FY 2023 Full-Year Results Briefing

Good morning, ladies and gentlemen, friends from the media, analysts, bankers, investors, and fellow CDL colleagues. My name is Belinda, and I'm the head of investor relations and corporate communications at CDL. On behalf of CDL management and my fellow colleagues, a very warm welcome to CDL's briefing on its unaudited financial results for the full year, end of 31st December, 2023. Now this is a hybrid briefing format with both in-person here at the M Hotel Singapore and also those joining us locally and internationally virtually on the live webcast. Now thank you everyone for being here this morning. For today's briefing in line with CDL's commitment to environmental sustainability, we will not be providing any printed materials. Now instead, we encourage you to scan the QR code on the screen to download the documents has been uploaded on our CDL website and also on SGXNet this morning. They will include

a copy of the detailed financial statement, a copy of the press release summarizing some of the key highlights, a presentation deck that the management team will be partially going through this morning, and for our guests that are joining us virtually, you will also similarly be able to download the documents which are available on the CDL website. I I would like to introduce you to the CDL management team that are on my far left. Now in the center, we have Mr. Kwak-Ling Bing, our executive chairman, Mr. Sherman Kwak, our group CEO, Mr. Kwak Ekshin, our group COO, Mr. Chiang Yang Hong, our group GM, and Ms. Yong Yin Ming, our group CFO. The format of today's briefing will be in two parts. We will kick off with a presentation of some of the key highlights of a performance and followed by a Q&A opportunity. Now without further ado, I would like to invite Mr. Sherman Quag, our Group CEO, to kickstart the presentation. Sherman, please.

I think today we'll keep it brief and we want to leave more time for Q&A. And as per the last briefing, I think we decided that in order to keep the presentation short, it would just be myself presenting the overview and strategic initiatives, as well as after me will be yimming, presenting the financial highlights. The ops review is just for your pleasure reading. And we're not presenting it now. This is actually from our House on Handy project. It's the conservation house at the top of the hill. Very, very pretty. We can organize for you to see it if you would like to. Key milestones for last year. I think we had achieved the highest revenue since inception in 1963. This was primarily driven by our EC project, PMON grant in Pongo. As all of you know, under prevailing accounting rules, when the EC project completes, you recognize the revenue and profit in entirety. Also, we divested this land site in Japan in Shirokane, a very prime location. We had five projects that completed last year,