25th Feb 2010 11:52
To: Business Editor 25th February 2010
For immediate release
MCL Land Limited
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
25th February 2010
MCL LAND LIMITED
2009 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
·; Record profit of US$154 million
·; Completion of The Fernhill, Tierra Vue and Hillcrest Villa
·; Parvis launched in November with 56% of the units sold
"Sales of residential properties in Singapore are expected to continue at a reasonable level while economic conditions continue to improve, subject to the introduction of government measures to reduce activity in the sector. The Group's results for 2010 will benefit from the completions of Waterfall Gardens and D'Pavilion in Singapore."
Y K Pang, Chairman
25th February 2010
Group Results
|
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|
Financial year ended 31st December |
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|
|
|
|
|
2009 |
2008 |
Change |
2009 |
Change |
|
|
|
|
|
US$m |
US$m |
% |
S$m |
% |
|
Revenue |
|
|
452.7 |
343.1 |
32 |
645.4 |
26 |
|
|
Write down of development properties for sale |
- |
(180.2) |
- 100 |
- |
- 100 |
|||
|
Profit/(loss) before tax |
|
|
184.1 |
(93.9) |
n/m |
261.7 |
n/m |
|
|
Profit/(loss) attributable to shareholders |
153.7 |
(107.3) |
n/m |
218.5 |
n/m |
|||
|
|
|
|
|
US¢ |
US¢ |
|
S¢ |
|
|
Earnings/(loss) per share |
|
41.53 |
(29.00) |
n/m |
59.05 |
n/m |
||
|
Gross dividend per share |
|
8.91 |
6.95 |
28 |
12.50 |
25 |
||
|
|
|
|
|
At 31.12.2009 |
At 31.12.2008 |
Change |
At 31.12.2009 |
Change |
|
|
|
|
|
US$m |
US$m |
% |
S$m |
% |
|
Shareholders' funds |
|
|
|
533.2 |
393.9 |
35 |
748.2 |
32 |
|
|
|
|
|
US$ |
US$ |
|
S$ |
|
|
Net asset value per share |
|
1.44 |
1.06 |
36 |
2.02 |
32 |
||
n/m = not meaningful
The exchange rate of US$1=S$1.40 (31.12.2008: US$1=S$1.44) was used for translating assets and liabilities at the balance sheet date. Average monthly transaction rates were used for translating the results for the financial year (average for 2009: US$1=S$1.45, 2008: US$1=S$1.41).
The financial results for the financial year ended 31st December 2009 and 31st December 2008 have been prepared in accordance with International Financial Reporting Standards ("IFRS"). The financial results for 31st December 2009 have not been audited or reviewed by the Auditors.
Overview
Sales of new private homes in Singapore recovered in 2009 with 14,688 units transacted for the year, more than three times the level in 2008 and similar to the number sold in 2007. The volume was driven primarily by pent-up demand in the mass market, strong liquidity and a more positive economic outlook. This improved market sentiment also flowed through to mid and high-end sectors of the market. The pace of activity slowed, however, towards the end of the third quarter and into the fourth quarter following concerns that the government may introduce measures to curb speculative activity.
Group Performance
The completion of three developments, The Fernhill, Tierra Vue and Hillcrest Villa, enabled MCL Land to achieve record revenues of US$453 million for the year ended 31st December 2009, an increase of 32% over 2008. The underlying profit for the year was US$154 million, compared with an underlying loss of US$106 million in 2008, which had included a US$180 million write down of development properties. The profit attributable to shareholders for 2009 reached a record high of US$154 million, compared with a loss of US$107 million for the prior year. The value of the Group's development properties at the end of the financial year continued to reflect the right down of US$180 million made at the end of the previous year.
Shareholders' funds were US$533 million at the end of 2009, US$139 million higher than the previous year end. Progress payments received from development properties enabled the Group to record net cash of US$93 million at the end of 2009, compared with net debt and net gearing of US$181 million and 46%, respectively, at the end of 2008.
The Board is recommending a first and final dividend of S¢12.50 per share payable on 26th May 2010, an increase of 25% from 2008.
Properties
Parvis, a freehold condominium joint venture development at Holland Road, met with a good response upon its launch in November with 56% of its 248 units committed at the year end. By 31st December 2009, pre-sales had reached 44% at D'Pavilion, a 50-unit apartment development at Upper Serangoon Road, and 90% at The Peak@Balmeg, a 180-unit condominium development at Balmeg Road. In addition, all but two of the 163 units at Hillcrest Villa had been sold.
The Fernhill and Tierra Vue were completed in the first half of the year, and together contributed a net profit of US$39 million. Hillcrest Villa was completed in September 2009 enabling a profit of US$113 million to be recognised.
Construction of the Group's development projects is progressing well. Waterfall Gardens and D'Pavilion are scheduled to complete in 2010, followed by The Peak@Balmeg in 2011. In addition, the Group has a further six development projects in Singapore with a total gross floor area of some 121,000 sq. m that will be launched progressively over the next few years.
The Group's joint venture developments in Malaysia are on track. Phase 1 of Riana Green was 99% pre-sold at the end of 2009, while at Seremban Forest Heights, a joint venture development in Seremban, 203 of the 396 terrace houses, bungalows, bungalow lots and shop offices were pre-sold.
Wangsa Walk in Kuala Lumpur, a joint venture retail mall development with a net lettable area of 25,000 sq. m, completed in September with 77% of its space leased.
Prospects
Sales of residential properties in Singapore are expected to continue at a reasonable level while economic conditions continue to improve, subject to the introduction of government measures to reduce activity in the sector. The Group's results for 2010 will benefit from the completions of Waterfall Gardens and D'Pavilion in Singapore.
Y K Pang
Chairman
25th February 2010
|
MCL Land Limited |
||||||||||
|
Consolidated Profit and Loss Account for the financial year ended 31st December |
||||||||||
|
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|
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|
|
|
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|
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|
|
|
|
|
|
|
|
2009 |
|
2008 |
|
Change |
|
|
|
|
|
Note |
|
US$'000 |
|
US$'000 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
2 |
|
452,688 |
|
343,056 |
|
32 |
|||
|
Cost of sales |
|
|
(267,867) |
|
(262,134) |
|
2 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
184,821 |
|
80,922 |
|
128 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income/(expenses) |
3 |
|
12,025 |
|
(174,173) |
|
n/m |
|||
|
Marketing expenses |
|
|
(1,217) |
|
(1,876) |
|
- 35 |
|||
|
Administrative expenses |
|
|
(7,414) |
|
(2,949) |
|
151 |
|||
|
Share of joint ventures' results (net of tax) |
|
|
(4,128) |
|
4,128 |
|
n/m |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) before tax |
2 |
|
184,087 |
|
(93,948) |
|
n/m |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax |
4 |
|
(30,436) |
|
(13,340) |
|
128 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) after tax attributable to shareholders |
|
|
|
|
|
|
||||
|
|
|
of the Company |
|
|
153,651 |
|
(107,288) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
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|
|
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|
US¢ |
|
US¢ |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss) per share ("EPS") attributable to |
|
|
|
|
|
|
||||
|
|
|
shareholders |
|
|
|
|
|
|
|
|
|
|
|
- basic and diluted* |
6 |
|
41.53 |
|
(29.00) |
|
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
|
|
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|
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|
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|
n/m = not meaningful |
|
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|
|
|
|
|||
|
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|
|
|
|
|
|
|
|
|
|
|
* |
Diluted EPS is the same as basic EPS, as there were no oustanding dilutive potential ordinary shares. |
|||||||||
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|
|
|
|
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|
MCL Land Limited |
|||||
|
Consolidated Statements of Comprehensive Income and Changes in Equity |
|||||
|
for the financial year ended 31st December |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Comprehensive Income for the financial year ended 31st December |
|||||
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
2008 |
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
Profit/(Loss) after tax |
|
153,651 |
|
(107,288) |
|
|
|
|
|
|
|
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
Translation difference |
|
11,121 |
|
4,155 |
|
|
|
|
|
|
|
|
Total comprehensive income/(loss) attributable to shareholders |
|
|
|
||
|
|
of the Company |
|
164,772 |
|
(103,133) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Statement of Changes in Equity for the financial year ended 31st December |
|||||
|
|
|
|
|
|
|
|
|
|
Attributable to shareholders |
|||
|
|
|
Share |
Translation |
Retained |
Total |
|
|
|
Capital |
Reserve |
earnings |
equity |
|
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
Balance at 1st January |
276,657 |
109,383 |
7,909 |
393,949 |
|
|
|
|
|
|
|
|
|
Total comprehensive income for the financial year |
- |
11,121 |
153,651 |
164,772 |
|
|
|
|
|
|
|
|
|
Dividend (Note 5) |
- |
- |
(25,493) |
(25,493) |
|
|
|
|
|
|
|
|
|
Balance at 31st December |
276,657 |
120,504 |
136,067 |
533,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008 |
|
|
|
|
|
|
Balance at 1st January |
276,657 |
105,228 |
142,288 |
524,173 |
|
|
|
|
|
|
|
|
|
Total comprehensive income/(loss) for the financial year |
- |
4,155 |
(107,288) |
(103,133) |
|
|
|
|
|
|
|
|
|
Dividend (Note 5) |
- |
- |
(27,091) |
(27,091) |
|
|
|
|
|
|
|
|
|
Balance at 31st December |
276,657 |
109,383 |
7,909 |
393,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The number of issued ordinary shares as at 31st December 2009 was 369,985,977 (2008: 369,985,977). The Company did not hold any treasury shares as at 31st December 2009 and 2008. |
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|
MCL Land Limited |
|||||||||
|
Consolidated Balance Sheet |
|||||||||
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|
|
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|
|
|
|
|
|
|
|
|
|
At |
|
At |
|
|
|
|
|
|
|
|
31.12.2009 |
|
31.12.2008 |
|
|
|
|
|
|
Note |
|
US$'000 |
|
US$'000 |
|
Non-current assets 1 |
|
|
|
|
|
|
|
||
|
Plant and equipment |
|
|
|
|
346 |
|
212 |
||
|
Investment properties |
|
|
|
|
15,382 |
|
15,985 |
||
|
Investments in joint ventures |
|
|
30,317 |
|
34,739 |
||||
|
Deferred tax assets |
|
|
|
|
690 |
|
874 |
||
|
|
|
|
|
|
|
|
46,735 |
|
51,810 |
|
Current assets 2 |
|
|
|
|
|
|
|||
|
Development properties for sale |
|
|
|
543,409 |
|
683,534 |
|||
|
Amounts owing by joint ventures |
|
|
|
72,466 |
|
62,018 |
|||
|
Debtors and prepayments |
|
|
|
67,534 |
|
80,797 |
|||
|
Bank balances |
|
|
|
192,464 |
|
131,800 |
|||
|
|
|
|
|
|
|
|
875,873 |
|
958,149 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
922,608 |
|
1,009,959 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities 3 |
|
|
|
|
|
|
|||
|
Borrowings |
|
|
|
8 |
|
90,194 |
|
298,242 |
|
|
Deferred tax liabilities |
|
|
|
|
270 |
|
459 |
||
|
Creditors |
|
|
|
|
|
7,254 |
|
7,137 |
|
|
|
|
|
|
|
|
|
97,718 |
|
305,838 |
|
Current liabilities 4 |
|
|
|
|
|
|
|
||
|
Borrowings |
|
|
|
8 |
|
9,550 |
|
14,871 |
|
|
Amounts owing to joint venture |
|
|
|
482 |
|
459 |
|||
|
Creditors |
|
|
|
|
|
249,038 |
|
277,437 |
|
|
Current tax liabilities |
|
|
|
|
32,592 |
|
17,405 |
||
|
|
|
|
|
|
|
|
291,662 |
|
310,172 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
389,380 |
|
616,010 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
Net assets |
|
|
|
|
|
533,228 |
|
393,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
Share capital and reserves |
|
|
|
|
|
||||
|
Share capital |
|
|
|
276,657 |
|
276,657 |
|||
|
Translation reserve |
|
|
|
|
120,504 |
|
109,383 |
||
|
Retained earnings |
|
|
|
136,067 |
|
7,909 |
|||
|
Shareholders' funds |
|
|
|
|
533,228 |
|
393,949 |
||
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value per share |
|
|
|
US$1.44 |
|
US$1.06 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
Explanatory notes on material variances: |
|
|
|
|
|||||
|
1 |
The decrease in non-current assets at 31.12.2009 as compared to 31.12.2008 is mainly due to the loss incurred from the Group's joint ventures. |
||||||||
|
2 |
The decrease in current assets is mainly due to recognition of the cost of development properties for sale in the profit and loss account upon the projects' completion during the current financial year. This is partially offset by higher bank balances from progress billings collected from the Group's development properties. |
||||||||
|
3 |
The lower non-current liabilities at 31.12.2009 as compared to 31.12.2008 is mainly due to repayment of long-term bank loans during the financial year from progress billings collected from the Group's development properties. |
||||||||
|
4 |
The lower current liabilities at 31.12.2009 as compared to 31.12.2008 is mainly due to repayment of short-term bank loans during the financial year from progress billings collected and payment to creditors during the current financial year. This is partially offset by higher provision of income tax for the Group's taxable profit. |
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|
MCL Land Limited |
|||||||||
|
Company Balance Sheet |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At |
|
At |
|
|
|
|
|
|
|
|
31.12.2009 |
|
31.12.2008 |
|
|
|
|
|
|
|
|
US$'000 |
|
US$'000 |
|
Non-current assets |
|
|
|
|
|
|
|
||
|
Plant and equipment |
|
|
|
|
325 |
|
182 |
||
|
Interests in subsidiaries |
|
|
|
|
57,561 |
|
58,909 |
||
|
Investments in joint ventures |
|
|
28,482 |
|
27,773 |
||||
|
|
|
|
|
|
|
|
86,368 |
|
86,864 |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|||
|
Amounts owing by subsidiaries |
|
|
|
273,493 |
|
353,289 |
|||
|
Amounts owing by joint ventures |
|
|
|
72,466 |
|
62,018 |
|||
|
Debtors and prepayments |
|
|
318 |
|
280 |
||||
|
Bank balances |
|
|
135,281 |
|
70,916 |
||||
|
|
|
|
|
|
|
|
481,558 |
|
486,503 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
|
|
|
567,926 |
|
573,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liability |
|
|
|
|
|
|
|
||
|
Borrowings |
|
|
|
|
|
- |
|
45,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|||
|
Borrowings |
|
|
|
|
|
- |
|
9,034 |
|
|
Amounts owing to subsidiaries |
|
|
126,061 |
|
35,564 |
||||
|
Amounts owing to joint venture |
|
|
|
482 |
|
459 |
|||
|
Creditors |
|
|
|
|
|
3,734 |
|
3,336 |
|
|
Current tax liabilities |
|
|
|
|
721 |
|
2,284 |
||
|
|
|
|
|
|
|
|
130,998 |
|
50,677 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
|
130,998 |
|
95,847 |
|||
|
Net assets |
|
|
|
|
|
436,928 |
|
477,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
Share capital and reserves |
|
|
|
|
|
||||
|
Share capital |
|
|
|
|
276,657 |
|
276,657 |
||
|
Translation reserve |
|
|
|
|
102,236 |
|
96,048 |
||
|
Retained earnings |
|
|
58,035 |
|
104,815 |
||||
|
Shareholders' funds |
|
|
|
|
436,928 |
|
477,520 |
||
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value per share |
|
|
US$1.18 |
|
US$1.29 |
||||
|
MCL Land Limited |
|||||
|
Company Statements of Comprehensive Income and Changes in Equity |
|||||
|
for the financial year ended 31st December |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Statement of Comprehensive Income for the financial year ended 31st December |
|||||
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
2008 |
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
(Loss)/Profit after tax |
|
(21,287) |
|
46,952 |
|
|
|
|
|
|
|
|
|
Other comprehensive income: |
|
|
|
|
|
|
|
Translation difference |
|
6,188 |
|
2,687 |
|
|
|
|
|
|
|
|
Total comprehensive (loss)/income attributable to shareholders |
|||||
|
|
of the Company |
|
(15,099) |
|
49,639 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Statement of Changes in Equity for the financial year ended 31st December |
|||||
|
|
|
|
|
|
|
|
|
|
Attributable to shareholders |
|||
|
|
|
Share |
Translation |
Retained |
Total |
|
|
|
Capital |
reserve |
Earnings |
Equity |
|
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
Balance at 1st January |
276,657 |
96,048 |
104,815 |
477,520 |
|
|
|
|
|
|
|
|
|
Total comprehensive income/(loss) for the financial year |
- |
6,188 |
(21,287) |
(15,099) |
|
|
|
|
|
|
|
|
|
Dividend (Note 5) |
- |
- |
(25,493) |
(25,493) |
|
|
|
|
|
|
|
|
|
Balance at 31st December |
276,657 |
102,236 |
58,035 |
436,928 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008 |
|
|
|
|
|
|
Balance at 1st January |
276,657 |
93,361 |
84,954 |
454,972 |
|
|
|
|
|
|
|
|
|
Total comprehensive income for the financial year |
- |
2,687 |
46,952 |
49,639 |
|
|
|
|
|
|
|
|
|
Dividend (Note 5) |
- |
- |
(27,091) |
(27,091) |
|
|
|
|
|
|
|
|
|
Balance at 31st December |
276,657 |
96,048 |
104,815 |
477,520 |
|
|
MCL Land Limited |
|||||||
|
Consolidated Statement of Cash Flows for the financial year ended 31st December |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
2008 |
|
|
|
|
Note |
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) before tax |
|
|
184,087 |
|
(93,948) |
||
|
Non-cash items |
|
|
|
|
|
||
|
|
Interest income |
|
|
(7,746) |
|
(1,361) |
|
|
|
Share of joint ventures' results |
|
|
4,128 |
|
(4,128) |
|
|
|
Depreciation |
|
|
128 |
|
165 |
|
|
|
Write down of development properties for sale |
3 |
|
- |
|
180,245 |
|
|
|
Fair value losses for investment properties |
|
|
881 |
|
1,030 |
|
|
|
Unrealised translation gains |
|
|
(2) |
|
(13) |
|
|
|
(Profit)/Loss on disposal of plant and equipment |
|
|
(70) |
|
2 |
|
|
|
|
|
|
|
(2,681) |
|
175,940 |
|
Operating profit before working capital changes |
|
|
181,406 |
|
81,992 |
||
|
|
|
|
|
|
|
|
|
|
Changes in working capital |
|
|
|
|
|
||
|
|
Development properties for sale |
|
|
155,972 |
|
(123,643) |
|
|
|
Amount owing by joint ventures |
|
|
(871) |
|
41,444 |
|
|
|
Debtors and prepayments |
|
|
15,454 |
|
95,956 |
|
|
|
Creditors |
|
|
(35,708) |
|
(7,166) |
|
|
|
|
|
|
|
134,847 |
|
6,591 |
|
Cash flows generated from operations |
|
|
316,253 |
|
88,583 |
||
|
|
|
|
|
|
|
|
|
|
|
Interest received |
|
|
959 |
|
1,419 |
|
|
|
Income tax paid |
|
|
(15,580) |
|
(12,897) |
|
|
|
|
|
|
|
(14,621) |
|
(11,478) |
|
|
Net cash flows generated from operating activities 5 |
|
|
301,632 |
|
77,105 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
||
|
|
Purchase of plant and equipment |
|
|
(263) |
|
(24) |
|
|
|
Net proceeds from sale of plant and equipment |
|
|
71 |
|
1 |
|
|
|
Net cash flows used in investing activities |
|
|
(192) |
|
(23) |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
||
|
|
Dividend paid |
5 |
|
(25,493) |
|
(27,091) |
|
|
|
Drawdown of loans |
|
|
57,269 |
|
287,556 |
|
|
|
Repayment of loans |
|
|
(275,126) |
|
(290,779) |
|
|
|
Net cash flows used in by financing activities 6 |
|
|
(243,350) |
|
(30,314) |
|
|
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
58,090 |
|
46,768 |
||
|
Cash and cash equivalents at the beginning of the financial year |
|
131,800 |
|
78,419 |
|||
|
Effect of exchange rate changes |
|
|
2,574 |
|
6,613 |
||
|
Cash and cash equivalents at the end of the financial year |
|
|
192,464 |
|
131,800 |
||
|
|
|
|
|
|
|
|
|
|
Explanatory notes on material variances: |
|
|
|
|
|
||
|
|
5 |
The net cash generated from operating activities for the financial year ended 31st December 2009 relates mainly to progress billings collected from the Group's development properties, partially offset by payment to creditors and development costs incurred for the Group's development properties. |
|||||
|
|
6 |
The net cash flows used in financing activities for the financial year ended 31st December 2009 relates to the dividend paid on 29th May 2009 and higher long-term loans repaid from the progress billings collected. |
|||||
|
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 new standards, amendments and interpretations to existing standards which are relevant to its operations as set out below: |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
IFRS 8 |
|
Operating Segments |
|
|
|||||||
|
|
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 |
|||||||||
|
|
|
IAS 27 |
|
Associate |
|
|
|
|
|
|
||
|
|
Amendment to IFRS 7 |
|
Improving Disclosures about Financial Instruments |
|||||||||
|
|
IFRIC 15 |
|
Agreements for Construction of Real Estate |
|||||||||
|
|
IFRIC 16 |
|
Hedges of a Net Investment in a Foreign Operation |
|||||||||
|
|
Improvements to IFRSs (2008) |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
The adoption of the above standards, amendments and interpretations did not have a material impact on the results of the Group. |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
2 |
Revenue and Profit/(Loss) |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
Group |
|
|
||||
|
|
For the financial year ended 31st December |
|
2009 |
|
2008 |
|
Change |
|||||
|
|
|
|
|
|
|
US$'000 |
|
US$'000 |
|
|
||
|
|
Revenue: |
|
|
|
|
|
|
|
|
|||
|
|
1st half |
|
|
|
144,103 |
|
718 |
|
n/m |
|||
|
|
2nd half |
|
|
|
308,585 |
|
342,338 |
|
- 10 |
|||
|
|
|
|
|
|
|
452,688 |
|
343,056 |
|
32 |
||
|
|
Profit/(Loss) after tax: |
|
|
|
|
|
|
|
|
|||
|
|
1st half |
|
|
|
38,082 |
|
8,198 |
|
365 |
|||
|
|
2nd half |
|
|
|
115,569 |
|
(115,486) |
|
n/m |
|||
|
|
|
|
|
|
|
153,651 |
|
(107,288) |
|
n/m |
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Profit/(Loss) before tax is determined after including: |
|
|
|
|
|
|
|||||
|
|
Write down of development properties for sale (Note 3) |
|
- |
|
(180,245) |
|
- 100 |
|||||
|
|
Fair value losses for investment properties |
|
(881) |
|
(1,030) |
|
- 14 |
|||||
|
|
Net exchange gain |
|
- |
|
13 |
|
- 100 |
|||||
|
|
Rental income |
|
1,070 |
|
1,303 |
|
- 18 |
|||||
|
|
Interest income |
|
7,745 |
|
1,361 |
|
469 |
|||||
|
|
Depreciation on plant and equipment |
|
(128) |
|
(165) |
|
- 22 |
|||||
|
|
Profit/(Loss) on disposal of plant and equipment |
|
70 |
|
(2) |
|
n/m |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
n/m = not meaningful |
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
3 |
Other income/(expenses) |
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Included in the income/(expenses) for the financial year ended 31st December 2008 is a write down of the Group's development properties for sale amounting to US$180,245,000. |
|||||||||||
|
4 |
Tax |
|||||
|
|
|
|
|
|
|
|
|
|
The provision for income tax is based on the statutory tax rates prevailing in the respective countries in which the Group companies operate after taking into account expenses which are not tax deductible, income not subject to tax, Group tax relief and a tax credit of US$1.9 million in respect of prior years. |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Dividend |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At the Annual General Meeting to be held on 29th April 2010, a first and final dividend of S¢12.50 per share (amounting to approximately US¢8.91 per share or US$33.0 million) in respect of 2009 will be proposed. These financial statements do not reflect this dividend payable, which will be accounted for in shareholders' equity as an appropriation of retained earnings in the financial year ending 31st December 2010. |
|||||
|
|
|
|
|
|
|
|
|
|
The dividends paid in 2009 and 2008 were as follows: |
|
|
|
|
|
|
|
|
|
|
Group and Company |
||
|
|
|
|
|
2009 |
|
2008 |
|
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
|
|
One-tier dividend of S¢10.00 per share paid in 2009 |
|
|
|
|
|
|
|
|
(2008: S¢10.00 per share) |
|
25,493 |
|
27,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Earnings/(Loss) per share* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group |
||
|
|
For the financial year ended 31st December |
|
2009 |
|
2008 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings/(loss) per share* |
|
|
|
|
|
|
|
Profit/(Loss) attributable to shareholders (US$'000) |
|
153,651 |
|
(107,288) |
|
|
|
Weighted average number of ordinary shares in issue ('000) |
|
369,986 |
|
369,986 |
|
|
|
Basic earnings/(loss) per share (US¢) |
|
41.53 |
|
(29.00) |
|
|
|
|
|
|
|
|
|
|
|
Underlying earnings/(loss) per share |
|
|
|
|
|
|
|
Underlying profit/(loss) attributable to shareholders (US$'000) |
|
153,638 |
|
(106,433) |
|
|
|
Basic underlying earnings/(loss) per share (US¢) |
|
41.53 |
|
(28.77) |
|
|
|
|
|
|
|
|
|
|
|
The reconciliation of the underlying profit/(loss) and profit/(loss) attributable to shareholders is as follows: |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Group |
||
|
|
For the financial year ended 31st December |
|
2009 |
|
2008 |
|
|
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
|
|
Profit/(Loss) attributable to shareholders |
|
153,651 |
|
(107,288) |
|
|
|
Non-trading items: |
|
|
|
|
|
|
|
|
Fair value losses for investment properties (net of deferred tax) |
|
679 |
|
855 |
|
|
|
Share of fair value gain for investment property of a joint venture |
|
|
|
|
|
|
|
(net of deferred tax) |
|
(692) |
|
- |
|
|
Underlying profit/(loss) attributable to shareholders |
|
153,638 |
|
(106,433) |
|
|
|
|
|
|
|
|
|
|
|
* |
Diluted EPS is the same as basic EPS, as there were no outstanding dilutive potential ordinary shares. |
|
|
||
|
|
|
|
|
|
|
|
|
7 |
Segment information |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
Management has determined the operating segments based on the reports reviewed by the chief operating decision-maker that are used to make strategic decisions. The Group's assets are predominantly located in Singapore. The reportable segments derive their revenue primarily from sales of the Group's development properties in Singapore. There were no significant inter-segment transactions for the financial year ended 31 December 2009. |
||||||
|
|
|
|
|
|
|
|
|
|
|
The segment information provided to the chief operating decision-maker for the reportable segments for the financial year ended 31st December 2009 is as follows: |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development |
|
|
|
|
|
|
|
|
Properties |
Others |
Group |
|
|
|
|
|
|
US$'000 |
US$'000 |
US$'000 |
|
|
|
For the financial year ended 31st December 2009 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
451,618 |
1,070 |
452,688 |
||
|
|
|
|
|
|
|
|
|
|
|
Segment results |
|
185,392 |
(4,500) |
180,892 |
||
|
|
Interest income from joint ventures |
|
|
|
7,323 |
||
|
|
Share of joint ventures' results |
|
|
|
(4,128) |
||
|
|
Profit before tax |
|
|
|
184,087 |
||
|
|
Tax |
|
|
|
(30,436) |
||
|
|
Profit after tax |
|
|
|
153,651 |
||
|
|
|
|
|
|
|
|
|
|
|
Segment assets |
|
610,575 |
16,096 |
626,671 |
||
|
|
Investment in joint ventures |
|
|
|
30,317 |
||
|
|
Amounts owing by joint ventures |
|
|
|
72,466 |
||
|
|
Bank balances |
|
|
|
192,464 |
||
|
|
Deferred tax assets |
|
|
|
690 |
||
|
|
Total assets |
|
|
|
922,608 |
||
|
|
|
|
|
|
|
|
|
|
|
Segment liabilities |
|
352,049 |
3,987 |
356,036 |
||
|
|
Amounts owing to joint venture |
|
|
|
482 |
||
|
|
Current and deferred tax liabilities |
|
|
|
32,862 |
||
|
|
Total liabilities |
|
|
|
389,380 |
||
|
|
|
|
|
|
|
|
|
|
|
The segment information for the financial year ended 31st December 2008 is as follows: |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Development |
|
|
|
|
|
|
|
|
properties |
Others |
Group |
|
|
|
|
|
|
US$'000 |
US$'000 |
US$'000 |
|
|
|
For the financial year ended 31st December 2008 |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
341,753 |
1,303 |
343,056 |
||
|
|
|
|
|
|
|
|
|
|
|
Segment results |
|
(93,967) |
(4,671) |
(98,638) |
||
|
|
Interest income from joint ventures |
|
|
|
562 |
||
|
|
Share of joint ventures' results |
|
|
|
4,128 |
||
|
|
Loss before tax |
|
|
|
(93,948) |
||
|
|
Tax |
|
|
|
(13,340) |
||
|
|
Loss after tax |
|
|
|
(107,288) |
||
|
|
|
|
|
|
|
|
|
|
|
Segment assets |
|
824,714 |
87,614 |
912,328 |
||
|
|
Investment in joint ventures |
|
|
|
34,739 |
||
|
|
Amounts owing by joint ventures |
|
|
|
62,018 |
||
|
|
Bank balances |
|
|
|
131,800 |
||
|
|
Deferred tax assets |
|
|
|
874 |
||
|
|
Total assets |
|
|
|
1,009,959 |
||
|
|
|
|
|
|
|
|
|
|
|
Segment liabilities |
|
539,900 |
57,787 |
597,687 |
||
|
|
Amounts owing to joint venture |
|
|
|
459 |
||
|
|
Current and deferred tax liabilities |
|
|
|
17,864 |
||
|
|
Total liabilities |
|
|
|
616,010 |
||
|
|
|
|
|
|
|
|
|
|
8 |
Group borrowings |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
Group |
||||||
|
|
|
|
|
|
At |
|
|
At |
|||
|
|
|
|
|
|
31.12.2009 |
|
|
31.12.2008 |
|||
|
|
|
|
|
|
US$'000 |
|
|
US$'000 |
|||
|
|
Borrowings due within one year |
|
|
|
|
|
|
||||
|
|
|
- unsecured |
|
|
- |
|
|
9,034 |
|||
|
|
|
- secured |
|
|
9,550 |
|
|
5,837 |
|||
|
|
|
|
|
|
9,550 |
|
|
14,871 |
|||
|
|
Borrowings due after one year |
|
|
|
|
|
|
||||
|
|
|
- unsecured |
|
|
- |
|
|
45,170 |
|||
|
|
|
- secured |
|
|
90,194 |
|
|
253,072 |
|||
|
|
|
|
|
|
90,194 |
|
|
298,242 |
|||
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
99,744 |
|
|
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 31st December 2009 was US$289.9 million (31st December 2008: US$296.6 million). |
|
9 |
Interested person transactions |
|
|
|
|
|
|
|
||||
|
|
Name of interested person |
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$100,000) |
||||||||
|
|
|
|
|
US$'000 |
|
|
|
US$'000 |
|
|||
|
|
Three months ended |
|
|
|
|
|
|
|
||||
|
|
31st December 2009 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Jardine Matheson Limited |
|
|
|
|
|
|
|
||||
|
|
- Internal audit fee |
|
- |
|
|
|
28 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Hongkong Land Limited |
|
|
|
|
|
|
|
||||
|
|
- Management consultancy fee |
|
922 |
|
|
|
- |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Sale of a condominium at Parvis to a |
|
|
|
|
|
|
|
||||
|
|
|
director |
|
2,283 |
|
|
|
- |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Twelve months ended |
|
|
|
|
|
|
|
||||
|
|
31st December 2009 |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Jardine Matheson Limited |
|
|
|
|
|
|
|
||||
|
|
- Internal audit fee |
|
- |
|
|
|
136 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Cycle & Carriage Industries Pte Limited |
|
|
|
|
|
|
|
||||
|
|
- Sale of vehicle |
|
- |
|
|
|
71 |
|
||||
|
|
- Purchase of vehicle |
|
- |
|
|
|
223 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Hongkong Land Limited |
|
|
|
|
|
|
|
||||
|
|
- Management consultancy fee |
|
922 |
|
|
|
- |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Sale of a condominium at Parvis to a |
|
|
|
|
|
|
|
||||
|
|
|
director |
|
2,283 |
|
|
|
- |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|||
|
10 |
Issue of shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
There have been no changes in the issued share capital of the Company since 31st December 2008. |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
There are no outstanding convertible instruments issued or treasury shares held by the Company as at 31st December 2009. |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
The total number of issued share capital (excluding treasury shares) as at 31st December 2009 and 31st December 2008 was 369,985,977. |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
Closure of books |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTICE IS HEREBY GIVEN to the members of the Company that the Transfer Books and Register of Members of the Company will be closed on 13th May 2010 for preparation of dividend warrants. Duly completed and stamped transfers received by the Company's share registrars, M&C Services Private Limited at 138 Robinson Road, #17-00, The Corporate Office, Singapore 068906 before 5.00 pm on 12th May 2010 (the "Books' Closure Date") will be registered to determine shareholders' entitlements to the final dividend. Shareholders (being depositors) whose securities' accounts with The Central Depository (Pte) Limited are credited with shares as at the Books' Closure Date will be entitled to the payment of the first and final dividend which will be paid on 26th May 2010, subject to approval by shareholders at the Annual General Meeting of the Company to be held on 29th April 2010. |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
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 31st December 2009 and the date of this report. |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
Notification pursuant to Rule 704(11) of the listing manual |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Pursuant to Rule 704(11) of the SGX-ST Listing manual, MCL Land Limited wishes to announce that no person occupying a managerial position in the Company or any of its principal subsidiaries is a relative of a director or the chief executive officer or a substantial shareholder of the Company. |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
- end - |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
For further information, please contact: |
|
|
|
|
|
|
|
||
|
MCL Land Limited |
|
|
|
|
|
|
|
||
|
Steve Chu |
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Full text of the Financial Statements and Dividend Announcement for the financial year ended 31st December 2009 can be accessed through the internet at www.mclland.com.sg. |
|||||||||
Related Shares:
H.k.land