Full Year Financial Statement And Dividend Announcement
for the Period Ended 31/12/2003
1(a)
An income statement (for the group) together with a
comparative statement for the corresponding period of
the immediately preceding financial year.
Group (S$'000)
Group (S$'000)
%
Increase/ (Decrease)
Jan-
Dec 2003
Jan-
Dec 2002
Revenue
139,590
112,090
24.53
Costs
and expenses
Changes
in inventories of finished goods
(3,310)
6,029
NM
Raw
materials and consumables used
(63,403)
(57,775)
9.74
Staff
costs
(9,897)
(7,013)
41.12
Depreciation
and amortisation expenses
(1,471)
(1,007)
46.08
Impairment
loss
(596)
(137)
NM
Foreign
exchange loss
(1,305)
(1,739)
(24.96)
Other
operating expenses (Note 1)
(46,158)
(30,839)
49.67
Other
income
202
596
(66.11)
Total
costs and expenses
(125,938)
(91,885)
37.06
Profit
from operating activities
13,652
20,205
(32.43)
Finance
costs
(89)
(53)
67.92
Share
of loss of associated company
(120)
(231)
(48.05)
Profit
from ordinary activities before taxation
13,443
19,921
(32.52)
Taxation
(Note 2)
(1,800)
(3,583)
(49.76)
Minority
interests, net of taxation
(1,480)
(1,544)
(4.15)
Net
profit for the year
10,163
14,794
(31.30)
NM -
Not meaningful
Note 1: Included in other operating
expenses is provision for doubtful debts of S$1,406,000
(2002:S$35,000) mainly due to the frozen seafood
business.
Note 2: The reduction in effective
tax rate was due to tax incentives enjoyed by the
subsidiary companies.
1(b)(i)
A balance sheet (for the issuer and group), together
with a comparative statement as at the end of the immediately
preceding financial year.
Group
Group
Company
Company
31/12/2003 (S$'000)
31/12/2002 (S$'000)
31/12/2003 (S$'000)
31/12/2002 (S$'000)
Assets
Less Liabilities
Non-Current
Assets
Fixed
assets
13,459
11,994
-
-
Investments
in subsidiary companies
-
-
12,519
12,676
Investment
in associated company
1,142
448
1,082
428
Deferred
tax assets
922
218
-
-
Intangible
assets
39
59
-
-
15,562
12,719
13,601
13,104
Current
Assets
Cash
and bank balances
11,825
8,122
30
47
Trade
receivables
20,591
15,880
-
-
Prepayments,
other deposits and other receivables
2,370
3,840
16
108
Amounts
due from subsidiary companies
-
-
18,118
21,306
Amount
due from associated company
188
991
188
991
Inventories
23,633
29,221
-
-
58,607
58,054
18,352
22,452
Current
Liabilities
Trade
payables
(7,920)
(10,619)
-
-
Bills
payable
-
(167)
-
-
Other
payables
(3,379)
(4,210)
(234)
(211)
Amount
due to associated company
(37)
-
-
-
Finance
lease liabilities
-
(7)
-
-
Provision
for taxation
(2,045)
(2,599)
-
(2)
(13,381)
(17,602)
(234)
(213)
Net
Current Assets
45,226
40,452
18,118
22,239
Non-Current
Liabilities
Finance
lease liabilities
-
(28)
-
-
Deferred
tax liabilities
(509)
(306)
-
-
(509)
(334)
-
-
Net
Assets
60,279
52,837
31,719
35,343
Equity
Share
capital
17,200
17,200
17,200
17,200
Reserves
39,802
33,142
14,519
18,143
57,002
50,342
31,719
35,343
Minority
interests
3,277
2,495
-
-
60,279
52,837
31,719
35,343
1(b)(ii) Aggregate amount of group's
borrowings and debt securities.
Amount
repayable in one year or less, or on demand
As
at 31/12/2003
As
at 31/12/2002
Secured
Unsecured
Secured
Unsecured
S$'000
0
S$'000
0
S$'000
7
S$'000
167
Amount repayable after one
year
As
at 31/12/2003
As
at 31/12/2002
Secured
Unsecured
Secured
Unsecured
S$'000
0
S$'000
0
S$'000
28
S$'000
0
Details of any collateral
NIL
1(c) A cash flow statement (for
the group), together with a comparative statement for
the corresponding period of the immediately preceding
financial year.
31/12/2003
31/12/2002
(S$'000)
(S$'000)
Cash
flows from operating activities:
Profit
from ordinary activities before taxation and
minority interests
13,443
19,921
Adjustments
for:
Amortisation
of goodwill
20
20
Depreciation
of fixed assets
1,451
1,004
Exchange
realignment
(71)
(295)
Gain
on liquidation/disposal of subsidiary companies
-
(445)
Loss
on disposal of fixed assets
224
24
Interest
income
(4)
(32)
Interest
expense
89
53
Share
of loss of associated company
120
231
Impairment
loss on fixed assets
596
137
Capital
reserve written off
-
(16)
Operating
income before reinvestment in working capital
15,868
20,602
Increase
in receivables
(3,241)
(7,327)
Decrease/
(increase) in inventories
5,588
(8,075)
(Decrease)/
increase in payables
(3,660)
6,946
Net
cash generated from operations
14,555
12,146
Income
taxes paid
(2,855)
(4,844)
Net
cash generated from operating activities
11,700
7,302
Cash
flows from investing activities
Interest
received
4
32
Net
cash inflow from disposal of a subsidiary
company
-
6
Purchase
of fixed assets
(3,931)
(4,037)
Proceeds
from sale of fixed assets
68
18
Proceeds
on maturity of other financial asset
-
500
Dividends
paid to minority shareholders of subsidiary
companies
(660)
(1,257)
Net
cash used in investing activities
(4,519)
(4,738)
Cash
flows from financing activities
Interest
paid
(89)
(53)
Dividends
paid to shareholders of the Company
(3,354)
(1,948)
Repayment
of interest-bearing borrowings
(35)
(1,131)
Loan
to associated company
-
(139)
Net
cash used in financing activities
(3,478)
(3,271)
Net
increase/ (decrease) in cash and cash equivalents
3,703
(707)
Cash
and cash equivalents at beginning of the year
8,122
8,829
Cash
and cash equivalents at end of the year
11,825
8,122
1(d)(i) A statement (for the issuer
and group) showing either (i) all changes in equity
or
(ii)
changes in equity other than those arising from
capitalisation issues and distributions to shareholders,
together with a comparative statement for the corresponding period of the
immediately preceding financial year.
