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InnoTek Limited ( formerly known as Magnecomp International Limited )( Company Reg. No. 199508431Z )______________________________________________________________________________________________________
PART 1 - 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 ofthe immediately preceding financial year
CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
For the Third Quarter ended 30 September 2009
2009 2008 2009 2008
S$'000 S$'000 % S$'000 S$'000 %
92,028 108,171 (14.9) 268,726 310,024 (13.3)
1(a)(i)(a) (72,429) (90,228) (19.7) (214,573) (253,743) (15.4)
19,599 17,943 9.2 54,153 56,281 (3.8)
(2,279) (2,677) (14.9) (6,491) (7,902) (17.9)
1(a)(i)(b) (14,497) (16,078) (9.8) (40,848) (44,614) (8.4)
(250) (507) (50.7) (1,052) (1,731) (39.2)
1(a)(i)(c) (1,457) 1,758 (182.9) (1,860) 353 (626.9)
(18,483) (17,504) 5.6 (50,251) (53,894) (6.8)
41 177 (76.8) 603 2,054 (70.6)
639 469 36.2 2,237 1,671 33.9
680 646 5.3 2,840 3,725 (23.8)
(5) (217) (97.7) 39 (392) NM
1,791 868 106.3 6,781 5,720 18.5
1(a)(i)(d) (220) (436) (49.5) (931) (1,631) (42.9)
1,571 432 263.7 5,850 4,089 43.1
(2,638) 3,875 NM (2,029) 5,229 NM
(2,638) 3,875 NM (2,029) 5,229 NM
(1,067) 4,307 NM 3,821 9,318 (59.0)
954 160 496.3 4,584 2,923 56.8
617 272 126.8 1,266 1,166 8.6
1,571 432 263.7 5,850 4,089 43.1
(1,571) 4,020 NM 2,656 8,131 (67.3)504 287 75.6 1,165 1,187 (1.9)
(1,067) 4,307 NM 3,821 9,318 (59.0)
Basic Para 6 0.41 0.07 485.7 1.96 1.25 56.8
Diluted Para 6 0.41 0.07 485.7 1.96 1.25 56.8
NM denotes Not Meaningful
30-Sep
Revenue
Group
Cost of sales
Gross Profit
Other items of expense
Profit before taxation and minority interest
30-Sep
Quarter Ended 9 months Ended
Note
YoY
Change
YoY
Change
Other items of income
Interest Income
Other Income
Total other items of Income
Selling and distribution
Profit, net of tax before minority interest
(Reclassified)(Reclassified)
Other expenses
Administrative expense
Finance cost
Total other item of expenses
Minority interests
Shareholders of the Company
Foreign currency translation
Share of (loss) / gain of unconsolidated associate
Tax expense
(Loss) / Profit attributable to :
Other comprehensive income / (expense) :
Other comprehensive (expense)/income , net of tax
Total comprehensive (loss) / income for the period
Total comprehensive (loss) / income attributable to :
Shareholders of the CompanyMinority interests
Earning per share ( cents)
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Notes to Group Profit and Loss Statement
1(a) (i ) Profit for the period is arrived at after (charging) / crediting the following items :
2009 2008 2009 2008
Note S$'000 S$'000 S$'000 S$'000
(a) Included in cost of sales is :
- Provision for obsolete inventories 130 15 (752) (545)
(b) Included in administrative expense is :
- Employee Share Option expense (73) (83) (129) (277)
(c) Details of other expenses
- Mark-to-market gain on investment securities (1) - - - 1,561
- Write-back of provision for warranties for sale of MPT (1) - 804 - 5,194
- Additional proceed from sale of MPT - - - 272
- Allowance for doubtful trade receivables (2) (371) (99) (502) (72)
Subtotal ( Provision ) / write-back (371) 705 (502) 6,955
- Foreign currency (loss) / gain (1,086) 980 (1,358) (6,675)
(1,457) 1,685 (1,860) 280
(d) Tax expense
9 months Ended
30-Sep
The effective tax rate for the period under review is lower than the corresponding period as taxes incurred by certain companies
in the Group are not available for offset against profits earned by other companies in the Group in the previous period.
Quarter Ended
30-Sep
Note
(1) This relates to balance of the 10% shareholding in Magnecomp Precision Technologies Public
Company Limited ( MPT ) disposed off on 15 January 2009 .
(2) Provision in Q309 for certain long outstanding tooling debtors with either dispute or collection issues.
1(a) (ii ) With the disposal of MPT in 2007, Mansfield Manufacturing Company Limited Group of Companies (MSF)
became the main business unit of the Company. In compliance with FRS 1 Presentation of Financial Statements,
the InnoTek Group profit and loss accounts have been reclassified with effect from 1 January 2009 to enable
financial reporting by function of expense, which more accurately reflect the nature of MSFs operations. Similarly,
prior year comparative numbers have been reclassified to conform with current years presentation.
The revised FRS 1 also requires all items of income and expenses (including those accountable for directly in
equity)to be presented in the Statement of Comprehensive Income for annual periods beginning on or after 1
January 2009.
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1(b) ( i ) . A balance sheet ( for the issuer and the Group ) , together with a comparative statement as at theend of the immediately preceding financial year
Balance Sheets (Unaudited)
As at As at As at As at
30-Sep-09 31-Dec-08 30-Sep-09 31-Dec-08
Note S$'000 S$'000 S$'000 S$'000
96,991 96,991 96,991 96,991
(7,028) (7,028) (7,028) (7,028)
3,480 3,351 3,480 3,351
104,057 111,144 39,864 53,032
491 2,419 - -
197,991 206,877 133,307 146,346
6,542 5,377 - -
204,533 212,254 133,307 146,346
110,681 122,896 92 -
4,482 4,633 - -
1,982 2,491 - -
2,246 2,079 - -
193 544 - -
139 141 - -
- - 47,061 47,061
293 257 - -
2,634 2,634 2,634 2,634
122,650 135,675 49,787 49,695
Current assets
Cash and cash equivalents A 98,600 93,058 70,321 59,279
Trade receivables B 80,053 87,094 260 584
Other receivables and deposits 11,082 13,561 209 84
Tax recoverable 587 42 - -
Investment securities A - 23,384 - 23,384
Prepayments 323 655 - -
Inventories C 32,512 36,765 - -
Loan to subsidiaries - - 15,125 16,615
223,157 254,559 85,915 99,946
Bank loans A 10,410 24,074 - -
Finance lease 77 70 - -
Trust receipts / bill payable 9,021 10,231 - -
Bank overdrafts 4,588 4,067 - -
Interest-bearing loans and borrowings 1(b)(ii) 24,096 38,442 - -
Trade payables B 51,592 76,800 - -
Other payables and accruals 38,690 31,434 330 997
Tax payable 2,709 2,121 1,871 2,104
117,087 148,797 2,201 3,101
106,070 105,762 83,714 96,845
Non-current Liabilities
Bank loans A 22,236 26,982 - -
Finance lease - 53 - -Interest-bearing loans and borrowings 1(b)(ii) 22,236 27,035 - -
Deferred tax liabilities 1,951 2,148 194 194
24,187 29,183 194 194
204,533 212,254 133,307 146,346
Company
Share Option reserve
Total Equity
Share Capital
Treasury shares
Group
Revenue reserves
Translation reserves
Intangible assets
Minority interests
Non-current Assets
Property, plant and equipment
Prepaid land lease payment
Deposit paid for purchases of property, plant and
equipment
Other receivables
Prepayments
Current liabilities
Net current Assets
Net Assets
Investment in subsidiaries
Investment in associate
Other investments
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Note to Group Balance Sheet
A Increase in cash was mainly due to proceeds from disposal of investment securities in January 2009. Theincrease in cash was mitigated by repayment of bank loans and dividend payment to ordinary shareholders of
the Company in May 2009.
B Lower sales in Q309 compared to Q408 resulted in lower trade receivables and payable as at 30
September 2009 compared to 31 December 2008.
C Lower sales and raw material price in Q309 resulted in lower inventory as at 30 September 2009
compared to 31 December 2008.
1b (ii) Aggregate amount of Group's borrowings and debt securities
As at As at
30-Sep-09 31-Dec-08
S$'000 S$'000
Amount repayable in one year or less, on demand
- Secured 77 70
- Unsecured 24,019 38,372
24,096 38,442
Amount repayable after one year
- Secured - 53
- Unsecured 22,236 26,982
22,236 27,035
Total 46,332 65,477
Details of any collaterals
The secured borrowings relate to finance leases which are secured on relevant equipment under the
finance lease. All other bank borrowings, bank overdraft and trust receipts are either unsecured or
secured by corporate guarantee by the Company and its subsidiaries.
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1(c) A cash flow statement ( for the Group ) , together with a comparative statement for the correspondingperiod of the immediately preceding financial year
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
Note
2009
S$'000
2008
S$'000
2009
S$'000
2008
S$'000
(Reclassified) (Reclassified)
1,791 868 6,781 5,720
D 6,347 8,251 18,067 16,984
8,138 9,119 24,848 22,704
2,379 (17,099) (532) (16,881)
10,517 (7,980) 24,316 5,823
(1,505) (1,382)
10,073 (8,819) 22,811 4,441
(875) (4,584) (10,560) (19,207)
(106) 74 509 558
214 - 214 48
- - - (1,051)
- - - (2,967)
- (68) - (68)
(767) (4,578) (9,837) (22,687)
- (296) - (13,516)
- - - 343
633 21,322 (1,210) 10,975
(7,124) (20,184) (18,411) (28,669)
- - 23,384 -
(15) (37) (45) (257)
- - (11,671) (23,506)
(6,506) 805 (7,953) (54,630)
2,800 (12,592) 5,021 (72,876)
91,212 93,635 88,991 153,919
E 94,012 81,043 94,012 81,043
Profit before tax and minority interests ("MI")
30-Sep
Net increase/ (decrease) in cash and cash equivalent
30-Sep
Cash flows provided by operations before reinvesting in
working capitals
Working capital changes , excluding changes relating to cash
Cash generated from/(used in) operating activities
Net interest and income tax paid
Net cash from / (used in) operating activities
Quarter Ended 9 months Ended
Deposit (paid)/refund for property, plant and equipment
Purchase of property, plant and equipment
Cash flows from operating activities :
GROUP
Adjustments for non-cash items
Proceeds on sale of fixed assets
Acquisition of minority interests
Investment in associate
Net cash outflow from disposal of subsidiaries
Repayment of finance lease
Dividend paid to ordinary shareholder
Cash and cash equivalents as at end of period
Cash and cash equivalents as at beginning of period
Proceeds / (Repayment) from short and long term financing
Bank loan repayment
Proceed from investment securities
Purchase of treasury shares
Net cash used in investing activities
Net cash from financing activities
Proceeds from issuance of ordinary shares
Net cash from /(used in) investing activities :
Net cash (used in) / generated from financing activities
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NOTES TO THE CONSOLIDATED CASH FLOW STATEMENTS (UNAUDITED)
D Details of adjustments for non-cash items as follows :
GROUP
2009
S$'000
2008
S$'000
2009
S$'000
2008
S$'000
(Reclassified) (Reclassified)
5,887 5,132 16,345 13,911
77 - 78 -
73 79 129 246
371 138 502 (335)
251 508 1,052 1,731
(41) (177) (603) (2,054)
(130) (94) 752 286
(47) 311 185 317(99) 2,137 (334) 2,490
5 217 (39) 392
Total 6,347 8,251 18,067 16,984
Depreciation expense
Stock option expense
Allowance for doubtful debts
30-Sep
9 months EndedQuarter Ended
Share of results of associates
Currency realignment
30-Sep
Provision for obsolete inventories
Property, plant and equipment written ( back) / off
Amortisation expense
Interest income
Interest expense
E Cash and cash equivalents comprises :
2009 2008
S$'000 S$'000
29,520 84,601
69,080 -
98,600 84,601
(4,588) (3,558)
94,012 81,043
As at 30 Se ptember
GROUP
Cash and cash equivalents at end of period
Cash and bank balances
Other Fixed deposits
Less : Bank overdrafts
Cash and bank balances per Balance Sheet
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1(d)(i) A statement ( for the issuer and the Group ) showing either (i) all changes in equity or (ii) changes arising from capitalization issues and distributions to shareholders , together with a comparative stateperiod of the immediately preceding financial year
Statement of changes in equity
Share
Capital
Treasury
Shares
Share
Option
Reserve
Retained
Earnings
Foreign
Currency
Translation
Reserve Others
Tota
Othe
Reser
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000 S$'00
2009
96,991 (7,028) 3,351 111,144 2,419 - 116,9
- - - 3,630 597 - 4,2
- - 56 - - -
- - - (11,671) - - (11,6
96,991 (7,028) 3,407 103,103 3,016 - 109,5
- - - 954 (2,525) - (1,5
- - 73 - - -
96,991 (7,028) 3,480 104,057 491 - 108,0
Total comprehensive income for Q3'09
Balance at 30 September 2009
Share Option expense accrued
GROUP
Attributable to shareholders of the Company
Balance at 1 January 2009
Total comprehensive income for 1H'09
Dividends on ordinary shares
Balance at 30 June 2009
Share Option expense accrued
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1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, sharebuy-back , exercise of share options or warrants , conversion of other issues of equity securities , issueof share for cash or as consideration for acquisition or for any purpose since the end of the previousperiod reported on. State also the number of shares that may be issued on conversion of all theoutstanding convertibles , as well as the number of shares held as treasury shares, if any, against the totalnumber of issued shares excluding treasury shares of the issuer, as at the end of the current financialperiod reported on and as at the end of the corresponding period of the immediately precedingfinancial year
(a) Share Capital
Number of ordinary shares as at 30 September 2009 are 243,468,428
As at
30/9/09
As at
31/12/08
Options granted under the InnoTek Employees' Share Option Plan 1 4,119,000 4,939,000
Opt ions granted under the InnoTek Employees' Share Option Scheme I I ** 3,308,000 -
7,427,000 4,939,000
**
Number of shares that may be issued on conversion of all outstanding options are as follows:-
On 10 March 2009 , 3,840,000 options were granted to the Group's and the Company's empolyees under the
"InnoTek Employee's Share Option Scheme II " plan which was approved by shareholders at the Extraordinary
General Meeting held on 30 April 2008. The option price for the grant was $0.19 which was based on the average
price of the last dealt prices of shares traded over five consecutive market days immediately prior to the date ofgrant of options
(b) Treasury Shares
No new Treasury shares were acquired in Q3'09. There were 10,061,000 Treasury Shares as at 30 September 2009.
1(d)(iii) To show the total number of issued shares excluding Treasury Shares as at the end of the current
financial period and as at the end of the immediately preceding year.
No ofshares
'000 $'000
No ofshares
'000 $'000
Total number of issued shares at the end of period 243,468 96,991 243,468 96,991
(10,061) (7,028) (10,061) (7,028)
Net number of issued shares at the end of period 233,407 89,963 233,407 89,963
As at 31/12/08
Number of Treasury Shares at the end of period
As at 30/09/09
1(d)(iv) A statement showing all sales , transfer , disposal , cancellation and/or use of Treasury Shares as at the end ofthe current financial period reported on.
None
2. Whether the figures have been audited , or reviewed and in accordance with the standard (e.g. The SingaporeStandard on Auditing 910 ( Engagement to Review Financial Statements ) , or an equivalent standard )
The figures have not been audited or reviewed by auditors.
3. Whether the figures have been audited , or reviewed , the auditor's report ( including any qualifications oremphasis of matter)
Not Applicable
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4. Whether the same accounting policies and methods of computation as in the issuers most recentlyaudited annual financial statements have been applied
The same accounting policies and method of computation have been applied to the financial statements as in themost recently audited annual financial statements
Please refer to 1(a)(ii) for reclassification of the Consolidated Income Statements to function of expenses and theinclusion of the Statement of Comprehensive Income under the revised FRS 1 effective for annual periods beginningon or after 1 January 2009.
5. Whether there are any changes in the accounting policies and method of computation , including anyrequiredby an accounting standard, what has changed, as well as the reasons for, and the effect of, thechange
None
6. Earnings per ordinary share of the group for the current period reported on and the correspondingperiod of the immediately preceding financial year , after deducting any provision for preference dividends.
2009 2008 2009 2008
S'000 S'000 S'000 S'000
(i)
- Earning per share 0.41 0.07 1.96 1.25
Weighted average number of shares ( '000) 233,407 234,253 233,407 234,149
(ii)
- Earning per share 0.41 0.07 1.96 1.25
Weighted average number of shares ( '000) 235,090 234,257 234,245 234,183
Earnings per ordinary share of the Group based on net profit
attributable to the shareholders of the Company :
Quarter Ended
30 September
On a fully diluted basis ( in cents )
9 Months Ended
30 September
Based on the weighted average number of shares ( in cents )
7. Net asset value (for the issuer and Group) per ordinary share based on the total number of issued sharesexcluding treasury shares of the issuer at the end of the (a) current period reported on; and (b) immediatelypreceding financial year
As at As at As at As at
30/9/2009 31/12/2008 30/9/2009 31/12/2008
84.8 cents 88.6 cents 57.1 cents 62.7 cents
Group Company
Net asset backing per ordinary share based on the total
number of issued share excluding treasury shares as at
the end of the period reported on
Reduction of Net assets per share for both Group and Company was due to payment of S$11.7 million dividend of 5 centsper share in May 2009.
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8. A review of the performance of the group, to the extent necessary for a reasonable understanding of thegroup business. The review must discuss any significant factors that affected the turnover costs, andearnings of the group for the current financial period reported on, including ( where applicable ) seasonalor cyclical factors. It must also discuss any material factors that affected the cash flow, working capital,assets or liabilities of the group during the current financial period reported on
(A) Quarter ended 30 September 2009 (Q309)
Turnover
92,028 108,171 (16,143) (14.9)
Net Profit 954 160 794 496.3
2,314 (1,148) 3,462 NM
(1,360) 1,308 * (2,668) NM
Basic EPS (cents) 0.41 0.07 * 0.34 485.7
NM denotes not meaningful
Corporate
MSF
MSF
Q309
S$'000
* Inlcude reversal of provision for warranties amounting to S$0.8 million, equivalent to 0.34 cents per share.
Changes
%
Q308
S$'000
Changes
S$'000
For the July-September 2009 quarter (Q309), Groups turnover was S$92.0 million, lower by S$16.1 million or 14.9%
compared to S$108.1 million in Q308. This was due to lower sales recorded by its core subsidiary Mansfield
Manufacturing Company Limited (MSF) as a result of lower global demand for printing equipment arising from the
impact of global credit crunch and economic slowdown.
Despite lower turnover, Groups profit increased S$0.8 million to S$1.0 million from S$0.2 million in Q308. The higher
profit was mainly attributed to the S$2.3 million profit contribution from MSF, which was offset by a loss of S$1.4 million
recorded by the Company.
MSF profit was S$2.3 million, an increase of S$3.5 million from a loss of S$1.2 million in Q308 despite a drop in revenue
of S$16.1 million in Q309 compared to Q308, due primarily to two reasons. First, the ongoing efforts to improve
efficiencies and cost management have paid off in the quarter under review. Second, reduced sales of lower-margin TV
parts with higher-cost materials resulted in improved Q309 profit margin as compared to Q308. However, the lower
sales of such TV parts were mitigated by an increase in sales of higher-margin automotive and medical-related products
which contributed to an increase in profit margin of MSF in Q309.
Segmentally, turnover from Components and Assembly business reduced by S$13.0 million to S$83.4 million in Q309
from S$96.4 million in Q308 due mainly to lower demand for LCD TVs and related products. The Frame business
turnover also reduced S$3.1 million to S$8.6 million in Q309 from S$11.7 million in Q308 mainly due to lower demand
for printing equipment.
The Company recorded a loss of S$1.4 million compared to a profit of S$1.3 million mainly due to foreign exchange loss
of S$1.1 million in Q309 as compared to a foreign exchange gain of S$1.1 in Q308. The foreign exchange loss were
mainly unrealized foreign exchange loss on cash and bank balance due to the weakening of the US$.
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(B) Nine months ended 30 September 2009 (9M09)
Turnover
268,726 310,024 (41,298) (13.3)
Net Profit 4,584 2,923 1,661 56.8
6,097 2,436 3,661 150.3
(1,513) 487 * (2,000) NM
Basic EPS (cents) 1.96 1.25 * 0.71 56.8
* Include mark-to-market gain and reversal of provision for warranties, total amount S$6.7 million equivalent to 2.89 cents per share
NM denotes not meaningful
MSF
MSF
Changes
%
9M08
S$'000
Changes
S$'000
9M09
S$'000
Corporate
For the nine months ended 30 September 2009 (9M09), Groups turnover declined S$41.3 million or 13.0% to S$268.7
million from S$310.0 million recorded for 9M08, mainly due to lower stamping and assembly sales recorded by core
subsidiary Mansfield Manufacturing Company Limited (MSF) as a result of lower global demand for flat panel TVs.
The Groups profit increased S$1.7 million to S$4.6 million in 9M09 from S$2.9 million in 9M08. The profit was mainly
attributed to the profit of S$6.1 million achieved by MSF, which was offset by a loss of S$1.5 million recorded by theCompany.
Despite the lower turnover, MSFs profit increased S$3.7 million to S$6.1 million in 9M09 from S$2.4 million in 9M08
mainly due to lower material price, better cost management and operational efficiency improvements efforts embarked by
MSF Group of companies. Additionally, increase in sale of higher-margin automotives and medical related products
further improve MSF profit margin for 9M09 as compared to 9M08.
Segmentally, revenue reduced across all four businesses segments. The reduction came mainly from the Components
and Assembly and Tooling business, sales of which declined by S$37.3 million to S$240.3 million in 9M09 from S$277.6
million in 9M08 due mainly to lower demand for LCD TVs and related products. The Frame business turnover reduced
due mainly to lower demand for printing equipment.
The Company recorded a loss of S$1.5 million in 9M09 compared to a profit of S$0.5 million in 9M08 mainly due to
foreign exchange loss .
9. A forecast , or projected statement , has been previously disclosed to shareholders , any variance betweenit and the actual results
None
10. A commentary at the date of the announcement of the competitive conditions of the industry inwhich the group operates and any known factors or events that may affect the group in thenext reporting period and the next 12 months
While there have been signs of stabilization of global economy, the business outlook remains uncertain. The Groupcontinues to pursue rigorous efforts to improve internal efficiencies. The Directors expect that in the absence of any
further deterioration of business conditions and major weakening of the US$, the Group will record a profit for Q409 and
FY2009.
With regard to the Groups long-term growth strategy, the Company will continue to proactively explore appropriate
merger and acquisitions opportunities. The Group will continue to maintain its cautious stance, focusing on earnings-
accretive businesses, and stringently evaluate feasible investment proposals.
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11. Dividend
(a) Current Financial period Reported On
Any dividend declared for the present financial period ? No
(b) Corresponding period of the Immediate Preceding Financial Year
Any dividend declared for the corresponding period of the immediately preceding financial year ? No
(c) Date payableNot Applicable
(d) Books closing date
Not Applicable
12. If no dividend has been declared / recommended , a statement to that effect
Not Applicable
13. Interested Person Transactions Rule 920(1)(a)(i) An issuer must announce the aggregate value oftransactions conducted pursuant to the general mandate for interested person transactions for thefinancial period which it is required to report on pursuant to Rule 705.
Not Applicable
14. STATEMENT PURSUANT TO SGX LISTING RULE 705(4) OF THE LISTING MANUAL
The directors confirmed that to the best of their knowledge , nothing has come to the attention of the Board ofDirectors of the Company which may render the third quarter financial results of the company and of the Groupfor the period ended 30 September 2009 to be materially false or misleading in any material aspect.
Signed by Robert Sebastiaan Lette , Chairman and Yong Kok Hoon, CFO
BY ORDER OF THE BOARD
Yong Kok HoonDirector10 November 2009