Boustead Projects : FY2021 Financial Results Announcement

Corporate Profile

Established in 1996 and listed on the SGX Mainboard (SGX:AVM), Boustead Projects Limited is a leading provider of innovative eco-sustainable real estate solutions with a regional presence across Singapore, China, Malaysia and Vietnam. Our core businesses are uniquely integrated to support the business park and industrial real estate ecosystem, comprising:

• Turnkey engineering, full-fledged integrated digital delivery ("IDD"), and project and construction management encompassing design-and-build;
• Real estate development, asset and leasing management; and
• Real estate fund management including being the sponsor and manager of Boustead Industrial Fund, a scalable private real estate trust platform for business park, logistics and industrial properties, and joint owner of Echo Base-BP Capital Pte Ltd, an Asia-centric fund management and services platform focused on smart buildings and integrated developments.

To date, we have constructed and/or developed more than 3,000,000 square metres of real estate for clients including Fortune 500, S&P 500 and Euronext 100 corporations, across diverse sectors like aerospace, business park, food, healthcare and pharmaceutical, high-tech manufacturing, logistics, research & development, technology and waste management, among others. Under the Boustead Development Partnership with a reputable Middle East sovereign wealth fund, we have developed or redeveloped more than half a million square metres of real estate in Singapore including landmark developments like ALICE@Mediapolis and GSK Asia House.

Our in-house capabilities are backed by core engineering expertise, the progressive adoption of transformative methodologies including full-fledged IDD and Industry 4.0 technologies and augmented by strategic partnerships which enable the co-creation of smart, eco-sustainable and future-ready developments. Our wholly-owned Engineering & Construction subsidiary in Singapore, Boustead Projects E&C Pte Ltd ("BP E&C") is the eco- sustainability leader in pioneering Green Mark Platinum-rated new private sector industrial developments under the Building & Construction Authority ("BCA") Green Mark Certification Scheme and a national champion of best practices for quality, environmental and workplace safety and health ("WSH") management. BP E&C's related achievements include being the first SkillsFuture Queen Bee for the built environment sector, quality leader on the BCA CONQUAS all-time top 100 industrial projects list, one of only eight bizSAFE Mentors and also bizSAFE Star, receiving numerous awards for exemplary WSH performance.

We were awarded the Corporate Excellence & Resilience Award at the Singapore Corporate Awards 2021 Special Edition, a recognition of our best practices in corporate governance and leadership, innovation and resilience during the COVID-19 pandemic - among only 26 SGX-listed corporations to be honoured across all market capitalisation categories and only nine in the Small Cap Category. We were also awarded the Singapore Corporate Governance Award in the Newly Listed Category at the Securities Investors Association (Singapore) Investors' Choice Awards 2017 and are one of only 92 SGX-listed corporations on the SGX Fast Track Programme

• which aims to affirm listed issuers that have been publicly recognised for high corporate governance standards and for maintaining a good compliance track record - with prioritised clearance for their corporate action submissions.

Boustead Projects is a 54%-owned subsidiary of Boustead Singapore Limited (SGX:F9D), a progressive global infrastructure-related engineering and technology group which is separately listed on the SGX Mainboard.

Visit us at www.bousteadprojects.com.

1

BOUSTEAD PROJECTS LIMITED

(Incorporated in Singapore)

AND ITS SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

For the financial year ended 31 March 2022

Contents

		Page
A	Condensed Interim Consolidated Income Statement	3
B	Condensed Interim Consolidated Statement of Comprehensive Income	4
C	Condensed Interim Statements of Financial Position - Group and Company	5
D	Condensed Interim Statements of Changes in Equity - Group and Company	6
E	Condensed Interim Consolidated Statement of Cash Flows	10
F	Notes to the Condensed Interim Financial Statements	12
G	Other Information Required by Listing Rule Appendix 7.2	23

2

BOUSTEAD PROJECTS LIMITED AND ITS SUBSIDIARIES

1. CONDENSED INTERIM CONSOLIDATED INCOME STATEMENT For the six months and full year ended 31 March 2022

			6 months ended		Full-year ended
		Note	31 Mar 2022	31 Mar 2021	Inc/(Dcr)	31 Mar 2022	31 Mar 2021	Inc/(Dcr)
			$'000	$'000	%	$'000	$'000	%
Revenue	4.1	159,963	213,692	(25%)	339,089	301,405	13%
Cost of sales		(157,630)	(202,473)	(22%)	(325,216)	(283,838)	15%
Gross profit		2,333	11,219	(79%)	13,873	17,567	(21%)
Other income	5	3,544	1,721	106%	7,203	3,348	115%
Other gains - net	6	1,790	132,875	(99%)	4,275	132,868	(97%)
Impairment loss on financial		(452)			(452)
	assets		(1,527)	(70%)	(1,527)	(70%)
Expenses		(1,594)			(3,342)
-	Selling and distribution		(2,385)	(33%)	(3,360)	(1%)
-	Administrative		(11,642)	(9,408)	24%	(19,695)	(16,171)	22%
-	Finance	8	(744)	(1,480)	(50%)	(1,370)	(3,221)	(57%)
Share of profit of associates		12,253			13,349
	and joint ventures		11,700	5%	11,060	21%
Profit before income tax	7	5,488	142,715	(96%)	13,841	140,564	(90%)
Income tax expense	9	(57)	(8,809)	(99%)	(2,510)	(8,922)	(72%)
Total profit		5,431	133,906	(96%)	11,331	131,642	(91%)
Profit attributable to:
Equity holders of the		5,434			11,336
	Company		133,934	(96%)	131,688	(91%)
Non-controlling interests		(3)	(28)	(89%)	(5)	(46)	(89%)
			5,431	133,906	(96%)	11,331	131,642	(91%)
Earnings per share for
	profit attributable to
	equity holders of the
	Company
	(cents per share)
- Basic		1.7	43.0	(96%)	3.6	42.3	(91%)
- Diluted		1.7	43.0	(96%)	3.6	42.3	(91%)

NM - not meaningful

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BOUSTEAD PROJECTS LIMITED AND ITS SUBSIDIARIES

1. CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the six months and full year ended 31 March 2022

		6 months ended		Full-year ended
		31 Mar 2022	31 Mar 2021	Inc/(Dcr)	31 Mar 2022	31 Mar 2021	Inc/(Dcr)
		$'000	$'000	%	$'000	$'000	%
Total profit	5,431	133,906	(96%)	11,331	131,642	(91%)
Other comprehensive
income/(loss):
Items that may be reclassified
subsequently to profit or loss:
Share of other comprehensive income	365			353
of an associate	-	NM	-	NM
Currency translation differences	(169)			262
arising from consolidation	(215)	(21%)	(560)	NM
Items that will not be reclassified
subsequently to profit or loss:
Financial assets, at FVOCI
- Fair value gains	240	106	126%	240	106	126%
Other comprehensive	436			855
income/(loss), net of tax	(109)	NM	(454)	NM
Total comprehensive income	5,867	133,797	(96%)	12,186	131,188	(91%)
Total comprehensive income
attributable to:
Equity holders of the Company	5,870	133,825	(96%)	12,191	131,234	(91%)
Non-controlling interests	(3)	(28)	(89%)	(5)	(46)	(89%)
		5,867	133,797	(96%)	12,186	131,188	(91%)

NM - not meaningful

4