk
new procedures at the Extraordinary Customer Service Center Performance, Category: in Buildings, Category: PT. BSD. Tbk, 3rd Ranking
(PIR) for a total consideration
• Disposal of entire shareholdings of General Meeting In Growth of Profit Green Building of Best Performing Companies
of IDR2 trillion (approximately
both Integrated Investments Ltd and SWA in Indonesia
S$223 million). The Company’s
Solid Growth Investments Ltd for a • Disposal of New Brook Buildings PT. BSD. Tbk, 1st Ranking Economic Review MNC Business
effective interest in PIR decreased
total consideration of S$5.5 million in London, United Kingdom, of INA The Best Public PT. BSD. Tbk, 1st Ranking Awards 2014
from 26.03% to 17.06%
for £113.40 million Companies Based on WAI of Public Listed Company in PT. BSD.Tbk, The Best Listed
2014, Category Real Estate Property & Real Estate Sector Company Real Estate Sector
4 Sinarmas Land Limited Annual Report 2014 5

Chairman & CEO Statement
Nava Park, an integrated premium CREDITABLE PERFORMANCE
residential development, through our joint Revenue for 2014 declined 29.7% to
venture with Hongkong Land. In the other S$828.6 million, mainly attributable to the
joint development with Kompas Gramedia absence of S$302.2 million sales of land
Group, Indonesia Convention Exhibition, parcels in BSD City to its joint ventures
the largest convention and exhibition and associated company, offset by sale
center in Indonesia, was completed. of a land parcel of S$65.5 million in
Deltamas to an associated company.
In 2014, upon adoption of FRS 110,
Consolidated Financial Statements, Excluding sales of land parcels and
the Group consolidated PT Puradelta notwithstanding the depreciation of
Lestari Tbk and its subsidiaries (“PDL Indonesian Rupiah, the Group’s revenue
Group”) with effect from April 2013. decreased marginally from S$876.6
PDL Group’s main project is Kota million to S$763.1 million due to lesser
Deltamas (“Deltamas”), an industrial- completed residential units recognized
focused township development located for both Indonesia and China
in Bekasi, West Java. development projects.
Franky
Oesman
DEAR VALUED
SHAREHOLDERS, “ The Group achieved
S$428.2 million in
Widjaja
Executive
Chairman
On behalf of the Board of Directors, Profit after Tax (PAT)
we are pleased to report that Sinarmas and S$240.6 million in
Land Limited (“SML”, “Sinarmas Land”
or “the Company”) and its subsidiaries
Profit after Tax and
(collectively “the Group”) has delivered Attributable to Owners
a creditable set of results in the year (PATMI), despite the
ended 31 December 2014, despite
11% depreciation in the Indonesian
absence of large land
sales in 2014
Rupiah, coupled with weaker macro-
economic indicators and higher central
”
bank interest rates during the year.
The Group achieved S$428.2 million

in Profit after Tax (PAT) and
S$240.6 million in Profit after Tax
and Attributable to Owners (PATMI),
despite the absence of large land sales
in 2014. Our strategy to diversify into
the international property market has
subsidies, while GDP growth slowed
from 5.58% to 5.02% due to weaker “ Our strategy to diversify
into the international
The Group’s gross profit was
lower at S$597.8 million in line
Muktar
Widjaja
enabled us to ride out the challenging commodity prices and slowdown with revenue. However, gross profit Executive
year as PAT margin improved to in exports. property market has margin increased from 65.9% in Director
and Chief
51.7% compared with 45.9% in enabled us to ride out 2013 to 72.1% in 2014, due to higher Executive
the previous year. 2014 was also an eventful year average selling prices. EBITDA and Officer
for Sinarmas Land. The Group’s
the challenging year as PATMI were S$451.7 million and
2014 IN REVIEW International Property Division realized PAT margin improved S$240.6 million respectively. Net cash
2014 was an eventful year for S$71.0 million gain on disposal of its to 51.7% compared generated from operating activities
Indonesia. The year ushered in a investment in United Kingdom after increased from S$311.4 million to
new President for Indonesia with bold making its maiden acquisition less than
with 45.9% in the S$342.7 million, continuing the strong
previous year
plans for major infrastructure upgrades
and large-scale reforms of its fuel
2 years ago. Our Indonesia Property
Division commenced pre-sales for
” momentum on cash generation from
core operations.
6 Sinarmas Land Limited Annual Report 2014 Chairman & CEO Statement 7
Chairman & CEO Statement
1 INTERNAL RESTRUCTURING the newly completed Indonesia

In May 2014, the Group’s principal Convention Exhibition and pursuing
subsidiary, PT Bumi Serpong Damai Tbk new investments in international markets.
(“BSDE”) acquired 25.99% of the As the leading property developer in
shareholding in an associated company Indonesia with one of the largest
PT Plaza Indonesia Realty Tbk (“PIR”) developable land bank and a healthy
for a consideration of IDR2,030 billion balance sheet, the Group remains in
(S$223 million) from PT Paraga Artamida good position to expand further.
(“PAM”), another subsidiary of the Group.
At the same time, BSDE conducted a ACKNOWLEDGEMENTS
capital increase without pre-emptive On behalf of the Board of Directors, we
rights with PAM and its subsidiary, wish to express our heartfelt appreciation
PT Ekacentra Usahamaju, subscribing to our shareholders, business partners,
to new shares representing 5% customers and vendors for your
of BSDE paid-up capital for continued support. The Directors have
IDR1,592 billion (S$175 million). proposed a first and final cash dividend
of 0.50 Singapore cents per ordinary
The internal restructuring exercise allows share, subject to shareholders’ approval
the Group to streamline its shareholding at the forthcoming Annual General
structures and after the exercise, the Meeting and is expected to be paid out
Group’s effective interest in BSDE on 15 June 2015. The proposed dividend
increased from 49.87% to 51.50% and is the same as last year despite the dip in
its effective interest in PIR decreased net profits, as we continue to re-invest
from 26.03% to 17.62%. our earnings for new acquisitions.
1 DIVERSIFICATION TO REVENUE (S$ MILLION) LEVERAGING ON A STRONG We thank our fellow Board members,
London, management and staff for their
INTERNATIONAL MARKETS BALANCE SHEET
United FY 2014 828.6
Kingdom. OUTSIDE INDONESIA Notwithstanding the increase in dedication towards the Group’s long-
The Group made its first foray into finance costs from S$22.0 million to term goals of enhancing shareholders’
FY 2013 1,178.8
London in 2013 to diversify its income S$54.1 million, the Group remained value and their contribution in helping
streams which are principally derived lowly geared. The Group’s total debt Sinarmas Land receive numerous
FY 2012 631.3
from Indonesia. In September 2014, to total equity stood at only 0.23 as of prestigious international awards for its
the Group completed the acquisition FY 2011 534.4 31 December 2014, demonstrating its commitment to provide high quality
of another freehold investment capability to leverage up for business developments and building a better
property known as the Warwick House acquisitions. The Group is also in a net future for the community.
for £57.3 million (S$120.5 million), EBITDA (S$ MILLION) cash position of S$130.4 million. During
the second acquisition in London, the year, the Company established
as part of our diversification strategy FY 2014 451.7 an S$1,000,000,000 multicurrency
into international markets outside medium term note programme for future
FY 2013 638.1
Indonesia. This property is located expansion and working capital needs.
in SOHO, London’s most vibrant
FY 2012 274.8
office sub-market with significant The Group’s balance sheet
frontages to two of SOHO’s best remained robust with cash and cash FRANKY OESMAN WIDJAJA
FY 2011 216.9
known streets, Great Pulteney Street equivalents of S$874.8 million and Executive Chairman
and Lexington Street. total assets of S$4,744.7 million as
PROFIT ATTRIBUTABLE TO of 31 December 2014.
As a result of the gain on disposal OWNERS OF THE COMPANY
arising from the opportunistic (S$ MILLION) 2015 OUTLOOK
divestment of New Brook Buildings 2015 continues to be challenging and to
FY 2014 240.6
located in West End London, the mitigate the macro-economic factors
International Property Division which are expected to weigh on our
FY 2013 288.9
contributed about 24% to the Group’s property sales in Indonesia, the Group
PATMI. The Group continues to seek FY 2012 112.7 has already moved into product and MUKTAR WIDJAJA
new investment opportunities in good geographical diversification, such as Executive Director and Chief Executive Officer
quality income producing assets in FY 2011 88.8 building high-rise premium residential
international gateway cities. developments in Jakarta, launching 18 March 2015
8 Sinarmas Land Limited Annual Report 2014 Chairman & CEO Statement 9
Board of Directors
1 2
FRANKY OESMAN WIDJAJA

Executive Chairman
Mr. Franky Widjaja, aged 57 was appointed as Executive Chairman of Sinarmas Land Limited (“SML”) in December
2006 and he has been a Director of SML since 1997. He earned his Bachelor’s degree in Commerce from Aoyama
Gakuin University, Japan in 1979.
Mr. Franky Widjaja has extensive management and operational experience. Since 1982, he has been involved with
different businesses including pulp and paper, property, chemical, financial services and agriculture.
Mr. Franky Widjaja is a member of SML’s Executive/Board Committee and Nominating Committee. He is
Vice President Commissioner of SML’s Indonesia Stock Exchange listed property subsidiaries, PT Bumi Serpong
3 4
Damai Tbk and PT Duta Pertiwi Tbk.
Mr. Franky Widjaja is Chairman and Chief Executive Officer of Golden Agri-Resources Ltd (“GAR”), President
Commissioner of its Indonesian subsidiary, PT Sinar Mas Agro Resources and Technology Tbk, which is listed
on the Indonesia Stock Exchange and Director of Bund Center Investment Ltd (“BCI”). He is a member of the
Boards of several subsidiaries of SML, GAR and BCI.
MUKTAR WIDJAJA
Executive Director and Chief Executive Officer
Mr. Muktar Widjaja, aged 60 was appointed as Chief Executive Officer of SML in December 2006. He has been a
5 6
Director of SML since 1997. His last re-election as a Director was in 2013. He obtained his Bachelor of Commerce
degree in 1976 from the University Concordia, Canada.
Since 1983, Mr. Muktar Widjaja has been actively involved in the management and operations of the property,
financial services, agriculture, chemical and pulp and paper businesses. Mr. Muktar Widjaja is a member of SML’s
Executive/Board Committee and President Commissioner of PT Bumi Serpong Damai Tbk and PT Duta Pertiwi Tbk.
Mr. Muktar Widjaja is Director and President of GAR and Vice President Commissioner of PT Sinar Mas Agro
Resources and Technology Tbk. He is a member of the Boards of several subsidiaries of SML and GAR.
Mr. Muktar Widjaja was a Director of Bund Center Investment Ltd until May 2012.
7 8 1 FRANKY OESMAN WIDJAJA

Executive Chairman
MARGARETHA NATALIA WIDJAJA
2 MUKTAR WIDJAJA Executive Director
Executive Director and
Chief Executive Officer Ms. Margaretha Widjaja, aged 33 was appointed as Director of SML in December 2010. Her last re-election as
a Director was in 2014. Ms. Margaretha Widjaja graduated from Seattle University, United States of America
3 MARGARETHA NATALIA WIDJAJA
Executive Director in 1999 with a degree in Bachelor of Arts majoring in Finance, Marketing and Information Systems. She later
obtained a Master of Management Information Systems in 2001 from the same university.
4 FERDINAND SADELI
Executive Director and Since 2008, Ms. Margaretha Widjaja was Vice-Chairman of the Indonesian Property Division of SML and
Chief Financial Officer she was instrumental in leading the transition of the management organization structure and the re-branding
of “Sinarmas Land” in Indonesia. She supports the Chief Executive Officer in formulating the Group’s business
5 ROBIN NG CHENG JIET
Executive Director plans and strategies. She is also responsible for the Group’s Enterprise Risk Management activities and
corporate governance initiatives.
6 FOO MENG KEE
Independent Director and Prior to her current position, Ms. Margaretha Widjaja was Deputy CEO, Forestry Division of Sinar Mas Group from
Chairman of Audit Committee 2002 to 2008, where she led the teams responsible for Finance, Information Technology, Human Resources, Legal
and Nominating Committee
and Business Control and was key to driving the strategies for the Division’s growth during her tenure. She had also
7 KUNIHIKO NAITO worked as an Investment Analyst with Merrill Lynch Bank in the United States between 2000 and 2002 and was
Independent Director involved in the due diligence analysis and execution of various M&A transactions.
8 RODOLFO CASTILLO BALMATER Ms. Margaretha Widjaja is a member of Executive/Board Committee of SML. She is also a member of the
Independent Director and Chairman Boards of several subsidiaries of SML and a Director of Finneland Properties Pte Ltd.
of Remuneration Committee
10 Sinarmas Land Limited Annual Report 2014 Board of Directors 11

Board of Directors
FERDINAND SADELI KUNIHIKO NAITO

Executive Director and Chief Financial Officer Independent Director
Mr. Ferdinand Sadeli, aged 41, was appointed as Director and Chief Financial Officer in April 2012 after joining SML
Mr. Naito, aged 70, has been a member of SML’s Board of Directors since December 2007. His last
as the Chief Investment Officer. His last re-election as a Director was in 2013. He graduated from Trisakti University,
re-election as a Director was in 2013. Mr Naito graduated from Waseda University, Japan, in 1967 with
Jakarta, Indonesia with a Bachelor of Economics majoring in Accounting in 1996 and the University of Melbourne,
a Bachelor’s degree in Engineering.
Australia with a Master of Applied Finance in 1999. He is a Chartered Financial Analyst (CFA) charterholder, CPA
(Australia) holder and Financial Risk Manager (FRM) holder.
Mr. Naito was with Nissho Iwai Corporation (now known as Sojitz Corporation) for 36 years, of which
Mr. Sadeli has more than 19 years of combined working experience in several different roles (auditor, accountant, 14 years were with its North American operation in New York. He held various positions at Nissho Iwai
business valuer, merger & acquisition consultant, CFO and banker) within multinational and public listed companies Corporation, including that of General Manager of Machinery Department in New York, Deputy General
in Indonesia, Singapore and Australia. Prior to joining SML, Mr. Sadeli was a Director of the Investment Bank Manager for the South East Asia region (based in Singapore), and Chief Representative for Nissho Iwai
Division in PT Barclays Capital Securities Indonesia from October 2010 to January 2012. Mr. Sadeli joined PT
Corporation Indonesia.
Bakrieland Development Tbk as a Finance Director in July 2007 before he left in October 2010. He previously
worked for 11 years in Ernst & Young, Jakarta and Sydney Offices with his last position as a Senior Manager.
Mr. Naito was actively involved in food and industrial/residential property development projects worldwide.
Mr. Sadeli was the President of CPA Australia – Indonesia Office from 2009 to 2012 and served as a member
of the International Board of CPA Australia from 2013 to 2014. Mr. Naito is the Representative Director of NSN Global Partners Ltd, Japan and NSN Global (S) Pte Ltd,
Singapore in the field of industrial business consulting.
Mr. Sadeli is a member of SML’s Executive/Board Committee. He is also a member of the Boards of several
subsidiaries of SML. Mr. Naito is a member of SML’s Audit Committee and Remuneration Committee.
ROBIN NG CHENG JIET

RODOLFO CASTILLO BALMATER
Executive Director
Independent Director and Chairman of Remuneration Committee
Mr. Ng, aged 40 joined SML as the Finance Director and was appointed as an Executive Director in April 2012.
His last re-election as a Director was in 2013. He graduated with a Bachelor of Accountancy (Honours) from Mr. Balmater, aged 66 joined SML’s Board of Directors in February 2006. His last re-election as a Director
Nanyang Technological University, Singapore in 1998. Mr. Ng is a Chartered Accountant (Australia) since 2001 was in 2014. He graduated from Araullo University, Philippines in 1969 with a degree in Bachelor of Science
and a Chartered Accountant (Singapore) since 2002. He is currently a Fellow member of the Institute of Singapore in Commerce majoring in Accountancy (with honours), and completed a Master in Management from the
Chartered Accountants. Asian Institute of Management (with distinction) in 1978.
Mr. Ng has over 16 years of experience in operational finance and public accounting and was formerly the Chief
Financial Officer of Top Global Limited, a company listed on the Singapore Exchange Securities Trading Limited. Mr. Balmater worked with international accounting firms (SGV Philippines, Arthur Andersen and Ernst &
Prior to joining Top Global Limited, Mr. Ng was the Finance Director, Asia, of Methode Electronics Inc. from August Young) from 1969 to 2006 in various capacities. Within this 37 years, he was involved in audit work, financial
2009 to October 2010, and was with Lear Corporation where he held various positions, with his last position as the consulting activities, and business advisory service holding various job positions as Partner and/or Director.
Head of Finance, Japan, before leaving in August 2009. Previously, he was the Regional Internal Controls Manager Mr. Balmater is currently President Director of PT. Balmater Consulting Company which advises family
at Kraft Foods Asia Pacific Ltd. Mr. Ng was also with Ernst & Young Singapore and Australia (Sydney office) for owned businesses and also provides training on corporate governance, finance, accounting, audit and risk
more than seven years, serving as Audit Manager before he left. management. He is currently a member of each of the Audit Committees of PT Erajaya Swasembada Tbk,
PT Delta Djakarta Tbk and PT Molindo Raya Industrial.
Mr. Ng is a member of SML’s Executive/Board Committee. He is also a member of the Boards of several
subsidiaries of SML.
Mr. Balmater is Chairman of SML’s Remuneration Committee and member of its Audit Committee and
Nominating Committee.
FOO MENG KEE
Independent Director and Chairman of Audit Committee
and Nominating Committee
Mr. Foo, aged 65 joined SML’s Board of Directors in 2001. His last re-election as a Director was in 2014. Mr. Foo’s
academic qualifications include a MBA from the University of Dubuque, USA; Graduate Diploma in Marketing
Management from the Singapore Institute of Management; and Bachelor of Commerce (Honours) from the Nanyang
University of Singapore. Mr. Foo was with Hitachi Zosen Singapore Limited (now known as Keppel Shipyard Limited)
from 1976 to 1998. When he was the Managing Director of Hitachi Zosen Singapore Limited, he led in the listing of
the company on the main board of the Singapore Stock Exchange. Currently, he is the principal owner of M K
Capital Pte Ltd and M K Marine Pte Ltd.
Mr. Foo has in the past served on the Committees of the Association of Singapore Marine Industries and the
Singapore Armed Forces Reservists’ Association.
Mr. Foo is Chairman of SML’s Audit Committee and Nominating Committee and a member of its Remuneration
Committee. He also sits on the Boards of Directors of several public listed companies namely, Lee Metal Group Ltd,
Jiutian Chemical Group Ltd, Courage Marine Group Limited and Titan Petrochemicals Group Limited.
12 Sinarmas Land Limited Annual Report 2014 Board of Directors 13

Corporate Governance Report
Sinarmas Land Limited (the “Company” or “SML”) and its subsidiaries (“Group”) remains committed to observing high standards 1.2 Independent Judgement
of corporate governance, to promote corporate transparency and to enhance shareholder value. The Company has complied
substantively with the principles and guidelines set out in the Code of Corporate Governance 2012 (“2012 Code”) through effective All Directors are expected to fulfil their duty to objectively take decisions in the interests of the Company.
self-regulatory corporate practices.
The Board currently consists of 8 members, as shown below together with their membership on the Board committees of the
This report sets out the Company’s corporate governance processes and activities with specific reference to the guidelines Company (“Board Committee”):-
of the 2012 Code, and provides explanation for deviations. For easy reference, the principles of the 2012 Code are set out
in italics in this report. Name Board Appointment Board Committee Appointment
Franky Oesman Widjaja Executive, non-independent Director Member of NC and BC

A. BOARD MATTERS Muktar Widjaja Executive, non-independent Director Member of BC
Margaretha Natalia Widjaja Executive, non-independent Director Member of BC
PRINCIPLE 1:
Ferdinand Sadeli Executive, non-independent Director Member of BC
The Board’s Conduct of Affairs
Robin Ng Cheng Jiet Executive, non-independent Director Member of BC
Every company should be headed by an effective Board to lead and control the company. The Board is collectively responsible for Foo Meng Kee Non-executive, independent Director Chairman of AC and NC, Member of RC
the long-term success of the company. The Board works with Management to achieve this objective and Management remains
Kunihiko Naito Non-executive, independent Director Member of AC and RC
accountable to the Board.
Rodolfo Castillo Balmater Non-executive, independent Director Chairman of RC, Member of AC and NC
1.1 The Board’s Role Abbreviation:-

NC: Nominating Committee
RC: Remuneration Committee
The primary function of the Board of Directors of the Company (“Board”) is to provide effective leadership and direction to AC: Audit Committee
enhance the long-term value of the Group to its shareholders and other stakeholders. The Board has overall responsibility to fulfil BC: Executive/Board Committee
its role which includes the following:-
There are 5 executive Directors and 3 non-executive and independent Directors. Independent Directors make up more than
(a) ensuring that the long-term interests of the shareholders are being served and safeguarding the Company’s assets; one-third of the composition of the Board, thereby providing a strong and independent element on the Board. This is
fundamental to good corporate governance as it facilitates the exercise of independent and objective judgement on corporate
(b) assessing major risk factors relating to the Company and its performance, and reviewing measures, including internal affairs. It also ensures discussion and review of key issues and strategies in a critical yet constructive manner.
controls, to address and mitigate such risks;
1.3 Delegation by the Board
(c) reviewing and approving Management’s strategic and business plans, including developing a depth of knowledge of the
business being served, understanding and questioning the assumptions upon which plans are based, and reaching an To assist the Board, the Board has delegated certain functions to the 4 Board Committees, namely, the AC, the NC, the RC
independent judgement as to the probability that the plans can be realised; and the BC, at the same time recognizing that the ultimate responsibility on all matters rest with the Board. Each of these Board
Committees has its own written terms of reference. Please refer to pages 19 to 25 of this report for further information on these
(d) monitoring the performance of Management against plans and goals; Board Committees.
(e) reviewing and approving significant corporate actions and major transactions; 1.4 Key Features of Board Processes
(f) assessing the effectiveness of the Board; To facilitate Directors’ attendance at meetings, the dates of Board, Board Committee meetings and annual general meeting
together with agenda items are scheduled up to one year in advance, with Directors meeting each quarter. In addition to the
(g) ensuring ethical behaviour (including ethical standards) and compliance with laws and regulations, auditing and regular scheduled meetings, ad-hoc meetings are held whenever circumstances require. Besides physical meetings, the Board
accounting principles, and the Company’s own governing documents; and Board Committees may also make decisions by way of circular resolutions under the Company’s Articles of Association and
their respective terms of reference.
(h) identifying key stakeholder groups and recognise that their perceptions affect the Company’s reputation;
Board meetings are conducted in Singapore or overseas where participation by Board members by means of teleconference
(i) considering sustainability issues, e.g. environmental and social factors, as part of its strategic formulation; and or similar communication equipment is permitted under the Company’s Articles of Association. In 2014, the Board and Board
Committees held a total of 15 meetings, with the year-end meeting focusing on annual budget and strategic issues. In addition
(j) performing such other functions as are prescribed by law, or assigned to the Board in the Company’s to the scheduled meetings, the non-executive independent Directors held 1 ad-hoc meeting during 2014.
governing documents.
In addition to the annual general meeting, the Board convened an extraordinary general meeting during 2014.
14 Sinarmas Land Limited Annual Report 2014 Corporate Governance Report 15

1.5 Attendance at Board and Board Committee Meetings in 2014 In conformity with the framework for Directors’ Training as approved by the Board, the 2014 Director Training Programme
provided a 3-step approach to training as follows, through:-
Details on the number of Board and Board Committee meetings in 2014, and the attendance of Directors and Board Committee
members respectively at those meetings are disclosed below:- (1) Externally conducted courses on Board and audit/financial reporting matters, and investor and media relations
(2) Quarterly management updates on operations, industry specific trends and development
No. of Meetings Attended by Members (3) Quarterly continuing education on regulatory changes and updates, which includes briefings to AC members on changes
to accounting standards and issues
Nominating Remuneration
Audit Committee Committee Committee Total Attendance
Name Board Meetings Meetings Meetings Meetings at Meetings
Directors having attended external courses/seminars, in turn shared their experience and knowledge with fellow Directors.
EXECUTIVE DIRECTORS
Franky Oesman Widjaja 5 – 1 – 6/6 During 2014, our non-executive independent Directors, accompanied by Management, familiarized themselves with the Group’s
Muktar Widjaja 5 – – – 5/5 operations in Batam, Indonesia.
Margaretha Natalia Widjaja 5 – – – 5/5

PRINCIPLE 2:
Ferdinand Sadeli 5 – – – 5/5
Board Composition and Guidance
Robin Ng Cheng Jiet 5 – – – 5/5
There should be a strong and independent element on the Board, which is able to exercise objective judgement on corporate affairs
independently, in particular, from Management and 10% shareholders. No individual or small group of individuals should be allowed
NON-EXECUTIVE INDEPENDENT DIRECTORS to dominate the Board’s decision making.
Foo Meng Kee 5 6 1 3 15/15
Kunihiko Naito 5 6 – 3 14/14 2.1 Board Size and Composition
Rodolfo Castillo Balmater 5 6 1 3 15/15
Each year, the Board examines its size, composition, skills and core competencies of its members to ensure an appropriate
Number of Meetings Held 5 6 1 3 15
balance of skills and experience. The Board comprise Directors from different industries, with vast experience and knowledge
who, collectively as a group, provide the core competencies for the leadership of the Company.
1.6 Matters Requiring Board Approval
Taking into account the scope and nature of operations of the Group, the Board considers that the current board size of
Matters specifically requiring the Board’s approval are set out in the Company’s Internal Guidelines, which include the following
8 Directors is appropriate to facilitate effective decision making.
corporate events and actions:-
Please refer to pages 10 to 13 of this Annual Report for key information, including qualifications, on the Directors of
• approval of results announcements
the Company.
• approval of the annual report and financial statements
• dividend declaration/proposal
2.2 Directors’ Independence Review
• convening of shareholders’ meetings
• shares issuance
The NC/Board has considered that the following Directors are regarded as independent Directors of the Company:-
• material acquisitions and disposals of assets
• annual budgets
Mr. Foo Meng Kee
• interested person transactions
Mr. Kunihiko Naito
• corporate governance
Mr. Rodolfo Castillo Balmater
1.7 Board Orientation and Training for New Directors

The ensuing paragraphs set out the criteria for independence and processes to determine a Director’s independence.
Procedures are in place whereby newly appointed Directors are provided with a formal appointment letter setting out the terms of
The Board has adopted guidelines set out in the 2012 Code on relationships the existence of which, would deem a Director not
appointment, duties and obligations. They are also given the relevant governing documents of the Company and contact particulars
to be independent. A Director who has no relationship with the Company, its related corporations, officers or its shareholders
of senior Management. Those who do not have prior experience as a director of a Singapore listed company are required to
with shareholdings of 10% or more in the voting shares of the Company, that could interfere, or be reasonably perceived to
undergo externally conducted training on their roles and responsibilities as a director of a listed company in Singapore.
interfere, with the exercise of the Director’s independent business judgement in the best interests of the Company, is considered
to be independent.
Newly appointed non-executive Directors who are not familiar with the Group’s business, may, upon recommendation of
the Chairman or the NC, be provided with orientation through overseas trips to familiarise them with the Group’s operations.
The NC is tasked to determine on an annual basis and, as and when the circumstances require, whether or not a Director is
Management will also brief new Directors on the Group’s business, as well as governance practices.
independent, bearing in mind the 2012 Code and any other salient factor which would render a Director to be deemed not
independent. In addition, consideration is given to Guideline 2.4 of the 2012 Code which requires that the independence of
1.8 2014 Director Training Programme
any Director who has served on the Board beyond nine years, be subject to particularly rigorous review. For the purpose of
determining independence, each Director is required to complete a checklist, at the time of appointment and annually, based on
The NC reviews and makes recommendations on Directors’ training which are arranged and funded by the Company. The
these guidelines.
Company has an annual training budget to fund any Director’s participation/attendance at seminars and training programmes
that are relevant to his/her duties as a Director.

The Board recognizes that independent Directors may over time develop significant insights in the Group’s business and 3.2 Executive/Board Committee Composition and Role
operations, and can continue to provide significant and valuable contribution objectively to the Board as a whole. Where there
are such Directors serving as an independent Director for more than nine years, the Board will do a rigorous review of their The Board has established the BC to supervise the management of the business and affairs of SML. The BC assists the Board in
continuing contribution and independence. Mr. Foo Meng Kee and Mr. Rodolfo Castillo Balmater have served on the Board as the discharge of its duties by, inter alia, approving the opening, closing of banking accounts and acceptance of banking facilities
non-executive independent Directors for more than nine years. up to certain limits. The BC comprises the following 5 Directors:-
During its review, the NC considered that Mr. Foo has continued to exhibit a strong spirit of professionalism and demonstrated Group A
independent mindedness and conduct at Board and Board Committee meetings. He has been consistent in the diligent Franky Oesman Widjaja
discharge of his duties and exercise of sound independent business judgement and objectivity throughout which did not diminish Muktar Widjaja
with time. Margaretha Natalia Widjaja
During its review, the NC considered that Mr. Balmater has demonstrated independent judgement and objective evaluation in the Group B
discharge of his duties as a Director of the Company, which did not diminish with time. Ferdinand Sadeli
Robin Ng Cheng Jiet
After taking into account these factors, the NC’s views and having weighed the need for Board’s refreshment against tenure,
the Board has determined that Mr. Foo Meng Kee and Mr. Rodolfo Castillo Balmater continue to be regarded as independent Circular resolutions of the BC are effective if signed by any 2 Directors from Group A jointly with the 2 Directors from Group B.
Directors of the Company, notwithstanding having served more than nine years.
PRINCIPLE 4:
Each independent Director has abstained from the NC/Board’s determination of his independence.
Board Membership
2.3 Non-executive Directors There should be a formal and transparent process for the appointment and re-appointment of directors to the Board.
Non-executive Directors are encouraged, in line with corporate governance practice, to constructively challenge and help 4.1 Nominating Committee Composition and Role
develop proposals on strategy; to review the performance of Management in meeting agreed goals and objectives; to monitor
the reporting of performance; and to meet regularly without the presence of Management. The NC comprises the following 3 Directors, 2 of whom, including the NC chairman, are non-executive and independent Directors:-
The non-executive independent Directors, including the lead independent Director, meet at least annually without the presence Foo Meng Kee (NC Chairman)
of other executive Directors and Management. Rodolfo Castillo Balmater
Franky Oesman Widjaja
PRINCIPLE 3:
The NC’s roles and responsibilities are described in its terms of reference.
Chairman and Chief Executive Officer
There should be a clear division of responsibilities between the leadership of the Board and the executives responsible for managing The NC is primarily responsible for:-
the company’s business. No one individual should represent a considerable concentration of power.
(a) identifying and nominating for the approval of the Board, all Board appointments including candidates to fill Board
3.1 Chairman and CEO vacancies as and when they arise;
(b) reviewing the independence element on the Board annually; and
Our Executive Chairman is Mr. Franky Oesman Widjaja, and our Chief Executive Officer (“CEO”) is Mr. Muktar Widjaja. Mr. Franky (c) deciding how the Board’s performance may be evaluated.
Oesman Widjaja and Mr. Muktar Widjaja are brothers. We believe that the independent Directors have demonstrated a high
commitment in their roles as Directors and have ensured that there is a good balance of power and authority. In view that the The NC is also responsible for making recommendations to the Board:-
Executive Chairman and CEO are immediate family members, the AC chairman acts as the lead independent Director, who is
contactable by shareholders with concerns when contact through the normal channels has failed to resolve or is inappropriate. (a) as regards the re-appointment, re-election and re-nomination of any Director;
(b) concerning the Board having a strong and independent element;
The Executive Chairman presides over Board meetings and ensures proper procedure is adhered to in the decision-making (c) concerning the re-appointment of any Director having multiple board representations;
process. He is responsible for:- (d) concerning the Board’s performance criteria;
(e) regarding training and professional development programmes for Board members; and
(a) leading the Board to ensure its effectiveness on all aspects of its role; (f) concerning any matters relating to the continuation in office as a Director of any Director at any time.
(b) setting the agenda and ensuring that adequate time is available for discussion of all agenda items, in particular
strategic issues;
(c) ensuring that the Directors receive complete, adequate and timely information;
(d) ensuring effective communication with shareholders;
(e) encouraging constructive relations within the Board and between the Board and Management;
(f) facilitating the effective contribution of non-executive Directors in particular; and
(g) promoting high standards of corporate governance.

4.2 Process for Selection and Appointment, Re-appointment of Directors PRINCIPLE 6:
Access to Information
All new Board appointments are considered, reviewed and recommended by the NC first, before being brought up to the Board
In order to fulfil their responsibilities, Directors should be provided with complete, adequate and timely information prior to Board
for approval. Potential candidates to fill casual vacancies or as an additional director are sourced with recommendations from
meetings and on an on-going basis so as to enable them to make informed decisions to discharge their duties and responsibilities.
Directors, Management or external consultants. The NC then evaluates the suitability of potential candidates for the position
taking into account, inter alia, his/her knowledge, skills, experience and ability to contribute to the Board’s effectiveness. Upon
the NC’s recommendation, the Board approves the new appointment. In the event that the membership of the NC falls below 6.1 Complete, Adequate and Timely Information
the minimum number of 3 members, the NC shall be dissolved, and any new nominations are channeled directly to the Board for
In order to ensure that the Board is able to fulfil its responsibilities, Management provides the Board with complete and adequate
approval after which the NC is reconstituted with the requisite number of members.
information in a timely manner. Such information extends to documents on matters to be brought up at Board meetings, which,
as a standard procedure, are circulated to Board members in advance for their review and consideration. Senior Management
Pursuant to the Articles of Association, save for the position of Executive Chairman, all Directors are to submit themselves for
and other professionals who can provide additional insights into the matters to be discussed at Board meetings, are also
re-election at regular intervals. In particular, one-third of the Directors retire from office by rotation at the annual general meeting
invited to attend these meetings, where necessary. As Directors may have further queries on the information provided, they
(“AGM”), and newly appointed Directors must submit themselves for re-election at the AGM immediately following his/her
have separate and independent access to the Company’s senior Management who accordingly addresses individual Director’s
appointment. Under the Companies Act, Cap. 50, the office of a director of the Company shall become vacant at the conclusion
request for additional information/documents.
of the AGM commencing next after the director attains the age of 70 years, and he shall be subject to yearly re-appointment.
The Board is satisfied with the current practice. Management provides the Board with financial statements and management reports of the Group on a quarterly basis, and upon
request as and when required. Explanations are given by Management for material variance (if any) between the projections in
In its deliberation on the re-election / re-appointment of retiring Directors, the NC takes into consideration the Director’s the budget and actual results.
contribution and performance during the year. Mr. Muktar Widjaja and Mr. Ferdinand Sadeli retire from office by rotation at the
forthcoming AGM under Article 91 of the Articles of Association and, being eligible, have offered themselves for re-election. 6.2 Company Secretary
The NC has recommended their re-election at the forthcoming AGM.
The Directors may separately and independently contact the company secretary who attends and prepares minutes for all Board
Mr. Kunihiko Naito retires at the forthcoming AGM under Section 153 of the Companies Act, Cap. 50 and, being eligible, meetings. The company secretary’s role is defined which include responsibility for ensuring that board procedures are followed
has offered himself for re-appointment. The NC has recommended the re-appointment of Mr. Kunihiko Naito at the and that applicable rules and regulations are complied with.
forthcoming AGM.
The appointment and the removal of the company secretary are matters requiring Board approval.
4.3 Directors’ Time Commitments and Multiple Directorships
6.3 Independent Professional Advice
The Board believes that each Director, when accepting new appointments or who already sit on multiple boards, has the
individual responsibility to ensure that he/she can allocate sufficient time and attention to the affairs of each company. The process is in place whereby Directors, either individually or as a group, in the furtherance of their duties, require professional
The Board is of the view that setting a numerical limit on the number of listed company directorships a Director may hold is advice, the company secretary can assist them in obtaining independent professional advice, at the Company’s expense.
arbitrary, given that time requirements for each person vary, and therefore prefers not to be prescriptive. As a safeguard, the
NC reviews each Director’s ability to devote sufficient time and attention to the affairs of the Company during the NC’s annual B. REMUNERATION MATTERS
assessment process.
PRINCIPLE 7:
PRINCIPLE 5:
Procedures for Developing Remuneration Policies
Board Performance
There should be a formal and transparent procedure for developing policy on executive remuneration and for fixing the remuneration
There should be a formal annual assessment of the effectiveness of the Board as a whole and its board committees and the packages of individual directors. No director should be involved in deciding his own remuneration.
contribution by each director to the effectiveness of the Board.
7.1 Remuneration Committee Composition and Role

5.1 Board Evaluation Process
The RC comprises the following 3 Directors, all of whom, including the RC chairman, are non-executive and independent Directors:-
The NC is tasked to carry out the processes as implemented by the Board for assessing the effectiveness of the Board as a
whole, and the contribution by each individual Director to the effectiveness of the Board on an annual basis. Rodolfo Castillo Balmater (RC Chairman)
Foo Meng Kee
The Company has in place a system to assess the effectiveness/performance of the Board and acts, where appropriate, on Kunihiko Naito
feedback from Board members, on improvements.
The RC has written terms of reference that describes its roles and responsibilities.
During the annual evaluation process, each Director is required to complete the respective forms for self-assessment as well as
The duties of the RC include reviewing and recommending to the Board for approval, the following:-
for assessment of the performance of the Board, based on pre-determined approved performance criteria.
(a) a general framework of remuneration for the Board and key management personnel;
The Board considers the current assessment of the Board and individual Director as being sufficient for the Company, rather
(b) the specific remuneration packages for each Director and key management personnel; and
than excessive if additional assessments of 4 Board Committees and Chairman are introduced.
(c) the Company’s obligations arising in the event of termination of executive Directors and key management personnel’s
contracts of service, to ensure that such contracts of service contain fair and reasonable termination clauses which are not
overly generous.

The RC may, during its annual review of remuneration of Directors and key management personnel, seek advice from external The Company believes that the current format of disclosure is sufficient indication, for the time being, of each Director’s
remuneration consultants as and when it deems necessary. remuneration package, given that remuneration continues to be a sensitive subject.
None of the members of the RC is involved in deliberations in respect of any remuneration, compensation, incentives or any form 9.2 Remuneration of Top 5 Key Management Personnel
of benefits to be granted to him.
The top 5 key management personnel who are not directors of the Company (“KMP”) for the year ended 31 December 2014 and
PRINCIPLE 8: their remuneration falling in bands of S$250,000 are as follows:-
Level and Mix of Remuneration
Ridwan Darmali
The level and structure of remuneration should be aligned with the long-term interest and risk policies of the company, and should
Michael JP Widjaja
be appropriate to attract, retain and motivate (a) the directors to provide good stewardship of the company, and (b) key management
personnel to successfully manage the company. However, companies should avoid paying more than is necessary for this purpose. Lie Jani Harjanto
Teky Mailoa
8.1 Remuneration of Executive Directors and Key Management Personnel Monik William
In designing the compensation structure, the Company seeks to ensure that the level and mix of remuneration is competitive, KMPs’ Remuneration Band Number of KMP
relevant and appropriate. S$500,000 to S$750,000 1
S$250,000 to S$500,000 4
The remuneration structure for executive Directors and key management personnel consists of (a) fixed remuneration, (b) variable
bonus and/or (c) other benefits.
The total remuneration paid to the top 5 KMP for the year ended 31 December 2014 amounted to S$2,196,897.
8.1.1 The use and application of clawback provisions in remuneration contracts of executive directors and key management personnel
is subject to further consideration by the Company. The Company believes that it is not in the Group’s interest to disclose the remuneration of the KMPs to the full extent
recommended, due to continuing sensitivity and confidentiality of executives’ remuneration and, moreover, such disclosure
8.2 Remuneration of Non-Executive Directors may hamper its ability to retain the Group’s talent pool in a competitive environment.
Non-executive independent Directors receive Directors’ fees, which are subject to shareholders’ approval at AGMs. 9.3 Remuneration of Employees who are Immediate Family Members of a Director/CEO
PRINCIPLE 9: The remuneration of employees who are immediate family members of a Director or the CEO, and whose remuneration exceeds
Disclosure of Remuneration S$50,000 for the year ended 31 December 2014, being two, the immediate family members of the CEO and an executive
Director, are as follows:-
Every company should provide clear disclosure of its remuneration policies, level and mix of remuneration, and the procedure for
setting remuneration, in the company’s Annual Report. It should provide disclosure in relation to its remuneration policies to enable
investors to understand the link between remuneration paid to directors and key management personnel, and performance. Remuneration Band Fixed Salary Bonus/ Benefit Total
S$500,000 to S$750,000 94.9% 5.1% 100%

9.1 Directors’ Remuneration Below S$250,000 90.5% 9.5% 100%
The Directors’ remuneration for the year ended 31 December 2014 in bands of S$250,000 is set out in the table below:- Mr. Franky Oesman Widjaja and Mr. Muktar Widjaja are brothers, and Ms. Margaretha Natalia Widjaja is the daughter of
Mr. Muktar Widjaja and a niece of Mr. Franky Oesman Widjaja. Other than disclosed above, none of the Directors had immediate
Name of Directors Fixed Salary Bonus/ Benefit Directors’ Fees Total family members who were employees and whose remuneration exceeded S$50,000 for the year ended 31 December 2014.
S$4,750,000 to S$5,000,000
The Company believes that the current format is sufficient indication, for the time being, of the relatives.
Muktar Widjaja 13.9% 86.1% – 100%
S$2,500,000 to S$2,750,000 9.4 Long-term Incentive Scheme
Franky Oesman Widjaja 5.3% 94.7% – 100%
S$1,750,000 to S$2,000,000 Currently, the Company does not have any long-term incentive schemes, including share schemes.
Margaretha Natalia Widjaja 13.6% 86.4% – 100%
S$250,000 to S$500,000
Ferdinand Sadeli 92.2% 7.8% – 100%
Robin Ng Cheng Jiet 73.0% 27.0% – 100%
Below S$250,000
Foo Meng Kee – – 100% 100%
Kunihiko Naito – – 100% 100%
Rodolfo Castillo Balmater – – 100% 100%
Variable bonus is based on performance in the same financial year.

C. ACCOUNTABILITY AND AUDIT The AC’s roles and responsibilities are described in its terms of reference.
PRINCIPLE 10: The AC has the explicit authority to investigate any matter within its terms of reference. In addition, the AC has full access to
and co-operation of Management and full discretion to invite any Director or executive officer to attend its meetings. Reasonable
Accountability
resources are made available to enable the AC to discharge its functions properly.
The Board should present a balanced and understandable assessment of the company’s performance, position and prospects.
In addition to its statutory functions, the AC considers and reviews any other matters as may be agreed to by the AC and the
10.1 Accountability Board. In particular, the duties of the AC include:-
The Board reviews and approves the results announcements before its release. In presenting the annual and quarterly (a) Reviewing significant financial reporting issues and judgements so as to ensure the integrity of the financial statements of
financial statements to shareholders, the Board aims to provide shareholders with a balanced and clear assessment of SML’s the Group and any formal announcements relating to the Group’s financial performance.
performance, position and prospects. (b) Reviewing and reporting to the Board at least annually the adequacy and effectiveness of the Group’s internal controls,
including financial, operational, compliance and information technology controls (such review can be carried out internally
For the financial year under review, the CEO and the Chief Financial Officer (“CFO”) have provided assurance to the Board on the or with the assistance of any competent third parties).
integrity of the financial statements of SML and its subsidiaries. For interim financial statements, the Board provided a negative (c) Reviewing the effectiveness of the Group’s internal audit function.
assurance confirmation to shareholders. (d) Reviewing the scope and results of the external audit, and the independence and objectivity of the external auditors.
(e) Making recommendations to the Board on the proposals to the shareholders on appointment, re-appointment and
PRINCIPLE 13: removal of the external auditors, and approving the remuneration and terms of engagement of the external auditors.
Internal Audit
The AC reviews with Management, and where relevant, the auditors, the results announcements, annual reports and financial
The company should establish an effective internal audit function that is adequately resourced and independent of the activities statements, interested person transactions and corporate governance, before submission to the Board for approval or adoption.
it audits.
In performing its functions, the AC meets with the internal and external auditors, and reviews the audit plans and overall scope of
13.1 Internal Audit both internal and external audits, and the co-operation and assistance given by Management to the respective auditors. Where
necessary, the AC also meets separately with the internal and external auditors whereby any issues may be raised directly to the
The Company has established an in-house internal audit function. The role of the internal auditors is to assist the AC to ensure AC, without the presence of Management. The internal and external auditors have unfettered access to the AC.
that the Company maintains a sound system of internal controls.
12.2 Auditor Independence
The Chief Internal Auditor (“CIA”) reports to the AC chairman. On administrative matters, the CIA reports to the Executive
Chairman. The CIA has met the standards set by nationally or internationally recognized professional bodies including the The AC reviews the independence of the external auditors. During the process, the AC also reviews all non-audit services
Standards for the Professional Practice of Internal Auditing set by the Institute of Internal Auditors. provided by the external auditors to satisfy itself that the nature and extent of such non-audit services would not affect their
independence. The AC confirms that after reviewing all non-audit services, if any, by the external auditors during the financial
The AC approves the hiring and removal of the CIA and ensures that the internal audit function is adequately staffed and has year, they would not, in the AC’s opinion, affect the external auditors’ independence. The AC has recommended to the Board
appropriate standing within the Company. It also ensures the adequacy and effectiveness of the internal audit function. that the external auditors be re-appointed for the ensuing year subject to shareholders’ approval at the forthcoming AGM.
The annual internal audit plan is established in consultation with, but independent of, Management, and is reviewed and In appointing the audit firms for the Group, the AC is satisfied that the Company has complied with Rules 712 and 715 of the
approved by the AC. Every quarter, the AC and Management review and discuss internal audit findings, recommendations and listing manual (“Listing Manual”) of the Singapore Exchange Securities Trading Limited (“SGX-ST”).
status of remediation, at AC meetings.
12.3 Whistle Blowing Procedures
The internal auditors have unfettered access to the Group’s documents, records, properties and personnel, including access to
the AC. The Board is committed to uphold the Company’s values and standards, and has put in place arrangements by which
employees may, in confidence and without fear of retaliation, bring to the AC’s attention, concerns about possible improprieties
PRINCIPLE 12: in matters of financial reporting or other matters.
Audit Committee
12.4 Annual Confirmation on Procedures relating to Rights of First Refusal (“ROFR”)
The Board should establish an Audit Committee with written terms of reference which clearly set out its authority and duties.
In accordance with paragraph 4.2 of the circular dated 12 November 2014 (“Circular”) to shareholders of the Company, the
12.1 Audit Committee Composition and Role Audit Committee confirms that no ROFR (details of which are set out in the Circular) has been granted to and/or exercised by
Bund Center Investment Ltd and the Company during the period from 28 November 2014 to 31 December 2014.
The AC comprises the following 3 Directors, all of whom, including the AC chairman, are non-executive independent Directors:-
Foo Meng Kee (AC Chairman)

Rodolfo Castillo Balmater
Kunihiko Naito
The Board considers that the members of the AC are appropriately qualified to discharge the responsibilities of the AC.

PRINCIPLE 11: The ERM framework covers various risk categories as described below:-
Risk Management and Internal Controls

• Financial risks: In relation to management of financial risks which the Group is exposed to, including interest rate, foreign
The Board is responsible for the governance of risk. The Board should ensure that Management maintains a sound system of risk currency, price and liquidity risks, our approach to these risks are as follows:-
management and internal controls to safeguard shareholders’ interests and the company’s assets, and should determine the nature – Interest rate risk: assess the Group’s exposure to interest-bearing financial instrument and perform sensitivity
and extent of the significant risks which the Board is willing to take in achieving its strategic objectives. analysis
– Foreign currency risk: construct natural hedges where it matches revenue and expense in single currency
11.1 Responsibilities for Risk Management and Internal Controls – Price risk: the Group monitors the market closely to ensure that risk exposure to volatility of investments is kept to
a minimum
The Board, with assistance from the AC, is responsible for the governance of risk by ensuring that Management maintains – Liquidity risk: the Group maintains a level of cash and cash equivalents and funding facilities deemed adequate by
a sound system of risk management and internal controls to safeguard shareholders’ interests and the Group’s assets, and Management to finance its operations
determines the nature and extent of the significant risks which the Board is willing to take in achieving strategic objectives.
• Operational risks: The Group manages operational risks related to key business activities (e.g. business development
11.2 Enterprise Risk Management Processes process, land acquisition process, project development planning and construction process) and support activities
(e.g. human capital process, finance process, IT process). The risks relevant to these key processes are managed by
The Company has formally established an independent Enterprise Risk Management (“ERM”) function within the Group, all respective risk owners following ERM framework and re-assessed annually.
supported by risk champions across all divisions within the Group to assist in ERM implementation within their respective
divisions. The ERM framework implemented by the Group aligns with International Standard for Risk Management, which include • Compliance risks: The Group manages compliance requirements by establishing close relationships with relevant
ISO 31000, COSO Enterprise Risk Management Framework and the 2012 Code. regulators and associations to monitor the development of compliance requirements.
The 3 key components of ERM framework is diagrammatically represented below:- • Strategic risks: The Group manages strategic risk by providing regular market and competitor information to relevant
Group divisions so they can make necessary alignment to the respective business plan. Significant changes in market or
regulatory conditions that may post material impact on the achievement of corporate strategy are tabled in management
forum to define necessary actions.
e
nc Ri
na s The Board recognizes that risk is dynamic, thus ERM implementation requires continuous effort to improve its quality
er
and coverage.
ov
As
Risk G
sess
Enterprise
11.3 Assurance from the CEO and CFO
ment
Risk Management
Framework
The Board has received written assurance from the CEO and the CFO that the financial records of the Group for the financial
Ri year ended 31 December 2014 have been properly maintained and the financial statements give a true and fair view of the
sk g Group’s operations and finances in accordance with the applicable financial reporting framework and are free from material
an Monitorin
d Re n g misstatements, and the risk management and internal control systems of the Group are generally effective.
porti
The CEO and CFO have in turn obtained similar assurance from the business heads in the Group.
• Risk Governance, the backbone to a robust risk management framework, sets out the risk management strategy, 11.4 Opinion on Adequacy and Effectiveness of Internal Control and Risk Management Systems
objectives, roles and responsibilities for implementing ERM. It also establishes and communicates clear roles and
responsibilities to support effective functioning of the ERM structure. The Group has also implemented specific key The AC is responsible for making the necessary recommendations to the Board such that the Board may make an opinion
performance indicator (KPI) to measure contribution of all relevant parties in ERM implementation. regarding the adequacy and effectiveness of the risk management and internal control systems of the Group. In this regard, the
AC is assisted by external auditors, internal auditors and the ERM committee (“ERMC”).
• Risk Assessment, an objective evaluation of events that may prevent the Group from achieving its strategic objectives,
involves establishing the risk appetite/parameters, assigning resources and implementing risk management processes, The Board is satisfied that there is appropriate and adequate review by the AC of the adequacy of the Company’s internal
tools and systems to manage identified risks within acceptable level. The ERM function facilitates assessment of key risks financial controls, operational and compliance controls, and risk management policies and systems established by Management.
and controls on a regular basis so as to define the risk levels and necessary actions needed to manage such risks. In its review, the AC had been assisted by both the external auditors and the internal auditors, and this review is conducted at
least once every year.
• Risk Monitoring and Reporting provides the platform for reporting risks, controls and early warning signals on a regular
basis, and to monitor the effectiveness of existing controls. The ERM function actively monitors the Group’s risk profile, During the course of the audit, the external auditors carried out a review of the effectiveness of the Group’s material internal
effectiveness of key controls and outstanding action plans using the ERM reporting platform, and in certain situations, controls, including financial, operational, compliance and information technology controls to the extent of their scope as laid
proactively facilitates the development or implementation of mitigation measures (eg, when the impact of the risk is out in their audit plan. Material non-compliance and internal control weaknesses noted during the audit are reported to the AC
considered high). With regards to early warning signals, the ERM function has identified and monitors various internal and together with the recommendations of the external auditors.
external parameters as key risk indicators.

In addition, based on the ERM framework established and maintained, the work performed by the ERMC and the internal The Company welcomes enquires and feedback from shareholders and the investment community. Enquiries can be addressed
audit function as well as the assurance received from the CEO and CFO, the Board with the concurrence of the AC, is of the to the IR team at [email protected].
opinion that the Group’s internal controls including financial, operational, compliance and information technology controls,
and risks management systems, were adequate as at 31 December 2014 to meet the needs of the Group in its current More on IR can be found on pages 58 to 59 of this Annual Report.
business environment.
15.2 Dividend Policy
The Board notes that the Company’s system of internal controls and risk management provide reasonable, but not absolute,
assurance that the Group will not be adversely affected by any event that can be reasonably foreseen. Furthermore, the Board Based on Management recommendations, the Directors determine on a quarterly basis the amount, if any, of dividends to be
also acknowledge that no system of internal controls and risk management can provide absolute assurance in this regard, or declared taking into account all relevant factors. Any payouts will be clearly communicated to shareholders via announcements
absolute assurance against the occurrence of material errors, poor judgement in decision-making, human error, losses, fraud or posted on SGXNET.
other irregularities.
PRINCIPLE 16:
D. SHAREHOLDER RIGHTS AND RESPONSIBILITIES Conduct of Shareholders’ Meetings
Companies should encourage greater shareholder participation at general meetings of shareholders, and allow shareholders the
PRINCIPLE 14: opportunity to communicate their views on various matters affecting the company.
Shareholder Rights
16.1 Conduct of Shareholder Meetings
Companies should treat all shareholders fairly and equitably, and should recognize, protect and facilitate the exercise of
shareholders’ rights, and continually review and update such governance arrangements.
During the AGMs which are held in Singapore, shareholders are given the opportunity to air their views and to engage the
Board and Management on the Group’s business activities and financial performance. Directors are encouraged to attend
14.1 Shareholder Rights
shareholders’ meetings. In particular, members of the NC, AC and RC and the external auditors are asked to be present to
address questions at such meetings.
The Company recognizes the importance of maintaining transparency and accountability to its shareholders. The Board ensures
that the Company’s shareholders are treated equitably and their rights are protected.
The Articles of Association allow a member of the Company to appoint one or two proxies to attend and vote instead of the
member at general meetings, if he is unable to attend in person.
The Company is committed to providing shareholders with adequate, timely and sufficient information pertaining to the Group’s
business which could have a material impact on the Company’s share price.
At members’ meetings, each distinct issue is proposed as a separate resolution. Absentia voting methods are currently
not permitted.
All shareholders of the Company receive the annual reports and notice of general meetings. The notice of general meetings is
also advertised in the newspapers.
With effect from the 2013 AGM, for greater transparency in the voting process, the Company has employed electronic poll voting
for all resolutions put at the AGM. Votes cast for, or against, each resolution were instantly displayed on screen. The detailed
PRINCIPLE 15:
results showing the total number of votes cast for and against each resolution were also announced after the AGM via SGXNET.
Communication with Shareholders
Companies should actively engage their shareholders and put in place an investor relations policy to promote regular, effective and DEALINGS IN SECURITIES
fair communication with shareholders.
The Company complies with the SGX-ST best practices on dealings in securities, and has devised and adopted its own internal
compliance code to provide guidance with regard to dealings in the Company’s securities by the Company, its Directors
15.1 Communication with Shareholders
and officers.
Since 2003, the Company’s results are announced on a quarterly basis. The Company does not practice selective disclosure of
Dealings in the Company’s securities are prohibited during the period commencing (i) two weeks before announcement of the
material information. The Company conveys material information and its quarterly financial results through announcements made
Company’s first, second and third quarter results and (ii) one month before the announcement of the Company’s full year results,
via SGXNET, and is required to comply with the Listing Manual on the continuous disclosure obligations. Results announcements
and ending on the date of the announcement of the results. Such dealings in the Company as well as other listed companies’
and annual reports are announced or issued within the specified/stipulated period.
securities are also prohibited whilst in possession of unpublished material price-sensitive information in relation to those securities.
The Company supports the 2012 Code’s principle to actively engage shareholders through regular, effective and fair
communication. To signify the Company’s commitment, a dedicated investor relations (“IR”) team was established during 2014.
Working closely with Management, the IR team develops a comprehensive IR programme to further enhance the engagement
and communications on the Company’s strategic direction, performances and developments with shareholders and the
investment community.
To keep the market and investors apprised of its corporate development and financial performance, during 2014, the Company
participated in several non-deal roadshows and investor conferences and held quarterly analyst briefings, and the Management
has met with over 150 potential and existing institutional investors and financial analysts at investor conferences and non-deal
roadshows in Singapore, Malaysia, Hong Kong, Tokyo and London.

Corporate Structure Corporate Directory
BOARD OF DIRECTORS REGISTERED OFFICE
Simplified Corporate Structure as at 31 December 2014, Franky Oesman Widjaja (Executive Chairman) 108 Pasir Panjang Road
with main subsidiaries, directly and indirectly held by Sinarmas Land Limited
Muktar Widjaja (Chief Executive Officer) #06-00 Golden Agri Plaza
Margaretha Natalia Widjaja Singapore 118535
Ferdinand Sadeli (Chief Financial Officer) Tel: (65) 6220 7720
Robin Ng Cheng Jiet Fax: (65) 6590 0887
Foo Meng Kee
Kunihiko Naito SHARE REGISTRAR AND TRANSFER OFFICE
B.A.C.S. Private Limited
SINARMAS LAND LIMITED*
63 Cantonment Road
AUDIT COMMITTEE Singapore 089758
Foo Meng Kee (Chairman) Tel: (65) 6593 4848
SINGAPORE/ UNITED Kunihiko Naito Fax: (65) 6593 4847
INDONESIA CHINA
MALAYSIA KINGDOM Rodolfo Castillo Balmater
AUDITORS
Shining Gold Real SML Brook
PT AFP Anak Bukit
65.00% 100.00% Estate (Chengdu) 100.00% 100.00% England (HK) NOMINATING COMMITTEE Moore Stephens LLP
Dwilestari Resorts Sdn Bhd
Co., Ltd Limited
Foo Meng Kee (Chairman) Public Accountants and Chartered Accountants
PT Bumi Shining Gold Real AFP Gardens SML Jersey Rodolfo Castillo Balmater 10 Anson Road
51.50% Serpong 100.00% Estate (Shenyang) 100.00% (Tanjong Rhu) 100.00% Properties
Damai Tbk# Co., Ltd Pte Ltd PTE Limited Franky Oesman Widjaja #29-15 International Plaza
Singapore 079903
PT Duta AFP Land SML Great REMUNERATION COMMITTEE Tel: (65) 6221 3771
45.61% 100.00% 100.00%
Pertiwi Tbk# Limited Pte Limited
Fax: (65) 6221 3815
Rodolfo Castillo Balmater (Chairman)
Golden Bay
Partner-in-charge: Christopher Bruce Johnson
PT Karawang Foo Meng Kee
98.12% 100.00% Realty (Private) (Appointed since the financial year ended 31 December 2014)
Bukit Golf Kunihiko Naito
Limited
PT Karawang
Palm Resort
DATE AND COUNTRY OF INCORPORATION
48.77% Tatabina 99.22% SECRETARY
Berhad
Industrial Estate 27 January 1994, Singapore
Kimberley Lye Chor Mei
PT Paraga
84.37%
Artamida
COMPANY REGISTRATION NO.
199400619R
PT Puradelta
49.40%
Lestari Tbk
SHARE LISTING
The Company’s shares are listed on the
PT Royal
55.64% Singapore Exchange Securities Trading Limited
Oriental
PT Sinar Mas DATE OF LISTING

59.35%
Teladan
18 July 1997
PT Sinar Mas
66.29%
Wisesa
* Listed on the SGX-ST

# Listed on the Indonesia Stock Exchange
30 Sinarmas Land Limited Annual Report 2014 Corporate Directory 31

Diversification
Leveraging on the Group’s strong INTE

INT RRN
NAT
ATIO
IONA
IONAL
NA L INDO
IN ONE
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Sinarmas Land has embarked on continuous p nni
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SINAR MAS LAND PLAZA mod
odern n lilvin
ving.
– BSD CITY
Indonesia
Financial Review
1 approximately 72.6% and 68.0% of Gross profit from Indonesia Property INDONESIA
Indonesia Property Division and the Division decreased 23.1% from PROPERTY
Group’s total revenue. Approximately S$742.4 million to S$571.7 million in
S$38.5 million in revenue and S$7.1 million line with the dip in revenue. However, REVENUE (S$ MILLION)
in net profit attributable to Owners of the gross profit margin has increased from
68.5% in 2013 to 73.6% in 2014, FY 2014 776.4
Company (“PATMI”) were reversed out
from BSDE in the consolidated results mainly due to higher average selling
FY 2013 1,084.1
of the Group, due to difference in prices for residential projects in
accounting treatment of revenue BSD City. PATMI decreased 40.9% from
FY 2012 559.0
recognition of high-rise apartment S$289.0 million to S$170.8 million as
sales in BSD City. a result of lower land sales and lesser
completed residential units. Finance GROSS PROFIT (S$ MILLION)
Revenue from rental income contributes costs increased 200.7% due to the
about 8.5% to the total revenue of inclusion of a write-back of option FY 2014 571.7
Indonesia Property Division in 2014. reserve of S$13.6 million in 2013 upon
The 11.0% increase year-on-year was the renewal and redemption of certain FY 2013 742.4
derived mainly from office units leased convertible bonds. Excluding this
at Sinar Mas Land Plaza Jakarta, a write-back, the increase in finance costs FY 2012 345.7
prestigious three-tower office building is in line with higher borrowings for
strategically located in CBD Jakarta, business expansion.
which continued to enjoy high average
occupancy rates of 99% (2013: 99%). In 2014, under the adoption of FRS 110,
In 2014, occupancy rates of other the Group has re-evaluated its involvement
office buildings i.e. Wisma BII Surabaya, with investees under the new control
Wisma BII Medan and Wisma BII Jakarta, definition. Based on its assessment,
have largely improved with average the Group is required under FRS 110 to
occupancy rates of 86% (2013: 75%), consolidate PT Puradelta Lestari Tbk and
90% (2013: 90%) and 100% its subsidiary (“PDL Group”) with effect
(2013: 100%). from April 2013. As a result, PDL Group,
The Group also holds long-term However, sales of commercial shop-

investments in commercial properties, houses and sales of land for commercial
The Group is a leading hotels and resorts in Singapore, Malaysia and office purposes in BSD City made
and most diversified and United Kingdom and is involved in higher contribution in 2014.
property developer mixed development projects in Chengdu
and Shenyang in China. The Group has two subsidiaries listed
in Indonesia, engaged on the Indonesia Stock Exchange,
in the investment and INDONESIA PROPERTY namely PT Duta Pertiwi Tbk (“DUTI”)
development of townships, DIVISION and PT Bumi Serpong Damai Tbk
1
residential, commercial and Revenue from Indonesia Property (“BSDE”). DUTI is a pioneer in the
Nava Park,
industrial properties, as well as decreased 28.4% from S$1,084.2 million development of superblock and BSD City,
to S$776.4 million, mainly due to the commercial space for small and Indonesia.
ownership and management Joint venture
absence of S$302.2 million sales of medium-sized businesses offering strata
of hotels and resorts. development
land parcels in BSD City to its joint title ownership as well as middle-income with Hongkong
ventures with Hongkong Land and housing with unique themes and Land.
Kompas Gramedia Group, as well as its concepts, while BSDE owns and
2
associated company with AEON Mall in develops BSD City, one of the largest AEON Mall
2013, offset by sale of a land parcel of city and township developments in BSD City,
S$65.5 million in Kota Deltamas. The Indonesia. In 2014, revenue derived Indonesia.
First AEON
decrease was also attributable to lesser collectively from both DUTI and BSDE Mall in
completed residential units recognized. has respectively accounted for Indonesia.
38 Sinarmas Land Limited Annual Report 2014 Financial Review 39

Financial Review
whose main project is Kota Deltamas, the 1

INTERNATIONAL PROPERTY INTERNATIONAL PROPERTY INTERNATIONAL PROPERTY
largest integrated township development DIVISION – AFP LAND GROUP DIVISION – UNITED KINGDOM – UNITED KINGDOM
in Bekasi Regency to the east of CBD Revenue from this division, mainly Revenue improved 90.8% from
Jakarta, contributed S$167.7 million contributed by the AFP Land group of S$6.5 million to S$12.4 million as REVENUE (S$ MILLION)
(2013 restated: S$193.8 million) to the companies from assets in Singapore, a result of recognition of 11 months
Indonesia Property Division in 2014. FY 2014 12.4
Malaysia and Batam, decreased about of leasing income from New Brook
1.3% from S$24.1 million to S$23.8 Buildings (NBB) in West End London
FY 2013* 6.5
INTERNATIONAL PROPERTY million. The Group has 21% strata as compared to about 7 months of
DIVISION – CHINA interest in Orchard Towers, Singapore, leasing income in the previous year
Revenue decreased by S$48.0 million owns land and operates Palm Resort as NBB was acquired in June 2013 GROSS PROFIT (S$ MILLION)
or 75.0% to S$16.0 million in 2014 due Golf & Country Club in Johor, Malaysia, and disposed in December 2014,
to lesser number of completed units as well as owns land and operates Palm as well as about 4 months of rental FY 2014 9.1
delivered, hence lower sales recognized, Spring Golf Club in Batam. The lower contribution from Warwick House, a
on completed residential units in revenue was mainly attributable to lower freehold property located on Great FY 2013* 4.9
Shenyang. In 2014, revenue was hotel revenue from Le Grandeur Johor Pulteney Street (GPS) which was
recognized for the delivery of 130 acquired in September 2014. * 7-month period
due to lower occupancy rate in 2014.
residential units, 9 retail units and
the clubhouse, as compared to 708 2
Gross profit declined 4.5% from Gross profit improved 85.7% from
residential units and 15 retail units S$13.2 million to S$12.6 million, in line S$4.9 million to S$9.1 million while
delivered in 2013. The construction of with the lower revenue. Gross profit PATMI reversed from a net loss of
Phase 3, which comprises a 168-room margin also declined from 54.5% to S$0.7 million in 2013 to a net gain
hotel, 19 retail units and 84 SOHO 52.9% due to lower average green fees of S$70.4 million in 2014, largely due
apartment units, has been completed in per paying golf round at Palm Resort Golf to the S$71.0 million gain recorded in
October 2014. Overall, the earlier phases and Country Club. Net loss attributable December 2014 on the opportunistic
1 and 2 are approximately 93% sold. to Owners of the Company widened divestment of NBB. The loss incurred
18.8% from S$11.2 million to S$13.3 last year was due to acquisition costs
Gross profit decreased 73.5% from million in 2014, mainly due to higher related to NBB.
S$16.6 million to S$4.4 million in line unrealised foreign exchange losses from
with the drop in revenue. However, gross loans taken on by Palm Resort.
profit margin improved slightly from
25.9% to 27.5% due to higher average
selling prices in 2014. PATMI decreased
86.8% from S$10.6 million to S$1.4 million.
3
INTERNATIONAL PROPERTY INTERNATIONAL PROPERTY 1
– CHINA – AFP LAND GROUP

(“Li Shui Jin Yang”)
in Shenyang,
REVENUE (S$ MILLION) REVENUE (S$ MILLION) China.
2
FY 2014 16.0 FY 2014 23.8
Warwick House
in London,
FY 2013 64.0 FY 2013 24.1 United Kingdom.
3
FY 2012 47.6 FY 2012 24.7
Palm Resort
in Johor,
Malaysia.
GROSS PROFIT (S$ MILLION) GROSS PROFIT (S$ MILLION)
FY 2014 4.4 FY 2014 12.6
FY 2013 16.6 FY 2013 13.2
FY 2012 10.8 FY 2012 13.7
40 Sinarmas Land Limited Annual Report 2014 Financial Review 41

Operations Review
1 southwest of Jakarta. BSD City started The Avani Park (55 hectares), Greenwich commercial, and residential customers
its operations in 1989 and is one of the Park (48 hectares), Nava Park (68 and sits on a total development rights
most successful and ambitious urban hectares) and The Eminent (41 hectares). area of 3,000 hectares. It is a long term
planning projects in Indonesia. Based Foresta, The Icon, De Park and The partnership between the Group and
on its strategic Master Plan, BSD City Avani Park are residential projects with Sojitz Corporation.
will be developed into three phases target markets in the medium to high
with a total area of each phase segment. Edu Town is an area dedicated Grand Wisata, strategically located
approximately 1,500 hectares, for education center and there are two in Bekasi, Greater Jakarta, holds
2,000 hectares and 2,500 hectares universities within Edu Town, namely development rights over 1,100 hectares
respectively. Phase 1 was started in Swiss German University and Prasetiya of land, has developed approximately
1989 while Phase 2 started since 2008, Mulya. The Breeze is an integrated 230 hectares of land and acquired
currently in the stage of development lifestyle mall within BSD Green Office approximately 865 hectares of land as
and expected to be completed Park that serves the BSD community. at 31 December 2014. This project is
in year 2020. Phase 3 is estimated to scheduled to be developed over 15 years
commence in 2020 and will be In 2014, key developments in BSD City from its commencement in 2005 and has
completed by year 2035. included the completion of the Indonesia 10 phases, each being a district divided
Convention Exhibition (ICE), a joint into clusters. The project has facilities
Currently, the developments under venture between BSDE and Indonesia such as direct toll road access, sports
Phase 2 are progressing well. Kompas Gramedia Group. Covering a club, commercial areas and recreation
Development in Phase 2 is divided land area of 22 hectares, it serves as centres. In 2014, Grand Wisata
into two stages, of which Stage 1 the newest and largest destination for completed a new facility – the water
covers an area of 850 hectares. meetings, incentives, conferences and park named Go! Wet.
Products launched in Stage 1 of exhibition in Indonesia.
Phase 2 include Foresta (72 hectares), Kota Wisata is an exclusive housing
The Icon (74 hectares), BSD Green Kota Deltamas is a self-sustainable project located in Cibubur with an area
Office Park (25 hectares), Edu Town mixed-use industrial township of approximately 480 hectares. It is
(50 hectares), De Park (66 hectares), development, serving industrial, conceptualized as an idyllic urban
OUR PORTFOLIO grow our portfolio and market share.

IN INDONESIA Currently, we have more than 7,000
As the leading and hectares of remaining land bank for
successful City and The Group has two subsidiaries listed on development and our properties are
Township Developer in the Indonesia Stock Exchange, namely located within the Jabodetabek (Jakarta,
PT Duta Pertiwi Tbk (“DUTI”) and PT Bogor, Depok, Tangerang, Bekasi)
Indonesia, the Group Bumi Serpong Damai Tbk (“BSDE”). area, Palembang, Medan, Semarang,
has performed well DUTI is a pioneer in the development of Manado, Surabaya, Balikpapan,
in 2014. In our strategic superblock and commercial space for Samarinda and Makassar.
portfolio, we continued to focus small and medium-sized businesses
offering strata title ownership as well as TOWNSHIPS
on investment, development
middle-income housing with unique The Group has four integrated city and
and operations of townships, themes and concepts. BSD City is townships in Indonesia, namely Bumi
residential, commercial, retail, one of the largest city and township Serpong Damai (BSD) City at Tangerang,
industrial, hospitality and leisure developments in Indonesia and is Kota Deltamas at Cikarang, Kota Wisata
properties in Indonesia as well strategically located in the South-West at Cibubur and Grand Wisata at Bekasi. 1
of Jakarta. Kota Wisata

as other key markets in Pan Asia in Cibubur,
Of significance is BSD City. BSDE was
and Europe. Indonesia.
In this regard, the Group continues to established in 1984 by a consortium of
focus on development and delivery of our shareholders to develop an integrated 2
township (BSD City) on approximately Go! Wet Water

key city and townships projects as well
Theme Park
as continuously exploring new land 6,000 hectares of land strategically in Grand Wisata,
located at Tangerang, about 25 kilometers 2 Indonesia.
banks in prime locations and cities to
42 Sinarmas Land Limited Annual Report 2014 Operations Review 43

Operations Review
getaway with an ideal blend of 1 hotel that is owned by our associated Springs achieved 37,170 golf venture between Sinarmas Land
metropolitan sophistication and sweeping company, PT Plaza Indonesia Realty Tbk, rounds which was a 22% increase and ITOCHU Corporation Japan. It
landscapes. The location is easily achieved an average occupancy rate of compared to 2013. Golfers from encompasses an area of 1,200 hectares
accessible from the Cibubur toll road or 69% (2013: 66%). In addition, the Group Singapore still dominate the number and contains a variety of national and
from Bekasi. The Group has developed also owns and operates the Le Grandeur of rounds (19,166) and recorded an multinational corporations such as
approximately 380 hectares of land. brand hotels in Indonesia that comprises increase of 24% when compared to Toyota Motor Manufacturing, Indonesia,
the Le Grandeur Mangga Dua in 2013. A significant rise in the number HM Sampoerna, Yamaha Motor
RESIDENTIAL Jakarta and Le Grandeur Balikpapan of golf rounds was attributed to the Manufacturing, Indonesia, Astra
On the residential front, Nava Park, in Balikpapan. In 2014, Le Grandeur election of Palm Springs as the best Daihatsu Motor, Panasonic
a joint venture between BSDE and Mangga Dua and Le Grandeur golf course in Batam by the Batam City Semiconductor Indonesia and
Hongkong Land launched its initial phase Balikpapan enjoyed average occupancy Government as well as the positive Sharp Semiconductor Indonesia.
of premium landed houses in October rates of 58% (2013: 62%) and 61% rating by the Golf Digest Singapore
2014 and the project was very well (2013: 62%) respectively. magazine in the September 2014 GIIC encompasses an area of 1,000
received and successfully nearly sold edition. In addition, we also have hectares, located in Kota Deltamas,
out within a few weeks. Moving in tandem with the growth of Sedana Golf & Country Club which Cikarang, Bekasi. Managed by
the hospitality sector in Indonesia, the is an 18-hole golf course located Puradelta Lestari Group, the project
Other than residential projects within Group in its corporate restructuring 47 km east of Jakarta along the is fully supported by the Sojitz
BSD City, the Indonesia Property division exercise in October 2014, established Jakarta-Cikampek toll road. Corporation Japan, in cooperation
is also developing other residential a dedicated Hospitality and Resorts with Sinarmas Land. GIIC was
projects namely, Kota Bunga, Taman 2 division to synergistically focus and INDUSTRIAL designed to be an environmentally
Banjar Wijaya, Taman Permata Buana, excel in the ownership and management Sinarmas Land currently operates three friendly industrial estate and prides
Legenda Wisata, Bale Tirtawana, Wisata of our hotels and resorts, both within industrial estates namely Karawang itself on the many green industrial
Bukit Mas Surabaya, Balikpapan Baru and outside Indonesia. International Industrial City (KIIC) aspects of the development. The
and Grand City Balikpapan. in Karawang, West Java; Greenland industrial estate includes the 200-hectare
Palm Springs Golf and Beach Resort International Industrial City (GIIC) in China-Indonesia Economic & Trade
In 2014, Sinarmas Land successfully is located at the North Eastern side Cikarang, Bekasi West Java and the Cooperation Zone (KITIC) dedicated to
launched a new project, in Balikpapan of Batam (in the Nongsa area) and BSD Technopark in Tangerang, Banten. manufacturers and investors from China
– Kalimantan, named Grand City has a 27-hole golf course that sits for their Indonesian operations.
Balikpapan. This is a 183-hectare on a 274 hectares of land. It is easily KIIC is a green and modern industrial
themed development of a city enveloped accessible from Singapore via a estate located in West Karawang, GIIC and KIIC sold approximately
in nature and green environment. 35-minute ferry ride. In 2014, Palm South East of Jakarta. It is a joint 105 hectares of land in 2014.
To capture the fast growing opportunities

of key cities, the Group has acquired
additional new land in 2014 in Surabaya 3
(3 hectares) and Makassar (5.1 hectares)

for prime residential and mixed-use
developments respectively. Loft 1 and 2, the limited launch of 1
Foresta Business Loft 3 (26 units with Wisma BCA

in BSD City,
COMMERCIAL 4 different designs), was also well Indonesia.
Sinar Mas Land Plaza – Jakarta is a received by investors. The project has a
2
prestigious three-tower office building unique modern contemporary style that
Le Grandeur
strategically located within the Tharmin is dynamic and aesthetically stunning. Mangga Dua
CBD in Jakarta, continued to enjoy high in Jakarta,
occupancy in 2014 given the tight supply In Q4 2014 we have completed Courts Indonesia.
in the Grade A office market. Asia “Big-Box” Megastore of 12,700 3
square metres in Bekasi, their first Greenland

The Group also owns other office built-to-suit (BTS) project in Indonesia International
Industrial City
buildings such as Wisma Eka Jiwa, and the Group is extending our strategic in Cikarang,
Wisma BII - Surabaya, Sinar Mas Land partnership with Courts Asia for their Indonesia.
Plaza – Medan, Wisma BCA – BSD City subsequent BTS expansion plans
and the Group’s headquarters, Sinar Mas across Indonesia.
Land Plaza – BSD City.
HOSPITALITY & LEISURE
Following the successful launch of Situated in the heart of the CBD Jakarta,
commercial buildings in Foresta Business the Grand Hyatt Hotel, a five-star luxury

Operations Review
OUR PORTFOLIO 37 retail units, was about 98% 2 1
IN CHINA – LI SHUI JIN YANG (2013: 97%) sold as of 31 December

(“Li Shui
Our Shenyang project, 2014. Phase 2 comprising a total Jin Yang”)
“Li Shui Jin Yang”, is located in of 1,398 residential units was in Shenyang,
about 90% (2013: 81%) sold as China.
– LI SHUI JIN DU Tie Xi district, a suburban town in
Our Chengdu project, Shenyang city in Liaoning province. of 31 December 2014. Construction 2
“Li Shui Jin Du”, is located in Xindu, This project is situated in the Shenyang for Phase 3, which comprises the Warwick
hotel and some retail and residential House
a suburban town in Chengdu city, Tie Xi Economic and Technological
in London,
Sichuan province. This high-rise Development Zone. With a site area units, has been completed by United
condominium project is sited on of approximately 9 hectares, this December 2014 and sales for Kingdom.
4.8 hectares of land, consisting of high–rise condominium project consists Phase 3 commenced from 3rd quarter
nine blocks of 1,205 residential of 23 blocks of 2,450 residential of 2014 onwards, achieving an initial
apartments with total built-up area apartments with total area of 200,910 take rate of 1.6%. As of 31 December
of 138,278 square metres, one block square metres, 79 retail units with total 2014, the overall contracted sales for
of retail space with built-up area of area of 9,634 square metres and a Shenyang project is 86.9%.
3,301 square metres; and 499 car park 168-room hotel.
lots. As of 31 Dec 2014, 100% of the
residential and retail components have This project is developed in several OUR PORTFOLIO
been fully sold, with 63.7% of car park phases. Phase 1 comprising a IN SINGAPORE AND
lots remaining in the inventory. total 1,052 residential units and MALAYSIA
The key properties in this portfolio

continue to perform well given the
1 challenging business environments
in these operating countries. Main
recurring income is derived from
Orchard Towers which achieved OUR PORTFOLIO MOVING FORWARD
93.9% occupancy as of IN UNITED KINGDOM Going forward, the Group will
31 December 2014. continue to deepen our presence
Outside Indonesia and in key locations of China, United
The Singapore office market sector complementing the existing Kingdom, Singapore and Malaysia,
ended 2014 on a positive note portfolio of commercial, residential, with Indonesia remaining as our
with a 2.2% rise in rental growth hotels and resorts in Singapore, base market. We will also continue
quarter-on-quarter for Premium Grade Malaysia, China and United Kingdom, to seek opportunities to expand
and a 1.9% increase for Grade A and we deepened our presence in our footprint to new markets in
B office spaces. The priority is to London by the acquisition of Pan Asia and Europe as part of
retain tenants and maintain high a second commercial property, our portfolio diversification efforts.
occupancy rate. Warwick House in September 2014.
This is a freehold prime commercial
Businesses in the resort, golf & office with a net leasable area
country club segment have been of 47,044 square feet and fully
affected by the Malaysian aviation leased to a single tenant,
accidents in 2014. This has Creston PLC. This is in line
resulted in an overall decline with the Group’s portfolio
in tourist numbers, especially of diversification, rebalancing
from China. Nonetheless, and international growth strategy.
Le Grandeur Johor achieved
59.4% occupancy compared In December 2014, the Group
to 65.5% (2013) and Palm Resort divested New Brook Buildings in
Golf and Country Club continues West End London which resulted
to be the preferred destination in S$71 million gain in disposal.
as it hosted The Kids Golf World Net proceeds from the disposal
Championship for the second will be used as capital for future
consecutive year. acquisition, and/or development.

Network of Operations
Europe
UNITED
KINGDOM
UNITED KINGDOM
London
CHINA City & Township
Residential
Commercial
Industrial
Retail & Trade

Centers
MALAYSIA
Asia SINGAPORE
Hotels, Resort
Parks & Golf
Courses
INDONESIA
INDONESIA MALAYSIA
Sumatra Java Java Bali Johor
Medan Jakarta Karawang Pecatu Senai
Palembang Bekasi Puncak Sulawesi
Kalimantan Bogor Sawangan Makassar SINGAPORE
Balikpapan Cibubur Semarang Manado Orchard
Samarinda Cikarang Surabaya Riau Islands
Cipanas Tangerang Batam CHINA
Depok Shenyang
Chengdu
48 Sinarmas Land Limited Annual Report 2014 Network of Operations 49

Property Portfolio
Township Residential
1
BANJAR WIJAYA KOTA BUNGA WISATA BUKIT MAS WISATA BUKIT MAS II
A residential A prime residential A luxury European style A luxury European style
development development development development
COUNTRY COUNTRY COUNTRY COUNTRY
Indonesia Indonesia Indonesia Indonesia
LOCATION LOCATION LOCATION LOCATION
JI. Cipondoh Raya, Tangerang, JI. Hancet, Cipanas, West Java Jl. Menganti Lidah Wetan, Jl. Menganti Lidah Wetan,
West Java SITE AREA (SQ.M.)
Surabaya, East Java Surabaya, East Java
SITE AREA (SQ.M.) 114,075 SITE AREA (SQ.M.) SITE AREA (SQ.M.)
257,701 APPROXIMATE PERCENTAGE HELD (%)
87,108 91,986
APPROXIMATE PERCENTAGE HELD (%) 45.6 APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%)
45.6 EXPECTED COMPLETION DATE
55.5 41.6
EXPECTED COMPLETION DATE 2016 EXPECTED COMPLETION DATE EXPECTED COMPLETION DATE
2016 Major Properties Under
2015 2015
Major Properties Under Construction/Development Major Properties Under Major Properties Under
Construction/Development Construction/Development Construction/Development
BSD City.
A modern
intergrated
township
in Greater
Jakarta,
Indonesia.
BSD CITY KOTA DELTAMAS GRAND WISATA KOTA WISATA TAMAN PERMATA BALIKPAPAN BARU LEGENDA WISATA
A township that includes A mixed development project A grand township project An iconic township BUANA A luxury development in A luxury residential
residential, and commercial containing residential units, in East Jakarta development in Cibubur A classic residential Balikpapan’s most prestigious project in Cibubur
development, infrastructure, commercial centres, industrial COUNTRY COUNTRY development in West Jakarta residential area COUNTRY
public utilities, facilities estate, business park, Indonesia Indonesia COUNTRY Indonesia
COUNTRY
and amenities schools, hospital and Indonesia
LOCATION LOCATION Indonesia LOCATION
COUNTRY
other public facilities
Bekasi, Greater Jakarta Cibubur, Greater Jakarta LOCATION LOCATION Cibubur, Greater Jakarta
Indonesia COUNTRY Balikpapan, Kalimantan
SITE AREA (SQ.M.) SITE AREA (SQ.M.) JI. Kembangan, West Jakarta SITE AREA (SQ.M.)
LOCATION
Indonesia
5,817,733 1,306,810 SITE AREA (SQ.M.) SITE AREA (SQ.M.) 183,321
Serpong, Tangerang, West Java LOCATION 234,229
APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%) 41,595 APPROXIMATE PERCENTAGE HELD (%)
SITE AREA (SQ.M.)
Bekasi Regency, West Java
24.4 45.6 APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%) 45.6
29,452,189 SITE AREA (SQ.M.) 66.3
EXPECTED COMPLETION DATE EXPECTED COMPLETION DATE 36.5 EXPECTED COMPLETION DATE
APPROXIMATE PERCENTAGE HELD (%)
18,449,229
2020 2021 EXPECTED COMPLETION DATE EXPECTED COMPLETION DATE 2015
51.5 APPROXIMATE PERCENTAGE HELD (%) 2015
Major Properties Under Major Properties Under 2015 Major Properties Under
EXPECTED COMPLETION DATE
49.4 Construction/Development Construction/Development Construction/Development
Major Properties Under Major Properties Under
2035 EXPECTED COMPLETION DATE Construction/Development Construction/Development
Major Properties Under

2030
Construction/Development Major Properties Under
Construction/Development
50 Sinarmas Land Limited Annual Report 2014 Property Portfolio 51

Property Portfolio
Commercial
1
SINAR MAS LAND ORCHARD

PLAZA – SURABAYA TOWERS
A 20-storey office building, SML owns approximately
a basement level and a 21 percent of the total strata
11-storey carpark building area in this complex
COUNTRY COUNTRY
Indonesia Singapore
LOCATION LOCATION
JI. Pemuda, Surabaya 400 Orchard Road
TENURE TENURE
20-year lease till Nov 2023 Freehold
SITE AREA (SQ.M.) SITE AREA (SQ.M.)
4,104 6,130
APPROXIMATE NET APPROXIMATE NET
LETTABLE AREA (SQ.M.) LETTABLE AREA (SQ.M.)
23,281 8,375
Major Properties held by Subsidiaries Major Properties held by Subsidiaries
and Associated Companies and Associated Companies
Sinar Mas
Land Plaza
Thamrin,
Jakarta,
Indonesia.
SINAR MAS LAND SINAR MAS LAND SINAR MAS LAND SINAR MAS LAND WARWICK HOUSE SEDANA
PLAZA PLAZA PLAZA PLAZA – MEDAN A quality office building A residential and commercial
(a) Tower I – a 12 storey office (b) Tower II – a 39 storey office (c) Tower III – a 12 storey A 10-storey office block in SOHO, London development
block, a basement level and building, 3 basement levels office building and 3 basement levels COUNTRY COUNTRY
a 7-storey carpark building and penthouse COUNTRY COUNTRY United Kingdom Indonesia
COUNTRY COUNTRY Indonesia Indonesia LOCATION LOCATION
Indonesia Indonesia LOCATION LOCATION 8 to 13 Great Pulteney Street Karawang, East Jakarta
LOCATION LOCATION JI. M.H. Thamrin Kav. 51, JI. Diponegoro, North Sumatra and 13 to 23 (odd) Lexington SITE AREA (SQ.M.)
JI. M.H. Thamrin Kav. 51, JI. M.H. Thamrin Kav. 51, Central Jakarta Street, London 750,000
TENURE
Central Jakarta Central Jakarta TENURE 20-year lease till Jan 2026 TENURE
APPROXIMATE PERCENTAGE HELD (%)
TENURE TENURE 20-year lease till Mar 2025 Freehold 98.1
SITE AREA (SQ.M.)
20-year lease till Jul 2019 20-year lease till Mar 2025 SITE AREA (SQ.M.) 4,358 SITE AREA (SQ.M.)
EXPECTED COMPLETION DATE
20-year lease till Nov 2022 1,100
20-year lease till Jan 2025 SITE AREA (SQ.M.) Combined with Tower II APPROXIMATE NET N.A.
20-year lease till Jul 2026 13,302 APPROXIMATE NET
LETTABLE AREA (SQ.M.) APPROXIMATE NET
APPROXIMATE NET
LETTABLE AREA (SQ.M.) 11,681 LETTABLE AREA (SQ.M.)
SITE AREA (SQ.M.)
LETTABLE AREA (SQ.M.) 13,244 4,371
624/1,628/ 309/ 330 Major Properties held by Subsidiaries
61,333 Major Properties held by Subsidiaries and Associated Companies Major Properties held by Subsidiaries
APPROXIMATE NET and Associated Companies and Associated Companies
LETTABLE AREA (SQ.M.) Major Properties held by Subsidiaries
and Associated Companies
10,230
Major Properties held by Subsidiaries

Property Portfolio
Mixed-Use Development
LI SHUI JIN YANG ROXY II PALM RESORT ANAK BUKIT KUNINGAN MAKASSAR RASUNA SAID SURABAYA
A mixed-use development BERHAD RESORTS SDN BHD A mixed-use development A development project A development in A mixed-use development
A residential/commercial COUNTRY A 330-room resort with A 330-rooms resort with in prime Jakarta CBD in Makassar city prime Jakarta CBD in Surabaya
project in Shenyang, China Indonesia 54-hole golf course and 54-hole golf course and COUNTRY COUNTRY COUNTRY COUNTRY
COUNTRY LOCATION
land for development land for development Indonesia Indonesia Indonesia Indonesia
China JI. K.H. Hasyim Ashari, COUNTRY COUNTRY LOCATION LOCATION LOCATION LOCATION
LOCATION
Central Jakarta Malaysia Malaysia Kuningan, CBD Jakarta Jl. Urip Sumohardjo Rasuna Said, CBD Jakarta Surabaya, East Java
Tie Xi District, Shenyang City, SITE AREA (SQ.M.) LOCATION LOCATION SITE AREA (SQ.M.) SITE AREA (SQ.M.) SITE AREA (SQ.M.) SITE AREA (SQ.M.)
Liaoning Province 156,200 Senai, Johor Bahru Senai, Johor Bahru 54,808 51,000 11,000 30,000
SITE AREA (SQ.M.) APPROXIMATE PERCENTAGE HELD (%) SITE AREA (SQ.M.) SITE AREA (SQ.M.) APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%)
89,940 45.6 920,134 376,360 51.5 35 46.4 51.5
APPROXIMATE PERCENTAGE HELD (%) Major Properties Held for APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%) Major Properties Held for Major Properties Held for Major Properties Held for Major Properties Held for
100 Development/Sale 99.2 100 Development/Sale Development/Sale Development/Sale Development/Sale
EXPECTED COMPLETION DATE Major Properties Held for Major Properties Held for
2015 Development/Sale Development/Sale

PT MUSTIKA PT BUMI LENTENG JATI

CANDRAGUNA PARAMUDITA MAS AGUNG ASIH
COUNTRY COUNTRY COUNTRY COUNTRY

Indonesia Indonesia Indonesia Indonesia
LOCATION LOCATION LOCATION LOCATION
MT. Haryono, South Jakarta Tanjung Sari, Surabaya Southern part of Jakarta Jati Asih, Pondok Gede,
SITE AREA (SQ.M.) SITE AREA (SQ.M.) SITE AREA (SQ.M.) Greater Jakarta
PT KARYA DUTAMAS GRAND CITY CIBUBUR BENOWO 7,955 16,769 54,187 SITE AREA (SQ.M.)
CEMERLANG BALIKPAPAN A mixed-use development A prime mixed-use APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%) 837,804
A mixed-use development A mixed-use development in Cibubur development 46.6 51.5 45.6 APPROXIMATE PERCENTAGE HELD (%)
in East Jakarta in Balikpapan COUNTRY COUNTRY Major Properties Held for Major Properties Held for Major Properties Held for 45.6
Indonesia Indonesia Development/Sale Development/Sale Development/Sale
COUNTRY COUNTRY Major Properties Held for
Development/Sale
Indonesia Indonesia LOCATION LOCATION
LOCATION LOCATION Cibubur, Greater Jakarta Surabaya, East Java

Karawang, West Java Balikpapan, East Kalimantan SITE AREA (SQ.M.) SITE AREA (SQ.M.)
SITE AREA (SQ.M.) SITE AREA (SQ.M.) 1,593,782 3,066,431

1,633,015 2,089,397 APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%)
APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%) 45.6 45.6
84.4 66.3 Major Properties Held for Major Properties Held for
Development/Sale Development/Sale
Major Properties Held for Major Properties Held for
Development/Sale Development/Sale

Property Portfolio
Industrial Estate Hotel & Resort
1
GRAND HYATT LE GRANDEUR LE GRANDEUR LE GRANDEUR PALM

JAKARTA HOTEL AND MANGGA DUA HOTEL BALIKPAPAN HOTEL RESORT JOHOR
PLAZA INDONESIA A 4-star hotel A 4-star hotel A 4-star hotel
SHOPPING CENTER COUNTRY COUNTRY COUNTRY
A 5-star hotel and integrated Indonesia Indonesia Malaysia

shopping complex LOCATION LOCATION LOCATION
COUNTRY JI. Mangga Dua Raya, Jakarta JI. Jenderal Sudirman, Palm Resort at Senai,
Indonesia TENURE
Balikpapan, East Kalimantan Johor Bahru
LOCATION 20-year lease till Jul 2028 TENURE TENURE
JI. M.H. Thamrin, Jakarta SITE AREA (SQ.M.)

20-year lease till Apr 2028 Freehold
TENURE 13,940 SITE AREA (SQ.M.) SITE AREA (SQ.M.)
20-year lease till Aug 2025 NO. OF ROOMS

19,100 56,656
SITE AREA (SQ.M.) 346 NO. OF ROOMS NO. OF ROOMS
48,908 Major Properties held by Subsidiaries

185 330
and Associated Companies Major Properties held by Subsidiaries Major Properties held by Subsidiaries
NO. OF ROOMS
and Associated Companies and Associated Companies
428
Major Properties held by Subsidiaries
Owned by associated company,
PT Plaza Indonesia Realty Tbk
Karawang
International
Industrial
City (KIIC),
Indonesia.
KIIC – KIIC – PALM SPRING SEDANA PALM RESORT PECATU

PT MALIGI PERMATA PT KARAWANG 27-hole golf and beach resort 18-hole golf course 54-hole golf course A prime development site
INDUSTRIAL TATABINA COUNTRY COUNTRY COUNTRY
for hotel and resort
ESTATE INDUSTRIAL ESTATE Indonesia Indonesia Malaysia COUNTRY
Indonesia
Industrial development Industrial development LOCATION LOCATION LOCATION
Nongsa, Batam Karawang, East Jakarta Senai, Johor Bahru LOCATION
COUNTRY COUNTRY
Bali
Indonesia Indonesia SITE AREA (SQ.M.) SITE AREA (SQ.M.) SITE AREA (SQ.M.)
2,740,000 750,000 1,836,481 SITE AREA (SQ.M.)
LOCATION LOCATION
803,540
Karawang, West Java Karawang, West Java APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%)
65 98.1 100 APPROXIMATE PERCENTAGE HELD (%)
SITE AREA (SQ.M.) SITE AREA (SQ.M.)
84.4
107,550 435,060 Major Properties Held for Major Properties Held for Major Properties Held for
Development/Sale Development/Sale Development/Sale Major Properties Held for
APPROXIMATE PERCENTAGE HELD (%) APPROXIMATE PERCENTAGE HELD (%)
Development/Sale
42.2 48.8
EXPECTED COMPLETION DATE EXPECTED COMPLETION DATE
N.A. N.A.
Major Properties Under Major Properties Under
Construction/Development Construction/Development

Investor Relations
Investors Relations Activities Financial Calendar

FY 2015/16 (tentative)
1Q 2014 3Q 2014 • FY 2014 Results Announcement

• FY 2013 results announcement • 2Q 2014 results announcement February 2015
• Singapore Non-Deal Roadshow • Singapore Non-Deal Roadshow
• Annual General Meeting
• Hong Kong Non-Deal Roadshow
April 2015
2Q 2014 • London Non-Deal Roadshow
• 1Q 2014 results announcement • 1Q 2015 Results Announcement
• Annual General Meeting 4Q 2014 May 2015
• RHB-OSK DMG Small Cap • 3Q 2014 results announcement • 2Q & 1H 2015 Results
Book Launch – Singapore • Extraordinary General Meeting Announcement
• Barclays Asia Financial • Tokyo Non-Deal Roadshow August 2015
& Property Conference • Singapore Non-Deal Roadshow
• 3Q 2015 Results Announcement
– Hong Kong • Daiwa Investment Conference
November 2015
• Singapore Non-Deal Roadshow – Hong Kong
• Kuala Lumpur Non-Deal • UBS Global Real Estate CEO/CFO • FY 2015 Results Announcement
Roadshow Conference – London February 2016
• CLSA ASEAN Access Day
– Singapore & Hong Kong
PROACTIVE participants are provided with

ENGAGEMENT opportunities to raise questions
Sinarmas Land is Sinarmas Land adopts a proactive to clarify any ongoing concerns
committed to providing approach towards engagement on the agenda items. SINARMAS LAND SHARE PRICE PERFORMANCE AND TRADING VOLUME
(2 JANUARY 2014 TO 9 MARCH 2015)
transparent and accurate with stakeholders via numerous
communication avenues which To signify the management’s
information to our includes investor conferences, responsibility and commitment to 80%
shareholders and the one-on-one and group meetings, stakeholders’ communication, a 70%
investment community. local and overseas non-deal dedicated IR team was established 60%
roadshows (NDRs) and quarterly during the year. Acting as a liaison
Adhering to the 2012 Code 50%
analyst briefings and project point between the Group and the
of Corporate Governance 40%
site visits. stakeholders, the IR team communicates
(the “Code”) and adoption of to the shareholders and investment
30%
best-practices into its investor In 2014, the management met community on a regular basis and attends 20%
relations (IR) programmes, with over 150 potential and existing timely to their enquiries and feedbacks. 10%
stakeholders are kept abreast institutional investors and financial In addition, the IR team undertakes 0%
analysts at investor conferences and the responsibility to actively promote
of the Group’s developments -10%
NDRs held in Singapore, Malaysia, interest and raise awareness for the
through regular and effective
Hong Kong, Tokyo and London. Group through various communication
communications. These regular engagements between channels. Stakeholders are welcome to 20,000 SML Trading Volume (’000)
the management and investment address all enquires to the IR team at 16,000
community promotes better [email protected]. 12,000

understanding of the Group’s 8,000
strategic direction and latest CONSISTENT
4,000
developments as well as market DISCLOSURES
0
outlook while receiving feedbacks Sinarmas Land strives to ensure
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
from investors. consistency and accuracy in our 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2014 2015 2015 2015
disclosures. Announcements, material
Annual General Meetings (AGM) and developments, quarterly and full year 2 January, 2014 9 March, 2015 Share Price/Index Returns
Extraordinary General Meetings (EGM) financial results, presentation slides Sinarmas Land $0.475 $0.840 76.84%
serve as important platforms for and press releases are released
Straits Times Index 3,174.65 3,404.57 7.24%
shareholders to interact with the via SGXNET with compliance to the
Listing Manual on the continuous FTSE ST Real Estate Holding & Development Index 715.38 814.28 13.82%
Board of Directors and senior
management. During the meeting, disclosure obligations. Source: Bloomberg
58 Sinarmas Land Limited Annual Report 2014 Investor Relations 59

Corporate Social Responsibility
2014
1 exercise and an exhibition on recycling alleviate poverty especially in the district SAFE AND HEALTHY
and performing arts. of Tangerang, by fulfilling one of the basic WORKING ENVIRONMENT
As a leader in the property needs of a society that is a secure, Fostering a safe and healthy working
industry, sustainability has ENABLING COMMUNITIES decent home to live. environment has always been an
always been an integral part Our strategy is to mobilize stakeholders important focal point for Sinarmas Land.
such as local communities, government BSD City Smart House The Company believes that creating a
of our strategic business institutions, and to deploy our financial (Rumah Pintar) conducive working environment through
and we recognize our vital role in resources. The leadership of Sinarmas Development started in 2013 and was close collaboration with our stakeholders
the well-being of our employees and Land is a good example of active inaugurated by the First Lady Ani would assist us in achieving our goals.
communities where we operate. We participation and the implementation Yudhoyono in May 2014, Rumah Pintar
believe that the management and of integrated community programs is to empower children, mothers and Sinarmas Land has in place a
in education, economy, health and other community members, in order to comprehensive set of policies for
the development of property project
infrastructure with aim to help create educated and prosperous employees training and education on
is one of the most effective ways to
community development in a healthy communities throughout Indonesia. health and safety matters in workplace
create jobs and alleviate poverty and harmonious environment. areas. In addition, the Company strives
in Indonesia. The Smart House was built to increase to fulfill the rights and obligations of
Poverty Alleviation interest in reading, art and culture and employees in accordance with the
For 2014, we continued with our fosters creativity. It has become part of applicable laws and regulations.
cooperation with the Tzu Chi Foundation home education as well as a community
is a cornerstone of our humanitarian empowerment tool To promote individual well-being and
Hence, it has the potential to development within BSD City that green lifestyle within our projects, is part efforts for disadvantaged communities improvement toward work life balance,
empower and improve the livelihood complies with international green of our dream building for a better future living in sub-standard houses. One Each Rumah Pintar is designed as a the Company has developed facilities
of the community, particularly the standards. This environment-friendly for our children. This dream motivates of the programs with which we have community learning centre focusing on such as library, prayer rooms and sports
future generation. area was designed to reduce the us in contributing and supporting implemented is Bedah Rumah or House early childhood education, education of recreation area, as well as organizing
number of population in Tangerang who environmental conservation activities. Renovation Program in Lengkong Kyai women in empowerment activities and social group events, sports and other
For Sinarmas Land, community commute to Jakarta to earn their living Village, Tangerang Regency. nurturing of family health. It comes with a outdoor activities.
acceptance and support is the key by providing a place to work right within Green Festival library, a playroom and arts and culture
foundation for our sustainable growth. BSD City. Special features of the park Since 2004, the Company has held The purpose of this program is to corner, and is equipped with computers
We have learned that developing good prevent land erosion, enhance absorption BSD City Green Festival annually in support government programs to and multimedia stations.
relations with the community is significant of rainwater, and reduce air pollution. June to campaign for the importance
both to our business and our aspirations of protecting and conserving the
of contributing to Indonesia’s economic The Green Office Park manifests the environment among the local community.
and social development. company’s commitment in its Corporate The BSD City Green Festival is often 2 4 1
Social Responsibility mission of held together with the Environment Sinar Mas Land
Plaza BSD City,
In essence, our Corporate Social implementing a development with an Campaign organized by Banten Indonesia.
Responsibility comes in 4 main environmental cause. Province Government, Tangerang
2 3
thrusts: Green Developments, Regency Government and South
Sinar Mas Land
Environmental Conservation, In 2014, Sinarmas Land, for the second Tangerang City Government. Green Festival XI.
Enabling Communities and, Safe time, won the ASEAN Energy Award
4
and Healthy Working Environment. 2014 for the Green Building category – a On 8 June 2014, Sinarmas Land held
Sinar Mas Land
clear recognition of the company’s green the 11th annual Festival Hijau or Green House Makeover.
GREEN DEVELOPMENTS initiatives not only in Indonesia but also in Festival. This year’s call for action is to
5
Sinarmas Land is a corporate founding the region. Previously, BSD Green Office “Let’s Keep the World Clean and Green.”
Employees
member of the non-profit organization Park was awarded Gold Winner in World Gathering Area.
Green Building Council of Indonesia FIABCI Prix d’Excellence Award 2013 in The greening campaign carries on with
3 5
since 2009. Our key role in the council Taiwan under the Category Sustainable Sinarmas Land donating 1,000 trees –
is to ensure that our property Development. In 2012, our BSD Green 250 fruit trees and 750 shade trees,
development activities are sustainable Office Park also received the International across the Banten Province.
and environment friendly. Property Awards Asia Pacific 2012 for
Office Development. Aside from planting trees, the Green
Festival also aims to promote and
ENVIRONMENTAL educate society to adopt a green and
CONSERVATION healthy lifestyle. This was done through
BSD Green Office Park Green environment has always been our various activities such as environmental
The BSD Green Office Park is a inspiration and commitment. We are painting competitions, blood donations
25 hectare, office-centric mixed-use conscious that building and sustaining together with BSD Society, communal
60 Sinarmas Land Limited Annual Report 2014 Corporate Social Responsibility 61

Corporate Social Responsibility Human Capital
KEY HIGHLIGHTS OF CSR ACTIVITIES IN 2014
SINARMAS LAND
SCHOLARSHIP PROGRAM
Sinarmas Land awarded scholarships to
182 deserving students from 37 schools
amounting to Rp 317.4 million (S$33,350).
SINARMAS LAND CARES is a CSR program of Sinarmas Land

which helps students within the Banten Province. The Company
donated 100,000 notebooks to help in the education of the poor.
People strategy is not only about nation’s largest newpaper in order

initiatives; at Sinarmas Land we believe to increase awareness and fulfill
Human Capital plays that people strategy is business strategy. manpower needs.
an important role in Faced with an increasingly diverse,
addressing people competitive and shrinking labor market, ENHANCEMENT OF EMPLOYEE
Sinarmas Land prioritizes on the MANAGEMENT SYSTEMS
strategy to support following areas: THROUGH SAP HCM
Sinarmas Land’s goals. Keeping files organized, information
The need for talent has EMPLOYER BRANDING current and accurate as well as
become significantly more With numerous awards and accolades accessed easily are key components
and constant media exposure in the of a good employee management
“ Sinarmas Land launched Sinar Mas Land crucial as Sinarmas Land’s
last few years, Sinarmas Land is in system. This facilitates faster decision
Young Architect Competition to give business continues to grow
good position to be the employer of making and improved productivity for
recognition and honor the young architects bigger and aims for even choice in Indonesia and its selected the entire organization. For 2014,
of Indonesia who will be the future backbone greater heights. locations. In order to enhance awareness our employee database has been
of the property development industry in the and attract potential candidates, enhanced and integrated with other
country. Through this competition, Sinarmas Sinarmas Land organized an Open employee systems in SAP. Now
Land offers a rare opportunity to architecture PALM RESORT (MALAYSIA) also had its fair share House in BSD which was attended employees can easily apply for leave,
students and fresh graduates to develop of giving back to the community. In December 2014, the by students from reputable universities business trips, training, and other
themselves and enhance their skills ad management committee of the hotel and club visited the from different cities. In this event, needs at their fingertips. The system
competencies with Sinarmas Land.” Handicapped and Mentally Disabled Children Association scholars were taken to see also allows for manpower requests
facility in Johor Bahru and served a sumptuous luncheon Sinarmas Land water management, to be submitted, tracked, and
Ishak Chandra, and interacted with the residents. A token amount was The Breeze mall, and other interesting approved online. More importantly,
Managing Director Corporate Strategy also donated for the facility’s operations. The donation locations in BSD. This event was even Performance Management System
and Services Sinarmas Land was partly funded by Sinarmas Land and Palm Resort’s able to capture some attention over using SAP is now available to ensure
“Have a Heart…Buy a Heart” Community programme. social media’s Twitter. In the second that employee performance is
half of 2014, Sinarmas Land also posted monitored, reviewed and evaluated
half page Job Advertisement in the at a timely manner. The implementation
62 Sinarmas Land Limited Annual Report 2014 Human Capital 63

Human Capital
of this integrated SAP HCM greatly

improves productivity and significantly
reduces circulation time, paper usage
COMPANY VISION
as well as potential document loss. To be the leading property developer in South East Asia,
trusted by customers, employees, society, and other stakeholders.
RETENTION OF TALENT
At Sinarmas Land, we believe that
retaining a positive and well-motivated NON-
MANDATORY TECHNICAL
workforce is key to the organization’s TECHNICAL
success. Our talent retention program
Executive
makes sure that key personnel stay Construction
Development Leadership
in the company maintaining their Program Management
high-performance and productivity.
With our Performance Talent Advance Urban
Management Database in SAP in place, Development Technical Managerial
Program Planning
the Company can now easily review,
update personal data, track the Managers
development as well as the movement Development Property
Personal
Program Management
of the company’s key talents. More
importantly, management can prepare
Supervisory Financial,
for succession planning for critical Development Others
HC,
positions and take necessary actions Program Others
including customized development plan.
Other programs such as Continuation
of Assessment and 360 feedback down Positive Integrity Commitment Cont. Innovation Loyalty
to Supervisor Level are expected to Attitude Improvement
complete by next year. The Company
has also developed a Car Ownership
SINAR MAS SHARED VALUES
Program (COP) in order to increase
the company’s hiring competitiveness LEADERSHIP EXCELLENCE
while retaining its employees. The ORGANIZATIONAL EFFECTIVENESS
program will take effect in 2015.
LEADERSHIP
CAPABILITY BUILDING
The Company is committed to jingle competition, we-fie competition, Descriptions and KPIs have been
continuously build the next generation and employee award based on each modified and adapted based on the
of leaders. In order to achieve this, value. The culminating event was held new structure and this has been
a structured training and development during SML Olympic day where the effectively shared with employees
program from the lower level up to winners were announced and presented through Town Halls. The impact
senior management level has been with their awards. Besides the campaign, of this change is expected to give
developed. SML Leadership journey new leaders at the Top Management empowerment to the Strategic
starts from Supervisor (SDP), Managers were also also assessed using shared Business Units in strategizing, making
(MDP), Senior Managers (Advance) values as one of the criteria. We believe decisions, and as a result accelerating
Program, up to the Executive level. that the Integrity, Positive Attitude, the achievement of objectives. Needless
The Advance Development Program Commitment, Continuous Improvement, to say, a company needs to keep
has been completely developed and will Innovative, and Loyalty must be shown evolving in order to anticipate and
be executed in 2015. Other programs, in our day-to–day behaviour. address constant market changes.
including technical and non-technical
Knowledge Sharing sessions have also REORGANIZATION Lastly, the whole People Strategy
been organized for the employees. The ultimate objective of the Company must be supported and carried by
is to grow market share and at the same all employees from top to bottom
First year Shared Values Campaign time increase revenue. In 2014, the as we believe that the success of
as part of of a three-year program Company made significant changes in the business strategy is largely
was successfully completed in 2014. organization structure in order to achieve dependent on the cohesiveness and
Employees participated in surveys, these objectives. Role Mandates, Job effectiveness of its People Strategy.
64 Sinarmas Land Limited Annual Report 2014

Financial Contents
66 Report of the Directors

71 Statement by Directors
72 Independent Auditors’ Report
74 Consolidated Income Statement
75 Consolidated Statement of Comprehensive Income
76 Statements of Financial Position
78 Consolidated Statement of Changes in Equity
80 Consolidated Statement of Cash Flows
82 Notes to the Financial Statements
Report of the Directors
31 December 2014
The directors are pleased to present their report together with the audited financial statements of Sinarmas Land Limited
(“SML” or the “Company”) and its subsidiaries (the “Group”) for the financial year ended 31 December 2014.
1 Directors
The directors of the Company in office at the date of this report are:
Franky Oesman Widjaja

Muktar Widjaja
Margaretha Natalia Widjaja
Ferdinand Sadeli
Robin Ng Cheng Jiet
Foo Meng Kee
Kunihiko Naito
2 Arrangements to Enable Directors to Acquire Benefits by Means of the Acquisition of Shares and
Debentures
Neither at the end of nor at any time during the financial year did there subsist any arrangement whose object
was to enable the directors to acquire benefits by means of the acquisition of shares in or debentures of the
Company or any other body corporate.
3 Directors’ Interest in Shares and Debentures
The directors of the Company holding office at the end of the financial year had no interests in the share capital
and debentures of the Company and related corporations as recorded in the Register of Directors’
Shareholdings kept by the Company under Section 164 of the Singapore Companies Act except as follows:
Shareholdings Shareholdings in which

registered in the name directors are deemed
of directors or their spouse to have an interest
At the At the
beginning beginning
of the year or of the year or
date of date of
Name of directors in appointment At the end appointment At the end
which interests are held if later of the year if later of the year
Related Corporations
PT Bumi Serpong Damai Tbk Shares of RP100 each
Franky Oesman Widjaja - - 70,333,840* 70,333,840*

Muktar Widjaja - - 70,333,840* 70,333,840*

3 Directors’ Interest in Shares and Debentures (cont’d)

At the At the
beginning beginning
date of date of
PT Duta Pertiwi Tbk Shares of RP500 each

Muktar Widjaja - - 6,307,000* 6,307,000*
PT Paraga Artamida Shares of RP1,000 each

Muktar Widjaja - - 139,000,000* 139,000,000*
PT Bhineka Karya Pratama Shares of RP1,000 each
Franky Oesman Widjaja - - 675,000* 675,000*

Muktar Widjaja - - 675,000* 675,000*
PT Simas Tunggal Centre Shares of RP1,000 each

Muktar Widjaja - - 1,000,000* 1,000,000*
PT Ekacentra Usahamaju Shares of RP1,000 each
Franky Oesman Widjaja - - 1* 1*

Muktar Widjaja - - 1* 1*
PT Sinar Mas Teladan Shares of RP1,000 each

Muktar Widjaja - - 555,000* 555,000*
PT Sinar Mas Wisesa Shares of RP1,000 each
Franky Oesman Widjaja - - 4,226* -*

Muktar Widjaja - - 4,226* -*
PT Masagi Propertindo Shares of RP1,000 each

Muktar Widjaja - - 277,000* 277,000*
PT Binamaju Grahamitra Shares of RP1,000,000 each
Franky Oesman Widjaja - - 1* -*

Muktar Widjaja - - 1* -*
PT Binasarana Muliajaya Shares of RP1,000,000 each

Report of the Directors 67

31 December 2014
3 Directors’ Interest in Shares and Debentures (cont’d)

At the At the
beginning beginning
date of date of
PT Inti Tekno Sukses Bersama Shares of RP1,000,000 each

PT Mustika Candraguna Shares of RP1,000,000 each

Muktar Widjaja - - 2,328* 2,328*
* Held by corporations in which the director has an interest by virtue of Section 7 of the Singapore
Companies Act.
There was no change in any of the above-mentioned interests between the end of the financial year and 21
January 2015.
4 Directors’ Receipt and Entitlement to Contractual Benefits
Since the beginning of the financial year, no director has received or become entitled to receive a benefit which
is required to be disclosed under Section 201(8) of the Singapore Companies Act, by reason of a contract made
by the Company or a related corporation with the director or with a firm of which he is a member, or with a
company in which he has a substantial financial interest except that certain directors have received
remuneration from related corporations in their capacity as directors and/or executives of those related
corporations and except as disclosed in the notes to the financial statements.
There were certain transactions (disclosed in the notes to the financial statements) with corporations in which
certain directors have an interest.
5 Warrants and Share Options of the Company
On 19 November 2010, the Company issued 1,520,978,744 warrants pursuant to a bonus issue on the basis of
one warrant for every two existing ordinary shares held in the capital of the Company. On 23 November 2010,
the warrants were listed on Singapore Exchange Securities Trading Limited (“SGX-ST”). Each warrant carries
the right to subscribe for one new ordinary share of the Company at the exercise price of $0.10 each. As at 31
December 2014, the number of outstanding warrants was 1,520,978,744 and may only be exercised on the fifth
th
(5 ) anniversary of the date of issuance (i.e. 18 November 2015) (“Exercise Date”). If the Exercise Date falls on
a day on which the Register of Members and/or the Register of Warrantholders are closed or is not a business
day, the Exercise Date shall be the next business day on which the Register of Members and the Register of
Warrantholders are open. Warrants remaining unexercised after the Exercise Date shall lapse and cease to be
valid. Assuming all the warrants are fully exercised, the number of new ordinary shares to be issued would be
1,520,978,744.
No shares have been issued during the financial year by virtue of the exercise of an option to take up unissued
shares of the Company.

6 Share Options of Subsidiaries
Details and terms of the options granted by the subsidiaries under certain Zero Percent Convertible Bonds are
disclosed in Note 30 to the financial statements.
7 Interested Person Transactions Disclosure
The aggregate value of all interested person transactions during the financial year ended 31 December 2014 is
as follows:
Aggregate value of all
interested person transactions
during the financial year under Aggregate value of all
review (excluding transactions interested person transactions
less than S$100,000 and conducted under shareholders’
transactions conducted under mandate* pursuant to Rule 920
shareholders’ mandate* (excluding transactions
Name of interested person pursuant to Rule 920) less than S$100,000)
S$ S$
Asia Integrated Agri Resources Limited 5,526,400 -
Golden Agri International Pte Ltd 486,000 -
a
PT Bank Sinarmas Tbk - 50,352,634
PT Ivo Mas Tunggal - 544,694
PT Mustika Candraguna 424,798 -
PT Sinar Mas Agro Resources and
Technology Tbk - 11,977,326
PT Sinarmas Sekuritas - 146,477
Total 6,437,198 63,021,131
Notes:
a
Principal amount of placements as at 31 December 2014 is approximately $13.2 million.
* Renewed at the annual general meeting on 25 April 2014 pursuant to Rule 920 of the Listing Manual of the
SGX-ST.
8 Audit Committee
At the date of this report, the Audit Committee (“AC”) comprises the following 3 Directors, all of whom, including
the AC chairman, are non-executive independent Directors:
Foo Meng Kee (AC Chairman)

Kunihiko Naito
The AC has the explicit authority to investigate any matter within its terms of reference.
In addition to its statutory functions, the AC considers and reviews any other matters as may be agreed to by
the AC and the Board. In particular, the duties of the AC include:
(a) Reviewing significant financial reporting issues and judgements so as to ensure the integrity of the
financial statements of the Group and any formal announcements relating to the Group’s financial
performance.
(b) Reviewing and reporting to the Board at least annually the adequacy and effectiveness of the Group’s
internal controls, including financial, operational, compliance and information technology controls (such
review can be carried out internally or with the assistance of any competent third parties).
Report of the Directors 69

31 December 2014
8 Audit Committee (cont’d)
(c) Reviewing the effectiveness of the Group’s internal audit function.
(d) Reviewing the scope and results of the external audit, and the independence and objectivity of the
external auditors.
(e) Making recommendations to the Board on the proposals to the shareholders on appointment, re-
appointment and removal of the external auditors, and approving the remuneration and terms of
engagement of the external auditors.
The AC reviews with Management, and where relevant, the auditors, the results announcements, annual
reports and financial statements, interested person transactions and corporate governance, before submission
to the Board for approval or adoption.
In performing its functions, the AC meets with the internal and external auditors, and reviews the audit plans
and overall scope of both internal and external audits, and the co-operation and assistance given by
Management to the respective auditors. Where necessary, the AC also meets separately with the internal and
external auditors whereby any issues may be raised directly to the AC, without the presence of Management.
The AC has recommended to the Board that Moore Stephens LLP, Public Accountants and Chartered
Accountants, be re-appointed for the ensuing year subject to shareholders’ approval at the forthcoming annual
general meeting.
9 Independent Auditors
The independent auditors, Moore Stephens LLP, Public Accountants and Chartered Accountants, have
expressed their willingness to accept re-appointment.
On behalf of the Board of Directors,
MUKTAR WIDJAJA
Director
FERDINAND SADELI
Director
18 March 2015

Statement by Directors
31 December 2014
In the opinion of the directors, the accompanying statement of financial position of the Company and the consolidated
financial statements of the Group set out on pages 74 to 150 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 31 December 2014 and of the results of the business, changes in equity
and cash flows of the Group for the financial year then ended.
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 Board of Directors,
MUKTAR WIDJAJA
Director
FERDINAND SADELI
Director
18 March 2015
Statement by Directors 71
Independent Auditors’ Report
To the Members of Sinarmas Land Limited
Company Registration No. 199400619R
(Incorporated in Singapore)
We have audited the accompanying financial statements of Sinarmas Land Limited (the “Company”) and its subsidiaries
(the “Group”) as set out on pages 74 to 150, which comprise the statements of financial position of the Company and of
the Group as at 31 December 2014, and the consolidated income statement, consolidated statement of comprehensive
income, consolidated statement of changes in equity and consolidated statement of cash flows of the Group for the year
then ended, and a summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and fair view in accordance
with the provisions of the Singapore Companies Act, Chapter 50 (the “Act”) and Singapore Financial Reporting
Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide 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 profit and loss accounts and
balance sheets and to maintain accountability of assets.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial 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 as to whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal controls relevant to the entity’s preparation of the financial 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 controls. An audit also includes evaluating the appropriateness of
accounting policies used and reasonableness of accounting estimates made by management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the statement of financial position of the Company and the consolidated financial statements of the Group
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 Company and of the Group as at 31 December 2014, and the
results, changes in equity and cash flows of the Group for the financial year ended on that date.

(cont’d)
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
subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the
provisions of the Act.
MOORE STEPHENS LLP

Public Accountants and
Chartered Accountants
Singapore
18 March 2015
Independent Auditors’ Report 73

Consolidated Income Statement
For the Year Ended 31 December 2014
(Restated)
Note 2014 2013
S$’000 S$’000
Revenue 6 828,552 1,178,787

Cost of sales (230,760) (401,670)
Gross profit 597,792 777,117
Operating expenses
Selling expenses (52,871) (51,724)
General and administrative expenses (152,461) (144,965)
Total operating expenses (205,332) (196,689)
Operating profit 392,460 580,428
Other income/(expenses)
Finance income 7 39,168 31,607
Finance costs 8 (54,063) (22,035)
Foreign exchange (loss)/gain, net (2,894) 44,601
Share of results of associated companies, net of tax 2,244 (2,887)
Share of results of joint ventures, net of tax 10,142 (87,955)
Other operating (expenses)/income 9 (640) 8,565
Other expenses, net (6,043) (28,104)
Exceptional items
Negative goodwill 40(a) 8,669 11,906
Gain on equity interest 40(a) 3,381 45,847
Gain on disposal of subsidiaries 40(b) 76,572 -
Exceptional items, net 88,622 57,753
Profit before income tax 10 475,039 610,077

Income tax 11 (46,859) (69,323)
Total profit for the year 428,180 540,754
Attributable to:
Owners of the Company 240,592 288,867
Non-controlling interests 187,588 251,887
428,180 540,754
Earnings per share (cents)

Basic 12 7.91 9.50
Diluted 12 5.59 6.76
The accompanying notes form an integral part of the financial statements.

Consolidated Statement of Comprehensive Income
(Restated)
Note 2014 2013
S$’000 S$’000
Other comprehensive income/(loss):

Item that will not be reclassified subsequently to profit or loss:
Actuarial loss on post employment benefit (3,146) -
Items that may be reclassified subsequently to profit or loss:

Foreign currency translation differences 242,922 (655,662)
Reclassification of foreign currency translation differences on
disposal of subsidiaries 40(b) (16,900) -
Reclassification of foreign currency translation differences on loss
of significant influence 40(a) - (1,755)
Changes in fair value of available-for-sale financial assets 176 (148)
Share of other comprehensive income of associated companies 22 -
Share of other comprehensive loss of joint ventures (11) -
Equity portion of bonds - (14,934)
Other comprehensive income/(loss), net of tax 223,063 (672,499)
Total comprehensive income/(loss) for the year 651,243 (131,745)
Total comprehensive income/(loss) attributable to:

Owners of the Company 344,656 (54,403)
Non-controlling interests 306,587 (77,342)
651,243 (131,745)
Consolidated Statement of Comprehensive Income 75

Statements of Financial Position
As at 31 December 2014
Group Company
(Restated)
Note 2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Assets
Current Assets
Cash and cash equivalents 14 874,787 816,221 45,677 11,338
Short-term investments 15 17,804 1,007 - -
Trade receivables 16 13,560 12,219 - -
Other current assets 17 233,778 240,067 247,224 546,737
Inventories, at cost 1,249 949 - -
Properties held for sale 841,986 547,179 - -
1,983,164 1,617,642 292,901 558,075
Non-Current Assets
Subsidiaries 18 - - 1,714,120 1,428,804
Associated companies 19 223,276 195,822 - -
Joint ventures 20 103,888 65,512 - -
Long-term investments 21 2,403 7,152 - -
Properties under development for
sale 22 1,738,500 1,446,235 - -
Investment properties 23 496,508 535,367 - -
Property, plant and equipment 24 157,930 129,568 113 156
Long-term receivables 25 36,940 413 - -
Deferred tax assets 26 336 162 - -
Goodwill 27 1,784 1,784 - -
2,761,565 2,382,015 1,714,233 1,428,960
Total Assets 4,744,729 3,999,657 2,007,134 1,987,035

Group Company
(Restated)
Note 2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Liabilities and Equity
Current Liabilities
Trade payables 28 23,964 18,815 - -
Other payables and liabilities 29 612,259 504,897 71,332 49,040
Bonds payables 30 33,016 - - -
Obligations under finance leases 31 1,909 32 21 32
Borrowings 32 157,325 135,697 - -
Income taxes payable 1,388 5,894 - -
829,861 665,335 71,353 49,072
Non-Current Liabilities
Bonds payables 30 309,524 308,788 - -
Obligations under finance leases 31 3,628 44 14 44
Borrowings 32 239,025 194,290 - -
Long-term liabilities 33 169,451 227,362 - -
Deferred tax liabilities 26 12 12 - -
721,640 730,496 14 44
Total Liabilities 1,551,501 1,395,831 71,367 49,116
Equity attributable to Owners of the Company

Issued capital 34 1,907,108 1,907,108 1,907,108 1,907,108
Foreign currency translation deficit (1,173,050) (1,278,594) - -
Goodwill on consolidation (62,122) (62,122) - -
Asset revaluation reserve 6,518 6,518 - -
Other reserves (28,916) 8,730 - -
Fair value reserve 58 (65) - -
Retained earnings 1,065,105 839,723 28,659 30,811
1,714,701 1,421,298 1,935,767 1,937,919
Non-controlling interests 1,478,527 1,182,528 - -
Total Equity 3,193,228 2,603,826 1,935,767 1,937,919
Total Liabilities and Equity 4,744,729 3,999,657 2,007,134 1,987,035
Statements of Financial Position 77

Consolidated Statement of Changes in Equity
Attributable to Owners of the Company
Foreign
currency Asset Fair Non-
Issued translation Goodwill on revaluation Other value Retained Controlling Total
capital deficit consolidation reserve reserves reserve earnings Total Interests Equity
Group S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Balance at
1.1.2014 as
previously reported 1,907,108 (1,183,977) (62,122) 9,758 8,730 (65) 803,337 1,482,769 836,986 2,319,755
Effect of adoption
of FRS 110 - (94,617) - (3,240) - - 36,386 (61,471) 345,542 284,071
Balance at
1.1.2014 as
restated 1,907,108 (1,278,594) (62,122) 6,518 8,730 (65) 839,723 1,421,298 1,182,528 2,603,826
Profit for the year - - - - - - 240,592 240,592 187,588 428,180
Other
comprehensive
income/(loss) - 105,544 - - (1,603) 123 - 104,064 118,999 223,063
Total comprehensive
income/(loss) for the
year - 105,544 - - (1,603) 123 240,592 344,656 306,587 651,243
Dividends
(Note 35) - - - - - - (15,210) (15,210) - (15,210)
Dividends paid to
non-controlling
shareholders - - - - - - - - (21,225) (21,225)
Disposal of
subsidiaries
(Note 40(b)) - - - - - - - - (685) (685)
Acquisition of
subsidiaries
(Note 40(a)) - - - - - - - - 19,081 19,081
Capital subscribed
by non-controlling
shareholders - - - - - - - - 11,198 11,198
Capital returned to
non-controlling
shareholders - - - - - - - - (55,000) (55,000)
Change in interest in
subsidiaries
(Note 40(c)) - - - - (36,043) - - (36,043) 36,043 -
Balance at
31.12.2014 1,907,108 (1,173,050) (62,122) 6,518 (28,916) 58 1,065,105 1,714,701 1,478,527 3,193,228

Attributable to Owners of the Company
Foreign
currency Asset Fair Non-
Issued translation Goodwill on Option revaluation Other value Retained Controlling Total
capital deficit consolidation reserve reserve reserves reserve earnings Total Interests Equity
Group S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Balance at
1.1.2013 1,907,108 (950,323) (62,122) 14,934 9,758 13,203 - 562,415 1,494,973 823,568 2,318,541
Effect of adoption of
FRS 110
(Note 40(a)(iii)) - - - - (3,240) - - - (3,240) 406,543 403,303
Profit for the year,

restated - - - - - - - 288,867 288,867 251,887 540,754
Other comprehensive
loss, restated - (328,271) - (14,934) - - (65) - (343,270) (329,229) (672,499)
Total comprehensive
(loss)/income for the
year, restated - (328,271) - (14,934) - - (65) 288,867 (54,403) (77,342) (131,745)
Dividends
(Note 35) - - - - - - - (11,559) (11,559) - (11,559)
Dividends paid to
non-controlling
shareholders - - - - - - - - - (27,703) (27,703)
Acquisition of
subsidiaries
(Note 40(a)) - - - - - - - - - 46,477 46,477
Capital subscribed by
non-controlling
shareholders, net - - - - - - - - - 6,512 6,512
Change in interest in
subsidiaries
(Note 40(c)) - - - - - (4,473) - - (4,473) 4,473 -
Balance at
31.12.2013 as restated 1,907,108 (1,278,594) (62,122) - 6,518 8,730 (65) 839,723 1,421,298 1,182,528 2,603,826
Consolidated Statement of Changes in Equity 79

Consolidated Statement of Cash Flows
(Restated)
Note 2014 2013
S$’000 S$’000
Cash flows from operating activities
Profit before income tax 475,039 610,077
Adjustments for:
Depreciation of investment properties 23 10,781 7,063
Depreciation of property, plant and equipment 24 9,972 10,400
Interest expense 8 54,063 22,035
Gain on disposal of property, plant and equipment 9 (120) (146)
Gain on disposal of subsidiaries 40(b) (76,572) -
Negative goodwill 40(a) (8,669) (11,906)
Gain on equity interest 40(a) (3,381) (45,847)
Share of results of associated companies, net of tax (2,244) 2,887
Share of results of joint ventures, net of tax (10,142) 87,955
Allowance for impairment loss on trade receivables 16 74 412
Changes in fair value of financial assets at fair value through
profit or loss 9 (482) 34
Unrealised foreign exchange gain, net (17,664) (25,808)
Interest income 7 (39,168) (31,607)
Long-term investment written off 10 1,219 -
Property, plant and equipment written off 10 - 10
Operating cash flows before working capital changes 392,706 625,559
Changes in working capital:
Trade receivables (4,612) (353)
Other current assets and receivables 31,213 (100,642)
Inventories (233) 130
Trade payables 5,149 (14,659)
Other payables and liabilities (4,638) (139,875)
Cash generated from operations 419,585 370,160
Interest paid (50,111) (31,141)
Interest received 39,167 31,614
Tax paid (65,962) (59,246)
Net cash generated from operating activities 342,679 311,387

(Restated)
Note 2014 2013
S$’000 S$’000
Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired 40(a) (26,596) (215,406)
Cash flow effect arising from consolidation of PDL group 40(a)(iii) - 110,877
Acquisition of an associated company - (10,417)
Acquisition of additional interest in associated companies (15,367) (66,788)
Acquisition of a joint venture (16,830) -
Additional investments in joint ventures (8,415) (137,787)
Investments in available-for-sale financial assets, net (12,221) (890)
Proceeds from capital reduction in associated companies - 1,320
Proceeds from capital reduction in joint ventures - 83
Proceeds from disposal of property, plant and equipment 174 304
Proceeds from disposal of subsidiaries, net 40(b) 233,724 -
Acquisition of and capital expenditure on investment properties 23 (152,084) (132,963)
Capital expenditure on property, plant and equipment (31,931) (11,013)
Capital expenditure on properties under development and
held for sale (319,355) 40,666
Proceeds from repayment of long-term receivables - 53,526
Dividends from associated companies and joint ventures 9,830 17,686
Net cash used in investing activities (339,071) (350,802)
Cash flows from financing activities

Proceeds from borrowings, net 54,096 222,795
Proceeds from issuance of bonds, net - 169,300
Capital subscribed by non-controlling shareholders 11,198 7,536
Capital returned to non-controlling shareholders (55,000) (1,024)
Increase in time deposits pledged (17,348) (53,034)
Payment of dividends (36,435) (39,262)
Payments of obligations under finance leases (41) (110)
Net cash (used in)/generated from financing activities (43,530) 306,201
Net (decrease)/increase in cash and cash equivalents (39,922) 266,786

Cash and cash equivalents at the beginning of the year 761,658 652,079
Effect of exchange rate changes on cash and cash equivalents 81,140 (157,207)
Cash and cash equivalents at the end of the year 14 802,876 761,658
Consolidated Statement of Cash Flows 81

Notes to the Financial Statements
31 December 2014
These notes form an integral part of and should be read in conjunction with the accompanying financial statements:
1 General
Sinarmas Land Limited (the “Company”) is incorporated and domiciled in Singapore and is listed on the
Singapore Exchange Securities Trading Limited. The Company’s registered office and principal place of
business is at 108 Pasir Panjang Road, #06-00 Golden Agri Plaza, Singapore 118535.
The Company is principally an investment holding company. The Company and its subsidiaries (collectively, the
“Group”) are involved in the property business, through its investments in Indonesia, China, Malaysia,
Singapore and United Kingdom.
The subsidiaries, associated companies and joint ventures, including their principal activities, countries of
incorporation, and the extent of the Company’s equity interests in those subsidiaries, associated companies and
joint ventures are set out in Notes 42, 43 and 20 to the financial statements respectively.
The statement of financial position of the Company and the consolidated financial statements of the Group as at
and for the year ended 31 December 2014 were authorised for issue by the Board of Directors on 18 March
2015.
2 New and Revised Financial Reporting Standards (“FRSs”)
(a) Adoption of New and Revised FRSs
The Group has adopted the following new and revised FRSs that are relevant to its operations and effective for
annual periods beginning on 1 January 2014. Except for the adoption of FRS 110, of which the effect is
discussed below, the adoption of the new and revised FRSs has had no material financial impact on the
financial statements of the Group and the Company. They did however give rise to additional disclosures
including, in some cases, revision to accounting policies.
(i) FRS 110, Consolidated Financial Statements
FRS 110 changes the definition of control and applies it to all investees to determine the scope of consolidation.
The requirements under FRS 110 will apply to all types of potential subsidiary. It requires an investor to
reassess the decision whether to consolidate an investee when events indicate that there may be a change to
one of the three elements of control, i.e. power, variable returns and the ability to use power to affect returns.
In accordance with FRS 110, the Group reassessed the control conclusion for its investees. Consequently, the
Group has changed its control conclusion in respect of its investment in PT Puradelta Lestari Tbk (“PDL”) which
was previously accounted for as an associated company using the equity method. Although the Group controls
only 50% of PDL’s voting rights, management has determined that the Group has had control over PDL, on a de
facto power basis, due to management restructuring amongst the shareholders of PDL whereby a revised
investor agreement was entered into in April 2013 between the shareholders of PDL. Accordingly, the Group
applied acquisition accounting to the investment in April 2013, and restated the relevant amounts as if the
investee had been consolidated from that date.

2 New and Revised Financial Reporting Standards (“FRSs”) (cont’d)
(a) Adoption of New and Revised FRSs (cont’d)
(i) FRS 110, Consolidated Financial Statements (cont’d)
Accordingly, the comparatives have been restated with the following impact:
As previously
reported in Restated for
2013 2013
S$’000 S$’000
Consolidated income statement
Revenue 985,036 1,178,787
Cost of sales (293,322) (401,670)
Operating profit 502,520 580,428
Other income/(expenses), net 9,843 (28,104)
Income tax (59,255) (69,323)
Profit attributable to:

Owners of the Company 252,481 288,867
Non-controlling interests 212,533 251,887
As previously
reported Restated for
31/12/2013 31/12/2013
S$’000 S$’000
Consolidated statement of financial position
Associated companies 592,138 195,822
Properties under development for sale 859,365 1,446,235
Property, plant and equipment 124,327 129,568
Long-term receivables 73,732 413
Cash and cash equivalents 687,733 816,221
Other current assets 228,664 240,067
Properties held for sale 369,188 547,179
Total Assets 3,559,299 3,999,657
Other payables and liabilities 374,868 504,897

Income taxes payables 5,550 5,894
Long-term liabilities 201,448 227,362
Total Liabilities 1,239,544 1,395,831
Equity attributable to Owners of the Company 1,482,769 1,421,298

Non-controlling interests 836,986 1,182,528
Total Equity 2,319,755 2,603,826
(ii) FRS 28, Investments in Associates and Joint Ventures
FRS 28 (Revised) changes in scope as a result of the issuance of FRS 111, Joint Arrangements. It continues to
prescribe the mechanics of equity accounting.
Notes to the Financial Statements 83

31 December 2014
2 New and Revised Financial Reporting Standards (“FRSs”) (cont’d)
(a) Adoption of New and Revised FRSs (cont’d)
(iii) FRS 111, Joint Arrangements
FRS 111 supersedes FRS 31, Interests in Joint Ventures. It eliminates the option of using proportionate
consolidation for a jointly controlled entity. FRS 111 also eliminates the categories of “jointly controlled
operations” and “jointly controlled assets” under FRS 31 which will now fall into the newly defined category “joint
operations”.
(iv) FRS 112, Disclosure of Interests in Other Entities
FRS 112 combines the disclosure requirements for subsidiaries, joint arrangements, associates and structured
entities within a comprehensive disclosure standard. It replaces the requirements previously included in FRS
27, Consolidated and Separate Financial Statements, FRS 28, Investments in Associates, and FRS 31,
Interests in Joint Ventures.
(b) New and Amended FRSs issued but not yet effective
As at the date of these financial statements, the Group has not adopted the following new and amended FRSs
that have been issued but are not yet effective:
Effective for annual
periods beginning on
Description or after
FRS 109, Financial Instruments 1 January 2018

FRS 115, Revenue from Contracts with Customers 1 January 2017
Amendments to:
x FRS 19, Defined Benefit Plans: Employee Contribution 1 July 2014
x FRS16 and FRS 38, Clarification of Acceptable Methods of Depreciation 1 January 2016
and Amortisation
x FRS 27, Equity Method in Separate Financial Statements 1 January 2016
x FRS 110 and FRS 28, Sale or Contribution of Assets between an Investor 1 January 2016
and its Associate or Joint Venture
x FRS 111, Accounting for Acquisitions of Interest in Joint Operations 1 January 2016
Improvements to FRSs (2014)

x FRS 16, Property, Plant and Equipment 1 July 2014
x FRS 24, Related Party Disclosures 1 July 2014
x FRS 40, Investment Property 1 July 2014
x FRS 103, Business Combinations 1 July 2014
x FRS 108, Operating Segments 1 July 2014
x FRS 113, Fair Value Measurement 1 July 2014
x FRS 19, Employee Benefits 1 January 2016
x FRS 105, Non-current Assets Held for Sale and Discontinued Operations 1 January 2016
x FRS 107, Financial Instruments: Disclosures 1 January 2016
The directors of the Company expect that the adoption of the new and amended FRSs above except for FRS
109 and FRS 115 will have no material financial impact on the financial statements in the period of initial
application. The Group is in the process of assessing the impact of FRS 109 and FRS 115 on the financial
statements.

3 Summary of Significant Accounting Policies
(a) Basis of Preparation
The financial statements, which are expressed in Singapore dollar, are prepared in accordance with the
historical cost convention, except as discussed in the accounting policies below. The consolidated financial
statements of the Group and the statement of financial position of the Company have been prepared in
accordance with the provisions of the Singapore Companies Act, Chapter 50 and FRSs.
As part of the Restructuring Exercise in 1997 whereby the Company acquired from the Sinar Mas Group its
subsidiaries and associated companies (“Restructuring Exercise 1997”), certain property, plant and equipment,
investment properties and properties held for development and sale have been revalued by independent
professional valuers as at 30 September 1996. Accordingly, the revalued amount is deemed to be the cost to
the Group.
The preparation of financial statements requires the use of accounting estimates and judgements that affect the
application of accounting policies and the reported amounts of assets, liabilities, income and expenses as well
as the disclosures of contingent assets and contingent liabilities. Although these estimates are based on
management’s best knowledge of current events and actions, actual results may actually differ from these
estimates. Critical accounting estimates and assumptions used that are significant to the financial statements,
and areas involving a higher degree of judgement or complexity, are disclosed in Note 5 to the financial
statements.
(b) Functional and Presentation Currency
Items included in the financial statements of each entity in the Group are measured using the currency of the
primary economic environment in which the entity operates (the “functional currency”). The consolidated
financial statements are presented in Singapore dollar, which is the Company’s functional and presentation
currency that reflects the primary economic environment in which the Company operates. All values are
rounded to the nearest thousand ($’000) except when otherwise indicated.
(c) Foreign Currency Transactions and Translation
Foreign currency transactions are translated into the respective functional currencies of the entities in the Group
using the exchange rates prevailing at the dates of transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and arising from the translation of foreign currency denominated
monetary assets and liabilities at the exchange rates prevailing at the end of the reporting period are recognised
in the income statement.
Non-monetary items that are measured in terms of historical cost in foreign currency are translated using the
exchange rates prevailing at the date of transactions. Non-monetary items that are measured at fair value in
foreign currency are translated using the exchange rate at the date that the fair value was determined.
Currency translation differences on financial assets at fair value through profit or loss are recognised as part of
the fair value gain or loss in the income statement while the translation differences on available-for-sale financial
assets are recognised in other comprehensive income.

31 December 2014
3 Summary of Significant Accounting Policies (cont’d)
(c) Foreign Currency Transactions and Translation (cont’d)
In the preparation of the consolidated financial statements, the financial statements of those subsidiaries whose
functional currency is not Singapore dollar (i.e. foreign entities) are translated into Singapore dollar, as follows:
(i) assets and liabilities are translated at the closing rate at the end of the reporting period;
(ii) share capital and reserves are translated at historical exchange rates; and
(iii) revenue and expenses are translated at average exchange rates for the period which approximate the
exchange rates prevailing on the transactions dates (unless the average rate is not a reasonable
approximation of the cumulative effect of rates prevailing on the transactions dates, in which case,
revenue and expenses are translated using the exchange rate at the dates of the transactions).
Exchange differences arising from the above translations are recognised in other comprehensive income and
these are accumulated in foreign currency translation reserve. On consolidation, exchange differences arising
from the translation of net investments in foreign entities (including monetary items that in substance form part
of the net investment in foreign entities) are recognised in other comprehensive income. On disposal, the
accumulated translation differences are reclassified to the income statement as part of the gain or loss on
disposal in the period in which the foreign entity is disposed of.
(d) Basis of Consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries
made up to 31 December, after elimination of material balances, transactions and any unrealised profit or loss
on transactions between the Group entities. Subsidiaries are consolidated from the date on which control is
transferred to the Group and cease to be consolidated from the date on which control ceases. The consolidated
financial statements are prepared using uniform accounting policies for like transactions and other events in
similar circumstances.
The acquisition method of accounting is used to account for the acquisition of subsidiaries. The consideration
transferred in a business combination is measured at fair value at the date of acquisition, which is the sum of
the fair values of the assets transferred, the liabilities incurred by the acquirer to former owners of the acquiree,
and the equity interests issued by the acquirer. Acquisition related costs are to be expensed through the income
statement as incurred. Identifiable assets acquired and liabilities assumed in a business combination are
measured at their fair values. Any non-controlling interest at the date of acquisition in the acquiree is measured
at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net identifiable assets.
Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s
consolidated statement of comprehensive income, statement of financial position and consolidated statement of
changes in equity. Non-controlling interests consist of the amount of those interests at the date of the original
business combination and the non-controlling interests’ share of changes in equity since the date of the
combination.
Changes in the Group’s interest in a subsidiary that do not result in loss of control are accounted for as
transactions with equity owners of the Company. Any difference between the change in carrying amounts of the
non-controlling interest and the value of consideration paid or received is recognised in other reserves, within
equity attributable to the owners of the Company.

(d) Basis of Consolidation (cont’d)
When the Group ceases to have control, any retained interest in the entity is re-measured to its fair value at the
date when control is lost, with the change in carrying amount recognised in the income statement. The fair value
is the initial carrying amount for the purpose of subsequently accounting for the retained interest as an
associate, joint venture or financial asset. In addition, any amounts previously recognised in other
comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the
related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income
are reclassified to the income statement.
(e) Subsidiaries
Subsidiaries are entities over which any of the Group companies have control. The Group companies control
an entity if and only if they have power over the entity and when they are exposed to, or have rights to variable
returns from their involvement with the entity, and have the ability to use their power over the entity to affect
those returns. The Group will re-assess whether or not it controls an investee if facts and circumstances
indicate that there are changes to one or more of the three elements of control.
Investment in subsidiaries in the financial statements of the Company are stated at cost, less any impairment
losses.
Intercompany loan to subsidiaries for which settlement is neither planned nor likely to occur in the foreseeable
future and are in substance, a part of the Company’s net investment in those subsidiaries are stated at cost less
any accumulated impairment loss. Such balances are eliminated in full in the consolidated financial statements.
(f) Joint Ventures
Joint ventures 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 and have rights to the net assets of the
arrangements.
Investments in joint ventures 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 joint ventures represents the excess of the cost of
acquisition of the joint venture over the Group’s share of the fair value of the identifiable net assets of the joint
venture and is included in the carrying amount of the investments.
In applying the equity method of accounting, the Group’s share of its joint ventures’ post-acquisition profit 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 joint ventures are adjusted against the carrying amount of the investments. When the Group’s share of
losses in an joint venture equals to or exceeds its interest in the joint venture, including any other unsecured
non-current receivables, the Group does not recognise further losses, unless it has obligations to make or has
made payments on behalf of the joint venture.
Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the
Group’s interest in the joint ventures. Unrealised losses are also eliminated unless transactions provide
evidence of impairment of the assets transferred. The accounting policies of joint ventures have been changed
where necessary to ensure consistency with the accounting policies adopted by the Group.

31 December 2014
(g) Associated Companies
Associated companies are entities in which the Group has significant influence but not control, which generally
occurs when the Group holds, directly or indirectly, 20% or more of the voting power of the investee, or is in a
position to exercise significant influence on the financial and operating policy decisions.
Investments in associated 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 companies represents the
excess of the cost of acquisition of the associated company over the Group’s share of the fair value of the
identifiable net assets of the associated company and is included in the carrying amount of the investments.
In applying the equity method of accounting, the Group’s share of its associated companies’ post-acquisition
profit 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 companies are adjusted against the carrying amount of the investments. When the
Group’s share of losses in an associated company equals to or exceeds its interest in the associated company,
including any other unsecured non-current receivables, the Group does not recognise further losses, unless it
has obligations to make or has made payments to behalf of the associated company. The accounting policies of
associated companies have been changed where necessary to ensure consistency with the accounting policy
adopted by the Group.
Unrealised gain on transactions between the Group and its associated companies are eliminated to the extent
of the Group’s interest in the associated companies. Unrealised losses are also eliminated unless transactions
provide evidence of impairment of the assets transferred. The accounting policies of associated companies
have been changed where necessary to ensure consistency with the accounting policies adopted by the Group.
Investments in associated companies are derecognised when the Group loses significant influence. Any
retained equity interest in the entity is re-measured at its fair value. The difference between the carrying amount
of the retained interest at the date when significant influence is lost and its fair value is recognised in the income
statement. Gains and losses arising from partial disposals or dilutions in investments in associated companies
in which significant influence is retained are recognised in the income statement.
(h) Deferred Charges
Deferred charges comprise certain expenditures, whose benefits extend over a period of more than one year,
are initially recognised at cost are subsequently carried at cost less accumulated amortisation and any
impairment loss. These costs are amortised to the income statement over the periods benefited using the
straight-line method.

(i) Goodwill
The excess of the aggregate of the consideration transferred, the amount of any non-controlling interest in the
acquiree, and the fair value at the date of acquisition of any previous equity interest in the acquiree, over the fair
value of the net identifiable assets acquired is initially recognised as “Goodwill” in the consolidated financial
statements. Subsequently, goodwill is carried at cost less any accumulated impairment losses. Goodwill is
tested for impairment annually or when circumstances change, indicating that goodwill might be impaired. If the
Group’s interest in the net fair value of the identifiable assets and liabilities exceeds the consideration
transferred and the non-controlling interest in the acquiree, the Group will reassess whether it has correctly
identified all of the assets acquired and liabilities assumed, and any excess thereafter is recognised as an
income immediately.
Goodwill on acquisition arising prior to 1 January 2001 has been charged in full to equity; such goodwill has not
been retrospectively capitalised and amortised, as allowed under revised SAS 22, Business Combinations
(revised 2003). Goodwill arising from business combinations occurring between 1 January 2001 and 1 July
2004 has been carried at net carrying value and subjected to an impairment test, while negative goodwill arising
from business combinations occurring between 1 January 2001 and 1 July 2004 has been credited to retained
earnings.
For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units. If the
recoverable amount of a cash-generating unit is estimated to be less than its carrying amount, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other
assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss
recognised for goodwill is not reversed in a subsequent period.
(j) Investment Properties
Investment properties are properties held either to earn rental income or for long-term capital appreciation or for
currently indeterminate use. Investment properties are initially recognised at cost and subsequently carried at
cost less accumulated depreciation and any impairment losses where the recoverable amount of the asset is
estimated to be lower than its carrying amount. Depreciation is charged so as to write off the depreciable
amount of assets, other than freehold land which is not depreciated, using the straight-line method to allocate
the depreciable amounts over the estimated useful lives of 20 to 60 years.
The carrying amount includes the cost of replacing part of an existing investment property at the time that cost
is incurred if the recognition criteria are met and excludes the costs of day-to-day servicing of an investment
property. Investment properties are derecognised when either they have been disposed of or when the
investment property is permanently withdrawn from use and no future economic benefit is expected from its
disposal. Any gains or losses on the retirement or disposal of an investment property are recognised in the
income statement in the year of retirement or disposal.
The residual values and useful lives of investment properties are reviewed, and adjusted as appropriate, at the
end of each reporting period.

31 December 2014
(k) Property, Plant and Equipment
Property, plant and equipment are carried at cost, less accumulated depreciation and any impairment losses
where the recoverable amount of the asset is estimated to be lower than its carrying amount.
Depreciation is charged so as to write off the depreciable amount of assets, other than freehold land which is
not depreciated, using the straight-line method, over the following estimated useful lives:
No. of years
Freehold buildings - 20 to 50
Leasehold land, buildings and improvements - 5 to 50
Plant, machinery and equipment - 5 to 10
Motor vehicles, furniture and fixtures - 3 to 10
Assets held under finance leases are depreciated over their estimated useful lives on the same basis as owned
assets or, where shorter, the term of the relevant leases.
The residual values and estimated useful lives of property, plant and equipment are reviewed, and adjusted as
appropriate, at the end of each reporting period.
Subsequent costs are included in the asset’s carrying amount only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The
cost of maintenance and repairs is charged to the income statement as incurred; significant renewals and
improvements are capitalised. When assets are retired or otherwise disposed of, their carrying amounts are
derecognised and any resulting gains or losses are recognised in the income statement.
The cost of construction in progress represents all costs (including borrowing costs on such borrowings)
attributable to bringing the constructed asset to its working condition and getting it ready for its intended use.
The accumulated costs will be reclassified to the appropriate asset class when the construction is completed.
No depreciation charge is provided for construction in progress until the assets are transferred and used in
operations.
(l) Cash and Cash Equivalents
Cash and cash equivalents classified under current assets comprise cash on hand, cash in banks and time
deposits which are short-term, highly liquid assets that are readily convertible into known amounts of cash and
which are subject to an insignificant risk of changes in value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and
cash equivalents as defined above, net of time deposits pledged as security.
(m) Inventories
Inventories are measured at the lower of cost and net realisable value. Cost comprises all costs of purchase,
cost of conversion and other costs incurred in bringing the inventories to their present location and condition.
Net realisable value represents the estimated selling price less all estimated costs of completion and costs
necessary to make the sale. Consumables are stated at cost using the FIFO (first-in first-out) method.

(n) Properties under Development for Sale and Held for Sale
Properties under development for sale consist of land and properties which are held with the intention of
development and sale in the ordinary course of business. They are stated at cost less any impairment losses
when the recoverable amount of the property is estimated to be lower than its carrying amount.
Land held for development consists of land acquired which will be developed over more than one year. Upon
commencement of development, the cost of land held for development will be transferred to properties under
development.
Each property under development is accounted for as a separate project. The cost of properties under
development include land cost, direct development and construction costs, capitalised interest and other indirect
costs incurred during the period of development. The cost is determined and/or allocated using the specific
identification method. Allowances are recognised in the income statement for any foreseeable losses. Cost
estimated and allocation are reviewed and adjusted as appropriate, at the end of each reporting period. On the
completion of the development, the accumulated cost will be reclassified as properties held for sale under
current assets whereas properties held for investment purposes will be reclassified as investment properties
under non-current assets.
Properties held for sale are stated at the lower of cost and/or net realisable value. Net realisable value
represents the estimated selling price less costs to be incurred in selling the property.
(o) Financial Assets
The Group classifies its non-derivative financial assets in the following categories: loans and receivables, fair
value through profit or loss and available-for-sale. The classification depends on the purpose for which the
financial assets are acquired. Management determines the classification of its financial assets at initial
recognition. The Group initially recognises loans and receivables, advances and deposits on the date they are
originated. All other financial assets are recognised initially on the trade date which is the date that the Group
becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when, and
only when, the contractual rights to the cash flows from the financial assets have expired, or have been
transferred and transferred substantially all the risks and rewards of ownership of the financial assets to another
entity.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not
quoted in an active market. They arise when the Group provides money, goods or services directly to a debtor
with no intention of trading the receivable. The Group’s loans and receivables comprise trade and other
receivables and cash and cash equivalents. Loans and receivables are recognised initially at fair value which is
normally the original invoiced amount plus, any directly attributable transaction costs, and subsequently carried
at amortised cost using the effective interest method. Appropriate allowances for estimated irrecoverable
amounts are recognised in the income statement when there is objective evidence that the asset is impaired.
The allowance recognised is measured as the difference between the asset’s carrying amount and the present
value of estimated future cash flows discounted at the effective interest rate computed at initial recognition.
Gains and losses are recognised in the income statement when the loans and receivables are derecognised or
impaired.
Financial assets at fair value through profit or loss are financial assets held for trading. Financial assets at fair
value through profit or loss are initially recognised at fair value with subsequent changes in fair value recognised
in the income statement.

31 December 2014
(o) Financial Assets (cont’d)
Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified
in any other category. Available-for-sale financial assets are recognised initially at fair value plus any directly
attributable transaction costs, and subsequently carried at fair value with gains and losses being recognised in
other comprehensive income until the investment is derecognised or until the investment is determined to be
impaired at which time the previous gain or loss that has been recognised in other comprehensive income is
reclassified from equity to the income statement. Available-for-sale financial assets that do not have a quoted
market price in an active market and whose fair value cannot be reliably measured are measured at cost less
any identified impairment losses at the end of each reporting period subsequent to initial recognition.
Impairment losses recognised in the income statement for investments in equity instruments classified as
available-for-sale are not subsequently reversed through the income statement.
(p) Impairment of Non-Financial Assets excluding Goodwill
At the end of each reporting period, the Group reviews the carrying amounts of its non-financial assets
excluding goodwill to determine whether there is any indication that those assets have suffered an impairment
loss or whether there is any indication that an impairment loss previously recognised for an asset in prior years
may no longer exist or may have decreased. If any such indication exists, the recoverable amount of the asset
is estimated in order to determine the extent of the impairment loss. An asset’s recoverable amount is
calculated as the higher of the asset’s value in use and its fair value less cost of disposal.
Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the
recoverable amount of the cash generating unit to which the asset belongs. If the recoverable amount of an
asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset
(or cash-generating unit) is reduced to its recoverable amount. Impairment losses are recognised as an
expense immediately, unless the relevant asset is carried at a revalued amount, in which case the impairment
loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is
increased to the revised estimate of its recoverable amount, but only to the extent that it does not restate the
asset to a carrying amount in excess of what would have been determined (net of any depreciation) had no
impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an
impairment loss is recognised as income immediately, unless the relevant asset is carried at a revalued amount,
in which case the reversal of the impairment loss is treated as a revaluation increase.

(q) Financial Liabilities and Equity
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. Debt instruments issued which carry a right to convert to equity that is dependent on
the outcome of uncertainties beyond the control of both the Group and the holder are classified as liabilities.
Significant financial liabilities include finance lease obligations, interest-bearing borrowings, bonds payables and
trade and other payables. The accounting policies adopted for finance lease obligations and convertible bonds
are outlined in Note 3(r) and Note 3(s) respectively.
Interest-bearing borrowings and bonds payables are recorded at the proceeds received, net of direct issue
costs. Direct issue costs are amortised over the period of the bonds. Finance charges, including premiums
payable on settlement or redemption, are accounted for on an accrual basis and are added to the carrying
amount of the instrument to the extent that they are not settled in the period in which they arise.
Interest-bearing borrowings and bonds payables are subsequently measured at amortised cost using the
effective interest method, with interest expense recognised on an effective yield basis. Financial liabilities are
derecognised when, and only when, the obligations are discharged, cancelled or expired. The difference
between the carrying amount of the financial liability derecognised and consideration paid and payable is
recognised in the income statements.
Trade and other payables are carried at cost which is the fair value of the consideration to be paid in the future
for goods and services received. Interest-bearing trade and other payables are recognised initially at cost less
attributable transaction costs and subsequently stated at amortised cost using the effective interest method.
Ordinary shares are classified as equity. Equity is recorded at the proceeds received, net of direct issue costs.
(r) Leases
(i) When the Group is the lessee
Lessee – Finance leases
Leases where the Group assumes substantially all risks and rewards incidental to ownership of the
leased assets are classified as finance leases.
The leased assets and the corresponding lease liabilities (net of finance charges) under finance leases
are recognised on the statement of financial position as property, plant and equipment and obligations
under finance leases respectively, at the inception of the leases based on the lower of the fair value of
the leased assets and the present value of the minimum lease payments. Each lease payment is
apportioned between the finance expense and the reduction of the outstanding lease liability. The
finance expense is recognised in the income statement on an effective yield basis.
Lessee – Operating leases
Leases where substantially all risks and rewards incidental to ownership are retained by the lessors are
classified 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.

31 December 2014
(r) Leases (cont’d)
(ii) When the Group is the lessor
Lessor – Finance leases
Leases where the Group has transferred substantially all risks and rewards incidental to ownership of
the leased assets to the lessees, are classified as finance leases.
The leased asset is derecognised and the present value of the lease receivable (net of initial direct
costs for negotiating and arranging the lease) is recognised on the statement of financial position. The
difference between the gross receivable and the present value of the lease receivable is recognised as
unearned finance income. Each lease payment received is applied against the gross investment in the
finance lease receivable to reduce both the principal and the unearned finance income. The finance
income is recognised in the income statement on an effective yield basis. Initial direct costs incurred by
the Group in negotiating and arranging finance leases are added to finance lease receivables and
recognised as an expense in the income statement over the lease term on the same basis as the lease
income.
(s) Convertible Financial Instruments
Convertible financial instruments are regarded as compound instruments, consisting of a liability component
and an equity component. At the date of issue, the fair value of the liability component is estimated using the
prevailing market interest rate for similar non-convertible debt. The difference between the proceeds of issue of
the convertible financial instruments and the fair value assigned to the liability component, representing the
embedded option to convert the liability into equity of the Group, is included in capital reserves (equity) if the
option is converted into a fixed number of equity shares or as a financial liability if the option is converted into a
variable number of equity shares based on an exercise price of a prescribed percentage of the net tangible
assets at the exercise date. Correspondingly, a discount on the financial instruments is recorded and amortised
over the period of the financial instruments. Gains and losses arising from changes in fair value of the
embedded option (financial liability) are included in the income statement.
(t) Provisions
Provisions are recognised when the Group has a legal or constructive obligation as a result of a past event and
it is probable that it will result in an outflow of economic benefits that can be reasonably estimated.
(u) Borrowing Costs
Interest expense and similar charges are expensed in the income statement in the period in which they are
incurred, except to the extent they are capitalised as being directly attributable to the acquisition and
construction of an asset which necessarily takes a substantial period of time to be prepared for its intended use
or sale.

(v) Income Tax
Current income tax for current and prior years is recognised at the amount expected to be paid to or recovered
from the tax authorities, using the tax rates and tax laws that have been enacted or substantially enacted by the
end of each reporting period.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is
recognised in the income statement, except when it relates to items recognised in other comprehensive income
or directly to equity, in which case the deferred income tax is also dealt with in other comprehensive income or
directly in equity. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the
same tax authority. The amount of deferred income tax is based on the expected manner of realisation or
settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at
the end of each reporting period.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available
against which the temporary differences can be utilised.
Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associated
companies except where the timing of the reversal of the temporary difference can be controlled and it is
probable that the temporary difference will not reverse in the foreseeable future.
(w) Dividend Distribution
Dividend distribution to the Company’s shareholders is recognised as a liability in the Company’s financial
statements in the period in which the dividends are approved for payment.
(x) Post Employment Benefits
Certain subsidiaries have unfunded defined benefit retirement plans covering substantially all of their eligible
permanent employees in accordance with the Indonesian Labor Law No. 13/2003 dated 25 March 2003 (Law
13/2003). The obligation for Law 13/2003 has been accounted for using the projected unit credit method, with
actuarial valuations being carried out at the end of each reporting period. Current service costs, interest costs
and effects of curtailments and settlements (if any) are recognised directly in the current year’s income
statement. Actuarial gains or losses is reflected immediately in the statement of financial position with a charge
or credit recognised immediately in other comprehensive income in the period in which they occur and past
service costs are recognised immediately in the income statements when incurred.
The retirement plan obligations recognised in the statement of financial position represents the present value of
the defined benefit obligation. Any asset resulting from this calculation is limited the present value of available
refunds and reductions in the future contributions to the plan.
Fixed contributions paid to state-managed post employment benefits schemes, such as the Central Provident
Fund, on a mandatory, contractual or voluntary basis are recognised as an expense in the income statement in
the period in which services are rendered by employees. The Group has no further payment obligation once the
contributions have been paid.

31 December 2014
(y) Revenue Recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured. Revenue is recognised in the income statement as follows:
(i) Revenue from the sale of development properties is recognised using the completed contract method
when the Group’s significant risks and rewards of ownership in the real estate have been transferred to
the customers and the Group does not have a substantial continuing involvement with the properties.
This generally coincides with the point in time when the development property is delivered to the
customer. No revenue is recognised when there is uncertainty as to the collectability due or the
possible return of units sold.
(ii) Revenue from rental of investment properties under operating leases is recognised on a straight-line
basis over the terms of the lease contracts.
(iii) Hotel room revenue is recognised based on room occupancy while other hotel revenues are
recognised when the goods are delivered or the services are rendered to the customers.
(iv) Interest income is accrued on a time-proportion basis, by reference to the principal outstanding and at
the effective interest rate applicable.
(v) Dividend income from investments is recognised on the date the dividends are declared payable by the
investees.
(vi) Revenue arising from sales of goods is recognised when the products are delivered to the customers
and collectability of the related receivables is probable.
(vii) Club membership revenue is recognised over the term of the membership period.
(z) Segment Reporting
The chief operating decision maker has been identified as the Executive Committee of the Group, which
consists of the Executive Chairman, the Chief Executive Officer and Executive Directors. This committee
reviews the Group’s internal reporting in order to assess performance and allocate resources. Operating
segments are reported in a manner consistent with the internal reporting.
The Executive Committee assesses the performance of the operating segments based on a measure of
adjusted earnings before income tax, non-controlling interests, interest on borrowings, foreign exchange
gain/(loss), depreciation and amortisation expenses, exceptional items, share of results of associated
companies and joint ventures (“EBITDA”). All inter segment sales and transfers are accounted for as if the sales
or transfers were to a third party, i.e. at current market prices.

(aa) Financial Guarantees
The Company has issued corporate guarantees to creditors for borrowings of its subsidiaries. These guarantees
are financial guarantee contracts as they require the Company to reimburse the creditors if the borrowers fail to
make principal or interest payments when due in accordance with the terms of their borrowings.
Financial guarantee contracts are initially recognised at fair values plus transaction costs. Financial guarantee
contracts are subsequently amortised to the income statement over the period of the subsidiaries’ borrowing,
unless the Company has incurred an obligation to reimburse the creditors for an amount higher than the
unamortised amount. In this case, the financial guarantee contracts shall be carried at the expected amount
payable to the creditors.
4 Financial Risk Management
(a) Capital Risk Management
The Group manages its capital to safeguard the Group’s ability to continue as a going concern in order to
maximise return to shareholders and benefits for other stakeholders and to maintain an optimal capital structure
to reduce the cost of capital. The Group’s overall strategy remains unchanged since 2013.
The capital structure of the Group consists of total equity, comprising issued capital and other components
within equity and net cash, which includes the cash and cash equivalents net of total borrowings. Total
borrowings include bank borrowings, bonds payables and obligations under finance leases.
Neither the Group nor the Company is subject to any externally imposed capital requirements.
The net cash and total equity as at 31 December 2014 and 2013 are as follows:
(Restated)
2014 2013
S$’000 S$’000
Total cash and cash equivalents 874,787 816,221

Total borrowings (744,427) (638,851)
Net cash 130,360 177,370
Total equity 3,193,228 2,603,826
The directors of the Company review the capital structure on a semi-annual basis. As a part of the review, the
directors of the Company consider the cost of capital and the risks associated with each class of capital.
Accordingly, the Group will balance its overall capital structure through the payment of dividends, new share
issues and share buy-back as well as the issue of new debt or the redemption of existing debt.

31 December 2014
4 Financial Risk Management (cont’d)
(b) Financial Risk Management
The Group’s activities expose it to a variety of financial risks: market risks (including interest rate risk, foreign
currency risk and price risk), credit risk, liquidity risk and cash flow risk. The Group’s overall risk management
strategy seeks to minimise adverse effects from the unpredictability of financial markets on the Group’s financial
performance. The Group may use relevant financial instruments to manage certain risks. Such financial
instruments are not held for trade or speculative purposes.
(i) Interest Rate Risk
The Group is exposed to interest rate risk primarily on its existing interest-bearing financial instruments.
Financial instruments issued at variable rates expose the Group to cash flow interest rate risk. Financial
instruments issued at fixed rates expose the Group to fair value interest rate risk. The interest rate that the
Group will be able to obtain on its financial instruments will depend on market conditions at that time, and may
differ from the rates the Group has secured currently.
At 31 December 2014, if interest rates on all net financial assets at variable rate had been 0.5% lower/higher
with all other variables held constant, profit before income tax for the year and total equity would have been
$2,247,000 (2013: $2,176,000) and $1,643,000 (2013: $1,485,000) lower/higher respectively, mainly as a result
of lower/higher interest income on net financial assets at variable rate, net of applicable income taxes. This
analysis is prepared assuming the amount of net financial assets outstanding at the end of the reporting period
was outstanding for the whole year.
The interest rates and repayment terms of interest-bearing financial instruments are disclosed in the respective
notes to the financial statements. The interest rate profile of the Group’s financial instruments as at the end of
the reporting period was as follows:
(Restated)
2014 2013
S$’000 S$’000
Financial assets
Fixed rate 119,564 106,761
Variable rate 707,881 688,054
Non-interest bearing 127,981 49,893
955,426 844,708
Financial liabilities
Fixed rate 491,447 425,370
Variable rate 258,528 252,888
Non-interest bearing 102,084 81,804
852,059 760,062

(b) Financial Risk Management (cont’d)
(ii) Foreign Currency Risk
The Group operates in several countries. Entities within the Group may transact in currencies other than their
respective functional currency (“foreign currency”) such as the United States Dollar (“USD”), the Indonesian
Rupiah (“IDR”), the Japanese Yen (“JPY”), the Malaysian Ringgit (“RM”), the British Pound (“GBP”) and the
Singapore Dollar (“SGD”) which is also the Company’s presentation currency.
The Group faces foreign exchange risk as its borrowings and cost of certain key purchases are either
denominated in foreign currencies or whose price is influenced by their benchmark price movements in foreign
currencies (especially USD) as quoted on international markets.
The Group does not have any formal hedging policy for its foreign exchange exposure and did not actively
engage in activities to hedge its foreign currency exposures during the financial year. The Group seeks to
manage the foreign currency risk by constructing natural hedges where it matches revenue and expenses in
any single currency.
The Group is also exposed to currency translation risks arising from its net investments in foreign operations.
These net investments are not hedged as currency positions as these foreign operations are considered long-
term in nature.
The entities within the Group have different functional currencies depending on the currency of their primary
economic environment. A 5% strengthening of the functional currency of these entities against the following
currencies at the reporting date would increase/(decrease) the Group’s profit before income tax by the amount
shown below. This analysis assumes that all other variables, in particular interest rates, remain constant:
Group
(Restated)
2014 2013
S$’000 S$’000
SGD against functional currency of USD 17,869 28,237

USD against functional currencies of SGD, RM and IDR (12,162) (7,033)
IDR against functional currencies of SGD and USD (8,378) (6,362)
GBP against functional currencies of SGD and USD (5,313) (4,582)
JPY against functional currencies of SGD and USD (1,660) (3,060)

31 December 2014
(iii) Price Risk
Price risk is the risk that the value of the financial instrument will fluctuate as a result of changes in market
prices. The Group is exposed to equity securities price risk arising from its investments held that are classified
as available-for-sale and fair value through profit or loss. The Group monitors the market closely to ensure that
the risk exposure to the volatility of the investments is kept to a minimum. As at the end of the reporting period,
the Group has no significant exposure to price risk.
(iv) Credit Risk
Credit risk is the risk of financial loss to the Group if a customer or counter-party to a financial instrument fails to
meet its contractual obligations, and arises principally from the Group’s receivables from customers and cash
and cash equivalents.
Trade debtors comprise mainly the Group’s customers who bought properties and tenants of investment
properties. The tenants of investment properties and purchasers of development properties may default on their
obligations to pay the amount owing to the Group. The Group manages credit risks by requiring the
customers/tenants to furnish cash deposits, and/or bankers’ guarantees. The Group also performs regular credit
evaluations of its customers’ financial conditions and only entered into contracts with customers with an
appropriate credit history.
For sales of development properties, the Group generally has certain recourse, which include forfeiture of
deposit and/or installments paid and re-sale of the re-possessed properties.
Cash and cash equivalents mainly comprise deposits with banks and financial institutions which are regulated.
Concentrations of credit risk exist when changes in economic, industry or geographical factors similarly affect
counter-parties whose aggregate credit exposure is significant in relation to the Group’s total credit exposure.
The Group has no significant concentration of credit risks with exposure spread over a large number of counter-
parties and customers.
The maximum exposure to credit risk in the event that the counter parties fail to perform their obligations as at
the end of the reporting period in relation to each class of recognised financial assets is the carrying amount of
those assets as stated in the statement of financial position, except as follows:
Company
2014 2013
S$’000 S$’000
Corporate guarantees provided to financial institutions on borrowings
of subsidiaries:
- Total facilities 173,852 230,786
- Total outstanding 171,792 193,721

(v) Liquidity Risk
To manage liquidity risk, the Group and Company maintain a level of cash and cash equivalents and funding
facilities deemed adequate by management to finance its operations. In assessing the adequacy of the facilities,
management reviews its working capital requirements.
The table below analyses the maturity profile of the Group’s financial liabilities based on the contractual
undiscounted cash flows.
Less than
1 year 1 to 5 years Over 5 years Total
S$’000 S$’000 S$’000 S$’000
Group
At 31 December 2014
Borrowings 234,593 572,334 73,536 880,463
Other financial liabilities 93,283 14,349 - 107,632
Total financial liabilities 327,876 586,683 73,536 988,095
At 31 December 2013 (Restated)

Borrowings 176,420 566,429 45,671 788,520
Other financial liabilities 96,272 24,939 - 121,211
Total financial liabilities 272,692 591,368 45,671 909,731
The table below analyses the maturity profile of the Company’s financial guarantees provided to financial
institutions on subsidiaries’ borrowings that shows the remaining contractual maturities:
Less than
1 year 1 to 5 years Over 5 years Total
S$’000 S$’000 S$’000 S$’000
Company
At 31 December 2014
Financial guarantee contracts - 96,000 75,792 171,792
At 31 December 2013
Financial guarantee contracts 13,857 92,000 87,864 193,721

31 December 2014
5 Critical Accounting Estimates, Assumptions and Judgements
The Group makes estimates and assumptions concerning the future. Estimates, assumptions and judgements
are continually evaluated and are based on historical experience and other factors, including expectations of
future events that are believed to be reasonable under the circumstances.
(a) Critical Accounting Estimates and Assumptions
Income Taxes
The Group is subject to income taxes in numerous jurisdictions. Significant judgement is required in determining
the capital allowances, deductibility of certain expenses and taxability of certain income during the estimation of
the provision for income taxes. There are many transactions and calculations for which the ultimate tax
determination is uncertain during the ordinary course of business. The Group recognises liabilities based on
estimates of whether additional taxes will be due. Where the final tax outcome is different from the amounts that
were initially recorded, such differences will impact the income tax expense and income tax payable in the
period in which such determination is made. As at 31 December 2014, the Group’s income taxes payable and
income tax expense amounted to $1,388,000 (2013: $5,894,000) and $46,859,000 (2013: $69,323,000) (Note
11) respectively.
(b) Critical Judgement in Applying Accounting Policies
Classification of Properties Held for Sale and Properties under Development for Sale
The Group presents its properties held for sale and properties under development for sale as current and non-
current, depending on when it expects to realise the development properties. The Group classifies its properties
held for sale as current when it expects to realise the assets in its normal operating cycle and/or expects to
realise the assets within 12 months after the reporting period. All other development properties are classified as
non-current.
The carrying amount of the Group’s development properties expected to be realised within the next 12 months
and after 12 months as at 31 December 2014 was $841,986,000 (2013: $547,179,000) and $1,738,500,000
(2013: $1,446,235,000) respectively.
6 Revenue
Group
(Restated)
2014 2013
S$’000 S$’000
Sale of development properties 685,766 1,043,130

Rental income 84,525 72,352
Hotel revenue 11,069 14,557
Golf and resort operations 22,632 23,115
Others 24,560 25,633
828,552 1,178,787

7 Finance Income
Group
(Restated)
2014 2013
S$’000 S$’000
Interest income from:
Cash and cash equivalents 38,501 31,472
Finance lease 479 -
Available-for-sale financial assets 188 135
39,168 31,607
8 Finance Costs
Group
(Restated)
Note 2014 2013
S$’000 S$’000
Interest expense on:
Loan payable 291 118
Obligations under finance leases 246 24
Borrowings 23,813 9,367
Bonds payables
- bond interest 26,893 22,743
- amortisation of discount on bonds 30 2,380 3,020
- amortisation of deferred bond charges 30 440 344
Write back of option reserve - (13,581)
54,063 22,035
9 Other Operating (Expense)/Income

Group
(Restated)
2014 2013
S$’000 S$’000
Property and estate management (expenses)/income, net (646) 2,802

Cancellation fees 1,244 1,598
Management and lease co-ordination fees 1,056 1,937
Gain on disposal of property, plant and equipment 120 146
Changes in fair value of financial assets at fair value through profit
or loss 482 (34)
Gain on sale of other material - 474
Others (2,896) 1,642
(640) 8,565

31 December 2014
10 Profit Before Income Tax
In addition to the charges and credits disclosed elsewhere in the notes to the financial statements, this balance
includes the following charges:
Group
(Restated)
2014 2013
S$’000 S$’000
Audit fees paid/payable to:
Auditors of the Company 248 248
Auditors of the subsidiaries 468 328
Non-audit fees paid/payable to:
Auditors of the Company 35 -
Auditors of the subsidiaries - 46
Property, plant and equipment written off - 10
Long-term investment written off 1,219 -
Cost of inventories recognised as an expense (included in cost of sales) 3,184 3,619
11 Income Tax
Group
(Restated)
2014 2013
S$’000 S$’000
Tax expense is made up of:
Current income tax
- current year 46,684 69,365
- under/(over)-provision in respect of prior years 332 (36)
47,016 69,329
Deferred income tax (157) (6)
46,859 69,323
Substantially all the Group’s operations are located in Indonesia. Accordingly, the Indonesia statutory tax rate of
25% (2013: 25%) is used in the reconciliation of the tax expense and the product of accounting profit multiplied
by the applicable tax rate.

11 Income Tax (cont’d)
The income tax expense on the results for the financial year varies from the amount of income tax determined
by applying the Indonesian statutory rate of income tax to profit before income tax due to the following factors:
Group
(Restated)
2014 2013
S$’000 S$’000

(Less)/Add: Share of results of associated companies, net of tax (2,244) 2,887
(Less)/Add: Share of results of joint ventures, net of tax (10,142) 87,955
462,653 700,919
Tax calculated at a tax rate of 25% 115,663 175,230

Non-deductible items 26,274 30,229
Non-taxable items (35,771) (22,293)
Effect of different tax rate categories (67,258) (126,565)
Utilisation of previously unrecognised deferred tax assets (980) (242)
Unrecognised deferred tax assets 8,171 12,885
Under/(Over)-provision in prior years’ income tax 332 (36)
Others 428 115
46,859 69,323
As at 31 December 2014, the amount of unutilised tax losses and capital allowances available for offsetting
against future taxable profits are as follows:
Group
2014 2013
S$’000 S$’000
Unutilised tax losses 208,677 248,466

Unabsorbed capital allowances 65,230 75,256
273,907 323,722
The breakdown of unutilised tax losses and capital allowance is as follows:

Group
2014 2013
S$’000 S$’000
Expiry dates
31 December 2014 - 29,094
31 December 2015 11,735 27,706
31 December 2016 18,090 16,882
31 December 2017 3,826 16,474
31 December 2018 17,251 29,453
31 December 2019 36,064 -
No expiry dates subject to terms and conditions 186,941 204,113
273,907 323,722

31 December 2014
11 Income Tax (cont’d)
The availability of the unrecognised tax losses and capital allowances for set-off against future taxable profits is
subject to the tax regulations of the respective countries in which the Group companies are incorporated. In
Indonesia, the unutilised tax losses are available for set off against taxable profit immediately within a period of
5 years after such tax losses were incurred. As at 31 December 2014, the deferred tax benefit arising from
unutilised tax losses and unabsorbed capital allowances of $273,907,000 (2013: $323,722,000) has not been
recognised in the financial statements.
Deferred tax liabilities of $63,640,000 (2013: $46,573,000) have not been recognised for taxes that would be
payable on the remittance to Singapore of unremitted retained earnings of $636,405,000 (2013: $465,732,000)
of certain subsidiaries, associated companies and joint ventures as the timing of the reversal of the temporary
differences arising from such amounts can be controlled and such temporary differences are not expected to
reverse in the foreseeable future.
12 Earnings Per Share and Net Asset Value Per Share
(a) Basic Earnings Per Share
Basic earnings per share is calculated by dividing the net profit attributable to owners of the Company by the
weighted average number of ordinary shares in issue during the financial year.
Group
(Restated)
2014 2013
Net profit attributable to owners of the Company (S$’000) 240,592 288,867
Weighted average number of ordinary shares (’000) 3,041,959 3,041,959
Basic earnings per share (cents per share) 7.91 9.50
(b) Diluted Earnings Per Share
Diluted earnings per share is calculated by dividing net profit attributable to the owners of the Company by the
weighted average number of ordinary shares during the year after adjustment for the effect of all diluted
potential ordinary shares.
Group
(Restated)
2014 2013
Net profit attributable to owners of the Company (S$’000) 240,592 288,867
Weighted average number of ordinary shares (’000) 3,041,959 3,041,959

Adjustment for warrants (’000) 1,258,289 1,231,819
4,300,248 4,273,778
Diluted earnings per share (cents per share) 5.59 6.76
(c) Net Asset Value Per Share
As at 31 December 2014, the net asset value per ordinary share based on the total equity attributable to the
owners of the Company and the existing issued share capital of 3,041,959,437 (2013: 3,041,959,437) ordinary
shares is $0.56 (2013: $0.47).

13 Staff Costs and Retirement Benefit Obligations
Group
(Restated)
2014 2013
S$’000 S$’000
Staff costs:
Wages and salary 51,568 48,419
Employer’s contribution to defined contribution plans 598 652
Retirement benefit expenses 2,856 5,024
55,022 54,095
Retirement Benefit Obligations
Certain subsidiaries in Indonesia recorded liabilities for unfunded defined benefit retirement plans in order to
meet the minimum benefits required to be paid to qualified employees as required under the Indonesian Labor
Law 13/2003. The amount of such obligations was determined based on actuarial valuations prepared by
independent actuaries, PT Padma Radya Aktuaria, PT Kis Aktuaria and PT Katsir Imam Sapto Sejahtera
Aktuaria. The principal actuarial assumptions used by the actuaries were as follows:
Group
2014 2013
% %
Discount rate 8.0 – 8.5 7.5 – 9.0

Salary growth rate 7.0 – 10.0 7.0 – 10.0
The components of the retirement benefit expenses recognised in the Group’s income statement are as follows:
Group
(Restated)
2014 2013
S$’000 S$’000
Current service costs 2,714 2,863

Past service costs (2,264) (242)
Interest costs 2,406 2,403
Retirement benefit expenses recognised in the income statement 2,856 5,024
The components of the retirement benefit expenses recognised in other comprehensive income are as follows:
Group
(Restated)
2014 2013
S$’000 S$’000
Actuarial loss arising from changes in financial assumptions 1,092 -

Actuarial loss arising from experience adjustment 2,054 -
Net retirement benefit expenses recognised in other comprehensive
income 3,146 -

31 December 2014
13 Staff Costs and Retirement Benefit Obligations (cont’d)
Movements in the retirement benefits obligations are as follows:

Group
(Restated)
2014 2013
S$’000 S$’000
At the beginning of the year 22,455 24,857

Retirement benefit expenses for the year recognised in the income
statement 2,856 5,024
Retirement benefit expenses for the year recognised in other
comprehensive income 3,146 -
Acquisition of a subsidiary 268 -
Payments made during the year (840) (1,210)
Currency realignment 2,338 (6,216)
At the end of the year 30,223 22,455
Less: Current portion classified as current liabilities (Note 29) (663) (559)
Non-current portion (Note 33) 29,560 21,896
14 Cash and Cash Equivalents

Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Cash on hand 634 673 2 1

Cash in banks 163,618 111,820 45,675 11,337
Time deposits 710,535 703,728 - -
Cash and cash equivalents in the
statements of financial position 874,787 816,221 45,677 11,338
Time deposits pledged as security
for credit facilities granted to the
subsidiaries (Note 32) (71,911) (54,563) - -
Cash and cash equivalents in the
statement of cash flows 802,876 761,658 45,677 11,338
Cash and cash equivalents include balances with a related party of $13,169,000 (2013: $5,757,000) (Note
37(a)).
Cash and cash equivalents are denominated in the following currencies:
Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Indonesian Rupiah 304,631 502,330 - -

United States Dollar 374,497 229,005 2,715 10,734
British Pound 128,179 8,067 42,516 2
Chinese Renminbi 42,520 40,992 - -
Japanese Yen 20,163 31,962 - -
Singapore Dollar 3,025 2,925 446 602
Malaysian Ringgit 1,769 940 - -
Hong Kong Dollar 3 - - -
874,787 816,221 45,677 11,338

14 Cash and Cash Equivalents (cont’d)
The above time deposits earn interest at the following rates per annum:
Group Company
(Restated)
2014 2013 2014 2013
% % % %
Indonesian Rupiah 5.3 – 11.0 2.5 – 9.0 - -

United States Dollar 0.2 – 3.5 0.2 – 3.9 - -
Japanese Yen 1.8 1.8 - -
British Pound 0.4 – 0.5 - - -
Chinese Renminbi 4.9 - - -
Singapore Dollar - 0.3 – 0.4 - -
Malaysian Ringgit - 3.0 – 3.2 - -
15 Short-Term Investments
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Financial assets at fair value
through profit or loss:
Mutual funds, denominated in
Available-for-sale financial assets:
Quoted bonds in a related party,
denominated in Indonesian
Rupiah (Note 37(a)) 16,529 - - -
17,804 1,007 - -

31 December 2014
16 Trade Receivables
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Third parties 25,136 24,061 - -

Related parties (Note 37(a)) 2,976 3,407 - -
28,112 27,468 - -
Less: Allowance for impairment (14,552) (15,249) - -
13,560 12,219 - -
2014 2013
Impairment Impairment
Gross loss Gross loss
S$’000 S$’000 S$’000 S$’000
Group
Not past due 4,645 - 4,003 -
Past due 0 – 3 months 6,278 - 5,051 -
Past due more than 3 months 17,189 14,552 18,414 15,249
28,112 14,552 27,468 15,249
Allowance for impairment was made on certain trade receivables that are past due for more than 3 months as
the recovery is remote. Movements in the allowance for impairment loss during the financial year are as follows:
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
At the beginning of the year 15,249 15,011 - -

Impairment loss included as
general and administrative
expenses during the year 74 412 - -
Written off against allowance (19) (11) - -
Currency realignment (81) (163) - -
Disposal of subsidiaries (671) - - -
At the end of the year 14,552 15,249 - -
Trade receivables are denominated in the following currencies:
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000

United States Dollar 2,074 2,209 - -
Malaysian Ringgit 918 566 - -
Singapore Dollar 157 437 - -
Chinese Renminbi 120 118 - -
British Pound - 155 - -
13,560 12,219 - -

17 Other Current Assets
Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Receivable from:
Subsidiaries - - 247,070 546,448
Related parties (Note 37(a)) 46 51 - -
Third parties 9,774 7,645 91 236
Finance lease receivable from a
third party (Note 25) 112 - - -
9,932 7,696 247,161 546,684
Prepayments 76,199 50,783 20 10
Purchase advances 146,295 180,297 - -
Others, net 1,352 1,291 43 43
233,778 240,067 247,224 546,737
Other current assets are denominated in the following currencies:
Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000

United States Dollar 3,716 3,550 10,824 107
Malaysian Ringgit 3,570 287 21 22
Singapore Dollar 1,354 1,539 166,264 454,655
British Pound 12 42 70,115 91,953
Others 19 59 - -
233,778 240,067 247,224 546,737
The unsecured amounts receivable from subsidiaries included $62,715,000 (2013: $312,187,000) which bear
interest at rate ranging from 3% to 3.5% (2013: 3% to 3.4%) per annum and are repayable on demand.
The amounts receivable from related parties are advances in nature which are unsecured, interest-free and
repayable on demand.
The above receivables shown was net of allowance for impairment of $173,000 (2013: $173,000) as the
recovery of certain receivables is remote.

31 December 2014
18 Subsidiaries
Company
2014 2013
S$’000 S$’000
Unquoted equity shares, at cost 1,269,610 1,286,322

Loans receivable 544,510 242,482
1,814,120 1,528,804
Less: Impairment loss (100,000) (100,000)
1,714,120 1,428,804
Particulars of the subsidiaries are disclosed in Note 42 to the financial statements. The Company recognised an
accumulated loss of $100,000,000 to write down the carrying amount of one of the subsidiaries to its
recoverable amount. The recoverable amount of the subsidiary is based on fair value less cost of disposal
which is principally determined by the current market value of non-financial assets held by the subsidiary.
Except for a loan of $181,186,000 (2013: $Nil) which bears interest at 3% (2013: Nil) per annum, the above
loans receivable from subsidiaries are unsecured, interest-free and not expected to be repaid within the next 12
months.
19 Associated Companies
Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Quoted equity shares, at cost 199,176 199,176 - -

Unquoted equity shares, at cost 65,660 50,737 - -
264,836 249,913 - -
Currency realignment (125,288) (147,337) - -
Capital reserve on acquisition 32,528 32,528 - -
Share of post-acquisition reserves,
net of dividend received 51,200 60,718 - -
223,276 195,822 - -
Fair value:
Quoted equity shares 501,123 233,250 - -
Particulars of the associated companies are disclosed in Note 43 to the financial statements. Summarised
aggregated financial information in respect of the Group’s associated companies, which is not adjusted for the
percentage of ownership held by the Group, is set out below:
(Restated)
2014 2013
S$’000 S$’000

Other comprehensive income 49 -
Total comprehensive income for the year 44,990 20,986

20 Joint Ventures
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Unquoted equity shares, at cost 207,051 181,806 - -

Share of post-acquisition reserves,
net of unrealised profit and
dividend received (80,238) (86,629) - -
Currency realignment (22,925) (29,665) - -
103,888 65,512 - -
The details of the Group’s joint ventures are as follows:

Effective percentage
Name of company and The Group’s of equity held
country of incorporation Principal activities cost of investment by the Group
2014 2013 2014 2013
S$’000 S$’000 % %
Badan Kerja Sama, Pasar Manage and operate 56 56 18.24 17.66

Pagi – ITC Mangga Dua shopping centre
Indonesia
BKS Binamaju Multikarsa Housing 147 147 41.62 41.34

Indonesia development
PT Bumi Parama Wisesa Real estate 127,755 119,340 26.27 25.43

Indonesia development
PT Indonesia International Property 62,263 62,263 25.24 24.43

Expo development
Indonesia
PT Itomas Kembangan Property 16,830 - 18.61 -

Perdana management
Indonesia
207,051 181,806
Summarised aggregated financial information in respect of the Group’s joint ventures, which is not adjusted for
the percentage of ownership held by the Group, is set out below:
2014 2013
S$’000 S$’000

Other comprehensive loss (12) -
Total comprehensive income for the year 15,479 10,552

31 December 2014
21 Long-Term Investments
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Available-for-sale financial assets:

Unquoted investments 9 9 - -
Unquoted equity shares 2,394 4,291 - -
Quoted bonds in a related party
(Note 37(a)) - 2,852 - -
2,403 7,152 - -
The available-for-sale financial assets are denominated in the following currencies:
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000

United States Dollar - 1,225 - -
2,403 7,152 - -
22 Properties Under Development for Sale
Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Properties under development:
Land cost 248,356 262,548 - -
Development cost incurred
to-date 445,870 382,589 - -
694,226 645,137 - -
Land held for development 1,044,274 801,098 - -
1,738,500 1,446,235 - -
As at 31 December 2014, properties under development for sale of the Group amounting to $44,621,000 (2013:
$21,399,000) have been pledged as security for bonds issued by a subsidiary and credit facilities granted by
banks to the subsidiaries (Notes 30 and 32).

23 Investment Properties
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Cost:
Additions 152,084 132,963 - -
Acquisition of subsidiaries (Note 40(a)) 9,055 271,225 - -
Transfer to properties under
development for sale (42,524) - - -
Transfer from property, plant and
equipment (Note 24) 7,628 - - -
Transfer from properties held for sale - 1,326
Disposal of subsidiaries (Note 40(b)) (182,070) - - -
Currency realignment 30,343 (36,354) - -
Accumulated depreciation:
Depreciation 10,781 7,063 - -
Transfer from property, plant and
equipment (Note 24) 2,862 - - -
Disposal of subsidiaries (Note 40(b)) (4,887) - - -
Net carrying amount 496,508 535,367 - -
As at 31 December 2014, certain investment properties of the Group amounting to $188,870,000 (2013:
$241,139,000) were pledged to banks to secure credit facilities for the subsidiaries (Note 32).

31 December 2014
23 Investment Properties (cont’d)
Investment properties are held mainly for use by tenants under operating leases. The following amounts are
recognised in the Group’s income statement:
Group
2014 2013
S$’000 S$’000
Rental income 74,792 55,846

Direct operating expenses arising from investment properties that
generated rental income 16,841 18,444
Property tax and other operating expenses arising from investment
properties that did not generate rental income 677 1,115
Group
2014 2013
S$’000 S$’000
Fair value of investment properties located in:
Indonesia 672,623 511,102
Singapore 212,810 212,810
United Kingdom 117,825 176,554
China - 6,572
Fair value classified under Level 2 of Fair Value Hierarchy (Note 39) 1,003,258 907,038
As at 31 December 2014, the aggregate fair values of investment properties located in Indonesia was based on
external valuation reports prepared by the independent appraiser, PT Heburinas Nusantara KJPP Rengganis,
Hamid and Rekan in 2012 – 2014 based on market data approach and income approach. Under the market
data approach, the valuation was arrived at by reference to market evidence of transaction prices for similar
properties. The most significant input in this valuation approach is the selling price per unit of floor area. Under
the income approach, the valuation was arrived at by reference to market rental rate for similar properties in the
nearby vicinity.
The fair values of investment properties located in Singapore and United Kingdom were based on external
valuation reports prepared by the independent professional valuers, Colliers International Consultancy &
Valuation (Singapore) Pte Ltd and Knight Frank LLP respectively in 2014 based on open market value approach
whereby the basis of comparable transaction is from direct comparison with transaction prices of similar
properties.
As at 31 December 2013, the fair value of investment properties located in China was based on management’s
value in use calculation using discounted cash flow method.

24 Property, Plant and Equipment
Plant, Motor
Leasehold machinery vehicles,
Freehold Freehold land and and furniture Construction
Group land buildings buildings equipment and fixtures in progress Total
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Cost:
At 1.1.2014 as
restated 32,884 82,040 77,506 17,199 47,030 9,923 266,582
Additions 1,716 384 269 591 10,660 23,813 37,433
Disposals - (1) (532) - (533)
Acquisition of
subsidiaries
(Note 40(a)) - - - - 28 - 28
Disposal of
subsidiaries
(Note 40(b)) - - (1,957) - - - (1,957)
Transfer to
investment
properties (Note 23) - - (7,628) - - - (7,628)
Written off - - - (170) (25) - (195)
Currency realignment 445 5,411 3,739 1,087 3,372 931 14,985
At 31.12.2014 35,045 87,835 71,929 18,706 60,533 34,667 308,715
At 1.1.2014 as
restated - 36,450 50,581 10,515 39,468 - 137,014
Depreciation - 3,702 2,100 964 3,206 - 9,972
Disposals - - - (1) (478) - (479)
Disposal of
subsidiaries
(Note 40(b)) - - (810) - - - (810)
Transfer to
investment
properties (Note 23) - - (2,862) - - - (2,862)
Written off - - - (170) (25) - (195)
Currency realignment - 2,915 2,271 262 2,697 - 8,145
At 31.12.2014 - 43,067 51,280 11,570 44,868 - 150,785
Net book value:

At 31.12.2014 35,045 44,768 20,649 7,136 15,665 34,667 157,930
As at 31 December 2014, certain property, plant and equipment of the Group amounting to $21,322,000 (2013:
$61,780,000) has been pledged as security for credit facilities granted by banks to the subsidiaries (Note 32).
During the financial year 2014, the additions to property, plant and equipment included motor vehicles, furniture and
fixtures of $5,502,000 (2013: $Nil) acquired under finance leases.

31 December 2014
24 Property, Plant and Equipment (cont’d)
Plant, Motor
Leasehold machinery vehicles,
Freehold Freehold land and and furniture Construction
Group land buildings buildings equipment and fixtures in progress Total
S$’000 S$’000 S$’000 S$’000 S$’000 S$’000 S$’000
Cost:
At 1.1.2013 37,313 99,332 83,072 15,571 54,390 3,453 293,131
Effects of adoption of
FRS110 - - - 2,525 477 1,884 4,886
Additions - 762 - 1,324 3,147 5,780 11,013
Disposals - - - (13) (1,260) - (1,273)
Reclassification - - 94 (11) - (83) -
Acquisition of
subsidiaries
(Note 40(a)) - 12 - - 12 - 24
Written off - - - (90) (545) - (635)
Currency realignment (4,429) (18,066) (5,660) (2,107) (9,191) (1,111) (40,564)
At 31.12.2013 as
restated 32,884 82,040 77,506 17,199 47,030 9,923 266,582
At 1.1.2013 - 40,917 50,795 10,087 45,482 - 147,281
Depreciation - 4,126 1,910 991 3,373 - 10,400
Disposals - - - (13) (1,102) - (1,115)
Written off - - - (80) (545) - (625)
Currency realignment - (8,593) (2,124) (470) (7,740) - (18,927)
At 31.12.2013 as
restated - 36,450 50,581 10,515 39,468 - 137,014
Net book value:

At 31.12.2013 as
restated 32,884 45,590 26,925 6,684 7,562 9,923 129,568

24 Property, Plant and Equipment (cont’d)
Motor
vehicles,
Leasehold Plant and furniture
Company improvements equipment and fixtures Total
S$’000 S$’000 S$’000 S$’000
Cost:
At the beginning and end of the year 144 469 1,230 1,843
At 1 January 2014 144 469 1,074 1,687
Depreciation - - 43 43
At 31 December 2014 144 469 1,117 1,730
Net book value:

At 31 December 2014 - - 113 113
Cost:
At 1 January 2013 144 469 1,297 1,910
Disposals - - (67) (67)
At 31 December 2013 144 469 1,230 1,843
At 1 January 2013 144 468 1,086 1,698
Depreciation - 1 53 54
Disposals - - (65) (65)
At 31 December 2013 144 469 1,074 1,687
Net book value:

At 31 December 2013 - - 156 156
25 Long-Term Receivables
Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Loan receivable from a joint

venture, denominated in
Indonesian Rupiah 11,057 - - -
Finance lease denominated in
Others - 413
36,940 413 - -
The loan receivable from a joint venture is unsecured, interest-free and with a maturity date in 2019.

31 December 2014
25 Long-Term Receivables (cont’d)
The Group leases a building to a third party under finance lease. Details of the finance lease are as follows:
Group
2014 2013
S$’000 S$’000
Gross receivables due:
Within one year 2,548 -
Between one year to five years 8,254 -
More than five years 45,733 -
56,535 -
Less: Unearned finance income (30,540) -
Net investment in finance lease 25,995 -
Current portion, classified as other current assets (Note17) 112 -

Non-current portion 25,883 -
Net investment in finance lease 25,995 -
26 Deferred Income Tax

Accelerated Retirement Others/
tax benefit Valuation
depreciation obligations allowance Total
Group S$’000 S$’000 S$’000 S$’000
Deferred tax assets/(liabilities)

At 1 January 2014 (64) 226 (12) 150
(Charged)/Credited to income
statement (2) 144 15 157
Currency realignment (6) 26 (3) 17
At 31 December 2014 (72) 396 - 324
At 1 January 2013 (54) 258 (11) 193

(Charged)/Credited to income
statement (27) 33 - 6
Currency realignment 17 (65) (1) (49)
At 31 December 2013 (64) 226 (12) 150
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities and when the deferred tax assets and deferred tax liabilities relate to income taxes
levied by the same tax authority on different entities which intend to settle on a net basis, or realise the assets
and liabilities simultaneously in the future. The following amounts, determined after appropriate offsetting, are
shown in the statement of financial position:
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Deferred tax assets 336 162 - -

Deferred tax liabilities (12) (12) - -
Net 324 150 - -
Realisation of deferred tax assets is dependent on the generation of sufficient taxable income prior to expiration
of the tax losses carry-forward. Although realisation is not assured, the directors of the Company believe it is
more likely than not that the deferred tax assets, net of the valuation allowance, will be realised. The amount of
the deferred tax assets considered realisable could be reduced or increased if estimates of future taxable
income during the carry-forward period are reduced or increased.

27 Goodwill
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
At the beginning and end

of the year 1,784 1,784 - -
28 Trade Payables
Trade payables to third parties are denominated in the following currencies:
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000

Singapore Dollar 1,921 1,973 - -
Malaysian Ringgit 1,478 1,461 - -
23,964 18,815 - -
29 Other Payables and Liabilities

Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Payables to:
Third parties 39,255 51,314 - -
Related parties (Note 37(a)) 2,956 24 24 24
Subsidiaries - - 70,104 48,225
Derivative payables 12,119 13,863 - -
Interest payable 5,871 4,156 376 -
Other taxes payable 9,118 8,100 - -
69,319 77,457 70,504 48,249
Advances and deposits received on:
Development properties 481,465 383,187 - -
Rental 15,333 6,629 - -
Estimated liabilities for future
improvements 18,802 17,933 - -
Provision for claims 2,055 2,055 - -
Accruals 23,336 15,755 828 737
Retirement benefit obligations 663 559 - -
Others 1,286 1,322 - 54
612,259 504,897 71,332 49,040
The non-trade payables to related parties and subsidiaries are unsecured and repayable on demand.
The non-trade payables to third parties included $15,360,000 (2013: $34,229,000) which bear interest at rate of
1.93% (2013: 1.98%) per annum.
The derivative payables relate to the fair value of the embedded option to convert the zero percent convertible
bonds issued by certain subsidiaries into their equity (Note 30).
Included in advances received and deposits on development properties as at 31 December 2013 was an
advance from a related party of $4,458,000 (Note 37(a)).

31 December 2014
29 Other Payables and Liabilities (cont’d)
Estimated liabilities for future improvements represent the estimated cost which will be incurred by the Group in
future periods for road paving, bridge, landscaping, electricity and water installation, land grading and other
costs on the land sold.
Movements in estimated liabilities for future improvements during the financial year are as follows:
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000

Additional provision made - 6,228 - -
Amount incurred (924) (400) - -
Other payables are denominated in the following currencies:

Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000

Japanese Yen 15,360 34,229 - -
Singapore Dollar 12,575 10,457 856 819
British Pound 3,326 5,733 - -
Malaysian Ringgit 2,626 2,162 - -
United States Dollar 1,897 1,243 53,594 31,718
Chinese Renminbi 891 5,050 14,173 13,906
Others 8 11 2,709 2,597
612,259 504,897 71,332 49,040

30 Bonds Payables
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Interest-bearing Bonds:
Secured:
BSD I Bonds due 2015/2017/2019 (a) 110,000 100,000 - -
BSD II Bonds due 2018 (a) 192,500 175,000 - -
Unsecured:
PAM Bonds due 2015 (b) 17,600 16,000 - -
Zero Percent Convertible Bonds:

PAM Bonds due 2018 (c) 24,607 22,370 - -
Less: Unamortised discount (6,530) (7,632) - -
18,077 14,738 - -
PAM Bonds due 2015 (d) 6,270 5,700 - -

Less: Unamortised discount (186) (677) - -
6,084 5,023 - -
344,261 310,761 - -
Less: Deferred bond charges (1,721) (1,973) - -
342,540 308,788 - -
Less: Current portion classified as
current liabilities (33,016) - - -
Non-current portion 309,524 308,788 - -
Movements in unamortised discount on bonds are as follows:

Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000

Additions - 8,480 - -
Repayment - (3,345) - -
Amortisation during the year (2,380) (3,020) - -
Currency realignment 787 2,325 - -
Movements in deferred bond charges are as follows:
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000

Additions - 1,284 - -
Amortisation during the year (440) (344) - -
Currency realignment 188 (235) - -
As at end of the financial year, there is no breach of bond covenants.

31 December 2014
30 Bonds Payables (cont’d)
(a) In June 2012, PT Bumi Serpong Damai Tbk (“BSD”) has established a fixed rate IDR Bond Program (“Bond
Program”) up to IDR3 trillion. On 4 July 2012, BSD has issued the Phase 1 of the Bond Program amounting to
IDR1 trillion (2014: equivalent to $110 million; 2013: equivalent to $100 million), which consist of 3-year A series
bonds of IDR85 billion due in July 2015, 5-year B series bonds of IDR479 billion due in July 2017 and 7-year C
series bonds of IDR436 billion due in July 2019 with fixed annual interest rate of 8%, 9.25% and 9.5%
respectively, payable quarterly. All Phase 1 bonds were issued at face value and listed on the Indonesia Stock
Exchange.
In June 2013, BSD has issued the Phase 2 of the Bond Program amounting to IDR1.75 trillion (2014: equivalent
to $192.5 million; 2013: equivalent to $175.0 million) due in June 2018 with fixed annual interest rate of 8.375%,
payable quarterly. All Phase 2 bonds were issued at face value and listed on the Indonesia Stock Exchange.
The bonds were secured by certain properties under development for sale of the Group (Note 22).
(b) In June 2012, PT Paraga Artamida (“PAM”) issued unsecured bearer bonds due June 2015 amounting to
IDR270 billion. Interest on the bonds accrues at a fixed rate of 10% per annum and is payable on a quarterly
basis. As at 31 December 2014 and 2013, the outstanding bearer bonds amounting to IDR160 billion (2014:
equivalent to $17.6 million; 2013: equivalent to $16.0 million).
(c) In June 1998, PAM issued Zero Percent Convertible Bonds due 2003 amounting to US$138.5 million to its
shareholders or their assignees. In January 2002, the unredeemed bonds of US$137.6 million were converted
into IDR1,431,441 million. The bonds were renewed for another 5 years on the maturity dates in June 2003,
June 2008 and June 2013 respectively. The renewed bonds will mature in June 2018 and are convertible at the
option of the bondholders from 54 months after the date of the renewal to 10 business days prior to the fifth
anniversary of the date of the renewal into new ordinary shares of PAM at an exercise price based on 70% of
the net tangible asset value of PAM at the exercise date.
As at 31 December 2014 and 2013, the bonds held by other subsidiaries in the Group and related parties
amounted to IDR1,207,737 million (2014: equivalent to $132.9 million; 2013: equivalent to $120.8 million) and
IDR223,704 million (2014: equivalent to $24.6 million; 2013: equivalent to $22.4 million) respectively.
(d) In May 2005, PAM issued Zero Percent Convertible Bonds due May 2010 amounting to IDR57 billion (2014:
equivalent to $6.3 million; 2013: equivalent to $5.7 million) to a related party. The bonds were renewed for
another 5 years from May 2010 to May 2015. The renewed bond is convertible at the option of the bondholders
from 54 months after the date of the renewal to 10 business days prior to the fifth anniversary of the date of the
renewal into new ordinary shares of PAM at an exercise price based on 70% of the net tangible asset value of
PAM at the exercise date.

31 Obligations Under Finance Leases
Minimum Present value of
lease payments minimum lease payments
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Group
Amounts payable under finance leases:
Within one year 2,112 52 1,909 32
Between one year to five years 3,790 44 3,628 44
5,902 96 5,537 76
Less: Future finance charges (365) (20) - -
Present value of lease
obligations 5,537 76 5,537 76
Less: Amount due for settlement within 12 months (1,909) (32)

Amount due for settlement after 12 months 3,628 44
Net book value of assets under finance leases 6,334 -
Interest rate per annum for finance leases 2.9% – 4.2% 2.5% – 3.5%
Minimum Present value of

lease payments minimum lease payments
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Company
Amounts payable under finance leases:
Within one year 27 52 21 32
Between one year to five years 18 44 14 44
45 96 35 76
Less: Future finance charges (10) (20) - -
Present value of lease
obligations 35 76 35 76
Less: Amount due for settlement within 12 months (21) (32)

Amount due for settlement after 12 months 14 44
Net book value of assets under finance leases - -
Interest rate per annum for finance leases 2.9% 2.5% – 3.5%
The obligations under finance leases of the Group and the Company are secured by the lessor’s charge over
the leased assets.
The obligations under finance leases are denominated in the following currencies:
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000

Singapore Dollar 35 76 35 76
Malaysia Ringgit 24 - - -
5,537 76 35 76

31 December 2014
32 Borrowings
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Secured bank borrowings denominated in:

Singapore Dollar 96,000 92,000 - -
British Pound 75,792 87,863 - -
United States Dollar 57,027 - - -
Malaysian Ringgit - 13,857 - -
396,350 329,987 - -
Less: Current portion classified as
current liabilities (157,325) (135,697) - -
Non-current portion 239,025 194,290 - -
The interest rates per annum for the above borrowings are as follows:
Group Company
2014 2013 2014 2013
% % % %
Indonesia Rupiah 8.5 – 11.5 8.5 – 10.0 - -

Singapore Dollar 2.0 – 2.2 2.1 – 2.3 - -
British Pound 2.9 3.2 - -
United States Dollar 1.5 - - -
Malaysian Ringgit - 7.9 - -
The scheduled maturities of the Group’s borrowings are as follows:

Singapore
As at 31 December 2014 Dollar
Year Original Loan Currency Equivalent
Borrowings repayable in: IDR’000 GBP’000 S$’000 USD’000 $’000
2015 1,420,000,000 547 - - 157,325
2016 - 547 - - 1,125
2017 - 547 - - 1,125
2018 103,011,000 547 92,000 - 104,457
2019 - 547 4,000 43,169 62,152
Thereafter - 34,111 - - 70,166
Total 1,523,011,000 36,846 96,000 43,169 396,350
Current portion (1,420,000,000) (547) - - (157,325)
Non-current portion 103,011,000 36,299 96,000 43,169 239,025
Singapore
As at 31 December 2013 Dollar
Year Original Loan Currency Equivalent
Borrowings repayable in: IDR’000 GBP’000 S$’000 RM’000 $’000
2014 1,330,000,000 1,290 - - 135,697
2015 - 1,160 - - 2,426
2016 - 1,160 62,000 35,900 78,283
2017 - 1,160 - - 2,426
2018 32,668,511 37,250 30,000 - 111,155
Total 1,362,668,511 42,020 92,000 35,900 329,987
Current portion (1,330,000,000) (1,290) - - (135,697)
Non-current portion 32,668,511 40,730 92,000 35,900 194,290

32 Borrowings (cont’d)
Certain of the Group’s time deposits, properties under development for sale, investment properties and
property, plant and equipment have been pledged to banks to obtain the above secured borrowings (Notes 14,
22, 23 and 24).
The bank loan agreements generally include covenants that require the maintenance of certain financial ratios,
limit or require written notification of the amount of additional borrowings that may be incurred, and limit the
transfer or disposal of pledged assets and acting as guarantor to other parties. Any non-compliance with these
covenants will result in these loans becoming repayable immediately upon service of a notice of default by the
lenders. In addition, the bank loan agreements contain cross default clauses whereby non-compliance with
covenants for other financial indebtedness would result in acceleration of repayment of the outstanding loan
balances. As at end of the financial year, there is no breach of loan covenants.
33 Long-Term Liabilities
Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Loan payable to third parties 14,349 24,939 - -

Advances and deposits received on
development properties 121,450 166,881 - -
Retirement benefit obligations 29,560 21,896 - -
Security deposits 3,996 13,529 - -
Others 96 117 - -
169,451 227,362 - -
The unsecured loan payable to third parties which bear interest at rate of 1.93% (2013: 1.98%) per annum and
with a maturity in 2016.
Long-term liabilities are denominated in the following currencies:
Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000

Japanese Yen 14,349 24,939 - -
United States Dollar 202 6,946 - -
169,451 227,362 - -

31 December 2014
34 Issued Capital
Group and Company

2014 2013
S$’000 S$’000
Balance at the beginning and end of the year

3,041,959,437 ordinary shares 1,907,108 1,907,108
All issued ordinary shares are fully paid. There is no par value for these ordinary shares. The holders of ordinary
shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at
shareholders meetings. All shares rank equally with regards to the Company’s residual assets.
On 19 November 2010, the Company issued 1,520,978,744 warrants pursuant to a bonus issue on the basis of
one warrant for every two existing ordinary shares held in the capital of the Company. Each warrant carries the
right to subscribe for one new ordinary share of the Company at the exercise price of $0.10 each and may only
th
be exercised on the fifth (5 ) anniversary of the date of issuance (i.e. 18 November 2015). As at 31 December
2014 and 2013, the number of outstanding warrants was 1,520,978,744. Assuming all the warrants are fully
exercised, the number of new ordinary shares to be issued would be 1,520,978,744.
35 Dividends
Group and Company

2014 2013
S$’000 S$’000
Final dividends paid in respect of the previous year of $0.005

(2013: $0.0038) per share 15,210 11,559
At the annual general meeting to be held on 24 April 2015, a first and final tax-exempted (one-tier) dividend of
$0.005 per share, amounting to $15,209,797.19 will be recommended. These financial statements do not reflect
this dividend, which will be accounted for in shareholders’ equity as an appropriation of retained earnings for the
financial year ending 31 December 2015.
36 Holding Company
The directors of the Company regard Flambo International Limited, a company incorporated in the British Virgin
Islands as the ultimate holding company. The controlling shareholders of the Company comprise certain members
of the Widjaja family.
37 Related Party Transactions
(a) A related party is a person or entity that is related to the reporting entity. A person is considered to be
related if that person has the ability to control or jointly control the reporting entity, exercise significant
influence over the reporting entity in making financial and operating decisions, or is a member of the key
management personnel of the reporting entity or its parent. An entity is related to the reporting entity if
they are members of the same group, an associate or a joint venture. An entity is also considered to be
related if it is controlled or jointly controlled by the same person who has significant influence over the
reporting entity or is a member of the key management personnel of the reporting entity.

37 Related Party Transactions (cont’d)
(b) In addition to the related party information disclosed elsewhere in the financial statements, significant
transactions with related parties, on terms agreed between parties, were as follows:
Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
i) Interest expense to:
Related party - 57 - -
Subsidiary - - 368 359
ii) Interest income from:

Related parties 666 960 - -
iii) Dividend income from:

Associated companies 6,090 6,713 - -
Joint ventures 3,740 10,973 - -
iv) Sales of goods and services
Management fee from

subsidiaries - - 3,182 2,134
Technical fees from
associated companies 165 1,066 - -
Sales of land parcels to:
Associated companies 66,705 58,188 - -
Joint ventures - 244,031 - -
Rental income from related
parties 36,611 20,605 11 17
v) Purchase of goods and

services
Insurance premium to a
related party 1,927 1,206 - -
Rental expense to:
Subsidiaries - - 167 141
Related parties 243 243 243 243
vi) Proceeds from disposal of

subsidiaries to a related
party 5,539 - - -
(c) The remuneration of key management personnel who are also directors are as follows:
Group
(Restated)
2014 2013
S$’000 S$’000
Directors’ remuneration:
Directors of the Company 10,711 12,551
Other key management personnel 2,197 2,761
Included in the above remuneration are post employment benefits of $39,989 (2013: $41,669).

31 December 2014
38 Commitments
(a) Operating lease commitments - Group as lessee
At the end of the reporting period, the commitments in respect of non-cancellable operating leases for the rental
of office premises and properties are as follows:
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Future minimum lease payments payable:

Within one year 365 746 307 294
Between one year to five years 66 380 4 251
Minimum lease payments

paid under operating leases 939 805 414 388
The leases have varying terms, escalation clauses and renewal rights.
(b) Operating lease commitments - Group as lessor
At the end of the reporting period, committed rental income in respect of operating leases for the rental of
properties are as follows:
Group Company
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Future minimum lease receivable:
Within one year 36,008 32,735 - -
Between one year to five years 52,638 62,622 - -
After five years - 71,822 - -
The leases have varying terms, escalation clauses and renewal rights.
(c) Expenditure commitments
Estimated expenditure committed but not provided for in the financial statements are as follows:
Group Company
(Restated)
2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Property development 126,675 128,494 - -

Capital expenditure 8,736 15,772 - -

39 Financial Instruments
Fair Value of Financial Instruments
The carrying amounts of financial assets and liabilities with a maturity of less than one year, which include cash
and cash equivalents, short-term investments, trade and other receivables, trade and other payables, short-term
bond payables and short-term borrowings are assumed to approximate their fair values due to their short-term
maturities.
The fair values of long-term receivables and long-term borrowings (which include obligation under finance
leases, bonds payables and bank borrowings) are calculated based on discounted expected future principal and
interest cash flows. The discount rates used are based on market rates for similar instruments at the end of the
reporting period. As at 31 December 2014 and 2013, the carrying amounts of the long-term receivables and
long-term borrowings approximate their fair values.
Fair Value Hierarchy
The table below presents financial assets carried at fair value and classified by level of the following fair value
measurement hierarchy:
(a) Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
(b) Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (that is as prices) or indirectly (i.e. derived from prices); and
(c) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total

At 31 December 2014 S$’000 S$’000 S$’000 S$’000
through profit or loss 1,275 - - 1,275
Available-for-sale financial assets 16,529 - 2,403 18,932
Total 17,804 - 2,403 20,207
At 31 December 2013
through profit or loss 1,007 - - 1,007
Available-for-sale financial assets 2,852 - 4,300 7,152
Total 3,859 - 4,300 8,159
Movements in available-for-sale financial assets in Level 3 are as follows:
2014 2013
S$’000 S$’000
At the beginning of the year 4,300 4,022

Written off during the year (1,219) -
(Disposal)/Investments made during the year (979) 890
Foreign exchange gain/(loss) recognised in other comprehensive
income 301 (612)
At the end of the year 2,403 4,300

31 December 2014
40 Business Combinations
(a) Acquisition of subsidiaries
During the financial year 2014, there were the following acquisitions of subsidiaries:
(i) On 27 February 2014, the Group through its subsidiary, acquired additional 4.97% equity interest in its
associated company, PT Phinisindo Zamrud Nusantara (“PZN”), for a total consideration of IDR88 million
(equivalent to $10,000). Subsequently on 25 June 2014, the Group further acquired an additional 22.51% equity
interest in PZN for a total consideration of IDR5 billion (equivalent to $550,000) resulting in the Group controls
77.48% voting rights in PZN and it became a subsidiary of the Group.
The fair value of the identifiable assets and liabilities acquired amounted to $20,153,000 after taking into
account the fair value adjustments of $12,131,000 based on an independent valuation report.
From 25 June 2014 to 31 December 2014, it contributed revenue of $1,415,000 and profit of $1,624,000 to the
Group’s results. If the acquisition had occurred on 1 January 2014, management estimated that the Group’s
revenue and profit before income tax for the year would have been $830,044,000 and $476,580,000
respectively.
The identifiable assets acquired and liabilities assumed at the acquisition date were as follows:
Fair value
Previous Fair value recognised
Net assets acquired: carrying amount adjustments on acquisition
S$’000 S$’000 S$’000
Cash and cash equivalents 3,441 - 3,441

Trade receivables 175 - 175
Other current assets 107 - 107
Inventories 67 - 67
Properties held for sale 5,688 3,810 9,498
Property, plant and equipment 28 - 28
Investment properties 734 8,321 9,055
Other payables (1,521) - (1,521)
Income taxes payables (63) - (63)
Long-term liabilities (634) - (634)
Total identifiable net assets 8,022 12,131 20,153
Less: Transfer from investment in an associated company (4,409)
Less: Non-controlling interests’ proportionate share of net assets (4,538)
Less: Gain on equity interest (3,381)
Less: Negative goodwill (7,275)
Total purchase consideration 550
Less: Cash and cash equivalents acquired (3,441)
Net cash inflow on acquisition of a subsidiary (2,891)

40 Business Combinations (cont’d)
(a) Acquisition of subsidiaries (cont’d)
(ii) On 28 October 2014, the Group through its subsidiary, acquired a 68% equity interest in PT Phinisi Multi
Properti (“PMP”) for a total consideration of IDR268.3 billion (equivalent to $29,511,000).
account the fair value adjustments of $20,074,000 based on an independent valuation report. From 28 October
2014 to 31 December 2014, it contributed a loss of $21,000 to the Group’s results. If the acquisition had
occurred on 1 January 2014, management estimated that there would have been no significant changes to the
Group’s revenue and profit before income tax. The identifiable assets acquired and liabilities assumed at the
acquisition date were as follows:
Fair value
S$’000 S$’000 S$’000
Cash and cash equivalents 24 - 24

Properties under development for sale 25,354 20,074 45,428
Other payables (4) - (4)
Total purchase consideration 29,511
Less: Cash and cash equivalents acquired (24)
Net cash outflow on acquisition of a subsidiary 29,487
During the financial year 2013, there were the following acquisitions of subsidiaries:
(iii) In accordance with the requirements of FRS110, Consolidated Financial Statements, the Group changed its
control conclusion in respect of its investment in PDL, which was previously accounted for as associated
company using the equity method, with effect from April 2013 (Note 2(a)(i)). The identifiable assets acquired
and liabilities assumed were as follows:
Fair value
Previous Fair value recognised on
carrying amount adjustments consolidation
S$’000 S$’000 S$’000

Other current assets 18,404 - 18,404
Properties held for sale 296,852 - 296,852
Properties under development for sale 544,414 205,093 749,507
Property, plant and equipment 4,886 - 4,886
Other payables (192,873) - (192,873)
Long-term payables (183,132) - (183,132)
Capital reserve 3,240 - 3,240
Foreign currency reserve (1,755) - (1,755)
Less: Transfer from investment in associated company (353,616)
Less: Gain on equity interest (45,847)
Total purchase consideration -
Cash flow effect arising from consolidation of PDL group (110,877)

31 December 2014
(iv) On 5 April 2013, the Group through its subsidiary, acquired a 55% equity interest in PT Kusumasentral Kencana
(“KSK”) for a total consideration of IDR228.3 billion (equivalent to $29,681,000). Following this acquisition, the
Group’s effective equity interest in KSK was 46.40%.
account the fair value adjustments of $39,691,000. From 5 April 2013 to 31 December 2013, it contributed a
loss of $477,000 to the Group’s results. If the acquisition had occurred on 1 January 2013, management
estimated there would have been no significant changes to the Group’s revenue and profit before income tax.
The identifiable assets acquired and liabilities assumed at the acquisition date were as follows:
Fair value
S$’000 S$’000 S$’000

Investment properties 11,839 39,691 51,530
Net cash outflow on acquisition of a subsidiary 27,239
(v) On 12 June 2013, the Group through its wholly-owned subsidiaries, acquired 100% of the units issued in
Holbrook House Unit Trust for a total consideration of GBP84,046,910 (equivalent to $161,686,000). Holbrook
House Unit Trust is the beneficial owner of New Brook Buildings, an office building consisting of a 12-storey
tower connected to a 9-storey wing, with a net lettable area of approximately 99,911 square feet in London,
United Kingdom, with the CLOF (Holbrook House) Jersey Nominee A Limited and CLOF (Holbrook House)
Jersey Nominee B Limited being the legal owners of this property.
The fair value of the identifiable assets and liabilities acquired amounted to $161,686,000. From 12 June 2013
to 31 December 2013, it contributed revenue of $6,477,000 and loss of $1,189,000 to the Group’s results. If the
acquisition had occurred on 1 January 2013, management estimated the Group’s revenue and profit before
income tax for the year would have been $1,184,013,000 and $610,406,000 respectively. The identifiable
assets acquired and liabilities assumed at the acquisition date were as follows:
Fair value
S$’000 S$’000 S$’000

Investment properties 162,622 - 162,622
Total identifiable net assets 161,686 - 161,686
Cash consideration 161,686

(vi) On 23 September 2013, the Group through its subsidiary, acquired a 64.25% equity interest in PT Wijaya
Pratama Raya (“WPR”) for a total consideration of IDR268 billion (equivalent to $29,480,000). Following this
acquisition, the Group’s effective equity interest in WPR was 28.37%.
account the fair value adjustments of $40,348,000. From 23 September 2013 to 31 December 2013, WPR
contributed revenue of $2,427,000 and profit of $522,000 to the Group’s results. If the acquisition had occurred
on 1 January 2013, management estimated the Group’s revenue and profit before income tax for the year would
have been $1,180,163,000 and $610,808,000 respectively. The identifiable assets acquired and liabilities
assumed at the acquisition date were as follows:
Fair value
S$’000 S$’000 S$’000

Trade receivables 952 - 952
Long-term investment 3,390 - 3,390
Inventories 5 - 5
Property, plant and equipment 24 - 24
Income taxes payables (118) - (118)
Long-term payables (1,936) - (1,936)
Foreign currency reserve - 1,512 1,512
Less: Non-controlling interests’ proportionate shares of net assets (22,192)
Net cash outflow on acquisition of subsidiaries 26,481
(b) Disposal of subsidiaries
(i) In April 2014, the Group disposed its entire shareholding in Integrated Investments Ltd (“Integrated”) and Solid
Growth Investments Ltd (“Solid”) for a total consideration of USD4,400,000 (equivalent to $5,539,000).
Following the disposal, Integrated Investments Ltd and Solid Growth Investments Ltd, together with their
respective subsidiaries, Zhuhai Huafeng Film Co., Ltd and Zhuhai Huafeng Printing Co., Ltd, ceased to be
subsidiaries of the Group.
(ii) In December 2014, the Group disposed its entire issued units in Holbrook House Unit Trust and its entire
shareholding in CLOF (Holbrook House) Jersey Nominee A Limited and CLOF (Holbrook House) Jersey
Nominee B Limited, being the beneficial owner and legal owners of New Brook Buildings respectively, for a total
net consideration of GBP112,323,000 (equivalent to $231,498,000).

31 December 2014
(b) Disposal of subsidiaries (cont’d)
The following table summarises the carrying amount of major classes of identifiable assets and liabilities
disposed during the financial year 2014:
Integrated
and Solid CLOF Total
S$’000 S$’000 S$’000
Cash and cash equivalents 405 2,908 3,313

Trade receivables - 3,372 3,372
Other current assets 129 159 288
Property, plant and equipment 1,147 - 1,147
Other payables (15) (7,238) (7,253)
Net carrying amount of assets disposed 6,224 171,826 178,050
Less: Non-controlling interests (685) - (685)
Net assets disposed 5,539 171,826 177,365
Net foreign currency reserve realised upon disposal (5,554) (11,346) (16,900)
Gain on disposal of subsidiaries 5,554 71,018 76,572
Net proceeds from disposal 5,539 231,498 237,037
Less: Cash of disposed subsidiaries (405) (2,908) (3,313)
Net cash inflow on disposal 5,134 228,590 233,724
(c) Acquisition or disposal of non-controlling interests
(i) On 12 March 2014 and 21 November 2014, the Group through its subsidiary, injected additional capital of
IDR2.2 billion (equivalent to $242,000) and IDR2.8 billion (equivalent to $308,000) respectively into PT Mustika
Candraguna (“MCG”). Following these capital injections, the Group’s effective interest in MCG increased from
34.90% to 46.58%. The Group recognised an increase in other reserves and a decrease in non-controlling
interests of $1,236,000.
(ii) On 14 April 2014, PT Sinar Mas Wisesa, transferred its 99.99% equity interest in PT Karya Dutamas Cemerlang
(“KDC”) to PT Ekacentra Usahamaju for a total consideration of IDR131.2 billion (equivalent to $14,434,000).
As a result of this transfer, the Group’s effective interest in KDC increased from 65.39% to 84.36%. The Group
recognised a decrease in other reserves and an increase in non-controlling interests of $306,000.
(iii) On 28 April 2014, the Group through its subsidiaries, subscribed for additional 874,849,800 new shares in BSD
for a total cash consideration of IDR1.6 trillion (equivalent to $175,145,000). Following this transaction, the
Group’s effective interest in BSD increased from 49.87% to 51.50%. The Group recognised a decrease in other
reserves and an increase in non-controlling interests of $37,070,000.
(iv) On 29 December 2014, the Group through its subsidiary, acquired additional 800,000 shares in WPR for a total
consideration of IDR1.5 billion (equivalent to $161,000), resulting in an increase in its effective equity interest in
WPR from 29.30% to 29.57%. The Group recognised an increase in other reserves and a decrease in non-
controlling interests of $97,000.
(v) On 20 February 2013, AFP Land (Malaysia) Sdn Bhd (“AFPLM”) became a wholly-owned subsidiary of the
Group following a transfer of the remaining 49% equity interest in AFPLM comprising 490,000 shares of RM1
each at par value. Following this transaction, and the allotment and issue to the Group of 49,192,581 additional
shares of RM1 each credited as fully paid in Palm Resort Berhad (“PRB”) by the capitalisation of shareholders’
advances, the Group’s effective equity interest in PRB has increased from 40.15% to 99.22%. The Group
recognised a decrease in other reserves and an increase in non-controlling interests of $8,288,000.

(c) Acquisition or disposal of non-controlling interests (cont’d)
(vi) On 8 April 2013, PT Binamaju Grahamitra transferred its 3% equity interest in PT Binamaju Mitra Sejati (“BMS”)
to PT Sinarwisata Permai for a total consideration of IDR1.1 billion. As a result of this transfer, the Group’s
effective interest in BMS decreased from 56.33% to 55.12%. The Group recognised a decrease in other
reserves and an increase in non-controlling interests of $170,000.
(vii) On 27 August 2013, the Group through its subsidiary, injected additional capital of IDR800 billion (equivalent to
$88,000,000) into PT Sinar Mas Teladan (“SMT”). Following this capital injection, the Group’s effective interest
in SMT decreased from 61.83% to 58.17%. The Group recognised an increase in other reserves and a
decrease in non-controlling interests of $3,985,000.
41 Segments Information
The Group’s reportable segments are strategic business units that offer different products and services. They
are managed separately because each business requires different marketing strategies. Set out below are the
Group’s reportable segment:
Indonesia Property - investment and development of commercial, industrial and residential properties and
ownership and management of hotels and resorts in Indonesia.
International Property - investment and development of commercial and residential properties and
ownership and management of hotels and resorts in Malaysia, select mixed
development in China and ownership and leasing of investment property in United
Kingdom and Singapore.
Indonesia International Others/

Group Property Property Eliminations Total
S$’000 S$’000 S$’000 S$’000
2014
Total revenue 776,402 52,317 - 828,719

Inter-segment revenue - (167) - (167)
Revenue from external customers 776,402 52,150 - 828,552
EBITDA 445,806 13,564 (7,629) 451,741
Other Information
Capital expenditures on investment properties and
property, plant and equipment 64,701 124,816 - 189,517
Depreciation and amortisation expenses 15,361 5,349 43 20,753
Interest income 38,069 1,713 (614) 39,168
Interest expenses 45,723 15,360 (7,020) 54,063
Exceptional gain, net 12,050 71,018 5,554 88,622
Gain on disposal of property, plant and equipment 111 9 - 120
Share of results of associated companies, net of tax 2,244 - - 2,244
Share of results of joint ventures, net of tax 10,142 - - 10,142

31 December 2014
41 Segments Information (cont’d)
Indonesia International Others/

Group Property Property Eliminations Total
S$’000 S$’000 S$’000 S$’000
2014
Assets
Segment assets 4,755,517 * 485,201 1,445,143 6,685,861
Liabilities
Segment liabilities 2,219,080 426,641 888,074 3,533,795
2013 (Restated)
Total revenue 1,084,138 94,790 - 1,178,928

Inter-segment revenue - (141) - (141)
Revenue from external customers 1,084,138 94,649 - 1,178,787
EBITDA 622,263 20,248 (4,448) 638,063
Other Information
Capital expenditures on investment properties and
property, plant and equipment 142,347 1,629 - 143,976
Depreciation and amortisation expenses 12,653 4,756 54 17,463
Interest income 31,245 428 (66) 31,607
Interest expenses 15,220 10,955 (4,140) 22,035
Exceptional gain, net 57,753 - - 57,753
Gain/(Loss) on disposal of property, plant and
equipment 189 (42) (1) 146
Share of results of associated companies, net of tax (2,887) - - (2,887)
Share of results of joint ventures, net of tax (87,955) - - (87,955)
Assets
Segment assets 3,881,782 * 466,892 1,325,092 5,673,766
Liabilities
Segment liabilities 1,873,055 454,853 776,368 3,104,276
* Segment assets in Indonesia Property include investments in associated companies and joint ventures of
$223,276,000 and $103,888,000 (2013: $195,822,000 and $65,512,000) respectively.
A reconciliation of total EBITDA to total profit before income tax is as follows:

(Restated)
2014 2013
S$’000 S$’000
EBITDA for reportable segments 459,370 642,511

Other EBITDA (7,629) (4,448)
Depreciation and amortisation (20,753) (17,463)
Foreign exchange (loss)/gain, net (2,894) 44,601
Interest expenses (54,063) (22,035)
Exceptional items, net 88,622 57,753
Share of results of associated companies, net of tax 2,244 (2,887)
Share of results of joint ventures, net of tax 10,142 (87,955)

41 Segments Information (cont’d)
A reconciliation of total assets for reportable segments to total assets is as follows:

(Restated)
2014 2013
S$’000 S$’000
Total assets for reportable segments 5,240,718 4,348,674

Other assets 1,445,143 1,325,092
Elimination of inter-segment receivables (1,941,132) (1,674,109)
Total assets 4,744,729 3,999,657
A reconciliation of total liabilities for reportable segments to total liabilities is as follows:

(Restated)
2014 2013
S$’000 S$’000
Total liabilities for reportable segments 2,645,721 2,327,908

Other liabilities 888,074 776,368
Elimination of inter-segment payables (1,982,294) (1,708,445)
Total liabilities 1,551,501 1,395,831
The Group’s property business is located in Indonesia, China, Malaysia, Singapore and United Kingdom. The
following table provides an analysis of the Group’s revenue from business by geographical market, irrespective of
the origin of the goods/services.
(Restated)
2014 2013
S$’000 S$’000
Indonesia 780,519 1,087,636

China 15,948 64,015
Malaysia 15,237 16,192
Singapore 4,463 4,467
Consolidated revenue 828,552 1,178,787
The following tables present analysis of the carrying amount of non-current non-financial assets and capital
expenditures on investment properties and property, plant and equipment, analysed by the geographical area in
which the assets are located:
(Restated)
2014 2013
S$’000 S$’000
Indonesia 2,143,335 1,794,158

Singapore 61,088 64,283
Malaysia 54,122 54,596
China 13,572 23,897
Total non-current non-financial assets 2,394,722 2,112,954
United Kingdom 123,710 -

Indonesia 65,248 142,434
Malaysia 553 1,535
China 6 7
Total capital expenditures 189,517 143,976

31 December 2014
42 Subsidiaries
The details of the subsidiaries are as follows:

Name of company and The Company of equity held
country of incorporation Principal activities Cost of investment by the Group
2014 2013 2014 2013
S$’000 S$’000 % %
AFP International Finance Provision of management -* -* 100.00 100.00

Ltd (1) and consultancy services
Mauritius
AFP International Finance Financing activities -* -* 100.00 100.00

(2) Ltd (1)
Mauritius
AFP International Finance Investment holding 14 14 100.00 100.00

(3) Ltd (2)
British Virgin Islands
Asia Management Services Provision of management -* -* 100.00 100.00

Ltd (1) and consultancy services
Mauritius
Alluvium Finance B.V. (2) Dormant 37 37 100.00 100.00

The Netherlands
Ever Forward Asia Limited Dormant -* -* 100.00 100.00

(1)
Hong Kong
Golden Ray Development Real estate development -* -* 100.00 100.00

Pte. Ltd.
Singapore
SML Brook England (HK) Investment holding -* -* 100.00 100.00

Limited (5f)
Hong Kong
SML Jersey Properties Pte Investment holding -* -* 100.00 100.00

Limited (1)
Jersey
SML Jersey Brook Pte Investment holding -* -* 100.00 100.00

Limited (1)
Jersey
SML Brook Partners Pte Investment holding -* -* 100.00 100.00

Limited (1)
Jersey
CLOF (Holbrook House) Nominee company - -* - 100.00

Jersey Nominee A Limited
(2), (Note 40(b)(ii))
Jersey
CLOF (Holbrook House) Nominee company - -* - 100.00

Jersey Nominee B Limited
(2), (Note 40(b)(ii))
Jersey

42 Subsidiaries (cont’d)
2014 2013 2014 2013
S$’000 S$’000 % %
SML Great Pte Limited Property investment and -* - 100.00 -

(1),(7) development
Jersey
Indonesia Property Division

ACF Finance Ltd (2) Treasury management - - 100.00 100.00
ACF Solutions Holding Ltd Investment holding - - 100.00 100.00

(1)
Mauritius
AFP International Capital Investment holding -* -* 100.00 100.00

Pte. Ltd.
Singapore
Jermina Limited (5e) Investment holding - - 100.00 100.00

Hong Kong
Linsville Limited (2) Investment holding - - 100.00 100.00

Cayman Islands
PT Anekagriya Buminusa (1) Real estate development - - 45.61 6 44.16 6

Indonesia
PT Aneka Karya Amarta (1) Investment holding - - 84.37 84.37

Indonesia
PT Bhineka Karya Pratama Investment holding - - 72.12 72.12

(1)
Indonesia
PT Binamaju Grahamitra (1) Real estate development - - 84.37 84.35

Indonesia
PT Binamaju Mitra Sejati (1) Real estate development - - 55.50 55.12

Indonesia
PT Binasarana Muliajaya (4) Provision of management - - 72.71 99.97

Indonesia and consultancy services
PT Bumi Indah Asri (1),(7) Real estate development - - 51.50 -

Indonesia
PT Bumi Karawang Damai Real estate development - - 52.81 50.49

(1)
Indonesia
PT Bumi Megah Graha Asri Real estate and property - - 46.40 6 46.40 6
(1) development
Indonesia
PT Bumi Paramudita Mas (1) Real estate development - - 51.50 49.87 6

Indonesia

31 December 2014
2014 2013 2014 2013
S$’000 S$’000 % %
PT Bumi Serpong Damai Investment holding, - - 51.50 49.87 6

Tbk (1),(Note 40(c)(iii)) construction and
Indonesia development of houses and
buildings
PT Bumi Samarinda Damai Real estate development - - 43.09 6 42.50 6

(1)
Indonesia
PT Bumi Wisesa Jaya (1) Real estate development - - 51.50 49.87 6

Indonesia
PT Duta Cakra Pesona Real estate development - - 51.50 -

(1),(7) Indonesia
PT Duta Dharma Sinarmas Real estate development - - 26.27 6 25.43 6

(1)
Indonesia
PT Duta Mitra Mas (1) Real estate development - - 51.50 49.87 6

Indonesia
PT Duta Pertiwi Tbk (1) Property development, - - 45.61 6 44.16 6

Indonesia general trading and
investment holding
PT Duta Semesta Mas (1) Property development - - 45.61 6 44.16 6

Indonesia
PT Duta Usaha Sentosa (1) Real estate development - - 84.37 84.37

Indonesia
PT Duta Virtual Dotkom (4) E-commerce - - 45.00 6 43.57 6

Indonesia
PT Ekacentra Usahamaju (1) Investment holding - - 84.36 84.36

Indonesia
PT Garwita Sentra Utama (1) Real estate development - - 51.50 49.87 6

Indonesia
PT Grahadipta Wisesa (1) Real estate development - - 66.29 65.39

Indonesia
PT Indowisata Makmur (1) Property development - - 84.39 84.42

Indonesia
PT Inter Sarana Prabawa (1) Real estate development - - 84.37 84.37

Indonesia
PT Inti Tekno Sukses Educational and property - - 72.71 99.97

Bersama (4) development
Indonesia
PT Kanaka Grahaasri (1) Real estate development - - 45.61 6 44.16 6

Indonesia

2014 2013 2014 2013
S$’000 S$’000 % %
PT Karawang Bukit Golf (1) Residential estate and 47,995 47,995 98.12 98.12
Indonesia country club and golf club
development
PT Karawang Tatabina Industrial estate 41,708 41,708 48.77 6 48.77 6

Industrial Estate (1) development
Indonesia
PT Kembangan Permai Real estate development - - 36.49 6 35.33 6

Development (1)
Indonesia
PT Karya Dutamas Industrial estate - - 84.36 65.39

Cemerlang (1), development
(Note 40(c)(ii))
Indonesia
PT Kurnia Subur Permai (1) Real estate development - - 45.61 6 44.16 6

Indonesia
PT Kusumasentral Kencana Property development - - 46.40 6 46.40 6

(1) Indonesia
PT Masagi Propertindo (1) Property development - - 84.14 84.14

Indonesia
PT Mekanusa Cipta (1) Real estate development - - 45.61 6 44.16 6

Indonesia
PT Metropolitan Transcities Investment holding - - 84.37 84.37

Indonesia (1)
Indonesia
PT Misaya Properindo (1) Real estate development - - 45.61 6 44.16 6

Indonesia
PT Mitrakarya Multiguna (1) Real estate development - - 45.61 6 44.16 6

Indonesia
PT Mustika Candraguna Property development - - 46.58 6 34.90 6

(1),(Note 40(c)(i))
Indonesia
PT Mustika Karya Sejati (1) Real estate development - - 45.61 6 44.16 6

Indonesia
PT Pangeran Plaza Utama (1) Real estate development - - 45.61 6 44.16 6

Indonesia
PT Paraga Artamida (1) Investment holding and 720,727 720,727 84.37 84.37
Indonesia provision of consultancy
services
PT Pastika Candra Pertiwi Real estate development - - 51.50 49.87 6

(1)
Indonesia

31 December 2014
2014 2013 2014 2013
S$’000 S$’000 % %
PT Pembangunan Deltamas Property and real estate - - 49.40 6 49.40 6

(1),(Note 40(a)(iii)) development
Indonesia
PT Perwita Margasakti (1) Property development - - 45.61 6 44.16 6

Indonesia
PT Phinisi Multi Properti Real estate development - - 35.02 6 -

(1),(Note 40(a)(ii))
Indonesia
PT Phinisindo Zamrud Property development - - 35.34 6 22.08 6

Nusantara (1),(Note 40(a)(i))
Indonesia
PT Praba Selaras Pratama Real estate development - - 51.50 49.87 6

(1) and investment holding
Indonesia
PT Prestasi Mahkota Utama Real estate development - - 45.61 6 44.16 6

(1)
Indonesia
PT Puradelta Lestari Tbk Property and real estate - - 49.40 6 49.40 6

(1),(Note 40(a)(iii)) development
Indonesia
PT Prima Sehati (1) Real estate development - - 45.61 6 44.16 6

Indonesia
PT Putra Alvita Pratama (1) Real estate development - - 24.41 6 23.63 6

Indonesia
PT Putra Prabukarya (1) Real estate development - - 45.61 6 44.16 6

Indonesia
PT Putra Tirta Wisata (1) Property management - - 24.41 6 23.64 6

Indonesia
PT Royal Oriental (1) Property development - - 55.64 54.57

Indonesia
PT Saranapapan Ekasejati (1) Real estate development - - 45.61 6 44.16 6

Indonesia
PT Sentra Selaras Lestari (1) Real estate development - - 51.50 49.87 6

Indonesia
PT Sentra Selaras Phinisi Real estate development - - 51.50 -

(1),(7)
Indonesia
PT Sentra Talenta Utama (1) Real estate development - - 51.50 49.87 6

Indonesia and investment holding

2014 2013 2014 2013
S$’000 S$’000 % %
PT Simas Tunggal Centre (1) Investment holding - - 81.84 81.84

Indonesia
PT Sinar Mas Teladan (1) Property development - - 59.35 58.17

Indonesia
PT Sinar Mas Wisesa (1) Real estate development - - 66.29 65.39

Indonesia
PT Sinar Pertiwi Megah (1) Real estate development - - 51.50 49.87 6

Indonesia
PT Sinar Usaha Mahitala (1) Real estate development - - 51.50 49.87 6

Indonesia and investment holding
PT Sinar Usaha Marga (1) Real estate development - - 73.52 72.98

Indonesia
PT Sinarwijaya Ekapratista Real estate development - - 45.61 6 44.16 6

(1)
Indonesia
PT Sinarwisata Lestari (1) Hotel - - 45.61 6 44.16 6

Indonesia
PT Sinarwisata Permai (1) Hotel - - 45.61 6 44.16 6

Indonesia
PT Sumber Arusmulia (5d) Investment holding - - 53.13 53.13

Indonesia
PT Surya Inter Wisesa (1) Real estate development - - 51.50 49.87 6

Indonesia
PT Transbsd Balaraja (1) Development and operation - - 38.63 6 37.40 6

Indonesia of toll roads
PT Wijaya Pratama Raya Property development - - 29.57 6 28.37 6

(1), (Note 40(c)(iv))
Indonesia
Sinarmas Land (HK) Limited Investment holding -* -* 100.00 100.00

(5f)
Hong Kong
Sinarmas Sentul Land Trading, management -* -* 100.00 100.00

Limited (5f) service and investment
Hong Kong holding
Sittingham Assets Limited (2) Investment holding 1,460 1,460 100.00 100.00
China Property Division

AFP China Ltd (1) Investment holding -* -* 100.00 100.00
Mauritius

31 December 2014
2014 2013 2014 2013
S$’000 S$’000 % %
AFP (Shanghai) Co., Ltd (5c) Provision of management 918 918 100.00 100.00
People’s Republic of China services
Integrated Investments Ltd Investment holding - 8,168 - 100.00

(1),(Note 40(b)(i))
Mauritius
Shining Gold Real Estate Property investment and - - 100.00 100.00

(Chengdu) Co., Ltd (5c) development
People’s Republic of China
Shining Gold Real Estate Property investment and - - 100.00 100.00

(Shenyang) Co., Ltd (5c) development
Solid Growth Investments Investment holding - 8,544 - 100.00

Ltd (1),(Note 40(b)(i))
Mauritius
Zhuhai Huafeng Film Co., Dormant - - - 85.00

Ltd (5c),(Note 40(b)(i))
Zhuhai Huafeng Investment holding - - 100.00 100.00

Management and
Consultancy Co., Ltd.
(formerly known as Zhuhai
Huafeng Packaging Co., Ltd)
(5c)
Zhuhai Huafeng Printing Co., Dormant - - - 85.00

Ltd (5c),(Note 40(b)(i))
AFP Land Division:

AFP Gardens (Tanjong Rhu) Property investment and - - 100.00 100.00
Pte Ltd development
Singapore
AFP Hillview Pte Ltd Property development - - 100.00 100.00

Singapore
AFP Land (Malaysia) Sdn Investment holding - - 100.00 100.00

Bhd (1)
Malaysia
AFP Land Limited Investment holding and 456,751 456,751 100.00 100.00
Singapore provision of management
services
AFP Resort Development Resort property - - 100.00 100.00

Pte Ltd development and
Singapore investment holding

2014 2013 2014 2013
S$’000 S$’000 % %
AFP Resort Marketing Marketing services to resort - - 89.50 89.50

Services Pte Ltd establishments
Singapore
Amcol (China) Investments Investment holding - - 100.00 100.00

Pte Ltd
Singapore
Anak Bukit Resorts Sdn Bhd Resort property - - 100.00 100.00

(1) development
Malaysia
Golden Bay Realty (Private) Property investment - - 100.00 100.00

Limited
Singapore
Goldmount Holdings Pte Ltd Investment holding - - 100.00 100.00

(5a)
Singapore
Jurong Golf & Sports Golf club and to establish, - - 99.22 99.22
Complex Pte Ltd (5a) maintain and provide golf
Singapore courses and recreational
facilities
PT AFP Dwilestari (5b) Resort development and - - 65.00 65.00

Indonesia operation
Palm Resort Berhad (1) Golf club and to establish, - - 99.22 99.22
Malaysia maintain and provide golf
course and recreational
facilities and to act as
hotelier and hotel marketing
agent
PRB (L) Ltd (1) Investment holding and - - 100.00 100.00

Malaysia treasury management
Palm Resort Management Dormant - - 99.22 99.22

Pte Ltd
Singapore
Palm Villa Sdn Bhd (1) Dormant - - 99.22 99.22

Malaysia
Sankei Pte Ltd Dormant - - 100.00 100.00

Singapore
1,269,610 1,286,322
* The cost of investment is below $1,000.

31 December 2014
Notes:
The above subsidiaries are audited by Moore Stephens LLP, Singapore except for subsidiaries that are
indicated below:
(1) Audited by member firms of Moore Stephens International Limited of which Moore Stephens LLP,
Singapore is a member.
(2) No statutory audit is required by law in its country of incorporation.
(3) No statutory audit is required as the subsidiary was or is in the process of liquidation.
(4) No statutory audit is required as the subsidiary is newly incorporated/inactive.
(5) Audited by other firms of accountants as follows:

(a) CA Practice PAC
(b) BDO Tanubrata Sutanto Fahmi & Rekan.
(c) Zhonghua Certified Public Accountants LLP.
(d) Audited by member firms of Moore Stephens International Limited of which Moore Stephens
LLP, Singapore is a member, except for the financial year 2013 which was audited by
Hendrawinata Eddy & Siddharta.
(e) Leung Siu Wo & Co.
(f) TCL & Company, Certified Public Accountants (Practising).
(6) These subsidiaries are held by non-wholly owned intermediate holding companies. The intermediate
holding companies have the power to control over of these companies.
(7) During the financial year 2014, the following subsidiaries have been incorporated:
Subsidiaries Initial issued and paid up capital
SML Great Pte Limited 2 ordinary shares for GBP2

PT Bumi Indah Asri 12,500 shares of IDR1,000 each
PT Duta Cakra Pesona 12,500 shares of IDR1,000 each
PT Sentra Selaras Phinisi 275,000 shares of IDR1 million each
(8) As at 31 December 2014, the accumulated non-controlling interests is $1,478,527,000 (2013:

$1,182,528,000), of which $986,653,000 (2013: $784,752,000) is for 15.63% non-controlling interests
in PT Paraga Artamida and its subsidiaries (“Paraga Group”) and $429,525,000 (2013: $345,542,000)
is for 50.60% non-controlling interests in PT Puradelta Lestari Tbk and its subsidiary (“PDL Group”)
respectively. The non-controlling interests in respect of other subsidiaries are individually not material.

(8) The following table summarises the financial information relating to Paraga Group and PDL Group which has
non-controlling interests (“NCI”) that are material to the Group:
Paraga Group PDL Group

2014 2013 2014 2013
S$’000 S$’000 S$’000 S$’000
Non-current assets 1,799,001 1,439,729 578,408 592,111

Current assets 1,431,357 1,097,135 406,953 317,934
Non-current liabilities (739,400) (742,706) (36,405) (96,656)
Current liabilities (772,039) (442,124) (100,022) (130,423)
Revenue 565,203 833,900 169,358 193,751

Profit for the year 160,148 208,601 95,830 78,926
Total comprehensive income/(loss)
for the year 185,589 35,094 165,880 (119,322)
Profit allocated to NCI 107,705 152,383 48,490 39,354

Dividends paid to NCI 12,034 19,449 - -
Cash inflows from operating

activities 53,051 53,258 85,310 107,712
Cash (outflows)/inflows from
investing activities (42,400) (270,417) (7,349) 2,127
Cash (outflows)/inflows from
financing activities, before
dividends to NCI (70,783) 297,910 (67,215) (111,135)
Net (decrease)/increase in cash
and cash equivalents (60,132) 80,751 10,746 (1,296)

31 December 2014
43 Associated Companies
Name of company and The Group of equity held
(Restated)
2014 2013 2014 2013
S$’000 S$’000 % %
PT AMSL Delta Mas (“ADM”) Property development 25,774 10,417 17.00 4 16.46 4
(2)
Indonesia
PT AMSL Indonesia (“AMSL”) Property development 24,723 24,723 17.00 4 16.46 4

(2)
Indonesia
PT Citraagung Tirtajatim (1) Property development 2,146 2,146 18.24 4 17.66 4

Indonesia
PT Duta Karya Propertindo Property management 47 47 22.81 22.08

(3)
Indonesia
PT Harapan Anang Bakri & Industrial estate 879 879 37.12 37.12
Sons (1) development
Indonesia
PT Maligi Permata Industrial Industrial estate 4,809 4,809 42.19 42.19

Estate (1) development
Indonesia
PT Matra Olahcipta (1) Property development 3,080 3,080 22.81 22.08

Indonesia
PT Phinisindo Zamrud Property development - 434 - 22.08

Nusantara (1),(Note 40(a)(i))
Indonesia
PT Plaza Indonesia Realty Property development 199,176 199,176 17.62 4 26.03

Tbk (“PIR”) (2),(5) and hotel owner
Indonesia
PT Serasi Niaga Sakti (1) Real estate development 4,202 4,202 42.19 42.19
Indonesia
264,836 249,913
Notes:
(1) Audited by member firms of Moore Stephens International Limited of which Moore Stephens LLP,
Singapore is a member.
(2) Audited by other firms of accountants, Osman Bing Satrio & Eny.
(3) No statutory audit is required as the company is inactive/newly incorporated.
(4) These companies are held by non-wholly owned intermediate holding companies. The intermediate
holding companies are able to exercise significant influence on its financial and operating policies.
(5) In April 2014, BSD has acquired from PAM an aggregate of 922,760,000 shares, representing 25.99%
of the shareholding in PIR, for a total consideration of IDR2 trillion (equivalent to $223,308,000)
resulting in a decrease in the Group’s effective interest in PIR from 26.03% to 17.06%. Subsequently,
following the additional share subscription in BSD (Note 40(c)(iii)) , the Group’s effective equity interest
in PIR increased from 17.06% to 17.62%.

Shareholding Statistics
As at 9 March 2015
ISSUED AND FULLY PAID-UP CAPITAL : S$1,907,108,100.14

NO. OF SHARES ISSUED : 3,041,959,437 SHARES
CLASS OF SHARES : ORDINARY SHARES
VOTING RIGHTS : ONE VOTE PER SHARE
Size of Shareholdings No. of Shareholders % No. of Shares %
1 - 99 117 1.41 4,291 0.00

100 - 1,000 933 11.22 662,895 0.02
1,001 - 10,000 5,491 66.03 25,147,710 0.83
10,001 - 1,000,000 1,748 21.02 83,453,597 2.74
1,000,001 & ABOVE 27 0.32 2,932,690,944 96.41
Total 8,316 100.00 3,041,959,437 100.00
TWENTY LARGEST SHAREHOLDERS
Name of Shareholders No. of Shares %
FLAMBO INTERNATIONAL LIMITED 1,675,129,854 55.07

DBS NOMINEES PTE LTD 370,758,882 12.19
RAFFLES NOMINEES (PTE) LTD 268,968,391 8.84
GOLDEN MOMENT LIMITED 169,000,000 5.56
UOB KAY HIAN PTE LTD 120,355,278 3.96
CIMB SECURITIES (S’PORE) PTE LTD 112,174,592 3.69
MORGAN STANLEY ASIA (S) SECURITIES PTE LTD 101,190,500 3.33
CITIBANK NOMINEES S’PORE PTE LTD 44,799,238 1.47
BANK OF S’PORE NOMINEES PTE LTD 16,623,888 0.55
OCBC SECURITIES PRIVATE LTD 9,581,553 0.31
UNITED OVERSEAS BANK NOMINEES PTE LTD 7,209,084 0.24
WISNU KUSMIN OR DIANAWATI TJENDERA 5,000,000 0.16
HSBC (SINGAPORE) NOMINEES PTE LTD 4,466,437 0.15
COSMIC INSURANCE CORPORATION LIMITED - SIF 3,131,000 0.10
CHEE SWEE HENG 3,000,000 0.10
DBS VICKERS SECURITIES (S) PTE LTD 2,929,639 0.10
OCBC NOMINEES SINGAPORE PTE LTD 2,482,215 0.08
TAN KAH BOH ROBERT @ TAN KAH BOO 2,200,000 0.07
HONG LEONG FINANCE NOMINEES PTE LTD 2,045,666 0.07
TAN BOON HUAT 2,026,000 0.07
Total 2,923,072,217 96.11
SUBSTANTIAL SHAREHOLDERS No. of Shares in which they have an Interest

Total Percentage
(Direct and
Direct Percentage Deemed Percentage Deemed Interest)
Name Interest (%) Interest (%) (%)
GOLDEN MOMENT LIMITED 169,000,000 5.55 – – 5.55

(“Golden Moment”)
FLAMBO INTERNATIONAL LIMITED1 1,825,129,854 60.00 169,000,000 5.55 65.55
(“Flambo”)
THE WIDJAJA FAMILY MASTER TRUST(2)2 – – 1,994,129,854 65.55 65.55
(“WFMT(2)”)
Notes:
1
The deemed interest of Flambo arises from its interest in 169,000,000 shares held by its wholly-owned subsidiary, Golden Moment in the Company.
2
The deemed interest of WFMT(2) arises from its interest in 1,825,129,854 shares held by Flambo and 169,000,000 shares held by Golden Moment in
the Company.
Based on the information available to the Company as at 9 March 2015, approximately 34% of the issued ordinary shares of the
Company is held by the public and therefore, Rule 723 of the Listing Manual issued by the Singapore Exchange Securities Trading
Limited is complied with.
Shareholding Statistics 151

Warrantholding Statistics
As at 9 March 2015
NO. OF WARRANTS ISSUED : 1,520,978,744
EXPIRY DATE OF WARRANTS : 18 November 2015 (“Exercise Date”), provided that if such day falls
on a date on which the Register of Members and/or the Register of
Warrantholders are closed or is not a business day, then the Exercise
Date shall be the next business day on which the Register of Members
and the Register of Warrantholders are open.
Each Warrant entitles the holder to subscribe for one (1) new ordinary share (“New Share”) at an exercise price of S$0.10 for each
New Share on the Exercise Date.
Size of Warrantholdings No. of Warrantholders % No. of Warrants %
1 - 99 124 1.87 3,961 0.00

100 - 1,000 2,181 32.81 1,383,740 0.09
1,001 - 10,000 3,700 55.66 13,150,869 0.87
10,001 - 1,000,000 617 9.28 34,724,604 2.28
1,000,001 & ABOVE 25 0.38 1,471,715,570 96.76
Total 6,647 100.00 1,520,978,744 100.00
TWENTY LARGEST WARRANTHOLDERS
Name of Warrantholders No. of Warrants %
FLAMBO INTERNATIONAL LIMITED 849,771,000 55.87

DBS NOMINEES PTE LTD 182,422,159 11.99
RAFFLES NOMINEES (PTE) LTD 135,462,068 8.91
GOLDEN MOMENT LIMITED 72,293,927 4.75
UOB KAY HIAN PTE LTD 60.657,138 3.99
CIMB SECURITIES (S’PORE) PTE LTD 57,496,067 3.78
MORGAN STANLEY ASIA (S) SECURITIES PTE LTD 49,252,500 3.24
OCBC SECURITIES PRIVATE LTD 12,794,531 0.84
LIEW CHEE KONG 7,664,000 0.50
BANK OF S’PORE NOMINEES PTE LTD 6,789,444 0.45
TAN NG KUANG 6,385,000 0.42
CITIBANK NOMINEES S’PORE PTE LTD 6,229,047 0.41
UNITED OVERSEAS BANK NOMINEES PTE LTD 2,989,331 0.20
PHILLIP SECURITIES PTE LTD 2,981,587 0.20
TAN JOON YANG 2,550,000 0.17
WISNU KUSMIN OR DIANAWATI TJENDERA 2,500,000 0.16
HSBC (SINGAPORE) NOMINEES PTE LTD 2,302,135 0.15
BNP PARIBAS NOMINEES S’PORE PTE LTD 1,985,333 0.13
DBS VICKERS SECURITIES (S) PTE LTD 1,842,653 0.12
COSMIC INSURANCE CORPORATION LIMITED – SIF 1,565,500 0.10
Total 1,465,933,420 96.38

Notice of Annual General Meeting
SINARMAS LAND LIMITED

(Incorporated in the Republic of Singapore)
NOTICE IS HEREBY GIVEN that an Annual General Meeting of Sinarmas Land Limited (the “Company” or “SML”) will be
held on Friday, 24 April 2015 at 9.00 a.m. at PARKROYAL on Beach Road, Grand Ballroom, Level 1, 7500 Beach Road,
Singapore 199591 to transact the following business:
AS ORDINARY BUSINESS
1. To receive and adopt the Audited Financial Statements for the year ended 31 December 2014 together with the
Directors’ and Auditors’ Reports thereon. (Resolution 1)
2. To declare a first and final tax-exempted (one-tier) dividend of S$0.005 per ordinary share for the year ended
31 December 2014. (Resolution 2)
3. To approve the Directors’ Fees of S$299,500 for the year ended 31 December 2014. (FY2013: S$286,000) (Resolution 3)
4. To re-elect the following Directors retiring by rotation pursuant to Article 91 of the Articles of Association of the Company:
(a) Mr. Muktar Widjaja {please see note 1} (Resolution 4)

(b) Mr. Ferdinand Sadeli {please see note 1} (Resolution 5)
5. To re-appoint Mr Kunihiko Naito as a Director of the Company pursuant to Section 153(6) of the Companies Act, Cap 50.
{please see note 2} (Resolution 6)
6. To re-appoint Moore Stephens LLP as Auditors of the Company and to authorise the Directors to fix their remuneration.
(Resolution 7)
AS SPECIAL BUSINESS
7. To consider and, if thought fit, to pass with or without any amendments, the following resolutions as Ordinary Resolutions:
Renewal of the Share Issue Mandate
7A. “That pursuant to Section 161 of the Companies Act, Cap 50 and the Listing Rules of the Singapore Exchange
Securities Trading Limited, authority be and is hereby given to the Directors of the Company to issue shares and
convertible securities in the Company (whether by way of rights, bonus or otherwise) at any time and upon such
terms and conditions and for such purposes as the Directors may, in their absolute discretion, deem fit, provided
that the aggregate number of shares and convertible securities to be issued pursuant to this Resolution does not
exceed fifty percent (50%) of the total number of issued shares excluding treasury shares of the Company at the date
of this Resolution, of which the aggregate number of shares and convertible securities to be issued other than on a
pro-rata basis to shareholders of the Company does not exceed twenty percent (20%) of the total number of issued
shares excluding treasury shares of the Company at the date of this Resolution, and, unless revoked or varied by
the Company in general meeting, such authority shall continue in force until the next Annual General Meeting of the
Company.” {please see note 3} (Resolution 8)
Notice of Annual General Meeting 153

Renewal of the Share Purchase Mandate
7B. “(a) That for the purposes of Sections 76C and 76E of the Companies Act, Cap 50 (the “Act”), the exercise by the
Directors of the Company of all the powers of the Company to purchase or otherwise acquire ordinary shares
(“Shares”) in the issued share capital of the Company not exceeding in aggregate the Prescribed Limit (as
hereafter defined), at such price or prices as may be determined by the Directors from time to time up to the
Maximum Price (as hereafter defined), whether by way of:
(i) market purchases (each a “Market Purchase”) on the Singapore Exchange Securities Trading Limited
(“SGX-ST”); and/or
(ii) off-market purchases (each an “Off-Market Purchase”) effected in accordance with any equal access
schemes as may be determined or formulated by the Directors as they consider fit, which schemes shall
satisfy all the conditions prescribed by the Act,
and otherwise in accordance with all other laws, regulations and rules of the SGX-ST as may for the time
being be applicable, be and is hereby authorised and approved generally and unconditionally (the “Share
Purchase Mandate”);
(b) That unless varied or revoked by the Company in general meeting, the authority conferred on the Directors of
the Company pursuant to the Share Purchase Mandate may be exercised by the Directors at any time and from
time to time during the period commencing from the passing of this Resolution and expiring on the earlier of:
(i) the date on which the next Annual General Meeting of the Company is held or is required by law to be held;
or
(ii) the date on which purchases or acquisitions of Shares pursuant to the Share Purchase Mandate are
carried out to the full extent mandated; or
(iii) the date on which the authority in the Share Purchase Mandate is varied or revoked;
(c) That in this Resolution:
“Prescribed Limit” means ten percent (10%) of the total number of issued shares excluding treasury shares of
the Company as at the date of the passing of this Resolution; and
“Maximum Price” in relation to a Share to be purchased, means an amount (excluding brokerage, stamp
duties, applicable goods and services tax and other related expenses) not exceeding:
(i) in the case of a Market Purchase: 105% of the Average Closing Price
(ii) in the case of an Off-Market Purchase: 120% of the Highest Last Dealt Price

where:
“Average Closing Price” means the average of the closing market prices of a Share over the last five (5) market
days, on which transactions in the Shares were recorded, preceding the day of the Market Purchase and
deemed to be adjusted for any corporate action that occurs after the relevant 5-day period;
“Highest Last Dealt Price” means the highest price transacted for a Share as recorded on the market day on
which there were trades in the Shares immediately preceding the day of the making of the offer pursuant to the
Off-Market Purchase; and
“day of the making of the offer” means the day on which the Company announces its intention to make an
offer for the purchase of Shares from Shareholders stating the purchase price (which shall not be more than the
Maximum Price calculated on the foregoing basis) for each Share and the relevant terms of the equal access
scheme for effecting the Off-Market Purchase; and
(d) That the Directors of the Company be and are hereby authorised to complete and do all such acts and things
(including executing such documents as may be required) as they may consider expedient or necessary to give
effect to the transactions contemplated by this Resolution.” {please see note 4} (Resolution 9)
Renewal of the Interested Person Transactions Mandate
7C. “(a) That pursuant to Chapter 9 of the Listing Manual of the Singapore Exchange Securities Trading Limited,
approval be and is hereby given to the Company, its subsidiaries and associated companies that are not
listed on the Singapore Exchange Securities Trading Limited or an approved exchange, provided that the Company
and its subsidiaries (the “Group”), or the Group and its interested person(s), has control over the associated
companies, or any of them to enter into any of the transactions falling within the types of Interested Person
Transactions, particulars of which are set out in the Appendix 2 to this Notice of Annual General Meeting {please
see note 5}, with any party who is of the class of Interested Persons described in the said Appendix 2, provided
that such transactions are carried out in the ordinary course of business and in accordance with the guidelines of
the Company for Interested Person Transactions as set out in the said Appendix 2 (the “IPT Mandate”);
(b) That the IPT Mandate shall, unless revoked or varied by the Company in general meeting, continue in force until
the next Annual General Meeting of the Company; and
(c) That the Directors of the Company be and are hereby authorised to complete and do all such acts and things (including
executing all such documents as may be required) as they may consider expedient or necessary or in the interests of
the Company to give effect to the IPT Mandate and/or this Resolution.” {please see note 6} (Resolution 10)
By Order of the Board
Ferdinand Sadeli
Director
2 April 2015
Singapore
Notice of Annual General Meeting 155

Notes:
i. With the exception of The Central Provident Fund Board (who may appoint more than two proxies), a member entitled to
attend and vote at the Annual General Meeting is entitled to appoint no more than two proxies to attend and vote in his
stead. A proxy need not be a member of the Company. Proxies must be lodged at the Registered Office of the Company
at 108 Pasir Panjang Road, #06-00 Golden Agri Plaza, Singapore 118535 not later than 48 hours before the Annual
General Meeting.
ii. CPF Holders of SML shares who wish to receive a printed copy of the Annual Report 2014 may write in to request for a
copy from the Company at 108 Pasir Panjang Road, #06-00 Golden Agri Plaza, Singapore 118535.
Additional information relating to the Notice of Annual General Meeting:
1. Please refer to the sections on Board of Directors and Corporate Governance Report in the Annual Report 2014 for
further information on Mr. Muktar Widjaja and Mr. Ferdinand Sadeli.
2. Mr. Kunihiko Naito, if re-appointed, will remain as a member of the Audit Committee. Mr. Naito is considered to be
independent. Please refer to the sections on Board of Directors and Corporate Governance Report in the Annual Report
2014 for further information on Mr. Naito.
3. The Ordinary Resolution 8 proposed in item 7A above, if passed, is to empower the Directors from the date of the above
Annual General Meeting until the date of the next Annual General Meeting, to issue shares and convertible securities
in the capital of the Company not exceeding fifty percent (50%) of the total number of issued shares excluding treasury
shares of the Company at the time this Resolution is passed. For issue of shares and convertible securities other than
on a pro-rata basis to shareholders, the aggregate number of shares and convertible securities to be issued shall not
exceed twenty percent (20%) of the total number of issued shares excluding treasury shares of the Company.
The percentage of the total number of issued shares excluding treasury shares shall be based on the total number of
issued shares excluding treasury shares of the Company after adjusting for (a) new shares arising from the conversion
or exercise of convertible securities or any employee share options on issue at the time this Resolution is passed and
(b) any subsequent bonus issue, consolidation or subdivision of shares.
4. The Ordinary Resolution 9 proposed in item 7B above, if passed, is to renew for another year, up to the next Annual
General Meeting of the Company, the mandate for share purchase as described in the Appendix 1 to this Notice of
Annual General Meeting, which will, unless previously revoked or varied by the Company at a general meeting, expire
at the next Annual General Meeting.
5. The mandate for transactions with Interested Persons as described in the Appendix 2 (the “Appendix 2”) to this Notice
of Annual General Meeting includes the placement of deposits by the Company with financial institutions in which
Interested Persons have an interest.
6. The Ordinary Resolution 10 proposed in item 7C above, if passed, is to renew for another year, up to the next
Annual General Meeting of the Company, the mandate for transactions with Interested Persons as described in the
Appendix 2, which will, unless previously revoked or varied by the Company at a general meeting, expire at the next
Annual General Meeting.

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Important:
1. For investors who have used their CPF monies to buy
shares of Sinarmas Land Limited, the Annual Report is
forwarded to them at the request of their CPF Approved
Nominees and is sent solely FOR INFORMATION ONLY.
SINARMAS LAND LIMITED 2. This Proxy Form is not valid for use by CPF investors and
(Incorporated in the Republic of Singapore) shall be ineffective for all intents and purposes if used or
Company Registration No. 199400619R purported to be used by them.
PROXY FORM
ANNUAL GENERAL MEETING
I/We, (Name)
(NRIC/Passport/Company Registration Number)
of (Address)
being a member/members of Sinarmas Land Limited (the “Company”) hereby appoint:
NRIC / Proportion of Shareholdings

Name Address Passport Number No. of Shares %
and/or (delete as appropriate):
or failing him/her, the Chairman of the Annual General Meeting of the Company (the “AGM”) as my/our proxy/proxies to attend
and vote for me/us on my/our behalf at the AGM to be held on Friday, 24 April 2015 at 9.00 a.m. at PARKROYAL on Beach Road,
Grand Ballroom, Level 1, 7500 Beach Road, Singapore 199591 and at any adjournment thereof. I/We direct my/our proxy/proxies to
vote for or against the resolution as set out in the Notice of AGM as indicated hereunder. If no specific direction as to voting is given, the
proxy/proxies may vote or abstain from voting at his/their discretion, as he/they may on any other matter arising at the AGM.
Note: The Chairman of the AGM will be exercising his right under Article 61(a) of the Articles of Association of the Company to
demand a poll in respect of each of the resolutions to be put to the vote of members at the AGM and at any adjournment
thereof. Accordingly, each resolution at the AGM will be voted on by way of poll.
*No. of Votes *No. of Votes

No. Resolutions
“For” “Against”
ORDINARY BUSINESS
1 Adoption of Reports and Audited Financial Statements
2 Declaration of First and Final Dividend
3 Approval of Directors’ Fees for the year ended 31 December 2014
4 Re-election of Mr Muktar Widjaja
5 Re-election of Mr Ferdinand Sadeli
6 Re-appointment of Mr Kunihiko Naito
7 Re-appointment of Auditors
SPECIAL BUSINESS
8 Renewal of the Share Issue Mandate
9 Renewal of the Share Purchase Mandate
10 Renewal of the Interested Person Transactions Mandate
* If you wish to exercise all your votes “For” or “Against” the relevant resolution, please indicate with an “X” within the relevant box
provided. Alternatively, if you wish to exercise your votes for both “For” and “Against” the relevant resolution, please indicate the number
of votes as appropriate in the boxes provided.
Total Number of Shares Held

Dated this day of 2015
Signature(s) or Common Seal of Member(s)

IMPORTANT: PLEASE READ NOTES ON THE REVERSE

Fold along this line. Glue and seal firmly.
ANNUAL GENERAL MEETING

PROXY FORM
Affix
Stamp
Here

The Company Secretary
108 Pasir Panjang Road
#06-00 Golden Agri Plaza
Singapore 118535
Fold along this line
Notes
1. Please insert the total number of shares held by you. If you have shares entered against your name in the
Depository Register (as defined in Section 130A of the Companies Act, Cap 50), you should insert that number.
If you have shares registered in your name in the Register of Members of the Company, you should insert that
number. If you have shares entered against your name in the Depository Register and shares registered in your
name in the Register of Members, you should insert the aggregate number. If no number is inserted, this form of
proxy will be deemed to relate to all the shares held by you.
2. A member entitled to attend and vote at a meeting of the Company is entitled to appoint not more than two proxies
to attend and vote on his behalf. A proxy need not be a member of the Company.
3. The instrument appointing a proxy or proxies must be deposited at the Company’s registered office at 108 Pasir
Panjang Road, #06-00 Golden Agri Plaza, Singapore 118535 not less than 48 hours before the time set for the AGM.
4. Where a member appoints more than one proxy, the appointments shall be invalid unless he specifies the
proportion of his holding to be represented by each proxy.
5. The instrument appointing a proxy or proxies must be under the hand of the appointor or of his attorney duly
authorised in writing. Where the instrument appointing a proxy or proxies is executed by a corporation, it must be
executed under its common seal or under the hand of its officer or attorney duly authorised.
Fold along this line
6. Where an instrument appointing a proxy is signed on behalf of the appointor by an attorney, the power of attorney
(or other authority) or a duly certified copy thereof must (failing previous registration with the Company) be lodged
with the instrument of proxy, failing which the instrument may be treated as invalid.
7. A corporation which is a member may authorise by resolution of its directors or other governing body such person
as it thinks fit to act as its representative at the AGM, in accordance with Section 179 of the Companies Act, Cap 50.
8. The Company shall be entitled to reject an instrument of proxy which is incomplete, improperly completed,
illegible or where the true intentions of the appointor are not ascertainable from the instructions of the appointor
specified on the instrument of proxy. In addition, in the case of shares entered in the Depository Register, the
Company may reject an instrument of proxy if the member, being the appointor, is not shown to have shares
entered against his name in the Depository Register as at 48 hours before the time appointed for holding the
AGM, as certified by The Central Depository (Pte) Limited to the Company.
108 Pasir Panjang Road,

#06-00 Golden Agri Plaza,
Singapore 118535
Tel : (65) 6220 7720

Fax : (65) 6590 0887
www.sinarmasland.com
S
Sinar Mas Land @sinarmas_Land

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Sinarmas Land Limited

Annual Report 2014

CORPORATE PROFILE VISION

Property Held for Sale 17.8

Investment Properties 10.5

Other Current Assets and Receivables 5.6

Property Plant and Equipment 3.3

Long Term Receivables 0.8

2 Sinarmas Land Limited Annual Report 2014 Financial Highlights 3

Year in Brief Awards & Accolades

4 Sinarmas Land Limited Annual Report 2014 5

The Group achieved S$428.2 million

1 INTERNAL RESTRUCTURING the newly completed Indonesia

FRANKY OESMAN WIDJAJA

7 8 1 FRANKY OESMAN WIDJAJA

10 Sinarmas Land Limited Annual Report 2014 Board of Directors 11

FERDINAND SADELI KUNIHIKO NAITO

ROBIN NG CHENG JIET

12 Sinarmas Land Limited Annual Report 2014 Board of Directors 13

Franky Oesman Widjaja Executive, non-independent Director Member of NC and BC

1.1 The Board’s Role Abbreviation:-

14 Sinarmas Land Limited Annual Report 2014 Corporate Governance Report 15

Margaretha Natalia Widjaja 5 – – – 5/5

1.7 Board Orientation and Training for New Directors

16 Sinarmas Land Limited Annual Report 2014 Corporate Governance Report 17

18 Sinarmas Land Limited Annual Report 2014 Corporate Governance Report 19

4.2 Process for Selection and Appointment, Re-appointment of Directors PRINCIPLE 6:

7.1 Remuneration Committee Composition and Role

20 Sinarmas Land Limited Annual Report 2014 Corporate Governance Report 21

S$500,000 to S$750,000 94.9% 5.1% 100%

Variable bonus is based on performance in the same ﬁnancial year.

22 Sinarmas Land Limited Annual Report 2014 Corporate Governance Report 23

Foo Meng Kee (AC Chairman)

24 Sinarmas Land Limited Annual Report 2014 Corporate Governance Report 25

Risk Management and Internal Controls

26 Sinarmas Land Limited Annual Report 2014 Corporate Governance Report 27

D. SHAREHOLDER RIGHTS AND RESPONSIBILITIES Conduct of Shareholders’ Meetings

28 Sinarmas Land Limited Annual Report 2014 Corporate Governance Report 29

PT Sinar Mas DATE OF LISTING

* Listed on the SGX-ST

30 Sinarmas Land Limited Annual Report 2014 Corporate Directory 31

Leveraging on the Group’s strong INTE

Since our inception more than CITY

Capitalising on Sinarmas Land’s IN

The Group also holds long-term However, sales of commercial shop-

38 Sinarmas Land Limited Annual Report 2014 Financial Review 39

whose main project is Kota Deltamas, the 1

INTERNATIONAL PROPERTY INTERNATIONAL PROPERTY 1

– CHINA – AFP LAND GROUP

FY 2014 4.4 FY 2014 12.6

FY 2013 16.6 FY 2013 13.2

FY 2012 10.8 FY 2012 13.7

40 Sinarmas Land Limited Annual Report 2014 Financial Review 41

OUR PORTFOLIO grow our portfolio and market share.

of Jakarta. Kota Wisata

township (BSD City) on approximately Go! Wet Water

42 Sinarmas Land Limited Annual Report 2014 Operations Review 43

To capture the fast growing opportunities

(3 hectares) and Makassar (5.1 hectares)