Guthrie

Guthrie: emphasis of matter by independent auditor, PWC for the FY11 financial statements. Draws attention to Note 37(c) which describes the uncertainty related to the tax assessments of Jurong Point Realty (JPRL), a 50% JV of the Group. In summary, JPRL may be exposed to additional taxes of ~$25.3m (Guthrie’s share $12.65m) for YA05-12, as JPRL is in dispute with the Comptroller of Income Tax with regard to tax deductibility on coupon payments on the subordinated bonds issued by JPRL.

Nevertheless, the financial impact on Guthrie (if JPRL is unsuccessful in its tax appeal) is small, at 5.3% of FY11 net profit and 1.4% of equity.