Sunningdale Technologies

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REVIEW OF THE FINANCIAL HIGHLIGHTS
Extracted from Annual Report 2016


*EBITDA = Gross profit - G&A + depreciation + one-off SG&A expenses excluding JV profit/loss



The Group’s revenue increased by 1.5% year-on-year (“yoy”) from $674.5 million for FY2015 to $684.5 million for FY2016. The increase came mainly from growth in the Automotive and Consumer/IT business segments. This growth was partially offset by the Group’s Mould Fabrication and Healthcare business segments.


The Group recorded gross profit amounting $94.3 million for FY2016, an increase of 3.8% yoy from $90.8 million for FY2015. Gross margin improved from 13.5% for FY2015 to 13.8% for FY2016 due to an increase in capacity utilisation and an improved product mix.


The increase in other income was due to a gain on the disposal of property, plant and equipment of $5.0 million for FY2016 compared to a loss on the disposal of property, plant and equipment of $104,000 for FY2015.


The increase in other expenses was due to retrenchment costs of $6.5 million as a result of (i) a restructuring exercise in our Southern China plant and (ii) a relocation of an operating unit from the Group’s Shanghai plant to its Chuzhou plant.


The increase in income tax expenses was due to tax refund of $5.9 million for FY2015 recorded in a subsidiary when the appeal was finalised as well as in line with increase in profit.


The Group achieved a net profit of $39.1 million for FY2016 compared to $42.1 million for FY2015. Excluding acquisition costs, foreign exchange gains, gain on the disposal of property, plant and equipment, retrenchment costs and tax refunds, net profit would have been $31.7 million for FY2016 and $23.6 million for FY2015, representing a 34.1% yoy increase.


FY2016
$'000
FY2015
$'000
+/ (-)
%
Profit for the period reported 39,071 42,104 (7.2)
Adjustments:
Acquisition costs - 145 (100.0)
Foreign exchange gain (8,952) (12,849) (30.3)
(Gain)/loss on disposal of Prperty, plant and equipment (4,984) 104 n.m.
Retrenchment cost 6,526 - n.m.
Tax refund - (5,887) n.m.
31,661 23,617 34.1

The Group’s earnings per share amounted to 20.91 Singapore cents for FY2016 as compared to 22.68 Singapore cents for FY2015.


The net asset value per share increased from $1.77 as at 31 December 2015 to $1.87 as at 31 December 2016. The net tangible asset per share also increased from $1.67 as at 31 December 2015 to $1.78 as at 31 December 2016.


FINANCIAL POSITION AND CASHFLOWS


The Group’s property, plant and equipment amounted $191.6 million as at 31 December 2016 compared to $186.9 as at 31 December 2015. Property, plant and equipment were stated net of depreciation charges of $29.6 million (FY15: $32.1 million) and partially offset by currency realignment and the addition of $39.2 million (FY15: $26.7 million) in capital expenditure for machineries and building.


The decrease in loans and borrowings was due to the repayment of loans.


The Group maintained a cash balance of $115.3 million as at 31 December 2016 (31 December 2015: $121.1 million), resulting in a net cash position of $15.5 million (31 December 2015: $1.1 million), after accounting for loans and borrowings of $99.8 million (31 December 2015: $120.0 million).


BUSINESS SEGMENT PEFORMANCE


FY2016
$'000
FY2015
$'000
Inc/ Dec
%
Automative 245,446 219,126 12.0
Consumer/IT 272,980 268,832 1.5
Healthcare 48,452 49,775 (2.7)
Mould Fabrication 117,579 136,731 (14.0)
684,457 674,464 1.5

Revenue from the Automotive business segment, one of the key revenue generators, increased by 12.0% yoy from $219.1 million for FY2015 to $245.4 million for FY2016. The Automotive segment’s contribution to the Group’s revenue was 35.9% (FY2015: 32.5%). In line with the increase in revenue, profit in the Automotive segment increased from $10.1 million for FY2015 to $15.0 million (excluding retrenchment costs) in FY2016. This was due to higher utilisation attributed to an increase in orders from current and new projects along with a change in product mix.


The Group’s revenue from the Consumer/IT segment increased 1.5% yoy from $268.8 million for FY2015 to $273.0 million for FY2016. Correspondingly, profit in the Consumer/IT segment increased from $31.7 million for FY2015 to $37.8 million for FY2016 (excluding retrenchment costs). The increase in profit was due to (i) a change in product mix and (ii) improved utilisation in our Southern China operations.


Revenue from the Group’s Healthcare segment decreased 2.7% yoy from $49.8 million for FY2015 to $48.5 million for FY2016. This was due to (i) a decrease in orders and (ii) delay in new projects launched. Profit in the Healthcare segment declined from $2.5 million for FY2015 to $1.0 million for FY2016.


Revenue from the Group’s Mould Fabrication segment decreased 14.0% yoy from $136.7 million for FY2015 to $117.6 million for FY2016. This decrease was due to a (i) reduction in capacity resulting from the downsizing of mould fabrication facilities in Southern China and (ii) lesser orders billed and recognized to profit and loss. Despite the decline in revenue and excluding the retrenchment costs, the profit increased from $2.6 million for FY2015 to $3.5 million for FY2016.


GEOGRAPHIC SEGMENT PERFORMANCE


Contributions from operations in China and Hong Kong to the Group’s revenue declined 2.1% yoy from $324.5 million for FY2015 to $317.7 million for FY2016. This was mainly due to the Group’s Mould Fabrication segment, partially offset by an increase in contributions from the Automotive segment.


Revenue contributions from the Group’s Singapore and Malaysia operations increased from 40.4% for FY2015 to 42.1% for FY2016. In absolute figures, revenue from our Singapore and Malaysia operations increased from $272.5 million for FY2015 to $287.9 million for FY2016. The increase was mainly due to a rise in orders from the Group’s Automotive, Consumer/IT and Healthcare business segments.


The contribution in revenue from the Group’s operations in other regions maintained at 11.5%. However, in absolute figures, revenue from the Group’s operations in other regions increased from $77.4 million for FY2015 to $78.8 million for FY2016.