BOUSTEAD SINGAPORE L

F9D
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Boustead Singapore : FY2020 Financial Results Announcement

07/08/2020 | 01:34am

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 at www.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)

  • - Selling and distribution

  • - Administrative

(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

Disclaimer

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

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