NEPTUNE ORIENT LINES LTD. Financial Statements and Related Announcement::First Quarter Results
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Financial Statements and Related Announcement::First Quarter Results Issuer & Securities
Issuer/ ManagerNEPTUNE ORIENT LINES LIMITED
Securities NEPTUNE ORIENT LINES LIMITED - SG1F90001388 - N03 Stapled Security NoAnnouncement Details
Announcement TitleFinancial Statements and Related Announcement
Date & Time of Broadcast 06-May-2016 18:37:15 Status New Announcement Sub Title First Quarter Results Announcement Reference SG160506OTHR8PVM Submitted By (Co./ Ind. Name) Looi Lee Hwa (Ms) & Wong Kim Wah (Ms) Designation Company Secretaries Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)Attached are the Company's announcement, press release and corporate presentation materials relating to the NOL Group Unaudited Quarterly Financial Information for the 1st Quarter ended 1 April 2016.
Additional Details
For Financial Period Ended01/04/2016
AttachmentsNOL 1Q 2016 Financial Results.pdf
NOL 1Q 2016 Press Release.pdf
NOL 1Q 2016 Results Presentation.pdf Total size =1000K
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6/5/2016
Company Announcements
NEPTUNE ORIENT LINES LIMITED (Reg. No. 196800632D)
Unaudited Quarterly Financial Information For the 1st Quarter Ended 1 April 2016
1.(a)(i) | Consolidated Income Statement | Group | |
Q1 2016 | Q1 2015 | % Increase/ | |
Continuing operations1 | US$'000 | US$'000 | (Decrease) |
Revenue | 1,138,009 | 1,580,637 | (28) |
Cost of sales | (1,133,474) | (1,445,272) | (22) |
Gross profit | 4,535 | 135,365 | (97) |
Other gains (net) | |||
- Miscellaneous | 8,678 | 2,336 | 271 |
- Finance and investment income | 1,035 | 1,378 | (25) |
Expenses | |||
- Administrative: IT | (20,293) | (22,130) | (8) |
- Administrative: non-IT | (53,961) | (92,497) | (42) |
- Finance | (32,594) | (42,201) | (23) |
- Other operating | (16,673) | (26,650) | (37) |
Share of results of associated companies | (3,998) | (127) | 3,048 |
Share of results of joint venture | 417 | 700 | (40) |
Loss before tax from continuing operations | (112,854) | (43,826) | 158 |
Tax credit | 8,139 | 8,044 | 1 |
Loss from continuing operations, net of tax | (104,715) | (35,782) | 193 |
Discontinued operations1 | |||
Profit from discontinued operations, net of tax | - | 26,939 | (100) |
Net loss for the financial period | (104,715) | (8,843) | 1,084 |
Net profit/(loss) attributable to: | |||
Equity holders of the Company | |||
- From continuing operations | (105,104) | (36,177) | 191 |
- From discontinued operations | - | 25,398 | (100) |
(105,104) | (10,779) | 875 | |
Non-controlling interest | |||
- From continuing operations | 389 | 395 | (2) |
- From discontinued operations | - | 1,541 | (100) |
389 | 1,936 | (80) | |
(104,715) | (8,843) | 1,084 |
Amounts under "Continuing operations" and "Discontinued operations" do not include trade transactions between Liner and Logistics business. Details of the reclassification are provided in 1.(a)(ii).
1.(a)(ii) | Notes to the Consolidated Income Statement | Group | |
Q1 2016 US$'000 | Q1 2015 US$'000 | % Increase/ (Decrease) | |
(A) Other Income Including Interest Income | 7,210 | 2,012 | 258 |
(B) Interest on Borrowings | (29,470) | (36,765) | (20) |
(C) Depreciation and Amortisation | (101,997) | (103,367) | (1) |
(D) Allowance for Doubtful Debts and Bad Debts Written Off | (5,659) | (14,812) | (62) |
(E) Foreign Exchange Loss | (3,365) | (9,697) | (65) |
(F) Adjustment for Over Provision for Tax in Prior Years | 21,394 | 13,745 | 56 |
(G) Profit on Sale of Subsidiaries, Investments, Property, Plant and Equipment and Other Assets | 2,448 | 364 | 573 |
(H) Impairment Loss on Assets | (74) | - | N/M |
(I) Net Write-off of Inventories | (17) | (34) | (50) |
On 17 February 2015, the Company entered into a sale and purchase agreement with Kintetsu World Express, Inc. ("KWE") for the sale (the "Transaction") of the Company's Logistics business, APL Logistics to KWE for an aggregate purchase price of US$1.2 billion. The Company effected the Transaction by selling all its shares in APL Logistics to KWE.
On 29 May 2015, the Company completed the sale of the Logistics business to KWE for an aggregate purchase price of US$1.2 billion, subject to adjustments for the net cash and net working capital of APL Logistics and its subsidiaries as at the completion date. These adjustments were finalised and the Group recorded a gain on disposal of the Logistics business of US$888 million.
In accordance with "FRS 105 Non-current Assets Held for Sale and Discontinued Operations", the results of the Logistics business of the Group was presented separately on the Statement of Comprehensive Income as "discontinued operations". These results were consolidated as part of the Group's financial results till 29 May 2015.
The results of the Logistics business for Q1 2015 were as follows:
Group
Q1 2015 US$'000
Revenue | 404,356 |
Expenses | (372,674) |
Other gains (net) | 1,429 |
Profit before tax from discontinued operations | 33,111 |
Tax expense | (6,172) |
Profit from discontinued operations, net of tax | 26,939 |
N/M: Not meaningful |
1.(a)(iii) Consolidated Statement of Comprehensive Income
Group
Q1 2016 US$'000 | Q1 2015 US$'000 | |
Net loss for the financial period | (104,715) | (8,843) |
Other comprehensive income/(loss): Continuing operations Items that may be reclassified subsequently to profit or loss: | ||
Fair value gain/(loss) on cash flow hedges Fair value (gain)/loss on cash flow hedges transferred to the income statement | 15,097 (6,621) | (35,793) 34,377 |
Share of other comprehensive income of associated company | - | 267 |
Currency translation differences Reclassification of foreign currency translation reserve on disposal/ liquidation of subsidiaries and an associated company | 2,555 19,761 | (9,563) - |
Discontinued operations | 30,792 | (10,712) |
Items that may be reclassified subsequently to profit or loss: | ||
Fair value gain on cash flow hedges Fair value gain on cash flow hedges transferred to the income statement | - - | 193 (314) |
Fair value gain on available-for-sale financial assets | - | 10 |
Currency translation differences | - | 1,523 |
- | 1,412 | |
Other comprehensive income/(loss) for the financial period, net of tax | 30,792 | (9,300) |
Total comprehensive loss for the financial period | (73,923) | (18,143) |
Total comprehensive (loss)/income attributable to: Equity holders of the Company - From continuing operations | (74,391) | (46,851) |
- From discontinued operations | - | 26,858 |
Non-controlling interest | (74,391) | (19,993) |
- From continuing operations | 468 | 357 |
- From discontinued operations | - | 1,493 |
468 | 1,850 | |
(73,923) | (18,143) |
1.(b)(i) Statement of Financial Position
ASSETS
Current AssetsGroup Company
1 Apr 2016 25 Dec 2015 % Increase/ 1 Apr 2016 25 Dec 2015 % Increase/ US$'000 US$'000 (Decrease) US$'000 US$'000 (Decrease)
Cash and cash equivalents 174,014 229,907 (24) 10,230 46,433 (78)
Trade and other receivables 2 502,221 520,458 (4) 4,510,305 4,415,043 2
Inventories at cost 80,855 91,720 (12) - - 0
Derivative financial instruments 1,102 435 153 - - 0
Assets of group companies classified as held-for-sale - 41,073 (100) - - 0
Other current assets 56,656 81,606 (31) 6,287 4,664 35
Total current assets 814,848 965,199 (16) 4,526,822 4,466,140 1
Non-current AssetsInvestments in subsidiaries - - 0 775,212 775,212 0
Investments in associated companies 106,119 107,462 (1) - - 0
Investment in joint venture 22,705 21,970 3 - - 0
Property, plant and equipment 5,511,375 5,590,142 (1) 8,551 8,870 (4)
Deferred charges 3,065 3,509 (13) 3,065 3,509 (13)
Intangible assets 11,264 12,277 (8) 1,974 2,172 (9)
Goodwill arising on consolidation 121,036 121,036 0 - - 0
Deferred tax assets 32,502 39,773 (18) - - 0
Other non-current assets 51,838 47,368 9 127,377 125,256 2
Total non-current assets 5,859,904 5,943,537 (1) 916,179 915,019 0
TOTAL ASSETS 6,674,752 6,908,736 (3) 5,443,001 5,381,159 1
LIABILITIES
Current LiabilitiesTrade and other payables 766,112 854,661 (10) 116,482 100,410 16
Current tax liabilities 57,677 78,509 (27) 2,572 2,794 (8)
Borrowings 635,757 572,551 11 410,000 350,000 17
Provisions 26,362 29,983 (12) - 605 (100)
Deferred income 209 205 2 - - 0
Derivative financial instruments 3,237 11,034 (71) - - 0
Liabilities of group companies classified as held-for-sale - 15,988 (100) - - 0
Other current liabilities 3 129,139 140,532 (8) - - 0
Total current liabilities 1,618,493 1,703,463 (5) 529,054 453,809 17
Non-current LiabilitiesBorrowings 2,346,688 2,309,811 2 1,010,231 960,421 5
Provisions 110,819 147,838 (25) - - 0
Deferred income 522 581 (10) - - 0
Deferred tax liabilities 3,348 2,717 23 706 686 3
Derivative financial instruments 158,406 233,267 (32) 95,786 150,397 (36)
Other non-current liabilities 17,908 18,503 (3) - - 0
Total non-current liabilities 2,637,691 2,712,717 (3) 1,106,723 1,111,504 (0)
TOTAL LIABILITIES 4,256,184 4,416,180 (4) 1,635,777 1,565,313 5
NET ASSETS 2,418,568 2,492,556 (3) 3,807,224 3,815,846 (0) EQUITY
Share capital 1,842,031 1,840,260 0 1,842,031 1,840,260 0
Treasury shares (5,216) (5,216) 0 (5,216) (5,216) 0
1,836,815 1,835,044 0 1,836,815 1,835,044 0
Shares held by employee benefit trust (4,425) (4,326) 2 - - 0
Treasury shares reserve (1,195) (1,195) 0 (1,195) (1,195) 0
Retained earnings 616,163 741,348 (17) 1,943,094 1,956,477 (1)
Statutory and other reserves (47,472) (96,529) (51) 28,510 25,520 12
Capital and reserves attributable to equity holders
of the Company 2,399,886 2,474,342 (3) 3,807,224 3,815,846 (0)
Non-controlling interest 18,682 18,214 3 - - 0
TOTAL EQUITY 2,418,568 2,492,556 (3) 3,807,224 3,815,846 (0)
Net current (liabilities)/assets (803,645) (738,264) 9 3,997,768 4,012,331 (0)
2 Trade receivables include the full freight revenue for voyages, which corresponds to the contractual rights stipulated in the standard Bill of Lading and is inclusive of the freight charges collectable at destination for Free on Board shipments. 3 Other current liabilities relate mainly to deferred revenue arising from the percentage-of-completion method for revenue recognition.1.(b)(ii) | Borrowings | Secured | ||
The Group | Secured | Unsecured | finance lease | |
As at 1 April 2016 | borrowings | borrowings | liabilities | Total |
US$'000 | US$'000 | US$'000 | US$'000 | |
Amount repayable on or before 7 Apr 2017, or on demand Amount repayable on or before: | 115,503 | 508,921 | 11,333 | 635,757 |
6 Apr 2018 | 100,463 | 365,733 | 12,034 | 478,230 |
5 Apr 2019 | 92,290 | - | 12,665 | 104,955 |
3 Apr 2020 | 150,851 | 214,871 | 13,005 | 378,727 |
2 Apr 2021 | 88,788 | 207,398 | 13,740 | 309,926 |
Thereafter | 549,153 | 323,980 | 201,717 | 1,074,850 |
1,097,048 | 1,620,903 | 264,494 | 2,982,445 |
As at 25 December 2015 | Secured borrowings | Unsecured borrowings | Secured finance lease liabilities | Total |
US$'000 | US$'000 | US$'000 | US$'000 | |
Amount repayable in FY2016, or on demand Amount repayable in: | 112,708 | 460,669 | 11,139 | 584,516 |
FY 2017 | 105,716 | 347,473 | 11,751 | 464,940 |
FY 2018 | 96,386 | - | 12,498 | 108,884 |
FY 2019 | 155,460 | 199,875 | 12,715 | 368,050 |
FY 2020 | 92,884 | 199,407 | 13,539 | 305,830 |
Thereafter | 542,250 | 315,037 | 204,820 | 1,062,107 |
Reclassification to liabilities of group companies classified as held- | 1,105,404 | 1,522,461 | 266,462 | 2,894,327 |
for-sale | - | (11,965) | - | (11,965) |
1,105,404 | 1,510,496 | 266,462 | 2,882,362 |
The secured borrowings and finance lease liabilities are secured mainly on vessels.
1.(b)(iii) Operating Lease Commitments
The future aggregate minimum lease payable under non-cancellable operating leases of the Group are as follows:
The Group As at 1 April 2016 | Vessels | Containers | Terminals | Chassis | Others 4 | Total |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
Amount repayable for the remainder of FY2016 Amount repayable in: FY 2017 | 124,265 123,442 | 9,193 6,800 | 50,930 56,743 | 155 - | 19,328 15,566 | 203,871 202,551 |
FY 2018 | 116,626 | 5,272 | 49,056 | - | 9,756 | 180,710 |
FY 2019 | 113,003 | 2,531 | 49,056 | - | 7,955 | 172,545 |
FY 2020 | 69,455 | 2,531 | 49,056 | - | 4,569 | 125,611 |
Thereafter | 142,909 | 4,011 | 267,337 | - | 1,054 | 415,311 |
689,700 | 30,338 | 522,178 | 155 | 58,228 | 1,300,599 |
As at 25 December 2015 | Vessels | Containers | Terminals | Chassis | Others 4 | Total |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
Amount repayable in FY2016 Amount repayable in: FY 2017 | 172,157 123,442 | 15,004 6,804 | 65,789 56,837 | 679 - | 25,228 15,312 | 278,857 202,395 |
FY 2018 | 116,626 | 5,274 | 49,056 | - | 9,688 | 180,644 |
FY 2019 | 113,003 | 2,533 | 49,056 | - | 8,244 | 172,836 |
FY 2020 | 69,455 | 2,533 | 49,056 | - | 5,020 | 126,064 |
Thereafter | 142,909 | 4,014 | 267,337 | - | 3,167 | 417,427 |
737,592 | 36,162 | 537,131 | 679 | 66,659 | 1,378,223 |
NOL - Neptune Orient Lines Limited published this content on 06 May 2016 and is solely responsible for the information contained herein.
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