VICOM : Announcement of FY2016 Full Year results

VICOM LTD

Company Registration No. : 198100320K

Financial Statements and Dividend Announcement for the year ended 31 December 2016

The Board of Directors announces the audited results of the Group for the year ended 31 December 2016.

1 GROUP INCOME STATEMENT Group

FY 2016	FY 2015	Incr/ (Decr)
$'000	$'000	%
Revenue	101,181	106,707	(5.2)
Staff costs	44,453	45,916	(3.2)
Depreciation and amortisation	6,462	6,101	5.9
Contract services	3,701	3,866	(4.3)
Premises costs	3,668	3,728	(1.6)
Materials and consumables	2,523	2,647	(4.7)
Repairs and maintenance costs	1,579	1,436	10.0
Utilities and communication costs	1,568	1,641	(4.4)
Other operating costs	4,793	4,924	(2.7)
Total operating costs	68,747	70,259	(2.2)
Operating profit	32,434	36,448	(11.0)
Interest income	1,527	1,133	34.8
Profit before taxation	33,961	37,581	(9.6)
Taxation	(5,362)	(5,701)	(5.9)
Profit after taxation	28,599	31,880	(10.3)
Attributable to:
Shareholders of the Company	28,162	31,417	(10.4)
Non-controlling interests	437	463	(5.6)
28,599	31,880	(10.3)

2	STATEMENTS OF FINANCIAL POSITION	Group	Company
31 Dec 31 Dec 2016 2015	31 Dec 31 Dec 2016 2015
ASSETS	$'000 $'000	$'000 $'000
Current assets Cash and cash equivalents	105,681 100,064	102,955 98,193
Trade receivables	13,259 13,762	2,125 2,281
Other receivables and prepayments	1,948 1,662	965 788
Inventories	21 19	- -
Total current assets	120,909 115,507	106,045 101,262
Non-current assets Subsidiaries	- -	25,941 25,941
Associate	25 25	- -
Club memberships	219 251	219 251
Vehicles, premises and equipment	47,164 49,638	24,668 26,407
Goodwill	11,325 11,325	- -
Total non-current assets	58,733 61,239	50,828 52,599
Total assets	179,642 176,746	156,873 153,861
LIABILITIES AND EQUITY
Current liabilities Trade and other payables	21,298 21,205	5,168 4,608
Due to subsidiaries	- -	36,194 38,631
Income tax payable	5,752 6,567	3,029 2,601
Total current liabilities	27,050 27,772	44,391 45,840
Non-current liability Deferred tax liabilities	1,769 1,722	263 240
Total liabilities	28,819 29,494	44,654 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	(265) (244)	- -
Accumulated profits Equity attributable to shareholders of the Company	110,760 107,196 149,852 146,255	72,862 68,478 112,219 107,781
Non-controlling interests	971 997	- -
Total equity	150,823 147,252	112,219 107,781
Total liabilities & equity	179,642 176,746	156,873 153,861

1. AGGREGATE AMOUNT OF GROUP'S BORROWINGS

   NIL

   Details of any collateral

   NIL

2. GROUP CASH FLOW STATEMENT Operating activities Group FY 2016 FY 2015 $'000 $'000

   Profit before taxation 33,961 37,581

   Adjustments for:

   Depreciation and amortisation 6,462 6,101

   Interest income (1,527) (1,133)

   Gain on disposal of vehicles, premises and equipment (11) (5)

   Allowance for expected credit losses 746 613

   Bad debts written off - 6

   Operating cash flows before movements in working capital 39,631 43,163

   Changes in working capital (289) (1,408) Cash generated from operations 39,342 41,755

   Income tax paid (6,130) (5,400)

   Net cash from operating activities 33,212 36,355

   Investing activities

   Purchase of vehicles, premises and equipment (3,978) (3,719) Proceeds from disposal of vehicles, premises and equipment 19 13

   Interest received 1,378 779

   Net cash used in investing activities (2,581) (2,927)

   Financing activities Group FY 2016 FY 2015 $'000 $'000

   Proceeds from exercise of share options 54 -

   Dividends paid to non-controlling interests (463) (451) Dividends paid (24,598) (23,928)

   Net cash used in financing activities (25,007) (24,379)

   Net effect of exchange rate changes in consolidating subsidiaries

   Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

3. GROUP COMPREHENSIVE INCOME STATEMENT

(7) (13) 5,617 9,036

100,064 91,028 105,681 100,064

Group

FY 2016	FY 2015
$'000	$'000
Profit after taxation	28,599	31,880
Items that may be reclassified subsequently to profit or loss Exchange differences arising on translation of foreign operations	(21)	(137)
Other comprehensive income for the year	(21)	(137)
Total comprehensive income for the year	28,578	31,743
Total comprehensive income attributable to: Shareholders of the Company	28,141	31,280
Non-controlling interests	437	463
28,578	31,743