财务概要


财务概要回顾
取自2017年度报告

The Group's revenue increased 5.9% year-on-year ("yoy") from $684.5 million for FY2016 to $724.5 million for FY2017. The increase in revenue was driven by growth across all of the Group's segments: Automotive, Consumer/IT, Healthcare and Mould Fabrication.

The Group recorded gross profit of $105.5 million for FY2017, an increase of 12.0% yoy from $94.3 million for FY2016. Gross margin improved from 13.8% for FY2016 to 14.6% for FY2017 due to improved capacity utilisation and better product mix.

The decrease in other income was due to a gain on disposal of property, plant and equipment ("PPE") of $5.0 million for FY2016 and a foreign exchange gain of $9.0 million for FY2016, while foreign exchange losses amounting to $10.6 million was recorded in FY2017 under other expenses.

The Group achieved a net profit of $31.4 million for FY2017 compared to $39.1 million for FY2016. Excluding foreign exchange loss/(gain), gain on the disposal of PPE and retrenchment costs, net profit would have been $42.0 million for FY2017 and $31.7 million for FY2016, representing a 32.8% yoy increase in core earnings:

FY2017
$'000
FY2016
$'000
+/ (-)
%
Profit for the period reported 31,360 39,071 (19.7)
Adjustments:
Foreign exchange loss/(gain) 10,647 (8,952) n.m.
Gain on disposal of PPE (342) (4,984) n.m.
Retrenchment costs 367 6,526 n.m.
42,032 31,661 32.8

 

The Group's earnings per share amounted to 16.67 Singapore cents for FY2017 as compared to 20.91 Singapore cents for FY2016.

The Group's net asset per share increased from $1.87 as at 31 December 2016 to $1.94 as at 31 December 2017. Similarly, the Group's net tangible assets per share increased from $1.78 as at 31 December 2016 to $1.85 as at 31 December 2017.

FINANCIAL POSITION AND CASHFLOWS

The Group's property, plant and equipment amounted to $193.9 million as at 31 December 2017, compared to $191.6 million as at 31 December 2016. PPE were stated net of depreciation charges of $28.9 million (FY2016: $29.6 million), partially offset by currency realignment and the additions of $36.8 million (FY2016: $39.2 million) in capital expenditure for machineries and buildings.

The increase in inventories was due to preparation for new project launches and the building up of safety stock. The increases in trade and other receivables and trade and other payables were in line with the increase in revenue. Additionally, this increase was due to several customers delaying payments to January 2018 and for the purchase of PPE.

The Group maintained a cash balance of $105.3 million as at 31 December 2017 (31 December 2016: $115.3 million). This resulted in a net cash position of $1.6 million (31 December 2016: $15.5 million) after accounting for loans and borrowings amounting to $103.7 million (31 December 2016: $99.8 million). The decrease in the Group's net cash position was due to a foreign currency translation loss of $3.3 million on the opening balance of cash and cash at banks, payment of capital expenditure of $33.9 million (FY2016: $36.0 million), payment of dividends amounting to $16.0 million (FY2016: $9.3 million) and a $2.0 million loan to a joint venture.

BUSINESS SEGMENT PEFORMANCE

FY2017
$'000
FY2016
$'000
+/(-)
%
Automative 263,789 245,446 7.5
Consumer/IT 284,795 272,980 4.3
Healthcare 51,673 48,452 6.6
Mould Fabrication 124,288 117,579 5.7
724,545 684,457 5.9

 

Revenue from the Automotive business segment, one of the key revenue generators, increased 7.5% yoy from $245.4 million for FY2016 to $263.8 million for FY2017. The Automotive segment's contribution to the Group's revenue was 36.4% (FY2016: 35.9%). In line with the increase in revenue, profit (excluding retrenchment costs and foreign exchange gains/losses) from the Automotive segment increased from $13.9 million for FY2016 to $18.5 million in FY2017. This was due to higher utilisation attributed to an increase in orders from current and new projects along with a change in product mix.

The Group's revenue from the Consumer/IT segment increased 4.3% yoy from $273.0 million for FY2016 to $284.8 million for FY2017. Its contribution to the Group's revenue was 39.3% (FY2016: 39.9%). The profit (excluding retrenchment costs and foreign exchange gains/losses) from the Consumer/IT segment decreased marginally from $32.1 million for FY2016 to $31.6 million for FY2017. This was due to a decline in average selling prices for certain projects due to a change in materials used in production.

Revenue from the Group's Healthcare segment increased 6.6% yoy from $48.5 million for FY2016 to $51.7 million for FY2017. This was due to an increase in orders and new projects launched. Profit (excluding retrenchment costs and foreign exchange gains/losses) from the Healthcare segment improved from $0.4 million for FY2016 to $1.2 million for FY2017.

Revenue from the Group's Mould Fabrication segment increased 5.7% yoy from $117.6 million for FY2016 to $124.3 million for FY2017. This was due to more orders billed and recognised in profit or loss. The profit (excluding retrenchment costs and foreign exchange gains/losses) increased slightly from $2.0 million for FY2016 to $2.4 million for FY2017.

GEOGRAPHIC SEGMENT PERFORMANCE

Revenue contribution from the Group's operations in China and Hong Kong increased 1.6% yoy from $317.7 million for FY2016 to $322.7 million for FY2017. This was mainly due to an increase in revenue from all business segments except for Mould Fabrication.

Revenue contributions from the Group's Singapore, Indonesia and Malaysia operations increased from 42.2% for FY2016 to 43.2% for FY2017. In absolute figures, revenue from the Group's Singapore, Indonesia and Malaysia operations increased from $288.9 million for FY2016 to $313.1 million for FY2017. The increase was mainly due to a rise in orders and new projects launched from all business segments.

The contribution in revenue from the Group's operations in other regions increased 14.2% yoy from $77.8 million for FY2016 to $88.8 million for FY2017 due to growth in revenue across all business segments.