PAN-UNITED CORPORATION LTD (Company Reg No: 199106524G)

_ _ _ _

SECOND QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2017 PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS

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

CONSOLIDATED INCOME STATEMENT

2Q 2017

2Q 2016

+/(-)

1H 2017

1H 2016

+/(-)

$'000

$'000

%

$'000

$'000

%

Revenue

164,762

175,661

(6)

317,993

354,175

(10)

Other income

945

1,116

(15)

1,727

2,443

(29)

Raw materials, subcontract cost and other direct costs

(128,974)

(134,516)

(4)

(247,186)

(276,455)

(11)

Staff costs

(7,937)

(9,741)

(19)

(17,460)

(19,189)

(9)

Depreciation and amortisation expenses

(5,922)

(5,727)

3

(11,973)

(11,550)

4

Other expenses

(13,479)

(13,272)

2

(27,616)

(26,484)

4

Finance costs

(3,067)

(3,119)

(2)

(5,965)

(6,360)

(6)

6,328

10,402

(39)

9,520

16,580

(43)

Share of results of associates

1,499

527

184

2,772

1,007

175

Profit before income tax from continuing operations

7,827

10,929

(28)

12,292

17,587

(30)

Income tax

(1,715)

(2,574)

(33)

(2,235)

(4,293)

(48)

Profit from continuing operations, net of tax

6,112

8,355

(27)

10,057

13,294

(24)

Discontinued operations

Loss from discontinued operations, net of tax

-

(1,739)

nm

-

(3,537)

nm

Profit for the period

6,112

6,616

(8)

10,057

9,757

3

Attributable to:

Equity holders of the Company

Profit from continuing operations, net of tax

5,350

6,995

(24)

8,476

10,836

(22)

Loss from discontinued operations, net of tax

-

(1,739)

nm

-

(3,537)

nm

5,350

5,256

2

8,476

7,299

16

Non-controlling interests

Profit from continuing operations, net of tax

762

1,360

(44)

1,581

2,458

(36)

6,112

6,616

(8)

10,057

9,757

3

nm: Not meaningful

The Loss from discontinued operations in 1H2016 comprised the results of the tug and barge business which was disposed on 7 December 2016.

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

A.

Profit before income tax is arrived at after crediting/(charging) the

2Q 2017

2Q 2016 +/(-)

1H 2017

1H 2016 +/(-)

following:

$'000

$'000 %

$'000

$'000 %

Interest income

184

111 66

311

174 79

Interest expense

(2,912)

(3,078) (5)

(5,764)

(6,261) (8)

Dividend income from other investments

-

163 nm

-

326 nm

Reversal of impairment loss on trade receivables

-

83 nm

195

83 135

Foreign exchange (loss)/gain

(91)

(295) (69)

(90)

45 nm

(Loss)/gain on disposal of property, plant and equipment

(20)

(33) (39)

26

277 (91)

Write-off of property, plant and equipment

(1)

- nm

(308)

(36) nm

B. The Group's tax charge for 1H 2017 included a reversal of tax provision of $728,000 related to previous periods. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

2Q 2017

$'000

2Q 2016

$'000

+/(-)

%

1H 2017

$'000

1H 2016

$'000

+/(-)

%

Profit for the period, net of tax

6,112

6,616

(8)

10,057

9,757

3

Other comprehensive income:

Foreign currency translation

520

(5,108)

(110)

(5,024)

(10,493)

(52)

Fair value changes of derivatives

(1,056)

-

nm

(4,402)

(2,315)

90

Other comprehensive income for the period, net of tax

(536)

(5,108)

(90)

(9,426)

(12,808)

(26)

Total comprehensive income for the period

5,576

1,508

nm

631

(3,051)

(121)

Attributable to:

Equity holders of the Company

4,875

853

nm

(71)

(3,605)

(98)

Non-controlling interests

701

655

7

702

554

27

Total comprehensive income for the period

5,576

1,508

nm

631

(3,051)

(121)

Attributable to Equity holders of the Company:

Total comprehensive income from continuing operations, net of tax

4,875

2,577

89

(71)

(117)

(39)

Total comprehensive income from discontinued operations, net of tax

-

(1,724)

nm

-

(3,488)

nm

Total comprehensive income for the period attributable to equity

holders of the Company

4,875

853

nm

(71)

(3,605)

(98)

comparative statement as at the end of the immediately preceding financial year.

BALANCE SHEETS

Group

Company

Non-current assets

Vessels, property, plant and equipment Subsidiaries

Associates

Other investments Other receivables Goodwill

Deferred tax assets

Current assets

Cash and short-term deposits Trade and other receivables Prepayments

Work-in-progress Inventories Derivatives

Other assets

Current liabilities Loans and borrowings Payables and accruals Deferred income Provisions

Income tax payable Derivatives

Net current assets Non-current liabilities

Loans and borrowings Deferred tax liabilities Deferred income Other liabilities Provisions

Derivatives

Net assets

Equity attributable to equity holders of the Company

Share capital Treasury shares Reserves

Non-controlling interests

Total equity

30-Jun-17

$'000

450,346

- 8,531

801

767

23,974

1,076

31-Dec-16

$'000

455,178

- 9,803

996

933

24,507

831

30-Jun-17

$'000

289

181,818

- 774

-

-

-

31-Dec-16

$'000

318

180,119

- 930

-

-

-

485,495

492,248

182,881

181,367

48,766

146,051

4,520

12

16,018

- 225

72,662

146,252

3,322

382

20,193

2,879

1,577

24,689

3,300

854

-

-

-

-

43,270

2,812

580

-

- 2,879

-

215,592

247,267

28,843

49,541

52,234

99,006

433

1,460

2,062

1,368

52,381

109,215

558

1,983

3,350

-

2,000

1,408

-

-

- 1,368

2,000

1,953

-

- 2

-

156,563

167,487

4,776

3,955

59,029

232,973

10,464

863

552

3,048

523

79,780

245,936

10,605

893

580

3,000

368

24,067

78,000

-

-

-

- 523

45,586

78,000

-

-

-

- 368

248,423

261,382

78,523

78,368

296,101

310,646

128,425

148,585

92,052

(957)

167,751

92,052

(1,759)

183,394

92,052

(957)

37,330

92,052

(1,759)

58,292

258,846

37,255

273,687

36,959

128,425

-

148,585

-

296,101

310,646

128,425

148,585

comparative statement as at the end of the immediately preceding financial year. (continued)

Explanatory Notes to Balance Sheets

The decrease in cash and short term deposits are mainly due to the repayment of bank borrowings and payment of final dividends in 2Q 17.

1(b)(ii) In relation to the aggregate amount of group's borrowings and debts securities, specify the following as at the end of the current financial period reported on with comparative figures as at the end of the immediately preceding financial year.

Amount repayable in one year or less, or on demand

As of 30 Jun 2017

As of 31 Dec 2016

Secured Unsecured

Secured Unsecured

$'000 $'000

$'000 $'000

20,234 32,000

20,381 32,000

Amount repayable after one year

129,973 103,000

142,936 103,000

Details of any collateral

Certain short and long-term bank loans are secured by mortgages over certain assets of foreign subsidiaries.

Pan-United Corporation Ltd. published this content on 10 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 August 2017 03:20:01 UTC.

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