Yoma Strategic : Unaudited Financial Statement for The Second Quarter Ended 30 September 2018

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UNAUDITED FINANCIAL STATEMENT FOR THE SECOND QUARTER ENDED 30 SEPTEMBER 2018 _______________________________________________________________________________________________

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2, Q3 & Q4), HALF-YEAR AND FULL YEAR RESULTS

1(a)(i) An income statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year.

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SECOND QUARTER ENDED 30 SEPTEMBER 2018

Continuing operations

Revenue

Cost of sales Gross profit

Gross profit margin Other income, net Expenses

- Administrative

- Finance

Share of losses of joint ventures

Share of losses of associated companies

Profit before income tax

Income tax expense

Profit from continuing operations

Discontinued operations(1)

Loss from discontinued operations, net of tax Total profit

Other comprehensive income/(losses):

Items that may be reclassified subsequently to profit or loss:

• - Currency translation losses arising from consolidation

• - Share of other comprehensive losses of joint ventures

• - Share of other comprehensive losses of associated companies

• - Fair value change of financial assets

Other comprehensive losses, net of tax

Total comprehensive losses for the financial period

Total profit attributable to: Equity holders of the Company Non-controlling interests

The Group
S$'000		%	S$'000		%
Quarter ended		Increase/ (Decrease)	Period ended		Increase/ (Decrease)
30.09.2018	30.09.2017		30.09.2018	30.09.2017
41,907 (27,181)	33,141 (18,332)	26.5 48.3	71,270 (46,248)	59,018 (33,760)	20.8 37.0
14,726 35.1% 54,093 (16,102) (7,857) (1,713) (1,550)	14,809 44.7% 7,577 (13,488) (338) (365) (494)	(0.6) 613.9 19.4 2,224.6 369.3 213.8	25,022 35.1% 59,862 (33,093) (23,494) (2,289) (4,166)	25,258 42.8% 16,515 (25,761) (2,229) (750) (520)	(0.9) 262.5 28.5 954.0 205.2 701.2
41,597 (435)	7,701 (368)	440.2 18.2	21,842 (698)	12,513 (544)	74.6 28.3
41,162 -	7,333 (693)	461.3 (100.0)	21,144 -	11,969 (1,493)	76.7 (100.0)
41,162	6,640	519.9	21,144	10,476	101.8
(42,350) (84) (799) -	(9,886) - - 280	328.4 NM NM (100.0)	(33,793) (84) (1,577) -	(11,665) - - 286	189.7 NM NM (100.0)
(43,233)	(9,606)	350.1	(35,454)	(11,379)	211.6
(2,071)	(2,966)	(30.2)	(14,310)	(903)	1,484.7
26,157 15,005	3,679 2,961	611.0 406.8	10,254 10,890	6,433 4,043	59.4 169.4
41,162	6,640	519.9	21,144	10,476	101.8

Profit/(Loss) attributable to equity holders of the Company relates to:

Profit from continuing operations Loss from discontinued operations

Total comprehensive (loss)/income attributable to:

Equity holders of the Company Non-controlling interests

The Group
S$'000		%	S$'000		%
Quarter ended		Increase/ (Decrease)	Period ended		Increase/ (Decrease)
30.09.2018	30.09.2017		30.09.2018	30.09.2017
26,157 -	4,310 (631)	506.9 (100.0)	10,254 -	7,632 (1,199)	34.4 (100.0)
26,157	3,679	611.0	10,254	6,433	59.4
(18,830) 16,759	(5,102) 2,136	269.1 684.6	(27,368) 13,058	(1,991) 1,088	1,274.6 1,100.2
(2,071)	(2,966)	(30.2)	(14,310)	(903)	1,484.7

NM - Not meaningful

• (1) Discontinued operations refer to the results of the tourism related businesses which were sold in December 2017.

• (2) The financial results for 2Q2019 were derived based on cumulative results for the period less financial results for the prior quarter reported, whereas comparative financial results for 2Q2018 were reported using average exchange rates for the quarter. Going forward, the financial results for each quarter will be derived in a similar manner to that of 2Q2019.

1(a)(ii) The following items (with appropriate breakdowns and explanations), if significant, must either be included in the income statement or in the notes to the income statement for the current financial period reported on and the corresponding period of the immediately preceding financial year:

Continuing operations:

Expenses/(Income)

Amortisation of intangible assets Depreciation of property, plant and equipment

Employee share option expense Employee share award expense

Fair value gain on financial assets at fair value through profit or loss

Fair value gains on investment properties Interest expenses on borrowings Interest income

Currency translation losses/(gains) on borrowings, net

Currency translation losses, net

The Group
S$'000		%	S$'000		%
Quarter ended		Increase/ (Decrease)	Period ended		Increase/ (Decrease)
30.09.2018	30.09.2017		30.09.2018	30.09.2017
345 3,184 65 536 (1,950) (58,461) 5,295 (66) 1,988 6,363	345 2,852 115 524 - (5,669) 3,409 (654) (3,552) 612	- 11.6 (43.5) 2.3 NM 931.2 55.3 (89.9) NM 939.6	690 6,046 145 885 (7,531) (58,461) 10,242 (105) 12,043 7,631	690 5,079 239 872 - (13,088) 7,195 (1,609) (4,965) 413	- 19.0 (39.3) 1.5 NM 346.7 42.3 (93.5) NM 1,747.8

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

ASSETS

Current assets

Cash and bank balances Trade and other receivables Inventories

Development properties Other assets

Financial assets - fair value through profit or loss Land development rights

Non-current assets

Trade and other receivables Other assets

Available-for-sale financial assets

Financial assets - fair value through profit or loss Financial assets - other comprehensive income Investments in joint ventures

Investments in associated companies Investments in subsidiary corporations Investment properties

Prepayments

Property, plant and equipment Intangible assets

Land development rights

Total assets

LIABILITIES Current liabilities

Trade and other payables Current income tax liabilities Borrowings

Non-current liabilities Trade and other payables Borrowings

Put options to non-controlling interests

Shareholders' loans from non-controlling interests

Deferred income tax liabilities

Total liabilities

NET ASSETS

The Group (S$'000)		The Company (S$'000)
30.09.2018	(Restated) 31.03.2018	30.09.2018	31.03.2018
32,579 98,167 26,061 330,028 64,056 62,841 7,861	33,411 67,578 35,260 356,557 70,973 53,955 8,214	23,627 10,606 - - 1,841 - -	18,388 7,298 - - 2,888 - -
621,593	625,948	36,074	28,574
17,718 1,699 - 8,056 1,113 8,952 118,123 - 366,637 7,656 71,563 25,930 210,144	35,525 1,232 8,132 - - 12,613 101,865 - 265,728 7,264 68,209 26,618 211,327	- - - - - - - 862,843 - - 81 - -	- - - - - - - 818,716 - - 96 - -
837,591	738,513	862,924	818,812
1,459,184	1,364,461	898,998	847,386
136,214 5,313 128,302	143,183 5,844 93,351	9,598 133 106,570	9,453 311 76,763
269,829	242,378	116,301	86,527
18,710 185,004 39,916 45,480 664	17,984 150,116 37,212 37,802 739	- 106,900 39,916 - -	- 113,942 37,212 - -
289,774	243,853	146,816	151,154
559,603	486,231	263,117	237,681
899,581	878,230	635,881	609,705

EQUITY

Capital and reserves attributable to equity holders of the Company

Share capital Perpetual bonds Share option reserve Share award reserve Currency translation reserve Fair value reserve

Put options reserve

Retained profits/(accumulated losses)

Non-controlling interests

Total equity

The Group (S$'000)		The Company (S$'000)
30.09.2018	(Restated) 31.03.2018	30.09.2018	31.03.2018
674,396 40,526 4,197 2,086 (55,898) - (38,367) 96,057	673,130 - 4,698 2,502 (18,276) (341) (37,212) 90,203	674,396 40,526 4,197 2,086 - - (38,367) (46,957)	673,130 - 4,698 2,502 - - (37,212) (33,413)
722,997 176,584	714,704 163,526	635,881 -	609,705 -
899,581	878,230	635,881	609,705

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

Amount repayable in one year or less, or on demand

As at 30.09.2018		As at 31.03.2018
Secured	Unsecured	Secured	Unsecured
S$'000	S$'000	S$'000	S$'000
45,017	83,285	35,257	58,094

Amount repayable after one year

As at 30.09.2018		As at 31.03.2018
Secured	Unsecured	Secured	Unsecured
S$'000	S$'000	S$'000	S$'000
185,004	-	150,116	-

Total borrowings increased from S$243.47 million as at 31 March 2018 to S$313.31 million as at 30 September 2018.

Included in total secured borrowings as at 30 September 2018 were:-

(a) a loan of S$97.40 million (or US$71.33 million) owing by the Company to the Asian Development Bank ("ADB"). The loan is secured by:-

• (i) shares in YSH Finance Ltd (which holds the Group's 12.5% interest in edotco Investments Singapore

  Pte Ltd ("edotco Investments")) and an assignment of the put in relation to edotco Investments (the "edotco Investments Assignment");

• (ii) the assignment and/or mortgage of the Group's interests in Yoma Fleet Limited ("Yoma Fleet");

• (iii) the assignment and/or mortgage of the Group's interests in KOSPA Limited;

• (iv) the assignment and/or mortgage of the Group's interest in Star City International School Company

  Limited ("SCIS")

• (v) the assignment and/or mortgage of the Group's interest in Yangon Sands Industries Limited (Dulwih

  International School at Pun Hlaing Estate);

• (vi) shares in the Company's joint venture, Yoma Micro Power (S) Pte Ltd ("YMP"); and

• (vii) the assignment of rights and interests in certain receivables from Convenience Prosperity Company

  Limited ("Convenience Prosperity").

• (b) a loan of S$32.78 million (or US$24.00 million) owing by the Company which is also secured by the edotco Investments Assignment;

• (c) a loan of S$13.66 million (or US$10.00 million) owing by Xun Xiang (Dalian) Enterprise Co Ltd ("Xun Xiang") which is secured by its investment property (i.e. retail mall in Dalian, China);

• (d) a loan of S$8.20 million (or Kyats9.37 billion) secured by an investment property and certain land development rights in Myanmar;

• (e) a loan of S$13.66 million (or US$10.00 million) owing by Yoma Fleet to the International Finance Corporation ("IFC"). This loan is secured by the assignment and/or mortgage of the Group's interests in Yoma Fleet;

• (f) a loan of S$18.23 million (or US$13.35 million) owing by Yoma Development Group Limited. This loan is secured by an investment property in Myanmar; and

• (g) loans of S$46.09 million (or US$33.75 million) owing by Meeyahta Development Limited ("MDL"). These loans are secured by the shares in MDL and the leasehold interest in land held by MDL.

Unsecured borrowings as at 30 September 2018 comprised loans of S$15.00 million and S$68.29 million (or US$50.00 million).