The Board of Directors of Fu Yu Corporation Ltd wishes to announce the unaudited results of the Group for the third quarter ended 30 September 2013.
Quarter Ended 30-Sep GROUP 2013 2012 S$'000 S$'000 (unaudited) (unaudited) | Change % | 9 Months Ended 30-Sep 2013 2012 S$'000 S$'000 (unaudited) (unaudited) | Change % | |||
Revenue Cost of sales Gross profit Other income Selling and administrative expenses Other operating income/(expenses) Finance costs Share of profit of associate (net of tax) (Loss)/profit before income tax Income tax (expenses)/credit (Loss)/profit for the period Attributable to: Owners of the Company Non-controlling interests (Loss)/profit for the period (Loss)/earnings per share - basic (loss)/earnings per share (cents) - diluted (loss)/earnings per share (cents) N.M denotes Not Meaningful | 80,501 (76,087) | 76,244 (68,800) | 5.6 10.6 (40.7) (4.8) (12.2) NM (81.4) 18.2 (30.3) NM NM NM NM NM NM NM | 217,636 (202,268) | 245,936 (226,558) | (11.5) (10.7) (20.7) NM (10.0) (96.4) (91.9) (38.6) NM NM NM NM NM NM NM NM |
Revenue Cost of sales Gross profit Other income Selling and administrative expenses Other operating income/(expenses) Finance costs Share of profit of associate (net of tax) (Loss)/profit before income tax Income tax (expenses)/credit (Loss)/profit for the period Attributable to: Owners of the Company Non-controlling interests (Loss)/profit for the period (Loss)/earnings per share - basic (loss)/earnings per share (cents) - diluted (loss)/earnings per share (cents) N.M denotes Not Meaningful | 4,414 1,757 (8,029) 361 (8) 195 | 7,444 1,845 (9,145) (2,145) (43) 165 | 5.6 10.6 (40.7) (4.8) (12.2) NM (81.4) 18.2 (30.3) NM NM NM NM NM NM NM | 15,368 13,320 (22,569) (251) (17) 283 | 19,378 4,055 (25,064) (6,929) (209) 461 | (11.5) (10.7) (20.7) NM (10.0) (96.4) (91.9) (38.6) NM NM NM NM NM NM NM NM |
Revenue Cost of sales Gross profit Other income Selling and administrative expenses Other operating income/(expenses) Finance costs Share of profit of associate (net of tax) (Loss)/profit before income tax Income tax (expenses)/credit (Loss)/profit for the period Attributable to: Owners of the Company Non-controlling interests (Loss)/profit for the period (Loss)/earnings per share - basic (loss)/earnings per share (cents) - diluted (loss)/earnings per share (cents) N.M denotes Not Meaningful | (1,310) (290) | (1,879) 1,131 | 5.6 10.6 (40.7) (4.8) (12.2) NM (81.4) 18.2 (30.3) NM NM NM NM NM NM NM | 6,134 (1,791) | (8,308) 341 | (11.5) (10.7) (20.7) NM (10.0) (96.4) (91.9) (38.6) NM NM NM NM NM NM NM NM |
Revenue Cost of sales Gross profit Other income Selling and administrative expenses Other operating income/(expenses) Finance costs Share of profit of associate (net of tax) (Loss)/profit before income tax Income tax (expenses)/credit (Loss)/profit for the period Attributable to: Owners of the Company Non-controlling interests (Loss)/profit for the period (Loss)/earnings per share - basic (loss)/earnings per share (cents) - diluted (loss)/earnings per share (cents) N.M denotes Not Meaningful | (1,600) | (748) | 5.6 10.6 (40.7) (4.8) (12.2) NM (81.4) 18.2 (30.3) NM NM NM NM NM NM NM | 4,343 | (7,967) | (11.5) (10.7) (20.7) NM (10.0) (96.4) (91.9) (38.6) NM NM NM NM NM NM NM NM |
Revenue Cost of sales Gross profit Other income Selling and administrative expenses Other operating income/(expenses) Finance costs Share of profit of associate (net of tax) (Loss)/profit before income tax Income tax (expenses)/credit (Loss)/profit for the period Attributable to: Owners of the Company Non-controlling interests (Loss)/profit for the period (Loss)/earnings per share - basic (loss)/earnings per share (cents) - diluted (loss)/earnings per share (cents) N.M denotes Not Meaningful | (1,940) 340 | (484) (264) | 5.6 10.6 (40.7) (4.8) (12.2) NM (81.4) 18.2 (30.3) NM NM NM NM NM NM NM | 2,620 1,723 | (5,801) (2,166) | (11.5) (10.7) (20.7) NM (10.0) (96.4) (91.9) (38.6) NM NM NM NM NM NM NM NM |
Revenue Cost of sales Gross profit Other income Selling and administrative expenses Other operating income/(expenses) Finance costs Share of profit of associate (net of tax) (Loss)/profit before income tax Income tax (expenses)/credit (Loss)/profit for the period Attributable to: Owners of the Company Non-controlling interests (Loss)/profit for the period (Loss)/earnings per share - basic (loss)/earnings per share (cents) - diluted (loss)/earnings per share (cents) N.M denotes Not Meaningful | (1,600) | (748) | 5.6 10.6 (40.7) (4.8) (12.2) NM (81.4) 18.2 (30.3) NM NM NM NM NM NM NM | 4,343 | (7,967) | (11.5) (10.7) (20.7) NM (10.0) (96.4) (91.9) (38.6) NM NM NM NM NM NM NM NM |
Revenue Cost of sales Gross profit Other income Selling and administrative expenses Other operating income/(expenses) Finance costs Share of profit of associate (net of tax) (Loss)/profit before income tax Income tax (expenses)/credit (Loss)/profit for the period Attributable to: Owners of the Company Non-controlling interests (Loss)/profit for the period (Loss)/earnings per share - basic (loss)/earnings per share (cents) - diluted (loss)/earnings per share (cents) N.M denotes Not Meaningful | (0.27) (0.27) | (0.07) (0.07) | 5.6 10.6 (40.7) (4.8) (12.2) NM (81.4) 18.2 (30.3) NM NM NM NM NM NM NM | 0.36 0.36 | (0.79) (0.79) | (11.5) (10.7) (20.7) NM (10.0) (96.4) (91.9) (38.6) NM NM NM NM NM NM NM NM |
Quarter Ended 30-Sep | 9 Months Ended 30-Sep | |||||
GROUP 2013 2012 S$'000 S$'000 (unaudited) (unaudited) | Change % | 2013 2012 S$'000 S$'000 (unaudited) (unaudited) | Change % | |||
(Loss)/profit for the period Other comprehensive income Foreign currency translation differences for foreign operations Total comprehensive income for the period Total comprehensive income attributable to: Owners of the Company Non-controlling interests Total comprehensive income for the period N.M denotes Not Meaningful | (1,600) (2,085) (3,685) | (748) (1,122) | NM 85.8 NM NM 9.1 NM | 4,343 (809) | (7,967) (3,985) | NM (79.7) NM NM NM NM |
(Loss)/profit for the period Other comprehensive income Foreign currency translation differences for foreign operations Total comprehensive income for the period Total comprehensive income attributable to: Owners of the Company Non-controlling interests Total comprehensive income for the period N.M denotes Not Meaningful | (1,600) (2,085) (3,685) | (1,870) | NM 85.8 NM NM 9.1 NM | 3,534 | (11,952) | NM (79.7) NM NM NM NM |
(Loss)/profit for the period Other comprehensive income Foreign currency translation differences for foreign operations Total comprehensive income for the period Total comprehensive income attributable to: Owners of the Company Non-controlling interests Total comprehensive income for the period N.M denotes Not Meaningful | (3,421) (264) (3,685) | (1,628) (242) | NM 85.8 NM NM 9.1 NM | 2,509 1,025 | (9,293) (2,659) | NM (79.7) NM NM NM NM |
(Loss)/profit for the period Other comprehensive income Foreign currency translation differences for foreign operations Total comprehensive income for the period Total comprehensive income attributable to: Owners of the Company Non-controlling interests Total comprehensive income for the period N.M denotes Not Meaningful | (3,421) (264) (3,685) | (1,870) | NM 85.8 NM NM 9.1 NM | 3,534 | (11,952) | NM (79.7) NM NM NM NM |
(Loss)/profit for the period Other comprehensive income Foreign currency translation differences for foreign operations Total comprehensive income for the period Total comprehensive income attributable to: Owners of the Company Non-controlling interests Total comprehensive income for the period N.M denotes Not Meaningful | NM 85.8 NM NM 9.1 NM | NM (79.7) NM NM NM NM |
Quarter Ended | 9 Months Ended | ||
30-Sep | 30-Sep | ||
GROUP 2013 2012 S$'000 S$'000 (unaudited) (unaudited) | Change % | 2013 2012 S$'000 S$'000 (unaudited) (unaudited) | Change % |
(Loss)/profit before income tax is arrived at after charging/(crediting) the following: Interest and investment income (146) (123) (Gain)/loss on disposal of property, plant and equipment (713) 161 Loss/(gain) on disposal of non-current asset held for sale 241 - Foreign exchange loss/(gain), net 247 2,250 Property, plant and equipment written off 24 3 Allowance (write-back)/made for doubtful trade and other receivables (39) 19 Net (write-back)/allowance for impairment of property, plant and equipment (358) (127) Depreciation and amortisation 3,223 3,875 Allowance for/(write-back) of inventory obsolescence and inventories written off 26 50 Adjustments for (over)/under provision for tax in respects of the prior years - Income tax (2) (1,772) | 18.7 NM NM (89.0) NM NM NM (16.8) (48.0) (99.9) | (454) (355) (919) 139 (6,735) - (1,955) 4,093 96 55 (12) 30 155 2,751 10,191 12,126 529 (23) 293 (1,632) | 27.9 NM NM NM 74.5 NM (94.4) (16.0) NM NM |
1(b)(i) Statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year
Non-current assets Group Company As at As at As at As at 30 Sep 13 31 Dec 12 30 Sep 13 31 Dec 12 S$'000 S$'000 S$'000 S$'000 (unaudited) (audited) (unaudited) (audited)Property, plant and equipment 61,864 70,584 12,830 13,374
Investment property 9,077 9,563 - - Deferred tax assets 1,212 1,170 - - Subsidiaries - - 45,910 45,623
Associate 3,981 4,326 - -
Current assets76,134 85,643 58,740 58,997
Inventories 22,328 24,958 2,296 2,571
Trade and other receivables 92,434 82,754 8,035 7,056
Tax recoverable 158 1,911 - - Amount due from subsidiary companies - 34,658 39,208
Cash and cash equivalents 66,949 49,080 10,692 6,600
181,869 158,703 55,681 55,435
Total assets 258,003 244,346 114,421 114,432 Equity attributable to equity holders of the CompanyShare capital 119,272 119,272 119,272 119,272
Reserves 39,086 36,577 (12,762) (14,136)
158,358 155,849 106,510 105,136
Non-controlling interests 18,985 17,960 - -
2,074 1,808
Fu Yu Corporation Limited And Subsidiary Companies (Company Registration No. 198004601C) Page 5 of 17 1(b)(ii) Aggregate amount of group's borrowings and debt securities Amount repayable in one year or less, or on demandGROUP | 30 Sep 2013 31 Dec 2012 S$'000 S$'000 (unaudited) (audited) |
Secured bank loans Finance lease liabilities-secured | 3,770 1,000 41 50 3,811 1,050 |
GROUP | 30 Sep 2013 31 Dec 2012 S$'000 S$'000 (unaudited) (audited) |
Finance lease liabilities - secured | 109 138 |
The secured bank loans are secured by:
(i) Mortgages over the Company's Singapore properties; and
(ii) Pledge over the Company's subsidiary, Fu Yu Moulding & Tooling (Chongqing) Co., Ltd's trade receivables.
The finance lease liabilities are secured by the leased assets.
Fu Yu Corporation Limited And Subsidiary Companies (Company Registration No. 198004601C) Page 6 of 171(c) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year
Quarter Ended 30-Sep 9 Months Ended 30-Sep GROUP 2013 2012 2013 2012 S$'000 S$'000 S$'000 S$'000 (unaudited) (unaudited) (unaudited) (unaudited) Cash flows from operating activies
(Loss)/profit before income tax (1,310) (1,879) 6,134 (8,308)
Depreciation and amortisation of property,
plant and equipment and investment property 3,223 3,875 10,191 12,126
Net (write-back)/allowance for impairment of property,
plant and equipment (358) (127) 155 2,751 (Gain)/loss on disposal of property, plant and equipment (713) 161 (919) 139
Property, plant and equipment written off 24 3 96 55
Loss/(gain) on disposal of non-current assets
classified as held for sale 241 - (6,735) - Interest income (146) (123) (454) (355) Finance costs 8 43 17 209
Share of profit of associate (net of tax) (195) (165) (283) (461)
Unrealised exchange (gain)/loss (149) 1,359 (2,329) 2,860
1,935 5,026 (261) 17,324
625 3,147 5,873 9,016
Inventories 3,551 631 2,897 511
Trade and other receivables (5,029) 10,809 (7,019) (494) Trade and other payables 2,064 (7,093) 6,653 (6,965) Cash from operating activities 1,211 7,494 8,404 2,068
Income tax paid (506) (596) (434) (1,614)
Purchase of property, plant and equipment (1,899) (1,384) (4,957) (3,035) Proceeds from disposal of assets classified as held for sale - - 10,148 - Proceeds from disposal of property, plant and equipment 818 120 1,120 148
Dividend from associate - - 486 463
Interest income received 146 123 454 355
Proceeds from short term borrowings 3,970 1,911 3,970 8,638
Repayment of short term borrowings and financial lease liabilities (213) (684) (1,238) (9,517) Finance costs paid (8) (43) (17) (209) Deposit pledged (992) - (1,144) -
Effects of exchange rate fluctuations on cash held (700) (818) 33 (1,742)
For the purpose of the consolidated cash flow statement, cash and cash equivalents comprise of:
Group | As at 30 Sep 2013 2012 S$'000 S$'000 | |
Cash at bank and in hand Deposits with banks Short-term investments Cash and cash equivalents in the statements of financial position Deposits pledged Cash and cash equivalents in the consolidated statement of cash flows | 42,537 20,951 3,461 66,949 (4,057) | 39,303 5,216 3,489 48,008 (3,015) 44,993 |
Cash at bank and in hand Deposits with banks Short-term investments Cash and cash equivalents in the statements of financial position Deposits pledged Cash and cash equivalents in the consolidated statement of cash flows | 62,892 | 39,303 5,216 3,489 48,008 (3,015) 44,993 |
Cash at bank and in hand Deposits with banks Short-term investments Cash and cash equivalents in the statements of financial position Deposits pledged Cash and cash equivalents in the consolidated statement of cash flows |
Group - 2013 | Attributable to equity holders of the Company | Non- controlling interests S$'000 | Total equity S$'000 |
Group - 2013 | Foreign currency Share Total attributable to Share Capital Statutory Revaluation translation option Retained equity holders of the capital reserve reserve reserve reserve reserve earnings Company S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 | Non- controlling interests S$'000 | Total equity S$'000 |
At 1 Jul 2013 Other comprehensive income for the quarter - Foreign currency translation differences (Loss)/profit for the quarter Total comprehensive income for the quarter At 30 Sep 2013 | 119,272 140 9,772 789 (5,718) 1,627 35,897 161,779 - - - - (1,481) - - (1,481) - - - - - - (1,940) (1,940) | 19,249 (604) 340 | 181,028 (2,085) (1,600) |
At 1 Jul 2013 Other comprehensive income for the quarter - Foreign currency translation differences (Loss)/profit for the quarter Total comprehensive income for the quarter At 30 Sep 2013 | - - - - (1,481) - (1,940) (3,421) | (264) | (3,685) |
At 1 Jul 2013 Other comprehensive income for the quarter - Foreign currency translation differences (Loss)/profit for the quarter Total comprehensive income for the quarter At 30 Sep 2013 | 119,272 140 9,772 789 (7,199) 1,627 33,957 158,358 | 18,985 | 177,343 |
Group - 2012 | Attributable to equity holders of the Company | Non- controlling interests S$'000 | Total equity S$'000 |
Group - 2012 | Foreign currency Share Total attributable to Share Capital Statutory Revaluation translation option Retained equity holders of the capital reserve reserve reserve reserve reserve earnings Company S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 | Non- controlling interests S$'000 | Total equity S$'000 |
At 1 Jul 2012 Other comprehensive income for the quarter - Foreign currency translation differences Loss for the quarter Total comprehensive income for the quarter At 30 Sep 2012 | 119,272 140 9,244 789 (5,702) 1,627 30,902 156,272 - - - - (1,144) - - (1,144) - - - - - - (484) (484) | 18,686 22 (264) | 174,958 (1,122) (748) |
At 1 Jul 2012 Other comprehensive income for the quarter - Foreign currency translation differences Loss for the quarter Total comprehensive income for the quarter At 30 Sep 2012 | - - - - (1,144) - (484) (1,628) | (242) | (1,870) |
At 1 Jul 2012 Other comprehensive income for the quarter - Foreign currency translation differences Loss for the quarter Total comprehensive income for the quarter At 30 Sep 2012 | 119,272 140 9,244 789 (6,846) 1,627 30,418 154,644 | 18,444 | 173,088 |
Group - 2013 | Attributable to equity holders of the Company | Non- controlling interests S$'000 | Total equity S$'000 |
Group - 2013 | Foreign currency Share Total attributable to Share Capital Statutory Revaluation translation option Retained equity holders of the capital reserve reserve reserve reserve reserve earnings Company S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 | Non- controlling interests S$'000 | Total equity S$'000 |
At 1 Jan 2013 Other comprehensive income for the period - Foreign currency translation differences Profit for the period Total comprehensive income for the period At 30 Sep 2013 | 119,272 140 9,772 789 (7,088) 1,627 31,337 155,849 - - - - (111) - - (111) - - - - - - 2,620 2,620 | 17,960 (698) 1,723 | 173,809 (809) 4,343 |
At 1 Jan 2013 Other comprehensive income for the period - Foreign currency translation differences Profit for the period Total comprehensive income for the period At 30 Sep 2013 | - - - - (111) - 2,620 2,509 | 1,025 | 3,534 |
At 1 Jan 2013 Other comprehensive income for the period - Foreign currency translation differences Profit for the period Total comprehensive income for the period At 30 Sep 2013 | 119,272 140 9,772 789 (7,199) 1,627 33,957 158,358 | 18,985 | 177,343 |
Group - 2012 | Attributable to equity holders of the Company | Non- controlling interests S$'000 | Total equity S$'000 |
Group - 2012 | Foreign currency Share Total attributable to Share Capital Statutory Revaluation translation option Retained equity holders of the capital reserve reserve reserve reserve reserve earnings Company S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 | Non- controlling interests S$'000 | Total equity S$'000 |
At 1 Jan 2012 Other comprehensive income for the period - Foreign currency translation differences Loss for the period Total comprehensive income for the period At 30 Sep 2012 | 119,272 140 9,244 789 (3,354) 1,627 36,219 163,937 - - - - (3,492) - - (3,492) - - - - - - (5,801) (5,801) | 21,103 (493) (2,166) | 185,040 (3,985) (7,967) |
At 1 Jan 2012 Other comprehensive income for the period - Foreign currency translation differences Loss for the period Total comprehensive income for the period At 30 Sep 2012 | - - - - (3,492) - (5,801) (9,293) | (2,659) | (11,952) |
At 1 Jan 2012 Other comprehensive income for the period - Foreign currency translation differences Loss for the period Total comprehensive income for the period At 30 Sep 2012 | 119,272 140 9,244 789 (6,846) 1,627 30,418 154,644 | 18,444 | 173,088 |
Company - 2013 | Share Revaluation Share option Accumulated Total capital reserve reserve losses equity S$'000 S$'000 S$'000 S$'000 S$'000 |
At 1 Jul 13 Loss for the quarter Total comprehensive income for the quarter At 30 Sep 13 | 119,272 789 1,153 (14,521) 106,693 - - - (183) (183) |
At 1 Jul 13 Loss for the quarter Total comprehensive income for the quarter At 30 Sep 13 | - - - (183) (183) |
At 1 Jul 13 Loss for the quarter Total comprehensive income for the quarter At 30 Sep 13 | 119,272 789 1,153 (14,704) 106,510 |
Company - 2012 | Share Revaluation Share option Accumulated Total capital reserve reserve losses equity S$'000 S$'000 S$'000 S$'000 S$'000 |
At 1 Jul 12 Loss for the quarter Total comprehensive income for the quarter At 30 Sep 12 | 119,272 789 1,153 (8,945) 112,269 - - - (2,507) (2,507) |
At 1 Jul 12 Loss for the quarter Total comprehensive income for the quarter At 30 Sep 12 | - - - (2,507) (2,507) |
At 1 Jul 12 Loss for the quarter Total comprehensive income for the quarter At 30 Sep 12 | 119,272 789 1,153 (11,452) 109,762 |
Company - 2013 | Share Revaluation Share option Accumulated Total capital reserve reserve losses equity S$'000 S$'000 S$'000 S$'000 S$'000 |
At 1 Jan 2013 Profit for the period Total comprehensive income for the period At 30 Sep 2013 | 119,272 789 1,153 (16,078) 105,136 - - - 1,374 1,374 |
At 1 Jan 2013 Profit for the period Total comprehensive income for the period At 30 Sep 2013 | - - - 1,374 1,374 |
At 1 Jan 2013 Profit for the period Total comprehensive income for the period At 30 Sep 2013 | 119,272 789 1,153 (14,704) 106,510 |
Company - 2012 | Share Revaluation Share option Accumulated Total capital reserve reserve losses equity S$'000 S$'000 S$'000 S$'000 S$'000 |
At 1 Jan 2012 Loss for the period Total comprehensive income for the period At 30 Sep 2012 | 119,272 789 1,153 (7,393) 113,821 - - - (4,059) (4,059) |
At 1 Jan 2012 Loss for the period Total comprehensive income for the period At 30 Sep 2012 | - - - (4,059) (4,059) |
At 1 Jan 2012 Loss for the period Total comprehensive income for the period At 30 Sep 2012 | 119,272 789 1,153 (11,452) 109,762 |
Group | Share Options Ordinary Shares Period Ended 30 Sep/31 Dec Period Ended 30 Sep/31 Dec 2013 2012 2013 2012 ('000) ('000) ('000) ('000) (unaudited) (unaudited) (unaudited) (unaudited) |
As at 1 Jan Forfeited during the financial period ($0.09) As at 30 Sep / 31 Dec | 53,040 54,190 731,834 731,834 (17,300) (1,150) - - |
As at 1 Jan Forfeited during the financial period ($0.09) As at 30 Sep / 31 Dec | 35,740 53,040 731,834 731,834 |
The total number of issued ordinary shares excluding treasury shares as at 30 September
2013 was 731,834,775 (31 December 2012: 731,834,775).
1(d)(iv) A statement showing all sales, transfer, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on.Not applicable.
2 Whether the figures have been audited, or reviewed and in accordance with which auditing standard or practice.These figures have not been audited or reviewed.
3 Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of matter)Not applicable.
4. Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been appliedThe Group has applied the same accounting policies and methods of computation in the financial statements for the current reporting period as compared with the audited financial statements for the year ended 31 December 2012.
However, the Group adopted the new and revised Financial Reporting Standards and interpretations that are mandatory and relevant to the Group for the financial year beginning on or after 1 January 2013. These are assessed to have no material impact to the Group's financial statements.
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