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Page1of13ListedcompaniesmustprovidetheinformationrequiredbyAppendix7.
2oftheListingManual.
Adequatedisclosureshouldbegiventoexplainanymaterialextraordinaryitemeitherasafootnoteofthematerialextraordinaryitemorinthe"Reviewoftheperformanceofthegroup".
TECKWAHINDUSTRIALCORPORATIONLTDSecondQuarterandSixMonthsEnded30June2014FinancialStatementandDividendAnnouncementPARTI-INFORMATIONREQUIREDFORANNOUNCEMENTSOFQUARTERLY(Q1,Q2&Q3),HALF-YEARANDFULLYEARRESULTS1(a)Anincomestatementandstatementofcomprehensiveincome,orastatementofcomprehensiveincome(forthegroup)togetherwithacomparativestatementforthecorrespondingperiodoftheimmediatelyprecedingfinancialyearIncomestatement%%incr/incr/20142013(restated)(decr)20142013(Restated)(decr)aRevenue40,20441,498(3.
1)77,78281,278(4.
3)bInvestmentIncomecOtherincomeincludinginterestincome:-51829476.
2739333121.
9(i)Gain(loss)onsaleofavailable-for-saleinvestments,23614958.
423814663.
0propertiesand/orplant&equipmentincludedinotherincome(ii)InterestIncome543080.
01006651.
5(iii)OtherIncome22811598.
3401121231.
4dChangesininventoriesofFG&WIP(96)(473)(79.
7)116(739)(115.
7)(i)(Allowance)writebackforinventories(45)(7)n.
m(51)(7)n.
meRawMaterialsandconsumablesused(12,707)(13,102)(3.
0)(24,295)(25,341)(4.
1)(i)Writeback(allowance)forinventories(41)(252)(83.
7)(41)(514)(92.
0)fStaffCosts(9,551)(10,237)(6.
7)(18,795)(19,967)(5.
9)gDepreciation,amortisationandimpairmentexpenses(1,407)(1,269)10.
9(2,723)(2,525)7.
8hInterestonborrowings(62)(30)106.
7(139)(73)90.
4iOtheroperatingexpenses:-(14,042)(13,975)0.
5(27,027)(26,679)1.
3(i)foreignexchangegain/(loss)107(183)n.
m17972n.
m(ii)(Allowance)writebackfordoubtfuldebts6-n.
m(9)(36)(75.
0)jExceptionalitemskOperatingprofitbeforeincometax,2,8572,7065.
65,6586,287(10.
0)non-controllinginterestsandextraordinaryitemsbutafterinterestonborrowings,depreciationandamortisation,foreignexchangelossandexceptionalitemsQ2FY20146monthsended30JunGroupGroupS$'000S$'000Page2of13Incomestatement(continued)%%incr/incr/20142013(restated)(decr)20142013(Restated)(decr)lLossfromassociatedcompaniesmProfitfromjointventure36180(80.
0)109307(64.
5)nOperatingprofitbeforeincometax2,8932,8860.
25,7676,594(12.
5)oLessincometax(1,074)(622)72.
7(1,816)(1,245)45.
9(i)Adjustmentfor(over)underprovisionoftaxinrespectofpriorperiods.
258-n.
m210(406)(151.
7)pProfitforthePeriod1,8192,264(19.
7)3,9515,349(26.
1)Attributableto:-qOwnersoftheCompany1,6722,160(22.
6)3,6865,188(29.
0)rNon-controllingInterests147104n.
m265161n.
mStatementofComprehensiveIncome%%incr/incr/20142013(restated)(decr)20142013(Restated)(decr)ProfitforthePeriod1,8192,264(19.
7)3,9515,349(26.
1)Othercomprehensiveincome:ItemsthatmaybereclassifiedsubsequentlytoprofitorlossForeigncurrencytranslation(95)1,164n.
m(997)1,413n.
mOthercomprehensiveincomefortheperiod(95)1,164n.
m(997)1,413n.
mTotalcomprehensiveincomefortheperiod1,7243,428(49.
7)2,9546,762(56.
3)Thecomprehensiveincomeattributableto:-OwnersoftheCompany1,5773,321(52.
5)2,7066,607(59.
0)Non-controllingInterests147107n.
m248155n.
mQ2FY2014S$'000Q2FY2014S$'000GroupGroup6monthsended30JunS$'000S$'0006monthsended30JunGroupGroupPage3of131(b)(i)Statementoffinancialposition(fortheissuerandgroup),togetherwithacomparativestatementasattheendoftheimmediatelyprecedingfinancialyearStatementofFinancialPositionActualRestatedRestatedActualPrevious30-Jun-1431-Dec-131-Jan-1330-Jun-1431-Dec-13$'000$'000$'000$'000$'000ASSETSCurrentassets:Cashandcashequivalents24,58029,52938,4739661,646Tradeandotherreceivables45,15948,04637,85117,20617,129Inventories12,38112,43216,620--Totalcurrentassets82,12090,00792,94418,17218,775Non-currentassets:Otherassets322179244--Jointventure5,4336,2815,8294,2164,216Subsidiaries---19,82919,829Property,plantandequipment76,00962,40531,32543,63832,145Investmentproperty2,3832,366---Landuserights7,6937,8468,1037,2187,351Intangibleassets7783937783Goodwill6,6916,6916,691--Deferredtaxassets191188417--Totalnon-currentassets98,79986,03952,70274,97863,624Totalassets180,919176,046145,64693,15082,399LIABILITIESANDEQUITYCurrentliabilities:Tradeandotherpayables21,59235,82425,96115,07217,429Incometaxpayable2,4312,2863,251859Bankloans8,0403,5361,0263,7502,500Financeleases1,136560---Totalcurrentliabilities33,19942,20630,23818,83019,988Non-currentliabilities:Bankloans18,5007,0021,60219,7506,500Financeleases3,3091,542---PostEmploymentBenefits117119121--Deferredtaxliabilities1,0031,0041,3386868Totalnon-currentliabilities22,9299,6673,06119,8186,568Capital,reservesandnon-controllinginterests:Sharecapital23,85223,85223,85223,85223,852Statutorysurplusreserve1,4731,473939--Currencytranslationreserve(47)933(715)--Retainedearnings98,16096,81087,54930,65031,991Equityattributabletoownersofthecompany123,438123,068111,62554,50255,843Non-controllinginterests1,3531,105722--Totalequity124,791124,173112,34754,50255,843Totalliabilitiesandequity180,919176,046145,64693,15082,399GroupCompanyPage4of131(b)(ii)Aggregateamountofgroup'sborrowingsanddebtsecuritiesDetailsofanycollateralThefinanceleaseliabilitiesaresecuredbytheassetsunderfinanceleases.
(a)Amountrepayableinoneyearorless,orondemandSecuredUnsecuredSecuredUnsecured$'000$'000$'000$'000(b)AmountrepayableafteroneyearSecuredUnsecuredSecuredUnsecured$'000$'000$'000$'000Asat30/6/14Asat31/12/131,1368,0405603,5363,30918,5001,542Asat30/6/14Asat31/12/137,002Page5of131(c)Astatementofcashflows(forthegroup),togetherwithacomparativestatementforthecorrespondingperiodoftheimmediatelyprecedingfinancialyearStatementofcashflows2014201320142013(Restated)(Restated)S$'000S$'000S$'000S$'000Cashflowfromoperatingactivities:Profitbeforetax2,8932,8865,7676,594Adjustmentsfor:Allowance(Reversalofallowance)fordoubtfuldebts(6)-936Write-downofinventories8625992521Depreciationandamortisationexpense1,4281,2692,7442,525Reversalofimpairmentlossonproperty,plantandequipment(21)-(21)-Gainondisposalofproperty,plantandequipment(236)(149)(238)(146)Postemploymentbenefits(1)2(2)4Shareofprofitfromjointventure(36)(180)(109)(307)Interestincome(54)(30)(100)(66)Financecosts623013973Operatingcashflowsbeforemovementsinworkingcapital4,1154,0878,2819,234Tradeandotherreceivablesandotherassets(1,592)9342,735(1,440)Inventories117819(41)1,700Tradeandotherpayables(6,192)2,985(14,232)(1,143)Cashgenerated(usedin)fromoperations(3,552)8,825(3,257)8,351Interestpaid(62)(30)(139)(73)Incometaxpaid(912)(736)(1,671)(2,380)Netcash(usedin)fromoperatingactivities(4,526)8,059(5,067)5,898Cashflowfrominvestingactivities:Interestreceived543010066Dividendsreceivedfromjointventure--956-Proceedsfromdisposalofproperty,plant&equipment628320630328Purchaseofproperty,plant&equipment(2,599)(6,707)(13,733)(10,833)Netcashusedininvestingactivities(1,917)(6,357)(12,047)(10,439)Cashflowsfromfinancingactivities:Dividendspaid(2,336)(1,168)(2,336)(1,168)Repaymentofbankloans(260)(258)(514)(510)Proceedsfrombankloans8,000-16,500-Repaymentofobligationsunderfinanceleases(359)(114)(691)(114)Netcashfrom(usedin)financingactivities5,045(1,540)12,959(1,792)Net(decrease)increaseincashandcashequivalents(1,398)162(4,155)(6,333)Cashandcashequivalentsatbeginningofperiod26,18132,05429,52938,473Effectofforeignexchangeratechanges(203)785(794)861Cashandcashequivalentsatendofperiod24,58033,00124,58033,001Group3monthsended30Jun6monthsended30JunPage6of131(d)(i)Astatementofchangesinequity(fortheissuerandgroup)showingeither(i)allchangesinequityor(ii)changesinequityotherthanthosearisingfromcapitalisationissuesanddistributionstoshareholders,togetherwithacomparativestatementforthecorrespondingperiodoftheimmediatelyprecedingfinancialyear1(d)(ii)Detailsofanychangesinthecompany'ssharecapitalarisingfromrightsissue,bonusissue,sharebuy-backs,exerciseofshareoptionsorwarrants,conversionofotherissuesofequitysecurities,issueofsharesforcashorasconsiderationforacquisitionorforanyotherpurposesincetheendofthepreviousperiodreportedon.
StatealsothenumberofsharesthatmaybeissuedonconversionofalltheoutstandingconvertiblesasattheendofthecurrentfinancialperiodreportedonandasattheendofthecorrespondingperiodoftheimmediatelyprecedingfinancialyearNotapplicable.
StatementofchangesinequityGROUPStatutoryCurrencyFairAttributabletoNon-SharesurplusRetainedtranslationvalueownersofcontrollingcapitalreserveearningsreservereservethecompanyinterestsTotalS$'000S$'000S$'000S$'000S$'000S$'000S$'000S$'000Balanceat1April2013(Aspreviouslystated)23,8521,19791,271(1,398)-114,922770115,692EffectsofadoptingFRS111andFRS28--(952)941-(11)-(11)Balanceat1April2013(Asrestated)23,8521,19790,319(457)-114,911770115,681TotalcomprehensiveincomefortheperiodProfitfortheperiodnetoftax--2,160--2,1601042,264Othercomprehensiveincomefortheperiod---1,161-1,16131,164Total--2,1601,161-3,3211073,428Transactionswithowners,recogniseddirectlyinequityAppropriationsDividendspaid--(1,168)--(1,168)-(1,168)Total--(1,168)--(1,168)-(1,168)Balanceat30June201323,8521,19791,311704-117,064877117,941Balanceat1April201423,8521,47398,82448-124,1971,206125,403TotalcomprehensiveincomefortheperiodProfitfortheperiodnetoftax--1,672--1,6721471,819Othercomprehensiveincomefortheperiod---(95)-(95)-(95)Total--1,672(95)-1,5771471,724Transactionswithowners,recogniseddirectlyinequityAppropriationsDividendspaid--(2,336)--(2,336)-(2,336)Total--(2,336)--(2,336)-(2,336)Balanceat30June201423,8521,47398,160(47)-123,4381,353124,791COMPANYStatutoryCurrencyFairAttributabletoNon-SharesurplusRetainedtranslationvalueownersofcontrollingcapitalreserveearningsreservereservethecompanyinterestsTotalS$'000S$'000S$'000S$'000S$'000S$'000S$'000S$'000Balanceat1April2013(Aspreviouslystated)23,852-11,787--35,639-35,639Profitfortheperiodnetoftax,representingtotalcomprehensiveincomefortheperiod--(677)--(677)-(677)Dividendspaid,representingtransactionswithownersrecogniseddirectlyinequity--(1,168)--(1,168)-(1,168)Balanceat30June201323,852-9,942--33,794-33,794Balanceat1April201423,852-33,122--56,974-56,974Profitfortheperiodnetoftax,representingtotalcomprehensiveincomefortheperiod--(136)--(136)-(136)Dividendspaid,representingtransactionswithownersrecogniseddirectlyinequity--(2,336)--(2,336)-(2,336)Balanceat30June201423,852-30,650--54,502-54,502Page7of131(d)(iii)Toshowthetotalnumberofissuedsharesexcludingtreasurysharesasattheendofthecurrentfinancialperiodandasattheendoftheimmediatelyprecedingyear.
1(d)(iv)Astatementshowingallsales,transfers,disposal,cancellationand/oruseoftreasurysharesasattheendofthecurrentfinancialperiodon.
Therearenotreasurysharesasattheendofcurrentperiod.
2.
Whetherthefigureshavebeenaudited,orreviewedandinaccordancewithwhichstandard(e.
g.
theSingaporeStandardonAuditing910(EngagementstoReviewFinancialStatements),oranequivalentstandard)Thefigureshavenotbeenauditedorreviewedbythecompany'sauditors.
3.
Wherethefigureshavebeenauditedorreviewed,theauditors'report(includinganyqualificationsoremphasisofmatter)Notapplicable.
4.
Whetherthesameaccountingpoliciesandmethodsofcomputationasintheissuer'smostrecentlyauditedannualfinancialstatementshavebeenappliedExceptasdisclosedinNote5below,theGrouphasappliedthesameaccountingpoliciesandmethodofcomputationinthefinancialstatementsforthecurrentfinancialperiodcomparedwiththoseoftheauditedfinancialstatementsasat31December2013.
5.
Ifthereareanychangesintheaccountingpoliciesandmethodsofcomputation,includinganyrequiredbyanaccountingstandard,whathaschanged,aswellasthereasonsfor,andtheeffectof,thechangeOn1January2014,theGroupadoptedallthefollowingnewandrevisedFRSsandInterpretationsofFRS("INTFRS")thatareeffectivefromthatdateandarerelevanttoitsoperations:FRS27(Revised)SeparateFinancialStatementsFRS28(Revised)InvestmentsinAssociatesandJointVenturesFRS110ConsolidatedFinancialStatementsFRS111JointArrangementsFRS112DisclosureofInterestsinOtherEntitiesFRS110,FRS111,FRS112TransitionGuidanceAmendmentstoFRS32FinancialInstruments:PresentationAmendmentstoFRS36ImpairmentofAssetsTheadoptionofthesenew/revisedFRSsandINTFRSsdoesnotresultinchangestotheGroup'sandcompany'saccountingpoliciesandhasnomaterialeffectontheamountsreportedforthecurrentorprioryearsexceptasdisclosedbelow:30/6/201431/12/2013Balanceasat1January233,550,248233,550,248Issueofshares--Balanceasat30June233,550,248233,550,248NumberofIssuedSharesPage8of13FRS111JointArrangementsandFRS28InvestmentsinAssociatesandJointVenturesFRS111supersedesFRS31InterestsinJointVenturesandINTFRS13JointlyControlledEntities-Non-MonetaryContributionsbyVenturers.
FRS111classifiesajointarrangementaseitherajointoperationorajointventurebasedontheparties'rightsandobligationsunderthearrangement.
Theexistenceofaseparatelegalvehicleisnolongerthekeyfactor.
Ajointoperationisajointarrangementwherebythepartiesthathavejointcontrolhaverightstotheassetsandobligationsfortheliabilities.
Ajointventureisajointarrangementwherebythepartiesthathavejointcontrolhaverightstothenetassets.
ThejointventurershouldusetheequitymethodundertherevisedFRS28InvestmentsinAssociatesandJointVenturestoaccountforajointventure.
Theoptiontouseproportionateconsolidationmethodhasbeenremoved.
Forjointoperations,thegroupdirectlyrecognisesitsrightstotheassets,liabilities,revenuesandexpensesoftheinvesteeinaccordancewithapplicableFRSs.
FRS111willtakeeffectfromfinancialyearsbeginningonorafterJanuary1,2014,withretrospectiveapplicationsubjecttotransitionalprovisions.
WhenthegroupadoptsFRS111,ajointlycontrolledentitymaybeclassifiedasajointoperationorjointventure,dependingontherightsandobligationsofthepartiestothejointarrangement.
Forarrangementsthatarejointventuresandwerepreviouslyproportionatelyconsolidatedasjointlycontrolledentities,thegroupwillhavetoadoptequityaccounting.
TheapplicationofFRS111haschangetheaccountingofthegroup'sinvestmentinPPHTeckwahValueChainSdnBhd,whichhaspreviouslybeenaccountedforusingtheproportionateconsolidationmethod.
UnderFRS111,PPHTeckwahValueChainSdnBhdwillbeaccountedforusingtheequitymethod,resultinginaggregationofthegroup'sproportionateshareofPPHTeckwahValueChainSdnBhd'snetassetsanditemsofprofitorlossintoasinglelineitemwhichwillbepresentedintheconsolidatedstatementoffinancialpositionandconsolidatedstatementofprofitorlossas"investmentinjointventure"and"shareofprofits(loss)ofjointventure"respectively.
Page9of13TheeffectstotheGroup'sfinancialstatementsaftertheadoptionofFRS110andrevisedFRS28areasfollows:Asat31December2013Asat1January2013(Restated)(Restated)$'000$'000(Decrease)/increaseinStatementoffinancialpositionCashandcashequivalents(3,869)(3,538)Tradeandotherreceivables(1,053)(1,041)Inventories(506)(481)Otherassets(1)(13)Jointventure6,2815,829Property,plantandequipment(1,249)(1,467)Landuserights(178)(66)Tradeandotherpayables(803)(741)Incometaxpayable(2)(7)PostEmploymentBenefits119121Deferredtaxliabilities(138)(150)Retainedearnings(952)(952)Currencytranslationreserve1,201952Group2013(Restated)$'000(Decrease)/increaseinIncomestatementRevenue(5,873)Otherincomeincludinginterestincome(61)Changesininventoriesoffinishedgoodsandworkinprogress33Rawmaterialsandconsumablesused2,999Employeebenefitsexpense1,319Depreciation,amortisationandimpairmentexpense215Otheroperatingexpenses849Financecosts3Profitfromjointventure452Incometaxexpense64Page10of136.
Earningsperordinaryshareofthegroupforthecurrentperiodreportedonandthecorrespondingperiodoftheimmediatelyprecedingfinancialyear,afterdeductinganyprovisionforpreferencedividendsGroupGroup3monthsended6monthsendedJun'14Jun'13Jun'14Jun'13(restated)(restated)EarningsperOrdinarySharefortheyearbasedonnetprofitattributabletoshareholders:-i)Basedontheweightedaveragenumberofordinarysharesonissue(cents)0.
720.
921.
582.
22ii)Onafullydilutedbasis(cents)0.
720.
921.
582.
22Notea.
Theearningsperordinaryshare("EPS")fortheperiodendedJune30,2014hasbeencalculatedonweightedaveragenumberofordinarysharesinissueof233,550,248(June30,2013=233,550,248)ordinarysharesb.
FullydilutedEPSfortheperiodendedJune30,2014iscalculatedon233,550,248(June30,2013,DilutedEPSiscalculatedat233,550,248)ordinarysharesassumingallthefullyexerciseofemployeesharesoptionduringtheyearandadjustingforthenumberofordinarysharesinissuetoreflecttheeffectofallpotentiallydilutiveordinaryshares.
7.
Netassetvalue(fortheissuerandgroup)perordinarysharebasedonissuedsharecapitaloftheissuerattheendofthe(a)currentperiodreportedonand(b)immediatelyprecedingfinancialyearGROUPCOMPANY(restated)NetAssetValuePerJun'14Dec'13Jun'14Dec'13OrdinarySharebasedOnissuedsharecapital52.
85cts52.
69cts23.
34cts23.
91ctsattheendoftheperiodNote:ThenetassetvalueperordinarysharefortheperiodendedJune30,2014havebeencalculatedbasedontheissuedsharecapitalof233,550,248shares(December31,2013:233,550,248)Page11of138.
Areviewoftheperformanceofthegroup,totheextentnecessaryforareasonableunderstandingofthegroup'sbusiness.
Thereviewmustdiscussanysignificantfactorsthataffectedtheturnover,costs,andearningsofthegroupforthecurrentfinancialperiodreportedon,including(whereapplicable)seasonalorcyclicalfactors.
Itmustalsodiscussanymaterialfactorsthataffectedthecashflow,workingcapital,assetsorliabilitiesofthegroupduringthecurrentfinancialperiodreportedon2QFY2014vs2QFY2013Forthesecondquarterended30June2014,theGroupachievedtotalrevenueof$40.
2million,3.
1%lowerthanthe$41.
5millionachievedinthesameperiodlastyear.
ThePrint-relatedbusinessaccountedfor59.
9%oftheGroup'srevenue.
Itsrevenuecontributiondeclinedby2.
5%from$24.
7millionto$24.
1millionasaresultofthelowerdemandfromsomeexistingcustomersinChinaoperationandthecessationofPrintrelatedoperationinAustraliasincethesecondhalfoflastyear.
TheNon-printbusinessaccountedfor40.
1%oftheGroup'stotal.
Itsrevenuecontributiondeclinedby3.
9%from$16.
7millionto$16.
0millionduemainlytothecessationofsomeprojectsduringthesecondhalfoflastyear.
TheGroup'soperatingprofitbeforetaxforthesecondquarterended30June2014was$2.
9millionthatwasthesameasthesameperiodlastyear.
HigherincometaxexpensewasrecordedduringthequarterduemainlytoadditionaltaxassessedbytherelevanttaxauthoritiesonsubsidiariesatBatam,IndonesiaandWuxi,China.
1HFY2014vs1HFY2013Forthehalfyearended30June2014,theGroupachievedtotalrevenueof$77.
8million,4.
3%lowerthanthe$81.
3millionachievedinthesameperiodlastyear.
ThePrint-relatedbusinessaccountedfor60.
2%oftheGroup'srevenueandtheNon-printbusinesscontributedthebalanceof39.
6%.
Intermsofgeographicalperspective,theSingaporeoperationscontinuetobethemaincontributoraccountedfor66.
8%oftheGroup'srevenue.
TheChinaoperationsremainasthesecondlargestwith22.
6%contribution.
TherevenueforthePrint-relatedbusinessdeclinedby4.
9%from$49.
3millionto$46.
8millionwhiletheNon-printbusinessdeclinedby3.
3%inrevenuefrom$31.
8millionto$30.
8million.
ThedeclineinthePrintsegmentrevenuewasmainlyduetothelowerdemandfromsomeexistingcustomersinChinaoperationandthecessationofoperationinAustraliaduringthesecondhalfoflastyear.
FortheNon-PrintBusiness,thedecreasewasmainlyduetocessationofsomeprojectssincethesecondhalfoflastyear.
TheGroup'soperatingprofitbeforetaxforthehalfyearended30June2014decreasedby12.
5%to$5.
8millionascomparedto$6.
6millionforthesameperiodlastyear.
Thedecreaseismainlyattributedtolowercustomerdemands,continuouspricepressureandcertainone-offrelocationexpenseonshiftingtonewbuildingatPayaLebar,PixelRedduringtheperiod.
Inaddition,thedecreasewasalsoduetohigherincometaxexpenseincurredduringthequarterasadditionaltaxwasassessedbytherelevanttaxauthoritiesonsubsidiariesatBatam,IndonesiaandWuxi,China.
TheoperatingprofitbeforetaxforthePrint-relatedbusiness(afterallocationofcorporateservicesexpenses)declinedby49.
3%from$2.
9millionto$1.
5million.
Thedecreaseinoperatingprofitismainlyattributedtocontinueddownwardpricepressureaswellascertainone-offexpensesasthePrintoperationshiftedtoPixelRed.
TheoperatingprofitbeforetaxfortheNon-printbusiness(afterallocationofcorporateservicesexpenses)increasedby17.
0%from$3.
7millioninthesameperiodlastyearto$4.
3millionthisyear.
Theincreaseinoperatingprofitismainlyduetosavingsfromcostmanagementeffortsandcontinuedimprovementinsalesmix,althoughitispartiallyoffsetbythedownwardpricepressures.
Forthesixmonthsended30June2014,theGroupgeneratednegativecashflowof$3.
3millionfromoperationsafterworkingcapitalchanges.
Itwaspositivecashflowof$8.
4millionforthesameperiodPage12of13lastyear.
ThedecreaseincashflowgeneratedfromoperationsafterworkingcapitalchangesismainlyattributedtopaymentfortheconstructionofPixelRed.
Duringthisperiod,theGroupcontinuedtoinvest$13.
7millionintoconstructionofPixelRed,upgradingoffacilitiesforfactoryatWuxi(China),aswellasimprovementworksonthenewfactoryatIskandarDevelopmentZone(JohorState,Malaysia).
Asat30June2014,theGroup'scashandcashequivalentsamountwasapproximately$24.
6million.
TheGroup'sgearingratiorosefrom10.
27%asat31Dec2013to25.
10%asat30June2014mainlyduetothedrawdownofbankloansforpayingtheconstructioncostofPixelRedandfornewmachineriesforthenewfactoryatIskandarDevelopmentZonerespectively.
9.
Whereaforecast,oraprospectstatement,hasbeenpreviouslydisclosedtoshareholders,anyvariancebetweenitandtheactualresultsTheresultsareinlinewiththecommentarypreviouslystatedinParagraph10oftheannouncementforthefullyearFY2013.
10.
Acommentaryatthedateoftheannouncementofthecompetitiveconditionsoftheindustryinwhichthegroupoperatesandanyknownfactorsoreventsthatmayaffectthegroupinthenextreportingperiodandthenext12monthsTheglobaleconomicoutlookremainsuncertain.
Thestiffcompetitionintheregioncontinuestoresultindownwardpressureonpricing,whiletherisingoperatingcostwouldfurthersqueezeourmargins.
TheGroupwillcontinuetoenhanceitscostmanagementmeasures,furtherdevelopexistingandnewcustomers,productivityimprovementinitiativesandcontinuouslyseekingfornewupstreamactivitiesthatwidenrevenuesource.
InFY2013,thegrouphasmovedpartofitsproductiontoitsnewproductionplantatIskandar,Johor,Malaysia.
InlateMay2014,thegrouphasmovedintoitsnewglobalheadquartersatPixelRed.
Barringanyunforeseencircumstances,theDirectorsexpecttheGrouptoremainprofitableforthecurrentyear.
11.
Dividend(toamendaccordingly)(a)CurrentFinancialPeriodReportedOnAnydividenddeclaredforthecurrentfinancialperiodreportedonNameofdividend:InterimDividendType:CashDividendamountpershare(incents):0.
5cent(b)CorrespondingPeriodoftheImmediatelyPrecedingFinancialYearAnydividenddeclaredforthecorrespondingperiodoftheimmediatelyprecedingfinancialyearNameofdividend:InterimDividendType:CashDividendamountpershare(incents):0.
5cent(c)DatepayableTobeannouncedlater.
(d)BooksclosuredateTobeannouncedlater.
Page13of1312.
Ifnodividendhasbeendeclared/recommended,astatementtothateffectNotApplicable13.
IftheGrouphasobtainedageneralmandatefromshareholdersforIPTs,theaggregatevalueofsuchtransactionsasrequiredunderRule920(1)(a)(ii).
IfnoIPTmandatehasbeenobtained,astatementtothateffect.
ThecompanydidnotobtainageneralmandatefromshareholdersforIPTs.
14.
ConfirmationPursuanttoRule705(5)oftheListingManualTheBoardofDirectorsdoherebyconfirmthattothebestoftheirknowledge,nothinghascometotheirattentionwhichmayrendertheun-auditedresultsoftheGroup,forthesixmonthsendingJune30,2014,tobefalseormisleading.
BYORDEROFTHEBOARDThomasChuaKeeSengChairman&ManagingDirectorAugust12,2014Singapore
2oftheListingManual.
Adequatedisclosureshouldbegiventoexplainanymaterialextraordinaryitemeitherasafootnoteofthematerialextraordinaryitemorinthe"Reviewoftheperformanceofthegroup".
TECKWAHINDUSTRIALCORPORATIONLTDSecondQuarterandSixMonthsEnded30June2014FinancialStatementandDividendAnnouncementPARTI-INFORMATIONREQUIREDFORANNOUNCEMENTSOFQUARTERLY(Q1,Q2&Q3),HALF-YEARANDFULLYEARRESULTS1(a)Anincomestatementandstatementofcomprehensiveincome,orastatementofcomprehensiveincome(forthegroup)togetherwithacomparativestatementforthecorrespondingperiodoftheimmediatelyprecedingfinancialyearIncomestatement%%incr/incr/20142013(restated)(decr)20142013(Restated)(decr)aRevenue40,20441,498(3.
1)77,78281,278(4.
3)bInvestmentIncomecOtherincomeincludinginterestincome:-51829476.
2739333121.
9(i)Gain(loss)onsaleofavailable-for-saleinvestments,23614958.
423814663.
0propertiesand/orplant&equipmentincludedinotherincome(ii)InterestIncome543080.
01006651.
5(iii)OtherIncome22811598.
3401121231.
4dChangesininventoriesofFG&WIP(96)(473)(79.
7)116(739)(115.
7)(i)(Allowance)writebackforinventories(45)(7)n.
m(51)(7)n.
meRawMaterialsandconsumablesused(12,707)(13,102)(3.
0)(24,295)(25,341)(4.
1)(i)Writeback(allowance)forinventories(41)(252)(83.
7)(41)(514)(92.
0)fStaffCosts(9,551)(10,237)(6.
7)(18,795)(19,967)(5.
9)gDepreciation,amortisationandimpairmentexpenses(1,407)(1,269)10.
9(2,723)(2,525)7.
8hInterestonborrowings(62)(30)106.
7(139)(73)90.
4iOtheroperatingexpenses:-(14,042)(13,975)0.
5(27,027)(26,679)1.
3(i)foreignexchangegain/(loss)107(183)n.
m17972n.
m(ii)(Allowance)writebackfordoubtfuldebts6-n.
m(9)(36)(75.
0)jExceptionalitemskOperatingprofitbeforeincometax,2,8572,7065.
65,6586,287(10.
0)non-controllinginterestsandextraordinaryitemsbutafterinterestonborrowings,depreciationandamortisation,foreignexchangelossandexceptionalitemsQ2FY20146monthsended30JunGroupGroupS$'000S$'000Page2of13Incomestatement(continued)%%incr/incr/20142013(restated)(decr)20142013(Restated)(decr)lLossfromassociatedcompaniesmProfitfromjointventure36180(80.
0)109307(64.
5)nOperatingprofitbeforeincometax2,8932,8860.
25,7676,594(12.
5)oLessincometax(1,074)(622)72.
7(1,816)(1,245)45.
9(i)Adjustmentfor(over)underprovisionoftaxinrespectofpriorperiods.
258-n.
m210(406)(151.
7)pProfitforthePeriod1,8192,264(19.
7)3,9515,349(26.
1)Attributableto:-qOwnersoftheCompany1,6722,160(22.
6)3,6865,188(29.
0)rNon-controllingInterests147104n.
m265161n.
mStatementofComprehensiveIncome%%incr/incr/20142013(restated)(decr)20142013(Restated)(decr)ProfitforthePeriod1,8192,264(19.
7)3,9515,349(26.
1)Othercomprehensiveincome:ItemsthatmaybereclassifiedsubsequentlytoprofitorlossForeigncurrencytranslation(95)1,164n.
m(997)1,413n.
mOthercomprehensiveincomefortheperiod(95)1,164n.
m(997)1,413n.
mTotalcomprehensiveincomefortheperiod1,7243,428(49.
7)2,9546,762(56.
3)Thecomprehensiveincomeattributableto:-OwnersoftheCompany1,5773,321(52.
5)2,7066,607(59.
0)Non-controllingInterests147107n.
m248155n.
mQ2FY2014S$'000Q2FY2014S$'000GroupGroup6monthsended30JunS$'000S$'0006monthsended30JunGroupGroupPage3of131(b)(i)Statementoffinancialposition(fortheissuerandgroup),togetherwithacomparativestatementasattheendoftheimmediatelyprecedingfinancialyearStatementofFinancialPositionActualRestatedRestatedActualPrevious30-Jun-1431-Dec-131-Jan-1330-Jun-1431-Dec-13$'000$'000$'000$'000$'000ASSETSCurrentassets:Cashandcashequivalents24,58029,52938,4739661,646Tradeandotherreceivables45,15948,04637,85117,20617,129Inventories12,38112,43216,620--Totalcurrentassets82,12090,00792,94418,17218,775Non-currentassets:Otherassets322179244--Jointventure5,4336,2815,8294,2164,216Subsidiaries---19,82919,829Property,plantandequipment76,00962,40531,32543,63832,145Investmentproperty2,3832,366---Landuserights7,6937,8468,1037,2187,351Intangibleassets7783937783Goodwill6,6916,6916,691--Deferredtaxassets191188417--Totalnon-currentassets98,79986,03952,70274,97863,624Totalassets180,919176,046145,64693,15082,399LIABILITIESANDEQUITYCurrentliabilities:Tradeandotherpayables21,59235,82425,96115,07217,429Incometaxpayable2,4312,2863,251859Bankloans8,0403,5361,0263,7502,500Financeleases1,136560---Totalcurrentliabilities33,19942,20630,23818,83019,988Non-currentliabilities:Bankloans18,5007,0021,60219,7506,500Financeleases3,3091,542---PostEmploymentBenefits117119121--Deferredtaxliabilities1,0031,0041,3386868Totalnon-currentliabilities22,9299,6673,06119,8186,568Capital,reservesandnon-controllinginterests:Sharecapital23,85223,85223,85223,85223,852Statutorysurplusreserve1,4731,473939--Currencytranslationreserve(47)933(715)--Retainedearnings98,16096,81087,54930,65031,991Equityattributabletoownersofthecompany123,438123,068111,62554,50255,843Non-controllinginterests1,3531,105722--Totalequity124,791124,173112,34754,50255,843Totalliabilitiesandequity180,919176,046145,64693,15082,399GroupCompanyPage4of131(b)(ii)Aggregateamountofgroup'sborrowingsanddebtsecuritiesDetailsofanycollateralThefinanceleaseliabilitiesaresecuredbytheassetsunderfinanceleases.
(a)Amountrepayableinoneyearorless,orondemandSecuredUnsecuredSecuredUnsecured$'000$'000$'000$'000(b)AmountrepayableafteroneyearSecuredUnsecuredSecuredUnsecured$'000$'000$'000$'000Asat30/6/14Asat31/12/131,1368,0405603,5363,30918,5001,542Asat30/6/14Asat31/12/137,002Page5of131(c)Astatementofcashflows(forthegroup),togetherwithacomparativestatementforthecorrespondingperiodoftheimmediatelyprecedingfinancialyearStatementofcashflows2014201320142013(Restated)(Restated)S$'000S$'000S$'000S$'000Cashflowfromoperatingactivities:Profitbeforetax2,8932,8865,7676,594Adjustmentsfor:Allowance(Reversalofallowance)fordoubtfuldebts(6)-936Write-downofinventories8625992521Depreciationandamortisationexpense1,4281,2692,7442,525Reversalofimpairmentlossonproperty,plantandequipment(21)-(21)-Gainondisposalofproperty,plantandequipment(236)(149)(238)(146)Postemploymentbenefits(1)2(2)4Shareofprofitfromjointventure(36)(180)(109)(307)Interestincome(54)(30)(100)(66)Financecosts623013973Operatingcashflowsbeforemovementsinworkingcapital4,1154,0878,2819,234Tradeandotherreceivablesandotherassets(1,592)9342,735(1,440)Inventories117819(41)1,700Tradeandotherpayables(6,192)2,985(14,232)(1,143)Cashgenerated(usedin)fromoperations(3,552)8,825(3,257)8,351Interestpaid(62)(30)(139)(73)Incometaxpaid(912)(736)(1,671)(2,380)Netcash(usedin)fromoperatingactivities(4,526)8,059(5,067)5,898Cashflowfrominvestingactivities:Interestreceived543010066Dividendsreceivedfromjointventure--956-Proceedsfromdisposalofproperty,plant&equipment628320630328Purchaseofproperty,plant&equipment(2,599)(6,707)(13,733)(10,833)Netcashusedininvestingactivities(1,917)(6,357)(12,047)(10,439)Cashflowsfromfinancingactivities:Dividendspaid(2,336)(1,168)(2,336)(1,168)Repaymentofbankloans(260)(258)(514)(510)Proceedsfrombankloans8,000-16,500-Repaymentofobligationsunderfinanceleases(359)(114)(691)(114)Netcashfrom(usedin)financingactivities5,045(1,540)12,959(1,792)Net(decrease)increaseincashandcashequivalents(1,398)162(4,155)(6,333)Cashandcashequivalentsatbeginningofperiod26,18132,05429,52938,473Effectofforeignexchangeratechanges(203)785(794)861Cashandcashequivalentsatendofperiod24,58033,00124,58033,001Group3monthsended30Jun6monthsended30JunPage6of131(d)(i)Astatementofchangesinequity(fortheissuerandgroup)showingeither(i)allchangesinequityor(ii)changesinequityotherthanthosearisingfromcapitalisationissuesanddistributionstoshareholders,togetherwithacomparativestatementforthecorrespondingperiodoftheimmediatelyprecedingfinancialyear1(d)(ii)Detailsofanychangesinthecompany'ssharecapitalarisingfromrightsissue,bonusissue,sharebuy-backs,exerciseofshareoptionsorwarrants,conversionofotherissuesofequitysecurities,issueofsharesforcashorasconsiderationforacquisitionorforanyotherpurposesincetheendofthepreviousperiodreportedon.
StatealsothenumberofsharesthatmaybeissuedonconversionofalltheoutstandingconvertiblesasattheendofthecurrentfinancialperiodreportedonandasattheendofthecorrespondingperiodoftheimmediatelyprecedingfinancialyearNotapplicable.
StatementofchangesinequityGROUPStatutoryCurrencyFairAttributabletoNon-SharesurplusRetainedtranslationvalueownersofcontrollingcapitalreserveearningsreservereservethecompanyinterestsTotalS$'000S$'000S$'000S$'000S$'000S$'000S$'000S$'000Balanceat1April2013(Aspreviouslystated)23,8521,19791,271(1,398)-114,922770115,692EffectsofadoptingFRS111andFRS28--(952)941-(11)-(11)Balanceat1April2013(Asrestated)23,8521,19790,319(457)-114,911770115,681TotalcomprehensiveincomefortheperiodProfitfortheperiodnetoftax--2,160--2,1601042,264Othercomprehensiveincomefortheperiod---1,161-1,16131,164Total--2,1601,161-3,3211073,428Transactionswithowners,recogniseddirectlyinequityAppropriationsDividendspaid--(1,168)--(1,168)-(1,168)Total--(1,168)--(1,168)-(1,168)Balanceat30June201323,8521,19791,311704-117,064877117,941Balanceat1April201423,8521,47398,82448-124,1971,206125,403TotalcomprehensiveincomefortheperiodProfitfortheperiodnetoftax--1,672--1,6721471,819Othercomprehensiveincomefortheperiod---(95)-(95)-(95)Total--1,672(95)-1,5771471,724Transactionswithowners,recogniseddirectlyinequityAppropriationsDividendspaid--(2,336)--(2,336)-(2,336)Total--(2,336)--(2,336)-(2,336)Balanceat30June201423,8521,47398,160(47)-123,4381,353124,791COMPANYStatutoryCurrencyFairAttributabletoNon-SharesurplusRetainedtranslationvalueownersofcontrollingcapitalreserveearningsreservereservethecompanyinterestsTotalS$'000S$'000S$'000S$'000S$'000S$'000S$'000S$'000Balanceat1April2013(Aspreviouslystated)23,852-11,787--35,639-35,639Profitfortheperiodnetoftax,representingtotalcomprehensiveincomefortheperiod--(677)--(677)-(677)Dividendspaid,representingtransactionswithownersrecogniseddirectlyinequity--(1,168)--(1,168)-(1,168)Balanceat30June201323,852-9,942--33,794-33,794Balanceat1April201423,852-33,122--56,974-56,974Profitfortheperiodnetoftax,representingtotalcomprehensiveincomefortheperiod--(136)--(136)-(136)Dividendspaid,representingtransactionswithownersrecogniseddirectlyinequity--(2,336)--(2,336)-(2,336)Balanceat30June201423,852-30,650--54,502-54,502Page7of131(d)(iii)Toshowthetotalnumberofissuedsharesexcludingtreasurysharesasattheendofthecurrentfinancialperiodandasattheendoftheimmediatelyprecedingyear.
1(d)(iv)Astatementshowingallsales,transfers,disposal,cancellationand/oruseoftreasurysharesasattheendofthecurrentfinancialperiodon.
Therearenotreasurysharesasattheendofcurrentperiod.
2.
Whetherthefigureshavebeenaudited,orreviewedandinaccordancewithwhichstandard(e.
g.
theSingaporeStandardonAuditing910(EngagementstoReviewFinancialStatements),oranequivalentstandard)Thefigureshavenotbeenauditedorreviewedbythecompany'sauditors.
3.
Wherethefigureshavebeenauditedorreviewed,theauditors'report(includinganyqualificationsoremphasisofmatter)Notapplicable.
4.
Whetherthesameaccountingpoliciesandmethodsofcomputationasintheissuer'smostrecentlyauditedannualfinancialstatementshavebeenappliedExceptasdisclosedinNote5below,theGrouphasappliedthesameaccountingpoliciesandmethodofcomputationinthefinancialstatementsforthecurrentfinancialperiodcomparedwiththoseoftheauditedfinancialstatementsasat31December2013.
5.
Ifthereareanychangesintheaccountingpoliciesandmethodsofcomputation,includinganyrequiredbyanaccountingstandard,whathaschanged,aswellasthereasonsfor,andtheeffectof,thechangeOn1January2014,theGroupadoptedallthefollowingnewandrevisedFRSsandInterpretationsofFRS("INTFRS")thatareeffectivefromthatdateandarerelevanttoitsoperations:FRS27(Revised)SeparateFinancialStatementsFRS28(Revised)InvestmentsinAssociatesandJointVenturesFRS110ConsolidatedFinancialStatementsFRS111JointArrangementsFRS112DisclosureofInterestsinOtherEntitiesFRS110,FRS111,FRS112TransitionGuidanceAmendmentstoFRS32FinancialInstruments:PresentationAmendmentstoFRS36ImpairmentofAssetsTheadoptionofthesenew/revisedFRSsandINTFRSsdoesnotresultinchangestotheGroup'sandcompany'saccountingpoliciesandhasnomaterialeffectontheamountsreportedforthecurrentorprioryearsexceptasdisclosedbelow:30/6/201431/12/2013Balanceasat1January233,550,248233,550,248Issueofshares--Balanceasat30June233,550,248233,550,248NumberofIssuedSharesPage8of13FRS111JointArrangementsandFRS28InvestmentsinAssociatesandJointVenturesFRS111supersedesFRS31InterestsinJointVenturesandINTFRS13JointlyControlledEntities-Non-MonetaryContributionsbyVenturers.
FRS111classifiesajointarrangementaseitherajointoperationorajointventurebasedontheparties'rightsandobligationsunderthearrangement.
Theexistenceofaseparatelegalvehicleisnolongerthekeyfactor.
Ajointoperationisajointarrangementwherebythepartiesthathavejointcontrolhaverightstotheassetsandobligationsfortheliabilities.
Ajointventureisajointarrangementwherebythepartiesthathavejointcontrolhaverightstothenetassets.
ThejointventurershouldusetheequitymethodundertherevisedFRS28InvestmentsinAssociatesandJointVenturestoaccountforajointventure.
Theoptiontouseproportionateconsolidationmethodhasbeenremoved.
Forjointoperations,thegroupdirectlyrecognisesitsrightstotheassets,liabilities,revenuesandexpensesoftheinvesteeinaccordancewithapplicableFRSs.
FRS111willtakeeffectfromfinancialyearsbeginningonorafterJanuary1,2014,withretrospectiveapplicationsubjecttotransitionalprovisions.
WhenthegroupadoptsFRS111,ajointlycontrolledentitymaybeclassifiedasajointoperationorjointventure,dependingontherightsandobligationsofthepartiestothejointarrangement.
Forarrangementsthatarejointventuresandwerepreviouslyproportionatelyconsolidatedasjointlycontrolledentities,thegroupwillhavetoadoptequityaccounting.
TheapplicationofFRS111haschangetheaccountingofthegroup'sinvestmentinPPHTeckwahValueChainSdnBhd,whichhaspreviouslybeenaccountedforusingtheproportionateconsolidationmethod.
UnderFRS111,PPHTeckwahValueChainSdnBhdwillbeaccountedforusingtheequitymethod,resultinginaggregationofthegroup'sproportionateshareofPPHTeckwahValueChainSdnBhd'snetassetsanditemsofprofitorlossintoasinglelineitemwhichwillbepresentedintheconsolidatedstatementoffinancialpositionandconsolidatedstatementofprofitorlossas"investmentinjointventure"and"shareofprofits(loss)ofjointventure"respectively.
Page9of13TheeffectstotheGroup'sfinancialstatementsaftertheadoptionofFRS110andrevisedFRS28areasfollows:Asat31December2013Asat1January2013(Restated)(Restated)$'000$'000(Decrease)/increaseinStatementoffinancialpositionCashandcashequivalents(3,869)(3,538)Tradeandotherreceivables(1,053)(1,041)Inventories(506)(481)Otherassets(1)(13)Jointventure6,2815,829Property,plantandequipment(1,249)(1,467)Landuserights(178)(66)Tradeandotherpayables(803)(741)Incometaxpayable(2)(7)PostEmploymentBenefits119121Deferredtaxliabilities(138)(150)Retainedearnings(952)(952)Currencytranslationreserve1,201952Group2013(Restated)$'000(Decrease)/increaseinIncomestatementRevenue(5,873)Otherincomeincludinginterestincome(61)Changesininventoriesoffinishedgoodsandworkinprogress33Rawmaterialsandconsumablesused2,999Employeebenefitsexpense1,319Depreciation,amortisationandimpairmentexpense215Otheroperatingexpenses849Financecosts3Profitfromjointventure452Incometaxexpense64Page10of136.
Earningsperordinaryshareofthegroupforthecurrentperiodreportedonandthecorrespondingperiodoftheimmediatelyprecedingfinancialyear,afterdeductinganyprovisionforpreferencedividendsGroupGroup3monthsended6monthsendedJun'14Jun'13Jun'14Jun'13(restated)(restated)EarningsperOrdinarySharefortheyearbasedonnetprofitattributabletoshareholders:-i)Basedontheweightedaveragenumberofordinarysharesonissue(cents)0.
720.
921.
582.
22ii)Onafullydilutedbasis(cents)0.
720.
921.
582.
22Notea.
Theearningsperordinaryshare("EPS")fortheperiodendedJune30,2014hasbeencalculatedonweightedaveragenumberofordinarysharesinissueof233,550,248(June30,2013=233,550,248)ordinarysharesb.
FullydilutedEPSfortheperiodendedJune30,2014iscalculatedon233,550,248(June30,2013,DilutedEPSiscalculatedat233,550,248)ordinarysharesassumingallthefullyexerciseofemployeesharesoptionduringtheyearandadjustingforthenumberofordinarysharesinissuetoreflecttheeffectofallpotentiallydilutiveordinaryshares.
7.
Netassetvalue(fortheissuerandgroup)perordinarysharebasedonissuedsharecapitaloftheissuerattheendofthe(a)currentperiodreportedonand(b)immediatelyprecedingfinancialyearGROUPCOMPANY(restated)NetAssetValuePerJun'14Dec'13Jun'14Dec'13OrdinarySharebasedOnissuedsharecapital52.
85cts52.
69cts23.
34cts23.
91ctsattheendoftheperiodNote:ThenetassetvalueperordinarysharefortheperiodendedJune30,2014havebeencalculatedbasedontheissuedsharecapitalof233,550,248shares(December31,2013:233,550,248)Page11of138.
Areviewoftheperformanceofthegroup,totheextentnecessaryforareasonableunderstandingofthegroup'sbusiness.
Thereviewmustdiscussanysignificantfactorsthataffectedtheturnover,costs,andearningsofthegroupforthecurrentfinancialperiodreportedon,including(whereapplicable)seasonalorcyclicalfactors.
Itmustalsodiscussanymaterialfactorsthataffectedthecashflow,workingcapital,assetsorliabilitiesofthegroupduringthecurrentfinancialperiodreportedon2QFY2014vs2QFY2013Forthesecondquarterended30June2014,theGroupachievedtotalrevenueof$40.
2million,3.
1%lowerthanthe$41.
5millionachievedinthesameperiodlastyear.
ThePrint-relatedbusinessaccountedfor59.
9%oftheGroup'srevenue.
Itsrevenuecontributiondeclinedby2.
5%from$24.
7millionto$24.
1millionasaresultofthelowerdemandfromsomeexistingcustomersinChinaoperationandthecessationofPrintrelatedoperationinAustraliasincethesecondhalfoflastyear.
TheNon-printbusinessaccountedfor40.
1%oftheGroup'stotal.
Itsrevenuecontributiondeclinedby3.
9%from$16.
7millionto$16.
0millionduemainlytothecessationofsomeprojectsduringthesecondhalfoflastyear.
TheGroup'soperatingprofitbeforetaxforthesecondquarterended30June2014was$2.
9millionthatwasthesameasthesameperiodlastyear.
HigherincometaxexpensewasrecordedduringthequarterduemainlytoadditionaltaxassessedbytherelevanttaxauthoritiesonsubsidiariesatBatam,IndonesiaandWuxi,China.
1HFY2014vs1HFY2013Forthehalfyearended30June2014,theGroupachievedtotalrevenueof$77.
8million,4.
3%lowerthanthe$81.
3millionachievedinthesameperiodlastyear.
ThePrint-relatedbusinessaccountedfor60.
2%oftheGroup'srevenueandtheNon-printbusinesscontributedthebalanceof39.
6%.
Intermsofgeographicalperspective,theSingaporeoperationscontinuetobethemaincontributoraccountedfor66.
8%oftheGroup'srevenue.
TheChinaoperationsremainasthesecondlargestwith22.
6%contribution.
TherevenueforthePrint-relatedbusinessdeclinedby4.
9%from$49.
3millionto$46.
8millionwhiletheNon-printbusinessdeclinedby3.
3%inrevenuefrom$31.
8millionto$30.
8million.
ThedeclineinthePrintsegmentrevenuewasmainlyduetothelowerdemandfromsomeexistingcustomersinChinaoperationandthecessationofoperationinAustraliaduringthesecondhalfoflastyear.
FortheNon-PrintBusiness,thedecreasewasmainlyduetocessationofsomeprojectssincethesecondhalfoflastyear.
TheGroup'soperatingprofitbeforetaxforthehalfyearended30June2014decreasedby12.
5%to$5.
8millionascomparedto$6.
6millionforthesameperiodlastyear.
Thedecreaseismainlyattributedtolowercustomerdemands,continuouspricepressureandcertainone-offrelocationexpenseonshiftingtonewbuildingatPayaLebar,PixelRedduringtheperiod.
Inaddition,thedecreasewasalsoduetohigherincometaxexpenseincurredduringthequarterasadditionaltaxwasassessedbytherelevanttaxauthoritiesonsubsidiariesatBatam,IndonesiaandWuxi,China.
TheoperatingprofitbeforetaxforthePrint-relatedbusiness(afterallocationofcorporateservicesexpenses)declinedby49.
3%from$2.
9millionto$1.
5million.
Thedecreaseinoperatingprofitismainlyattributedtocontinueddownwardpricepressureaswellascertainone-offexpensesasthePrintoperationshiftedtoPixelRed.
TheoperatingprofitbeforetaxfortheNon-printbusiness(afterallocationofcorporateservicesexpenses)increasedby17.
0%from$3.
7millioninthesameperiodlastyearto$4.
3millionthisyear.
Theincreaseinoperatingprofitismainlyduetosavingsfromcostmanagementeffortsandcontinuedimprovementinsalesmix,althoughitispartiallyoffsetbythedownwardpricepressures.
Forthesixmonthsended30June2014,theGroupgeneratednegativecashflowof$3.
3millionfromoperationsafterworkingcapitalchanges.
Itwaspositivecashflowof$8.
4millionforthesameperiodPage12of13lastyear.
ThedecreaseincashflowgeneratedfromoperationsafterworkingcapitalchangesismainlyattributedtopaymentfortheconstructionofPixelRed.
Duringthisperiod,theGroupcontinuedtoinvest$13.
7millionintoconstructionofPixelRed,upgradingoffacilitiesforfactoryatWuxi(China),aswellasimprovementworksonthenewfactoryatIskandarDevelopmentZone(JohorState,Malaysia).
Asat30June2014,theGroup'scashandcashequivalentsamountwasapproximately$24.
6million.
TheGroup'sgearingratiorosefrom10.
27%asat31Dec2013to25.
10%asat30June2014mainlyduetothedrawdownofbankloansforpayingtheconstructioncostofPixelRedandfornewmachineriesforthenewfactoryatIskandarDevelopmentZonerespectively.
9.
Whereaforecast,oraprospectstatement,hasbeenpreviouslydisclosedtoshareholders,anyvariancebetweenitandtheactualresultsTheresultsareinlinewiththecommentarypreviouslystatedinParagraph10oftheannouncementforthefullyearFY2013.
10.
Acommentaryatthedateoftheannouncementofthecompetitiveconditionsoftheindustryinwhichthegroupoperatesandanyknownfactorsoreventsthatmayaffectthegroupinthenextreportingperiodandthenext12monthsTheglobaleconomicoutlookremainsuncertain.
Thestiffcompetitionintheregioncontinuestoresultindownwardpressureonpricing,whiletherisingoperatingcostwouldfurthersqueezeourmargins.
TheGroupwillcontinuetoenhanceitscostmanagementmeasures,furtherdevelopexistingandnewcustomers,productivityimprovementinitiativesandcontinuouslyseekingfornewupstreamactivitiesthatwidenrevenuesource.
InFY2013,thegrouphasmovedpartofitsproductiontoitsnewproductionplantatIskandar,Johor,Malaysia.
InlateMay2014,thegrouphasmovedintoitsnewglobalheadquartersatPixelRed.
Barringanyunforeseencircumstances,theDirectorsexpecttheGrouptoremainprofitableforthecurrentyear.
11.
Dividend(toamendaccordingly)(a)CurrentFinancialPeriodReportedOnAnydividenddeclaredforthecurrentfinancialperiodreportedonNameofdividend:InterimDividendType:CashDividendamountpershare(incents):0.
5cent(b)CorrespondingPeriodoftheImmediatelyPrecedingFinancialYearAnydividenddeclaredforthecorrespondingperiodoftheimmediatelyprecedingfinancialyearNameofdividend:InterimDividendType:CashDividendamountpershare(incents):0.
5cent(c)DatepayableTobeannouncedlater.
(d)BooksclosuredateTobeannouncedlater.
Page13of1312.
Ifnodividendhasbeendeclared/recommended,astatementtothateffectNotApplicable13.
IftheGrouphasobtainedageneralmandatefromshareholdersforIPTs,theaggregatevalueofsuchtransactionsasrequiredunderRule920(1)(a)(ii).
IfnoIPTmandatehasbeenobtained,astatementtothateffect.
ThecompanydidnotobtainageneralmandatefromshareholdersforIPTs.
14.
ConfirmationPursuanttoRule705(5)oftheListingManualTheBoardofDirectorsdoherebyconfirmthattothebestoftheirknowledge,nothinghascometotheirattentionwhichmayrendertheun-auditedresultsoftheGroup,forthesixmonthsendingJune30,2014,tobefalseormisleading.
BYORDEROFTHEBOARDThomasChuaKeeSengChairman&ManagingDirectorAugust12,2014Singapore
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Virtono最近推出了夏季促销活动，为月付、季付、半年付等提供9折优惠码，年付已直接5折，而且下单后在LET回复订单号还能获得双倍内存，不限制付款周期。这是一家成立于2014年的国外VPS主机商，提供VPS和服务器租用等产品，商家支持PayPal、信用卡、支付宝等国内外付款方式，可选数据中心包括罗马尼亚、美国洛杉矶、达拉斯、迈阿密、英国和德国等。下面列出几款VPS主机配置信息，请留意，下列配置中...
轻云互联22元/月，美国硅谷、圣何塞CN2GIA云服务器，香港沙田cn2建站vps仅25元/月
轻云互联怎么样?轻云互联，广州轻云网络科技有限公司旗下品牌，2018年5月成立以来，轻云互联以性价比的价格一直为提供个人,中大小型企业/团队云上解决方案。本次轻云互联送上的是美国圣何塞cn2 vps(免费50G集群防御)及香港沙田cn2 vps(免费10G集群防御)促销活动，促销产品均为cn2直连中国大陆线路、采用kvm虚拟技术架构及静态内存。目前，轻云互联推出美国硅谷、圣何塞CN2GIA云服务器...
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