{"id":1850,"date":"2022-03-30T03:23:44","date_gmt":"2022-03-30T03:23:44","guid":{"rendered":"https:\/\/btg.ccstageco.com\/?page_id=1850"},"modified":"2024-04-03T15:43:04","modified_gmt":"2024-04-03T07:43:04","slug":"analytical-review","status":"publish","type":"page","link":"https:\/\/annualreport.groupbanyan.com\/2023\/analytical-review\/","title":{"rendered":"Analytical Review"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1850\" class=\"elementor elementor-1850\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9f948e2 e-flex e-con-boxed e-con e-parent\" data-id=\"9f948e2\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f9f1103 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"f9f1103\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_animation_delay&quot;:160}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h1 class=\"elementor-heading-title elementor-size-default\">Analytical Review<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ca56ae7 e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"ca56ae7\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:320}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-797b442 elementor-widget elementor-widget-heading\" data-id=\"797b442\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Revenue<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3cc124e elementor-widget elementor-widget-text-editor\" data-id=\"3cc124e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 30-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Revenue increased by S$56.6 million or 21% from S$271.3 million to S$327.9 million for the year ended 31 December 2023, mainly due to higher revenue from the Hotel Investments and Fee-based segments, partially offset by lower revenue from the Residences segment.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-34bd63f elementor-widget elementor-widget-shortcode\" data-id=\"34bd63f\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-5\" class=\"tablepress tablepress-id-5 units-sold\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><b>2023<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-3\"><b>2022<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-4\"><b>Incr\/(Decr)<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-5\"> <br \/>\n<b>%<\/b><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><b>Hotel Investments<\/b><\/td><td class=\"column-2\"><b>180,708<\/b><\/td><td class=\"column-3\"><b>134,496<\/b><\/td><td class=\"column-4\"><b>46,212<\/b><\/td><td class=\"column-5\"><b>34%<\/b><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><b>Residences<\/b><\/td><td class=\"column-2\"><b>87,316<\/b><\/td><td class=\"column-3\"> <b>90,839<\/b><\/td><td class=\"column-4\"><b>(3,523)<\/b><\/td><td class=\"column-5\"><b>(4%)<\/b><\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><b>Fee-based<\/b><\/td><td class=\"column-2\"><b>59,887<\/b><\/td><td class=\"column-3\"><b>45,993<\/b><\/td><td class=\"column-4\"><b>13,894<\/b><\/td><td class=\"column-5\"><b>30%<\/b><\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">- Hotel Management<\/td><td class=\"column-2\">37,030<\/td><td class=\"column-3\">28,366<\/td><td class=\"column-4\">8,664<\/td><td class=\"column-5\">31%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">- Spa, Wellbeing &amp; Gallery<\/td><td class=\"column-2\">8,581<\/td><td class=\"column-3\">6,321<\/td><td class=\"column-4\">2,260<\/td><td class=\"column-5\">36%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">- Design &amp; Other Services<\/td><td class=\"column-2\">14,276<\/td><td class=\"column-3\">11,306<\/td><td class=\"column-4\">2,970<\/td><td class=\"column-5\">26%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\"><b>Total<\/b><\/td><td class=\"column-2\"><b>327,911<\/b><\/td><td class=\"column-3\"><b>271,328<\/b><\/td><td class=\"column-4\"><b>56,583<\/b><\/td><td class=\"column-5\"><b>21%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-5 from cache --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2fac7c3 elementor-widget elementor-widget-text-editor\" data-id=\"2fac7c3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>The Hotel Investments segment achieved revenue of S$180.7 million for the year ended 31 December 2023, an increase of 34% or S$46.2 million compared to S$134.5 million in the prior year. This was largely due to better performance from Thailand (S$43.0 million) and Indonesia (S$4.2 million), which both recorded higher occupancy and RevPAR during the year.<\/p><p>Revenue from the Residences segment decreased by S$3.5 million or 4% to S$87.3 million for the year ended 31 December 2023. This was mainly due to lower recognition of residences sales, in particular from Skypark condominiums (phase 1) as sold units were substantially handed over to the buyers upon completion in 2022.<\/p><p>Revenue from the Fee-based segment increased by S$13.9 million or 30% to S$59.9 million for the year ended 31 December 2023. This notable increase was mostly from higher management fees generated by Group-managed hotels in Asia, due to a strong rebound in international tourism. Higher revenue from gallery, design services, golf and canal operations also contributed.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5353280 e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"5353280\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:160}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a4b8a71 elementor-widget elementor-widget-heading\" data-id=\"a4b8a71\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Other Income<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-559a0dc elementor-widget elementor-widget-shortcode\" data-id=\"559a0dc\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-6\" class=\"tablepress tablepress-id-6 units-sold\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><b>2023<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-3\"><b>2022<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-4\"><b>Incr\/(Decr)<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-5\"> <br \/>\n<b>%<\/b><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><b>Total<\/b><\/td><td class=\"column-2\"><b>51,082<\/b><\/td><td class=\"column-3\"><b>23,782<\/b><\/td><td class=\"column-4\"><b>27,300<\/b><\/td><td class=\"column-5\"><b>115%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-6 from cache --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5ca5e83 elementor-widget elementor-widget-text-editor\" data-id=\"5ca5e83\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Other income increased by S$27.3 million from S$23.8 million to S$51.1 million for the year ended 31 December 2023, mainly due to a gain on re-measurement of a 40% previously-held equity interest in Banyan Tree Services (China) Pte. Ltd. and Banyan Tree Hotel Management (China) Pte. Ltd., collectively known as \u201cCHMC\u201d (S$33.5 million), and a gain on disposal of an investment property in Singapore (S$9.6 million). This was partially offset by the absence of a one-off gain S$15.4 million on expiry of the derivative component of convertible bonds recorded the prior year and lower fair value gain on investment properties.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-96b9d16 e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"96b9d16\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:160}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-196e584 elementor-widget elementor-widget-heading\" data-id=\"196e584\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Cost & Expenses<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cd459e8 elementor-widget elementor-widget-shortcode\" data-id=\"cd459e8\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-7\" class=\"tablepress tablepress-id-7 units-sold\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><b>2023<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-3\"><b>2022<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-4\"><b>Incr\/(Decr)<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-5\"> <br \/>\n<b>%<\/b><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Cost of operating supplies<\/td><td class=\"column-2\">21,316<\/td><td class=\"column-3\">17,147<\/td><td class=\"column-4\">4,169<\/td><td class=\"column-5\">24%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Cost of properties sold<\/td><td class=\"column-2\">38,268<\/td><td class=\"column-3\">50,367<\/td><td class=\"column-4\">(12,099)<\/td><td class=\"column-5\">(24%)<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Salaries and related expenses<\/td><td class=\"column-2\">95,579<\/td><td class=\"column-3\">73,432<\/td><td class=\"column-4\">22,147<\/td><td class=\"column-5\">30%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Administrative expenses<\/td><td class=\"column-2\">50,545<\/td><td class=\"column-3\">50,277<\/td><td class=\"column-4\">268<\/td><td class=\"column-5\">1%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Sales and marketing expenses<\/td><td class=\"column-2\">25,961<\/td><td class=\"column-3\">13,548<\/td><td class=\"column-4\">12,413<\/td><td class=\"column-5\">92%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Other operating expenses<\/td><td class=\"column-2\">55,332<\/td><td class=\"column-3\">48,471<\/td><td class=\"column-4\">6,861<\/td><td class=\"column-5\">14%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Impairment losses on financial assets<\/td><td class=\"column-2\">1,932<\/td><td class=\"column-3\">167<\/td><td class=\"column-4\">1,765<\/td><td class=\"column-5\">nm<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\"><b>Total<\/b><\/td><td class=\"column-2\"><b>288,933<\/b><\/td><td class=\"column-3\"><b>253,409<\/b><\/td><td class=\"column-4\"><b>35,524<\/b><\/td><td class=\"column-5\"><b>14%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-7 from cache --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-83289ea elementor-widget elementor-widget-text-editor\" data-id=\"83289ea\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h6>Cost of Operating Supplies<\/h6><p>Cost of operating supplies increased by S$4.2 million or 24% from S$17.1 million to S$21.3 million for the year ended 31 December 2023, in line with higher revenue from Hotel Investments.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5df74e9 elementor-widget elementor-widget-text-editor\" data-id=\"5df74e9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h6>Cost of Properties Sold<\/h6><p>Cost of properties sold decreased by S$12.1 million or 24% from S$50.4 million to S$38.3 million for the year ended 31 December 2023. This was in line with lower recognition of residences sales.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a71c548 elementor-widget elementor-widget-text-editor\" data-id=\"a71c548\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h6>Salaries and Related Expenses<\/h6><p>Salaries and related expenses increased by S$22.2 million or 30% from S$73.4 million to S$95.6 million for the year ended 31 December 2023. This was largely attributable to higher headcount due to a pick-up in the hotel business in 2023.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d1a89d0 elementor-widget elementor-widget-text-editor\" data-id=\"d1a89d0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h6><strong>Administrative Expenses<\/strong><\/h6><p><span style=\"font-weight: 400;\">Administrative expenses increased by S$0.2 million or 1% from S$50.3 million to S$50.5 million for the year ended 31 December 2023. This was mainly due to realised translation losses from liquidation of dormant entities and write-down of property development costs in Thailand and Indonesia, partially cushioned by write-back of impairment loss on property, plant and equipment in Thailand and Morocco.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-67cd796 elementor-widget elementor-widget-text-editor\" data-id=\"67cd796\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h6><strong>Sales and Marketing Expenses<\/strong><\/h6><p><span style=\"font-weight: 400;\">Sales and marketing expenses increased by S$12.4 million or 92% from S$13.5 million to S$26.0 million for the year ended 31 December 2023, mainly due to higher marketing expenses incurred for hotels and property sales.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-eb2f1a1 elementor-widget elementor-widget-text-editor\" data-id=\"eb2f1a1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h6><strong>Other Operating Expenses<\/strong><\/h6><p><span style=\"font-weight: 400;\">Other operating expenses increased by S$6.9 million or 14% from S$48.5 million to S$55.3 million for the year ended 31 December 2023, largely due to higher expenses incurred for utilities, fuel and gas, guest supplies, credit card commission, travelling expenses, and repair and maintenance.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8639590 elementor-widget elementor-widget-text-editor\" data-id=\"8639590\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h6><strong>Impairment Losses on Financial Assets<\/strong><\/h6><p><span style=\"font-weight: 400;\">Impairment losses on financial assets increased by S$1.7 million from S$0.2 million to S$1.9 million for the year ended 31 December 2023, mainly due to higher provision for loss allowance on receivables during the year.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-3e0bc1a e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"3e0bc1a\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:160}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-664afc2 elementor-widget elementor-widget-heading\" data-id=\"664afc2\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Operating Profit and Core Operating Profit<sup>1<\/sup><\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-291944e elementor-widget elementor-widget-shortcode\" data-id=\"291944e\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-9\" class=\"tablepress tablepress-id-9 units-sold\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><b>2023<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-3\"><b>2022<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-4\"><b>Incr\/(Decr)<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-5\"> <br \/>\n<b>%<\/b><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><b>Hotel Investments<\/b><\/td><td class=\"column-2\"><b>30,692<\/b><\/td><td class=\"column-3\"><b>4,358<\/b><\/td><td class=\"column-4\"><b>26,334<\/b><\/td><td class=\"column-5\"><b>nm<\/b><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><b>Residences<\/b><\/td><td class=\"column-2\"><b>21,630<\/b><\/td><td class=\"column-3\"><b>20,555<\/b><\/td><td class=\"column-4\"><b>1,075<\/b><\/td><td class=\"column-5\"><b>5%<\/b><\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><b>Fee-based<\/b><\/td><td class=\"column-2\"><b>10,854<\/b><\/td><td class=\"column-3\"><b>12,151<\/b><\/td><td class=\"column-4\"><b>(1,297)<\/b><\/td><td class=\"column-5\"><b>(11%)<\/b><\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">- Hotel Management<\/td><td class=\"column-2\">7,663<\/td><td class=\"column-3\">10,689<\/td><td class=\"column-4\">(3,026)<\/td><td class=\"column-5\">(28%)<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">- Spa, Wellbeing &amp; Gallery<\/td><td class=\"column-2\">2,075<\/td><td class=\"column-3\">(292)<\/td><td class=\"column-4\">2,367<\/td><td class=\"column-5\">nm<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">- Design &amp; Other Services<\/td><td class=\"column-2\">1,116<\/td><td class=\"column-3\">1,754<\/td><td class=\"column-4\">(638)<\/td><td class=\"column-5\">(36%)<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\"><b>Head Office Expenses<\/b><br \/>\n <\/td><td class=\"column-2\"><b>(24,198)<\/b><\/td><td class=\"column-3\"><b>(19,145)<\/b><\/td><td class=\"column-4\"><b>5,053<\/b><\/td><td class=\"column-5\"><b>26%<\/b><\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><\/td><td class=\"column-3\"><\/td><td class=\"column-4\"><\/td><td class=\"column-5\"><\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\"><b>Other Income (net)<\/b><br \/>\n <\/td><td class=\"column-2\"><b>51,082<\/b><\/td><td class=\"column-3\"><b>23,782<\/b><\/td><td class=\"column-4\"><b>27,300<\/b><\/td><td class=\"column-5\"><b>115%<\/b><\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\"><b>Operating Profit<\/b><\/td><td class=\"column-2\"><b>90,060<\/b><\/td><td class=\"column-3\"><b>41,701<\/b><\/td><td class=\"column-4\"><b>48,359<\/b><br \/>\n<\/td><td class=\"column-5\"><b>116%<\/b><\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\"><b>One-off Adjustments<\/b><\/td><td class=\"column-2\"><b>(38,178)<\/b><\/td><td class=\"column-3\"><b>(21,127)<\/b><\/td><td class=\"column-4\"><b>(17,051)<\/b><\/td><td class=\"column-5\"><b>81%<\/b><\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\"><b>Core Operating Profit<sup>1<\/sup><\/b><\/td><td class=\"column-2\"><b>51,882<\/b><\/td><td class=\"column-3\"><b>20,574<\/b><\/td><td class=\"column-4\"><b>31,308<\/b><\/td><td class=\"column-5\"><b>152%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-9 from cache --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ef2b92 elementor-widget elementor-widget-text-editor\" data-id=\"7ef2b92\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ol><li><span style=\"font-style: inherit; font-weight: inherit; text-align: var(--text-align);\">Core Operating Profit = Operating Profit excluding one-off gains or losses. This is an alternative financial measurement and do not have a standardised <\/span>meaning prescribed by Singapore Financial Reporting Standards (International).<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c3f5563 elementor-widget elementor-widget-text-editor\" data-id=\"c3f5563\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Operating Profit increased by S$48.4 million from S$41.7 million to S$90.1 million for the year ended 31 December 2023. This was mostly attributable to higher contribution from the Hotel Investments segment due to higher revenue and higher other income as mentioned earlier. Notwithstanding lower revenue, the Residences segment recorded higher Operating Profit mainly due to recognition during the year of more high-end residences (i.e. Angsana Oceanview Residences), which had a higher average margin as compared to the units recognised in 2022. The Fee-based segment recorded a lower Operating Profit despite higher revenue, mainly because of higher operating and sales and marketing expenses. Head office expenses increased, mainly because of higher foreign exchange losses due to realised translation losses from liquidation of dormant entities. If one-off adjustments were excluded, Core Operating Profit was S$31.3 million higher than in 2022.<\/span><\/p><p><span style=\"font-style: inherit; text-align: var(--text-align);\">One-off adjustments in 2023 included a gain on re-measurement of 40% previously held equity interest in CHMC (S$33.5 million), a gain on disposal of an investment property in Singapore (S$9.6 million), fair value gain on investment properties (S$4.3 million) and write-back of impairment loss on property, plant and equipment (S$3.9 million), partially offset by realised translation losses from liquidation of dormant entities (S$9.8 million) and write-down of property development costs in Thailand and Indonesia (S$3.3 million).\u00a0<\/span><span style=\"font-style: inherit; text-align: var(--text-align);\">Similar adjustment items in 2022 included a one-off gain on expiry of the derivative component of convertible bonds (S$15.4 million) and fair value gain on investment properties (S$6.9 million), partially offset by allowance for impairment loss on property, plant and equipment (S$0.8 million) and write-down of property development costs (S$0.4 million).<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-11adea9 e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"11adea9\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:160}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2b6d114 elementor-widget elementor-widget-heading\" data-id=\"2b6d114\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Depreciation of Property, Plant and Equipment and Right-of-use Assets<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e42d9b9 elementor-widget elementor-widget-shortcode\" data-id=\"e42d9b9\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-10\" class=\"tablepress tablepress-id-10 units-sold\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><b>2023<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-3\"><b>2022<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-4\"><b>Incr\/(Decr)<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-5\"> <br \/>\n<b>%<\/b><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><b>Total<\/b><\/td><td class=\"column-2\"><b>23,469<\/b><\/td><td class=\"column-3\"><b>19,086<\/b><\/td><td class=\"column-4\"><b>4,383<\/b><\/td><td class=\"column-5\"><b>23%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-10 from cache --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-579b871 elementor-widget elementor-widget-text-editor\" data-id=\"579b871\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Depreciation of property, plant and equipment and right-of-use assets increased by S$4.4 million from S$19.1 million to S$23.5 million for the year ended 31 December 2023, mainly due to depreciation of right-of-use assets related to an island lease in Maldives, which commenced in February 2023 upon renewal.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-576cac6 e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"576cac6\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:160}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-46b6be4 elementor-widget elementor-widget-heading\" data-id=\"46b6be4\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Finance Costs<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-de9e039 elementor-widget elementor-widget-shortcode\" data-id=\"de9e039\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-11\" class=\"tablepress tablepress-id-11 units-sold\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><b>2023<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-3\"><b>2022<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-4\"><b>Incr\/(Decr)<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-5\"> <br \/>\n<b>%<\/b><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><b>Total<\/b><\/td><td class=\"column-2\"><b>22,312<\/b><\/td><td class=\"column-3\"><b>22,681<\/b><\/td><td class=\"column-4\"><b>(369)<\/b><\/td><td class=\"column-5\"><b>(2%)<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-11 from cache --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-61b86df elementor-widget elementor-widget-text-editor\" data-id=\"61b86df\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Finance costs decreased by S$0.4 million from S$22.7 million to S$22.3 million for the year ended 31 December 2023, largely due to absence of interest on convertible bonds that were fully redeemed in August 2022, partially cushioned by higher finance costs on lease liability.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8307ea1 e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"8307ea1\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:160}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-12949ef elementor-widget elementor-widget-heading\" data-id=\"12949ef\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Share of Results of Associates<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-238a676 elementor-widget elementor-widget-shortcode\" data-id=\"238a676\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-12\" class=\"tablepress tablepress-id-12 units-sold\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><b>2023<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-3\"><b>2022<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-4\"><b>Incr\/(Decr)<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-5\"> <b>%<\/b><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><b>Total<\/b><\/td><td class=\"column-2\"><b>6,179<\/b><\/td><td class=\"column-3\"><b>(5,328)<\/b><\/td><td class=\"column-4\"><b>(851)<\/b><\/td><td class=\"column-5\"><b>16%<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-12 from cache --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8def737 elementor-widget elementor-widget-text-editor\" data-id=\"8def737\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">The share of associates\u2019 net loss increased by S$0.9 million mainly due to the share of assets revaluation loss of Banyan Tree Indochina Hospitality Fund L.P. (\u201cIndochina Fund\u201d) in 2023, contrasting with a revaluation gain in the previous year, along with bad debts written off by China associates. However, this negative variance was partially offset by improved hotel performance in both China and Vietnam, as well as the absence of fair value adjustments for imputed interest on receivables recorded in 2022.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1fa7d4d e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"1fa7d4d\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:160}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5acf227 elementor-widget elementor-widget-heading\" data-id=\"5acf227\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Income Tax Expense<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5103f6 elementor-widget elementor-widget-shortcode\" data-id=\"f5103f6\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-13\" class=\"tablepress tablepress-id-13 units-sold\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><b>2023<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-3\"><b>2022<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-4\"><b>Incr\/(Decr)<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-5\"> <br \/>\n<b>%<\/b><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><b>Total<\/b><\/td><td class=\"column-2\"><b>9,732<\/b><\/td><td class=\"column-3\"><b>712<\/b><\/td><td class=\"column-4\"><b>9,020<\/b><\/td><td class=\"column-5\"><b>nm<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-13 from cache --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d0bf5ef elementor-widget elementor-widget-text-editor\" data-id=\"d0bf5ef\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Income tax expense increased by S$9.0 million from S$0.7 million to S$9.7 million for the year ended 31 December 2023 mainly due to higher taxable profit for the year. <\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-1502b75 e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"1502b75\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:160}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b3d40d9 elementor-widget elementor-widget-heading\" data-id=\"b3d40d9\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Non-controlling Interests<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45caf9c elementor-widget elementor-widget-shortcode\" data-id=\"45caf9c\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-14\" class=\"tablepress tablepress-id-14 units-sold\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><b>2023<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-3\"><b>2022<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-4\"><b>Incr\/(Decr)<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-5\"> <br \/>\n<b>%<\/b><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><b>Total<\/b><\/td><td class=\"column-2\"><b>1,147<\/b><\/td><td class=\"column-3\"><b>(194)<\/b><\/td><td class=\"column-4\"><b>1,341<\/b><\/td><td class=\"column-5\"><b>nm<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-14 from cache --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-33da2d8 elementor-widget elementor-widget-text-editor\" data-id=\"33da2d8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Non-controlling interests\u2019 share of profit was S$1.1 million for the year ended 31 December 2023, as compared to share of loss of S$0.2 million for the year ended 31 December 2022. This was mainly due to better performance by Laguna Resorts &amp; Hotels Public Company Limited (\u201cLRH\u201d).<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-6f4cda6 e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"6f4cda6\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:160}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9913293 elementor-widget elementor-widget-heading\" data-id=\"9913293\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Profit Attributable to Owners of the Company<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b678d08 elementor-widget elementor-widget-shortcode\" data-id=\"b678d08\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-15\" class=\"tablepress tablepress-id-15 units-sold\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><b>2022<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-3\"><b>2021<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-4\"><b>Incr\/(Decr)<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-5\"><b>%<\/b><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><b>Total<\/b><\/td><td class=\"column-2\"><b>31,708<\/b><\/td><td class=\"column-3\"><b>767<\/b><\/td><td class=\"column-4\"><b>30,941<\/b><\/td><td class=\"column-5\"><b>nm<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-15 from cache --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a205df1 elementor-widget elementor-widget-text-editor\" data-id=\"a205df1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">As a result of the foregoing, profit attributable to owners of the Company was S$31.7 million for the year ended 31 December 2023, as compared to S$0.8 million for the year ended 31 December 2022.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-124fe5e e-flex e-con-boxed elementor-invisible e-con e-parent\" data-id=\"124fe5e\" data-element_type=\"container\" data-settings=\"{&quot;animation&quot;:&quot;fadeInUp&quot;,&quot;animation_delay&quot;:160}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9fe8299 elementor-widget elementor-widget-heading\" data-id=\"9fe8299\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Cash Flows<\/h5>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f6b482f elementor-widget elementor-widget-shortcode\" data-id=\"f6b482f\" data-element_type=\"widget\" data-widget_type=\"shortcode.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-shortcode\">\n<table id=\"tablepress-16\" class=\"tablepress tablepress-id-16 units-sold\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><\/td><td class=\"column-2\"><b>2023<br \/>\nS$\u2019000<\/b><\/td><td class=\"column-3\"><b>2022<br \/>\nS$\u2019000<\/b><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Profit before taxation<\/td><td class=\"column-2\"><b>42,587<\/b><\/td><td class=\"column-3\">1,285<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Net (decrease)\/increase from changes in working capital<\/td><td class=\"column-2\"><b>(3)<\/b><\/td><td class=\"column-3\">92,615<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Net interest paid, tax paid and others<\/td><td class=\"column-2\"><b>(17,963)<\/b><\/td><td class=\"column-3\">(24,350)<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Adjustment for non-cash items<\/td><td class=\"column-2\"><b>16,221<\/b><\/td><td class=\"column-3\">21,338<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Net cash flows generated from operating activites<\/td><td class=\"column-2\"><b>40,842<\/b><\/td><td class=\"column-3\">90,888<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Net cash flows generated from\/(used in) investing activities<\/td><td class=\"column-2\"><b>6,514<\/b><\/td><td class=\"column-3\">(17,906)<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Net cash flows used in financing activities<\/td><td class=\"column-2\"><b>(7,664)<\/b><\/td><td class=\"column-3\">(90,932)<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Net change in cash and cash equivalents<\/td><td class=\"column-2\"><b>39,692<\/b><\/td><td class=\"column-3\">(17,950)<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Net foreign exchange difference<\/td><td class=\"column-2\"><b>(1,784)<\/b><\/td><td class=\"column-3\">(1,581)<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Cash and short-term deposits at beginning of the year<\/td><td class=\"column-2\"><b>92,795<\/b><\/td><td class=\"column-3\">112,326<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Cash and short-term deposits at end of the year<\/td><td class=\"column-2\"><b>130,703<\/b><\/td><td class=\"column-3\">92,795<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-16 from cache --><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-acd0a98 elementor-widget elementor-widget-text-editor\" data-id=\"acd0a98\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">For the full year ended 31 December 2023, net cash flows generated from operating activities was S$40.8 million. This was mainly due to profit after taxation of S$42.6 million and non-cash items of S$16.2 million, but partially offset by net interest paid of S$13.3 million and tax paid of S$4.4 million.\u00a0<\/span><\/p><p><span style=\"font-weight: 400;\">Net cash flows generated from investing activities was S$6.5 million mostly due to acquisition of CHMC, net of cash acquired (S$35.7 million) and purchase of furniture, fittings and equipment by the Group\u2019s resorts for their operations (S$27.8 million), partially cushioned by proceeds from the sale of Angsana House, Singapore (S$40.5 million), sale of minority interest in Banyan Tree Mayakoba, Mexico (S$13.8 million) and redemption of Redeemable Convertible Preference Shares (\u201cRCPS\u201d) (S$11.9 million).<\/span><\/p><p><span style=\"font-weight: 400;\">Net cash flows used in financing activities amounted to S$7.7 million, largely due to proceeds from bank loans (S$129.7 million), partially offset by repayments of bank borrowings (S$125.3 million) and payment of lease liabilities (S$11.9 million) relating mainly to our Maldives islands.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-47c9584 e-flex e-con-boxed e-con e-parent\" data-id=\"47c9584\" data-element_type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-8325dbe e-con-full e-flex e-con e-child\" data-id=\"8325dbe\" data-element_type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0836b79 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"0836b79\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_animation_delay&quot;:160}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<p class=\"elementor-heading-title elementor-size-default\">Next<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cdbcae8 elementor-invisible elementor-widget elementor-widget-heading\" data-id=\"cdbcae8\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_animation_delay&quot;:320}\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\"><a href=\"https:\/\/annualreport.groupbanyan.com\/2023\/corporate-governance-report\/\">CORPORATE <br>GOVERNANCE <br>Report<\/a><\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-07c7078 elementor-align-left elementor-widget__width-inherit elementor-invisible elementor-widget elementor-widget-button\" data-id=\"07c7078\" data-element_type=\"widget\" data-settings=\"{&quot;_animation&quot;:&quot;fadeInUp&quot;,&quot;_animation_delay&quot;:480}\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/annualreport.groupbanyan.com\/2023\/corporate-governance-report\/\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t<span class=\"elementor-button-icon elementor-align-icon-right\">\n\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-long-arrow-alt-right\"><\/i>\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">READ NEXT SECTION<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Analytical Review Revenue Revenue increased by S$56.6 million or 21% from S$271.3 million to S$327.9 million for the year ended 31 December 2023, mainly due to higher revenue from the Hotel Investments and Fee-based segments, partially offset by lower revenue from the Residences segment. The Hotel Investments segment achieved revenue of S$180.7 million for the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"meta_box":[],"_links":{"self":[{"href":"https:\/\/annualreport.groupbanyan.com\/2023\/wp-json\/wp\/v2\/pages\/1850"}],"collection":[{"href":"https:\/\/annualreport.groupbanyan.com\/2023\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/annualreport.groupbanyan.com\/2023\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/annualreport.groupbanyan.com\/2023\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/annualreport.groupbanyan.com\/2023\/wp-json\/wp\/v2\/comments?post=1850"}],"version-history":[{"count":301,"href":"https:\/\/annualreport.groupbanyan.com\/2023\/wp-json\/wp\/v2\/pages\/1850\/revisions"}],"predecessor-version":[{"id":9745,"href":"https:\/\/annualreport.groupbanyan.com\/2023\/wp-json\/wp\/v2\/pages\/1850\/revisions\/9745"}],"wp:attachment":[{"href":"https:\/\/annualreport.groupbanyan.com\/2023\/wp-json\/wp\/v2\/media?parent=1850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}