6th Aug 2009 10:43
|
To: |
Business Editor |
6th August 2009 |
|
For immediate release |
MCL Land Limited
First Half 2009 Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 77%-owned subsidiary, MCL Land Limited.
For further information, please contact:
|
Hongkong Land Limited |
|
|
G M Brown |
(852) 2842 8138 |
|
GolinHarris |
|
|
Sue So |
(852) 2501 7984 |
6th August 2009
MCL LAND LIMITED
FIRST HALF 2009 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
|
• |
Completions of The Fernhill and Tierra Vue |
|
• |
Profit attributable to shareholders US$38.1 million |
"The two completions in the first half of the year, together with the completion of Hillcrest Villa in the second half, will produce an overall satisfactory performance for the full year. These projects are also generating good cash flows that will enhance further the Group's strong financial position."
Y K Pang, Chairman
6th August 2009
Group Results
|
|
|
|
|
Six months ended 30th June |
||||
|
|
|
|
|
2009 |
2008 |
Change |
2009 |
Change |
|
|
|
|
|
US$m |
US$m |
% |
S$m |
% |
|
Revenue |
144.1 |
0.7 |
n/m |
209.5 |
n/m |
|||
|
Profit before tax |
44.4 |
8.2 |
438 |
64.4 |
470 |
|||
|
Profit attributable to shareholders |
38.1 |
8.2 |
365 |
55.4 |
390 |
|||
|
|
|
|
|
US¢ |
US¢ |
|
S¢ |
|
|
Earnings per share |
|
10.29 |
2.22 |
364 |
14.96 |
392 |
||
|
At 30.6.2009 |
At 31.12.2008 |
Change |
At 30.6.2009 |
Change |
||||
|
|
US$m |
US$m |
% |
S$m |
% |
|||
|
Shareholders' funds |
|
|
|
403.8 |
393.9 |
3 |
585.1 |
3 |
|
|
US$ |
US$ |
|
S$ |
|
|||
|
Net asset value per share |
|
1.09 |
1.06 |
3 |
1.58 |
3 |
||
n/m = not meaningful
The exchange rate of US$1=S$1.45 (31.12.2008: US$1=S$1.44) was used for translating assets and liabilities at the balance sheet date and average monthly transaction rates of US$1=S$1.49 (2008: US$1=S$1.38) was used for translating the results for the financial period.
The financial results for the six months ended 30th June 2009 and 30th June 2008 have been prepared based on the International Financial Reporting Standards ("IFRS"). The financial results for 30th June 2009 have not been audited or reviewed by the Auditors.
Overview
There has been increased activity in the residential property market in Singapore recently. This has been principally in the mass and middle markets, although there have also been signs of a revival in the high-end condominium sector. While this is encouraging, it is too early to conclude that a sustainable economic recovery is underway.
Group Performance
MCL Land recorded revenue of US$144.1 million in the first half of 2009, mainly from the recognition of sales proceeds from The Fernhill and Tierra Vue, compared with US$0.7 million in the first half of 2008. Net profit for the first half of 2009 was US$38.1 million, compared with US$8.2 million in the first half of 2008.
Shareholders' funds were US$404 million at the end of June 2009, up marginally from US$394 million at 31st December 2008 following the payment of a one-tier first and final dividend for 2008 of US$25 million in May 2009. The Group's net debt and net gearing at 30th June 2009 were US$97 million and 24% respectively, compared with US$181 million and 46% at the end of 2008.
The Board is not recommending the payment of an interim dividend for the first half of 2009 (2008: nil).
Properties
No new development projects were launched by the Group in Singapore during the period under review. D'Pavilion, a 50-unit apartment development at Upper Serangoon Road, had 28% of the units pre-sold at 30th June 2009, while The Peak@Balmeg, a 180-unit condominium development, had 29% of its units pre-sold. Waterfall Gardens and all but two units at Hillcrest Villa are fully pre-sold.
The Fernhill obtained its Temporary Occupation Permit in March 2009 and net profit of S$2.4 million for five apartments was recognised in the first quarter, while the balance of the net profit of US$9.9 million was recognised in May 2009 upon collection of outstanding sales proceeds from the buyers of 20 apartments. Tierra Vue obtained its Temporary Occupation Permit and contributed a net profit of US$26.3 million in June 2009.
Construction of the Group's various projects continues to progress well. Hillcrest Villa is expected to complete in the second half of 2009. Waterfall Gardens and D'Pavilion are scheduled to complete in 2010, followed by The Peak@Balmeg in 2011. In addition, the Group has seven development projects in Singapore with a total gross floor area of about 158,000 square metres that are at various stages of planning approval.
The Group's joint venture developments in Malaysia continued to perform satisfactorily. Phase 1 of Riana Green had 96% of its units pre-sold at 30th June 2009. Sales of Seremban Forest Heights, the joint venture development in Seremban, continued with 153 of the 270 terrace houses, bungalows, bungalow lots and shop offices now pre-sold.
Wangsa Walk, a retail mall development in Kuala Lumpur by the Group's joint venture company, MSL Properties, is expected to complete in the second half of 2009. Wangsa Walk has net lettable area of 25,000 square metres, of which some 90% has been pre-leased.
Prospects
The two completions in the first half of the year, together with the completion of Hillcrest Villa in the second half, will produce an overall satisfactory performance for the full year. These projects are also generating good cash flows that will enhance further the Group's strong financial position.
Y K Pang
Chairman
6th August 2009
Statement pursuant to Rule 705(5) of the Listing Manual
The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the six months ended 30th June 2009 to be false or misleading in any material respect.
On behalf of the Directors
Y K Pang
Chairman
Hassan Abas
Director
6th August 2009
|
MCL Land Limited
|
||||||||||||
|
Consolidated Profit and Loss Account
|
||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Three months ended
|
|
|
Six months ended
|
|
|
||||
|
|
|
|
30.6.2009
|
|
30.6.2008
|
Change
|
30.6.2009
|
|
30.6.2008
|
Change
|
||
|
|
|
Note
|
US$'000
|
|
US$'000
|
%
|
US$'000
|
|
US$'000
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
135,799
|
|
353
|
|
n/m
|
144,103
|
|
718
|
|
n/m
|
|
|
Cost of sales
|
|
(92,283)
|
|
-
|
|
n/m
|
(97,445)
|
|
-
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
43,516
|
|
353
|
|
n/m
|
46,658
|
|
718
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating income
|
|
384
|
|
3,108
|
-
|
88
|
715
|
|
3,618
|
-
|
80
|
|
|
Property related expenses
|
|
(196)
|
|
(352)
|
-
|
44
|
(342)
|
|
(529)
|
-
|
35
|
|
|
Administrative expenses
|
|
(1,154)
|
|
(1,116)
|
|
3
|
(2,103)
|
|
(1,631)
|
|
29
|
|
|
Share of joint ventures’ results
|
|
(167)
|
|
1,131
|
|
n/m
|
(576)
|
|
6,072
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
2
|
42,383
|
|
3,124
|
|
n/m
|
44,352
|
|
8,248
|
|
438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
|
3
|
(5,689)
|
|
60
|
|
n/m
|
(6,270)
|
|
(50)
|
|
n/m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after tax attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
shareholders
|
|
36,694
|
|
3,184
|
|
n/m
|
38,082
|
|
8,198
|
|
365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US¢
|
|
US¢
|
|
%
|
US¢
|
|
US¢
|
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share ("EPS")
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- basic and diluted*
|
4
|
9.92
|
|
0.86
|
|
n/m
|
10.29
|
|
2.22
|
|
364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m = not meaningful
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Diluted EPS is the same as basic EPS, as there were no outstanding share options.
|
|||||||||||
|
MCL Land Limited
|
|||||
|
Consolidated Statements of Comprehensive Income and Changes in Equity
|
|
||||
|
for the three months ended 30th June
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Comprehensive Income for the three months ended 30th June
|
|||||
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
US$'000
|
|
US$'000
|
|
|
|
|
|
|
|
|
Profit after tax
|
|
36,694
|
|
3,184
|
|
|
|
|
|
|
|
|
|
Translation difference
|
|
18,196
|
|
6,614
|
|
|
|
|
|
|
|
|
|
Total comprehensive income attributable to shareholders
|
54,890
|
|
9,798
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Changes in Equity for the three months ended 30th June
|
|
||||
|
|
|
|
|
|
|
|
|
|
Attributable to shareholders
|
|||
|
|
|
Share
|
Translation
|
Retained
|
Total
|
|
|
|
capital
|
reserve
|
earnings
|
equity
|
|
|
|
US$'000
|
US$'000
|
US$'000
|
US$'000
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
|
|
|
Balance at 1st April
|
276,657
|
88,409
|
9,297
|
374,363
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the financial period
|
-
|
18,196
|
36,694
|
54,890
|
|
|
|
|
|
|
|
|
|
Dividend
|
-
|
-
|
(25,493)
|
(25,493)
|
|
|
|
|
|
|
|
|
|
Balance at 30th June
|
276,657
|
106,605
|
20,498
|
403,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
|
|
|
|
Balance at 1st April
|
276,657
|
129,364
|
147,302
|
553,323
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the financial period
|
-
|
6,614
|
3,184
|
9,798
|
|
|
|
|
|
|
|
|
|
Dividend
|
-
|
-
|
(27,091)
|
(27,091)
|
|
|
|
|
|
|
|
|
|
Balance at 30th June
|
276,657
|
135,978
|
123,395
|
536,030
|
|
|
MCL Land Limited
|
|||||
|
Consolidated Statements of Comprehensive Income and Changes in Equity
|
|
||||
|
for the six months ended 30th June
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Comprehensive Income for the six months ended 30th June
|
|||||
|
|
|
|
|
|
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
US$'000
|
|
US$'000
|
|
|
|
|
|
|
|
|
Profit after tax
|
|
38,082
|
|
8,198
|
|
|
|
|
|
|
|
|
|
Translation difference
|
|
(2,778)
|
|
30,750
|
|
|
|
|
|
|
|
|
|
Total comprehensive income attributable to shareholders
|
35,304
|
|
38,948
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Changes in Equity for the six months ended 30th June
|
|
||||
|
|
|
|
|
|
|
|
|
|
Attributable to shareholders
|
|||
|
|
|
Share
|
Translation
|
Retained
|
Total
|
|
|
|
capital
|
reserve
|
earnings
|
equity
|
|
|
|
US$'000
|
US$'000
|
US$'000
|
US$'000
|
|
|
|
|
|
|
|
|
2009
|
|
|
|
|
|
|
Balance at 1st January
|
276,657
|
109,383
|
7,909
|
393,949
|
|
|
|
|
|
|
|
|
|
Comprehensive (loss)/income for the financial period
|
-
|
(2,778)
|
38,082
|
35,304
|
|
|
|
|
|
|
|
|
|
Dividend
|
-
|
-
|
(25,493)
|
(25,493)
|
|
|
|
|
|
|
|
|
|
Balance at 30th June
|
276,657
|
106,605
|
20,498
|
403,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
|
|
|
|
Balance at 1st January
|
276,657
|
105,228
|
142,288
|
524,173
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the financial period
|
-
|
30,750
|
8,198
|
38,948
|
|
|
|
|
|
|
|
|
|
Dividend
|
-
|
-
|
(27,091)
|
(27,091)
|
|
|
|
|
|
|
|
|
|
Balance at 30th June
|
276,657
|
135,978
|
123,395
|
536,030
|
|
|
MCL Land Limited
|
||||||
|
Consolidated Balance Sheet
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
At
|
|
At
|
|
|
|
|
|
30.6.2009
|
|
31.12.2008
|
|
|
|
Note
|
|
US$'000
|
|
US$'000
|
|
Non-current assets 1
|
|
|
|
|
|
|
|
Plant and equipment
|
|
|
142
|
|
212
|
|
|
Investment properties
|
|
|
15,785
|
|
15,985
|
|
|
Investments in joint ventures
|
|
|
32,788
|
|
34,739
|
|
|
Deferred tax assets
|
|
|
765
|
|
874
|
|
|
|
|
|
|
49,480
|
|
51,810
|
|
Current assets 2
|
|
|
|
|
|
|
|
Development properties for sale
|
|
|
634,621
|
|
683,534
|
|
|
Amounts owing by joint ventures
|
|
|
62,862
|
|
62,018
|
|
|
Debtors and prepayments
|
|
|
54,931
|
|
80,797
|
|
|
Bank balances
|
|
|
173,200
|
|
131,800
|
|
|
|
|
|
|
925,614
|
|
958,149
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
975,094
|
|
1,009,959
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities 3
|
|
|
|
|
|
|
|
Borrowings
|
5
|
|
253,073
|
|
298,242
|
|
|
Deferred tax liabilities
|
|
|
458
|
|
459
|
|
|
Creditors
|
|
|
701
|
|
-
|
|
|
Retention money payable
|
|
|
6,636
|
|
7,137
|
|
|
|
|
|
|
260,868
|
|
305,838
|
|
Current liabilities 4
|
|
|
|
|
|
|
|
Borrowings
|
5
|
|
17,251
|
|
14,871
|
|
|
Amounts owing to joint venture
|
|
|
455
|
|
459
|
|
|
Creditors
|
|
|
277,489
|
|
277,437
|
|
|
Current tax liabilities
|
|
|
15,271
|
|
17,405
|
|
|
|
|
|
|
310,466
|
|
310,172
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
571,334
|
|
616,010
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
403,760
|
|
393,949
|
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
Share capital and reserves
|
|
|
|
|
|
|
|
Share capital
|
|
|
276,657
|
|
276,657
|
|
|
Translation reserve
|
|
|
106,605
|
|
109,383
|
|
|
Retained earnings
|
|
|
20,498
|
|
7,909
|
|
|
Shareholders' funds
|
|
|
403,760
|
|
393,949
|
|
|
|
|
|
|
|
|
|
|
Net asset value per share
|
|
|
US$1.09
|
|
US$1.06
|
|
|
Explanatory notes on material variances:
|
|
|
1
|
The decrease in non-current assets at 30.6.2009 as compared to 31.12.2008 is mainly due to the loss incurred from the Group's joint ventures and translation loss.
|
|
2
|
The decrease in current assets is mainly due to lower development properties for sale from the completion of The Fernhill and Tierra Vue in March and June 2009 respectively. This is partially offset by higher bank balances arising from progress billings collected from the Group's development properties.
|
|
3
|
The lower non-current liabilities at 30.6.2009 as compared to 31.12.2008 is mainly due to repayment of longterm bank loans during the financial period from progress billings collected from the Group's development properties.
|
|
4
|
The higher current liabilities at 30.6.2009 as compared to 31.12.2008 is mainly due to the increase in short-term bank loans during the financial period partially offset by payment of income tax.
|
|
MCL Land Limited |
||||
|
Company Balance Sheet |
||||
|
At |
At |
|||
|
30.6.2009 |
31.12.2008 |
|||
|
US$'000 |
US$'000 |
|||
|
Non-current assets |
||||
|
Plant and equipment |
120 |
182 |
||
|
Interests in subsidiaries |
57,804 |
58,909 |
||
|
Investments in joint ventures |
27,578 |
27,773 |
||
|
85,502 |
86,864 |
|||
|
Current assets |
||||
|
Amounts owing by subsidiaries |
236,672 |
353,289 |
||
|
Amounts owing by joint ventures |
62,862 |
62,018 |
||
|
Debtors and prepayments |
281 |
280 |
||
|
Bank balances |
120,342 |
70,916 |
||
|
420,157 |
486,503 |
|||
|
Total assets |
505,659 |
573,367 |
||
|
Non-current liability |
||||
|
Borrowings |
44,852 |
45,170 |
||
|
Current liabilities |
||||
|
Borrowings |
17,251 |
9,034 |
||
|
Amounts owing to subsidiaries |
68,953 |
35,564 |
||
|
Amounts owing to joint venture |
455 |
459 |
||
|
Creditors |
2,611 |
3,336 |
||
|
Current tax liabilities |
135 |
2,284 |
||
|
89,405 |
50,677 |
|||
|
Total liabilities |
134,257 |
95,847 |
||
|
|
|
|||
|
Net assets |
371,402 |
477,520 |
||
|
Equity: |
||||
|
Share capital and reserves |
||||
|
Share capital |
276,657 |
276,657 |
||
|
Translation reserve |
90,169 |
96,048 |
||
|
Retained earnings |
4,576 |
104,815 |
||
|
Shareholders' funds |
371,402 |
477,520 |
||
|
Net asset value per share |
US$1.00 |
US$1.29 |
||
|
MCL Land Limited
|
||||
|
Company Statements of Comprehensive Income and Changes in Equity
|
|
|
|
|
|
for the three months ended 30th June
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Statement of Comprehensive Income for the three months ended 30th June
|
|
|
||
|
|
|
|
|
|
|
|
|
2009
|
|
2008
|
|
|
|
US$'000
|
|
US$'000
|
|
|
|
|
|
|
|
(Loss)/Profit after tax
|
|
(23,541)
|
|
3,231
|
|
|
|
|
|
|
|
Translation difference
|
|
19,630
|
|
6,143
|
|
|
|
|
|
|
|
Total comprehensive (loss)/income attributable to shareholders
|
(3,911)
|
|
9,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Statement of Changes in Equity for the three months ended 30th June
|
|
|
||
|
|
|
|
|
|
|
|
Attributable to shareholders
|
|||
|
|
Share
|
Translation
|
Retained
|
Total
|
|
|
capital
|
Reserve
|
Earnings
|
equity
|
|
|
US$'000
|
US$'000
|
US$'000
|
US$'000
|
|
|
|
|
|
|
|
2009
|
|
|
|
|
|
Balance at 1st April
|
276,657
|
70,539
|
53,610
|
400,806
|
|
|
|
|
|
|
|
Comprehensive income/(loss) for the financial period
|
-
|
19,630
|
(23,541)
|
(3,911)
|
|
|
|
|
|
|
|
Dividend
|
-
|
-
|
(25,493)
|
(25,493)
|
|
|
|
|
|
|
|
Balance at 30th June
|
276,657
|
90,169
|
4,576
|
371,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
|
|
|
|
|
Balance at 1st April
|
276,657
|
114,402
|
84,610
|
475,669
|
|
|
|
|
|
|
|
Comprehensive income for the financial period
|
-
|
6,143
|
3,231
|
9,374
|
|
|
|
|
|
|
|
Dividend
|
-
|
-
|
(27,091)
|
(27,091)
|
|
|
|
|
|
|
|
Balance at 30th June
|
276,657
|
120,545
|
60,750
|
457,952
|
|
MCL Land Limited |
||||
|
Company Statements of Comprehensive Income and Changes in Equity |
||||
|
for the six months ended 30th June |
|
|
|
|
|
Company Statement of Comprehensive Income for the six months ended 30th June |
||||
|
2009 |
2008 |
|||
|
US$'000 |
US$'000 |
|||
|
(Loss)/Profit after tax |
(74,746) |
2,887 |
||
|
Translation difference |
(5,879) |
27,184 |
||
|
Total comprehensive (loss)/income attributable to shareholders |
(80,625) |
30,071 |
||
|
Company Statement of Changes in Equity for the six months ended 30th June |
||||
|
Attributable to shareholders |
||||
|
Share |
Translation |
Retained |
Total |
|
|
capital |
Reserve |
Earnings |
Equity |
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
|
2009 |
||||
|
Balance at 1st January |
276,657 |
96,048 |
104,815 |
477,520 |
|
Comprehensive loss for the financial period |
- |
(5,879) |
(74,746) |
(80,625) |
|
Dividend |
- |
- |
(25,493) |
(25,493) |
|
|
|
|
|
|
|
Balance at 30th June |
276,657 |
90,169 |
4,576 |
371,402 |
|
|
|
|
|
|
|
2008 |
||||
|
Balance at 1st January |
276,657 |
93,361 |
84,954 |
454,972 |
|
Comprehensive income for the financial period |
- |
27,184 |
2,887 |
30,071 |
|
Dividend |
- |
- |
(27,091) |
(27,091) |
|
|
|
|
|
|
|
Balance at 30th June |
276,657 |
120,545 |
60,750 |
457,952 |
|
MCL Land Limited
|
|||||||||
|
Consolidated Statement of Cash Flows
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
Six months ended
|
||||
|
|
|
|
30.6.2009
|
|
30.6.2008
|
|
30.6.2009
|
|
30.6.2008
|
|
|
|
|
US$'000
|
|
US$'000
|
|
US$'000
|
|
US$'000
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax
|
42,383
|
|
3,124
|
|
44,352
|
|
8,248
|
||
|
Non-cash items
|
|
|
|
|
|
|
|
||
|
|
Interest income
|
(243)
|
|
(387)
|
|
(545)
|
|
(810)
|
|
|
|
Financing charges
|
|
|
|
|
|
|
|
|
|
|
Share of joint ventures' results
|
167
|
|
(1,131)
|
|
576
|
|
(6,072)
|
|
|
|
Depreciation
|
35
|
|
43
|
|
72
|
|
86
|
|
|
|
Loss on disposal of plant and equipment
|
1
|
|
-
|
|
1
|
|
-
|
|
|
|
Unrealised translation gain
|
(2)
|
|
(10)
|
|
(2)
|
|
(9)
|
|
|
|
|
|
(42)
|
|
(1,485)
|
|
102
|
|
(6,805)
|
|
Operating profit before working capital changes
|
42,341
|
|
1,639
|
|
44,454
|
|
1,443
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Changes in working capital
|
|
|
|
|
|
|
|
||
|
|
Development properties for sale
|
64,241
|
|
(191,864)
|
|
48,031
|
|
(277,828)
|
|
|
|
Amounts owing by joint ventures
|
929
|
|
39,364
|
|
(112)
|
|
39,696
|
|
|
|
Debtors and prepayments
|
13,426
|
|
30,253
|
|
24,703
|
|
144,213
|
|
|
|
Creditors
|
(14,468)
|
|
26,732
|
|
1,103
|
|
44,880
|
|
|
|
|
|
64,128
|
|
(95,515)
|
|
73,725
|
|
(49,039)
|
|
Cash flows generated from/(used in) operations
|
106,469
|
|
(93,876)
|
|
118,179
|
|
(47,596)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest paid
|
(1,516)
|
|
(2,327)
|
|
(2,804)
|
|
(4,433)
|
|
|
|
Interest received
|
263
|
|
374
|
|
557
|
|
846
|
|
|
|
Income tax paid
|
(7,525)
|
|
(6,759)
|
|
(8,134)
|
|
(6,799)
|
|
|
|
|
|
(8,778)
|
|
(8,712)
|
|
(10,381)
|
|
(10,386)
|
|
|
Net cash flows generated from/(used in) operating activities 5
|
97,691
|
|
(102,588)
|
|
107,798
|
|
(57,982)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
||
|
|
Purchase of plant and equipment
|
(4)
|
|
-
|
|
(6)
|
|
(10)
|
|
|
|
Net cash flows used in investing activities
|
(4)
|
|
-
|
|
(6)
|
|
(10)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
||
|
|
Drawdown of loans
|
51,357
|
|
148,605
|
|
51,654
|
|
206,868
|
|
|
|
Repayment of loans
|
(56,483)
|
|
(46,136)
|
|
(90,339)
|
|
(140,479)
|
|
|
|
Dividend paid
|
(25,493)
|
|
(27,091)
|
|
(25,493)
|
|
(27,091)
|
|
|
|
Net cash flows (used in)/provided by financing activities 6
|
(30,619)
|
|
75,378
|
|
(64,178)
|
|
39,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents
|
67,068
|
|
(27,210)
|
|
43,614
|
|
(18,694)
|
||
|
Cash and cash equivalents at the beginning of the
|
|
|
|
|
|
|
|
||
|
|
financial period
|
101,349
|
|
91,280
|
|
131,800
|
|
78,419
|
|
|
Effect of exchange rate changes
|
4,783
|
|
1,048
|
|
(2,214)
|
|
5,393
|
||
|
Cash and cash equivalents at the end of the financial period
|
173,200
|
|
65,118
|
|
173,200
|
|
65,118
|
||
|
|
|||||||||
|
Explanatory notes on material variances:
|
|||||||||
|
5
|
The net generated from operating activities for the six months ended 30th June 2009 relates mainly to progress billings collected from the Group's development properties.
|
||||||||
|
6
|
The net cash flows used in financing activities for the six months ended 30th June 2009 relates mainly to long-term bank loans repaid from the progress billings collected from the Group's development properties and dividend paid on 26th May 2009.
|
||||||||
|
MCL Land Limited
|
|
|
|
|||
|
Notes
|
|
|
|
|||
|
1
|
Accounting policies and basis of preparation
|
|||||
|
|
The financial statements contained in this announcement are prepared in accordance with the accounting policies and methods of computation set out in the 2008 audited accounts, which are based on International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies set out in the 2008 audited accounts except for the adoption of the new standards, amendments and interpretations to the existing standards which are relevant to its operations shown below:
|
|||||
|
|
|
IAS 1 (Revised 2007)
|
Presentation of Financial Statements
|
|
||
|
|
|
IAS 23 (Revised 2007)
|
Borrowing Costs
|
|
||
|
|
|
Amendments to IFRS 1 and
|
Cost of an investment in Subsidiary, Jointly Controlled Entity or
|
|
||
|
|
|
|
Associate
|
|
||
|
|
|
Amendment to IFRS 2
|
Share-based Payment
|
|
||
|
|
|
Amendment to IFRS 7
|
Improving Disclosures about Financial Instruments
|
|
||
|
|
|
IFRS 8
|
Operating Segments
|
|
||
|
|
|
IFRIC 15
|
Agreements for Construction of Real Estate
|
|
||
|
|
|
IFRIC 16
|
Hedges of a Net Investment in a Foreign Operation
|
|
||
|
|
|
Improvements to IFRS (2008)
|
Amendments to IAS 1, 16, 19, 23, 27, 28, 36, 38, 39 and 40
|
|
||
|
|
|
The adoption of the above standards, amendments and interpretations did not have a material impact on the results of the Group. |
|
|||
|
2 |
Profit |
|
||||||||||
|
Group |
||||||||||||
|
Three months ended |
Six months ended |
|||||||||||
|
30.6.2009 |
30.6.2008 |
Change |
30.6.2009 |
30.6.2008 |
Change |
|||||||
|
US$'000 |
US$'000 |
% |
US$'000 |
US$'000 |
% |
|||||||
|
Profit before tax is determined after including: |
||||||||||||
|
Net exchange (loss)/gain |
(1) |
(2) |
- |
50 |
- |
12 |
- |
100 |
||||
|
Rental income |
278 |
353 |
- |
21 |
545 |
718 |
- |
24 |
||||
|
Interest income |
243 |
387 |
- |
37 |
545 |
810 |
- |
33 |
||||
|
Depreciation on plant and equipment |
(35) |
(43) |
- |
19 |
(72) |
(86) |
- |
16 |
||||
|
Loss on disposal of plant and equipment |
- |
n/m |
(1) |
- |
n/m |
|||||||
|
(1) |
||||||||||||
|
n/m = not meaningful |
||||||||||||
|
3 |
Tax |
|
The provision for income tax is based on the statutory tax rates prevailing in the respective countries in which Group companies operate after taking into account expenses which are not tax deductible, income not subject to tax and Group tax relief. |
|
4 |
Earnings per share* |
||||||||
|
Group |
|||||||||
|
Three months ended |
Six months ended |
||||||||
|
30.6.2009 |
30.6.2008 |
30.6.2009 |
30.6.2008 |
||||||
|
Basic earnings per share* |
|||||||||
|
Profit attributable to shareholders (US$'000) |
36,694 |
3,184 |
38,082 |
8,198 |
|||||
|
Weighted average number of ordinary shares |
|||||||||
|
in issue ('000) |
369,986 |
369,986 |
369,986 |
369,986 |
|||||
|
Basic earnings per share (US¢) |
9.92 |
0.86 |
10.29 |
2.22 |
|||||
|
* Diluted EPS is the same as basic EPS, as there were no outstanding share options. |
|||||||||
|
5 |
Group borrowings |
||||||||
|
Group |
|||||||||
|
At |
At |
||||||||
|
30.6.2009 |
31.12.2008 |
||||||||
|
US$'000 |
US$'000 |
||||||||
|
Borrowings due within one year |
|||||||||
|
- unsecured |
17,251 |
9,034 |
|||||||
|
- secured |
- |
5,837 |
|||||||
|
17,251 |
14,871 |
||||||||
|
Borrowings due after one year |
|||||||||
|
- unsecured |
44,852 |
45,170 |
|||||||
|
- secured |
208,221 |
253,072 |
|||||||
|
253,073 |
298,242 |
||||||||
|
270,324 |
313,113 |
||||||||
|
Certain subsidiaries of the Company have mortgaged their development properties as security for bank loans. The net book value of properties mortgaged as at 30th June 2009 was US$350.6 million (31st December 2008: US$296.6 million). |
|||||||||
|
6 |
Interested person transactions |
|||||
|
Aggregate value of all interested person transactions (excluding transactions less than S$100,000 and transactions conducted under the shareholders' mandate pursuant to Rule 920) |
Aggregate value of interested person transactions conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than S$100,000) |
|||||
|
Name of interested person |
||||||
|
US$'000 |
US$'000 |
|||||
|
Three months ended 30th June 2009 |
||||||
|
Jardine Matheson Limited |
||||||
|
- Internal audit fee |
- |
26 |
||||
|
Six months ended 30th June 2009 |
||||||
|
Jardine Matheson Limited |
||||||
|
- Internal audit fee |
- |
95 |
||||
|
7 |
Issue of shares |
|
There have been no changes in the issued share capital of the Company since 31st December 2008. |
|
|
There are no outstanding convertibles issued or treasury shares held by the Company as at 30th June 2009. |
|
|
The total number of issued share capital (excluding treasury shares) as at 30th June 2009 and 31st December 2008 was 369,985,977. |
|
8 |
Others |
|
The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material and unusual nature. No significant transaction or event has occurred between 30th June 2009 and the date of this report. |
|
For further information, please contact: |
|
|
MCL Land Limited |
|
|
Steve Chu |
|
|
Full text of the Financial Statements and Dividend Announcement for the six months ended 30th June 2009 can be accessed through the internet at www.mclland.com.sg. |
|
|
- end - |
|
Related Shares:
H.k.land