Revenue 180,189, ,348, ,189, ,348,157 Cost of sales (159,926,405) (114,938,786) (159,926,405) (114,938,786)

Transcription

1 TRC SYNERGY BERHAD Condensed Consolidated Income Statements for the quarter ended 31 March 2009 Comparative 3 months 3 months Current quarter quarter ended cumulative to cumulative to ended 31/3/09 31/3/08 31/3/09 31/3/08 RM RM RM RM Revenue 180,189, ,348, ,189, ,348,157 Cost of sales (159,926,405) (114,938,786) (159,926,405) (114,938,786) Gross Profit 20,262,901 22,409,371 20,262,901 22,409,371 Other operating income 1,262,918 1,749,088 1,262,918 1,749,088 Administration expenses (6,844,952) (6,037,176) (6,844,952) (6,037,176) Selling expenses Finance costs (1,054,273) (1,109,305) (1,054,273) (1,109,305) Share of results of associated company (200,475) (121,723) (200,475) (121,723) Profit before taxation 13,426,119 16,890,255 13,426,119 16,890,255 Taxation (3,313,760) (4,912,642) (3,313,760) (4,912,642) Profit for the period 10,112,359 11,977,613 10,112,359 11,977,613 Attributable to: Equity holders of the Company 10,112,359 11,977,613 10,112,359 11,977,613 Minority interest ,112,359 11,977,613 10,112,359 11,977,613 EPS attributable to equity holders of the Company: Basic (sen) Diluted (sen) (The Condensed Consolidated Income Statements should be read in conjunction with the Audited Financial Statements for the year ended 31st December 2008)

2 TRC SYNERGY BERHAD Condensed Consolidated Balance Sheet as at 31 March 2009 ASSETS NON-CURRENT ASSETS As at 31/3/09 As at 31/12/08 RM RM Investment properties 6,186,500 6,186,500 Prepaid land lease payment 504, ,892 Property, Plant & Equipment 26,681,166 26,503,347 Properties held for development 19,957,924 19,957,924 Intangible assets 42,510 83,333 Investment in Associate 6,322,148 6,521,265 Other investments 24,701,334 24,655,702 84,396,000 84,413,963 CURRENT ASSETS Property development costs 15,658,464 14,788,418 Inventories 957, ,037 Trade & other receivables 182,102, ,770,412 Cash & bank balances 158,807, ,423, ,526, ,919,306 TOTAL ASSETS 441,922, ,333,269 EQUITY AND LIABILITIES Equity attributable to equity holders of the Company Share Capital 189,577, ,577,479 ICULS (Equity component) 1,022,700 1,022,700 Other reserves (6,276) (7,633) Retained earnings 86,388,053 76,274,736 Total Equity 276,981, ,867,282 NON-CURRENT LIABILITIES ICULS (Liabilities component) 112, ,256 Borrowings 7,309,698 7,613,740 Deferred tax liabilities (86,473) 243,780 CURRENT LIABILITIES 7,335,688 7,981,776 Borrowings 62,679,547 65,801,075 Trade & other payables 85,510, ,518,538 Current tax payable 9,397,096 9,145,682 Dividends payable 17,452 18, ,605, ,484,211 Total Liabilities 164,940, ,465,987 TOTAL EQUITY & LIABILITIES 441,922, ,333,269 Net assets per share (RM) (The Condensed Consolidated Balance Sheet should be read in conjunction with the Audited Financial Statements for the year ended 31st December 2008)

3 TRC SYNERGY BERHAD Condensed Consolidated Statement of Changes in Equity for the quarter ended 31 March 2009 Attributable to equity holders of the Company Minority Interest TOTAL EQUITY ICULS Exchange (Equity Share Fluctuation Retained Sub- Share Capital component) Premium Reserve Profits Total RM RM RM RM RM RM RM RM At 1 January ,577,479 1,022,700 - (7,633) 76,274, ,867, ,867,282 Movements for the period Net profit for the period ,112,359 10,112,359-10,112,359 Dividend Conversion of ICULS ICULS Adjustment Exercise of ESOS Exercise of WARRANTS Conversion adjustment Arising during the period ,357-1,357-1,357 Arising from acquisition of additonal interest in a subsidiary At 31 March ,577,479 1,022,700 - (6,276) 86,388, ,981, ,981,956 At 1 January ,803,133 15,241,344 6,535,663 2,127 61,007, ,589, ,589,653 Movements for the period Net profit for the period ,977,613 11,977,613-11,977,613 Conversion of ICULS 4, ,000-4,000 Exercise of ESOS 1,177, , ,730,925-1,730,925 Conversion adjustment - (3,417) (3,417) - (3,417) Arising during the period ,388-4,388-4,388 At 31 March ,984,633 15,237,927 7,089,088 6,515 72,984, ,303, ,303,162 The exchange fluctuation reserve represents currency translation differences on foreign currency net investments. (The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Audited Financial Statements for the year ended 31st December 2008)

4 TRC SYNERGY BERHAD Condensed Consolidated Cash Flow Statement for the quarter ended 31 March months 3 months ended ended 31/3/ /3/2008 RM RM Cash flows from operating activities Profit before tax 13,426,119 16,890,255 Adjustments for : Depreciation of property, plant & equipment 1,203, ,136 Interest expense 1,073,947 1,105,536 Interest income (899,604) (1,217,513) Finance cost on ICULS 2,803 70,962 Share of results of associated company 200, ,723 Exchange reserve arising due to retranslation of financial statements in foreign currency 1,358 4,388 Gain on disposal of property, plant & equipment (50,883) (231,369) Amortisation of expenditure carried forward 50,000 50,000 Loss on fereign exchange 29,063 - Property, plant & equipment written off 136,810 - Acquisition of additional interest in a subsidiary Operating profit before working capital changes 15,174,852 17,772,118 Working capital changes :- Inventories (20,820) 17,468 Receivables (46,346,816) (39,403,390) Payables (21,030,450) (4,681,223) Property development cost (870,046) 323,198 Cash used in operating activities (53,093,280) (25,971,829) Interest paid (1,073,947) (1,105,536) Taxes paid (3,378,199) (3,080,397) Interest received 899,604 1,217,513 Net cash used in operating activities (56,645,822) (28,940,249) Cash flows from investing activities Purchase of property, plant & equipment (1,529,952) (5,226,462) Proceeds from disposal of property, plant & equipment 63, ,405 Associate company (1,358) 4,598 Purchase of investment (45,632) (16,567) Net cash flow from acquisition of subsidiary (908) - Net cash used in investing activities (1,513,976) (4,932,026) Cash flows from financing activities Fixed deposits (1,985,894) 6,260,568 Proceeds from/(repayment of) short term borrowings 174,430 (3,531,890) Repayment of from long term borrowings (304,042) (130,754) Share premium - 553,425 Proceeds from ESOS exercised - 1,177,500 Dividend paid (1,465) - Net cash generated from financing activities (2,116,971) 4,328,849 Net decrease in cash and cash equivalents (60,276,769) (29,543,426) Effects of foreign exchange rate changes (29,063) - Cash and cash equivalents at beginning of period 123,210, ,841,270 Cash and cash equivalents at end of period 62,905,041 73,297,844 Cash and cash equivalents at end of period comprise : Cash and bank balances 73,389,673 74,520,560 Bank overdraft (10,484,632) (1,222,716) 62,905,041 73,297,844 (The Condensed Consolidated Cash Flow Statement should be read in conjunction with the Audited Financial Statements for the year ended 31st December 2008)

5 TRC SYNERGY BERHAD (Company No D) (Incorporated in Malaysia) QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FIRST QUARTER ENDED 31 ST MARCH 2009 (The figures have not been audited) Explanatory Notes 1. Accounting policies The unaudited interim financial statements have been prepared in accordance with the requirements of FRS 134: Interim Financial Reporting and paragraph 9.22 of the Listing Requirements of Bursa Malaysia Securities Berhad ( Bursa Malaysia ). The interim financial statements have been prepared under the historical cost convention except for the revaluation of certain properties included under property, plant and equipment. The unaudited interim financial statements should be read in conjunction with audited financial statements of the Group for the financial year ended 31 December These explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the year ended 31 December The accounting policies and methods of computation adopted by the Group in this quarterly financial statements are consistent with those adopted in the most recent audited annual financial statements for the year ended 31 December Status of Financial Statements Qualification The auditors report on the financial statements for the year ended 31 December 2008 was not qualified. 3. Seasonal or Cyclical Factors The Group s operations were not significantly affected by seasonal and cyclical factors. 1

6 4. Items affecting assets, liabilities, equity, net income or cash flows that are unusual to the nature, size or incidence There were no unusual items affecting the assets, liabilities, equity, net income or cash flows for the current quarter and financial period to date. 5. Changes in Estimates There were no changes in estimates that have a material effect in the current quarter. 6. Changes in Share Capital and Loan Stocks There were no changes in the share capital and loan stocks for the current quarter. 7. Dividend paid No dividend was paid in the current quarter. 2

7 8. Segment Reporting Segment revenue and profit before taxation were as follows: CURRENT FINANCIAL YEAR-TO-DATE GROUP (BY ACTIVITIES) TURNOVER PROFIT/(LOSS) BEFORE TAX RM 000 RM 000 Investment holding and the provision of corporate, administrative and 1,574 ( 643 ) financial support services. Construction works 184,251 14,327 Project development management services and property development 251 ( 44 ) Manufacturing and dealing in concrete piles and ready-mixed 1,272 2 concrete Oil & gas - ( 16 ) 187,348 13,626 Group s share of loss of associated company - ( 200 ) 187,348 13,426 Intra-group items -Others ( 7,159) - 180,189 13, Valuation of property, plant & equipment The Group had revalued its land & building in the year 2000 based on independent professional valuations on an open market basis and the resulting revaluation surplus had been incorporated into the financial statements. The previous annual audited financial statements record the last revaluation amounts. 3

8 10. Subsequent Material Events There were no material events subsequent to the end of the current quarter. 11. Changes in the composition of the Group On 18 February 2009, the Company s wholly-owned subsidiary, Trans Resources Corporation Sdn Bhd, acquired two (2) ordinary shares of RM1 each in Liputan Sutera Sdn Bhd for a cash consideration of RM2 and became a wholly-owned subsidiary of the Group. On 12 March 2009, the Company acquired one (1) ordinary share of RM1 each in TRC Infra Sdn Bhd for a cash consideration of RM1 and became a whollyowned subsidiary of the Group. 12. Contingent Liabilities Contingent liabilities of the Group as at the date of this announcement are as follows: Type of Bank Guarantee RM 000 Performance Bond 54,115 Advance Bond 20,000 Supplier/ Security 72 74,187 As at 27 May 2009 (latest practicable date which is not later than 7 days from the date of issuance of this quarterly report), the directors are not aware of any contingent liabilities, which upon becoming enforceable may have a material impact on the profit or net assets value of the Group. 13. Capital Commitment There was no capital commitment for the purchase of property, plant and equipment not provided for in the financial statements as at 31 March

9 14. Review of performance of the Company and its Principal Subsidiaries The Group recorded a profit before tax of RM13,426,119 in the current financial quarter as compared with a profit before tax of RM16,890,255 in the corresponding quarter. Lower profit reported in the current quarter is due to the completion of certain project with higher margin. 15. Material changes in the Profit Before Taxation for the Current Quarter as compared with the Immediate Preceding Quarter The Group recorded a profit before tax of RM13,426,119 in current quarter as compared with a profit before tax of RM12,738,037 recorded in the preceding quarter. Higher profit reported in the current quarter is due to higher revenue recognized in the quarter. 16. Prospects for the current financial year With the latest project that the Group secured during the current quarter known as Cadangan Pembangunan Pusat Latihan Lain-Lain Pangkat Agensi Penguatkuasaan Maritime Malaysia (APMM) at Kuantan, Pahang for a contract sum of RM218,000,000 and other on-going major projects, the Group expects that these projects would contribute positively to the results of the Group in the coming financial year. 17. Variance of Actual Profit against Estimated Profit The disclosure requirement for this section is not applicable to the Group. 5

10 18. Income tax The tax expenses comprise the following: Individual Quarter Cumulative Quarter Current Preceding Year Current Preceding Year Year Corresponding Year Corresponding Quarter Quarter To Date Period RM 000 RM 000 RM 000 RM 000 Current taxation 3,644 4,801 3,644 4,801 Deferred taxation ( 330) 112 ( 330) 112 3,314 4,913 3,314 4,913 ====== ====== ====== ====== 19. Profit on sale of investments and properties There were no sales of unquoted investments or properties by the Group in the current quarter. 20. Quoted Securities (a) The carrying value of the investment in the unit trust as at 31 March 2009 is RM20,551,559. The interest income earned of RM45,632 during the current period has been reinvested. (b) Investment in Quoted securities RM 000 At cost/carrying value 20,557 At market value 20, Status of Corporate Proposal There was no outstanding corporate proposal. 6

11 22. Group Borrowings and Debt Securities Total borrowings of the Group as at 31 March 2009 are as follows:- Security Type Amount ( 000) Currency Secured Short Term 22,680 RM Secured Long Term 7,310 RM Unsecured Short Term 40,000 RM 23. Off Balance Sheet Financial Instruments There were no off balance sheet financial instruments as at the date of this announcement. 24. Material Litigation There is no material litigation pending as at 31 March Dividends The directors do not recommend the payment of any dividend for the quarter ended 31 March Earnings per share The basic earnings per share was calculated based on the net profit for the period attributable to equity holders of the Company of RM10,112,359 (2008: RM11,977,613) and on the weighted average number of ordinary shares in issue of 189,577,479 (2008: 140,609,809) shares. The basic earnings per share for the corresponding period of the preceding year have been restated to account for the effect of the bonus issue. The fully diluted earnings per share for the year have been computed using a weighted average number of shares of 191,731,905 (2008: 173,271,078) after adjusting for the dilutive effects of the share options granted to employees and directors, ICULS and warrants. 7