CSC : Financial Statement Announcement For The Twelve Months Ended 31 March 2016

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Financial Statements and Related Announcement::Full Yearly Results

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Financial Statements and Related Announcement::Full Yearly Results Issuer & Securities

Issuer/ Manager CSC HOLDINGS LIMITED

Securities CSC HOLDINGS LTD - SG1F84861094 - C06

Stapled Security No

Announcement Details

Announcement Title Financial Statements and Related Announcement

Date & Time of Broadcast 24-May-2016 17:49:03

Status New

Announcement Sub Title Full Yearly Results

Announcement Reference SG160524OTHR8EWZ

Submitted By (Co./ Ind. Name) Lee Quang Loong

Designation Company Secretary

Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)

Please refer to the attachment.

Additional Details

For Financial Period Ended 31/03/2016

Attachments

4QFY16.pdf Total size =557K

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24/5/2016

CSC HOLDINGS LIMITED (Company Registration Number: 199707845E) Financial Statements Announcement for the 12 Months Ended 31 March 2016 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 2016 9

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE 12 MONTHS ENDED 31 MARCH 2016 10

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2016 11

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 12 MONTHS ENDED 31 MARCH 2016 13

STATEMENTS OF CHANGES IN EQUITY FOR THE 12 MONTHS ENDED 31 MARCH 2016 15

NOTES TO THE FINANCIAL STATEMENTS 17

NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS 17

A Cost of sales…………………………………………………………………………………………………. 17 B Other income………………………………………………………………………………………………… 17 C Administrative expenses……………………………………………………………………………………. 17 D Other operating expenses………………………………………………………………………………….. 18 E Impairment losses on plant and equipment………………………………………………………………. 18 F Impairment losses reversed on trade and other receivables…………………………………………… 18 G Net provision made as a result of an arbitration award received………………………………………. 18 H Recovery of costs as a result of an arbitration award received………………………………………… 19 I Tax expense/(credit)………………………………………………………………………………………… 19 J Interested person transactions…………………………………………………………………………….. 20

NOTES TO THE STATEMENT OF FINANCIAL POSITION 21

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

2 Inventories…………………………………………………………………………………………………… 21

1. Excess of progress billings over construction work-in-progress……………………………………….. 22

2. 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

LOSS PER SHARE 24

NET ASSET VALUE 25

VARIANCE FROM PROSPECT STATEMENT 26

DIVIDEND 26

SEGMENTAL REVENUE AND RESULTS 26

BREAKDOWN OF SALES 27

CONFIRMATION 27

USE OF PROCEEDS RAISED FROM IPO AND ANY OFFERINGS PURSUANT TO CHAPTER 8 27

WHITEWASH WAIVER IN RELATION TO RIGHTS CUM WARRANTS ISSUE 28

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Review of the Performance of the Group

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

4QFY16 - for the 3 months ended 31 March 2016 3QFY16 - for the 3 months ended 31 December 2015 4QFY15 - for the 3 months ended 31 March 2015 FY16 - for the 12 months ended 31 March 2016 FY15 - for the 12 months ended 31 March 2015

Review of Results for the 12 Months Ended 31 March 2016

4QFY16 $'000	3QFY16 $'000	Change %	4QFY15 $'000	Change %	FY16 $'000	FY15 $'000	Change %
Revenue	65,299	98,963	(34.0)	115,032	(43.2)	382,341	427,925	(10.7)
Gross Profit	1,764	7,838	(77.5)	6,485	(72.8)	24,327	24,090	1.0
Other Income	585	629	(7.0)	1,474	(60.3)	2,141	3,572	(40.1)
Operating Expenses	(7,269)	(7,448)	(2.4)	(10,112)	(28.1)	(29,345)	(34,239)	(14.3)
(Loss)/Profit from Operating	(4,920)	1,019	N.M.	(2,153)	N.M.	(2,877)	(6,577)	(56.3)
Activities
Impairment Losses on Plant
and Equipment	-	-	N.A.	(6,876)	N.A.	-	(6,876)	N.A.
Impairment Losses Reversed on
Trade and Other Receivables:
- Changi Motorsports Hub project	-	-	N.A.	-	N.A.	-	6,858	N.A.
Net Provision Made as a result of
an Arbitration Award received	-	-	N.A.	-	N.A.	-	(3,161)	N.A.
Recovery of Legal and Other Costs as a
result of an Arbitration Award received	-	-	N.A.	-	N.A.	906	-	N.A.
(Loss)/Profit from Operating Activities	(4,920)	1,019	N.M.	(9,029)	(45.5)	(1,971)	(9,756)	(79.8)
after the Impairment Losses, Net
Provision and Recovery of Costs
Net Finance Expenses	(945)	(496)	90.5	(794)	19.0	(2,631)	(3,616)	(27.2)
Interest Income Recognised as a result
of an Arbitration Award received	-	-	N.A.	-	N.A.	337	-	N.A.
Share of Profit/(Loss) of a Joint Venture	112	(98)	N.M.	(12)	N.M.	(107)	168	N.M.
(Loss)/Profit before Tax	(5,753)	425	N.M.	(9,835)	(41.5)	(4,372)	(13,204)	(66.9)
Tax (Expense)/Credit	(806)	(258)	N.M.	1,107	N.M.	(1,094)	(429)	N.M.
(Loss)/Profit for the period/year	(6,559)	167	N.M.	(8,728)	(24.9)	(5,466)	(13,633)	(59.9)

Gross Profit Margins 2.7% 7.9% 5.6% 6.4% 5.6%

Revenue

Revenue for 4QFY16 declined 43.2% to $65.3 million (4QFY15: $115.0 million). The decline in revenue was mainly due to a delay in the commencement of several new projects which were originally scheduled to commence in 4QFY16. Work on these projects has since begun, and the revenue generated will be reflected in the Group's financial quarter ended 30 June 2016.

Revenue for FY16 declined 10.7% to $382.3 million compared to $427.9 million in FY15, reflecting a general slowdown in demand for foundation engineering services in Singapore.

Quarter-on-quarter, revenue for 4QFY16 was 34.0% lower than 3QFY16 of $99.0 million.

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