CSC : First Quarter Results Announcement for the period ended 30 June 2017

Financial Statements and Related Announcement::First Quarter Results

Page 1 of 1

Financial Statements and Related Announcement::First Quarter 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 07-Aug-2017 17:09:57

Status New

Announcement Sub Title First Quarter Results

Announcement Reference SG170807OTHRCOWD

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 30/06/2017

Attachments

1QFY18.pdf Total size =468K

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=Announceme...

7/8/2017

CSC HOLDINGS LIMITED (Company Registration Number: 199707845E) Financial Statements Announcement for the First Quarter Ended 30 June 2017 (For the Financial Year Ending 31 March 2018) Table of Contents Page

REVIEW OF THE PERFORMANCE OF THE GROUP 3

CONSOLIDATED STATEMENT OF PROFIT OR LOSS 3

STATEMENT OF FINANCIAL POSITION 5

CASH FLOW 6

OUTLOOK 7

CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE 3 MONTHS ENDED 30 JUNE 2017 8

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE 3 MONTHS ENDED 30 JUNE 2017 9

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2017 10

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 3 MONTHS ENDED 30 JUNE 2017 12

STATEMENTS OF CHANGES IN EQUITY FOR THE 3 MONTHS ENDED 30 JUNE 2017 14

NOTES TO THE FINANCIAL STATEMENTS 16

NOTES TO THE CONSOLIDATED STATEMENT OF PROFIT OR LOSS 16

A Cost of sales…………………………………………………………………………………………………. 16 B Other income………………………………………………………………………………………………… 16 C Administrative expenses……………………………………………………………………………………. 16 D Other operating income…………………………………………………………………………………….. 17 E Tax expense…………………………………………………………………………………………………. 17 F Interested person transactions…………………………………………………………………………….. 18

NOTES TO THE STATEMENT OF FINANCIAL POSITION 19

1 Property, plant and equipment…………………………………………………………………………….. 19

2 Inventories…………………………………………………………………………………………………….19

1. Excess of progress billings over construction work-in-progress……………………………………….. 20

2. Aggregate amount of Group's borrowings and debt securities………………………………………… 20

NOTES TO THE STATEMENT OF CHANGES IN EQUITY 21

1 Changes in the Company's Share Capital……………………………………………………………….. 21

AUDIT 21

ACCOUNTING POLICIES 21

LOSS PER SHARE 22

NET ASSET VALUE 23

VARIANCE FROM PROSPECT STATEMENT 23

DIVIDEND 23

CONFIRMATION 24

WHITEWASH WAIVER IN RELATION TO RIGHTS CUM WARRANTS ISSUE 24

Page 2

Review of the Performance of the Group

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

1QFY18 - for the 3 months ended 30 June 2017 4QFY17 - for the 3 months ended 31 March 2017 1QFY17 - for the 3 months ended 30 June 2016

Review of Results for the First Quarter Ended 30 June 2017

1QFY18 $'000	4QFY17 $'000	Change %	1QFY18 $'000	1QFY17 $'000	Change %
Revenue	77,471	64,853	19.5	77,471	69,109	12.1
Gross Profit	3,604	4,127	(12.7)	3,604	2,002	80.0
Other Income	344	390	(11.8)	344	1,332	(74.2)
Operating Expenses	(5,832)	(9,042)	(35.5)	(5,832)	(6,575)	(11.3)
Loss from Operating Activities	(1,884)	(4,525)	(58.4)	(1,884)	(3,241)	(41.9)
Write-Down of Plant and Equipment	-	(1,007)	N.A.	-	-	N.A.
Loss from Operating Activities	(1,884)	(5,532)	(65.9)	(1,884)	(3,241)	(41.9)
after the Write-Down of Plant
and Equipment
Net Finance Expenses	(1,032)	(1,327)	(22.2)	(1,032)	(937)	10.1
Share of Profit/(Loss) of a Joint Venture	1	(3)	N.M.	1	36	(97.2)
Loss before Tax	(2,915)	(6,862)	(57.5)	(2,915)	(4,142)	(29.6)
Tax (Expense)/Credit	(23)	13	N.M.	(23)	(582)	(96.0)
Loss for the period	(2,938)	(6,849)	(57.1)	(2,938)	(4,724)	(37.8)
EBITDA	4,661	1,317	N.M.	4,661	3,561	30.9

Gross Profit Margins 4.7% 6.4% 4.7% 2.9%

Revenue

The Group recorded a 12.1% increase in revenue to $77.5 million as compared to $69.1 million in 1QFY17 on the back of higher work activity as it delivered on contracts in its order book.

Consequently, revenue for 1QFY18 also registered an improvement over 4QFY17.

Gross Profit and Gross Profit Margins (GPM)

Gross profit and GPM for 1QFY18 were higher year-on-year at $3.6 million and 4.7% (1QFY17: $2.0 million and 2.9%), in line with the higher revenue recorded.

Quarter-on-quarter, despite the increase in revenue, gross profit and GPM were weighed down by a very competitive and challenging operating environment.

Other Income

The Group recorded other income of $0.3 million for 1QFY18 (1QFY17: $1.3 million), mainly due to lower gain from the disposal of older equipment in 1QFY18.

Quarter-on-quarter, other income of $0.3 million was comparable to 4QFY17.

Page 3