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Financials

Second Quarter Unaudited Financial Statements for the Period Ended 31 December 2017

Financials Archive

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Income Statement

  3-Month
Period
Ended
31-Dec-17
$'000
3-Month
Period
Ended
31-Dec-16
$'000
Inc / (Dec)
%
Revenue 20,347 12,576 61.8
Cost of sales (16,475) (9,947) 65.6
Gross Profit 3,872 2,629 47.3
Selling and marketing expenses (2,015) (1,249) 61.3
Administrative expenses (1,144) (1,076) 6.3
Other operating expenses (143) (110) 30.0
Total operating expenses (3,302) (2,435) 35.6
Profit from operations 570 194 193.8
Other non-operating income/(expense), net 141 (72) (295.8)
Finance costs (35) (40) (12.5)
Profit before tax 676 82 724.4
Tax credit 1 335 (99.7)
Net profit for the period 677 417 62.4
Allowance of inventory obsolescence (68) (20) 240.0
Depreciation of property, plant and equipment (843) (517) 63.1
Amortisation of intangible assets (33) (34) (2.9)
Foreign exchange gain/(loss), net 92 (160) (157.5)
Gain on disposal of property, plant and equipment - 1 (100.0)
Fair valuation loss on quoted debt securities held-for-trading - - N.m
Interest income included in other non-operating income, net 12 10 20.0
Property, plant and equipment written off (54) - N.m
Tax:
- current tax expense (56) 7 (893.1)
- deferred tax credit 57 328 (82.6)
Net profit for the period 677 417 62.4
Other comprehensive income:      
Items that may be reclassified subsequently to profit or loss      
Net currency translation differences of financial statements of foreign subsidiaries 386 (87) (543.7)
Total Comprehensive Income for the period 1,063 330 222.1

  6-Month
Period
Ended
31-Dec-17
$'000
6-Month
Period
Ended
31-Dec-16
$'000
Inc / (Dec)
%
Revenue 41,665 25,608 62.7
Cost of sales (34,127) (20,721) 64.7
Gross Profit 7,538 4,887 54.2
Selling and marketing expenses (3,859) (2,582) 49.5
Administrative expenses (2,199) (2,021) 8.8
Other operating expenses (279) (237) 17.7
Total operating expenses (6,337) (4,840) 30.9
Profit from operations 1,201 47 2,455.3
Other non-operating income/(expense), net 131 143 (8.4)
Finance costs (83) (70) 18.6
Profit before tax 1,249 120 940.8
Tax credit 47 498 (90.6)
Net profit for the period 1,296 618 109.7
Allowance of inventory obsolescence (97) (42) 131.0
Depreciation of property, plant and equipment (1,653) (1,257) 31.5
Amortisation of intangible assets (68) (67) 1.5
Foreign exchange gain/(loss), net 52 10 420.0
Gain on disposal of property, plant and equipment - 1 (100.0)
Fair valuation loss on quoted debt securities held-for-trading - (2) (100.0)
Interest income included in other non-operating income, net 17 32 (46.9)
Property, plant and equipment written off (54) (I) N.m
Tax:
- current tax expense (69) (69) (0.7)
- deferred tax credit 116 567 (79.5)
Net profit for the period 1,296 618 109.7
Other comprehensive income:      
Items that may be reclassified subsequently to profit or loss      
Net currency translation differences of financial statements of foreign subsidiaries 503 (191) (363.4)
Total Comprehensive Income for the period 1,799 427 321.3

N.m - Percentage / Computation not meaningful

Statement of Financial Position

  31-Dec-17
$'000
30-Jun-17
$'000
Non-current assets    
Property, plant and equipment 23,145 21,073
Subsidiaries - -
Goodwill 6,983 7,109
Intangible assets 1,740 1,840
Deferred tax assets 1,215 1,203
  33,083 31,225
     
Current assets    
Inventories 20,825 16,172
Trade and other receivables 4,368 2,968
Prepayments 1,672 1,112
Current tax recoverable 142 144
Cash and cash equivalents 9,999 15,871
  37,006 36,267
     
Total assets 70,089 67,492
     
Current liabilities    
Trade and other payables 17,608 17,184
Provision for warranty claims 1,807 1,169
Interest bearing loans and borrowings 403 393
Current tax payables 241 252
  20,059 18,998
Non-current liabilities    
Deferred tax liabilities 805 936
Interest bearing loans and borrowings 2,206 2,343
  3,011 3,279
Total liabilities 23,070 22,277
     
Capital and reserves    
Share capital 43,045 43,045
Share-based compensation reserve 364 359
Accumulated profits/(losses) 30,684 29,388
Foreign currency translation reserve (27,074) (27,577)
Total equity 47,019 45,215
     
Total equity and liabilities 70,089 67,492

Cash Flow

  3-Month
Period
Ended
31-Dec-17
$'000
3-Month
Period
Ended
31-Dec-16
$'000
Operating activities    
Profit after taxation 677 417
Adjustments for:-    
Depreciation of property, plant and equipment 843 517
Amortisation of intangible assets 33 34
Gain on disposal of property, plant and equipment - (1)
Property, plant and equipment written off 54 -
Allowance of inventory obsolescence 68 20
Interest income (12) (10)
Interest expense 35 42
Provision for warranty claims 463 202
Fair valuation loss on quoted debt securities held-for-trading - -
Equity-settled share based expense 2 34
Tax credit (1) (335)
Unrealised foreign exchange loss/(gain) 132 106
  2,294 1,026
Changes in working capital:    
(Increase)/Decrease in inventories (2,227) 132
Decrease/(Increase) in trade and other receivables 36 (232)
Decrease/(Increase) in prepayments 27 (88)
Increase/(Decrease) in trade and other payables 225 (4,063)
Net cash from/(used in) operations 355 (3,225)
Net income tax paid (48) (184)
Warranty claims paid ( 170) (220)
Cash flows from/(used in) operating activities 137 (3,629)
     
Investing activities    
Interest received 13 15
Proceeds from matured debt securities held-far-trading - -
Purchase of property, plant and equipment (1,658) (1,367)
Cash flows used in investing activities (1,645) (1,352)
     
Financing activities    
Repayment of hire purchase liability - (19)
Interest paid (34) (40)
Repayment of interest bearing loans and borrowings (119) (149)
Cash flows used in financing activities (153) (208)
     
Net decrease in cash and cash equivalents (1,661) (5,189)
Cash and cash equivalents at beginning of period 11,870 19,065
Effect of exchange rate changes on balances held in foreign currency (344) 552
Cash and cash equivalents at end of period 9,865 14,428

  6-Month
Period
Ended
31-Dec-17
$'000
6-Month
Period
Ended
31-Dec-16
$'000
Operating activities    
Profit after taxation 1,296 618
Adjustments for:-    
Depreciation of property, plant and equipment 1,653 1,257
Amortisation of intangible assets 68 67
Gain on disposal of property, plant and equipment - (1)
Property, plant and equipment written off 54 1
Allowance of inventory obsolescence 97 42
Interest income (17) (32)
Interest expense 83 70
Provision for warranty claims 865 385
Fair valuation loss on quoted debt securities held-for-trading - 2
Equity-settled share based expense 5 68
Tax credit (47) (498)
Unrealised foreign exchange loss/(gain) 237 (369)
  4,294 1,610
Changes in working capital:    
(Increase)/Decrease in inventories (4,522) 79
Decrease/(Increase) in trade and other receivables (1,582) 782
Decrease/(Increase) in prepayments (175) (509)
Increase/(Decrease) in trade and other payables 537 (1,208)
Net cash from/(used in) operations (1,448) 754
Net income tax paid (63) (448)
Warranty claims paid (269) (439)
Cash flows from/(used in) operating activities (1,780) (133)
     
Investing activities    
Interest received 17 27
Proceeds from matured debt securities held-far-trading - 300
Purchase of property, plant and equipment (3,306) (2,475)
Cash flows used in investing activities (3,289) (2,148)
     
Financing activities    
Repayment of hire purchase liability - (20)
Interest paid (80) (70)
Repayment of interest bearing loans and borrowings (209) (594)
Cash flows used in financing activities (289) (684)
     
Net decrease in cash and cash equivalents (5,358) (2,965)
Cash and cash equivalents at beginning of period 15,741 16,214
Effect of exchange rate changes on balances held in foreign currency (518) 1,179
Cash and cash equivalents at end of period 9,865 14,428
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