FRASER AND NEAVE, LIMITED (Company Registration No. 189800001R) (Incorporated in the Republic of Singapore) |
THIRD QUARTER FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2016
The Directors are pleased to make the following announcement of the unaudited results for the 3rd Quarter ended 30 June 2016.
PART I - INFORMATION REQUIRED FOR ANNOUNCEMENT OF QUARTERLY (Q1, Q2 & Q3), HALF AND FULL YEAR RESULTS
1(a) 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.
3rd Quarter to 30/6/2016 $'000 | 3rd Quarter to 30/6/2015 $ '0 00 | Change % | 9 Months to 30/6/2016 $'000 | 9 Months to 30/6/2015 $ '0 00 | Change % | |||
(Restated)* | (Restated)* | |||||||
Revenue | 524,039 | 546,719 | (4.1) | 1,486,860 | 1,595,409 | (6.8) | ||
Cost of sales | (323,902) | (368,312) | (12.1) | (942,251) | (1,083,399) | (13.0) | ||
Gross profit | 200,137 | 178,407 | 12.2 | 544,609 | 512,010 | 6.4 | ||
Other income (net) | 1,039 | 3,355 | (69.0) | 9,111 | 8,978 | 1.5 | ||
Operating expenses | ||||||||
- Distribution | (45,492) | (45,571) | (0.2) | (129,323) | (133,531) | (3.2) | ||
- Marketing | (75,600) | (67,315) | 12.3 | (199,539) | (189,575) | 5.3 | ||
- Administration | (37,797) | (35,903) | 5.3 | (102,254) | (101,861) | 0.4 | ||
(158,889) | (148,789) | 6.8 | (431,116) | (424,967) | 1.4 | |||
Trading profit | 42,287 | 32,973 | 28.2 | 122,604 | 96,021 | 27.7 | ||
Share of joint venture company's loss | (239) | (861) | (72.2) | (393) | (1,065) | (63.1) | ||
Share of associated companies' profits | 514 | 1,074 | (52.1) | 2,372 | 2,978 | (20.3) | ||
Gross income from investments | 16,111 | 13,718 | 17.4 | 16,239 | 13,846 | 17.3 | ||
Profit before interest and taxation ("PBIT") | 58,673 | 46,904 | 25.1 | 140,822 | 111,780 | 26.0 | ||
Finance income | 3,529 | 1,352 | 161.0 | 11,008 | 4,191 | 162.7 | ||
Finance cost | (1,305) | (1,704) | (23.4) | (3,679) | (4,858) | (24.3) | ||
Net finance income/(cost) | 2,224 | (352) | NM | 7,329 | (667) | NM | ||
Profit before taxation and exceptional items | 60,897 | 46,552 | 30.8 | 148,151 | 111,113 | 33.3 | ||
Exceptional items | 1,171 | (464) | NM | 1,914 | (653) | NM | ||
Profit before taxation | 62,068 | 46,088 | 34.7 | 150,065 | 110,460 | 35.9 | ||
Taxation | (8,636) | (8,008) | 7.8 | (22,903) | (21,352) | 7.3 | ||
Profit from continuing operations, net of tax | 53,432 | 38,080 | 40.3 | 127,162 | 89,108 | 42.7 | ||
Discontinued operations | ||||||||
Profit from discontinued operations, net of tax | - | 28,385 | NM | - | 89,363 | NM | ||
Profit after taxation | 53,432 | 66,465 | (19.6) | 127,162 | 178,471 | (28.7) | ||
Attributable profit to: | ||||||||
Shareholders of the Company | ||||||||
- Before exceptional items | ||||||||
Continuing operations | 37,966 | 24,879 | 52.6 | 75,116 | 52,740 | 42.4 | ||
Discontinued operations | - | 15,612 | NM | - | 49,150 | NM | ||
37,966 | 40,491 | (6.2) | 75,116 | 101,890 | (26.3) | |||
- Exceptional items from continuing operations | 624 | (508) | NM | 1,183 | (587) | NM | ||
38,590 | 39,983 | (3.5) | 76,299 | 101,303 | (24.7) | |||
Non-controlling interests | ||||||||
Continuing operations | 14,842 | 13,709 | 8.3 | 50,863 | 36,955 | 37.6 | ||
Discontinued operations | - | 12,773 | NM | - | 40,213 | NM | ||
14,842 | 26,482 | (44.0) | 50,863 | 77,168 | (34.1) | |||
53,432 | 66,465 | (19.6) | 127,162 | 178,471 | (28.7) |
1(a)(i) GROUP PROFIT STATEMENT
NM - Not meaningful
* Restated upon sale of Myanmar Brewery Limited.
1(a)(ii) BREAKDOWN AND EXPLANATORY NOTES TO GROUP PROFIT STATEMENT
Group
3rd Quarter to 30/6/2016 $'000 | 3rd Quarter to 30/6/2015 $'000 | Change % | 9 Months to 30/6/2016 $'000 | 9 Months to 30/6/2015 $'000 | Change % | |||
(Restated) | (Restated) | |||||||
Operating expenses | ||||||||
Included in operating expenses are: | ||||||||
Depreciation & amortisation | (14,570) | (17,138) | (15.0) | (45,718) | (55,652) | (17.9) | ||
Write back/(Allowance for) bad and doubtful debts | 194 | (608) | NM | 167 | (861) | NM | ||
Allowance for inventory obsolescence | (1,457) | (2,774) | (47.5) | (2,068) | (6,389) | (67.6) | ||
Employee share-based expense | (1,439) | (2,191) | (34.3) | (4,560) | (5,181) | (12.0) | ||
Other income (net) | ||||||||
Gain/(Loss) on disposal of fixed assets | 19 | (17) | NM | (144) | (33) | NM | ||
Foreign exchange (loss)/gain | (928) | 682 | NM | 206 | 1,053 | (80.4) | ||
Taxation | ||||||||
Over/(Under) provision of prior year taxation | 1,493 | (84) | NM | 2,670 | 2,174 | 22.8 | ||
Exceptional items | ||||||||
Insurance claim relating to flood | 947 | - | NM | 1,266 | - | NM | ||
Effects of change of interest in an associated | ||||||||
company | 360 | - | NM | 756 | - | NM | ||
Gain on redemption of other investment | - | - | - | 30 | - | NM | ||
Loss on liquidation of subsidiary and joint venture | ||||||||
companies (net) | (136) | - | NM | (138) | - | NM | ||
Provision for restructuring and re-organisation | ||||||||
costs of operations | - | (541) | NM | - | (541) | NM | ||
Impairment reversal/(loss) on fixed assets | ||||||||
relating to flood | - | 77 | NM | - | (112) | NM | ||
1,171 | (464) | NM | 1,914 | (653) | NM | |||
PBIT as a percentage of revenue | 11.2% | 8.6% | 9.5% | 7.0% |
NM - Not meaningful
1(a)(iii) ADDITIONAL INFORMATION
Group Revenue and Profit Analysis | |||||||
3rd Quarter to 30/6/2016 $'000 | 3rd Quarter to 30/6/2015 $'000 (Restated) | 9 Months to 30/6/2016 $'000 | 9 Months to 30/6/2015 $'000 (Restated) | ||||
Revenue | |||||||
By Business Activity | |||||||
Beverages | 170,615 | 186,586 | 447,381 | 489,993 | |||
Dairies | 281,269 | 278,813 | 813,638 | 853,090 | |||
Printing & publishing | 72,098 | 81,155 | 225,562 | 251,753 | |||
Others | 57 | 165 | 279 | 573 | |||
524,039 | 546,719 | 1,486,860 | 1,595,409 | ||||
By Territory | |||||||
Singapore | 120,865 | 115,062 | 348,171 | 350,341 | |||
Malaysia | 239,624 | 267,001 | 668,083 | 761,679 | |||
Other ASEAN | 143,845 | 141,449 | 410,962 | 415,507 | |||
North/South Asia | 18,565 | 21,837 | 55,121 | 62,320 | |||
Outside Asia | 1,140 | 1,370 | 4,523 | 5,562 | |||
524,039 | 546,719 | 1,486,860 | 1,595,409 | ||||
PBIT | |||||||
By Business Activity | |||||||
Beverages | 9,037 | 15,408 | 29,010 | 37,733 | |||
Dairies | 33,935 | 20,651 | 99,497 | 60,086 | |||
Printing & publishing | (1,717) | (125) | (5,642) | (2,567) | |||
Others | 17,418 | 10,970 | 17,957 | 16,528 | |||
58,673 | 46,904 | 140,822 | 111,780 | ||||
By Territory | |||||||
Singapore | 5,401 | (3,254) | (338) | 5,285 | |||
Malaysia | 20,379 | 24,294 | 76,967 | 65,214 | |||
Other ASEAN | 34,122 | 25,443 | 69,431 | 44,886 | |||
North/South Asia | 318 | 581 | (2,246) | (2,006) | |||
Outside Asia | (1,547) | (160) | (2,992) | (1,599) | |||
58,673 | 46,904 | 140,822 | 111,780 | ||||
Attributable profit | |||||||
By Business Activity | |||||||
Beverages | 3,294 | 3,973 | 8,993 | 13,151 | |||
Dairies | 17,137 | 10,040 | 49,886 | 27,222 | |||
Printing & publishing | (1,688) | (895) | (5,261) | (5,212) | |||
Others | 19,223 | 11,761 | 21,498 | 17,579 | |||
Continuing operations | 37,966 | 24,879 | 75,116 | 52,740 | |||
Discontinued operations* | - | 15,612 | - | 49,150 | |||
Exceptional items | 624 | (508) | 1,183 | (587) | |||
38,590 | 39,983 | 76,299 | 101,303 |
* Restated upon sale of Myanmar Brewery Limited.
1(a)(iv) STATEMENT OF COMPREHENSIVE INCOME
Group3rd Quarter to 30/6/2016 $'000 | 3rd Quarter to 30/6/2015 $'000 | 9 Months to 30/6/2016 $'000 | 9 Months to 30/6/2015 $'000 | ||||
Profit after taxation | 53,432 | 66,465 | 127,162 | 178,471 | |||
Other comprehensive income: | |||||||
Items that are or may be reclassified subsequently to profit statement | |||||||
Share of other comprehensive income of | |||||||
associated companies | 405 | (572) | (503) | 274 | |||
Realisation of fair value gains on disposal of | |||||||
available-for-sale financial asset | - | - | (152) | - | |||
Realisation of reserve on settlement of a net | |||||||
investment | 301 | - | (11,118) | - | |||
Realisation of reserve on liquidation/disposal of | |||||||
subsidiary and joint venture companies | (5) | 3 | (630) | (713) | |||
Net fair value changes on available-for-sale | |||||||
financial assets | 55,511 | 23,521 | 292,255 | 75,009 | |||
Currency translation differences | (15,531) | (63,909) | 13,149 | (73,206) | |||
40,681 | (40,957) | 293,001 | 1,364 | ||||
Total comprehensive income for the period | 94,113 | 25,508 | 420,163 | 179,835 | |||
Total comprehensive income attributable to: | |||||||
Shareholders of the Company | |||||||
Continuing operations | 85,870 | 23,641 | 368,314 | 101,750 | |||
Discontinued operations | - | 1,721 | - | 33,935 | |||
85,870 | 25,362 | 368,314 | 135,685 | ||||
Non-controlling interests | 8,243 | 146 | 51,849 | 44,150 | |||
94,113 | 25,508 | 420,163 | 179,835 |
Fraser and Neave Limited published this content on 04 August 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 26 August 2016 15:34:07 UTC.
Original documenthttp://www.fraserandneave.com/docs/default-source/newsroom/2016/quarter-3/3qtr-jun16-fn.pdf?sfvrsn=6
Public permalinkhttp://www.publicnow.com/view/872DD31D0FEEEB9B53AB3B73E66B26C8981480F4