MCL Land Ltd 2009 Financial S

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Hongkong Land Holding Ltd. (Sing.Reg) (HKLD)

UK 100

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	Financial year ended 31st December
	2009	2008	Change	2009	Change
	US$m	US$m	%	S$m	%
Revenue	452.7	343.1	32	645.4	26
Write down of development properties for sale	-	(180.2)	- 100	-	- 100
Profit/(loss) before tax	184.1	(93.9)	n/m	261.7	n/m
Profit/(loss) attributable to shareholders	153.7	(107.3)	n/m	218.5	n/m
	US¢	US¢		S¢
Earnings/(loss) per share	41.53	(29.00)	n/m	59.05	n/m
Gross dividend per share	8.91	6.95	28	12.50	25
	At 31.12.2009	At 31.12.2008	Change	At 31.12.2009	Change
	US$m	US$m	%	S$m	%
Shareholders' funds	533.2	393.9	35	748.2	32
	US$	US$		S$
Net asset value per share	1.44	1.06	36	2.02	32

MCL Land Limited
Consolidated Profit and Loss Account for the financial year ended 31st December


				2009	2008	Change
			Note	US$'000	US$'000	%

Revenue			2	452,688	343,056	32
Cost of sales				(267,867)	(262,134)	2

Gross profit				184,821	80,922	128

Other income/(expenses)			3	12,025	(174,173)	n/m
Marketing expenses				(1,217)	(1,876)	- 35
Administrative expenses				(7,414)	(2,949)	151
Share of joint ventures' results (net of tax)				(4,128)	4,128	n/m

Profit/(Loss) before tax			2	184,087	(93,948)	n/m

Tax			4	(30,436)	(13,340)	128

Profit/(Loss) after tax attributable to shareholders
		of the Company		153,651	(107,288)	n/m


				US¢	US¢	%

Earnings/(Loss) per share ("EPS") attributable to
		shareholders
		- basic and diluted*	6	41.53	(29.00)	n/m





n/m = not meaningful

*	Diluted EPS is the same as basic EPS, as there were no oustanding dilutive potential ordinary shares.

MCL Land Limited
Consolidated Statements of Comprehensive Income and Changes in Equity
for the financial year ended 31st December


Consolidated Statement of Comprehensive Income for the financial year ended 31st December

			2009		2008
			US$'000		US$'000

Profit/(Loss) after tax			153,651		(107,288)

Other comprehensive income:
	Translation difference		11,121		4,155

Total comprehensive income/(loss) attributable to shareholders
	of the Company		164,772		(103,133)


Consolidated Statement of Changes in Equity for the financial year ended 31st December

		Attributable to shareholders
		Share	Translation	Retained	Total
		Capital	Reserve	earnings	equity
		US$'000	US$'000	US$'000	US$'000

2009
Balance at 1st January		276,657	109,383	7,909	393,949

Total comprehensive income for the financial year		-	11,121	153,651	164,772

Dividend (Note 5)		-	-	(25,493)	(25,493)

Balance at 31st December		276,657	120,504	136,067	533,228



2008
Balance at 1st January		276,657	105,228	142,288	524,173

Total comprehensive income/(loss) for the financial year		-	4,155	(107,288)	(103,133)

Dividend (Note 5)		-	-	(27,091)	(27,091)

Balance at 31st December		276,657	109,383	7,909	393,949


The number of issued ordinary shares as at 31st December 2009 was 369,985,977 (2008: 369,985,977). The Company did not hold any treasury shares as at 31st December 2009 and 2008.

MCL Land Limited
Consolidated Balance Sheet

			At	At
			31.12.2009	31.12.2008
		Note	US$'000	US$'000
Non-current assets ¹
Plant and equipment			346	212
Investment properties			15,382	15,985
Investments in joint ventures			30,317	34,739
Deferred tax assets			690	874
			46,735	51,810
Current assets ²
Development properties for sale			543,409	683,534
Amounts owing by joint ventures			72,466	62,018
Debtors and prepayments			67,534	80,797
Bank balances			192,464	131,800
			875,873	958,149

Total assets			922,608	1,009,959

Non-current liabilities ³
Borrowings		8	90,194	298,242
Deferred tax liabilities			270	459
Creditors			7,254	7,137
			97,718	305,838
Current liabilities ⁴
Borrowings		8	9,550	14,871
Amounts owing to joint venture			482	459
Creditors			249,038	277,437
Current tax liabilities			32,592	17,405
			291,662	310,172

Total liabilities			389,380	616,010

Net assets			533,228	393,949

Equity:
Share capital and reserves
Share capital			276,657	276,657
Translation reserve			120,504	109,383
Retained earnings			136,067	7,909
Shareholders' funds			533,228	393,949

Net asset value per share			US$1.44	US$1.06

Explanatory notes on material variances:
¹	The decrease in non-current assets at 31.12.2009 as compared to 31.12.2008 is mainly due to the loss incurred from the Group's joint ventures.
²	The decrease in current assets is mainly due to recognition of the cost of development properties for sale in the profit and loss account upon the projects' completion during the current financial year. This is partially offset by higher bank balances from progress billings collected from the Group's development properties.
³	The lower non-current liabilities at 31.12.2009 as compared to 31.12.2008 is mainly due to repayment of long-term bank loans during the financial year from progress billings collected from the Group's development properties.
⁴	The lower current liabilities at 31.12.2009 as compared to 31.12.2008 is mainly due to repayment of short-term bank loans during the financial year from progress billings collected and payment to creditors during the current financial year. This is partially offset by higher provision of income tax for the Group's taxable profit.

MCL Land Limited
Company Balance Sheet

	At	At
	31.12.2009	31.12.2008
	US$'000	US$'000
Non-current assets
Plant and equipment	325	182
Interests in subsidiaries	57,561	58,909
Investments in joint ventures	28,482	27,773
	86,368	86,864

Current assets
Amounts owing by subsidiaries	273,493	353,289
Amounts owing by joint ventures	72,466	62,018
Debtors and prepayments	318	280
Bank balances	135,281	70,916
	481,558	486,503

Total assets	567,926	573,367

Non-current liability
Borrowings	-	45,170

Current liabilities
Borrowings	-	9,034
Amounts owing to subsidiaries	126,061	35,564
Amounts owing to joint venture	482	459
Creditors	3,734	3,336
Current tax liabilities	721	2,284
	130,998	50,677

Total liabilities	130,998	95,847
Net assets	436,928	477,520

Equity:
Share capital and reserves
Share capital	276,657	276,657
Translation reserve	102,236	96,048
Retained earnings	58,035	104,815
Shareholders' funds	436,928	477,520

Net asset value per share	US$1.18	US$1.29

MCL Land Limited
Company Statements of Comprehensive Income and Changes in Equity
for the financial year ended 31st December


Company Statement of Comprehensive Income for the financial year ended 31st December

			2009		2008
			US$'000		US$'000

(Loss)/Profit after tax			(21,287)		46,952

Other comprehensive income:
	Translation difference		6,188		2,687

Total comprehensive (loss)/income attributable to shareholders
	of the Company		(15,099)		49,639


Company Statement of Changes in Equity for the financial year ended 31st December

		Attributable to shareholders
		Share	Translation	Retained	Total
		Capital	reserve	Earnings	Equity
		US$'000	US$'000	US$'000	US$'000

2009
Balance at 1st January		276,657	96,048	104,815	477,520

Total comprehensive income/(loss) for the financial year		-	6,188	(21,287)	(15,099)

Dividend (Note 5)		-	-	(25,493)	(25,493)

Balance at 31st December		276,657	102,236	58,035	436,928



2008
Balance at 1st January		276,657	93,361	84,954	454,972

Total comprehensive income for the financial year		-	2,687	46,952	49,639

Dividend (Note 5)		-	-	(27,091)	(27,091)

Balance at 31st December		276,657	96,048	104,815	477,520

MCL Land Limited
Consolidated Statement of Cash Flows for the financial year ended 31st December

				2009	2008
			Note	US$'000	US$'000

Profit/(Loss) before tax				184,087	(93,948)
Non-cash items
	Interest income			(7,746)	(1,361)
	Share of joint ventures' results			4,128	(4,128)
	Depreciation			128	165
	Write down of development properties for sale		3	-	180,245
	Fair value losses for investment properties			881	1,030
	Unrealised translation gains			(2)	(13)
	(Profit)/Loss on disposal of plant and equipment			(70)	2
				(2,681)	175,940
Operating profit before working capital changes				181,406	81,992

Changes in working capital
	Development properties for sale			155,972	(123,643)
	Amount owing by joint ventures			(871)	41,444
	Debtors and prepayments			15,454	95,956
	Creditors			(35,708)	(7,166)
				134,847	6,591
Cash flows generated from operations				316,253	88,583

	Interest received			959	1,419
	Income tax paid			(15,580)	(12,897)
				(14,621)	(11,478)
	Net cash flows generated from operating activities ⁵			301,632	77,105

Cash flows from investing activities
	Purchase of plant and equipment			(263)	(24)
	Net proceeds from sale of plant and equipment			71	1
	Net cash flows used in investing activities			(192)	(23)

Cash flows from financing activities
	Dividend paid		5	(25,493)	(27,091)
	Drawdown of loans			57,269	287,556
	Repayment of loans			(275,126)	(290,779)
	Net cash flows used in by financing activities ⁶			(243,350)	(30,314)

Net change in cash and cash equivalents				58,090	46,768
Cash and cash equivalents at the beginning of the financial year				131,800	78,419
Effect of exchange rate changes				2,574	6,613
Cash and cash equivalents at the end of the financial year				192,464	131,800

Explanatory notes on material variances:
	⁵	The net cash generated from operating activities for the financial year ended 31st December 2009 relates mainly to progress billings collected from the Group's development properties, partially offset by payment to creditors and development costs incurred for the Group's development properties.
	⁶	The net cash flows used in financing activities for the financial year ended 31st December 2009 relates to the dividend paid on 29th May 2009 and higher long-term loans repaid from the progress billings collected.

MCL Land Limited
Notes

1	Accounting policies and basis of preparation

	The financial statements contained in this announcement are prepared in accordance with the accounting policies and methods of computation set out in the 2008 audited accounts, which are based on International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies set out in the 2008 audited accounts except for the adoption of new standards, amendments and interpretations to existing standards which are relevant to its operations as set out below:

	IFRS 8		Operating Segments
	IAS 1 (Revised 2007)		Presentation of Financial Statements
	IAS 23 (Revised 2007)		Borrowing Costs
	Amendments to IFRS 1 and		Cost of an investment in Subsidiary, Jointly Controlled Entity or
		IAS 27	Associate
	Amendment to IFRS 7		Improving Disclosures about Financial Instruments
	IFRIC 15		Agreements for Construction of Real Estate
	IFRIC 16		Hedges of a Net Investment in a Foreign Operation
	Improvements to IFRSs (2008)

	The adoption of the above standards, amendments and interpretations did not have a material impact on the results of the Group.

2	Revenue and Profit/(Loss)
				Group
	For the financial year ended 31st December			2009	2008	Change
				US$'000	US$'000
	Revenue:
	1st half			144,103	718	n/m
	2nd half			308,585	342,338	- 10
				452,688	343,056	32
	Profit/(Loss) after tax:
	1st half			38,082	8,198	365
	2nd half			115,569	(115,486)	n/m
				153,651	(107,288)	n/m

	Profit/(Loss) before tax is determined after including:
	Write down of development properties for sale (Note 3)			-	(180,245)	- 100
	Fair value losses for investment properties			(881)	(1,030)	- 14
	Net exchange gain			-	13	- 100
	Rental income			1,070	1,303	- 18
	Interest income			7,745	1,361	469
	Depreciation on plant and equipment			(128)	(165)	- 22
	Profit/(Loss) on disposal of plant and equipment			70	(2)	n/m

	n/m = not meaningful

3	Other income/(expenses)

	Included in the income/(expenses) for the financial year ended 31st December 2008 is a write down of the Group's development properties for sale amounting to US$180,245,000.

4	Tax

	The provision for income tax is based on the statutory tax rates prevailing in the respective countries in which the Group companies operate after taking into account expenses which are not tax deductible, income not subject to tax, Group tax relief and a tax credit of US$1.9 million in respect of prior years.


5	Dividend

	At the Annual General Meeting to be held on 29th April 2010, a first and final dividend of S¢12.50 per share (amounting to approximately US¢8.91 per share or US$33.0 million) in respect of 2009 will be proposed. These financial statements do not reflect this dividend payable, which will be accounted for in shareholders' equity as an appropriation of retained earnings in the financial year ending 31st December 2010.

	The dividends paid in 2009 and 2008 were as follows:
			Group and Company
			2009	2008
			US$'000	US$'000

	One-tier dividend of S¢10.00 per share paid in 2009
		(2008: S¢10.00 per share)	25,493	27,091


6	Earnings/(Loss) per share*

			Group
	For the financial year ended 31st December		2009	2008

	Basic earnings/(loss) per share*
	Profit/(Loss) attributable to shareholders (US$'000)		153,651	(107,288)
	Weighted average number of ordinary shares in issue ('000)		369,986	369,986
	Basic earnings/(loss) per share (US¢)		41.53	(29.00)

	Underlying earnings/(loss) per share
	Underlying profit/(loss) attributable to shareholders (US$'000)		153,638	(106,433)
	Basic underlying earnings/(loss) per share (US¢)		41.53	(28.77)

	The reconciliation of the underlying profit/(loss) and profit/(loss) attributable to shareholders is as follows:

			Group
	For the financial year ended 31st December		2009	2008
			US$'000	US$'000

	Profit/(Loss) attributable to shareholders		153,651	(107,288)
	Non-trading items:
		Fair value losses for investment properties (net of deferred tax)	679	855
		Share of fair value gain for investment property of a joint venture
		(net of deferred tax)	(692)	-
	Underlying profit/(loss) attributable to shareholders		153,638	(106,433)

	*	Diluted EPS is the same as basic EPS, as there were no outstanding dilutive potential ordinary shares.

7	Segment information

	Management has determined the operating segments based on the reports reviewed by the chief operating decision-maker that are used to make strategic decisions. The Group's assets are predominantly located in Singapore. The reportable segments derive their revenue primarily from sales of the Group's development properties in Singapore. There were no significant inter-segment transactions for the financial year ended 31 December 2009.

	The segment information provided to the chief operating decision-maker for the reportable segments for the financial year ended 31st December 2009 is as follows:

		Development
		Properties	Others	Group
		US$'000	US$'000	US$'000
	For the financial year ended 31st December 2009

	Revenue	451,618	1,070	452,688

	Segment results	185,392	(4,500)	180,892
	Interest income from joint ventures			7,323
	Share of joint ventures' results			(4,128)
	Profit before tax			184,087
	Tax			(30,436)
	Profit after tax			153,651

	Segment assets	610,575	16,096	626,671
	Investment in joint ventures			30,317
	Amounts owing by joint ventures			72,466
	Bank balances			192,464
	Deferred tax assets			690
	Total assets			922,608

	Segment liabilities	352,049	3,987	356,036
	Amounts owing to joint venture			482
	Current and deferred tax liabilities			32,862
	Total liabilities			389,380

	The segment information for the financial year ended 31st December 2008 is as follows:

		Development
		properties	Others	Group
		US$'000	US$'000	US$'000
	For the financial year ended 31st December 2008

	Revenue	341,753	1,303	343,056

	Segment results	(93,967)	(4,671)	(98,638)
	Interest income from joint ventures			562
	Share of joint ventures' results			4,128
	Loss before tax			(93,948)
	Tax			(13,340)
	Loss after tax			(107,288)

	Segment assets	824,714	87,614	912,328
	Investment in joint ventures			34,739
	Amounts owing by joint ventures			62,018
	Bank balances			131,800
	Deferred tax assets			874
	Total assets			1,009,959

	Segment liabilities	539,900	57,787	597,687
	Amounts owing to joint venture			459
	Current and deferred tax liabilities			17,864
	Total liabilities			616,010

8	Group borrowings

			Group
			At	At
			31.12.2009	31.12.2008
			US$'000	US$'000
	Borrowings due within one year
		- unsecured	-	9,034
		- secured	9,550	5,837
			9,550	14,871
	Borrowings due after one year
		- unsecured	-	45,170
		- secured	90,194	253,072
			90,194	298,242

			99,744	313,113

9	Interested person transactions
	Name of interested person		Aggregate value of all interested person transactions (excluding transactions less than S$100,000 and transactions conducted under the shareholders' mandate pursuant to Rule 920)		Aggregate value of interested person transactions conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than S$100,000)
				US$'000		US$'000
	Three months ended
	31st December 2009

	Jardine Matheson Limited
	- Internal audit fee			-		28

	Hongkong Land Limited
	- Management consultancy fee			922		-

	Sale of a condominium at Parvis to a
		director		2,283		-

	Twelve months ended
	31st December 2009

	Jardine Matheson Limited
	- Internal audit fee			-		136

	Cycle & Carriage Industries Pte Limited
	- Sale of vehicle			-		71
	- Purchase of vehicle			-		223

	Hongkong Land Limited
	- Management consultancy fee			922		-

	Sale of a condominium at Parvis to a
		director		2,283		-

10	Issue of shares

	There have been no changes in the issued share capital of the Company since 31st December 2008.

	There are no outstanding convertible instruments issued or treasury shares held by the Company as at 31st December 2009.

	The total number of issued share capital (excluding treasury shares) as at 31st December 2009 and 31st December 2008 was 369,985,977.



11	Closure of books

	NOTICE IS HEREBY GIVEN to the members of the Company that the Transfer Books and Register of Members of the Company will be closed on 13th May 2010 for preparation of dividend warrants. Duly completed and stamped transfers received by the Company's share registrars, M&C Services Private Limited at 138 Robinson Road, #17-00, The Corporate Office, Singapore 068906 before 5.00 pm on 12th May 2010 (the "Books' Closure Date") will be registered to determine shareholders' entitlements to the final dividend. Shareholders (being depositors) whose securities' accounts with The Central Depository (Pte) Limited are credited with shares as at the Books' Closure Date will be entitled to the payment of the first and final dividend which will be paid on 26th May 2010, subject to approval by shareholders at the Annual General Meeting of the Company to be held on 29th April 2010.


12	Others

	The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material and unusual nature. No significant transaction or event has occurred between 31st December 2009 and the date of this report.


13	Notification pursuant to Rule 704(11) of the listing manual

	Pursuant to Rule 704(11) of the SGX-ST Listing manual, MCL Land Limited wishes to announce that no person occupying a managerial position in the Company or any of its principal subsidiaries is a relative of a director or the chief executive officer or a substantial shareholder of the Company.

	- end -

For further information, please contact:
MCL Land Limited
Steve Chu

Full text of the Financial Statements and Dividend Announcement for the financial year ended 31st December 2009 can be accessed through the internet at www.mclland.com.sg.

MCL Land Ltd 2009 Financial S

For immediate release

MCL Land Limited

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