(Company Registration No : 195800035D)
Full Year Unaudited Financial Statements for the Year Ended 31 December 2016`
1(a) The following statements in the form presented in the group's most recently audited annual financial statements:- (i) An income statement and statement of comprehensive income for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year:-Income Statement
(in Singapore Dollars)
GroupFull year ended
31/12/2016 31/12/2015 + / (-) S$'000 S$'000 %
Revenue 889,520 998,278 (11)
Costs and expenses | |||
Costs of materials | 453,121 | 521,069 | (13) |
Staff costs | 200,975 | 226,958 | (11) |
Amortisation and depreciation | 32,760 | 36,310 | (10) |
Repairs and maintenance | 24,104 | 30,038 | (20) |
Utilities | 23,617 | 28,562 | (17) |
Other operating expenses | 87,148 83,978 | 4 | |
Total costs and expenses | 821,725 926,915 | (11) |
Profit from operating activities | 67,795 | 71,363 | (5) | |
Finance costs | (2,940) | (2,597) | 13 | |
Exceptional items | 59,375 | - | n.m. | |
Share of profits of joint venture | 6,385 | - | n.m. | |
Profit before taxation | 130,615 | 68,766 | 90 | |
Taxation | ||||
- Current year | (14,247) | (14,270) | (0) | |
- Overprovision in prior years | 3 | 233 | (99) | |
(14,244) (14,037) 1 Profit after taxation 116,371 54,729 113 | ||||
Attributable to: | ||||
Owners of the parent | 120,390 52,536 | 129 | ||
Non-controlling interests | (4,019) 2,193 | n.m. | ||
116,371 54,729 | 113 | |||
n.m. = not meaningful |
Statement of Comprehensive Income
GroupFull year ended 31/12/2016 31/12/2015 S$'000 S$'000
Profit after taxation 116,371 54,729
Other comprehensive income:
Items that will not be reclassified subsequently to profit or loss:
Actuarial loss on defined benefit plans (804) (318)
Items that may be reclassified subsequently to profit or loss:
Currency translation arising on consolidation 14,368 (20,196)
Share of other comprehensive income of joint venture (5,226) -
Other comprehensive income for the year, net of tax
8,338 (20,514)
Total comprehensive income for the year 124,709 34,215
Total comprehensive income attributable to:
Owners of the parent 128,470 34,037
Non-controlling interests (3,761) 178
124,709 34,215
Notes to the Income Statement
Please see Section 8 for commentaries on the Income Statement.
Group "Exceptional Items" relate to the Group's sale of its 20% shareholding interest in Gardenia Bakeries (KL) Sdn Bhd ('GBKL') which was completed and announced by the Group on 6 April 2016. The purpose of the sale of the 20% shareholding interest was to comply with the Malaysian governmental regulatory condition imposed on GBKL's manufacturing license. Accordingly, GBKL has ceased to be a subsidiary of the Group and has become a Joint Venture of the Group.
Previously, the Group has recognised an exceptional gain of $9.7 million as a result of the sale of its 20% shareholding in GBKL, as announced in the Group's financial results for the second Quarter ended 30 June 2016 on 12 August 2016. Subsequently, in compliance with Singapore Financial Reporting Standards, the Group, with the assistance of external independent advisors, carried out an exercise to determine the fair values of the Group's remaining 50% stake in GBKL's identifiable assets and liabilities.
As a result, a net exceptional gain of $59.4 million arising from the sale of 20% stake in GBKL and the remeasurement of the remaining 50% stake in GBKL has been recognised during the year.
- The following items, if significant, must be included in the income statement or in the notes to the income statement for current financial period reported on and the corresponding period of the immediately preceding financial year:-
The Group's profit from operating activities is stated after (charging) / crediting:
GroupFull year ended
+ / (-)
31/12/2016 31/12/2015 % S$'000 S$'000
Other income including interest income | 5,695 | 6,296 | (10) |
Allowance for doubtful debts charged and bad debts written off, net | (451) | (967) | (53) |
Allowance for inventory obsolescence charged | (723) | (1,282) | (44) |
Foreign exchange loss | (3,134) | (2,824) | 11 |
(Loss)/gain on disposal of property, plant & equipment | (145) | 50 | n.m. |
Gain on disposal of investment securities | 16 | 193 | (92) |
Impairment loss on investment securities | (819) | - | n.m. |
Impairment loss on property, plant & equipment and investment | |||
properties | (8,602) | - | n.m. |
Group | |
31/12/2016 S$'000 | 31/12/2015 S$'000 |
Company | |
31/12/2016 S$'000 | 31/12/2015 S$'000 |
Statement of Financial Position (in Singapore Dollars) | ||
Current assetsBiological assets | 60,803 57,518 | - - |
Inventories | 60,159 78,654 | - - |
Trade receivables | 96,910 96,528 | - - |
Other receivables | 33,121 17,289 | 75,457 42,998 |
Tax recoverable | 1,245 1,297 | - - |
Short-term investments | 3,968 2,500 | 2,968 2,500 |
Cash and short-term deposits | 104,903 109,052 | 27,070 27,893 |
361,109 362,838 | 105,495 73,391 | |
Non-current assets | ||
Property, plant & equipment | 289,585 298,174 | 2,290 2,471 |
Investment properties | 18,248 26,929 | - - |
Subsidiaries | - - | 98,973 98,973 |
Advances to subsidiaries | - - | 123,805 130,083 |
Joint venture | 76,318 - | - - |
Pension assets | 2,654 2,663 | - - |
Long-term investments | 7,226 13,488 | 7,198 12,459 |
Intangibles | - 196 | 1,507 1,696 |
Deferred tax assets | 17,267 14,615 | - - |
411,298 356,065 | 233,773 245,682 | |
Total assets | 772,407 718,903 | 339,268 319,073 |
Current liabilities | ||
Trade payables | 65,188 82,153 | 225 135 |
Other payables | 59,007 69,679 | 9,725 8,182 |
Short-term borrowings | 32,642 59,141 | - - |
Long-term loans and finance leases - current portion | 2,456 4,101 | - - |
Provision for taxation | 6,099 5,282 | 1,167 1,148 |
165,392 220,356 | 11,117 9,465 | |
Non-current liabilities | ||
Other payables | 15,241 10,740 | 7,584 - |
Long-term loans and finance leases | 51,128 28,401 | - - |
Deferred tax liabilities | 12,494 12,353 | 1,734 318 |
78,863 51,494 | 9,318 318 | |
Total liabilities | 244,255 271,850 | 20,435 9,783 |
Net assets | 528,152 447,053 | 318,833 309,290 |
Capital and reserves | ||
Share capital | 263,087 262,774 | 263,087 262,774 |
Reserves | 263,980 164,101 | 55,746 46,516 |
Equity attributable to owners of the parent | 527,067 426,875 | 318,833 309,290 |
Non-controlling interests | 1,085 20,178 | - - |
Total equity | 528,152 447,053 | 318,833 309,290 |
Please see Section 8 for commentaries on the Group's Statement of Financial Position.
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Distributed by Public, unedited and unaltered, on 24 February 2017 09:48:14 UTC.
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