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