ES : Full Yearly Results

ES GROUP (HOLDINGS) LIMITED AND ITS SUBSIDIARIES

UNAUDITED FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor (the "Sponsor"), Canaccord Genuity Singapore Pte. Ltd., for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST"). The Sponsor has not independently verified the contents of this announcement.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement.

The contact person for the Sponsor is Ms. Goh Mei Xian, Associate Director and Deputy Head of Continuing Sponsorship, Canaccord Genuity Singapore Pte. Ltd. at 77 Robinson Road #21-02 Singapore 068896, telephone [phone].

PART 1 - INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT

1(a)(i) An income statement and statement of comprehensive income (for the Group) together with a comparative statement for the corresponding year of the immediately preceding financial year.

Group

Unaudited	Audited	Increase/
FY2015	FY2014	(Decrease)
S$'000	S$'000	%

Revenue	38,511	55,403	(30.5)
Cost of services	(29,540)	(38,822)	(23.9)
Gross profit	8,971	16,581	(45.9)
Other operating income	1,381	1,870	(26.1)
Administrative expenses	(7,192)	(6,997)	2.8
Other operating expenses	(4,612)	(5,499)	(16.1)
Finance costs	(99)	(174)	(43.1)
Share of loss on associate	(77)	(55)	40.0
(Loss) profit before income tax	(1,628)	5,726	n/m
Income tax expense	76	(111)	n/m
(Loss) profit for the year	(1,552)	5,615	n/m
Other comprehensive (loss) income: Items that may be reclassified subsequently to profit or loss Exchange differences on translation of
foreign operations	(267)	313	n/m
Total comprehensive (loss) income for the year	(1,819)	5,928	n/m

(Loss) profit attributable to:
Owners of the Company	(1,907)	2,639	n/m
Non-controlling interests	355	2,976	(88.1)
(1,552)	5,615	n/m
Total comprehensive (loss) income attributable to:
Owners of the Company	(2,040)	2,798	n/m
Non-controlling interests	221	3,130	(92.9)
n/m: not meaningful	(1,819)	5,928	n/m

1(a)(ii) Notes to consolidated statement of comprehensive income.

(Loss) profit for the year is arrived at after charging (crediting) the following items:

Group

Unaudited FY2015 S$'000	Audited FY2014 S$'000	Increase/ (Decrease) %
Depreciation of property, plant and equipment Loss (gain) on disposal of property, plant and equipment	1,902 7	1,851 (13)	2.8 n/m
Interest expenses	99	174	(43.1)
Interest income	(29)	(4)	625.0
Impairment of investment in associate	68	-	n/m
Net foreign exchange loss	644	303	112.5
Property, plant and equipment written off	-	28	n/m

n/m: not meaningful

1(b)(i) A statement of financial position (for the issuer and the Group), together with a comparative statement as at the end of the immediately preceding financial year.

ASSETS	Group Unaudited Audited 31/12/2015 31/12/2014 S$'000 S$'000		Company Unaudited Audited 31/12/2015 31/12/2014 S$'000 S$'000
Current assets Cash and cash equivalents	8,945	11,476	112 246
Trade receivables	16,548	16,403	297 1,771
Work-in-progress	6,223	8,234	-	-
Other receivables	1,112	2,080	19,481 2,718
Inventories	915	1,341	-	-
Finance lease receivable	2,141	1,953	- -
Total current assets	35,884	41,487	19,890 4,735
Non-current assets Deposits	23	23	- -
Associate Subsidiaries Club membership	- - 50	145 - 50	- - 21,182 21,182 - -
Property, plant and equipment	12,789	14,386	- -
Finance lease receivable	5,558	7,699	- -
Total non-current assets	18,420	22,303	21,182 21,182
Total assets	54,304	63,790	41,072 25,917

LIABILITIES AND EQUITY Current liabilities
Bank loans	1,344	2,547	-	-
Trade payables	2,895	5,889	29	166
Other payables	8,526	6,064	13,374	1,513
Current portion of finance leases	362	416	-	-
Income tax payable	6	25	-	-
Total current liabilities	13,133	14,941	13,403	1,679
Non-current liabilities Bank loans	4,589	5,932	-	-
Finance leases	84	454	-	-
Deferred tax liabilities	-	76	-	-
Total non-current liabilities	4,673	6,462	-	-
Capital, reserves and non-controlling interests Share capital	23,698	23,698	23,698	23,698
Retained earnings	28,663	31,091	3,971	540
Statutory surplus reserve	392	224	-	-
Currency translation reserve	(375)	(241)	-
Merger reserve Equity attributable to owners of the Company	(18,570) 33,808	(18,570) 36,202	- 27,669	- 24,238
Non-controlling interests	2,690	6,185	-	-
Total equity	36,498	42,387	27,669	24,238
Total liabilities and equity	54,304	63,790	41,072	25,917

1(b)(ii) Aggregate amount of Group's borrowings and debt securities.

Amount repayable in one year or less, or on demand

Group as at 31/12/2015 Group as at 31/12/2014 Unaudited Audited

Secured S$'000	Unsecured S$'000	Secured S$'000	Unsecured S$'000
1,706	-	2,963	-

Amount repayable after one year

Group as at 31/12/2015 Group as at 31/12/2014 Unaudited Audited

Secured S$'000	Unsecured S$'000	Secured S$'000	Unsecured S$'000
4,673	-	6,386	-

Details of any collateral

The Group's borrowings are secured by legal mortgage of the Group's leasehold land and property, and joint and several personal guarantees of directors for the monies owing.

Obligations under finance leases are secured over the leased assets.