THIRD QUARTER FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE PERIOD ENDED 31 DECEMBER 2003 PACIFIC HEALTHCARE HOLDINGS LTD.

(Co. Regn. No: 200100544H)




FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2015



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


1(a) 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.


1(a)(i) Unaudited Income Statement for the third quarter ended 30 September 2015.



Group

Third Quarter

Year-To-Date


Q3 2015


Q3 2014


Increase/ (Decrease)


30/9/2015


30/9/2014


Increase/ (Decrease)

S$'000

S$'000

%

S$'000

S$'000

%


Revenue


11,970


12,486


(4)


36,831


40,077


(8)


Other items of income


30


31


(4)


85


92


(8)

Interest income

Other income

66

222

(70)

2,066

4,287

(52)


Items of expense


13


-


N.M.


11


(8)


(238)

Financial expense

Purchases and changes in inventories


(2,502)


(2,348)


7


(6,754)


(7,194)


(6)

of consumables and medical supplies

Employee benefits expense

(7,032)

(8,533)

(18)

(22,598)

(24,638)

(8)

Depreciation and amortisation

(363)

(802)

(55)

(1,143)

(2,612)

(56)

Rental expense

(1,982)

(2,091)

(5)

(6,490)

(6,425)

1

Other expenses

(2,376)

(3,986)

(40)

(5,035)

(7,729)

(35)

Share of results of associates

106

327

(68)

388

845

(54)

Loss before tax

(2,071)

(4,694)

(56)

(2,639)

(3,305)

(20)

Income tax

(126)

(52)

142

(198)

(52)

281

Loss for the period

(2,197)

(4,746)

(54)

(2,837)

(3,357)

(15)


Attributable to:


(2,331)


(4,533)


(49)


(3,110)


(2,588)


20

Owners of the Company

Non-controlling interests

133

(213)

(162)

273

(769)

(136)

Loss for the period

(2,198)

(4,746)

(54)

(2,837)

(3,357)

(15)


NM: Not Meaningful

Statement of Comprehensive Expense



Group

Third Quarter

Year-To-Date


Q3 2015


Q3 2014

Increase/ (Decrease)


30/9/2015


30/9/2014

Increase/ (Decrease)

S$'000

S$'000

%

S$'000

S$'000

%


Loss for the period


(2,197)


(4,746)


(54)


(2,837)


(3,357)


(15)

Other comprehensive income/ (expense)


79


18


N.M.


201


1,067


N.M.

Currency translation differences

Total comprehensive expense for the period


(2,118)


(4,728)


(47)


(2,636)


(2,290)


25


Total comprehensive income/ (expense) attributable to:


(2,381)


(4,497)


(1,898)


(1,524)

Owners of the parent

Non-controlling interests

262

(231)

(213)

(738)

(766)

(4)

Total comprehensive expense for the period


(2,119)


(4,728)


(55)


(2,636)


(2,290)


15


1(a)(ii) Loss for the period include the following:



Group

Third Quarter

Year to date

Q3 2015

Q3 2014

Increase/

30/9/2015

30/9/2014

Increase/


S$'000


S$'000

(Decrease)


S$'000


S$'000

(Decrease)

%

%

Interest income

30

31

(4)

85

92

(8)

Interest expense

13

-

N.M.

11

(8)

(238)

Loss on disposal of plant and equipment *

(261)

2

(13,150)

(227)

1

(22,800)

Gain/(Loss) on disposal of subsidiary

-

1,077

N.M.


(67)

1,689

(100)

Allowance for doubtful debts

166

(271)

(161)

(380)

(82)

Dividend income

-

173

N.M.

-

278

N.M.

Bad debts written off

128

(23)

(657)

(196)

(142)

38

Impairment of goodwill

-

(38)

N.M.

-

(38)

N.M.

Plant and equipment written off *

(566)

(1)

N.M.

(390)

-

N.M.

Depreciation and amortisation

(363)

(802)

(55)

(1,143)

(2,612)

(56)

Foreign exchange (loss)/gain (net)

(27)

1

(2,800)

(27)

(2)

1,250


N.M. Not meaningful


* The increase in plant and equipment written off and loss on disposal of plant and equipment arose from the disposal of assets and the termination of the Level 7 lease at Paragon.

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


Group

Company

30/09/2015

31/12/2014

30/09/2015

31/12/2014

S$'000

S$'000

S$'000

S$'000

ASSETS


1,261


2,737


56


120

Current assets:

Cash and bank

Trade and other receivables

3,555

3,956

14,379

8,939

Deposits

2,533

2,747

1,498

1,402

Other assets

776

679

230

200

Inventories

1,195

1,245

-

-


Assets of disposed group held for sale

9,320

11,364

16,163

10,661

2,224

3,566

-


Non-current assets:

11,544

14,930

16,163

10,661


-


-


3,936


3,936

Investments in subsidiaries

Investments in associates

1,552

1,531

474

659

Property, plant and equipment

2,955

4,266

684

1,698

Other assets

400

1,163

-

-


TOTAL ASSETS

4,907

6,960

5,094

6,293

16,451

21,890

21,257

16,954


EQUITY AND LIABILITIES


14,435


12,486


17,244


14,013

Current liabilities:

Trade and other payables

Other liabilities

3,315

3,197

493

434

Income tax payable

209

254

-

-

Finance leases

44

-

-

-

Provisions

110

411

256

405


Liabilities of disposed group held for sale

18,113

16,348

17,993

14,852

722

4,133

-

-


Non-current liabilities:

18,835

20,481

17,993

14,852


29


29


-


-

Deferred tax liabilities

Provisions

478

870

-

317


TOTAL LIABILITIES

507

899

-

317

19,342

21,380

17,993

15,169


Equity attributable to owners of the Company:


62,615


62,615


62,615


62,615

Share capital

Retained earnings

(64,129)

(60,254)

(59,351)

(60,830)

Reserves

(639)

(533)

-

-


Non-controlling interests

(2,153)

1,828

3,264

1,785

(738)

(1,318)

-

-

TOTAL EQUITY

(2,891)

510

3,264

1,785

TOTAL EQUITY AND LIABILITIES

16,451

21,890

21,257

16,954

1(b)(ii) Aggregate amount of group's borrowings and debt securities.


Not Applicable.


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



Group

Q3 2015

Q3 2014

S$'000

S$'000

Cash flows from operating activities:


(2,071)


(4,694)

Loss before Tax

Adjustments for:


363


802

Depreciation expense

Interest income

(30)

(31)

Interest expense

(13)

2

Fair value adjustment on financial assets & financial liabilities

2

6

Share of loss / (profit) of associates

(106)

(327)

Write back of provision for reinstatement cost

184

-

Loss on disposal of Fixed Assets

261

-

Fixed Assets written off

439

1

Fixed Assets impairment

(53)

1,970

Bad Debts written off

128

23

Bad Debts recovered

-

(1)

Provision for impairment of doubtful debts

(166)

447

Unrealised exchange loss / (gain)

(28)

(1)

Impairment loss on other investments/associates

-

38

Operating loss before working capital changes

(1,090)

(1,765)

Trade and other receivables

179

1,304

Inventories

118

(42)

Trade and other payables

624

1,169

Cash from operations

(169)

666

Income tax paid

(141)

(41)

Net cash from used in operating activities

(310)

625


Cash flows from investing activities:


155


22

Proceeds from disposal of plant and equipment

Purchase of property, plant and equipment

(177)

(72)

Investment in associates

-

(80)

Net cash inflow on disposal of asset classified as held for sale

-

1,044

Interest received

0

1

Net cash (used in)/from investing activities

(22)

915


Cash flows from financing activities:


-


17

Capital contribution from non-controlling interest of subsidiary

Repayment of finance leases

(15)

(18)

Interest paid

13

(2)

Dividends paid

-

(384)

Net cash used in financing activities

(2)

(387)


Net increase / (decrease) in cash and cash equivalents


(334)


1,153

Effect of exchange rate changes on cash and cash equivalents

1

1

Cash and cash equivalents at beginning of period

1,730

2,106

Cash and cash equivalents at end of period

1,397

3,260

distributed by