NSL LTD
(Reg. no.: 196100107C)
Third Quarter Financial Statements Announcement
The figures have not been audited
PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS
1(a)An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year
THE GROUP
Quarter ended 30 September 9 months ended 30 September
Note | 2018 2017 Change | 2018 2017 Change |
S$'000 S$'000 % | S$'000 S$'000 % |
Continuing operations | |||||||
Sales | 88,387 | 80,816 | 9 | 290,134 | 250,439 | 16 | |
Cost of sales | (79,194) | (75,228) | 5 | (266,865) | (228,348) | 17 | |
Gross profit | (2) | 9,193 | 5,588 | 65 | 23,269 | 22,091 | 5 |
Other income | (3) | 1,870 | 2,319 | (19) | 9,621 | 9,109 | 6 |
Other gains and losses | (4) | 142 | (550) | n/m | (1,742) | 2,420 | n/m |
Distribution costs | (5) | (3,465) | (2,967) | 17 | (9,929) | (9,003) | 10 |
Administrative expenses | (6) | (8,219) | (7,423) | 11 | (25,052) | (22,941) | 9 |
Finance costs | (7) | (72) | (137) | (47) | (231) | (618) | (63) |
Share of results of associated companies, net of tax | (8) | (40) | (188) | (79) | (564) | (733) | (23) |
(Loss) / Profit before income tax | (1) | (591) | (3,358) | (82) | (4,628) | 325 | n/m |
Income tax expense | (9) | (678) | 472 | n/m | (1,256) | (76) | n/m |
Total (loss) / profit for the financial period | (1,269) | (2,886) | (56) | (5,884) | 249 | n/m | |
Attributable to: | |||||||
Equity holders of the Company | (1,136) | (2,692) | (58) | (5,888) | 876 | n/m | |
Non-controlling interest | (133) | (194) | (31) | 4 | (627) | n/m | |
(1,269) | (2,886) | (56) | (5,884) | 249 | n/m | ||
Basic and fully diluted earnings per share (cents) | (0.30) | (0.72) | (58) | (1.58) | 0.23 | n/m | |
n/m: not meaningful | |||||||
1 |
NSL LTD
(Reg. no.: 196100107C)
Notes to the Group's Income Statement
(1) (Loss) / profit before income tax is arrived at after crediting / (charging) the following items:
THE GROUP
Note
Dividend income
(i)
5
Interest income
(ii)
1,086
Amortisation of intangible assets
(iii)
(627)
Depreciation of property, plant and equipment
(iv)
(3,726)
Allowance for stocks obsolescence, net
(22)
Write down of inventories to net realisable value, net
(v)
(278)
(Allowance) / write back of allowance of impairment
for trade receivables, net
(vi)
(281)
Amortisation of deferred income
54
2018
2017
S$'000
S$'000
-
1,038
1,909
1,132
3,260
3,856
(154)
(1,411)
(450)
(3,110)
(10,488)
(9,337)
-
(34)
-
-
(278)
(570)
49
(731)
327
56
183
170
9 months ended 30 September 2018 2017
Quarter ended 30 September
S$'000 S$'000
(i) Lower dividend income in 9M-2018 was due to lower dividend income recorded by the Company from non-current financial assets.
(ii) Decrease in 9M-2018 was due to lower interest income recorded by the Company as a result of lower cash balances.
(iii) Mainly arose from additions of intangible assets in the Precast and Prefabricated Bathroom Unit ("PBU") division in Malaysia and Environmental Services division.
(iv) Mainly attributable to the precast operations in Malaysia.
(v) Increase in 3Q-2018 was attributable to write down of finished goods in the Dubai precast operation.
(vi) Mainly attributable to Singapore precast operation and Environmental Services division.
(2) Cost of sales
Gross profit
The increase in gross profit for 3Q-2018 was due mainly to higher revenue and improved gross profit margin, mostly from the Singapore and Malaysia precast operations and the waste treatment business.
(3) Other income
The decrease for 3Q-2018 was due mainly to lower service income and lower interest income from lower cash balance.
(4) Other gains and losses
THE GROUP
Quarter ended 30
9 months ended 30
September
2018 | 2017 | |||
S$'000 | S$'000 | |||
Fair value gains on derivative financial instruments | - | - | 7 | |
Currency exchange loss - net | (100) | (103) | (507) | (846) |
Insurance claim | 165 | - | 965 | 1,049 |
Gain on disposal of investment properties | - | (11) | - | 3,568 |
Property, plant and equipment | ||||
- Gain / (loss) on disposal and write-off, net | 199 | (23) | (155) | (13) |
- Impairment, net | - | - | (512) | (758) |
Plant closure and restructuring costs | 11 | - | (2,160) | - |
Gain / (loss) on disposal of an associated company | (80) | - | 680 | - |
Others | (53) | (413) | (53) | (587) |
142 | (550) | (1,742) | 2,420 |
-
September 2018 2017
S$'000 S$'000
2
NSL LTD
(Reg. no.: 196100107C)
Notes to the Group's Income Statement (continued)
(5) Distribution costs
The increase was attributable to the precast operation in Malaysia and the Environmental Services division, in line with higher sales.
(6) Administrative expenses
The increase in 3Q-18 was attributable to an increase in staff costs and allowance for doubtful trade debts.
(7) Finance costs
The decrease in finance costs was attributable to a reduction in average borrowings during the respective periods.
(8) Share of results of associated companies, net of tax
The variance in 3Q-2018 was due largely to the share of profits of associate Salzgitter Maschinenbau AG ("SMAG"), of which the Company owns 30% non-controlling equity stake upon completion of the proposed Share Swap which was announced on 13 February 2018. The transaction was completed in 2Q-2018.
(9) Income tax expense
THE GROUP
Note
Quarter ended | 9 months ended |
30 September | 30 September |
2018 2017 | 2018 2017 |
Continuing Operations |
Taxation (charge) / credit for the financial period comprises: |
S$'000 | S$'000 | S$'000 | S$'000 | ||
- Current period taxation | (i) | (678) | 522 | (1,270) | (1) |
- (Under) / over-provision in respect of prior years | (ii) | - | (50) | 14 | (75) |
(678) | 472 | (1,256) | (76) |
(i) Tax expense increased due mainly to higher pre-tax contribution from our PBU unit in Finland. The effective tax rate of the Group was higher than the Singapore corporate tax rate due mainly to losses incurred by certain Group companies which could not be set off against the profits earned by other companies in the Group.
(ii) Over-provision in respect of prior years in 9M-2018 comprised mainly of reversal of deferred tax liabilities.
3
NSL LTD
(Reg. no.: 196100107C)
Statement of Comprehensive Income for Period ended 30 September 2018
Total (loss) / profit for the financial periodOther comprehensive income:
Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations
- (Losses) / gains arising during the period
Gains / (losses) arising from available-for-sale financial assets
Share of other comprehensive losses of associated companies
Income tax relating to components of other comprehensive incomeItems that will not be reclassified subsequently to profit or loss: Gains arising from financial assets at FVOCI*
Other comprehensive (losses) / gains for the period, net of tax
Total comprehensive income for the period, net of tax
Total comprehensive income attributable to: Equity holders of the Company Non-controlling interests
2018 | 2017 | ||
S$'000 | S$'000 | ||
(1,269) | (2,886) | (5,884) | 249 |
(965) | 66 | 2,041 | 537 |
- | 586 | - | (215) |
(534) | (875) | (534) | (1,226) |
49 | - | 56 | 10 |
(1,450) | (223) | 1,563 | (894) |
788 | - | 906 | - |
(662) | (223) | 2,469 | (894) |
(1,931) | (3,109) | (3,415) | (645) |
(1,790) | (3,018) | (3,345) | (330) |
(141) | (91) | (70) | (315) |
(1,931) | (3,109) | (3,415) | (645) |
9 months ended 30 September 2018 2017
*Financial assets measured at fair value through other comprehensive income
Quarter ended 30 SeptemberTHE GROUP
S$'000 S$'000
4
NSL LTD
(Reg. no.: 196100107C)
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
Equity
Share capital
Reserves
Shareholders' equity
Non-controlling interests
Total equity
Current Assets
Inventories
Receivables and prepayments Contract assets
Tax recoverable
Cash and cash equivalents
Investment properties classified as
held-for-sale
Investment in an associated company
classified as held-for-sale
Non-Current Assets
Property, plant and equipment
Investments in subsidiaries
Investments in associated companies
Long term receivables and prepayments
Available-for-sale financial assets
Financial assets, at FVOCI*
Held-to-maturity financial assets
Other investments at amortised cost
Intangible assets
Deferred tax assets
Other non-current assets
Total Assets
Current Liabilities
Borrowings
Trade and other payables Contract liabilities
Tax Current income tax liabilities
Deferred income
Non-Current Liabilities
Provision for retirement benefits
Deferred tax liabilities
Borrowings
Deferred income
Other non-current liabilities
Total Liabilities
30.9.18
Note
S$'000
193,839
368,583
562,422
4,616
567,038
(1)
(2)
478,814
-(3)
- 478,814
(4)
(3)
(5)
699,932
(6)
(5)
(58,579) (59,816)
Net Assets
(132,894) 567,038
*Financial assets measured at fair value through other comprehensive income
THE GROUP
31.12.17
1.1.17
THE COMPANY 30.9.18 31.12.17
S$'000 (restated)
S$'000 (restated)
S$'000 S$'000
193,839
193,839 479,959
193,839 193,839
391,407
168,085 184,652
585,246
673,798 361,924
590,049
4,803
4,577 678,375
- 361,924
514,436
602,942 293,042
378,491 - 378,491
310,219
- 44,369 558,805
9,493
-
-
- 612,435
- 293,042
- 310,219
719,976
814,831
420,503
438,307
(129,927) 590,049
(136,456) 678,375
361,924
378,491
5
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NSL Ltd. published this content on 14 November 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 November 2018 11:18:10 UTC