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Country ofEffectiveIncorporation/Equity Interest Place of Principal2006 2005 Business Activities% %AssociatesAsia Real Estate Fund Management Limited* 50 50 Singapore Fund managementBFC Development Pte Ltd* 33 33 Singapore Property developmentBugis City Holdings Pte Ltd 42 42 Singapore Property investmentCityOne Township Development Pte Ltd* 50 50 Singapore Investment holdingChina World Investments Pte Ltd* 50 50 Singapore Investment holdingEM Services Pte Ltd (G) 25 25 Singapore Property managementK-REIT Asia* (Listed on 28.4.06) 41 - Singapore Real estate investment trustKeppel Bay Pte Ltd (C) 30 30 Singapore Property developmentKeppel Point Pte Ltd (C) 30 30 Singapore Property investmentKingsdale Development Pte Ltd* 50 50 Singapore Investment holdingOne Raffles Quay Pte Ltd* 33 33 Singapore Property developmentParksville Development Pte Ltd* 50 50 Singapore Property investmentSAFE Enterprises Pte Ltd (D) 25 25 Singapore Investment holdingSing-Mas Investment Pte Ltd* (D) - 30 Singapore Investment holding(Sold on 3.11.06)Singapore Suzhou Industrial Holdings Pte Ltd* (D) - 26 Singapore Investment holding(Sold on 29.9.06)Yihe Holdings Pte Ltd* 45 45 Singapore Investment holdingWuxi Cityone Development Co Ltd* (A) 50 50 China Property developmentAsia No. 1 Property Fund Ltd (See Note 6)* (E) 10 10 Guernsey Property investmentPT Pantai Indah Tateli* (A) 50 50 Indonesia Property developmentPT Pulomas Gemala Misori* (G) 25 25 Indonesia Property developmentPT Purimas Straits Resort* (G) 25 25 Indonesia Development of holiday resortPT Purosani Sri Persada* (F) 20 20 Indonesia Property investmentJernih Rezeki Sdn Bhd* (A) 49 49 Malaysia Property developmentRenown Property Holdings (M) Sdn Bhd (A) 40 40 Malaysia Property investmentTropical Garden NV* (G) 25 25 Netherlands Investment holdingAntillesSignificant subsidiary and associated companiesKeppel Land LimitedReport to Shareholders 2006223
Significant subsidiary and associated companiesNotes:1. The holding in the equity shown for each subsidiary and associated company is the proportion attributable to Keppel Land Limited. Changes in interest, if any,and subsidiary and associated companies acquired or disposed of during the year are as indicated in brackets against the companies concerned. Subsidiaries(including their subsidiaries and associated companies) and associated companies directly owned by Keppel Land Limited are included in the above list.2. Associated companies are those in which the Group has a long-term substantial equity interest and in whose commercial and financial policy decisions theGroup actively participates.3. Companies indicated with an asterisk (*) are indirectly held by Keppel Land Limited.4. All the active companies operate in their respective countries of incorporation, unless otherwise specified.5. All the companies are audited by Ernst & Young, Singapore except for the following :(A)(B)(C)(D)(E)(F)(G)(H)(I)Audited by member firms of Ernst & Young Global in the respective countriesAudited by Sycip Gorres Velayo & Co, Philippines, an associated firm of Ernst & YoungAudited by Pricewaterhouse Coopers, SingaporeAudited by KPMG, SingaporeAudited by an overseas practice of Deloitte & ToucheAudited by an overseas practice of KPMGAudited by other firms of auditorsNot required to be audited by law in the country of incorporation.Not appointed yet as company was incorporated for less than one year.6. Asia No. 1 Property Fund Ltd is equity accounted for in the consolidated financial statements not withstanding that the Group holds less than 20% of the votingpower in this company on the ground that the Group exercises significant influence by virtue of its right to appoint two directors to its board.7. In accordance with Rule 716 of The Singapore Exchange Securities Trading Limited, the Audit Committee and Board of Directors of the Company confirm thatthey are satisfied that the appointment of different auditors for certain of its subsidiaries and associated companies will not compromise the standard andeffectiveness of the audit of the Group.224Significant subsidiary and associated companiesKeppel Land LimitedReport to Shareholders 2006
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Report to Shareholders 2006growbeyo
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In 2006, Keppel Land delivered ongr
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Group quarterly resultsQuarter 1 Qu
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Dear Shareholders,On behalf of the
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As appreciation of the waterfront l
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Keppel Land was also awarded the Be
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Depth and breadth...in execution en
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scaling heightsFinancial discipline
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deepening insightsDepth and breadth
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Meeting demand for quality housing
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oadening reachSpring City Golf & La
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Group at a glanceKeppel Land Busine
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Board of directorsA strong Board of
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Board of directorsTan Yam Pin, 66Ch
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Board of directorsLim Chee Onn, 62M
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Board of directorsNiam Chiang Meng,
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Senior managementFrom left to right
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Senior managementChoo Chin Teck, 62
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Profile of directors and seniormana
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Key personnelKeppel Land LimitedLim
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Key personnelKeppel Bay Pte LtdTan
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Corporate governanceCommitment to h
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Corporate governanceThe Directors
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Corporate governanceThe Directors s
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Corporate governanceNo member of th
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Corporate governanceCompany’s sha
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Corporate governanceEach item of sp
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Investor relationsInvestors’ inte
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Investor relationsKeppel Land conti
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Awards and accoladesRecognition gar
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Special feature
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Special featureWaterfront homes - L
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Key figures at a glanceSuccessful e
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Financial reviewOverview2006 2005 %
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Financial reviewSources of finance$
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Financial reviewAttributable profit
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Property portfolio analysisAnalysis
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Value added statementBy segmentHosp
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Productivity analysisIn 2006, the t
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Economic value addedYear-on-year ch
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Consolidated Debt-equity ratio liqu
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Risk managementIdentifying and mana
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Business dynamics andrisk factorsTh
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Critical accounting policies and re
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Significant events3 4June• Keppel
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Operations and market reviewSingapo
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Reflections Keppel Bay, at Singapor
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Operations and market reviewUrbana
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established with the foresight of s
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Operations and market reviewMarket
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Operations and market reviewOversea
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China’s housing market willgrow f
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Spring City Golf & Lake Resort, Kun
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The Arcadia, TianjinBy end-2006, 10
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The expansion of foreign companies,
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Elita HorizonElita Horizon is the s
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Operations and market reviewVietnam
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Villa Riviera, Ho Chi Minh CityMark
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Operations and market reviewIndones
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BG Junction, SurabayaSurabayaBG Jun
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Better economic outlook andrenewed
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Operations and market reviewPhilipp
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Operations and market reviewThailan
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52 Hong KongINDIAKolkata 55MYANMAR7
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People reviewExecutiveNon-executive
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Annual Dinner and Dance 2006Synergy
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Corporate and social responsibility
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Villa Arcadia at Srinakarin, Thaila
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Statutory report and accounts
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At 1.1.06 or Dateof Appointment At
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(c)The information on Directors of
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Statement by directorsFor the finan
Page 174 and 175: Consolidated profit and loss accoun
Page 176 and 177: Consolidated statement of changes i
Page 178 and 179: Company statement of changes in equ
Page 180 and 181: 2006 2005$’000 $’000Represented
Page 182 and 183: Revenue RecognitionThe Group recogn
Page 184 and 185: (g)Fixed AssetsFixed assets are sta
Page 186 and 187: (iii)Available-For-Sale Financial A
Page 188 and 189: (t)Revenue RecognitionRental and re
Page 190 and 191: Notes to the financial statementsFo
Page 192 and 193: 4. Interest and Investment IncomeGr
Page 194 and 195: A reconciliation between the tax ex
Page 196 and 197: 9. Earnings per ShareGroup2006 2005
Page 198 and 199: (d)On 8 February 2006 and 10 August
Page 200 and 201: 12. Long-term BorrowingsGroupCompan
Page 202 and 203: 13. Fixed AssetsLand and Buildings
Page 204 and 205: 14. Investment PropertiesGroupLand
Page 206 and 207: 17. Associated CompaniesGroupCompan
Page 208 and 209: 21. DebtorsGroupCompany2006 2005 20
Page 210 and 211: Advances to related companies are i
Page 212 and 213: Secured bank borrowing bears a fixe
Page 214 and 215: (c) By Geographical Location - 2005
Page 216 and 217: 29. Significant Related Party Trans
Page 218 and 219: 32. Financial Reporting Standards (
Page 220 and 221: Significant subsidiary and associat
Page 222 and 223: Country ofEffectiveIncorporation/Eq
Page 226 and 227: Corporate informationBoard of Direc
Page 228 and 229: Corporate structure100%Keppel Land
Page 230 and 231: Property portfolioGroup Properties
Page 232 and 233: Group Properties (Singapore) (cont
Page 234 and 235: Group Properties (Overseas)Descript
Page 236 and 237: Group Properties (Overseas) (cont
Page 244 and 245: Statistics of shareholdingsAs at 1
Page 246 and 247: Notice of annual general meeting an
Page 248 and 249: (2) unless varied or revoked by the
Page 250 and 251: Share transaction statisticsCompara
Page 252 and 253: Fold and glue along dotted lineProx
Page 254: Keppel Land Limited(Incorporated in
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