VICOM : Announcement of FY2016 3rd quarter results

VICOM LTD

Company Registration No. : 198100320K

Third Quarter 2016 Financial Statements Announcement

The Board of Directors announces the unaudited results of the Group for the Third Quarter and Nine Months to 30 September 2016.

1 GROUP INCOME STATEMENT Group

3rd Qtr 2016	3rd Qtr 2015	Incr/ (Decr)	9 months to 30 Sep 2016	9 months to 30 Sep 2015	Incr/ (Decr)
$'000	$'000	%	$'000	$'000	%
Revenue	25,407	25,383	0.1	76,168	80,960	(5.9)
Staff costs	11,394	11,092	2.7	34,042	35,076	(2.9)
Depreciation and amortisation	1,646	1,525	7.9	4,852	4,552	6.6
Contract services	1,027	861	19.3	2,877	2,896	(0.7)
Premises costs	919	899	2.2	2,729	2,717	0.4
Materials and consumables	698	501	39.3	1,935	1,946	(0.6)
Utilities and communication costs	363	471	(22.9)	1,178	1,449	(18.7)
Repairs and maintenance costs	431	348	23.9	1,174	1,060	10.8
Other operating costs	1,090	1,090	-	3,485	3,777	(7.7)
Total operating costs	17,568	16,787	4.7	52,272	53,473	(2.2)
Operating profit	7,839	8,596	(8.8)	23,896	27,487	(13.1)
Interest income	376	290	29.7	1,145	787	45.5
Profit before taxation	8,215	8,886	(7.6)	25,041	28,274	(11.4)
Taxation	(1,302)	(1,386)	(6.1)	(3,983)	(4,552)	(12.5)
Profit after taxation	6,913	7,500	(7.8)	21,058	23,722	(11.2)
Attributable to:
Shareholders of the Company	6,795	7,377	(7.9)	20,732	23,379	(11.3)
Non-controlling interests	118	123	(4.1)	326	343	(5.0)
6,913	7,500	(7.8)	21,058	23,722	(11.2)

2	STATEMENTS OF FINANCIAL POSITION	Group	Company
30 Sep 31 Dec 2016 2015	30 Sep 31 Dec 2016 2015
ASSETS	$'000 $'000	$'000 $'000
Current assets Cash and cash equivalents	95,981 100,064	93,420 98,193
Trade receivables	15,059 13,762	2,055 2,281
Other receivables and prepayments	2,434 1,662	833 788
Inventories	23 19	- -
Total current assets	113,497 115,507	96,308 101,262
Non-current assets Subsidiaries	- -	25,941 25,941
Associate	25 25	- -
Club memberships	219 251	219 251
Vehicles, premises and equipment	47,706 49,638	25,117 26,407
Goodwill	11,325 11,325	- -
Total non-current assets	59,275 61,239	51,277 52,599
Total assets	172,772 176,746	147,585 153,861
LIABILITIES AND EQUITY
Current liabilities Trade and other payables	22,655 21,205	4,860 4,608
Due to subsidiaries	- -	31,369 38,631
Income tax payable	5,152 6,567	2,554 2,601
Total current liabilities	27,807 27,772	38,783 45,840
Non-current liability Deferred tax liabilities	1,645 1,722	274 240
Total liabilities	29,452 29,494	39,057 46,080
Capital, reserves and non-controlling interests Share capital	36,284 36,225	36,284 36,225
Other reserves	3,073 3,078	3,073 3,078
Foreign currency translation reserve	(226) (244)	- -
Accumulated profits Equity attributable to shareholders of the Company	103,330 107,196 142,461 146,255	69,171 68,478 108,528 107,781
Non-controlling interests	859 997	- -
Total equity	143,320 147,252	108,528 107,781
Total liabilities & equity	172,772 176,746	147,585 153,861

1. AGGREGATE AMOUNT OF GROUP'S BORROWINGS

   NIL

   Details of any collateral

   NIL

2. GROUP CASH FLOW STATEMENT Group 9 months 9 months 3rd Qtr 2016 3rd Qtr 2015 to 30 Sep 2016 to 30 Sep 2015 Operating activities $'000 $'000 $'000 $'000

   Profit before taxation 8,215 8,886 25,041 28,274 Adjustments for:

   Depreciation and amortisation 1,646 1,525 4,852 4,552

   Interest income (376) (290) (1,145) (787)

   Loss (Gain) on disposal of vehicles, premises

   and equipment 1 (2) (8) (2) Allowance for expected credit losses 128 (18) 583 515 Operating cash flows before movements in

   working capital 9,614 10,101 29,323 32,552

   Changes in working capital 880 1,260 (1,173) (1,549) Cash generated from operations 10,494 11,361 28,150 31,003

   Income tax paid (2,342) (2,080) (5,475) (4,853) Net cash from operating activities 8,152 9,281 22,675 26,150

   Investing activities

   Purchase of vehicles, premises and equipment (1,149) (1,158) (2,880) (2,466)

   Proceeds from disposal of vehicles, premises

   and equipment - 2 15 10

   Interest received 505 321 1,112 631 Net cash used in investing activities (644) (835) (1,753) (1,825)

   Group 9 months 9 months 3rd Qtr 2016 3rd Qtr 2015 to 30 Sep 2016 to 30 Sep 2015 Financing activities $'000 $'000 $'000 $'000

   Dividends paid to non-controlling interests	(199)	(198)	(464)	(451)
   Dividends paid	(7,091)	(7,754)	(24,598)	(23,928)
   Net cash used in financing activities	(7,290)	(7,952)	(25,008)	(24,379)

   Proceeds from exercise of share options - - 54 -

   Net effect of exchange rate changes in consolidating subsidiaries

   1 4 3 (4)

   Net increase (decrease) in cash and cash
   equivalents	219 498 (4,083) (58)
   Cash and cash equivalents at beginning of period	95,762 90,472 100,064 91,028
   Cash and cash equivalents at end of period	95,981 90,970 95,981 90,970

3. GROUP COMPREHENSIVE INCOME STATEMENT

Group 9 months 9 months 3rd Qtr 2016 3rd Qtr 2015 to 30 Sep 2016 to 30 Sep 2015 $'000 $'000 $'000 $'000 Profit after taxation 6,913 7,500 21,058 23,722 Items that may be reclassified subsequently to profit or loss

Exchange differences arising on translation

of foreign operations 1 (83) 18 (147)

Other comprehensive income for the period	1	(83)	18	(147)
Total comprehensive income for the period	6,914	7,417	21,076	23,575
Total comprehensive income attributable to: Shareholders of the Company	6,796	7,294	20,750	23,232

Non-controlling interests

118 123 326 343 6,914 7,417 21,076 23,575