Pacific Healthcare : Full Year Results Financial Statement 2015

THIRD QUARTER FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE PERIOD ENDED 31 DECEMBER 2003 PACIFIC HEALTHCARE HOLDINGS LTD.

(Co. Regn. No: 200100544H)

FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE FULL YEAR ENDED 31 DECEMBER 2015

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q3 & Q3), HALF- YEAR AND FULL YEAR RESULTS

1(a) An income statement and statement of comprehensive income for the group together with a comparative statement for the corresponding period of the immediately preceding financial year.

1(a)(i) Unaudited Income Statement for the fourth quarter ended 31 December 2015.

Group	Fourth Quarter			Year-To-Date
	Q4 2015	Q4 2014	Increase/ (Decrease)	31/12/2015	31/12/2014	Increase/ (Decrease)
	S$'000	S$'000	%	S$'000	S$'000	%
Revenue	8,903	12,831	(31)	45,734	52,908	(14)
Other items of income	107	49	118	192	117	64
Interest income
Other income	2,681	1,124	138	4,745	5,319	(11)
Items of expense	(92)	(25)	269	(81)	(33)	146
Financial expense
Purchases and changes in inventories	(1,164)	(2,268)	(49)	(7,918)	(9,460)	(16)
of consumables and medical supplies
Employee benefits expense	(5,483)	(8,072)	(32)	(28,081)	(32,710)	(14)
Depreciation and amortisation	(285)	(677)	(58)	(1,428)	(3,289)	(57)
Rental expense	(1,776)	(2,301)	(23)	(8,266)	(8,726)	(5)
Other expenses	(1,863)	(1,115)	67	(6,896)	(8,865)	(22)
Share of results of associates	(72)	282	(126)	316	1,058	(70)
Profit / (Loss) before tax	956	(172)	(656)	(1,683)	(3,681)	(54)
Income tax	(39)	(98)	(61)	(237)	(99)	139
Profit / (Loss) for the period / year	917	(270)	(440)	(1,920)	(3,780)	(49)
Attributable to:	767	195	294	(2,343)	(2,543)	(8)
Owners of the Company
Non-controlling interests	150	(465)	(132)	423	(1,237)	(134)
Profit / (Loss) for the period / year	917	(270)	(440)	(1,920)	(3,780)	(49)

N.M.: Not meaningful

Statement of Comprehensive Expense

Group	Fourth Quarter			Year-To-Date
	Q4 2015	Q4 2014	Increase/ (Decrease)	31/12/2015	31/12/2014	Increase/ (Decrease)
	S$'000	S$'000	%	S$'000	S$'000	%
Profit / (Loss) for the period / year	917	(270)	(440)	(1,920)	(3,780)	(49)
Other comprehensive income/ (expense)	-	-	N.M.	-	(5)	N.M.
Net loss on fair value changes of available-for- sales financial assets
Realisation of translaation loss of disposal of subsidiary	-	-	N.M.	-	506	N.M.
Currency translation differences	(134)	(1,507)	N.M.	67	30	N.M.
Total comprehensive expense for the period / year	783	(1,777)	(49)	(1,853)	(3,249)	18
Total comprehensive income/ (expense) attributable to:	(493)	(966)		(2,391)	(2,032)
Owners of the parent
Non-controlling interests	1,276	(811)	57	538	(1,217)	(144)
Total comprehensive expense for the period / year	783	(1,777)	(0)	(1,853)	(3,249)	(43)

1(a)(ii) Profit/(Loss) for the period/ year include the following:

Group	Fourth Quarter			Year to date
	Q4 2015	Q4 2014	Increase/ (Decrease)	31/12/2015	31/12/2014	Increase/ (Decrease)
	S$'000	S$'000	%	S$'000	S$'000	%
Interest income	107	49	118	192	117	64
Interest expense	(92)	(25)	269	(81)	(33)	146
Loss on disposal of plant and equipment *	(95)	0	N.M.	(132)	1	N.M.
Impairment of plant and equipment	(99)	(1,713)	N.M.	(99)	(1,713)	(94)
Gain on disposal of subsidiary	0	0	N.M.	(2)	1,762	(100)
Dividend income	(0)	0	N.M.	(0)	132	N.M.
Gain on change of interest in associate	0	579	N.M.	3	91	N.M.
Bad debts written off	(601)	13	(4,624)	(797)	(94)	748
Reversal of/ (Provision for) allowance for doubtful debts	223	49	355	155	(449)	(135)
Reversal of/ (Provision for) allowance for other receivables	146	134	9	177	(31)	(670)
Write-off of payables	0	0	N.M.	0	2,101	N.M.
Plant and equipment written off *	(749)	0	N.M.	(1,139)	(11)	N.M.
Depreciation and amortisation	(285)	(677)	(58)	(1,428)	(3,289)	(57)
Foreign exchange (loss)/gain (net)	1	(8)	(113)	28	(10)	(383)

N.M. Not meaningful

* The increase in plant and equipment written off and loss on disposal of plant and equipment arose from the disposal of assets and the termination of the Level 7 lease at Paragon.

1(b)(i) A balance sheet (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year.

Group		Company
31/12/2015	31/12/2014	31/12/2015	31/12/2014
S$'000	S$'000	S$'000	S$'000
ASSETS	2,610	2,737	33	120
Current assets:
Cash and bank
Trade and other receivables	5,307	3,956	11,632	8,939
Deposits	2,233	2,747	825	1,402
Other assets	431	679	73	200
Inventories	1,178	1,245	-	-
Assets of disposed group held for sale	11,759	11,364	12,563	10,661
	-	3,566	-	-
Non-current assets:	11,759	14,930	12,563	10,661
	-	-	2,206	3,936
Investments in subsidiaries
Investments in associates	1,310	1,531	474	659
Property, plant and equipment	3,657	4,266	278	1,698
Other assets	73	1,163	-	-
TOTAL ASSETS	5,040	6,960	2,958	6,293
	16,799	21,890	15,521	16,954
EQUITY AND LIABILITIES	13,328	12,486	14,654	14,013
Current liabilities:
Trade and other payables
Other liabilities	3,652	3,197	681	434
Income tax payable	252	254	-	-
Finance lease	33	-	-	-
Borrowing	150	-	-	-
Provisions	888	411	317	405
Liabilities of disposed group held for sale	18,303	16,348	15,652	14,852
	-	4,133	-	-
Non-current liabilities:	18,303	20,481	15,652	14,852
	29	29	-	-
Deferred tax liabilities
Provisions	-	870	-	317
Borrowing	575	-		-
TOTAL LIABILITIES	604	899	-	317
	18,907	21,380	15,652	15,169
Equity attributable to owners of the Company:	62,615	62,615	62,615	62,615
Share capital
Retained earnings	(63,362)	(60,254)	(62,746)	(60,830)
Reserves	(581)	(533)	-	-
Non-controlling interests	(1,328)	1,828	(131)	1,785
	(780)	(1,318)	-	-
TOTAL EQUITY	(2,108)	510	(131)	1,785
TOTAL EQUITY AND LIABILITIES
	16,799	21,890	15,521	16,954

1(b)(ii) Aggregate amount of group's borrowings and debt securities.

Amount repayable in one year or less, or on demand	As at 31/12/2015		As at 31/12/2014
	Secured	Unsecured	Secured	Unsecured
	S$'000	S$'000	S$'000	S$'000
	150	-	-	-
Amount repayable after one year	575	-	-	-

Details of collateral

During the year, the Group obtained a new term loan from financing company. This term loan is secured by personal guarantee of a related party.