Note |
The Company |
The Company |
The Company |
The Group |
The Group |
The Group | |
S$'000 |
S$'000 |
% |
S$'000 |
S$'000 |
% | ||
31 Dec 2002 |
31 Dec 2001 |
Increase/ |
31 Dec 2002 |
31 Dec 2001 |
Increase/ | ||
(Decrease) |
(Actual) |
(Proforma) |
(Decrease) | ||||
Turnover |
i |
1,845 |
- |
nm |
51,818 |
51,079 |
1 |
Cost of works |
ii |
- |
- |
nm |
(44,601) |
(43,198) |
3 |
Gross Profit |
iii |
1,845 |
- |
nm |
7,217 |
7,881 |
(8) |
Other income including interest income |
iv |
- |
- |
nm |
155 |
444 |
(65) |
Administrative expenses |
v |
(977) |
- |
nm |
(3,780) |
(2,743) |
38 |
Other operating expenses |
vi |
- |
- |
nm |
(136) |
(23) |
491 |
Profit from operating before taxation, minority interests, extraordinary items, finance cost |
vii |
868 |
- |
nm |
3,456 |
5,559 |
(38) |
Finance cost |
viii |
(1) |
- |
nm |
(221) |
(320) |
31 |
Operating profit before taxation |
ix |
867 |
- |
nm |
3,235 |
5,239 |
(38) |
Taxation |
x |
(185) |
- |
nm |
(1,012) |
(1,313) |
(23) |
Net profit after taxation |
xi |
682 |
- |
nm |
2,223 |
3,926 |
(43) |
The Group |
The Group |
The Group | |
S$'000 |
S$'000 |
% | |
31 Dec 2002 |
31 Dec 2001 |
Increase/ | |
(Actual) |
(Proforma) |
(Decrease) | |
After charging: | |||
Amortisation of goodwill |
239 |
50 |
378 |
Auditors' remuneration | |||
- Audit |
42 |
27 |
56 |
- Others |
4 |
2 |
100 |
Depreciation of fixed assets |
389 |
301 |
29 |
Directors' remuneration |
1,706 |
1,029 |
66 |
Fixed assets written off |
107 |
- |
nm |
Interest | |||
- Hire purchase |
97 |
69 |
41 |
- Bank overdrafts |
12 |
119 |
(90) |
- Long term bank loan |
113 |
132 |
(14) |
Loss on disposal of fixed assets |
29 |
24 |
21 |
Preliminary expenses written off |
7 |
- |
nm |
Provision for diminution in value of investment properties |
- |
329 |
nm |
Staff cost |
691 |
506 |
37 |
After crediting: | |||
Fixed deposits income |
29 |
87 |
(67) |
Gain on disposal of fixed assets |
25 |
153 |
(84) |
Depreciation of fixed assets |
1,155 |
964 |
20 |
Staff costs |
7,591 |
5,118 |
48 |
Sale of investment properties | Profit/(Loss) |
Blk 159, #01-538, Ang Mo Kio Avenue 4, Singapore 560159 | - |
The Company |
The Company |
The Group |
The Group | |
S$'000 |
S$'000 |
S$'000 |
S$'000 | |
31 Dec 2002 |
31 Dec 2001 |
31 Dec 2002 |
31 Dec 2001 | |
(Actual) |
(Proforma) | |||
Fixed assets |
66 |
- |
7,934 |
5,596 |
Subsidiaries |
13,926 |
11,426 |
- |
- |
Investment properties |
- |
- |
934 |
2,971 |
Intangible assets |
- |
- |
1,703 |
50 |
Current assets | ||||
Construction in progress |
- |
- |
849 |
113 |
Trade debtors |
- |
- |
11,944 |
7,842 |
Other debtors, deposits and prepayments |
10 |
- |
697 |
210 |
Amount due from related party (trade) |
- |
- |
- |
118 |
Amount due from subsidiaries (trade) |
1,844 |
- |
- |
- |
Amount due from director of the company (non-trade) |
- |
- |
- |
1,590 |
Amount due from director of subsidiaries (non-trade) |
- |
- |
- |
75 |
Amount due from shareholders of the company (non-trade) |
- |
- |
- |
14 |
Amount due from related parties (non-parties) |
204 |
- |
- |
- |
Fixed deposits |
- |
- |
4,523 |
4,394 |
Cash and bank balances |
92 |
- |
4,948 |
1,710 |
2,150 |
- |
22,961 |
16,066 | |
Current liabilities | ||||
Trade creditors |
- |
- |
10,121 |
6,850 |
Other creditors |
- |
- |
9 |
60 |
Amount due to a subsidiary (non-trade) |
31 |
- |
- |
- |
Amount due to a director of a subsidiary (non-trade) |
- |
- |
- |
11 |
Hire purchase creditors |
11 |
- |
786 |
576 |
Long term bank loans (secured) - current portion |
- |
- |
140 |
195 |
Short term bank loan (secured) |
- |
- |
- |
50 |
Bank overdrafts (secured) |
- |
- |
- |
1,017 |
Accrued operating expenses |
236 |
- |
1,294 |
391 |
Provision for income tax |
185 |
- |
972 |
1,328 |
463 |
- |
13,322 |
10,478 | |
Net current assets |
1,687 |
- |
9,639 |
5,588 |
Less: | ||||
Non-current liabilities | ||||
Hire purchase creditors |
(42) |
- |
(971) |
(543) |
Long term bank loans (secured) |
- |
- |
(1,866) |
(2,042) |
Deferred taxation |
- |
- |
(415) |
(415) |
15,637 |
11,426 |
16,958 |
11,205 | |
Represented by: | ||||
Share capital |
13,626 |
11,426 |
13,626 |
11,426 |
Share Premium |
1,329 |
- |
1,329 |
- |
Dividend reserve |
668 |
- |
668 |
- |
Unappropriated profits |
14 |
- |
1,335 |
(221) |
15,637 |
11,426 |
16,958 |
11,205 |
As at 31/12/2002 |
As at 31/12/2001 |
Secured |
Unsecured |
Secured |
Unsecured |
$926,000 |
0 |
$1,262,000 |
0 |
As at 31/12/2002 |
As at 31/12/2001 |
Secured |
Unsecured |
Secured |
Unsecured |
$2,837,000 |
0 |
$2,042,000 |
0 |
The Group |
The Group | |
As at 31 Dec 2002 |
As at 31 Dec 2001 | |
$'000 |
$'000 | |
Freehold buildings and investment property mortgaged to banks |
3,857 |
3,889 |
The Group |
The Group | |
As at 31 Dec 2002 |
As at 31 Dec 2001 | |
$'000 |
$'000 | |
Cash flows from operating activities | ||
Profit before tax |
3,235 |
5,239 |
Adjustments for: | ||
Depreciation of fixed assets |
1,544 |
1,265 |
Amortisation of intangible assets |
239 |
50 |
Loss on disposal of fixed assets |
29 |
24 |
Gain on disposal of fixed assets |
(25) |
(153) |
Fixed deposit interest income |
(29) |
(87) |
Hire purchase interest |
97 |
69 |
Bank overdraft interest |
12 |
119 |
Long term bank loans interest |
113 |
132 |
Provision for diminution in investment prorperties |
- |
329 |
Fixed assets written off |
107 |
- |
Preliminary expenses written off |
7 |
- |
Operating profit before working capital changes |
5,329 |
6,987 |
Construction in progress |
(736) |
(875) |
Trade debtors |
(4,102) |
576 |
Other debtors, deposits and prepayments |
(487) |
(53) |
Amount due from directors of the company (non-trade) |
1,590 |
(31) |
Amount due from directors of subsidiaries (non-trade) |
75 |
1 |
Amount due from related parties (non-trade) |
- |
(93) |
Amount due from shareholders of the company (non-trade) |
14 |
(1) |
Amount due from related party (trade) |
118 |
- |
Trade creditors |
3,271 |
(3,341) |
Other creditors |
(51) |
48 |
Amount due to a director of a subsidiary (non-trade) |
(11) |
(8) |
Accrued operating expenses |
904 |
(385) |
Cash generated from operations |
5,914 |
2,825 |
Hire purchase interest paid |
(97) |
(69) |
Bank overdraft interest paid |
(12) |
(119) |
Long term bank loans interest paid |
(113) |
(132) |
Fixed deposit interest income |
29 |
87 |
Income tax paid |
(1,368) |
(310) |
Net cash generated from operating activities |
4,353 |
2,282 |
Cash flows from investing activities | ||
Purchase of fixed assets |
(924) |
(1,059) |
Proceeds from disposal of fixed assets |
56 |
2,589 |
Purchase of investment properties |
- |
(132) |
Proceeds from sale of investment property |
600 |
- |
Net cash generated from/(used in) investing activities |
(268) |
1,398 |
Cash flow used in financing activities | ||
Payment to hire purchase creditors |
(1,056) |
(467) |
Proceeds from short term bank loan |
300 |
50 |
Proceeds from long term bank loans |
1,100 |
- |
Payment of dividends to shareholders |
(1,892) |
- |
Repayment of long term bank loan |
(1,332) |
(68) |
Repayment of short term bank loan |
(350) |
- |
Proceeds from issue of shares less expenses |
3,529 |
- |
Net cash generated from/(used in) financing activities |
299 |
(485) |
Net increase in cash and cash equivalents |
4,384 |
3,195 |
Cash and cash equivalents at beginning of year |
5,087 |
1,892 |
Cash and cash equivalents at end of the year (Note i) |
9,471 |
5,087 |
The Group |
The Group | |
31 Dec 2002 |
31 Dec 2001 | |
Cash and cash equivalents | ||
Fixed deposits |
4,523 |
4,394 |
Cash and bank balances |
4,948 |
1,710 |
Bank overdrafts |
- |
(1,017) |
9,471 |
5,087 |
Issued Capital |
Share Premium |
Dividend Reserve |
Reserves |
Total | |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 | |
Balance at 1 January 2001 (Proforma) |
4,700 |
- |
- |
2,579 |
7,279 |
Profit for the year |
- |
- |
- |
3,926 |
3,926 |
Arising from eliminated on Restructuring Exercise |
6,726 |
- |
(1,892) |
(4,834) |
- |
Dividends for 2001 - proposed |
- |
- |
1,892 |
(1,892) |
- |
Balance at 31 December 2001 (Proforma) |
11,426 |
- |
- |
(221) |
11,205 |
Initial Public Offer |
2,200 |
2,200 |
- |
- |
4,400 |
Share issue expenses |
- |
(871) |
- |
- |
(871) |
Profit for the year |
- |
- |
- |
2,224 |
2,224 |
Dividends for 2002 - proposed |
- |
- |
668 |
(668) |
- |
Balance at 31 December 2002 (Actual) |
13,626 |
1,329 |
668 |
1,335 |
16,958 |
Issued Capital |
Share Premium |
Dividend Reserve |
Reserves |
Total | |
$'000 |
$'000 |
$'000 |
$'000 |
$'000 | |
Balance at 1 January 2001 |
- |
- |
- |
- |
- |
Arising from eliminated on Restructuring Exercise |
11,426 |
- |
- |
- |
11,426 |
Balance at 31 December 2001 |
11,426 |
- |
- |
- |
11,426 |
Initial Public Offer |
2,200 |
2,200 |
- |
- |
4,400 |
Share issue expenses |
- |
(871) |
- |
- |
(871) |
Profit for the year |
- |
- |
- |
682 |
682 |
Dividends for 2002 - proposed |
- |
- |
668 |
(668) |
- |
Balance at 31 December 2002 |
13,626 |
1,329 |
668 |
14 |
15,637 |
Number of ordinary shares | |
Issue and fully paid-up ordinary shares of $1.00 each as at date of incorporation |
2 |
Issue of ordinary shares of $1.00 each pursuant to the Restructuring Exercise |
11,426,092 |
11,426,094 | |
Sub-Division of shares |
114,260,940 |
Issue of new shares pursuant to the listing of the Company on SGX SESDAQ |
22,000,000 |
Post-Invitation share capital |
136,260,940 |
The Group |
The Group | ||
31 Dec 2002 |
31 Dec 2001 | ||
(a) | Based on the weighted average number of ordinary shares on issue (cents) |
1.63 |
2.88 |
(b) | On fully diluted basis (cents) |
na |
na |
The Group |
The Group |
The Company |
The Company | |
31 Dec 2002 |
31 Dec 2001 |
31 Dec 2002 |
31 Dec 2001 | |
(Actual) |
(Proforma) |
|||
Net asset value per ordinary share ($) |
0.11 |
0.08 |
0.11 |
0.08 |
Revenue |
Revenue |
Increase/ (Decrease) |
Profit before interest and tax |
Profit before interest and tax |
Increase/ (Decrease) | |
31 Dec 2002 |
31 Dec 2001 |
31 Dec 2002 |
31 Dec 2001 |
|||
$'000 |
$'000 |
% |
$'000 |
$'000 |
% | |
Road construction |
25,885 |
25,885 |
- |
1,659 |
3,391 |
(51) |
Road maintenance |
25,933 |
25,194 |
3 |
1,797 |
2,168 |
(17) |
Total |
51,818 |
51,079 |
1 |
3,456 |
5,559 |
(38) |
Name of Dividend |
First & Final |
||
Dividend Type |
Cash |
||
Par value of shares |
$0.10 |
||
Tax Rate |
Tax exempt |
Business Segments
31 December 2002 $'000 |
Road Construction |
Road Maintenance |
Eliminations of turnover with the Group |
Consolidated |
Turnover | ||||
External sales |
25,885 |
25,933 |
- |
51,818 |
Inter-company sales |
- |
8,806 |
(8,806) |
- |
Total sales |
25,885 |
34,739 |
(8,806) |
51,818 |
Results | ||||
Segment Result |
3,484 |
3,733 |
7,217 | |
Other income |
155 | |||
Administrative expenses |
(3,780) | |||
Other operating expenses |
(136) | |||
Profit from operations |
3,456 | |||
Finance costs |
(221) | |||
Profit before tax |
3,235 | |||
Tax |
(1,012) | |||
Profit after tax |
2,223 | |||
Other information | ||||
Segment assets |
3,816 |
8,977 |
12,793 | |
Unallocated assets |
20,739 | |||
Total assets |
33,532 | |||
Unallocated liabilities |
12,891 | |||
Total liabilities |
12,891 |
31 December 2001 (Proforma) $'000 |
Road Construction |
Road Maintenance |
Eliminations of turnover with the Group |
Consolidated |
Turnover | ||||
External sales |
25,885 |
25,194 |
- |
51,079 |
Inter-company sales |
- |
10,059 |
(10,059) |
- |
Total sales |
25,885 |
35,253 |
(10,059) |
51,079 |
Results | ||||
Segment Result |
4,823 |
3,058 |
7,881 | |
Other income |
444 | |||
Administrative expenses |
(2,743) | |||
Other operating expenses |
(23) | |||
Profit from operations |
5,559 | |||
Finance costs |
(320) | |||
Profit before tax |
5,239 | |||
Tax |
(1,313) | |||
Profit after tax |
3,926 | |||
Other information | ||||
Segment assets |
5,255 |
2,700 |
7,955 | |
Unallocated assets |
16,728 | |||
Total assets |
24,683 | |||
Unallocated liabilities |
13,478 | |||
Total liabilities |
13,478 |
The Group |
The Group |
The Group |
The Company |
The Company |
The Company | ||
% |
% | ||||||
31 Dec 2002 |
31 Dec 2001 |
Increase/ |
31 Dec 2002 |
31 Dec 2001 |
Increase/ | ||
(Actual) |
(Proforma) |
(Decrease) |
(Decrease) | ||||
(a) | Sales reported for the first half year |
23,248 |
29,147 |
(20) |
- |
- |
nm |
(b) | Net profit after taxation for the first half year |
1,292 |
2,454 |
(47) |
(8) |
- |
nm |
(c) | Sales reported for the second half year |
28,570 |
21,932 |
30 |
1,845 |
- |
nm |
(d) | Net profit after taxation for the second half year |
931 |
1,472 |
(36) |
690 |
- |
nm |
Interested Party |
Relationship |
For year ended 31 Dec 2002 |
For year ended 31 Dec 2001 | |
$'000 |
$'000 | |||
a | Purchase of fixed assets | |||
Sin Kah Heng Motor Trading Co |
Sin Kah Heng is owned by sister-in-law of Mr Or Kim Peow, our Chairman |
348 |
340 | |
Or Toh Wat |
Or Toh Wat is our Executive Director |
22 |
- | |
Oh Enc Nam |
Oh Enc Nam is our Executive Director |
5 |
- | |
Citysafe Pte Ltd |
Directors of Citysafe Pte Ltd are Mr Or Kim Peow, our Chairman, Or Toh Wat, our Group Managing Director and Or Kiam Meng, Executive Director |
8 |
- | |
b | Sale of property | |||
Or Toh Wat, Or Kiam Meng and Or Lay Huat, Daniel |
Or Toh Wat, our Group Managing Director, Or Kiam Meng, our Executive Director, Or Lay Huat, Daniel is son of Mr Or Kim Peow, our Chairman |
600 |
- | |
Or Toh Wat and Adeline Chua Bee Hong |
Or Toh Wat, our Group Managing Director, Mdm Chua Bee Hong is wife of Or Toh Wat |
- |
1,350 | |
Or Kiam Meng and Lim Beng Choon |
Or Kiam Meng, our Executive Director, Mdm Lim Beng Choon is wife of Or Kiam Meng |
- |
1,100 | |
c | Provision for legal services | |||
Loo & Partners |
Mr Loo Choon Chiaw, our independent director, is the Managing Partner of Messrs Loo & Partners |
133 |
- | |
d | Provision for management consultancy fees | |||
Or Lay Wah, Elaine |
Or Lay Wah, Elaine is daughter of Mr Or Kim Peow, our Chairman |
25 |
- | |
e | Advances | |||
Citysafe Pte Ltd |
Directors of Citysafe Pte Ltd are Mr Or Kim Peow, our Chairman, Or Toh Wat, our Group Managing Director and Or Kiam Meng, Executive Director |
- |
100 | |
f | Reimbursement of administrative expenses | |||
Citysafe Pte Ltd |
Directors of Citysafe Pte Ltd are Mr Or Kim Peow, our Chairman, Or Toh Wat, our Group Managing Director and Or Kiam Meng, Executive Director |
- |
2 |
Latest Full Year (S$'000) |
Previous Full Year (S$'000) | |
Ordinary |
668 |
0 |
Preference |
0 |
0 |
Total: |
668 |
0 |