TEE Land : Second Quarter and/ or Half Yearly Results

TEE Land Limited

Incorporated in the Republic of Singapore Company Registration No: 201230851R

Unaudited Second Quarter Financial Statement and Dividend Announcement for the Period Ended 30 November 2016

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

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

The Group S$'000		Increase/ (Decrease) %	The Group S$'000		Increase/ (Decrease) %
Second Quarter Ended			Half Year Ended
30/11/2016	30/11/2015		30/11/2016	30/11/2015
24,029 (17,418)	9,842 (6,173)	144.1 182.2	37,807 (27,278)	13,194 (7,713)	186.5 253.7
6,611	3,669	80.2	10,529	5,481	92.1
407	780	(47.8)	1,040	1,494	(30.4)
(874)	(592)	47.6	(1,488)	(921)	61.6
(2,138)	(2,841)	(24.7)	(4,956)	(5,565)	(10.9)
(171)	(345)	(50.4)	(171)	(1,122)	(84.8)
(682)	2,405	N.M	113	5,399	(97.9)
(1,468)	(1,223)	20.0	(2,926)	(2,319)	26.2
1,685	1,853	(9.1)	2,141	2,447	(12.5)
(598)	(306)	95.4	(630)	(40)	N.M.
1,087	1,547	(29.7)	1,511	2,407	(37.2)

Revenue Cost of sales Gross profit

Other operating income Selling and distribution costs Administrative expenses Other operating expenses Share of results of associates Finance costs

690 397	1,504 43	(54.1) N.M.	1,287 224	2,389 18	(46.1) N.M.
1,087	1,547	(29.7)	1,511	2,407	(37.2)

Profit before tax Income tax expense Profit for the period Profit attributable to:

Owners of the Company Non-controlling interests

1(a)(ii) A statement of comprehensive income for the group together with a comparative statement for the corresponding period of the immediately preceding financial year

The Group S$'000		Increase/ (Decrease) %	The Group S$'000		Increase/ (Decrease) %
Second Quarter Ended			Half Year Ended
30/11/2016	30/11/2015		30/11/2016	30/11/2015
1,087	1,547	(29.7)	1,511	2,407	(37.2)
1,324	738	79.4	2,359	(819)	N.M.
2,411	2,285	5.5	3,870	1,588	143.7

Profit for the period

Other comprehensive income for the period:

Currency translation differences Total comprehensive income for the

period

N.M.-not meaningful

1(a)(ii) A statement of comprehensive income for the group together with a comparative statement for the corresponding period of the immediately preceding financial year (Continued)

The Group S$'000		Increase/ (Decrease) %	The Group S$'000		Increase/ (Decrease) %
Second Quarter Ended			Half Year Ended
30/11/2016	30/11/2015		30/11/2016	30/11/2015
1,381 1,030	2,109 176	(34.5) 485.2	2,640 1,230	1,654 (66)	59.6 N.M.
2,411	2,285	5.5	3,870	1,588	143.7

Total comprehensive income attributable to:

Owners of the Company Non-controlling interests

1(a)(iii) Notes to the income statement

The Group S$'000		Increase/ (Decrease) %	The Group S$'000		Increase/ (Decrease) %
Second Quarter Ended			Half Year Ended
30/11/2016	30/11/2015		30/11/2016	30/11/2015
262	350	(25.1)	578	693	(16.6)
(166)	96	N.M.	-	378	N.M.
265	87	204.6	361	157	129.9
-	180	N.M.	-	180	N.M.
46	67	(31.3)	101	86	17.4
407	780	(47.8)	1,040	1,494	(30.4)
982	737	33.2	1,948	1,341	45.3
486	486	N.M.	978	978	N. M.
1,468	1,223	20.0	2,926	2,319	26.2
46	46	N.M.	91	91	N.M.
581	220	164.1	902	223	304.5
96	179	(46.4)	252	284	(11.3)
-	-	N.M.	-	2	N.M.
-	(2)	N.M.	-	(2)	N.M.
102	779	(86.9)	864	1,461	(40.9)
171	348	(50.9)	171	1,122	(84.8)
(5)	(4)	25.0	(5)	16	N.M.

A Other operating income: Interest income

Foreign currency exchange adjustment (loss) gain Financial guarantee income

Liquidated damages received Others

1. Finance costs: Loan interests Term note interest

2. Amortisation of issuance costs on term notes

3. Amortisation of deferred sales commission expenses

4. Amortisation of show flat expenses

5. Allowance for doubtful debt on trade receivable

6. Write back of allowance for doubtful debt on trade receivable

7. Depreciation of property, plant and equipment

8. Foreign currency exchange adjustment loss

9. Adjustment for (over) under provision of income tax in respect of prior years

   N.M.-not meaningful

   The Group S$'000		The Company S$'000
   30/11/2016	31/05/2016	30/11/2016	31/05/2016
   28,409	26,368	9,154	6,770
   8,724	7,933	-	-
   14,042	24,846	139,064	150,443
   20,757	22,895	2,840	2,950
   23	16	-	-
   156,077	113,796	-	-
   44,507	46,231	-	-
   75,218	-	-	-
   347,757	242,085	151,058	160,163
   44,298	47,667	-	-
   -	-	32,486	20,795
   23,748	89,961	-	-
   12,588	11,717	-	-
   3,173	2,643	-	-
   6,000	6,000	2,071	-
   6,373	5,883	-	-
   96,180	163,871	34,557	20,795
   443,937	405,956	185,615	180,958
   3,114	3,114	1,615	1,615
   14,987	11,651	-	-
   29,048	25,627	9,737	2,011
   11	12	-	-
   29,858	23,324	-	-
   266	382	1,222	1,218
   -	4,050	-	-
   29,849	-	29,849	-
   2,847	3,465	10	27
   109,980	71,625	42,433	4,871
   43	51	-	-
   228	210	-	-
   156,073	132,213	-	-
   -	29,758	-	29,758
   386	631	1,440	1,878
   1,989	-	-	-
   158,719	162,863	1,440	31,636
   142,238	142,238	142,238	142,238
   (952)	(2,305)	-	-
   (5,969)	(5,969)	-	-
   (6)	(6)	-	-
   23,506	24,051	(496)	2,213
   158,817	158,009	141,742	144,451
   16,421	13,459	-	-
   175,238	171,468	141,742	144,451
   443,937	405,956	185,615	180,958

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

   ASSETS

   Current assets

   Cash and bank balances Trade receivables

   Other receivables

   Current portion of loans receivable from associates Inventories

   Development properties

   Completed properties and land held for sale Assets classified as held for sale

   Total current assets

   Non-current assets Investment in associates Investment in subsidiaries Property, plant and equipment Investment properties Deferred tax assets

   Other receivables

   Loans receivable from associates Total non-current assets

   Total assets

   LIABILITIES AND EQUITY

   Current liabilities

   Bank loans Trade payables

   Current portion of other payables Current portion of finance lease Current portion of long-term borrowings

   Current portion of financial guarantee liabilities Current portion of long-term loan

   Term note

   Income tax payable Total current liabilities

   Non-current liabilities Finance lease Deferred tax liabilities Long-term bank loans Term notes

   Financial guarantee liabilities Other payables

   Total non-current liabilities

   Capital, reserves and non-controlling interests

   Share capital

   Currency translation reserve Merger reserve

   Capital reserve Accumulated profits/(loss)

   Equity attributable to owners of the Company Non-controlling interests

   Total equity

   Total liabilities and equity 1(b)(ii) Aggregate amount of group's borrowings and debt securities Amount repayable in one year or less, or on demand

   The Group The Group

   S$'000 S$'000

   As at 30/11/2016 As at 31/05/2016

   Secured Unsecured Secured Unsecured

   32,983 29,849 26,450 -

   Amount repayable after one year

   The Group The Group

   S$'000 S$'000

   As at 30/11/2016 As at 31/05/2016

   Secured Unsecured Secured Unsecured

   156,116 - 132,264 29,758

   Details of any collateral

   The total secured borrowings included the following:

10. Obligations under finance lease secured on the motor vehicle of the Group and

11. Bank loans and long-term bank loans secured by legal mortgages over the Group's development properties, property, investment properties, fixed deposit and corporate guarantee from the holding company.

Note: As at 31/05/2016, these borrowings exclude the long-term loan of S$4,050,000 due to former joint developer.

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

The Group S$'000		The Group S$'000
Second Quarter Ended		Half Year Ended
30/11/2016	30/11/2015	30/11/2016	30/11/2015
1,685	1,853	2,141	2,447
682	(2,405)	(113)	(5,399)
102	779	864	1,461
(265)	(87)	(361)	(157)
46	46	91	91
581	220	902	223
96	179	252	284
-	-	-	2
-	(2)	-	(2)
(262)	(350)	(578)	(693)
1,468	1,223	2,926	2,319
(117)	-	(217)	-
4,016	1,456	5,907	576
68	17,405	(861)	27,215
(1,253)	(610)	9,340	(2,265)
(4)	(3)	(6)	(2)
(10,604)	(12,700)	(30,923)	(15,457)
(11,500)	-	(11,500)	-
1,724	-	1,724	-
2,855	8,403	3,604	6,046
12,615	2,525	5,677	3,435
(2,083)	16,476	(17,038)	19,548
(2,672)	(2,390)	(4,325)	(3,656)
(1,052)	(44)	(1,688)	(73)
-	280	-	280
(5,807)	14,322	(23,051)	16,099

Operating activities Profit before tax Adjustments for:

Share of results of associates

Depreciation of property, plant and equipment Amortisation of financial guarantee liabilities Amortisation of issuance costs on term notes Amortisation of deferred sales commission expenses Amortisation of show flat expenses

Allowance for doubtful receivables

Write back of allowance for doubtful trade receivables Interest income

Interest expense

Unrealised currency translation loss

Operating cash flows before movements in working capital Trade receivables

Other receivables Inventories Development properties

Acquisition of development property Completed property held by sale Trade payables

Other payables

Cash (used in) from operations Interest paid

Income tax paid Income tax refund

Net cash (used in) from operating activities