Company Registration No.: 197702806M
Half Year Financial Statements for the Period Ended 30 June 2016 PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2, Q3), HALF-YEAR AND FULL YEAR RESULTS 1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year The Group6 months 6 months ended ended
30-Jun-16 30-Jun-15 Change
$'000 $'000 %
Revenue 104,324 114,763 -9.1% Cost of sales (81,772) (90,527) -9.7% Gross profit 22,552 24,236 -6.9%Other income 448 1,054 -57.5%
Distribution and selling expenses (6,516) (6,745) -3.4%
General and administrative expenses (8,244) (8,141) 1.3%
Other expenses (129) (733) -82.4%
Finance costs (494) (951) -48.1%
Profit before tax 7,617 8,720 -12.6%Tax expense (1,913) (2,194) -12.8%
Profit for the period 5,704 6,526 -12.6% Profit attributable to: Owners of the Company 5,475 6,120 -10.5% Non-controlling interests 229 406 -43.6% Profit for the period 5,704 6,526 Consolidated Statement of Comprehensive IncomeProfit for the period 5,704 6,526 -12.6%
Other comprehensive income:Items that are or may be reclassified subsequently to profit or loss:
Foreign currency translation differences - foreign operations (6,277) 1,365 -559.9%
Net change in fair value of available-for-sale financial assets - 190 -100.0% Net change in fair value of available-for-sale financial assets reclassified to profit or loss - (648) -100.0% Effective portion of changes in fair value of cash flow hedges (7) - NM Other comprehensive income for the period, net of tax (6,284) 907 -792.8% Total comprehensive income for the period (580) 7,433 -107.8%
Total comprehensive income attributable to: Owners of the Company (386) 6,935 -105.6% Non-controlling interests (194) 498 -139.0% Total comprehensive income for the period (580) 7,433 Note on profit before taxProfit before tax is determined after charging/(crediting) the following:
Interest income from fixed deposit and others (104) (216)
Interest expense on loans and borrowings 440 892
Depreciation of property, plant and equipment 3,127 3,283 Property, plant and equipment written off 3 22
Loss/(gain) on disposal of property, plant and equipment (net) 12 (9)
Gain on disposal of available-for-sale financial assets - (648)
(Reversal of)/allowances made for doubtful trade receivables (net) (34) 560
(Reversal of)/allowances made for impairment loss for inventories (23) 18
(Gain)/loss on foreign exchange (net) (49) 89
Amortisation of intangible assets 2 2
Amortisation of deferred income (52) (62)
TaxationCurrent period tax 2,047 2,151
Under/(over) provision of tax in respect of prior years 149 (199) Current period deferred tax (283) 242
1,913 2,194
NM - Not Meaningful
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 Non-current assets The Group The CompanyAs at As at As at As at 30-Jun-16 31-Dec-15 30-Jun-16 31-Dec-15
$'000 $'000 $'000 $'000
Property, plant and equipment 56,379 57,363 2,905 489
Investment in subsidiaries - - 29,321 29,321
Intangible assets 1,137 1,218 19 21
Deferred tax assets 1,790 1,565 1,506 796 | ||||
59,306 | 60,146 | 33,751 | 30,627 | |
Current assets | ||||
Inventories | 15,546 | 15,656 | 14 | - |
Trade and other receivables | 76,424 | 97,035 | 3,310 | 4,573 |
Cash and cash equivalents 28,003 37,360 3,045 4,734 | ||||
119,973 | 150,051 | 6,369 | 9,307 | |
Current liabilities | ||||
Trade and other payables | 50,484 | 69,235 | 4,435 | 4,510 |
Loans and borrowings Deferred income | 23,926 100 | 32,544 107 | 16 - | 16 - |
Current tax liabilities 922 937 - -
75,432 102,823 4,451 4,526
Net current assets Non-current liabilities | 44,541 | 47,228 | 1,918 | 4,781 |
Deferred income | 1,066 | 1,198 | - | - |
Loans and borrowings 1,973 1,413 37 45
3,039 2,611 37 45
Net assets | 100,808 | 104,763 | 35,632 | 35,363 |
Equity attributable to owners of the Company | ||||
Share capital | 31,440 | 31,440 | 31,440 | 31,440 |
Retained earnings | 53,182 | 50,851 | 4,192 | 3,923 |
Capital reserve | 3,566 | 3,566 | - | - |
Statutory reserve fund | 6,229 | 6,229 | - | - |
Hedging reserve | (1) | 6 | - | - |
Foreign currency translation reserve | 664 6,518 - - | |||
95,080 98,610 35,632 35,363 | ||||
Non-controlling interests | 5,728 6,153 - - | |||
Total equity | 100,808 104,763 35,632 35,363 |
As at 30-Jun-16 As at 31-Dec-15 Secured Unsecured Secured Unsecured
$'000 $'000 $'000 $'000
Amount repayable in one year or less, or on demand 18,293 5,633 26,918 5,626
Amount repayable after one year 504 1,469 1,413 -
Details of any collateralThe Group's loans and borrowings and bills payable (Included in trade and other payables) are secured by the leasehold land, certain leasehold building, certain plant and machinery and certain motor vehicle with net book value of approximately S$25.7 million (2015: S$19.6 million), and cash and bank balances amounted S$3.7 million (2015: S$3.9 million) and trade and bills receivables of S$3.0 million (2015: S$5.4 million).
1(c) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year CONSOLIDATED STATEMENT OF CASH FLOW The Group6 months 6 months ended ended
30-Jun-16 30-Jun-15
$'000 $'000
Cash flows from operating activities Profit before tax | 7,617 | 8,720 |
Adjustments for: Amortisation of deferred income | (52) | (62) |
Depreciation of property, plant and equipment | 3,127 | 3,283 |
Property, plant and equipment written off | 3 | 22 |
Net loss/(gain) on disposal of property, plant and equipment | 12 | (9) |
Amortisation of intangible assets | 2 | 2 |
(Reversal of)/allowances made for doubtful trade receivables (net) | (34) | 560 |
(Reversal of)/allowances made for impairment loss for inventories | (23) | 18 |
Interest expense | 440 | 892 |
Interest income | (104) | (216) |
Gain on disposal of available-for-sale financial assets | - | (648) |
Net effect of exchange differences | (106) | (61) |
Changes in: | 10,882 | 12,501 |
- Inventories | (766) | (1,966) |
- Trade and other receivables | 15,058 | (519) |
- Trade and other payables | (15,497) | 1,356 |
Cash generated from operations | 9,677 | 11,372 |
Interest paid | (440) | (892) |
Taxes paid (net) | (2,146) | (1,132) |
Net cash from operating activities | 7,091 | 9,348 |
Cash flows from investing activities | ||
Interest received | 104 | 216 |
Acquisition of property, plant and equipment | (5,328) | (2,876) |
Proceeds from disposal of property, plant and equipment | 26 | 30 |
Proceeds from disposal of available-for-sale financial assets | - | 1,022 |
Net cash used in investing activities | (5,198) | (1,608) |
Cash flows from financing activities | ||
Proceeds from loans and borrowings | 26,539 | 28,550 |
Repayment of loans and borrowings | (32,585) | (27,890) |
Payment of finance lease liabilities | (8) | (8) |
Increase in pledged deposit | (49) | (2,293) |
Dividend paid to non-controlling interests | (231) | (120) |
Dividends paid (3,144) (1,572)
Net cash used in financing activities (9,478) (3,333)Net (decrease)/increase in cash and cash equivalents | (7,585) | 4,407 |
Cash and cash equivalents at 1 January | 33,419 | 15,636 |
Effect of exchange rate fluctuations on cash held | (1,552) | 108 |
Cash and cash equivalents at 30 June | 24,282 | 20,151 |
Cash and cash equivalents at end of period comprise of:- | ||
Fixed deposits | 1,000 | 1,000 |
Cash and bank balances | 27,003 24,651 | |
28,003 25,651 | ||
Cash and bank balances pledged as security for bills payable | (3,721) (5,500) | |
24,282 20,151 |
Share | Capital | Statutory | Hedging | Fair value | Foreign | Retained | Total | Non- | Total | |
capital | reserve | reserve | reserve | adjustment | currency | earnings | controlling | equity | ||
fund | reserve | translation | interests | |||||||
reserve | ||||||||||
Group | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
31,440 | 3,566 | 4,938 | - 458 | 4,974 | 42,843 | 88,219 | 5,410 | 93,629 |
- | - | - | - - | - | 6,120 | 6,120 | 406 | 6,526 |
Profit for the period
Other comprehensive income | - | - | - | - | - | 1,273 | - | 1,273 | 92 | 1,365 |
Foreign currency translation | ||||||||||
differences | ||||||||||
Net changes in fair value of | ||||||||||
available-for-sale financial assets | - | - | - | - | 190 | - | - | 190 | - | 190 |
Net changes in fair value of | ||||||||||
available-for-sale financial assets | ||||||||||
reclassified to profit or loss | - | - | - | - | (648) | - | - | (648) | - | (648) |
Total other comprehensive income | - | - | - | - | (458) | 1,273 | - | 815 | 92 | 907 |
Dividends declared | - | - | - | - - - | (1,572) | (1,572) | (120) | (1,692) |
Total contributions by and distributions to owners | - | - | - | - - - | (1,572) | (1,572) | (120) | (1,692) |
Total transactions with owners | - | - | - | - - - | (1,572) | (1,572) | (120) | (1,692) |
At 30/6/2015 | 31,440 | 3,566 | 4,938 | - - 6,247 | 47,391 | 93,582 | 5,788 | 99,370 |
At 1/1/2016 | 31,440 3,566 6,229 6 - 6,518 50,851 | 98,610 | 6,153 | 104,763 | ||||
Total comprehensive income for the period Profit for the period | - - - - - - 5,475 | 5,475 | 229 | 5,704 |
Other comprehensive income Foreign currency translation differences Effective portion of changes in fair value of cash flow hedges Total other comprehensive income | - - | - - | - - | - (7) | - - | (5,854) - | - - | (5,854) (7) | (423) - | (6,277) (7) |
- | - | - | (7) | - | (5,854) | - | (5,861) | (423) | (6,284) |
- | - | - | - | - - | (3,144) | (3,144) | (231) | (3,375) |
- | - | - | - | - - | (3,144) | (3,144) | (231) | (3,375) |
- | - | - | - | - - | (3,144) | (3,144) | (231) | (3,375) |
31,440 | 3,566 | 6,229 | (1) | - 664 | 53,182 | 95,080 | 5,728 | 100,808 |
Dividends declared
Total contributions by and distributions to owners Total transactions with owners At 30/6/2016Tat Seng Packaging Group Ltd. published this content on 12 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 19 August 2016 14:25:07 UTC.
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