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News

Full Year Financial Statement And Dividend Announcement

BackMar 26, 2003
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

1 (a)(i) Income Statements for the year ended 31 December


 
  The Group
 
 
2002
2001
+/(-)
 
S$'000
S$'000
%
Turnover
491,216
497,583
(1.3)
Cost of services
(457,967)
(475,857)
(3.8)
Gross profit
33,249
21,726
53.0
Marketing expenses
(5,213)
(4,562)
14.3
Administrative expenses
(10,561)
(9,449)
11.8
Gain on disposal of associated company
2,678
-
n/m
Other operating income
433
351
23.4
Profit / (loss) from operations
20,586
8,066
n/m
Finance income
570
1,831
(68.9)
Finance expense
(4,577)
(6,118)
(25.2)
Foreign exchange gain / (loss)
(3,781)
2,984
n/m
Operating profit
12,798
6,763
89.2
Share of results of associated company
512
689
(25.7)
Profit before tax
13,310
7,452
78.6
Tax
(421)
(439)
(4.1)
Profit after tax
12,889
7,013
83.8
Minority interests
(264)
38
n/m
Net Profit attributable to shareholders
12,625
7,051
79.1

n.m. = not meaningful


1 (a)(ii) Notes to the Income Statements

   
  The Group
 
   
2002
2001
+/(-)
(A) Investment income
0
0
n/m
(B) Other income including interest income
1,003
2,182
(54.0)
(C) Interest on Borrowings
(4,577)
(6,118)
(25.2)
(D) Depreciation and amortisation
(16,817)
(15,531)
8.3
(E) Provision for doubtful debts and
Bad Debt written off, net
(860)
(403)
113.40
(F) Impairment in value of investments
(3)
-
n/m
(G) Foreign exchange gain / (loss)
(3,781)
2,984
n/m
(H) Adjustment for under provision for tax in prior years
41
291
(86)
(I) Profit on sale of investments, properties and plants, property and equipment
29
-
n/m
(J) Gain on disposal of associated company
2,678
-
n/m


1(b)(i) A balance sheet (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year


Balance Sheet as at 31 December


 
  The Group
  The Company
 
2002
2001
2002
2001
 
S$'000
S$'000
S$'000
S$'000
Share capital and reserves
Share capital (457,675,000 shares @ S$0.10 each)
45,768
45,768
45,768
45,768
Share premium
53,432
53,432
53,432
53,432
Share redemption reserve
504
504
504
504
Capital reserve
267
267
-
-
Translation reserve
5,788
10,904
-
-
Accumulated profits
85,920
74,668
63,055
61,264
 
191,679
185,543
162,759
160,968
Minority interests
1,368
484
-
-
 
193,047
186,027
162,759
160,968
Subsidiaries
-
-
64,582
62,657
Associated company
-
3,153
-
-
Club membership
59
63
54
54
Fixed assets
163,584
178,649
21,486
25,348
Deferred charges
2,547
3,798
497
1,651
Current assets
Stocks, less provision for stock obsolescence
1,013
746
-
-
Trade debtors
70,261
78,109
68,440
75,909
Other debtors, deposits and prepayments
6,022
5,477
5,296
4,965
Due from immediate holding company (trade)
2,599
698
2,478
486
Due from subsidiaries (trade)
-
-
379
941
Due from subsidiaries (non-trade)
-
-
2,123
664
Due from affiliated company (trade)
80
2
-
-
Securities held for trading
13,205
-
13,205
-
Call and fixed deposits
24,963
30,184
23,476
29,073
Cash and bank balances
18,508
14,527
10,273
8,641
 
136,651
129,743
125,670
120,679
Current liabilities
Trade creditors
30,911
33,160
27,438
30,095
Other creditors and accruals
12,582
13,295
11,023
11,121
Due to immediate holding company (non-trade)
5
-
-
-
Due to affiliated company (trade)
65
58
53
50
Due to related companies (non-trade)
804
1,386
-
-
Due to minority shareholders of a subsidiary (non-trade)
224
-
-
-
Hire purchase creditors - current portion
55
88
39
63
Bank term loans (secured) - current portion
15,200
22,085
2,423
2,577
Provision for tax
308
610
234
566
 
60,154
70,682
41,210
44,472
Net current assets
76,497
59,061
84,460
76,207
Non-current liabilities
Due to subsidiary (non-trade)
-
-
8,143
2,166
Hire purchase creditors - non current portion
203
304
177
206
Bank term loans (secured) - non current portion
49,437
58,393
-
2,577
 
193,047
186,027
162,759
160,968


1(b)(ii) Aggregate amount of group's borrowings and debt securities

Amount repayable in one year or less, or on demand
As at 31/12/2002
As at 31/12/2001
Secured
Unsecured
Secured
Unsecured
S$ 15.26 mil
0
S$ 22.17 mil
0


Amount repayable after one year
As at 31/12/2002
As at 31/12/2001
Secured
Unsecured
Secured
Unsecured
S$ 49.64 mil
0
S$ 58.70 mil
0


Details of any collateral

The Group's borrowings are secured by ways of:
1(c) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year


Consolidated Cash Flow Statement for the year ended 31 December

 
2002
2001
 
S$'000
S$'000
Cash flows from operating activities    
Profit before tax
13,310
7,452
Adjustments:    

Amortisation of deferred charges

3,016
2,672

Depreciation of fixed assets

13,800
12,860

Fixed assets written off

34
-

Gain in disposal of associated company

(2,678)
-

Gain on disposal of fixed assets

(29)
-

Interest expense

4,577
6,119

Interest income

(570)
(1,831)

Provision for doubtful trade debts

878
403

Provision of diminution in value of club membership

3
-

Share of profit of associated company

(512)
(689)

Unrealised gain on investment securities held for trading

(50)
-

Write back of provision for doubtful trade debts

(21)
-
Operating profit before working capital changes
31,758
26,986
(Increase) decrease in:    

Stocks

(320)
94

Trade debtors

6,877
(17,658)

Other debtors, deposits and prepayments

(480)
(339)

Due from immediate holding company

(1,900)
(233)

Due from affiliated company

(80)
283
Increase (decrease) in:    

Trade creditors

(2,063)
4,330

Other creditors and accruals

(666)
(793)

Due to related companies, net

(513)
679

Due to affiliated company

8
(151)

Due to immediate holding company

5
(18)

Due to minority shareholders of a subsidiary

230
-
Cash generated from operations
32,856
13,180
Interest paid
(4,577)
(6,118)
Income tax paid
(422)
(621)
Net cash generated from operating activities
27,857
6,441
Cash flows used in investing activities    
Interest income received
570
1,831
Proceeds from disposal of fixed assets
190
-
Purchase of fixed assets
(7,832)
(9,450)
Additions to deferred charges
(1,893)
(2,516)
Purchase of investment securities
(13,155)
-
Proceeds from disposal of associated company
5,904
-
Dividend received from associated company
27
26
Cash and cash equivalents subject to restriction
(920)
(1,330)
Net cash used in investing activities
(17,109)
(11,439)
Cash flows from financing activities    
Share buyback
-
(1,177)
Repayment of hire purchase liabilities
(274)
(92)
Proceeds from loans
10,251
21,780
Repayment of loans
(21,861)
(29,064)
Dividend paid
(1,373)
(2,869)
Proceeds from issue of shares to minority shareholders of subsidiaries
657
153
Net cash used in financing activities
(12,600)
(11,269)
Net decrease in cash and cash equivalents
(1,852)
(16,267)
Effect of exchange rate changes on cash and cash equivalents
(45)
418
Cash and cash equivalents at the beginning of the year
38,665
54,514
Cash and cash equivalents at the end of the year before cash and cash equivalents subject to restriction
36,768
38,665
Cash and cash equivalents subject to restriction
6,703
6,046
Cash and cash equivalents at the end of the year
43,471
44,711


1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year

Statements of Changes in Equity for the year ended 31 December 2002

Group FY2002
Share
capital
Share
premium
Share
redemption
reserve
Capital
reserve
Translation reserve
Accumulated
profits
TOTAL
 
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
Balance as at 31 Dec 2001
45,768
53,432
504
267
10,904
74,668
185,543
Currency translation
-
-
-
-
(5,116)
-
(5,116)
Net profit for the period
-
-
-
-
-
12,625
12,625
Dividend paid
-
-
-
-
-
(1,373)
(1,373)
Balance as at 31 Dec 2002
45,768
53,432
504
267
5,788
85,920
191,679
               
Group FY2001
Share
capital
Share
premium
Share
redemption
reserve
Capital
reserve
Translation reserve
Accumulated
profits
TOTAL
 
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
S$'000
Balance as at 31 Dec 2000
46,272
53,432
-
267
5,724
71,662
177,357
Share buyback
(504)
-
504
-
-
(1,177)
(1,177)
Currency translation
-
-
-
-
5,180
-
5,180
Net profit for the period
-
-
-
-
-
7,051
7,051
Dividend paid
-
-
-
-
-
(2,868)
(2,868)
Balance as at 31 Dec 2001
45,768
53,432
504
267
10,904
74,668
185,543
               
Company FY2002    
Share
capital
Share
premium
Share
redemption
reserve
Accumulated
profits
TOTAL
     
S$'000
S$'000
S$'000
S$'000
S$'000
Balance as at 31 Dec 2001    
45,768
53,432
504
61,264
160,968
Net profit for the period    
-
-
-
3,164
3,164
Dividend paid    
-
-
-
(1,373)
(1,373)
Balance as at 31 Dec 2002    
45,768
53,432
504
63,055
162,759
               
Company FY2001    
Share
capital
Share
premium
Share
redemption
reserve
Accumulated
profits
TOTAL
     
S$'000
S$'000
S$'000
S$'000
S$'000
Balance as at 31 Dec 2000    
46,272
53,432
-
64,562
164,266
Share buyback    
(504)
-
504
(1,177)
(1,177)
Net profit for the period    
-
-
-
747
747
Dividend paid    
-
-
-
(2,868)
(2,868)
Balance as at 31 Dec 2001    
45,768
53,432
504
61,264
160,968


1(d)(ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles as the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year.

During the financial year ended 31 December 2002, there was no change in the Company's share capital (2001: 457,675,000).


2. Whether the figures have been audited, or reviewed and in accordance with which standard (e.g. the Singapore Standard on Auditing 910 (Engagements to Review Financial Statements), or an equivalent standard)

The figures have not been audited nor reviewed by the auditors.


3. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of matter)

Not Applicable.


4. Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied

Except as disclosed in Note 5 below, the Group has applied the same accounting policies and methods of computation in the financial statements for the current reporting period as the audited financial statements for the year ended 2001.


5. If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change

On 1 January 2002, the Group adopted SAS 12 (2001), Income Taxes. The adoption of this standard has not given rise to any adjustments to the opening balances of accumulated profits of the prior and current year or to changes in comparative figures.

Under SAS 12 (2001), deferred tax is now recognised for all taxable temporary differences. Previously, deferred tax was provided on account of timing differences only to the extent that a tax liability or asset was expected to materialise in the foreseeable future. Arising from the adoption of SAS 12(2001), the Group commenced to recognise deferred tax assets for all deductible temporary differences, when it is probable that sufficient taxable profits will be available against which the deductible temporary differences can be utilised.


6. Earnings per ordinary share of the group for the current period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends

 
Group Figures
 
Latest Year
Previous Year
Earnings per ordinary share for the year based on net profit attributable to shareholders:
 
(i) Based on weighted average number of ordinary shares in issue
2.76 cents
1.54 cents
(ii) On a fully diluted basis
2.76 cents
1.54 cents


7. Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end of the (a) current period reported on and (b) immediately preceding financial year


 
Group Figures
 
Latest Year
Previous Year
Net asset value backing per ordinary share based on existing issued share capital as at the end of the period reported on:    
(i) Based on weighted average number of ordinary shares in issue
41.88 cents
40.54 cents


8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. The review must discuss any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or 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

Group's turnover decreased by 1.3% from about S$ 497.6 million to S$ 491.2 million which was mainly due to freight rate deterioration and decrease in volume lifting for Container Shipping business by about 3%.

A new acquired chemical tanker which was put into operation in August 2002, contributed to an increase in revenue of the Industrial Shipping by about 3% from S$ 35.8 million to S$ 36.7 million.

The turnover of the Forwarding and Others business increased by about 50.4% which mainly contributed by Samudera Emirates Shipping LLC, a subsidiary in Dubai as a result of its full year operation.

Although total turnover decreased, the cost of sales decreased at a higher rate due to extensive pursue on cost efficiency programmes throughout the entire Group. Charter hire costs reduced as a result of contract re-negotiation and the rationalisation of container vessels' space with partners through joint services and slot swap agreements. Lower charges from PSA had resulted in the reduction of the stevedoring expenses of the Company. Decrease in container expenses is a result of close monitoring, renewal of container fleet with a more competitive cost and the improvement in container deployment.

Total cost of sales of Industrial Shipping increased slightly by about 2% mainly due to bunker and port charges. However, the increase of 2% is still lower than the growth of Industrial Shipping turnover of 3%.

Despite the decrease in turnover, the Group recorded net profit of S$ 12.6 million, an increase of 79.1% from S$ 7.1 million in year of 2001 due to the cost efficiency mentioned above and;

a) Reduction in finance expenses mainly due to the principal repayment of Group's loan during the financial year.
b) Gain from disposal of associated company amounted to S$ 2.7 million has added on to the net profit of the Group in the year 2002.

were offset by;

a) Reduction in finance income which is mainly due to a lower bank interest rate in year 2002 as compared to the previous year
b) Foreign exchange loss of S$3.8 million as the US Dollar depreciated against Singapore Dollar compared to the foreign exchange gain of S$ 3.0 million in the previous year.



9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results

Not applicable


10. A commentary at the date of the announcement of the competitive conditions of the industry in which the group operates and nay known factors or events that may affect the group in the next reporting period and the next 12 months

Container shipping
The Company expects to maintain its performance by consolidating its business networks, entering more combination of joint operation and slot swap with partners to achieve a better efficiency. As the Company is expecting freight rate pressure in some services, cost efficiency programs remain the key point to maintain the profitability.

Industrial Shipping
In industrial shipping, a vessel acquired in August 2002 will have a full year impact. The other vessel acquired in February 2003 will also give a positive contribution to the Group's turnover. Foremost Maritime Pte Ltd entered into an agreement to build 3 units of special barges to handle a coal transportation and it is expected to complete in the second half of 2003.

Another contribution will come from PT Samudera Shipping Services, a subsidiary, due to the purchase of four vessels of which started in operation in March 2003.

Forwarding and Others
Samudera Shipping Line Ltd and Jardine Matheson (Malaysia) Sdn Bhd formed a joint venture company in Malaysia at the end of 2002 to carry on the business as general shipping agents in that country. The main aim is to raise the Company's profile in Malaysia, to increase the Company's target market share for both carrier-owned container as well as shipper-owned container shipping services and to enable the Company to monitor its business better.

Another subsidiary, Silkargo LLC, was incorporated in the Dubai, United Arab Emirates in the beginning of 2003 to provide freight forwarding, cargo handling, warehousing and distribution business.

The Gulf war which can hurt the global economy may cause the export-import cargo volume lower and increase certain costs such as insurance, bunker and charter hire expenses. These factors may adversely affect the profit of the Company and the Group.


11. Dividend

(a) Current Financial Period Reported On


Any dividend declared for the current financial period reported on? Yes

Name of Dividend Final
Dividend Type Cash
Dividend Rate 0.50 cents per ordinary share (less tax)
Par value of shares 10 cents
Tax Rate 0%

(b) Corresponding Period of the Immediately Preceding Financial Year

Any dividend declared for the corresponding period of the immediately preceding financial year? Yes

Name of Dividend Final
Dividend Type Cash
Dividend Rate 0.30 cents per ordinary share (less tax)
Par value of shares 10 cents
Tax Rate 0%

(c) Date payable

Notice will be given at a later date on the payment date of dividend.

(d) Books closure date

Notice of closure of books for determining shareholders' entitlement to the dividend together with the date of dividend payment will be announced at a later date.


12. If no dividend has been declared/recommended, a statement to that effect


PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT

(This part is not applicable to Q1, Q2, Q3 or Half Year Results)

13. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year


The Group is organized into two main operating divisions, namely:
  - Container shipping
  - Industrial shipping

Other operations include forwarding, agency and other services.

Inter-segment pricing is on the terms agreed between parties.

 
Container
Shipping
Industrial
Shipping
Forwardng
& Others (*)
Eliminations
Group
 
S$'000
S$'000
S$'000
S$'000
S$'000
FY 2002
Turnover

- External customers

448,610
36,750
5,856
-
491,216

- Inter-segment

401
-
2,627
(3,028)
-
 
449,011
36,750
8,483
(3,028)
491,216
 
Segment results
6,408
10,828
2,474
876
20,586
Financial income (expenses) - net
(3,148)
(4,606)
(34)
-
(7,788)
Share of profit of associated company
-
-
512
-
512
Tax
(95)
(68)
(257)
-
(420)
Minority interests
-
(74)
(191)
-
(265)
Net profit for the year
3,165
6,080
2,504
876
12,625
Segment assets
145,242
156,145
1,454
-
302,841
Total liabilities
41,387
67,789
618
-
109,794
Capital expenditure
537
7,250
188
-
7,975
Depreciation and amortisation
5,436
11,179
201
-
16,816
Other non-cash expenses
848
-
67
-
915
 
 
Container
Shipping
Industrial
Shipping
Forwarding
& Others (*)
Eliminations
Group
 
S$'000
S$'000
S$'000
S$'000
S$'000
FY 2001
Turnover

- External customers

457,721
35,756
4,106
-
497,583

- Inter-segment

855
-
1,536
(2,391)
-
 
458,576
35,756
5,642
(2,391)
497,583
 
Segment results
(2,957)
10,977
(600)
646
8,066
Financial income (expenses) - net
4,062
(5,374)
9
-
(1,303)
Share of profit of associated company
-
-
689
-
689
Tax
(358)
(62)
(19)
-
(439)
Minority interests
-
(23)
61
-
38
Net profit for the year
747
5,518
140
646
7,051
Segment assets
146,126
164,579
1,548
-
312,253
Investment in associated company
-
-
3,153
-
3,153
Total assets
146,126
164,579
4,701
-
315,406
Total liabilities
47,255
81,478
646
-
129,379
Capital expenditure
240
8,726
484
-
9,450
Depreciation and amortisation
5,111
10,296
124
-
15,531
Other non-cash expenses
354
-
49
-
403

(*) Including agency business.


Geographical Segment
Container shipping, forwarding and others (**)

 
  Turnover
 
2002
2001
 
S$ 000
S$ 000
Indonesia
200,490
212,871
South East Asia (excluding Indonesia)
76,133
82,527
Middle East and Indian Sub-continent
137,751
124,192
Far East (including China, Hong Kong)
37,882
37,625
Others
2,210
4,612
Total turnover
454,466
461,827

(**) The Directors believe it could be inaccurate to analyze the results by geographical segment because certain costs cannot be meaningfully allocated to the different routes as the vessels do not operate on fixed routes. For the Industrial Shipping, charterers of the Group's tankers have the discretion to operate within a wide trading area and are not constrained by a specific sea route.


14. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments


The review of performance by the business has been explained in item 8 above.

In order for the Group to reduce dependency on certain trade, the Group has diversified its business geographically into other region. As the result, the Group experienced continuous growth at Middle East and Indian Sub-continent.

The turnover of Indonesia and South East Asia (excluding Indonesia) decreased due to more intense competition in this region.

The turnover growth in the Middle East and Indian Sub-continent is mainly due to the Middle East trade, whereby, after the Company set up its own subsidiary acting as general agent of the Company, the subsidiary could manage to improve and enchance the services to customers resulting in increase in container volume and turnover in this region.

Reduction in turnover of Others segment is due to the consolidation and restructuring of a subsidiary.


15. A breakdown of sales

 
Group
Company
 
2002
2001
Change
2002
2001
Change
 
S$'000
S$'000
%
S$'000
S$'000
%
Sales reported for first half year
251,108
242,340
3.6
230,962
223,158
3.5
Operating profit / (loss) before minority interests
reported for first half year
841
8,063
(89.6)
(2,522)
5,021
n/m
Sales reported for second half year
240,108
255,243
(5.9)
218,049
235,418
(7.4)
Operating profit / (loss) before minority interests
reported for second half year
12,048
(1,050)
n/m
5,686
(4,274)
n/m


16. A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year

Total Annual Dividend (Refer to Para 16 of Appendix 7.2 for the required details)

 
Latest Full Year (S$'000)
Previous Full Year(S$'000)
Ordinary
2,288
1,373
Preference
0
0
Total:
2,288
1,373


17. Interested Person Transactions

The aggregate value of interested person transactions conducted pursuant to the shareholders' mandate obtained in accordance with Chapter 9 of the SGX-ST's listing manual were as follows:

 
  The Group
 
2002
2001
  $ $
Expenses    
Holding Company, PT Samudera Indonesia Tbk    
Management fee
694,630
691,872
Commissions
3,917,096
3,422,534
Charter hire
-
1,229,655
Related companies    
Management fee (PT Tankindo Perdana)
61,007
70,541
Charter hire (PT Pali Hota Dayaka)
1,759,037
1,827,513
Affiliated company, PT Samudera Denholm Ship Management
Ship management fee
1,099,923
1,077,507
 
7,531,693
8,319,622

No other material contracts to which the Company or any subsidiary is a party and which involve directors' interest subsisted at the end of the financial year.


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