TEE Land : Second Quarter and/ or Half Yearly Results

Microsoft Word - FS Announcement for FY2016 Q2

TEE Land Limited

Incorporated in the Republic of Singapore Company Registration No: 201230851R

Unaudited Second Quarter Financial Statement and Dividend Announcement for the Period Ended 30 November 2015

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

1(a)(i) An income statement for the group together with a comparative statement for the corresponding period of the immediately preceding financial year

The Group S$'000		Increase/ (Decrease) %	The Group S$'000		Increase/ (Decrease) %
Second Quarter Ended			Half Year Ended
30/11/2015	30/11/2014		30/11/2015	30/11/2014
9,842 (6,173)	15,122 (11,277)	(34.9) (45.3)	13,194 (7,713)	21,557 (15,909)	(38.8) (51.5)
3,669	3,845	(4.6)	5,481	5,648	(3.0)
780	399	95.5	1,494	1,221	22.4
(592)	(521)	13.6	(921)	(734)	25.5
(2,841)	(1,783)	59.3	(5,565)	(3,437)	61.9
(345)	(172)	100.6	(1,122)	(234)	379.5
2,405	1,770	35.9	5,399	4,299	25.6
(1,223)	(357)	242.6	(2,319)	(568)	308.3
1,853	3,181	(41.7)	2,447	6,195	(60.5)
(306)	(679)	(54.9)	(40)	(839)	(95.2)
1,547	2,502	(38.2)	2,407	5,356	(55.1)

Revenue Cost of sales Gross profit

Other operating income Selling and distribution costs Administrative expenses Other operating expenses Share of results of associates Finance costs

1,504 43	2,466 36	(39.0) 19.4	2,389 18	5,335 21	(55.2) (14.3)
1,547	2,502	(38.2)	2,407	5,356	(55.1)

Profit before tax Income tax expense Profit for the period Profit attributable to:

Owners of the Company Non-controlling interests

1(a)(ii) A statement of comprehensive income for the group together with a comparative statement for the corresponding period of the immediately preceding financial year

The Group S$'000		Increase/ (Decrease) %	The Group S$'000		Increase/ (Decrease) %
Second Quarter Ended			Half Year Ended
30/11/2015	30/11/2014		30/11/2015	30/11/2014
1,547	2,502	(38.2)	2,407	5,356	(55.1)
738	143	416.1	(819)	224	N.M.
2,285	2,645	(13.6)	1,588	5,580	(71.5)

Profit for the period

Other comprehensive income for the period:

Currency translation differences Total comprehensive income for the

period

N.M.-not meaningful

1(a)(ii) A statement of comprehensive income for the group together with a comparative statement for the corresponding period of the immediately preceding financial year (Continued)

The Group S$'000		Increase/ (Decrease) %	The Group S$'000		Increase/ (Decrease) %
Second Quarter Ended			Half Year Ended
30/11/2015	30/11/2014		30/11/2015	30/11/2014
2,109 176	2,608 37	(19.1) 375.7	1,654 (66)	5,556 24	(70.2) N.M.
2,285	2,645	(13.6)	1,588	5,580	(71.5)

Total comprehensive income attributable to:

Owners of the Company Non-controlling interests

1(a)(iii) Notes to the income statement

The Group S$'000		Increase/ (Decrease) %	The Group S$'000		Increase/ (Decrease) %
Second Quarter Ended			Half Year Ended
30/11/2015	30/11/2014		30/11/2015	30/11/2014
350	551	(36.5)	693	1,120	(38.1)
96	(232)	N.M.	378	-	N.M.
87	41	112.2	157	41	282.9
180	-	N.M.	180	-	N.M.
67	39	71.8	86	60	43.3
780	399	95.5	1,494	1,221	22.4
737	170	333.5	1,341	381	252.0
486	187	159.9	978	187	423.0
1,223	357	242.6	2,319	568	308.3
46	30	53.3	91	30	203.3
220	284	(22.5)	223	353	(36.8)
179	15	N.M.	284	31	816.1
(2)	-	N.M.	-	-	N.M.
779	100	679.0	1,461	199	634.2
348	172	102.3	1,122	234	379.5
(4)	79	N.M.	16	79	(79.7)

A Other operating income: Interest income

Foreign currency exchange adjustment gain (loss) Financial guarantee income

Liquidated damages received Others

1. Finance costs: Loan interests Bank borrowings

   
   

2. Amortisation of issuance costs on term notes

3. Amortisation of deferred sales commission expenses

4. Amortisation of show flat expenses

5. Write back of allowance for doubtful debt on trade receivable

6. Depreciation of property, plant and equipment

7. Foreign currency exchange adjustment loss

8. Adjustment for (over) under provision of income tax in respect of prior years

   
   

   
   

   Note:

   
   

   Restatements have been made to the prior corresponding periods (second quarter and half year ended 30/11/2014) due to the change in accounting policy on sales commissions by the Group and its associates, which was adopted by the Group in the fourth quarter of financial year 2015.

   
   

   N.M.-not meaningful

   1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year

   
   

   The Group S$'000		The Company S$'000
   30/11/2015	31/05/2015	30/11/2015	31/05/2015
   13,314	18,618	610	4,564
   10,609	37,824	-	-
   16,923	16,963	153,227	164,300
   17,858	15,759	2,950	4,462
   20	18	-	-
   139,339	122,658	-	-
   14,973	14,973	-	-
   213,036	226,813	156,787	173,326
   43,951	36,066	-	-
   -	-	20,180	18,799
   90,126	79,152	-	-
   12,024	12,036	-	-
   1,306	1,332	-	-
   10,474	10,475	-	-
   16,086	19,216	-	-
   173,967	158,277	20,180	18,799
   387,003	385,090	176,967	192,125
   1,982	11,499	483	-
   14,646	8,600	-	-
   23,296	20,493	2,244	14,086
   11	12	-	-
   31,513	45,254	-	-
   382	280	1,246	1,235
   3,451	1,289	-	-
   75,281	87,427	3,973	15,321
   57	69	-	-
   4,050	4,050	-	-
   92	2,012	-	-
   109,123	94,305	-	-
   29,668	29,577	29,668	29,577
   822	568	2,475	2,335
   143,812	130,581	32,143	31,912
   142,238	142,238	142,238	142,238
   (1,468)	(733)	-	-
   (5,969)	(5,969)	-	-
   (6)	(6)	-	-
   20,092	20,429	(1,387)	2,654
   154,887	155,959	140,851	144,892
   13,023	11,123	-	-
   167,910	167,082	140,851	144,892
   387,003	385,090	176,967	192,125

   ASSETS

   Current assets

   Cash and bank balances Trade receivables

   Other receivables

   Loans receivable from associates Inventories

   Development properties Completed property held by sale Total current assets

   
   

   Non-current assets Investment in associates Investment in subsidiaries Property, plant and equipment Investment properties Deferred tax assets

   Other receivables

   Loans receivable from associates Total non-current assets

   
   

   Total assets

   
   

   LIABILITIES AND EQUITY

   Current liabilities

   Bank loans Trade payables Other payables Finance lease

   Long-term bank loans Financial guarantee liabilities Income tax payable

   Total current liabilities

   
   

   Non-current liabilities

   Finance lease Long-term loan

   Deferred tax liabilities Long-term bank loans Term notes

   Financial guarantee liabilities Total non-current liabilities

   
   

   Capital, reserves and non-controlling interests

   Share capital

   Currency translation reserve Merger reserve

   Capital reserve Accumulated profits/(loss)

   Equity attributable to owners of the Company Non-controlling interests

   Total equity

   
   

   Total liabilities and equity 1(b)(ii) Aggregate amount of group's borrowings and debt securities Amount repayable in one year or less, or on demand

   The Group The Group

   S$'000 S$'000

   As at 30/11/2015 As at 31/05/2015

   Secured Unsecured Secured Unsecured 33,506 - 56,765 -

   
   

   Amount repayable after one year

   
   

   The Group The Group

   S$'000 S$'000

   As at 30/11/2015 As at 31/05/2015

   Secured Unsecured Secured Unsecured

   109,180 29,668 94,374 29,577

   
   

   Details of any collateral

   
   

   The total secured borrowings are represented:

   
   

9. Obligations under finance lease secured on the motor vehicle of the Group and

10. Bank loans and long-term bank loans secured by legal mortgages over the Group's development properties, property, investment properties and corporate guarantee from the holding company.




Note: These borrowings exclude the long-term loan of $4,050,000 due to joint developer.




1(c) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year




The Group S$'000		The Group S$'000
Second Quarter Ended		Half Year Ended
30/11/2015	30/11/2014	30/11/2015	30/11/2014
1,853	3,181	2,447	6,195
(2,405)	(1,770)	(5,399)	(4,299)
779	100	1,461	199
(87)	(41)	(157)	(41)
46	30	91	30
220	284	223	353
179	15	284	31
(2)	-	-	-
(350)	(551)	(693)	(1,120)
1,223	357	2,319	568
1,456	1,605	576	1,916
17,405	(7,027)	27,215	(942)
(610)	(3,107)	(2,265)	(2,850)
(3)	-	(2)	-
(12,700)	3,262	(15,457)	498
-	-	-	1,216
8,403	6,142	6,046	6,134
2,525	(4,654)	3,435	3,140
16,476	(3,779)	19,548	9,112
(2,390)	(910)	(3,656)	(1,918)
(44)	(159)	(73)	(171)
280	-	280	-
14,322	(4,848)	16,099	7,023

Operating activities Profit before tax Adjustments for:

Share of results of associates

Depreciation of property, plant and equipment Amortisation of financial guarantee liabilities Amortisation of issuance costs on term notes Amortisation of deferred sales commission expenses Amortisation of show flat expenses

Write back of allowance for doubtful trade receivables Interest income

Interest expense

Operating cash flows before movements in working capital Trade receivables

Other receivables Inventories Development properties

Completed property held by sale Trade payables

Other payables

Cash from (used in) operations




Interest paid Income tax paid Income tax refund

Net cash from (used in) operating activities