1
Corporate Profile
Established in 1828, Boustead Singapore Limited (SGX:F9D) is a progressive global Infrastructure-Related Engineering and Technology Group listed on the SGX Mainboard.
Focusing on the niche engineering and development of key infrastructure to support economic growth in global markets, our strong suite of engineering services comprises Energy-Related Engineering and Real Estate Solutions, centred on energy infrastructure and smart eco-sustainable business park and industrial developments.
In addition, we provide technology-driven transformative solutions to improve quality of life for all walks of life. Geospatial Technology provides professional services and exclusively distributes Esri's ArcGIS technology - the world's leading geographic information system and location analytics platform - to major markets across Australia and parts of South East Asia. The software creates digital infrastructure solutions that enable smart nations, smart cities and smart communities by solving the world's largest problems through effective and sustainable planning and management of key infrastructure and resources. Healthcare Technology provides niche innovative medical solutions that address age-related chronic diseases and mobility issues, with a focus on rehabilitative care, sleep care and sports science in the Asia Pacific.
With a vast global network stretching across Asia, Australia, Europe, Africa and the Americas, we are ready to serve the world. To date, we have undertaken infrastructure-related projects in 89 countries and territories globally.
In 2008 and 2009, we were recognised in the prestigious Forbes Asia 200 Best Under A Billion as one of the Asia Pacific's 200 best public-listed corporations under US$1 billion in revenue. In 2017, we were ranked by FinanceAsia as Singapore's Best Small-Cap in the annual Asia's Best Companies Poll. In 2019, we were awarded the Most Transparent Company in the Industrials Category and Sustainability Award (Runner-Up) in the Mid Cap
Category by the Securities Investors Association (Singapore). We are also listed on the MSCI World Micro Cap Index, FTSE Global Small Cap Index, FTSE Developed Small Cap Index and FTSE ST Industrials Index.
Visit us atwww.boustead.sg.
BOUSTEAD SINGAPORE LIMITED
(Company Registration No. 197501036K)
Unaudited Financial Statements and Related Announcement for the Second-Half year Ended 31 March 2020
PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL-YEAR
ANNOUNCEMENTS
1.(a)(i)An income statement and statement of comprehensive income, or a statement of comprehensive income, for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year.
31.3.20 GROUP Half-year ended 31.3.19 (Restated) Inc/(Dcr) | 31.3.20 GROUP Full-year ended 31.3.19 (Restated) Inc/(Dcr) | ||||||
Note | $'000 | $'000 | % | $'000 | $'000 | % | |
Revenue Cost of sales | 434,452 (336,814) | 269,320 (195,739) | 61% 72% | 726,561 (554,509) | 470,646 (329,506) | 54% 68% | |
Gross profit | 1 | 97,638 2,912 | 73,581 4,408 | 33% -34% | 172,052 6,473 | 141,140 8,281 | 22% -22% |
Other income Other gains/(losses) - net | |||||||
2 | (1,330) (1,872) | 1,211 | NM | 895 (3,362) | 8,847 | -90% | |
Impairment loss on financial assets and contract assets Expenses | (1,327) | 41% | (1,327) | 153% | |||
(36,075) | |||||||
| (18,001) (38,240) | (17,654) (28,941) | 2% 32% | (34,074) (56,730) | 6% 24% | ||
(70,131) (5,213) | |||||||
-FinanceShare of loss of associated companies and joint ventures | 3 | (2,764) (104) | (1,374) (1,818) | 101% -94% | (2,338) (1,442) | 123% 11% | |
(1,599) | |||||||
Profit before income tax Income tax expense | 4 5 | 38,239 (12,052) | 28,086 (4,110) | 36% 193% | 63,040 (18,581) | 62,357 (12,778) | 1% 45% |
Total profit | 26,187 | 23,976 | 9% | 44,459 | 49,579 | -10% | |
Profit attributable to: | |||||||
Equity holders of the Company Non-controlling interests | 18,457 7,730 | 16,645 7,331 | 11% 5% | 30,872 13,587 | 32,519 17,060 | -5% -20% | |
26,187 | 23,976 | 9% | 44,459 | 49,579 | -10% |
NM - not meaningful
31.3.20
GROUP | GROUP |
Half-year ended | Full-year ended |
31.3.19 | 31.3.19 |
Inc/(Dcr)
31.3.20
Inc/(Dcr)
(Restated)(Restated)
$'000
$'000
%
$'000
$'000
%
Total profit
26,187
23,976
Other comprehensive (loss)/income:
9%
44,459
49,579
-10%
Items that may be reclassified subsequently to profit or loss: Financial assets, at FVOCI
- Fair value gains - debt instruments
77
56 49
- Reclassification to profit or loss on disposal
38%
(155)
NM
Cash flow hedges
145
(151)
(347)
316
-54% -56%
- Fair value gains/(losses)
33 8
- Reclassification to profit or loss on disposal
(17)
-
NM
Currency translation differences arising from consolidation
- 17
(761)
(17)
NM -49%
(1,498)
-100%
(3,295)
(3,101)
-
NM 6%
Items that will not be reclassified subsequently to profit or loss: Remeasurement of retirement benefit obligation, net of tax
Financial assets, at FVOCI
- Fair value (loss)/gain - equity instrument
Non-controlling interests' share of currency translation differences arising from consolidation
Other comprehensive (loss)/income, net of tax
Total comprehensive income
Total comprehensive income attributable to:
Equity holders of the Company
Non-controlling interests
NM - not meaningful
1,508
(111)
(216)
(510)
231
70
383 26,570
(1,619)
22,357
19,075 7,495 26,570
NM
NM
NM
NM 19%
14,914 7,443 22,357
28% 1% 19%
1,504
(111)
(385)
(2,276)
42,183
29,012 13,171 42,183
(510)
NM
231
(382)
(3,810)
45,769
NM
1%
-40% -8%
28,985 16,784 45,769
0% -22% -8%
GROUP Half-year ended | GROUP Full-year ended | |||||
31.3.20 | 31.3.19 | Inc/(Dcr) | 31.3.20 | 31.3.19 | Inc/(Dcr) | |
$'000 | $'000 | % | $'000 | $'000 | % | |
Note 1: Other income | ||||||
Interest income Finance/Rental income from sublease | 2,751 161 | 3,831 577 | -28% -72% | 5,734 739 | 7,120 1,161 | -19% -36% |
2,912 | 4,408 | -34% | 6,473 | 8,281 | -22% | |
Note 2: Other gains/(losses) - net | ||||||
Fair value (losses)/gains - Derivative financial instruments | (519) | (40) | 572 | |||
1198% NM | (48) (1,076) | NM 599% | ||||
- Financial assets, at FVPL Financial assets, at FVOCI - Reclassification from other comprehensive income on disposal | (1,047) | 208 | (154) | |||
NM | 151 | -56% | ||||
155 | (49) | 347 | ||||
Gain on disposal of a property Currency exchange gains - net | - 81 | - 1,092 | -93% | - 1,868 | 5,890 2,192 | -100% -15% |
(1,330) | 1,211 | NM | 895 | 8,847 | -90% | |
Note 3: Finance expenses | ||||||
Bank borrowings Lease liabilities | (1,193) (1,571) | (1,374) - | -13% NM | (2,326) (2,887) | (2,338) - | -1% NM |
(2,764) | (1,374) | 101% | (5,213) | (2,338) | 123% | |
Note 4: Profit before income tax is arrived at after (charging)/crediting the following: | ||||||
Depreciation of property, plant and equipment | (5,066) (3,493) | (4,645) - 98 (276) (110) | 9% NM NM | (9,910) | (9,345) - | 6% NM NM -65% 189% |
Depreciation of right-of-use assets (Loss)/Gain on disposal of property, plant and equipment | (6,307) (44) | |||||
(27) | 100 | |||||
Employee share-based compensation expense | (84) (311) | -70% 183% | (189) (625) | (538) (216) | ||
Amortisation of intangible assets Write-off of intangible assets | ||||||
- | (44) | -100% | - | (44) | -100% | |
Note 5: Income tax expense The provision for income tax expense is made after taking into account non-deductible expenses and temporary differences, and is based on the statutory corporate income tax rates of the respective countries which the Group operates in. For the current period, the Group's income tax expense varied from the amount of income tax expense determined by applying the Singapore corporate income tax rate of 17%, mainly due to certain expenses which are not deductible for tax purposes and overseas subsidiaries' profits which are generally subject to higher corporate income tax rates. |
NM - not meaningful
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Boustead Singapore Ltd. published this content on 07 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 July 2020 05:33:02 UTC