Results Briefing

Results for the Third Quarter ended

31 December 2017

2

Agenda

3Operational Updates

2 Financial Highlights

1Executive Summary

EXECUTIVE SUMMARY

4

Executive summary

1 Steady revenue of S$186.8m for Q3 FY17/18 despite a lacklustreretail environment

2 Singapore saw YoY growth from Megastore and online as a result of the launches in Nov; omni-channel strategy is on track

3 Stan Kim steps up as Group COO; focus on driving business reinvention in Malaysia

4 Indonesia reports improving EBITDA performance YoY; 9 stores and 22 ‘pop-up’ locations to date

FINANCIAL HIGHLIGHTS

6Financial summary and key financial ratios

Notes:Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March1: Basic earnings per share is calculated by dividing the Group's profit after tax attributable to shareholders by the weighted average ordinary shares during the three months ended 31 December 2017 and the same period last year of 515,132,754 and 515,217,884 respectively. 2: Diluted earnings per share is calculated by dividing the Group's profit after tax attributable to shareholders by the weighted average ordinary shares during the three months ended 31 December 2017 and the same period last year of 524,954,054 and 519,783,884 respectively. 3: Net asset value (for the issuer and group) per ordinary share based on the total number of issued shares excluding treasury shares of the issuer at the end of the current financial year reported on and immediately preceding financial year of 515,105,660 and 513,722,888 for respective period ends.4: The Q3 FY16/17 comparative figures have been restated from what was previously announced in the Q3 FY16/17 announcement, to take into account (i) the retrospective adjustments arising from the adoption of FRS 115 – Revenue From Contracts With Customers (“FRS 115”) and (ii) reclassification of expense line items.

(S$m unless otherwise stated)

Income statement Q3 FY1718Q3 FY1617

(Restated)YTD FY2018

YTD FY2017

(Restated)

Revenue 186.8 185.6 549.8 560.0

Gross profit 64.8 65.9 196.6 204.8

Net profit 3.5 4.9 11.1 19.8

Basic EPS (cents)1 0.68 0.96 2.15 3.81

Fully diluted EPS (cents)2 0.67 0.95 2.11 3.78

Balance sheetAs at

31 Dec 2017

As at

31 Mar 2017

Cash and bank balances 76.9 98.7

Trade and other receivables 505.1 487.0

Unearned service charges 117.9 121.5

Deferred revenue (net) 47.5 45.2

Borrowings 305.7 304.0

NAV per ordinary share (cents)3 44.5 42.5

Statement of cash flows4 Q3 FY1718

Q3 FY1617

(Restated)YTD FY2018

YTD FY2017

(Restated)

Net cash (used in) / generated from operating activities (2.8) 7.0 9.7 2.5

Net cash used in investing activities (4.1) (2.2) (7.0) (6.1)

Net cash used in financing activities (8.2) (14.1) (24.7) (75.4)

4

44

4

5.0% 7.1% 5.4%6.3%

7Revenue

Revenue and EBIT margin

Revenue (S$m)

Singapore^ Malaysia

Notes:Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March^ Singapore Revenue and EBIT margin includes COURTS Singapore and Home LifestyleThe Q3 FY16/17 comparative figures have been restated from what was previously announced in the Q3 FY16/17 announcement, to take into account (i) the retrospective adjustments arising from the adoption of FRS 115 – Revenue From Contracts With Customers (“FRS 115”) and (ii) reclassification of expense line items

[4: Comparative figures have been restated been restated to take into account the retrospective adjustments arising from the adoption of FRS 115 – Revenue From Contracts With Customers to be consistent with the presentation of the Group for the period ended 31 March 2017. ]

EBIT margin - %

752 741

186 187

FY2016(Restated)

FY2017 Q3 FY1617(Restated)

Q3 FY1718

505 491

125 135

2.3%

5.1% 4.6% 4.7%

0

100

200

300

400

500

600

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

Axis

Tit

le

Revenue EBIT %

S$m

670 681

165 139

7.9% 8.6% 8.1%

6.0%

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

Revenue EBIT %

MYR

8Revenue

Revenue by geography Revenue – cash/credit mix

Notes:

Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 MarchThe Q3 FY16/17 comparative figures have been restated from what was previously announced in the Q3 FY16/17 announcement, to take into account (i) the retrospective adjustments arising from the adoption of FRS 115 – Revenue From Contracts With Customers (“FRS 115”) and (ii) reclassification of expense line items[Q4: Refers to the forth(4th) quarter from 1 January to 31 March]

505 491

125 135

231 224

54 45

16 26

7 7

752 741

186 187

FY2016(Restated)

FY2017 Q3 FY1617(Restated)

Q3 FY1718

Singapore Malaysia Indonesia Total

S$m

66.4% 65.1% 66.3% 70.1%

33.6% 34.9% 33.7% 29.9%

FY2016(Restated)

FY2017 Q3 FY1617(Restated)

Q3 FY1718

Sale of goods - credit and earned service charge income %

Sale of goods - cash %

9Product range focused on 4 key segments

• Major White Goods

• Vision

• Small appliances

• Audio

• Mattresses

• Bedroom furniture

• Dining room furniture

• Living room furniture

• Home office products

• Computers

• Accessories

• Photography

• Mobile

• Other services

- Product replacement services

- Cleaning

- Installation

- Repairs

• Warranty sales

• Connect

– Telco subscription plans

Electrical Products FurnitureIT Products Other Services

% of Q3 FY1718

sale of goods

Revenue – cash/credit mix

Singapore Malaysia

Notes:

Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March Ro the

forth(4th) quarter from 1 January to 31 March]

Indonesia*

48.6% 30.7% 15.1% 5.6%

Singapore Malaysia Indonesia

83.3% 81.8% 82.9% 84.0%

16.7% 18.2% 17.1% 16.0%

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

Sale of goods - credit and earned service charge income %

Sale of goods - cash %

29.0% 28.6% 28.3% 32.1%

71.0% 71.4% 71.7% 67.9%

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

Sale of goods - credit and earned service charge income %

Sale of goods - cash %

72.2% 65.0% 64.1%48.4%

27.8% 35.0% 35.9%51.6%

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

Sale of goods - credit and earned service charge income %

Sale of goods - cash %

7.8%

-3.3% -6.0%

-31.4%

17.6%

-4.1%-10.3%

-31.3%

FY2016 FY2017 Q3 FY1617 Q3 FY1718

Exclude Corporate Sales Include Corporate Sales

10Operating metrics

Notes:Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March1: Based on weighted average retail square footage and total net sale for each period2: Like-for-like sales growth (comprising of net merchandise sales and current year service charge income generated) for a financial year is calculated based on stores which have

been operating for the entire year/period over that preceding year/period. Q3 FY1617 like-for-like sales is based on previously reported sales figures of Q3FY1617 and Q3FY1516. Q3FY1718 like-for-like sales is based on Q3FY1718 sales figures compared with Q3 FY1617 restated sales figures.

Indonesia – not significant

Sales per sq. ft.1 Like-for-like sales growth2

SingaporeS$

MalaysiaMYR

Singapore

Malaysia

Singapore

Malaysia

1,079 1,041

264 301

FY2016(Restated)

FY2017 Q3 FY1617(Restated)

Q3 FY1718

682 693

166 135

FY2016(Restated)

FY2017 Q3 FY1617(Restated)

Q3 FY1718

-3.1%-1.0%

-4.9%

6.0%

-0.2% -0.8%

-15.1%

7.7%FY2016 FY2017 Q3 FY1617 Q3 FY1718

Exclude Corporate Sales Include Corporate Sales

254 268

66 65

33.8%

36.3%35.5%

34.7%

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

11Operating metrics

Gross profit and margin

Note:Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 MarchThe Q3 FY16/17 comparative figures have been restated from what was previously announced to take into account (i) the retrospective adjustments arising from the adoption of FRS 115 – Revenue From Contracts With Customers and (ii) the reclassification of expense line items which has no impact on Group’s profit before tax or net profit arising from these reclassification

S$m

12Service charge income

Notes:Q3: Refers to the second(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March1. Excludes Net Sales from Home Lifestyle as there is no earned service charge income for Home Lifestyle

S$m

S$mS$m

Earned SCI Group

Earned SCI

Singapore1

Earned SCI

Malaysia

Earned SCI

Indonesia 2

S$m

2. Indonesia has yet to announce the adoption of FRS115 Revenue from Contracts with Customers. Adjustment is made at consolidation level to be aligned with the Group’s accounting standards.

Unearned SCIGroup

84 94

23.4 22.1

11.2%12.6% 12.6%

11.8%

0

20

40

60

80

100

120

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

% of net sales

120

122

118

Mar-16(Restated)

Mar-17 Dec-17

26 30

7.2 7.3

5.2% 6.0% 5.8% 5.4%

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

% of net sales

57 62

15.1 13.7

24.5% 27.8% 28.0% 30.4%

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

% of net sales

1.5 1.7 1.1 1.1

9.9%6.6%

13.8% 15.7%

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

% of net sales

13Deferred revenue (net)

Notes:Month-Year: Refers to the financial position of each balance sheet item as at each period endIndonesia’s deferred revenue (net) is not significantQ4: Refers to the forth(4th) quarter from 1 January to 31 March

S$m

S$m

Group

Singapore Malaysia

S$m

43.5 45.2

47.5

30.0

Mar-16

(Restated)

Mar-17 Dec-17

23.3 24.9

26.7

Mar-16

(Restated)

Mar-17 Dec-17

20.2 20.3 20.4

Mar-16

(Restated)

Mar-17 Dec-17

14Breakdown of expenses and EBITDA

Notes:Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March

S$m

Breakdown of expenses

EBITDA2 Segment result by geographical location3

1: “Others” include head office costs and other expenses2: EBITDA calculated as profit before tax add finance expense and depreciation and amortisation expense3: Segment results are profit before other income, income tax and finance expense.

S$mS$m

Note: There is reclassification of expense line items in prior comparison quarter which has no impact on Group’s profit before tax or net profit arising from these

reclassification

14 14

11 11

9 9

7 8 4 4 1 1 2 2 3 3 10 9

61 61

Q3 FY1617(Restated)

Q3 FY1718

Others Depreciation & amortisation Bank Charges

Tracing & referencing Interest expenses on borrowings Impairment loss on trade receivables

Salaries and wages Rental on operating leases Distribution and marketing

48 63

14 13

6.4%

8.5%7.7%

6.9%

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

EBITDA EBITDA margin (%)

18 36

8 8

23

22

5 3

(8) (11) (2) (2)

33

47

11 9

FY2016

(Restated)

FY2017 Q3 FY1617

(Restated)

Q3 FY1718

Singapore Malaysia Indonesia

15Delinquency rates and allowance for impairment loss on trade receivables

180+ days delinquency rates

Allowance for impairment loss on trade receivables

Singapore Malaysia

Credit book assets - Gross

S$m

Notes:Month-Year: Refers to the financial position of each balance sheet item as at each period end

Note: PTCRI – not significant

Indonesia

The local credit

environment in Malaysia

and Indonesia remains

challenging. We have

stepped up aggressively

on our collections efforts

and tightened credit

granting to manage the

overall portfolio risk and

mitigate the impact from

impairment losses.

590.8

601.5

610.2

Mar-16(Restated)

Mar-17 Dec-17

0.2 1.0

2.0

Mar-16

(Restated)

Mar-17 Dec-17

Allowances for impairment loss on trade receivables (S$m)

% of trade receivables at balance sheet date

15.5 20.1

22.8

Mar-16

(Restated)

Mar-17 Dec-17

Allowances for impairment loss on trade receivables (S$m)

% of trade receivables at balance sheet date

6.1 5.0 5.2

2.9%

2.3% 2.4%

Mar-16

(Restated)

Mar-17 Dec-17

Allowances for impairment loss on trade receivables (S$m)% of trade receivables at balance sheet date

Jul 07

Nov 0

7

Mar

08

Jul 08

Nov 0

8

Mar

09

Jul 09

Nov 0

9

Mar

10

Jul 10

Nov 1

0

Mar

11

Jul 11

Nov 1

1

Mar

12

Jul 12

Nov 1

2

Mar

13

Jul 13

Nov 1

3

Mar

14

Jul 14

Nov 1

4

Mar

15

Jul 15

Nov 1

5

Mar

16

Jul 16

Nov 1

6

Mar

17

Jul 17

Nov 1

7

Singapore Malaysia

Dec’17

9.1%

Jul’07

16.2%

Dec’17

4.2%

Jul’07

4.8%

16Impairment loss on trade receivables charged to Income Statement

Notes:Q3: Refers to the second(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March

MalaysiaSingapore Indonesia

7.2

4.2

1.6 1.2

3.4%

2.0%

0.7%0.6%

FY2016(Restated)

FY2017 Q3 FY1617(Restated)

Q3 FY1718

Impairment loss charged to Income Statement(S$m)

Impairment loss on trade receivables as apercentage of average portfolio

11.4

20.6

4.7 5.9

3.2%

5.5%

1.2% 1.6%

FY2016(Restated)

FY2017 Q3 FY1617(Restated)

Q3 FY1718

Impairment loss charged to Income Statement(S$m)Impairment loss on trade receivables as apercentage of average portfolio

0.2 1.5 0.4 0.9

3.6%

15.4%

4.1%

5.9%

FY2016(Restated)

FY2017 Q3 FY1617(Restated)

Q3 FY1718

Impairment loss charged to Income Statement(S$m)

Impairment loss on trade receivables as apercentage of average portfolio

17Working capital management

Trade payable days Inventory days

Days Days

Notes:Month-Year: Refers to the turnover days for each period end

62 63

67

30

40

50

60

70

80

90

100

Mar-16

(Restated)

Mar-17 Dec-17

66

74

71

Mar-16

(Restated)

Mar-17 Dec-17

Borrowings

1 CSPL Asset Securitisation : 1-mth SOR is hedged with Interest Rate Cap (strike rate of 2.5%) for notional amount of SGD70M

2 CMSB Syndicated Senior Loan: RM300M is fixed at 6.3% p.a

FacilityFacility

amount

Amount

drawn down

as at

31 Dec 16

Amount

drawn down

as at

31 Mar 17

Amount

drawn down

as at

31 Dec 17

Available

headroom

As at 31 Dec 17

Multicurrency Medium Term Note (CAL)Expiry: 15th Mar 2019

S$ 500 milS$ 75 mil @ 5.75%p.a.

S$ 75 mil @ 5.75%p.a.

S$ 75 mil @ 5.75%p.a.

S$ 425 mil

Asset Securitisation Programme (CSPL) (1)

Revolving Period expiring: Jan 2019 (with possibility of 1 year extension at lenders’ option)Amortisation Period: 2 years after end of Revolving Period

S$ 150 mil S$ 60.9 mil S$ 59.4 mil S$ 55.5 mil S$95.3 mil

Syndicated Senior Loan (CMSB) (2)

Revolving Period expiring: Feb 2019 Amortisation Period: 3 years after end of Revolving Period

RM 600 mil RM 457 mil RM 456 mil RM 453 mil RM 155.1 mil

Various Term Loans (PTCRI)Various expiry dates ranging from 2019 to 2020

IDR 269.8 bil IDR263.2 bil IDR263.7 bil IDR269.8 bil _

OPERATIONAL UPDATES

20Singapore – Omni-Channel Success Following Online & Store Nov Launches

• 77.4% YoY sales growth and

over 30% growth in transactions

• 100% sales growth YoY for Black

Friday and Cyber Monday

• Sales up 30% YoY

in Weeks 1-3

• Overall store sales up 9.1%

YoY for Q3 FY 17/18

COURTS Megastore Grand Opening on 11 Nov

COURTS Online Relaunch on 8 Nov

21Singapore –Service with a Smile Milestone

Achieved record of 70%

Net Promoter Score for

Q3 FY17/18

22Malaysia – Drive Productivity With Optimal Store Footprint

• Launched low-interest rate credit product nationwide, in compliance

with the Consumer Protection (Credit Sale) Regulations 2017

• Reviewing the closure of under-performing stores,

continuing to drive productivity with an optimal store footprint

• Selectively grow presence with opening of COURTS Papar on 16 Dec,

our fifth store in Sabah

23Indonesia – Improving EBITDA performance YoY

• Opening of second Ramayana store, one of Indonesia’s largest

departmental chains, in COURTS BSD on 7 Dec

• Seven pop-up stores opened in Q3 FY17/18, bringing COURTS Indonesia’s

presence to nine permanent stores and 22 pop-up stores YTD

24

Key Leadership Appointments

Stan Kim

Group COO and CIO

COURTS Asia

Dolf Posthumus

Country COO

COURTS Malaysia

Ivo Slanina

Regional Credit Sales Director

COURTS Asia

APPENDIX

26Unaudited Results for the Third Quarter ended 31 December 2017

Income tax expenses increased slightly by $0.1 million to $1.6 million in Q3 FY17/18 from $1.5

million in Q3 FY16/17. This was mainly due to reversal of deferred income tax assets and offset by

lower taxable profits.

Distribution and marketing expenses decreased by 1.2% to $13.7 million in Q3 FY17/18. This decrease is mainly due to lower advertising cost in Malaysia and is partially offset by higher branch salaries for newly opened stores in Indonesia. As a percentage of revenue, distribution and marketing expenses were stable at 7.3% in Q3 FY17/18.

Administrative expenses increased by $1.0 million to $42.6 million in Q3 FY17/18 from $41.6 million in Q3 FY16/17. The increase was mainly due to higher allowance for impairment of trade receivables and offset by lower branch occupancy costs in Singapore and Malaysia.

Finance expenses decreased by S$0.3 million to $5.0 million in Q3 FY17/18 from $5.3 million in Q3 FY16/17 mainly due to lower interest expenses in Indonesia.

Group’s revenue of $186.8 million for Q3 FY17/18 was 0.6% or $1.1 million higher than Q3 FY16/17. Singapore revenue which contributed 72.0% of the Group’s revenue in Q3 FY17/18, reported an increase of 8.0% compared to Q3 FY16/17, mainly due to higher sales of goods from the re-launch of its online platform and the re-opening of COURTS Megastore at Tampines in November 2017.

Malaysia revenue, which contributed to 24.3% of the Group’s revenue, reported a 15.9% decrease (in presentation currency and in RM currency) in Q3 FY17/18 as compared to Q3 FY16/17 mainly due to lower sales of goods and earned service charge income.

Indonesia revenue, which contributed to 3.7% of the Group’s revenue, registered a 4.1% (in presentation currency) decrease but 1.8% (in Rupiah currency) increase in Q3 FY17/18 compared to Q3 FY16/17 mainly due to contributions from newly opened stores.

Gross profit for Q3 FY17/18 decreased by 1.7% or $1.1 million, resulting mainly from lower gross

profit margin compared to Q3 FY16/17. Gross profit margin decreased from 35.5% in Q3 FY16/17 to

34.7% in Q3 FY17/18 mainly due to lower merchandise margin in Singapore and offset by higher

gross profit margins in Malaysia and Indonesia.

* The Q3 FY16/17 comparative figures have been restated from what was

previously announced in the Q3 FY16/17 announcement, to take into account (i)

the retrospective adjustments arising from the adoption of FRS 115 – Revenue

From Contracts With Customers (“FRS 115”) and (ii) reclassification of expense line items as detailed in Note 5 of Q4 FY16/17 announcement.

27Unaudited Balance Sheet as at 31 December 2017

The slight increase in net deferred income tax assets as at 31 December 2017 was mainly due to the

recognition of tax losses from Indonesia subsidiary.

The total borrowings of $305.7 million as at 31 December 2017 remained consistent compared to

$304.0 million as at 31 March 2017. The total borrowings mainly consist of S$75 million three-year

unsecured fixed rate notes and term loans in COURTS Asia Ltd (“CAL”), the Asset Securitisation

Programme 2016 in Singapore, Syndicated Senior Loan in Malaysia, and term loans in Indonesia.

The Group’s inventories increased to $88.2 million as at 31 December 2017 from $78.8 million as at

31 March 2017 mainly due to expansion of product ranges post re-opening of COURTS Megastore at

Tampines.

The Group’s trade and other receivables (current and non-current) increased by $18.0 million to

$505.1 million as at 31 December 2017 from $487.0 million as at 31 March 2017 due to credit sales in the

first nine months of FY17/18. Allowance for impairment of trade receivables as at 31 December 2017 was

$30.1 million, representing 6.0% of trade receivables, as compared to $26.1 million as at 31 March 2017

representing 5.4% of trade receivables.

Cash and bank balances decreased by $21.8 million to $76.9 million as at 31 December 2017 from

$98.7 million as at 31 March 2017. The decrease is mainly as a result of the payment for additions to

fixed assets, dividends and interest expenses.

Derivative financial instruments represent the carrying amount of interest rate cap and currency

swaps that the Group has entered into to hedge its exposure to floating interest rate and exchange rate

fluctuations on its bank borrowings. The Group has adopted hedge accounting in respect of the currency

swaps. The derivative financial instruments is in a net asset position with fair value gain in first nine

months of FY17/18 mainly attributed to the strengthening of Singapore dollar against Indonesia rupiah

during the financial reporting period.

Deferred revenue relates to unearned revenue on other services contracts for which the other services

have yet to be rendered. The deferred revenue balance would be recognised as revenue as the related

services are rendered.

Total deferred revenue increased to $68.5 million as at 31 December 2017 from $64.8 million as at

31 March 2017 due to sales of other services during the financial year.

Deferred costs relate to the incremental costs incurred by the Group to obtain or fulfil other services

contracts which are capitalised as assets. The deferred costs balance would be amortised and recognised

as expenses on a basis consistent with the revenue recognition of the other services to which the costs

relates. Costs which are not incremental to the other services contracts are expensed as incurred. Total

deferred costs increased to $21.0 million as at 31 December 2017 from $19.6 million as at 31 March

2017 due to sales of other services during the period.

** The 31 March 2017 comparative figures differs from the balances as previously announced in the Q4 FY16/17 announcement due to reclassification of trade and other

receivables between current and non-current assets.

31 Dec 17 31 Mar 17**

S$'000 S$'000ASSETSCurrent assetsCash and bank balances 76,888 98,728 Trade and other receivables 208,797 181,800 Deferred costs 8,331 8,284 Inventories 88,200 78,780 Current income tax recoverable 3,019 -

385,235 367,592

Non-current assetsDerivative financial instruments 349 139 Trade and other receivables 296,281 305,246

Deferred costs 12,657 11,271 Investments in subsidiaries - - Property, plant and equipment 20,941 20,906 Intangible assets 22,930 23,231 Deferred income tax assets 20,836 20,662

373,994 381,455

Total assets 759,229 749,047

LIABILITIESCurrent liabilitiesDerivative financial instruments 81 276 Trade and other payables 146,099 148,336 Deferred revenue 27,715 27,167 Current income tax liabilities 2,175 5,347 Borrowings 455 547 Deferred income 2,740 2,569

179,265 184,242

Non-current liabilitiesDerivative financial instruments - 100 Trade and other payables 560 482 Deferred revenue 40,791 37,604 Borrowings 305,224 303,468 Deferred income 1,241 1,733 Deferred income tax liabilities 2,922 2,888

350,738 346,275

Total liabilities 530,003 530,517

NET ASSETS 229,226 218,530

EQUITYShare capital 265,332 265,332 Treasury shares (19,082) (19,669) Other reserves (38,671) (44,350) Retained profits 21,647 17,217 Total equity 229,226 218,530

Group

28Unaudited Statement of Cash Flows for the Third Quarter ended 31 December 2017

For the purposes of the consolidated statement of cash flows, the cash and cash equivalents comprise the following:-

31-Dec-17 31-Dec-16S$'000 S$'000

Cash and bank balances 49,045 47,912Fixed deposits 27,843 16,659

76,888 64,571 Less: Fixed deposits pledged as securities for banking facilities (5,033) (2,429)

Cash and cash equivalents per consolidated statemen t of cash flows 71,855 62,142

29

Q & ATo access the results presentation and briefing which will be available by 19 February 2018, visit: http://ir.courts.com.sg.