CSC HOLDINGS LIMITED Financial Statements and Related Announcement::Full Yearly Results
Page 1 of 1
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 30-May-2017 18:31:13
Status New
Announcement Sub Title Full Yearly Results
Announcement Reference SG170530OTHRKUKG
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 31/03/2017
Attachments
4QFY17.pdf Total size =567K
http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=Announcem...
30/5/2017
CSC HOLDINGS LIMITED (Company Registration Number: 199707845E) Financial Statements Announcement for the 12 Months Ended 31 March 2017 Table of Contents PageREVIEW 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 2017 9
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE 12 MONTHS ENDED 31 MARCH 2017 10
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2017 11
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 12 MONTHS ENDED 31 MARCH 2017 13
STATEMENTS OF CHANGES IN EQUITY FOR THE 12 MONTHS ENDED 31 MARCH 2017 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 Recovery of costs as a result of an arbitration award received………………………………………… 18 F Tax expense…………………………………………………………………………………………………. 18 G Interested person transactions…………………………………………………………………………….. 19
NOTES TO THE STATEMENT OF FINANCIAL POSITION 20
1 Property, plant and equipment…………………………………………………………………………….. 20
2 Inventories…………………………………………………………………………………………………… 20
Excess of progress billings over construction work-in-progress……………………………………….. 21
Aggregate amount of Group's borrowings and debt securities………………………………………… 21
NOTES TO THE STATEMENT OF CHANGES IN EQUITY 22
1 Changes in the Company's Share Capital……………………………………………………………….. 22
AUDIT 22
ACCOUNTING POLICIES 22
COMPARATIVE INFORMATION 23
LOSS PER SHARE 24
NET ASSET VALUE 25
VARIANCE FROM PROSPECT STATEMENT 25
DIVIDEND 25
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
Page 2
Review of the Performance of the GroupCONSOLIDATED STATEMENT OF PROFIT OR LOSS
4QFY17 - for the 3 months ended 31 March 2017 3QFY17 - for the 3 months ended 31 December 2016 4QFY16 - for the 3 months ended 31 March 2016 FY17 - for the 12 months ended 31 March 2017 FY16 - for the 12 months ended 31 March 2016
Review of Results for the 12 Months Ended 31 March 2017
4QFY17 $'000 | 3QFY17 $'000 | Change % | 4QFY16 $'000 | Change % | FY17 $'000 | FY16 $'000 | Change % | |
Revenue | 64,853 | 55,893 | 16.0 | 65,299 | (0.7) | 252,360 | 382,341 | (34.0) |
Gross Profit | 4,127 | 1,912 | N.M. | 1,764 | N.M. | 8,246 | 24,327 | (66.1) |
Other Income | 390 | 123 | N.M. | 585 | (33.3) | 2,306 | 2,141 | 7.7 |
Operating Expenses | (9,915) | (5,876) | 68.7 | (7,269) | 36.4 | (28,953) | (29,345) | (1.3) |
Loss from Operating Activities | (5,398) | (3,841) | 40.5 | (4,920) | 9.7 | (18,401) | (2,877) | N.M. |
Write-Down of Plant and Equipment | (1,007) | - | N.A. | - | N.A. | (1,007) | - | N.A. |
Recovery of Legal and Other Costs | ||||||||
as a result of an Arbitration | ||||||||
Award received | - | - | N.A. | - | N.A. | - | 906 | N.A. |
Loss from Operating Activites | (6,405) | (3,841) | 66.8 | (4,920) | 30.2 | (19,408) | (1,971) | N.M. |
after Recovery of Costs | ||||||||
Net Finance Expenses | (1,327) | (635) | N.M. | (945) | 40.4 | (3,630) | (2,631) | 38.0 |
Interest Income Recognised as a | ||||||||
result of an Arbitration | ||||||||
Award received | - | - | N.A. | - | N.A. | - | 337 | N.A. |
Share of (Loss)/Profit of Joint Ventures | (3) | (213) | (98.6) | 112 | N.M. | (247) | (107) | N.M. |
Loss before Tax | (7,735) | (4,689) | 65.0 | (5,753) | 34.5 | (23,285) | (4,372) | N.M. |
Tax Credit/(Expense) | 210 | (897) | N.M. | (806) | N.M. | (2,116) | (1,094) | 93.4 |
Loss for the period/year | (7,525) | (5,586) | 34.7 | (6,559) | 14.7 | (25,401) | (5,466) | N.M. |
EBITDA | 444 | 2,458 | (81.9) | 1,814 | (75.5) | 7,286 | 24,395 | (70.1) |
Gross Profit Margins 6.4% 3.4% 2.7% 3.3% 6.4%
Revenue
Revenue for the Group was $252.4 million for FY17 (FY16: $382.3 million) and $64.9 million for 4QFY17 (4QFY16: $65.3 million). The decrease was mainly due to the weak demand for the Group's services as a result of the slowdown in the construction activities in Singapore. This was compounded by the delay in the commencement of several major projects during the year and the corresponding delay in revenue recognition.
The Group recorded an improvement in the level of construction activity in 4QFY17 as compared to 3QFY17. This was reflected in the 16.0% increase in 4QFY17 revenue to $64.9 million (3QFY17:
$55.9 million). The improvement was, however, not sufficient to offset the year-on-year decline in the earlier quarters of FY17.
Gross Profit and Gross Profit Margins (GPM)
In line with the lower revenue recorded in FY17, gross profit for FY17 declined to $8.2 million (FY16:
$24.3 million). Correspondingly, GPM also declined to 3.3% in FY17, from 6.4% in FY16. Gross profit and GPM for 4QFY17 was $4.1 million and 6.4% (4QFY16: $1.8 million and 2.7%).
Gross profit and GPM were weighed down by a very competitive and challenging operating environment during the year. However, the Group's effort to restructure its operations by right-sizing its equipment fleet and headcount has contributed to the reduction in operating costs and overheads.
Quarter-on-quarter, gross profit and gross profit margins for 4QFY17 registered an improvement from 3QFY17, reflecting the higher revenue achieved in 4QFY17.
Page 3
CSC Holdings Ltd. published this content on 30 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 31 May 2017 01:19:26 UTC.
Original documenthttp://www.cschl.com.sg/newsroom/announcement_4QFY17.pdf
Public permalinkhttp://www.publicnow.com/view/0B262A7EA1DAAB77DCD6BF53388767F04BFFC6BA
