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Proforma Full Year Financial Statement And Dividend Announcement
BackMar 28, 2002
Full-year financial statement on consolidated results for the year ended 31 December 2001.
These figures have not been audited.
 |
|
Group |
Company | ||||
| - | - |
S$'000 |
% |
S$'000 |
% | ||
| - | -. |
Latest year |
Previous year (Proforma) |
Change |
Latest year |
Previous year (Proforma) |
Change |
|
|
|
|
|
|
|
|
| 1.(a) | Turnover |
58,628 |
49,706 |
17.9 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 1.(b) | Investment income |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 1.(c) | Other income including interest income |
102 |
90 |
13.3 |
29 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(a) | Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items |
907 |
5,594 |
(83.8) |
(350) |
(15) |
2,233 |
|
|
|
|
|
|
|
|
| 2.(b)(i) | Interest on borrowings |
(92) |
(21) |
338.10 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(b)(ii) | Depreciation and amortisation |
(1,415) |
(1,066) |
32.7 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(b)(iii) | Foreign exchange gain/(loss) |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(c) | Exceptional items |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(d) | Operating profit before income tax, minority interests and extraordinary items but after interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items |
(600) |
4,507 |
(113.3) |
(350) |
(15) |
2,233 |
|
|
|
|
|
|
|
|
|
. |
. |
Latest year |
Previous year (Proforma) |
Change |
Latest year |
Previous year (Proforma) |
Change |
|
|
|
|
|
|
|
|
| 2.(e) | Income derived from associated companies |
(807) |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(f) | Less income tax |
28 |
(1,227) |
(102.3) |
(7) |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(g)(i) | Operating profit after tax before deducting minority interests |
(1,379) |
3,280 |
(142) |
(357) |
(15) |
2,280 |
|
|
|
|
|
|
|
|
| 2.(g)(ii) | Less minority interests |
(86) |
(176) |
(51.1) |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(h) | Operating profit after tax attributable to members of the company |
(1,465) |
3,104 |
(147.2) |
(357) |
(15) |
2,280 |
|
|
|
|
|
|
|
|
| 2.(i)(i) | Extraordinary items |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(ii) | Less minority interests |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(iii) | Extraordinary items attributable to members of the company |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(iv) | Transfer to/from Exchange Reserve |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(v) | Transfer to Capital Reserve |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(i)(vi) | Transfer to Reserve Fund |
0 |
0 |
0 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 2.(j) | Operating profit after tax and extraordinary items attributable to members of the company |
(1,465) |
3,104 |
(147.2) |
(357) |
(15) |
2280 |
The proforma results in FY2000 had been prepared on the assumption that the current group structure had been in existence throughout the period under review.
*2(e) Share of loss from joint venture company.
|
Group Figures | |||
|
|
Latest year |
Previous year |
| 3.(a) | Operating profit [2(g)(i) above] as a percentage of turnover [1(a) above] |
(2.35)% |
6.60% |
|
|
|
|
| 3.(b) | Operating profit [2(h) above] as a percentage of issued capital and reserves at end of year |
(27.42)% |
104.60% |
|
|
|
|
| 3.(c) | Earnings per ordinary share for the year based on 2(h) above after deducting any provision for preference dividends:- |
|
|
|
|
|
|
| 3.(c)(i) | Based on existing issued share capital |
(1.56) cents |
4.89 cents |
|
|
|
|
| 3.(c)(ii) | On a fully diluted basis |
N/A |
N/A |
|
|
|
|
| 3.(d) | Earnings per share based on 2(j) above:- | |
|
|
(i) Based on existing issued share capital |
(1.56) cents |
4.89 cents |
|
|
|
|
|
(ii) On a fully diluted basis |
N/A |
N/A |
|
|
|
|
| 3.(e) | Net tangible asset backing per ordinary share |
5.17 cents |
4.68 cents |
The basic earnings per share for FY2001 is based on the weighted average number of 93,622,000 ordinary shares in issue during the year. The basic earnings per share for FY2000 is based on the pre-rights and pre-invitation issued ordinary shares of 63,469,000 on the basis that the proforma group had been in existence during the period under review.
The net tangible asset backing per ordinary share as at December 31, 2001 is based on the issued ordinary shares of 100,000,000. The net tangible asset backing per ordinary share as at December 31, 2000 is based on the pre-rights and pre-invitation issued ordinary shares of 63,469,000 on the basis that the proforma group had been in existence during the period under review.
| - | - |
Group |
Company | ||||
| - | - |
S$'000 |
% |
S$'000 |
% | ||
| - | - |
Latest year |
Previous year (Proforma) |
Change |
Latest year |
Previous year (Proforma) |
Change |
| - | |
|
|
|
|
|
|
| 4.(a) | Sales reported for first half year |
28,511 |
24,417 |
16.8 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 4.(b) | Operating profit [2(g)(i) above] reported for first half year |
305 |
2,015 |
(84.9) |
(220) |
0 |
0 |
|
|
|
|
|
|
|
|
| 4.(c) | Sales reported for second half year |
30,117 |
25,289 |
19.1 |
0 |
0 |
0 |
|
|
|
|
|
|
|
|
| 4.(d) | Operating profit [2(g)(i) above] reported for second half year |
(1,684) |
1,265 |
(233.1) |
(137) |
(15) |
813 |
5.(a) Amount of any adjustment for under or overprovision of tax in respect of prior years
- There is no material over or under provision of tax in respect of prior years.
5.(b) Amount of any pre-acquisition profits
- NIL
5.(c) Amount of profits on any sale of investments and/or properties
| Sale of investments/properties |
$Profit/(Loss) |
|
|
5.(d) Any other comments relating to Paragraph 5
- NIL
6. Segmental Results
7.(a) Review of the performance of the company and its principal subsidiaries
Turnover of the Group increased by 17.9% from $49.7 million to $58.6 million due mainly to the opening of 8 new outlets, contributing a turnover of $12.4 million. Net profit after tax and minority interest decreased significantly from $3.1 million to a loss of $1.4 million due mainly to start-up costs, increased operating expenses, higher depreciation and lower revenue from existing outlets.
Although there was an overall increase in turnover, the turnover of the existing outlets decreased due to the economic downturn which has affected the food and beverage industry in Singapore.
7.(b) A statement by the Directors of the Company on whether "any item or event of a
material or unusual nature which would have affected materially the results of
operations of the Group and Company has occurred between the date to which the
report refers and the date on which the report is issued". If none, to include a
negative statement.
- No item or event of a material or unusual nature which would affect materially the results of the operations of the Group and Company has occurred between the date to which the report refers and the date on which the report is issued.
8. Commentary on current year prospects
The Group expects the current food and beverage industry to improve due to signs of improvement in the economy for this year. In view of this, the Group expects some of the new outlets to become profitable.
We will also continue to intensify our sales promotion, pursue aggressively with cost reduction and postpone non-essential capital expenditure.
Barring unforeseen circumstances, the directors expect the Group to return to profitability for the full year.
9. Dividend
| (a) Any dividend declared for the present financial period? | - | None | - |
|
|
|
|
| (b) Any dividend declared for the previous corresponding period? | None | | |
| (c) Total Annual Dividend | |||
| - | |
|
|
| - |
Latest Year () |
Previous Year () |
|
|
|
|
|
| Ordinary | |||
| Preference |
0 |
0 |
|
| Total: | |||
|
| ||
9(d) Date payable
- N.A.
9(e) Books closing date
- N.A.
9(f) Any other comments relating to Paragraph 9
- NIL
10. Balance sheet
|
2001 |
2000 |
2001 |
2000 |
|
$'000 |
$'000 |
$'000 |
$'000 |
|
Group |
Group |
Company |
Company |
|
|
|
|
|
| Fixed Assets |
9,529 |
3,620 |
- |
- |
| Investments |
(312) |
- |
2,292 |
1,587 |
| Intangible Assets |
177 |
- |
- |
- |
|
|
|
|
|
| Current Assets |
10,150 |
9,087 |
2,935 |
238 |
| Current Liabilities |
(11,023) |
(8,555) |
(172) |
(253) |
| Net Current Assets |
(873) |
532 |
2,763 |
(15) |
|
|
|
|
|
| Term Loan, Non-Current Portion |
(2,341) |
(354) |
- |
- |
| Hire Purchase/Lease Creditors,Non-current Portion |
(259) |
(351) |
- |
- |
| Deferred Taxation |
(115) |
(191) |
- |
- |
|
5,806 |
3,256 |
5,055 |
1,572 |
|
|
|
|
|
| Represented by: | |
|
|
|
| Share Capital |
2,500 |
1,587 |
2,500 |
1,587 |
| Share Premium |
2,927 |
- |
2,927 |
- |
| Unappropriated Profits |
(84) |
1,381 |
(372) |
(15) |
| Shareholders' equity |
5,343 |
2,968 |
5,055 |
1,572 |
|
|
|
|
|
| Minority Interests |
463 |
288 |
- |
- |
|
|
|
|
|
|
5,806 |
3,256 |
5,055 |
1,572 |
11. Details of any changes in the company's issued share capital
There were no changes in the Company's issued share capital since the end of the previous half year.
12. Comparative figures of the group's borrowings and debt securities
| (a) Amount repayable in one year or less, or on demand | |||
|
|
|
|
|
As at 31/12/2001 |
As at 30/06/2001 | ||
|
|
|
|
|
Secured |
Unsecured |
Secured |
Unsecured |
|
|
|
|
|
$373,000 |
$660,000 |
$337,000 |
$0 |
|
|
|
|
| (b) Amount repayable after one year | |||
|
|
|
|
|
As at 31/12/2001 |
As at 30/06/2001 | ||
|
|
|
|
|
Secured |
Unsecured |
Secured |
Unsecured |
|
|
|
|
|
$2,096,000 |
$504,000 |
$1,602,000 |
$0 |
(c) Any other comments relating to Paragraph 12
- NIL
BY ORDER OF THE BOARD
Tjioe Ka Men
Managing Director
28 March 2002
