Financial Statements and Related Announcement::Full Yearly Results & Press Release

Financial Statements and Related Announcement::Full Yearly Results

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Issuer/ Manager	METRO HOLDINGS LTD
Securities	METRO HOLDINGS LIMITED - SG1I11878499 - M01
Stapled Security	No

Financial Statements and Related Announcement::Full Yearly Results Issuer & Securities Announcement Details

Announcement Title	Financial Statements and Related Announcement
Date & Time of Broadcast	30-May-2017 06:58:49
Status	New
Announcement Sub Title	Full Yearly Results
Announcement Reference	SG170530OTHR8VTW
Submitted By (Co./ Ind. Name)	Tan Ching Chek
Designation	Company Secretary
Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)	Please refer to the following attachments: Unaudited Results for the Full Year Ended 31 March 2017 and Press Release

Additional Details

For Financial Period Ended 31/03/2017

Attachments

MHL-Q4 ended 31Mar2017Final.pdf

News ReleaseFinal.pdf Total size =427K

http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=Announce...

30-May-17

METRO HOLDINGS LIMITED

The Board of Directors of Metro Holdings Limited is pleased to announce the following:- UNAUDITED RESULTS FOR THE FULL YEAR ENDED 31 MARCH 2017

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2

& Q3), HALF-YEAR AND FULL YEAR RESULTS

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

Group 4th Qtr 4th Qtr		Group Full Year Full Year
ended ended 31-Mar-2017 31-Mar-2016 $'000 $'000		% Change	ended ended 31-Mar-2017 31-Mar-2016 $'000 $'000		% Change
Revenue	33,716 32,568		3.52	131,224 154,595		(15.12)
Cost of revenue	(30,874) (29,142)		5.94	(122,240) (143,237)		(14.66)
Gross profit	2,842 3,426		(17.05)	8,984 11,358		(20.90)
Other income, including interest income	3,757 2,693		39.51	31,168 27,565		13.07
Changes in fair value of short term investments	3,553	211	n.m.	(771)	(6,633)	(88.38)
Impairment of amount due from a joint venture	-	(9,472)	n.m.	-	(9,472)	n.m.
Fair value gain/(loss) on investment properties	832	(813)	n.m.	832	(813)	n.m.
General and administrative expenses	(5,276)	(12,862)	(58.98)	(22,184)	(42,936)	(48.33)

Interest on borrowings (177) - n.m. (277) (557) (50.27) Share of associates'

results, net of tax 20,135 7,957 153.05 42,514 75,660 (43.81)

Share of joint ventures' results, net of tax	6,823 10,099	(32.44) 22,275 68,160		(67.32)
Profit from operations	32,489 1,239	n.m. 82,541 122,332		(32.53)
before taxation
Taxation	1,851 (92)	n.m.	(1,522) (9,040)	(83.16)
Profit net of taxation	34,340 1,147	n.m.	81,019 113,292	(28.49)
Attributable to:
Owners of the Company	34,223 1,154	n.m.	80,682 113,129	(28.68)
Non-controlling interests	117 (7)	n.m.	337 163	106.75
34,340 1,147	n.m.	81,019 113,292	(28.49)

n.m. - not meaningful

Statement of Comprehensive Income

Group Group

4th Qtr 4th Qtr Full Year Full Year

ended ended % ended ended % 31-Mar-2017 31-Mar-2016 Change 31-Mar-2017 31-Mar-2016 Change

$'000 $'000 $'000 $'000

Profit net of taxation 34,340 1,147 n.m. 81,019 113,292 (28.49) Other comprehensive income/ (expense):

Items that will not be reclassified to profit or loss:

Share of other comprehensive income

of an associate 290 42 590.48 290 42 590.48

Items that may be reclassified subsequently to profit or loss:

Currency translation adjustments on foreign subsidiaries, associates and

joint ventures (25,855) (35,607) (27.39) (14,105) (36,228) (61.07)

Available-for-sale financial assets

1,273	(952)	n.m.	(4,273)	8,868	n.m.
(2,146)	(536)	300.37	(5,482)	(2,234)	145.39

• net fair value changes

• net fair value changes reclassified to profit or loss

Translation and other reserve of joint ventures transferred to profit or loss upon disposal (see note under

1(a)(v) on page 6) - - n.m. - (12,329) n.m.

Share of other comprehensive expense of associates

(16,860)	(4,995)	237.54	(28,279)	(19,554)	44.62
(43,298)	(42,048)	2.97	(51,849)	(61,435)	(15.60)

and joint ventures

Other comprehensive expense, net of tax: Total comprehensive (expense)

/income for the period (8,958) (40,901) (78.10) 29,170 51,857 (43.75)

Total comprehensive (expense) /income attributable to:

Owners of the Company	(8,692) (40,643)	(78.61) 30,542 51,362	(40.54)
Non-controlling interests	(266) (258)	3.10 (1,372) 495	n.m.
(8,958) (40,901)	(78.10) 29,170 51,857	(43.75)
n.m. - not meaningful

Note:

Currency translation adjustments on foreign subsidiaries, associates and joint ventures are mainly a result of the Group's exposure to the effects of fluctuations in foreign currency exchange rates in relation to Chinese Renminbi as the Group's investment properties and development projects are situated in the People's Republic of China. There is also a small exposure to British pounds in respect of the projects in the United Kingdom. Whenever possible, the Group seeks to maintain a natural hedge through the matching of liabilities, including borrowings, against assets in the same currency. Share of other comprehensive income/(expense) of associates and joint ventures mainly relate to similar currency translation adjustments.

Changes in fair value of available-for-sale financial assets mainly relate to fluctuations in the fair value of the Group's investments classified under Investments (Non-current assets).

1(a) (ii) Revenue

Revenue of the Group comprises sales of goods and services and net commission from concessionaires.

Revenue of the Group reported on a gross transaction basis, which includes the value of the overall activity of the Group based on the gross value achieved by the concessionaire on the sale, is presented as follows:-

Group	Group
4th Qtr 4th Qtr	Full Year Full Year
ended ended	%	ended ended	%
31-Mar-2017 31-Mar-2016	Change	31-Mar-2017 31-Mar-2016	Change
$'000 $'000	$'000 $'000

Retail	51,728	51,544	0.36	198,617 241,482	(17.75)
Property	1,612	1,761	(8.46)	6,513 8,500	(23.38)
53,340	53,305	0.07	205,130 249,982	(17.94)