IOI Properties Group Berhad

Revenue, profit and operating cash营业额、盈利与营运现金

Assets, equity and borrowings资产、权益与借款

20232023 年

Cash generated from operating activities reached RM1.56 billion in FY2023. Cash outflows for investing activities were allocated mainly to IOI Central Boulevard Towers, while joint ventures redeemed preference shares of RM418,068,000. Financing outflows went toward interest and borrowing repayments, while an interim dividend of 5.0 sen amounting to RM275.31 million was declared. Management stated that efforts enabled it to maintain business and operational performance with revenue of RM2.59 billion, but segment operating profit fell 32.7%. The board recommended the RM275.31 million dividend citing financial performance, but profit before tax was lifted by a fair value gain on investment properties, and profit before tax less this gain fell 14% from RM1,054m to RM903m. The report stated that total assets consistently surpass total liabilities, while current borrowings of RM15.03bn exceeded all current assets of RM10.87bn, leaving net current liabilities of RM5.69bn. The review stated that diligence ensured compliance with loan covenants, but note 32 states that the interest cover covenant was technically breached and RM8.58bn was reclassified to current. Pre-tax profit excluding items of RM569.95 million was reported down 15% from RM1.23 billion to RM1.05 billion, but this figure still held a RM304.3m one-off joint venture write-down reversal, without which profit before tax was about RM745m, down about 39%. Profit share was recognised on Cape Royale sales of SGD342.92 million attributing it to the property market, but this joint venture profit share was mainly a RM304.3m reversal of an earlier write-down, not sales margin.2023 财政年度营运活动所产生现金达 RM1.56 billion。投资活动现金流出主要用于 IOI Central Boulevard Towers 的建设，同时合营企业赎回了 RM418,068,000 的优先股。融资现金流出主要用于利息和借款偿还，同时宣布派发每股 5.0 仙、共计 RM275.31 million 的中期股息。管理层表示其努力维持了业务与营运表现并取得 RM2.59 billion 营业额，但分部营运盈利下滑 32.7%。董事会基于财务表现建议派发 RM275.31 million 股息，但税前盈利受投资产业公允价值收益所推高，扣除该收益后的税前盈利由 RM1,054m 下跌 14% 至 RM903m。年报指总资产持续高于总负债，但流动借款 RM15.03bn 超过全部流动资产 RM10.87bn，形成流动负债净额 RM5.69bn。管理层概述指审慎作风确保符合贷款契约，但附注 32 载明利息覆盖率契约出现技术性违约，RM8.58bn 被重新归类为流动负债。扣除 RM569.95 million 项目后的税前盈利报称由 RM1.23 billion 下跌 15% 至 RM1.05 billion，但该数字仍包含合营企业一次性减值转回 RM304.3m，若不计此项，税前盈利约为 RM745m，下跌约 39%。集团将 Cape Royale 取得的 SGD342.92 million 销售额计入盈利并归功于房产市场，但该合营企业盈利分成主要是一笔 RM304.3m 的前期减值转回，而非销售利润率。

Source: annual report 2023, pages 16, 66, 69, 70, 71, 240, 251, 291, 321, 333, 363.出处：2023 年年报第 16、66、69、70、71、240、251、291、321、333、363 页。

20242024 年

Net cash outflows from investing activities increased to RM1.91 billion compared to RM0.18 billion in FY2023, and the group completed the acquisition of the 150-room W Kuala Lumpur for RM270 million in February 2024. Net cash outflows from financing activities decreased by 96% to RM46.78 million, compared to RM1.06 billion in FY2023, while an interim dividend of 5 sen per share amounting to RM275.31 million was declared. The review stated that hospitality and leisure performed well with RM263.79 million in revenue, while segment results showed its loss before interest and tax widened from RM33.4m to RM229.6m. Management reported substantial growth in pre-tax and post-tax profit on improved revenue, but gross profit fell 7% from RM1,095.4m to RM1,017.4m with gross margin contracting from 42.2% to 34.6%, and pre-tax profit growth came from other operating income including a RM1.89b fair value gain on investment properties. The report stated that controls ensured compliance with loan covenants, but note 32 disclosed that covenants were met by lender waiver until FY2025 after a breach, with interest cover at 1.07x.投资活动现金流出净额由 2023 财政年度的 RM0.18 billion 增至 RM1.91 billion，集团于 2024 年 2 月以 RM270 million 完成收购拥有 150 间客房的 W Kuala Lumpur。融资活动现金流出净额同比减少 96% 至 RM46.78 million（2023 财政年度为 RM1.06 billion），同时宣布派发每股 5 仙、共计 RM275.31 million 的中期股息。概述指酒店与休闲部门表现良好且取得 RM263.79 million 营业额，但分部业绩显示其息税前亏损由 RM33.4m 扩大至 RM229.6m。管理层指营业额提升带动税前与税后盈利大幅增长，但毛利由 RM1,095.4m 下滑 7% 至 RM1,017.4m，毛利率由 42.2% 降至 34.6%，税前盈利增长来自包含 RM1.89b 投资产业公允价值收益的其他营运收入。年报指内部监控确保符合贷款契约，但附注 32 披露违约后利息覆盖率为 1.07x，契约是靠放贷机构豁免至 2025 财政年度才算达标。

Source: annual report 2024, pages 56, 60, 61, 76, 239, 307, 332.出处：2024 年年报第 56、60、61、76、239、307、332 页。

20252025 年

Net cash generated from operating activities amounted to RM1.06 billion, lower than RM1.47 billion in the previous financial year. IOI Mall Damansara was acquired in December 2024 for RM680 million in cash at a 28% discount to its book value of RM944 million, while an agreement was announced to acquire the remaining 50.1% of South Beach for approximately SGD835.29 million. Financing activities recorded a net cash inflow of RM85.74 million, and an interim dividend of 8.0 sen per share amounting to RM440.49 million was declared. Management credited the decline in total inventories from RM1.92 billion to RM1.27 billion to product positioning and marketing campaigns, but RM158m of the RM648m drop, or 24%, was an inventory write-down in the PRC. The review stated that results were underpinned by property investment and hospitality and leisure, but hospitality lost RM26.3m before interest and tax, while RM916m of property investment's RM1,465m profit before interest and tax, or 63%, came from fair value gains.营运活动所得现金净额为 RM1.06 billion，低于上一财政年度的 RM1.47 billion。IOI Mall Damansara 于 2024 年 12 月以 RM680 million 现金全资收购，较其 RM944 million 账面值折价 28%；同时宣布协议以约 SGD835.29 million 收购 South Beach 剩余 50.1% 股权。融资活动录得现金净流入 RM85.74 million，并宣布派发每股 8.0 仙、共计 RM440.49 million 的中期股息。管理层将总存货由 RM1.92 billion 降至 RM1.27 billion 归功于产品定位与营销活动，但 RM648m 降幅中有 RM158m（占 24%）来自中国区域的存货减值。概述指业绩受产业投资与酒店休闲部门支撑，但酒店部门息税前亏损 RM26.3m，而产业投资部门 RM1,465m 息税前盈利中有 RM916m（占 63%）来自公允价值收益。

Source: annual report 2025, pages 22, 23, 24, 26, 31, 98, 114.出处：2025 年年报第 22、23、24、26、31、98、114 页。

Across the three years三年合看

Singapore assets accounted for 56% of group total assets in FY2024 and 54% in FY2025. Floating-rate borrowings stood at RM14,545,368,000 in 2023, RM16,405,855,000 in 2024, and RM17,110,214,000 in 2025, where a 50 basis points interest rate movement changes the financial statements by approximately RM85,551,000 in 2025. Dividends declared were 5.0 sen per share (RM275.31 million) in FY2023, 5 sen per share (RM275.31 million) in FY2024, and 8.0 sen per share (RM440.49 million) in FY2025.新加坡资产在 2024 财政年度占集团总资产的 56%，在 2025 财政年度占 54%。浮动利率借款在 2023 年为 RM14,545,368,000，2024 年为 RM16,405,855,000，2025 年为 RM17,110,214,000；2025 年利率每变动 50 个基点（50 basis points）将使财务报表增减约 RM85,551,000。各年宣布派发的股息分别为 2023 财政年度的每股 5.0 仙（RM275.31 million）、2024 财政年度的每股 5 仙（RM275.31 million）以及 2025 财政年度的每股 8.0 仙（RM440.49 million）。

Source: annual report 2023, pages 66, 291, 343; annual report 2024, pages 53, 61, 316; annual report 2025, pages 20, 21, 106.出处：2023 年年报第 66、291、343 页；2024 年年报第 53、61、316 页；2025 年年报第 20、21、106 页。

Still to be spent尚未支出的承诺与资金

At 30 June 2025, the group held unrestricted cash and cash equivalents of RM2,291,821,000 and had access to undrawn committed facilities amounting to RM11,244,597,000. Subsequent to year end, the group issued RM1,000,000,000 in Islamic Medium Term Note under Sukuk Murabahah to refinance a portion of borrowings maturing within the next 12 months. The estimated purchase consideration for acquiring the remaining 50.1% of South Beach is SGD835,290,000, equivalent to RM2,750,000,000, funded mainly by borrowings.截至 2025 年 6 月 30 日，集团持有无使用限制的现金及现金等价物 RM2,291,821,000，并拥有 RM11,244,597,000 尚未动用的已承诺授信额度。财政年度结束后，集团在 Sukuk Murabahah 计划下发行了 RM1,000,000,000 的伊斯兰中期票据，用于为 12 个月内到期的部分借款再融资。收购 South Beach 剩余 50.1% 股权的预计收购对价为 SGD835,290,000（相当于 RM2,750,000,000），主要通过借款提供资金。

Source: annual report 2025, pages 99, 109, 114.出处：2025 年年报第 99、109、114 页。

Four years of figures四年数字

Group figures, in RM thousand (×1,000), as printed in the statements.集团数字，单位千令吉（×1,000），照财务报表所印。

On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。

Said and done说过的与做到的

What the reports leave open年报留下待看的事

• Completion and integration of the acquisition of CDL's remaining 50.1% stake in South Beach for approximately SGD835.29 million (RM2.75 billion), which became a wholly-owned subsidiary on 1 September 2025.以约 SGD835.29 million（RM2.75 billion）收购城市发展（CDL）所持 South Beach 剩余 50.1% 股权的完成与整合进展，该项目已于 2025 年 9 月 1 日成为全资子公司。

  Source: annual report 2025, pages 6, 22, 114.出处：2025 年年报第 6、22、114 页。

• Progress on the proposed establishment of a Real Estate Investment Trust (REIT), for which IOIPG REIT Management Sdn. Bhd. was incorporated on 11 June 2025, subject to asset suitability, valuation, and regulatory approvals.拟议设立房地产投资信托（REIT）的进展情况，为此已于 2025 年 6 月 11 日注册成立 IOIPG REIT Management Sdn. Bhd.，后续仍取决于资产适宜性、估值及监管审批。

  Source: annual report 2025, pages 22, 25, 91.出处：2025 年年报第 22、25、91 页。

• Developments surrounding Shenton House, which Shenton 101 tendered for SGD538 million, where Lee Yeow Seng withdrew an EGM resolution on potential conflict of interest in November 2024 while the group retains management oversight and a right of first refusal.围绕 Shenton House 的进展；Shenton 101 以 SGD538 million 中标该物业，Lee Yeow Seng 于 2024 年 11 月撤回了一项涉及潜在利益冲突的股东特别大会决议，而集团保留了管理监督权及优先购买权。

  Source: annual report 2025, page 56.出处：2025 年年报第 56 页。

• Construction progress on Marina View featuring 683 residences and a 360-room hotel targeted to open in 2029, and planning for a 223-room luxury resort in Pantai Kok, Langkawi.包含 683 户住宅与预计 2029 年开业的 360 间客房酒店的 Marina View 建设进展，以及浮罗交怡 Pantai Kok 拥有 223 间客房的豪华度假村规划。

  Source: annual report 2025, pages 22, 25.出处：2025 年年报第 22、25 页。