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MarketScreener Homepage  >  Equities  >  Singapore Stock Exchange  >  CSC Holdings Limited    C06   SG1F84861094

CSC HOLDINGS LIMITED

(C06)
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CSC : Financial Statements Announcement for the 12 months ended 31 March 2020

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06/30/2020 | 02:34am EDT

Financial Statements and Related Announcement::Full Yearly Resultshttps://links.sgx.com/1.0.0/corporate-announcements/FM4X7X6JGA...

1 of 1

29-Jun-20, 8:01 PM

CSC HOLDINGS LIMITED

(Company Registration Number: 199707845E)

Financial Statements Announcement for the 12 Months Ended 31 March 2020

Table of Contents

Page

REVIEW OF THE PERFORMANCE OF THE GROUP ............................................................................................... 3

CONSOLIDATED STATEMENT OF PROFIT OR LOSS .......................................................................................... 3

STATEMENT OF FINANCIAL POSITION .................................................................................................................. 6

CASH FLOW ................................................................................................................................................................... 7

OUTLOOK .......................................................................................................................................................................... 8

CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE 12 MONTHS ENDED 31 MARCH 2020 .... 9

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE 12 MONTHS ENDED 31

MARCH 2020 .................................................................................................................................................................... 10

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2020 ...................................................................... 11

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 12 MONTHS ENDED 31 MARCH 2020 ......... 13

STATEMENTS OF CHANGES IN EQUITY FOR THE 12 MONTHS ENDED 31 MARCH 2020 ......................... 15

NOTES TO THE FINANCIAL STATEMENTS ............................................................................................................ 18

NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS ............................................................................... 18

  • A Cost of sales ………………………………………………………………………………………………… . 18

  • B Other income ………………………………………………………………………………………………… 18

  • C Administrative expenses …………………………………………………………………………………… . 18

  • D Other operating expenses ………………………………………………………………………………… .. 19

  • E Tax expense ………………………………………………………………………………………………… . 19

  • F Interested person transactions …………………………………………………………………………… .. 20

NOTES TO THE STATEMENT OF FINANCIAL POSITION ................................................................................................... 21

  • 1 Property, plant and equipment …………………………………………………………………………… .. 21

  • 2 Inventories …………………………………………………………………………………………………… .21

  • 3 Aggregate amount of Group's borrowings and debt securities ………………………………………… 22

NOTES TO THE STATEMENT OF CHANGES IN EQUITY .................................................................................................... 23

1 Changes in the Company's Share Capital ……………………………………………………………… ...23

AUDIT ................................................................................................................................................................................ 23

ACCOUNTING POLICIES ............................................................................................................................................. 23

EARNINGS/(LOSS) PER SHARE .................................................................................................................................. 25

NET ASSET VALUE ........................................................................................................................................................ 26

VARIANCE FROM PROSPECT STATEMENT .......................................................................................................... 26

DIVIDEND ......................................................................................................................................................................... 26

SEGMENTAL REVENUE AND RESULTS .................................................................................................................. 27

BREAKDOWN OF SALES .............................................................................................................................................. 28

CONFIRMATION ............................................................................................................................................................ 28

SUBSEQUENT EVENT ................................................................................................................................................... 28

Page

2

Review of the Performance of the Group

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

4QFY20 - for the 3 months ended 31 March 2020

3QFY20 - for the 3 months ended 31 December 2019 4QFY19 - for the 3 months ended 31 March 2019

FY20 - for the 12 months ended 31 March 2020 FY19 - for the 12 months ended 31 March 2019

Review of Results for the 12 Months Ended 31 March 2020

4QFY20 $'000

3QFY20 $'000

Change %

4QFY19 $'000

Change %

FY20 $'000

FY19 $'000

Change %

Revenue

88,468

83,894

5.5

74,733

18.4

342,789

323,129

6.1

Gross Profit

12,880

10,821

19.0

4,282

>100.0

44,155

15,005

>100.0

Other Income

309

674

(54.2)

457

(32.4)

2,223

1,910

16.4

Operating Expenses

(9,262)

(9,105)

1.7

(10,507)

(11.8)

(34,220)

(31,609)

8.3

Profit/(Loss) from Operating

Activities

3,927

2,390

64.3

(5,768)

N.M.

12,158

(14,694)

N.M.

Net Finance Expenses

(969)

(725)

33.7

(597)

62.3

(3,542)

(1,969)

79.9

Share of Loss of Associates

(42)

(32)

31.3

(35)

20.0

(156)

(43)

>100.0

Profit/(Loss) before Tax

2,916

1,633

78.6

(6,400)

N.M.

8,460

(16,706)

N.M.

Tax Expense

(294)

(193)

52.3

(509)

(42.2)

(1,146)

(1,321)

(13.2)

Profit/(Loss) for the period/year

2,622

1,440

82.1

(6,909)

N.M.

7,314

(18,027)

N.M.

EBITDA

11,330

8,832

28.3

232

>100.0

40,766

9,417

>100.0

Gross Profit Margins

14.6%

12.9%

5.7%

12.9%

4.6%

>100.0

N.M.

>100.0

N.M.

N.M.

>100.0

Revenue

Group revenue for FY20 registered 6.1% increase to $342.8 million (FY19: $323.1 million), while revenue for 4QFY20 grew 18.4% to $88.5 million (4QFY19: $74.7 million), on the back of a healthy demand for the Group's services and an improvement in tender prices.

Quarter-on-quarter, the Group recorded a 5.5% increase in revenue compared to 3QFY20 as a result of higher contribution from the Group's equipment trading division.

Gross Profit and Gross Profit Margins (GPM)

Gross profit and GPM for FY20 increased significantly to $44.2 million and 12.9% (FY19: $15.0 million and 4.6%). Similarly, gross profit and GPM for 4QFY20 were higher at $12.9 million and 14.6% (4QFY19: $4.3 million and 5.7%; 3QFY20: $10.8 million and 12.9%).

The higher gross profit and GPM reflect the improvement in tender prices and business activity.

Other Income

4QFY20 $'000

3QFY20 $'000

Change %

4QFY19 $'000

Change %

FY20 $'000

FY19 $'000

Change %

Gain on Disposal of:

- Property, Plant & Equipment

14

341

(95.9)

118

(88.1)

993

884

12.3

- Assets Held for Sale

-

-

N.M.

-

N.M.

259

-

N.M.

14

341

(95.9)

118

(88.1)

1,252

884

41.6

Distribution of Profit from the

Investment in a Property Development Project in

Iskandar Malaysia

-

173

N.M.

-

N.M.

173

-

N.M.

Other Miscellaneous Income

295

160

84.4

339

(13.0)

798

1,026

(22.2)

Other Income

309

674

(54.2)

457

(32.4)

2,223

1,910

16.4

N.M.

N.M.

The Group recorded higher other income of $2.2 million for FY20 (FY19: $1.9 million). The increase took into account a $1.3 million gain from the disposal of old equipment, along with a profit distribution of $0.2 million from the Group's 5% owned mixed-use property development project in Iskandar Malaysia.

Other income of $0.3 million for 4QFY20 was lower compared to $0.5 million in 4QFY19 and $0.7 million in 3QFY20 mainly due to a lower gain from the disposal of old equipment in 4QFY20.

Operating Expenses

4QFY20 $'000

3QFY20 $'000

Change %

4QFY19 $'000

Change %

FY20 $'000

FY19 $'000

Change %

Other Operating Expenses

6,884

6,736

2.2

7,392

(6.9)

28,350

28,038

1.1

a) Expected Credit Losses

Recognised/(Reversed) on Trade and Other Receivables

and Contract Assets

60

36

66.7

1,280

(95.3)

(109)

1,059

N.M.

b) Impairment Losses on:

- Goodwill on Consolidation

- Other Investment

360 -

- -

N.M. N.M.

- -

N.M. N.M.

360 240

- -

N.M. N.M.

- Trade and Other Receivables

and Contract Assets

1,549

2,232

(30.6)

1,608

(3.7)

4,330

1,927

>100.0

c) Exchange Loss

538

285

88.8

129

>100.0

594

327

81.7

d) Write-(Back)/Down of Plant and

Equipment

(129)

(184)

(29.9)

98

>100.0

455

258

76.4

O

perating Expenses *

9,262

9,105

1.7

10,507

(11.8)

34,220

31,609

8.3

Other Operating Expenses /Revenue

7.8%

8.0%

9.9%

8.3%

8.7%

N.M.

N.M. N.M.

>100.0

* Comprises of Distribution Expenses, Administrative Expenses and Other Operating Expenses/(Income).

The Group's other operating expenses remained relatively stable at $28.4 million for FY20 (FY19: $28.0 million).

Other operating expenses for 4QFY20 of $6.9 million was lower compared to $7.4 million in 4QFY19, mainly due to lower legal fees incurred in 4QFY20 to recover outstanding debt.

Disclaimer

CSC Holdings Ltd. published this content on 29 June 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 June 2020 06:33:07 UTC

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Financials
Sales 2020 343 M 250 M 250 M
Net income 2020 5,55 M 4,04 M 4,04 M
Net Debt 2020 77,1 M 56,1 M 56,1 M
P/E ratio 2020 8,89x
Yield 2020 -
Capitalization 45,4 M 33,0 M 33,1 M
EV / Sales 2019 0,39x
EV / Sales 2020 0,35x
Nbr of Employees -
Free-Float 33,7%
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Managers
NameTitle
Yen Tarn See Group Chief Executive Officer & Executive Director
Horn Kee Leong Independent Non-Executive Chairman
Chung Chong Koo Group Chief Operating Officer
Quang Loong Lee Chief Financial Officer & Secretary
Boon Hong Gwee Technical Director
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