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financials

Unaudited Financial Statements for the Year Ended 30 June 2018

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 2018 ("FY2018") vs year ended 30 June 2017 ("FY2017")

Group revenue of USD 345.30 million was 21.9% higher than FY2017. This was attributable to a substantial increase in revenue from electronics manufacturing services, partially offset by lower property sales recorded in FY2018, as a higher number of sales settlement was recorded on completion of the Concerto project in June 2017.

Profit after tax of USD 17.53 million was 14.2% lower than FY2017. Profit contribution from electronics manufacturing services had increased on the back of stronger customer orders. Profit contribution from property sales was lowered by a reduced number of apartments sold during FY2018. Results for the current year were also impacted by a drop in fair valuation of financial investments totaling USD 2.71 million, as compared to an increase in fair values of USD 3.38 million recorded in FY2017. Furthermore, an impairment loss on available-for-sale financial assets amounted to USD 0.46 million in FY2018.

Employee benefits expense of USD 14.10 million had increased by 29.6% due to higher salary costs and related provision. Increase in depreciation/amortization and other expenses were in line with investment in equipment and higher operating activities. Other losses of USD 0.07 million mainly comprised foreign exchange loss, partly offset by other income. Finance costs related to investments in leveraged bond funds. Share of results of associates amounted to USD 0.13 million, 30% less than USD 0.19 million in FY2017.

Other comprehensive income of USD 2.55 million mainly comprised foreign exchange translation loss as a result of weaker Australian dollar against US dollar, and mark-to-market losses on available-for-sale financial assets.

Earnings per share was US cents 1.43, lower than US cents 1.93 in FY2017.

Share of results of associates

Share of results of associates for the current year was lower as profit contribution from Pacific Star Development Limited for FY2018 was more than offset by amortization of fair valuation uplift on its development property. There was an increase in the share of Finbar Group Limited’s results due to sale settlements in relation to projects completed during the year, in addition to improved valuation of its investment property.

Review of financial position and cash flow

As at 30 June 2018, the Group continued to be in a healthy position. Net assets attributable to equity holders of the Company decreased by 3.3% to USD 285.59 million. Cash and cash equivalents increased by 14.0% to USD 116.96 million. Net cash inflow from operating and investing activities of USD 23.55 million and USD 13.62 million respectively were partially applied to dividend payment during the year.

Group total assets of USD 405.66 million as at 30 June 2018 was 9.1% lower than USD 446.33 million as at 30 June 2017. Non-current assets of USD 142.34 million had decreased by 15.3% due to the full repayment of property development loan and a reclassification of loan receivable due in less than one year. Current assets had decreased by USD 14.89 million to USD 263.32 million due to lower stock level of Concerto and Unison on Tenth apartment units, partially offset by an increase in cash balance and investment securities acquired.

Group total liabilities of USD 96.59 million was 26.0% lower than USD 130.53 million as at 30 June 2017. This was attributable to a decrease in current liabilities due to lower development costs accrued on residual Concerto apartment units.

The Group’s net asset value per share was US cents 30.77, as compared to US cents 31.82 as at 30 June 2017.

Commentary

The Group maintains a cautious business outlook given the uncertainties with the ongoing US-China trade conflict, which may increase volatility of financial markets. Property market conditions in Perth are likely to continue to improve gradually.

The 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.


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