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FINANCIAL REVIEWSALESThe Group’s sales for 2011 grew by$263.6 million or 38.5% over last year’sas a result of improvement across allthe business segments. In particular,the property trading segment hadcontributed $235.4 million of the growth.Sales from the Group’s overseasoperations constituted 57.1% of theGroup’s total sales compared with74.8% in 2010. Following the adoptionof INT FRS 115 and its accompanyingnote on 1 January 2011, the Grouprecognises sales/profits for itsoverseas trading projects on fullcompletion of each project/phaseinstead of progressive recognitionbased on percentage of completion.There was no sales recognitionfor uncompleted overseas tradingprojects despite the ongoing sales andprogressive construction. Nonetheless,the Group’s overseas operationsreported higher sales of $541.5 millioncompared with $513 million for 2010,due largely to the completion ofElita Promenade in Bangalore inMarch 2011, and several projects/phases in China and Vietnam in thefourth quarter of 2011.In Singapore, residential units soldunder the deferred payment scheme(“DPS”) are also accounted for based onthe completion of construction (“COC”)2011$’0002010$’000% Increase/(Decrease)Sales 948,974 685,408 38.5Pre-tax profit before fair value gain on investment properties/impairment 912,638 750,987 21.5Pre-tax profit after fair value gain on investment properties/impairment 1,503,928 1,176,797 27.8Net profit 1,365,646 1,052,919 29.7Total equity (including non-controlling interests) 5,713,620 4,430,513 29.0Net debt 595,476 927,415 (35.8)2011 2010 % Increase/(Decrease)Net debt-equity ratio (times) 0.10 0.21 (52.4)Earnings per share (cents)After taxation but before fair value gain on investment properties/impairment 55.7 45.1 23.5After taxation and fair value gain on investment properties/impairment 93.2 73.3 27.1Return on equity (%)After taxation but before fair value gain on investment properties/impairment 19.6 19.1 2.6After taxation and fair value gain on investment properties/impairment 32.9 31.0 6.1Total gross dividend per share (cents) 20.0 18.0 11.1Net asset value per share ($) 3.64 2.85 27.7The 2010 comparatives have been restated to include the effects of the adoption of INT FRS 115.98Keppel Land LimitedReport to Shareholders 2011