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Unaudited Financial Statements for the Year Ended 30 June 2017

Financials Archive

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Profit and Loss Statements

Profit and Loss

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Balance sheet

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Review of Performance

Year ended 30 June 2017 ("FY2017") vs year ended 30 June 2016 ("FY2016")

Group revenue of USD 283.19 million was 18.7% higher than FY2016. This was attributable to an increase in property and electronics manufacturing services revenue.

Profit after tax of USD 20.43 million was 75.8% higher than FY2016. Profit contribution from electronics manufacturing services was higher due to an increase in sales. Profit from property sales had risen in FY2017 due to the completion and commencement of settlement of Concerto apartment units in June 2017 and ongoing sales of Unison on Tenth apartment units. Reduced estate management activities lowered other operating expenses.

Mark-to-market gains on investment securities and derivative financial instruments amounted to USD 3.38 million. Employee benefits expense of USD 10.88 million increased by 30.3% as a result of provision for staff cost. As overprovisions were reversed in FY2016, other expenses were 26.6% higher in FY2017. Other losses of USD 0.65 million resulted mainly from a dilution of investment in associate, partially offset by foreign exchange gain. Finance costs related to an investment in leveraged bond fund. Other comprehensive income of USD 3.41 million comprised mainly unrealised translation gain due to the strengthening of Australian dollar, partially offset by a weaker Singapore dollar, against US dollar.

Earnings per share was US cents 1.93, higher than US cents 1.11 in FY2016.

Share of results of associates

Share of associates' results comprised share of Finbar Group Limited's ("Finbar") results for the financial year ended 30 June 2017 and share of Pacific Star Development Limited's ("PSDL") results for six months ended 30 June 2017. Finbar's FY2017 results were impacted by downward revaluation of its investment properties.

Review of financial position and cash flow

As at 30 June 2017, the Group continued to be in a healthy position. Net assets attributable to equity holders of the company increased by 5.2% to USD 295.40 million. Cash and cash equivalents increased 35.0% to USD 102.64 million. Net operating cash inflow of USD 55.6 million was applied to the investment in an associate, further property development loans, and dividend payment during the year.

Group total assets of USD 446.33 million as at 30 June 2017 was 19.5% or USD 72.93 million higher than the previous year. The increase in non-current assets of USD 20.21 million was due to increase in other receivables resulting from the conversion of trade receivables to additional property development loan. Convertible loans as at 30 June 2016 increased during the year and were subsequently converted to investment in an associate and a loan receivable. The increase in current assets of USD 52.72 million was mainly due to an increase in development properties on completion of the Concerto project in June 2017. Investment securities held as current assets had reduced as a result of divestments.

Group total liabilities of USD 130.53 million as at 30 June 2017 was 79.5% or USD 57.81 million higher than the previous year, due mainly to development costs accrued on the inventory of Concerto apartment units as at 30 June 2017.

Net asset value per share was US cents 31.82, higher than US cents 30.19 as at 30 June 2016.

Commentary

Despite the pickup in global economy and manufacturing activity, the Group maintains a cautious outlook given the ongoing geopolitical uncertainties.

The Board of Directors will continue to exercise prudence when considering new investments.

Save as disclosed herein, there are no known material factors or events which may affect the earnings of the Group between this date up to which the report refers and the date on which the report is issued.