CSC : Third Quarter Results Announcement for the period ended 31 December 2016

Financial Statements and Related Announcement::Third Quarter Results

Page 1 of 1

Financial Statements and Related Announcement::Third 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 10-Feb-2017 18:12:58

Status New

Announcement Sub Title Third Quarter Results

Announcement Reference SG170210OTHR8YY6

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 31/12/2016

Attachments

3QFY17.pdf Total size =453K

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

10/2/2017

CSC HOLDINGS LIMITED (Company Registration Number: 199707845E) Financial Statements Announcement for the Third Quarter Ended 31 December 2016 (For the Financial Year Ending 31 March 2017) 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 3RD QUARTER ENDED 31 DECEMBER 2016 9

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE 3RD QUARTER ENDED 31 DECEMBER 2016 10

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2016 11

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE 3RD QUARTER ENDED 31 DECEMBER 2016

.............................................................................................................................................................................................13

STATEMENTS OF CHANGES IN EQUITY FOR THE 3RD QUARTER ENDED 31 DECEMBER 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 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

1. Excess of progress billings over construction work-in-progress……………………………………….. 21

2. 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)/EARNINGS PER SHARE 23

NET ASSET VALUE 24

VARIANCE FROM PROSPECT STATEMENT 25

DIVIDEND 25

CONFIRMATION 25

USE OF PROCEEDS RAISED FROM IPO AND ANY OFFERINGS PURSUANT TO CHAPTER 8 25

WHITEWASH WAIVER IN RELATION TO RIGHTS CUM WARRANTS ISSUE 25

Page 2

Review of the Performance of the Group

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

3QFY17 - for the 3 months ended 31 December 2016 2QFY17 - for the 3 months ended 30 September 2016 3QFY16 - for the 3 months ended 31 December 2015 9MFY17 - for the 9 months ended 31 December 2016 9MFY16 - for the 9 months ended 31 December 2015

Review of Results for the Third Quarter Ended 31 December 2016

3QFY17 $'000	2QFY17 $'000	Change %	3QFY16 $'000	Change %	9MFY17 $'000	9MFY16 $'000	Change %
Revenue Gross Profit Other Income Operating Expenses (Loss)/Profit from Operating Activities Recovery of Legal and Other Costs as a result of an Arbitration Award received (Loss)/Profit from Operating Activities after Recovery of Costs Net Finance Expenses Interest Income Recognised as a result of an Arbitration Award received Share of Loss of a Joint Venture (Loss)/Profit before Tax Tax Expense (Loss)/Profit for the period EBITDA	55,893	62,505	(10.6)	98,963	(43.5)	187,507	317,042	(40.9)
	1,912	205	N.M.	7,838	(75.6)	4,119	22,563	(81.7)
	123	461	(73.3)	629	(80.4)	1,916	1,556	23.1
	(5,876)	(6,587)	(10.8)	(7,448)	(21.1)	(19,038)	(22,076)	(13.8)
	(3,841)	(5,921)	(35.1)	1,019	N.M.	(13,003)	2,043	N.M.
	-	-	N.A.	-	N.A.	-	906	N.A.
	(3,841)	(5,921)	(35.1)	1,019	N.M.	(13,003)	2,949	N.M.
	(635)	(731)	(13.1)	(496)	28.0	(2,303)	(1,686)	36.6
	-	-	N.A.	-	N.A.	-	337	N.A.
	(213)	(67)	N.M.	(98)	N.M.	(244)	(219)	11.4
	(4,689)	(6,719)	(30.2)	425	N.M.	(15,550)	1,381	N.M.
	(897)	(847)	5.9	(258)	N.M.	(2,326)	(288)	N.M.
	(5,586)	(7,566)	(26.2)	167	N.M.	(17,876)	1,093	N.M.
	2,458	823	N.M.	7,318	(66.4)	6,842	22,581	(69.7)

Gross Profit Margins 3.4% 0.3% 7.9% 2.2% 7.1%

Revenue

Revenue for the Group was $187.5 million for 9MFY17 (9MFY16: $317.0 million) and $55.9 million for 3QFY17 (3QFY16: $99.0 million). Although the Group had secured a significant number of projects in 9MFY17, revenue recorded during the period and in 3QFY17 was substantially lower year-on-year in view of the delay in the commencement of several major projects and the corresponding delay in job delivery. Work on some of these projects has since commenced and revenue due is expected to be recorded in the ensuing quarters.

Gross Profit and Gross Profit Margins (GPM)

In line with the lower revenue recorded in 9MFY17 and 3QFY17, gross profit for 9MFY17 and 3QFY17 were lower at $4.1 million (9MFY16: $22.6 million) and $1.9 million (3QFY16: $7.8 million) respectively.

Quarter-on-quarter, gross profit for 3QFY17 registered an improvement from 2QFY17, reflecting the success of certain cost reduction measures implemented.

Page 3