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InnoTek Limited( Company Reg. No. 199508431Z )______________________________________________________________________________________________________
PART 1 - 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 ofthe immediately preceding financial year
CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
For the Fourth Quarter ended 31 December 2009
2009 2008 2009 2008
S$'000 S$'000 % S$'000 S$'000 %
1(a)(ii)
92,747 111,535 (16.8) 361,473 421,559 (14.3)
1(a)(i)(a) (69,386) (93,326) (25.7) (283,959) (347,069) (18.2)
23,361 18,209 28.3 77,514 74,490 4.1
(2,064) (2,942) (29.8) (8,555) (10,844) (21.1)
1(a)(i)(b) (14,411) (15,061) (4.3) (55,259) (59,224) (6.7)
(275) (724) (62.0) (1,327) (2,455) (45.9)
1(a)(i)(c) (3,995) (6,163) NM (5,855) (6,261) (6.5)
(20,745) (24,890) (16.7) (70,996) (78,784) (9.9)
91 173 (47.4) 694 2,227 (68.8)
578 852 (32.2) 2,815 2,523 11.6
669 1,025 (34.7) 3,509 4,750 (26.1)
(4) (156) (97.4) 35 (548) NM
3,281 (5,812) NM 10,062 (92) NM
1(a)(i)(d) 316 (4,550) NM (615) (6,181) (90.1)
3,597 (10,362) NM 9,447 (6,273) NM
(845) 963 NM (2,874) 6,192 NM
(845) 963 NM (2,874) 6,192 NM
2,752 (9,399) NM 6,573 (81) NM
3,007 (9,954) NM 7,591 (7,031) NM
590 (408) NM 1,856 758 144.9
3,597 (10,362) NM 9,447 (6,273) NM
2,228 (8,958) NM 4,884 (827) NM
524 (441) NM 1,689 746 126.4
2,752 (9,399) NM 6,573 (81) NM
Basic Para 6 1.29 (4.26) NM 3.25 (3.00) NM
Diluted Para 6 1.28 (4.26) NM 3.24 (3.00) NM
NM denotes Not Meaningful
Other comprehensive (expense)/income , net of tax
Total comprehensive income/(loss) for the period
Total comprehensive income/(loss) attributable to :
Shareholders of the Company
Minority interests
Earning/(Loss) per share ( cents)
Minority interests
Shareholders of the Company
Foreign currency translation
Share of gain/(loss) of associate
Tax expense
Profit/(Loss) attributable to :
Other comprehensive income / (expense) :
Selling and distribution
Profit, net of tax before minority interest
(Reclassified)(Reclassified)
Other expenses
Administrative expense
Finance cost
Total other item of expenses
Other items of income
Interest Income
Other Income
Total other items of Income
31-Dec
Quarter Ended 12 months Ended
Note
YoY
Change
YoY
Change
31-Dec
Revenue
Group
Cost of sales
Gross Profit
Other items of expense
Profit before taxation and minority interest
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Notes to Group Profit and Loss Statement
1(a) (i ) Profit / (loss) for the period is arrived at after (charging) / crediting the following items :
2009 2008 2009 2008
Note S$'000 S$'000 S$'000 S$'000
(a) Included in cost of sales :
- Provision for obsolete inventories (146) (383) (898) (928)(b) Included in administrative expense :
- Employee Share Option expense (115) (35) (244) (312)
- Severance and end of contract payment (e) (2,303) - (2,303) -
(c) Details of other expenses
InnoTek
- Mark-to-market gain on investment securities ( f ) - (773) - 788
- Provision for discount for Put and Call Option receivables ( f ) - (372) - (372)
Fair value change for investment held for trading - (1,145) - 416
- Write-back of provision for warranties for sale of MPT ( f ) - 1,708 - 6,902
- Additional proceed from sale of MPT ( f ) - - - 272
Total relating to sale of MPT - 563 - 7,590MSF
- Impairment on investment in associates - (825) - (825)
- Property, plant and equipment impairment ( g ) (2,781) (1,710) (2,781) (1,710)
- Property, plant and equipment write-off - (3,168) - (3,546)
- Provision for relocation - (145) - (145)
- Allowance for doubtful trade receivables (883) (252) (1,385) (324)
Subtotal ( Provision ) / write-back (3,664) (5,537) (4,166) 1,040
- Foreign currency (loss) / gain (331) (626) (1,689) (7,301)
(3,995) (6,163) (5,855) (6,261)
(d) Tax expense
(e)
(f )
(g )
This relates to balance of the 10% shareholding in Magnecomp Precision Technologies Public Company Limited ("MPT") disposedoff on 15 January 2009.
Included an impairment loss of S$4.1 m illion for a subsidiary building offset by reversal of impairment loss for certain property, plantand equipment provided in 2008.
Included in the severance and end of contract payment is a provision of S$2.0 million for employee's end of contract payment forcertain subsidaries.
The effective tax rate for the period under review is lower than the corresponding period due to reversal of tax provision onoverseas interest income as specific tax exempt concession was given by Comptroller of Income Tax for overseas interest incomeearned before 21 Jan 2009 but remitted between 22 January 2009 and 21 January 2010. Also included in Q4'08 tax expense was afull provision to write-off S$2.4 million of deferred tax assets relating to a loss making subisidary.
Quarter Ended
31-Dec
12 months Ended
31-Dec
1(a) (ii) With the disposal of MPT in 2007, Mansfield Manufacturing Company Limited Group of Companies (MSF) became
the main operating subsidiary of the Company. In compliance with FRS 1 Presentation of Financial Statements, the
InnoTek Group profit and loss accounts have been reclassified with effect from 1 January 2009 to enable financial
reporting by function of expense, which more accurately reflect the nature of MSFs operations. Similarly, prior
year comparative numbers have been reclassified to conform with current years presentation.
The revised FRS 1 also requires all items of income and expenses (including those accountable for directly in
equity)to be presented in the Statement of Comprehensive Income for annual periods beginning on or after 1
January 2009.
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1(b) ( i ) . A balance sheet ( for the issuer and the Group ) , together with a comparative statement as at the endof the immediately preceding financial year
Balance Sheets (Unaudited)
As at As at As at As at
31-Dec-09 31-Dec-08 31-Dec-09 31-Dec-08
Note S$'000 S$'000 S$'000 S$'000
96,991 96,991 96,991 96,991
(7,028) (7,028) (7,028) (7,028)
3,524 3,351 3,524 3,351
107,135 111,144 39,768 53,032
(288) 2,419 - -
200,334 206,877 133,255 146,346
6,905 5,377 - -
207,239 212,254 133,255 146,346
104,956 122,896 76 -
4,234 4,633 - -
550 2,491 - -
2,276 2,079 - -
- 544 - -
138 141 - -
- - 47,061 47,061
291 257 - -
2,634 2,634 2,634 2,634
115,079 135,675 49,771 49,695
Current assets
Cash and cash equivalents A 109,278 93,058 75,922 59,279
Trade receivables B 82,726 87,094 406 584
Other receivables and deposits D 8,400 13,561 62 84
Tax recoverable 561 42 - -
Investment securities A - 23,384 - 23,384
Prepayments 426 655 - -
Inventories C 29,710 36,765 - -
Loan to subsidiaries - - 9,005 16,615
231,101 254,559 85,395 99,946
Bank loans A 7,222 24,074 - -
Finance lease 167 70 - -
Trust receipts / bill payable 10,087 10,231 - -
Bank overdrafts 3,735 4,067 - -
Interest-bearing loans and borrowings 1(b)(ii) 21,211 38,442 - -
Trade payables B 66,513 76,800 - -
Other payables and accruals 24,036 31,434 436 997
Provisions E 2,000 - - -
Tax payable 2,107 2,121 1,384 2,104
115,867 148,797 1,820 3,101
115,234 105,762 83,575 96,845
Non-current LiabilitiesBank loans A 21,513 26,982 - -
Finance lease 68 53 - -
Interest-bearing loans and borrowings 1(b)(ii) 21,581 27,035 - -
Deferred tax liabilities 1,493 2,148 91 194
23,074 29,183 91 194
207,239 212,254 133,255 146,346
Company
Share Option reserve
Total Equity
Share Capital
Treasury shares
Group
Revenue reserves
Translation reserves
Intangible assets
Minority interests
Non-current Assets
Property, plant and equipment
Prepaid land lease payment
Deposit paid for purchases of property, plant and
equipment
Other receivables
Prepayments
Current liabilities
Net current Assets
Net Assets
Investment in subsidiaries
Investment in associate
Other investments
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Note to Group Balance Sheet
A Increase in cash was mainly due to proceeds from disposal of investment securities in January 2009. Theincrease in cash was mitigated by repayment of bank loans and dividend payment to ordinary shareholders of
the Company in May 2009.
B Lower sales in Q409 compared to Q408 resulted in lower trade receivables and payable as at 31December 2009 compared to 31 December 2008.
C Lower sales and raw material price in Q409 resulted in lower inventory as at 31 December 2009 compared
to 31 December 2008.
D Reduce mainly from a refund of deposit in January 2009 due to rebate by China Government for a land
purchase.
E This relates to provision for end of contract payments in accordance with the employment policies of certain
subsidiaries.
1b (ii) Aggregate amount of Group's borrowings and debt securities
As at As at
31-Dec-09 31-Dec-08
S$'000 S$'000
Amount repayable in one year or less, on demand
- Secured 167 70
- Unsecured 21,044 38,372
21,211 38,442
Amount repayable after one year
- Secured 68 53
- Unsecured 21,513 26,982
21,581 27,035
Total 42,792 65,477
Details of any collaterals
The secured borrowings relate to finance leases which are secured on relevant equipment under the
finance lease. All other bank borrowings, bank overdraft and trust receipts are either unsecured or
secured by corporate guarantee by the Company and its subsidiaries.
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1(c) A cash flow statement ( for the Group) , together with a comparative statement for the corresponding periodof the immediately preceding financial year
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
Note
2009
S$'000
2008
S$'000
2009
S$'000
2008
S$'000
(Reclassified) (Reclassified)
3,281 (5,812) 10,062 (92)
F 8,443 11,848 26,510 28,832
11,724 6,036 36,572 28,740
4,523 21,103 3,991 4,222
16,247 27,139 40,563 32,962
, , ,
15,399 24,655 38,210 29,096
(2,940) (25,478) (13,500) (44,685)
1,425 (3,471) 1,934 (2,913)
493 384 707 432
- - - (1,051)
- 742 - 742
- - - (2,967)
- - - (68)
(1,022) (27,823) (10,859) (50,510)
- (109) - (13,625)
- - - 343
1,066 15,482 (144) 26,457
(3,911) (4,219) (22,322) (32,888)
- - 23,384 -
160 (38) 115 (295)
- - (11,671) (23,506)(161) - (161) -
(2,846) 11,116 (10,799) (43,514)
11,531 7,948 16,552 (64,928)
94,012 81,043 88,991 153,919
G 105,543 88,991 105,543 88,991
Profit/(loss) before tax and minority interests ("MI")
31-Dec
Net increase/ (decrease) in cash and cash equivalent
31-Dec
Cash flows provided by operations before reinvesting in
working capitals
Working capital changes , excluding changes relating to cash
Cash generated from/(used in) operating activities
Net interest and income tax paid
Net cash from operating activities
Quarter Ended 12 months Ended
Deposit refund/(paid) for property, plant and equipment
Purchase of property, plant and equipment
Cash flows from operating activities :
GROUP
Adjustments for non-cash items
Proceeds on sale of fixed assets
Proceeds from sale of investment
Acquisition of minority interests
Investment in associate
Net cash outflow from disposal of subsidiaries
Net Increase/(Repayment) of finance lease
Dividend paid to subsidiary shareholderDividend paid to ordinary shareholder
Cash and cash equivalents as at end of period
Cash and cash equivalents as at beginning of period
Proceeds / (Repayment) from short and long term financing
Bank loan repayment
Proceed from investment securities
Purchase of treasury shares
Net cash (used in) investing activities
Net cash from financing activities
Proceeds from issuance of ordinary shares
Net cash from / (used in) investing activities :
Net cash (used in) / generated from financing activities
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NOTES TO THE CONSOLIDATED CASH FLOW STATEMENTS (UNAUDITED)
F Details of adjustments for non-cash items as follows :
GROUP 2009S$'0002008
S$'0002009
S$'0002008
S$'000
(Reclassified) (Reclassified)
4,815 4,362 21,160 18,273
25 18 103 18
(68) (63) 117 (63)
- (260) - (260)
115 66 244 312
883 659 1,385 324
275 724 1,327 2,455
(91) (172) (694) (2,226)
146 642 898 928
- (416) - (416)
- 3,229 - 3,546
2,781 1,710 2,781 1,710
(442) 368 (776) 2,858
- 825 - 825
4 156 (35) 548
Total 8,443 11,848 26,510 28,832
Depreciation expense
Stock option expense
Allowance for doubtful trade receivables
31-Dec
Gain on disposal of other investment
12 months EndedQuarter Ended
Share of results of associates
Currency realignment
Fair value change for investment held for trading
Impairment loss/(written back) of property, plant and
equipment
Impairment loss on investment in associate
31-Dec
Provision for obsolete inventories
Property, plant and equipment written off
Amortisation expense
Loss/(gain) on disposal of property,plant and equipment
Interest income
Interest expense
G Cash and cash equivalents comprises :
2009 2008
S$'000 S$'000
34,272 34,34375,006 58,715
109,278 93,058
(3,735) (4,067)
105,543 88,991
As at 31 Dec
GROUP
Cash and cash equivalents at end of period
Cash and bank balances
Other Fixed deposits
Less : Bank overdrafts
Cash and bank balances per Balance Sheet
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1(d)(i) A statement ( for the issuer and the Group ) showing either (i) all changes in equity or (ii) changes in equityarising from capitalization issues and distributions to shareholders , together with a comparative statement for period of the immediately preceding financial year
Statement of changes in equity
S
hare
Capital
Treasury
Shares
Share
Option
Reserve
Retained
Earnings
Foreign
Currency
Translation
Reserve
Total
Other
Reserve Total
Mino
Inter
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'0
2009
96,991 (7,028) 3,351 111,144 2,419 116,914 206,877 5
- - - 7,591 (2,707) 4,884 4,884
- - - - - - -
- - (71) 71 - - -
- - 244 - - 244 244
- - - (11,671) - (11,671) (11,671)
96,991 (7,028) 3,524 107,135 (288) 110,371 200,334 6
GROUP
Attributable to shareholders of the Company
Balance at 1 January 2009
Expiry of employee share options
Total comprehensive income for 2009
Dividend to subsidiary shareholder
Dividends on ordinary shares
Balance at 31 December 2009
Share Option expense accrued
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Statement of changes in equity ( Cont'd )
S
hare
Capital
Treasury
Shares
ShareOption
Reserve
Retained
Earnings
Foreign
CurrencyTranslation
reserve Others
TotalOther
reserve To
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'0
2008
96,648 (6,381) 3,049 142,302 (3,785) (73) 141,493 23
- - - (7,031) 6,204 - (827)
- 12,978 - (743) - - (743) 12
- - - (73) - 73 -
- - - 185 - - 185
343 - - - - - -
- - (10) 10 - - -
- - 312 - - - 312
- (13,625) - - - - - (13
- - - (23,506) - - (23,506) (23
96,991 (7,028) 3,351 111,144 2,419 - 116,914 206
GROUP
Attributable to shareholders of the Company
Balance at 1 January 2008
Expiry of empolyee share options
Total comprehensive income for the year 2008
Reclassification
Utilisation of Treasury shares for acquisition of shares from
minority shareholders of MSF
Dividends on ordinary shares
Balance at 31 December 2008
Acquisition of minority shareholders of MSF
New shares issued under Employee Share Option Plan
Share Option expense accrued
Purchase of Treasury Shares
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Statement of changes in equity ( Cont'd )
I
ssued
Capital
Tresury
Shares
Share Option
Reserve
Retained
Earnings
Tot
ReS$'000 S$'000 S$'000 S$'000 S
96,991 (7,028) 3,351 53,032
- - - (1,664)
- - 244 -
- - (71) 71
- - - (11,671)
96,991 (7,028) 3,524 39,768
96,648 (6,381) 3,049 77,222
- - - 59
- (13,625) - -
- 12,978 - (743)
343 - - -
- - 302 -
- - - (23,506)
96,991 (7,028) 3,351 53,032
Utilisation of Treasury shares for acquisition of minority interest
in MSF
New shares issued under Employee Share Option Plan
Dividend on ordinary shares
2009
Total comprehensive income for year 2008
Purchase of Treasury Shares
2008
Balance at 1 January 2008
COMPANY
Balance at 31 December 2009
Balance at 1 January 2009
Total comprehensive income for year 2009
Share Option expense reserve
Dividends on ordinary shares
Expiry of employee share options
Share Option expense reserve
Balance at 31 December 2008
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1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, sharebuy-back , exercise of share options or warrants , conversion of other issues of equity securities , issueof share for cash or as consideration for acquisition or for any purpose since the end of the previousperiod reported on. State also the number of shares that may be issued on conversion of all theoutstanding convertibles , as well as the number of shares held as treasury shares, if any, against the totalnumber of issued shares excluding treasury shares of the issuer, as at the end of the current financialperiod reported on and as at the end of the corresponding period of the immediately precedingfinancial year
(a) Share Capital
Number of ordinary shares as at 31 December 2009 are 243,468,428
As at
31/12/09
As at
31/12/08
Options granted under the InnoTek Employees' Share Option Plan 1 4,023,000 4,939,000
Opt ions granted under the InnoTek Employees' Share Option Scheme I I ** 3,188,000 -
7,211,000 4,939,000
**
Number of shares that may be issued on conversion of all outstanding options are as follows:-
On 10 March 2009 , 3,840,000 options were granted to the Group's and the Company's empolyees under the
"InnoTek Employee's Share Option Scheme II " plan which was approved by shareholders at the Extraordinary
General Meeting held on 30 April 2008. The option price for the grant was $0.19 which was based on the average
price of the last dealt prices of shares traded over five consecutive market days immediately prior to the date ofgrant of options. Net quantities outstanding after employee resignation as at 31 December 2009 was 3,188,000.
(b) Treasury Shares
No new Treasury shares were acquired in Q4'09. There were 10,061,000 Treasury Shares as at 31 December 2009.
1(d)(iii) To show the total number of issued shares excluding Treasury Shares as at the end of the current
financial period and as at the end of the immediately preceding year.
No of
shares
'000 $'000
No of
shares
'000 $'000
Total number of issued shares at the end of period 243,468 96,991 243,468 96,991
(10,061) (7,028) (10,061) (7,028)
Net number of issued shares at the end of period 233,407 89,963 233,407 89,963
As at 31/12/08
Number of Treasury Shares at the end of period
As at 31/12/09
1(d)(iv) A statement showing all sales , transfer , disposal , cancellation and/or use of Treasury Shares as at the end ofthe current financial period reported on.
None
2. Whether the figures have been audited , or reviewed and in accordance with the standard (e.g. The SingaporeStandard on Auditing 910 ( Engagement to Review Financial Statements ) , or an equivalent standard )
The figures have not been audited or reviewed by auditors.
3. Whether the figures have been audited , or reviewed , the auditor's report ( including any qualifications oremphasis of matter)
Not Applicable
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4. Whether the same accounting policies and methods of computation as in the issuers most recentlyaudited annual financial statements have been applied
The Group adopted the following new/revised Financial Reporting Standards (FRS) that are relevant to the Group andeffective for annual periods beginning on or 1 January 2009 :-
FRS 1 (revised 2008) Presentation of Financial StatementsFRS 108 Operating Segments
Please refer to 1(a)(ii) for reclassification of the Consolidated Income Statements to function of expenses and the inclusionof the Statement of Comprehensive Income under the revised FRS 1.
FRS 108 replaces FRS 14 Segment Reporting. It requires identification and reporting of operating segments based oninternal reports that are regularly reviewed by the Groups chief operating decision maker in order to allocate resources tothe segment and to assess its performance.
5. Whether there are any changes in the accounting policies and method of computation , including anyrequiredby an accounting standard, what has changed, as well as the reasons for, and the effect of, thechange
None
6. Earnings per ordinary share of the group for the current period reported on and the correspondingperiod of the immediately preceding financial year , after deducting any provision for preference dividends.
2009 2008 2009 2008
S'000 S'000 S'000 S'000
(i)
- Earning per share 1.29 (4.26) 3.25 (3.00)
Weighted average number of shares ( '000) 233,407 233,913 ^ 233,407 234,090 ^
(ii)
- Earning per share 1.28 (4.26) 3.24 (3.00)
Weighted average number of shares ( '000) 235,176 233,913 ^ 234,559 234,090 ^
^ There is no potential dilutive earning per share for the year 2008 and quarter ended 31 December 2008 as the Group was in a loss
position.
On a fully diluted basis ( in cents )
12 Months Ended
31 December
Based on the weighted average number of shares ( in cents )
Earnings per ordinary share of the Group based on net profit
attributable to the shareholders of the Company :
Quarter Ended
31 December
7. Net asset value (for the issuer and Group) per ordinary share based on the total number of issued shares
excluding treasury shares of the issuer at the end of the (a) current period reported on; and (b) immediatelypreceding financial year
As at As at As at As at
31/12/2009 31/12/2008 31/12/2009 31/12/2008
85.8 cents 88.6 cents 57.1 cents 62.7 cents
Group Company
Net asset backing per ordinary share based on the total
number of issued share excluding treasury shares as at
the end of the period reported on
Reduction of Net Assets per share for both Group and Company was due to payment of dividend of 5 cents per shareamounted to S$11.7 million in May 2009.
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8. A review of the performance of the group, to the extent necessary for a reasonable understanding of thegroup business. The review must discuss any significant factors that affected the turnover costs, andearnings of the group for the current financial period reported on, including ( where applicable ) seasonalor cyclical factors. It must also discuss any material factors that affected the cash flow, working capital,assets or liabilities of the group during the current financial period reported on
(A) Quarter ended 31 December 2009 (Q409)
Turnover
92,747 111,535 (18,788) (16.8)
Net Profit 3,007 (9,954) 12,961 NM
3,158 (8,560) 11,718 NM
(151) (1,394) 1,243 89.2
Basic EPS (cents) 1.29 (4.26) 5.55 NM
NM denotes not meaningful
Corporate
MSF
MSF
Q409
S$'000
Changes
%
Q408
S$'000
Changes
S$'000
For the October-December 2009 quarter (Q409), the Group recorded turnover of S$92.7 million, a decline of S$18.8
million or 16.8% compared to S$111.5 million in Q408. This was due to lower sales recorded by its core subsidiaryMansfield Manufacturing Company Limited (MSF) resulting from lower demand for flat TVs and office automation
equipments.
Despite lower turnover, the Group turned around from a loss of S$9.9 million in Q408 to a profit of S$3.0 million in Q409.
The strong performance was mainly attributed to the S$3.2 million profit contribution from MSF in Q409, reversing the
loss of S$8.6 million recorded in Q408, which was offset by a marginal loss of S$0.2 million recorded by the Company.
MSF profit was S$3.2 million, an increase of S$11.7 million from a loss of S$8.6 million in Q408 despite a drop in
revenue of S$18.8 million in Q409 compared to Q408. The improved performance is due largely to lower impairment
charges of S$4.7 million and positive contribution of S$7.0 million from lower material costs, continuous improvement in
operating efficiencies and cost cutting measures undertaken in 2009.
Segmentally, turnover from Components, assembly and tooling businesses (collectively referred to as Precision
Components and Sub-assembly segment) reduced by S$15.6 million to S$83.3 million in Q409 from S$98.9 million in
Q408 due mainly to lower demand for LCD TVs and related products. Revenue for Frame business also reduced S$3.2
million to S$9.4 million in Q409 from S$12.6 million in Q408 mainly due to lower demand for printing equipment.
The loss recorded by the Company was S$1.2 million lower than Q408 due to lower tax expense of S$2.0 million
resulting from write-back of tax provision on unremitted overseas interest income. During the year, specific tax exempt
was given by the Singapore tax authority on remittance of overseas interest income earned prior to 2008 and remitted to
Singapore in 2009. This was offset by lower interest income of S$0.3 million and higher foreign exchange loss of S$0.5
million in Q409.
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(B) 12 months ended 31 December 2009 (FY09)
Turnover
361,473 421,559 (60,086) (14.3)
Net Profit 7,591 (7,031) 14,622 NM
9,255 (6,124) 15,379 NM
(1,664) (907) (757) (83.5)
Basic EPS (cents) 3.25 (3.00) 6.25 NM
NM denotes not meaningful
MSF
MSF
Changes
%
FY08
S$'000
Changes
S$'000
FY09
S$'000
Corporate
For the year ended 31 December 2009 (FY09), Groups turnover declined S$60.1 million or 14.3% to S$361.5 million
from S$421.6 million mainly due to lower stamping and assembly sales recorded by core subsidiary Mansfield
Manufacturing Company Limited (MSF) as a result of lower global demand for flat panel TVs.
In spite of lower revenue, net profit for the Group increased S$14.6 million to S$7.6 million in FY09 from a loss of S$7.0
million in FY08. The net profit in FY09 was mainly attributed to the profit of S$9.3 million achieved by MSF offset by a
loss of S$1.7 million recorded by the Company.
MSF reversed from a loss of S$6.1 million in FY08 to a net profit of S$9.3 million in FY09, due mainly to lower material
price and impairment charges, better cost management and improvements in operating efficiency.
Segmentally, revenue reduced across all business segments. The reduction came mainly from the Precision Components
and Sub-assembly segment, which reduced by S$53.0 million to S$323.6 million from S$376.6 million in FY08 due
mainly to lower demand for LCD TVs and related products. Revenue from Frame business also reduced due to lower
demand for printing equipment.
Corporate loss of S$1.7 million was due largely to exchange loss on the back of weaker US$, mitigated by write-back of
deferred tax provision on exemption given by Comptroller of Income Tax on remittance of overseas interest income in
2009.
9. A forecast , or projected statement , has been previously disclosed to shareholders , any variance betweenit and the actual results
None
10. A commentary at the date of the announcement of the competitive conditions of the industry inwhich the group operates and any known factors or events that may affect the group in thenext reporting period and the next 12 months
The Directors expect the business outlook to improve in FY 2010 with the stabilization of the global economic and
business environment. The Group will continue to improve on operational efficiencies and cost-controls. Barring any
unforeseen circumstances and in the absence of any deterioration of business conditions, the Directors expect the Groupperformance for Q110 to be better than that of Q109 and performance for FY 2010 will improve over FY 2009.
With regard to the Groups long-term growth strategy, the Company will continue to proactively explore appropriate
merger and acquisitions opportunities. The Group will continue to maintain its cautious stance, focusing on earnings-
accretive businesses, and stringently evaluate feasible investment proposals.
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11. Dividend
(a) Current Financial period Reported On
Any dividend declared for the present financial period ? Yes
Name of dividend Proposed Final One-Tier Tax Exempt
Dividend Type CashDividend rate 5.0 cents per ordinary share
Tax rate NIL
(b) Corresponding period of the Immediate Preceding Financial Year
Any dividend declared for the corresponding period of the immediately preceding financial year ? Yes
Name of dividend Final One-Tier Tax Exempt
Dividend Type Cash
Dividend rate 5.0 cents per ordinary share
Tax rate NIL
(c) Date payable
Date payable for the proposed final dividend to be announced at a later date.
(d) Books closing date
Books closing date for proposed final dividend to be announced at a later date.
12. If no dividend has been declared / recommended , a statement to that effect
Not Applicable
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14. In the review of performance, the factors leading to any material changes in contributions toturnover and earnings by the business or geographical segments.
None
15. A breakdown of sales
Latest
Period
Previous
Period Change
S$'000 S$'000 %
(a) Sales reported for first half year 176,698 201,853 (12.5)
(b) Profit after tax before minority interest reported for first half year 4,279 3,657 17.0
(c) Sales reported for second half year 184,775 219,706 (15.9)
(d) Profit/(loss) after tax before minority interest reported for second half year 5,168 (9,930) NM
16. A breakdown of the total annual dividend ( in dollar value ) for the issuer's latest full year and its previous
full year.
Latest Full
Year
Previous
Full YearS$'000 S$'000
Ordinary 11,671 23,506
Preference - -
Total 11,671 23,506
17. Interested Person Transactions Rule 920(1)(a)(i) An issuer must announce the aggregate value oftransactions conducted pursuant to the general mandate for interested person transactions for thefinancial period which it is required to report on pursuant to Rule 705.
None
18. STATEMENT PURSUANT TO SGX LISTING RULE 705(5) OF THE LISTING MANUAL
The directors confirmed that to the best of their knowledge, nothing has come to the attention of the Board of Directors
of the Company which may render the fourth quarter financial results of the Company and of the Group for the
year ended 31 December 2009 to be materially false or misleading.
Signed by Robert Sebastiaan Lette, Chairman and Yong Kok Hoon, Managing Director
BY ORDER OF THE BOARD
Yong Kok Hoon
Managing Director
25 February 2010