Report 2004

"We continued to strengthen our balance sheet in 2004 through a series of initiatives: the listing of CapitaCommercial Trust (CCT) in May 2004; divesting assets on an opportunistic basis; capital management; and channelling of funds to higher yielding investments."
		2003	2004

1	Record Profits of S$313 Million
	Profit after Tax and Minority Interests ("PATMI")	S$103M	S$313M
	Earnings per Share	4.1 cents	12.4 cents

2	Increased Shareholder Return
	Total Gross Dividend per Share	4 cents	6 cents
	Share Price as at year-end	S$1.55	S$2.13

3	Strong Operating Growth
	Operating Earnings before Interest & Tax ("EBIT")^*	S$679M	S$879M
	Operating PATMI^*	S$208M	S$295M
	* excluding net divestment/dilution gains and provisions

4	Increased Overseas Contributions
	Overseas EBIT	S$478M	S$725M
	Overseas EBIT as a % of Group's EBIT^#	63.3%	68.5%
	# excluding net provisions

5	Achieving More, with Less
	Return on Shareholders' Funds	1.7%	5.5%
	Return on Total Assets	2.6%	4.3%
	Assets under Management	S$3.1B	S$6.0B
	Shareholders' Funds	S$6.1B	S$5.4B
	Total Assets	S$17.9B	S$17.2B

6	Improved Financial Profile
	Net Debt	S$6.2B	S$5.3B
	Gearing	0.77	0.71
	Interest Cover Ratio	3.63	4.83
	Interest Service Ratio	5.13	5.27