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Balance Sheets

  Note 2015 2016
Assets  
Property, plant and equipment 3 445,944 419,963
Investment properties 4 25,470 210,370
Intangible assets 5 292,832 296,555
Prepaid lease payments 6 - -
Investment in subsidiaries 7 - -
Investment in associates 8 16,217 14,927
Other investments 9 15,864 50,074
Deferred tax assets 10 7,626 9,053
Receivables 11 - -
Total non current assets   803,953 1,000,942
 
Inventories 12 199,251 173,092
Current tax assets   21,684 26,546
Trade and other receivables 11 227,918 195,415
Cash and cash equivalents 13 324,558 288,317
    773,411 683,370
Assets classified as held for sale 14 159,542 1,000
Total current assets   932,953 684,370
Total assets   1,736,906 1,685,312
 
Equity  
Share capital   457,630 457,630
Reserves   28,951 183,529
Retained earnings   184,790 98,429
Total equity attributable to owners of the Company 15 671,371 739,588
Non-controlling interests   178,581 152,188
Total equity   849,952 891,776
 
Liabilities  
Loans and borrowings 16 454,379 536,118
Deferred tax liabilities 10 19,296 29,609
Total non-current liabilities   473,675 565,727
Loans and borrowings 16 178,717 85,633
Provision 17 964 493
Trade and other payables 18 147,379 141,230
Current tax payables   909 453
    327,969 227,809
Liabilities classified as held for sale 14 85,310 -
Total current liabilities   413,279 227,809
Total liabilities   886,954 793,536
Total equity and liabilities   1,736,906 1,685,312

Income Statements

  Note 2015 2014
(Restated)
Continuing operations      
Revenue 19 630,330 600,401
Cost of sales   (392,478) (397,049)
 
Gross profit   237,852 203,493
Other income   13,076 9,110
Distribution expenses   (72,746) (67,430)
Administration expenses   (95,122) (84,904)
Other expenses   (14,917) (9,665)
 
Results from operating activities   68,143 50,463
Finance income   5,470 4,516
Finance costs   (21,582) (15,114)
 
Net finance (costs)/income   (16,112) (10,598)
Share of profit of equity accounted investee, net or tax   948 1,706
 
Profit before tax   52,979 41,571
Income tax expense 20 (24,372) (13,648)
 
Profit/(Loss) from continuing operations   28,607 27,923
 
Discontinued operation      
Loss from discontinued operation, net of tax 21 (101,863) (63,346)
       
Loss for the year 22 (73,256) (35,423)
       
Other comprehensive income, net or tax item that will not reclassified subsequently to profit or loss      
Foreign currency translation difference for foreign operations   6,645 (11,654)
       
Other comprehensive income for the year   6,645 (11,654)
Total comprehensive income for the year   (66,611) (47,077)
 
(Loss)/Profit attributable to:-  
Owners of the Company   (62,476) (42,514)
Non-controlling interests   (10,780) 7,091
Loss for the year   (73,256) (35,423)
 
Total comprehensive income attributable to:  
Owners of the Company   (56,169) (54,310)
Non-controlling interests   (10,442) 7,233
Total comprehensive income for the year   (66,611) (47,077)
       
Basic earnings per ordinary share (sen) 23    
from continuing operations   4.35 4.07
from discontinued operations   (18.09) (13.42)
    (13.74) (9.35)
Diluted earnings per ordinary share (sen) 23    
from continuing operations   4.35 4.07
from discontinued operations   (18.09) (13.42)
    (13.74) (9.35)

Cash Flow Statements

  Note 2015 2014
Cash flows from operating activities  
(Loss)/Profit before tax   52,979 41,571
- continuing operations   (96,054) (63,652)
- discontinued operations   (43,075) (22,081)
       
Adjustment for :      
Amortisation of prepaid lease payments 6 387 387
Write back of amount due to subsidiaries   - -
Change in fair value of investment properties 4 (5,755) (200)
Depreciation of property, plant and equipment 3 54,110 54,817
Dividend income from subsidiaries   - -
Net loss/(gain) on disposal of property, plant and equipment   699 6
Net gain on disposal of investment in subsidiaries   - -
Finance costs   30,108 27,268
Finance income   (5,930) (4,891)
Impairment loss on property, plant and equipment 3 37,604 24,086
Impairment loss on amount due from a subsidiary   - -
Impairment loss on trade receivables   4,156 14,507
Reversal of impairment loss on trade receivables   (308) (3,068)
Share of profit of equity accounted investee, net of tax   (948) (1,706)
Inventories written off   2,776 6,880
Property, plant and equipment written off   206 24
Unrealised foreign exchange loss   294 5,623
Unrealised foreign exchange gain   (7,162) (10)
Write-down of inventories   12,626 10,507
 
Operating profit/(loss) before changes in working capital   79,788 112,149
Change in inventories   (36,067) 27,266
Change in trade and other payables   19,116 (17,660)
Change in trade and other receivables   5,674 15,272
 
Cash from/(used in) operations   68,511 137,027
Interest paid   (30,108) (27,268)
Interest received   5,930 4,891
Income taxes paid   (30,107) (22,120)
Income taxes refunded   - 11,132
 
Net cash generated from/(used in) operating activities   14,226 103,662
Cash flows from investing activities      
Acquisition of property, plant and equipment 3 (45,516) (41,896)
Acquisition of intangible asset   (1,611) -
Acquisition of investment properties   (75) -
Acquisition of unquoted shares   - (15,740)
Dividends received from subsidiaries   - -
Dividends received from associates   - -
Increase in investment in subsidiaries   (15,000) -
Proceeds from disposal of property, plant and equipment   331 4
Proceeds from disposal of subsidiaries   - -
Proceeds from disposal of intangible assets   1,600 -
Proceeds from disposal of asset held for sale   - 74,814
Net cash (used in)/ from investing activities   (60,271) 17,182
 
Cash flows from financing activities      
Dividends paid to non-controlling interests   (8,358) (9,358)
Dividends paid to owners of the Company 23 (22,732) -
Proceeds from loans and borrowings   67,055 9,780
Proceeds from exercise of warrants   595,693 82,243
Repayment of loans and borrowings   (489,117) (237,874)
 
Net cash from/(used in) financing activities   142,541 (155,209)
Exchange differences on translation of the financial statements of foreign operations   8,009 (12,760)
Net increase/ (decrease) in cash and cash equivalents   104,505 (47,125)
Cash and cash equivalents at 1 January (i) 208,212 255,337
Cash and cash equivalents at 31 December (i) 312,717 208,212
Cash and cash equivalents
Cash and cash equivalents included in the statements of cash flows comprise the following statements of financial position amounts:
    2015 2014
Cash and bank balances   95,929 105,436
Deposits with licensed banks(excluding deposits pledged)   117,629 102,776
Highly liquid investments with financial institutions   111,000 -
  13 324,558 208,212
Cash and cash equivalents under assets classified as held for sale 14 3,159 -
    327,717 208,212
Less: Deposits pledged   (15,000) -
    312,717 208,212

Balance Sheets

  Note 2015 2014
Assets  
Property plant and equipment 3 19,465 22,793
Investment properties 4 128,120 113,530
Intangible assets 5 63 63
Prepaid lease payments 6 - -
Investment in subsidiaries 7 217,247 360,961
Investment in associates 8 - -
Other investments 9 15,740 15,740
Deferred tax assets 10 - -
Receivables 11 444,152 414,968
Total non current assets   824,787 928,055
 
Inventories 12 - -
Current tax assets   4,461 3,092
Trade and other receivables 11 152,211 134,808
Cash and cash equivalents 13 51,165 81,307
    207,837 219,207
Assets classified as held for sale 14 13,600 -
Total current assets   221,437 219,207
Total assets   1,046,224 1,147,262
 
Equity  
Share capital   457,630 457,630
Reserves   34,181 34,181
Retained earnings   125,108 206,775
Total equity attributable to owners of the Company 15 616,919 698,586
Non-controlling interests   - -
Total equity   616,919 698,586
 
Liabilities  
Loans and borrowings 16 300,570 100,000
Deferred tax liabilities 10 12,062 12,218
Total non-current liabilities   312,632 112,218
Loans and borrowings 16 100,000 320,000
Provision 17 - -
Trade and other payables 18 16,673 16,458
Current tax liabilities   - -
    116,673 336,458
Liabilities classified as held for sale   - -
Total current liabilities   116,673 336,458
Total liabilities   429,305 448,676
Total equity and liabilities   1,046,224 1,147,262

Income Statements

  Note 2015 2014
Continuing operations 19    
Revenue   5,196 8,088
Cost of sales   (746) (785)
 
Gross profit   4,450 7,303
Other income   59,468 3,050
Distribution expenses   - -
Administration expenses   (16,783) (15,358)
Other expenses   (108,887) (85,063)
 
Results from operating activities   (61,752) (90,068)
Finance income   20,848 22,311
Finance costs   (17,797) (18,472)
 
Net finance (costs)/income   3,051 3,839
Share of profit of equity-accounted associate, net of tax   - -
 
Profit/(Loss) before tax   (58,701) (86,229)
Tax (expense)/income 20 (234) 57
 
Profit/(Loss) from continuing operations   (58,935) (86,172)
 
Discontinued operation      
Loss from discontinued operation, net of tax 21 - -
       
Loss for the year   (58,935) (86,172)
       
Other comprehensive income/(loss), net of tax Item that may be reclassified subsequently to profit or loss      
Foreign currency translation difference for foreign operations   - -
       
Other comprehensive income for the year   - -
Total comprehensive income for the year   (58,935) (86,172)
 
Profit attributable to:  
Owners of the Company   (58,935) (86,172)
Non-controlling interests   - -
Loss for the year   (58,935) (86,172)
 
Total comprehensive income attributable to:  
Owners of the Company   (58,935) (86,172)
Non-controlling interests   - -
Total comprehensive income for the year   (58,935) (86,172)

Cash Flow Statements

  Note 2015 2014
Cash flows from operating activities  
(Loss)/Profit before tax      
- continuing operations   (58,701) (86,229)
- discontinued operations   - -
       
Adjustment for :      
Amortisation of prepaid lease payments 6 - -
Write back of amount due to subsidiaries   (4,924) -
Change in fair value of investment properties 4 (28,115) (2,500)
Depreciation of property, plant and equipment 3 3,624 3,549
Dividend income from subsidiaries   - (2,660)
Net gain on disposal of property, plant and equipment   (171) (2)
Net gain on disposal of investment in subsidiaries   (26,046) -
Finance costs   17,797 18,472
Finance income   (20,848) (22,311)
Impairment loss on property, plant and equipment   - -
Impairment loss on investment in subsidiary   38,853 -
Impairment loss on amount due from subsidiaries   65,065 82,128
Impairment loss on trade receivables   - -
Reversal of impairment loss on trade receivables   - -
Share of profit of equity accounted associate, net of tax   - -
Inventories written off   - -
Property, plant and equipment written off   10 3
Unrealised foreign exchange loss   760 6
Unrealised foreign exchange gain   - -
Write-down of inventories   - -
 
Operating profit/(loss) before working capital   (12,696) (9,544)
Change in inventories   - -
Change in trade and other payables   5,139 (7,842)
Change in trade and other receivables   (112,412) 51,081
 
Cash from/(used in) operations   (119,969) 33,683
Interest paid   (17,797) (18,472)
Interest received   20,848 22,311
Income taxes paid   (1,759) (524)
Income taxes refunded   - 6,789
 
Net cash generated from/(used in) operating activities   (118,677) 43,787
Cash flows from investing activities      
Acquisition of property, plant and equipment 3 (466) (1,213)
Acquisition of intangible asset   - -
Acquisition of investment properties   (75) -
Acquisition of unquoted shares   - (15,740)
Dividends received from subsidiaries   - 2,660
Increase in investment in subsidiaries   - (9,819)
Placement of deposits pledged with licensed bank   - -
Proceeds from disposal of property, plant and equipment   331 4
Proceeds from disposal of subsidiaries   130,907 -
Proceeds from disposal of intangible assets   - -
Proceeds from disposal of asset held for sale   - 74,814
Net cash (used in)/ from investing activities   130,697 50,706
 
Cash flows from financing activities      
Dividends paid to non-controlling interests   - -
Dividends paid to owners of the Company 24 (22,732) -
Proceeds from loans and borrowings   - -
Proceeds from exercise of warrants   300,570 40,000
Repayment of loans and borrowings   (320,000) (150,000)
 
Net cash from/(used in) financing activities   (42,162) (110,000)
Exchange differences on translation of the financial statements of foreign operations   - -
Net increase/ (decrease) in cash and cash equivalents   (30,142) (15,507)
Cash and cash equivalents at 1 January (i) 81,307 96,814
Cash and cash equivalents at 31 December (i) 51,165 81,307
Cash and cash equivalents
Cash and cash equivalents included in the statements of cash flows comprise the following statements of financial position amounts:
  2015 2014
Cash and bank balances 3,000 3,770
Deposits with licensed banks(excluding deposits pledged) 33,165 77,537
Highly liquid investments with financial institutions 15,000 -
  51,165 81,307
Cash and cash equivalents under assets classified as held for sale - -
  51,165 81,307
Less: Deposits pledged - -
  51,165 81,307

Last updated : 12 Sep 2017

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