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Third Quarter Financial Statement And Dividend Announcement 2017

Financials Archive

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Profit & Loss

Balance Sheet

Review of Performance

3rd Quarter 2017 (3Q 2017) vs. 3rd Quarter 2016 (3Q 2016)

Profit & Loss Statement

IMAS's 3Q 2017 revenue was S$396.6 million as compared to S$351.7 million in 3Q 2016. Higher revenue was mainly due to higher trucks and heavy duty equipment sales and car rental related income. The Group (excluding IMAS) registered higher revenue of S$40.4 million as compared to S$38.1 million in the previous period and was mainly due to higher revenue from utilities and resort segment. The Consolidated Group revenue was S$437.0 million, 12.1% higher than 3Q 2016's S$389.8 million.

IMAS's 3Q 2017 cost of sales was S$321.8 million as compared to S$287.5 million in 3Q 2016. The Group's (excluding IMAS) cost of sales was S$32.8 million as compared to S$30.6 million in 3Q 2016. In line with the revenue, the Consolidated Group's cost of sales increased from S$318.1 million in 3Q 2016 to 3Q 2017's S$354.7 million. The Consolidated Group's cost of sales to revenue ratio was 0.81 in 3Q 2017 as compared to 0.82 in 3Q 2016. The Consolidated Group's gross profit was S$82.4 million in 3Q 2017 as compared to S$71.7 million in 3Q 2016 and was in line with higher revenue.

IMAS's 3Q 2017 "other income" was S$15.9 million as compared to S$10.3 million in 3Q 2016 and was mainly due to higher interest income and lower foreign exchange loss as compared to the previous period. The Group's (excluding IMAS) "other income" was S$0.4 million income as compared to S$3.1 million income in 3Q 2016 and was mainly due to the foreign exchange loss on the USD final proceeds from the divestment of the Shanghai Lao Xi Men Project. The Consolidated Group's "other income" was S$15.3 million in 3Q 2017 as compared to 3Q 2016's S$11.4 million.

IMAS's 3Q 2017 "general and administrative expenses" was S$36.0 million as compared to S$32.7 million in 3Q 2016. Higher expenses were mainly due to higher manpower costs and rental expenses. The Group's (excluding IMAS) "general and administrative expenses" was S$4.0 million as compared to 3Q 2016's S$4.1 million. The Consolidated Group's "general and administrative expenses" was S$45.2 million as compared to 3Q 2016's S$41.9 million.

IMAS's 3Q 2017 "other operating expenses" was S$32.0 million as compared to 3Q 2016's S$32.1 million. The Group's (excluding IMAS) "other operating expenses" was S$6.1 million as compared to 3Q 2016's S$6.0 million. The Consolidated Group's "other operating expenses" was S$38.0 million as compared to 3Q 2016's S$38.1 million.

The Consolidated Group's 3Q 2017 "share of associated companies' result" was S$13.3 million loss as compared to 3Q 2016's S$2.9 million loss and was mainly due to higher losses from the automotive associated companies.

IMAS's 3Q 2017 "finance costs" was S$23.2 million as compared to 3Q 2016's S$21.1 million and the Group's (excluding IMAS) "finance costs" was S$7.3 million as compared to 3Q 2016's S$11.0 million. The Consolidated Group's "finance costs" was S$30.5 million as compared to S$32.1 million in 3Q 2016 and was mainly due to repayment of external bank borrowings and redemption of the Company's 2017 EMTN.

IMAS's 3Q 2017 net loss was S$17.3 million as compared to S$15.1 million net loss in 3Q 2016 and was mainly due to the losses from its associated companies. The Group's (excluding IMAS) net loss was S$13.0 million as compared to S$13.8 million loss in 3Q 2016. The Consolidated Group's net loss attributable to equity holders of the Company was S$29.9 million for 3Q 2017 as compared to 3Q 2016's S$28.3 million.

9 Months 2017 (YTD Sep 2017) vs. 9 Months 2016 (YTD Sep 2016)

Profit & Loss Statement

IMAS's YTD Sep 2017 revenue was S$1,187.2 million as compared to S$1,172.8 million in the previous period. Higher revenue was mainly due to higher trucks and heavy duty equipment sales, financial services and car rental related income. The Group (excluding IMAS) registered higher revenue of S$118.5 million as compared to S$115.1 million in YTD Sep 2016 and was mainly due higher revenue from utilities and resort segment. The Consolidated Group revenue was S$1,305.7 million, representing 1.4% higher than YTD Sep 2016's S$1,287.9 million.

IMAS's YTD Sep 2017 cost of sales was S$955.0 million as compared to previous period's S$970.0 million. The Group's (excluding IMAS) cost of sales was S$99.1 million as compared to S$94.8 million in YTD Sep 2016. The Consolidated Group's cost of sales was S$1,054.1 million, lower than YTD Sep 2016's S$1,064.8 million. The Consolidated Group's cost of sales to revenue ratio was 0.81 in YTD Sep 2017 as compared to 0.83 in YTD Sep 2016. Accordingly, the Consolidated Group registered a higher gross profit of S$251.7 million in YTD Sep 2017 as compared to S$223.1 million in YTD Sep 2016 and was in line with higher revenue.

IMAS's YTD Sep 2017 "other income" was S$45.4 million as compared to S$36.9 million in YTD Sep 2016 and was mainly due to higher interest income and commission income. The Group's (excluding IMAS) "other income" was S$6.3 million expenses as compared to S$10.1 million income in YTD Sep 2016 and was mainly due to the foreign exchange loss on the USD final proceeds from the divestment of the Shanghai Lao Xi Men Project. Accordingly, the Consolidated Group's "other income" was S$38.1 million in YTD Sep 2017 which was lower than YTD Sep 2016's S$44.9 million.

IMAS's YTD Sep 2017 "general and administrative expenses" was S$107.9 million as compared to S$94.7 million in YTD Sep 2016 and was mainly due to higher provision for doubtful debts. The Group's (excluding IMAS) "general and administrative expenses" was S$12.2 million as compared to YTD Sep 2016's S$13.0 million was mainly due to lower manpower related costs. The Consolidated Group's "general and administrative expenses" was S$136.0 million as compared to YTD Sep 2016's S$123.1 million.

IMAS's YTD Sep 2017 "other operating expenses" was S$96.8 million as compared to YTD Sep 2016's S$98.7 million. Lower expenses were mainly due to lower packing and delivery expenses. The Group's (excluding IMAS) "other operating expenses" was S$18.7 million as compared to S$16.9 million in YTD Sep 2016 was mainly due to higher depreciation and repair and maintenance expenses. The Consolidated Group's "other operating expenses" was S$115.5 million as compared to YTD Sep 2016's S$115.6 million.

The Consolidated Group's YTD Sep 2017 "share of associate's results" was S$43.5 million loss as compared to YTD Sep 2016's S$6.0 million loss and was mainly due to higher losses from automotive associated companies.

IMAS's YTD Sep 2017 "finance costs" was S$67.4 million as compared to S$61.2 million in YTD Sep 2016 and the Group's (excluding IMAS) "finance costs" was S$27.3 million as compared to S$38.1 million in YTD Sep 2016. The Consolidated Group's "finance costs" was S$94.7 million as compared to S$99.3 million in YTD Sep 2016 and was mainly due to repayment of external bank borrowings and redemption of bond of the Company's 2017 EMTN.

IMAS's YTD Sep 2017 net loss was S$50.8 million as compared to S$23.0 million loss in YTD Sep 2016 and was mainly due to the losses from its associated companies. The Group's (excluding IMAS) net loss was S$55.0 million as compared to S$46.2 million loss in YTD Sep 2016 and was mainly due to the foreign currency exchange losses. The Consolidated Group's net loss attributable to equity holders of the Company was S$102.6 million in YTD Sep 2017 as compared to YTD Sep 2016's S$72.5 million.

Balance Sheet

The Group's total assets of S$4,432.4 million as at 30 September 2017 were S$327.8 million lower than as at the previous year end. Other non-current assets decreased by S$18.2 million mainly due to the decline in the value of quoted equity investments. Current assets decreased by S$236.7 million to S$2,056.9 million was mainly due to the decrease in cash and bank balances used for repayment of bank borrowings and redemption of 2017 EMTN during the year.

The Group' total liabilities of S$2,746.2 million as at 30 September 2017 were S$147.2 million lower than as at the previous year end and was mainly due to the redemption of the Company's EMTN. The Group's borrowings and debt securities as at 30 September 2017 were S$2.2 billion of which S$1.0 billion relates to IMAS' car rental and financial services business.

Cash Flow Statement

Net cash generated from operating activities was S$74.0 million as compared to S$115.6 million used in the previous period.

Net cash used in investing activities was S$93.5 million and was mainly due to capital expenditure.

Net cash used in financing activities was S$166.8 million and was mainly due to the repayment of debt securities and bank borrowings.

Commentary On Current Year Prospects

IMAS's passenger car performance will be affected by the timing of new product launches. While IMAS's truck and heavy duty equipment businesses, financial services and car rental related revenue have registered strong growth, the contributions are unlikely to mitigate shortfall in the passenger car segment.

The refocusing of our industrial parks business continues. The utilities business has been affected by volatile energy prices. We continue to pursue tourist arrival growth and land sales in Bintan Resorts that will contribute positively to our other segments.