MCL Land Limited First Half F
To: Business Editor 29th July 2010
For immediate release
MCL Land Limited
First Half 2010 Financial Statements and Dividend Announcement
The following announcement was issued today by the Company's 77%-owned subsidiary, MCL Land Limited.
For further information, please contact:
Hongkong Land Limited
John R Witt (852) 2842 8101
GolinHarris
Sue So (852) 2501 7984
29th July 2010
MCL LAND LIMITED
FIRST HALF 2010 FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT
Highlights
- Completion of Waterfall Gardens
- Reversal of US$51 million write-down on The Estuary
- Profit attributable to shareholders at US$163 million
- Development site at Hougang Avenue 2 secured
"While the outlook for the residential property market in Singapore remains generally positive, ongoing economic uncertainties and the supply of more government land may moderate demand in the short term. Following strong first half profits, the only project completing in the second half will be D'Pavilion."
Y K Pang, Chairman
29th July 2010
Group Results
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Six months ended 30th June |
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2010 |
2009 |
Change |
2010 |
Change |
|
|
|
|
|
US$m |
US$m |
% |
S$m |
% |
|
Revenue |
|
|
315.6 |
144.1 |
119 |
442.7 |
111 |
|
|
Profit before tax |
|
|
184.1 |
44.4 |
315 |
258.5 |
301 |
|
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Profit attributable to shareholders |
162.9 |
38.1 |
328 |
228.8 |
313 |
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US¢ |
US¢ |
|
S¢ |
|
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Earnings per share |
|
44.03 |
10.29 |
328 |
61.85 |
313 |
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At 30.6.2010 |
At 31.12.2009 |
Change |
At 30.6.2010 |
Change |
|
|
|
|
|
US$m |
US$m |
% |
S$m |
% |
|
Shareholders' funds |
|
|
|
664.2 |
533.2 |
25 |
932.1 |
25 |
|
|
|
|
|
US$ |
US$ |
|
S$ |
|
|
Net asset value per share |
|
1.80 |
1.44 |
25 |
2.52 |
25 |
||
The exchange rate of US$1=S$1.40 (31.12.2009: US$1=S$1.40) was used for translating assets and liabilities at the balance sheet date. Average monthly transaction rates were used for translating the results for the financial period (average rate for 2010: US$1=S$1.40, 2009: US$1=S$1.49).
The financial results for the six months ended 30th June 2010 and 30th June 2009 have been prepared based on International Financial Reporting Standards ("IFRS"). These have not been audited or reviewed by the Company's Auditors.
Overview
Underpinned by a better than expected economic environment in the first half of the year, the Singapore residential property market remained buoyant. For the Group, a good profit was recognised on the completion of Waterfall Gardens, while a reversal of a write-down was made in respect of The Estuary development following its successful launch in February 2010.
Group Performance
Profit attributable to shareholders for the period was US$163 million, compared with US$38 million in the first half of 2009. In addition to the profit arising from the completion of Waterfall Gardens, the results also benefited from the reversal of a US$51 million write-down on The Estuary development following the sale of all units by the end of April 2010. The Company completed two developments in the first half of 2009.
The Group continues to carry a write-down of US$134 million against a number of its development properties in Singapore.
Shareholders' funds were US$664 million at the end of June 2010, up from US$533 million at 31st December 2009. Progress payments received in respect of development properties continued to enhance the Group's financial position. At 30th June 2010, the Group had net cash of US$279 million, compared with US$93 million at the end of 2009.
The Board is not recommending the payment of an interim dividend for the first half of 2010 (2009: nil).
Properties
Sales of the Group's Singapore development properties were robust. The Estuary, a 608-unit condominium development at Yishun Avenue 1, and The Peak@Balmeg, a 180-unit condominium development at Balmeg Road, were fully sold as at 30th June 2010. By the same date, pre-sales had reached 99% at Parvis, a 248-unit condominium joint venture development at Holland Road, and 94% at D'Pavilion, a 50-unit apartment development at Upper Serangoon Road.
D'Mira, a 65-unit apartment development at Boon Teck Road, was launched in May 2010 and 20 units had been committed for sale at the end of June.
Construction of the Group's projects is progressing well. Waterfall Gardens, a fully sold 132-unit condominium development at Farrer Road, obtained its Temporary Occupation Permit in May 2010, giving rise to a net profit of US$113 million. Completion of D'Pavilion is scheduled for the second half of 2010. This will be followed by The Peak@Balmeg in 2011, Parvis in 2012, and D'Mira and The Estuary in 2013.
The Group's joint venture developments in Malaysia continued to show good results. Riana Green Phase 1 was completed in January 2010, and all 391 units have now been sold. Sales of Seremban Forest Heights, a joint venture development in Seremban, continued with 322 of the 396 available units committed for sale.
Wangsa Walk Mall, a joint venture retail mall development in Kuala Lumpur with an estimated net lettable area of some 25,000 square metres, had 95% of its space leased at the end of June 2010.
Acquisitions
In May, the Group successfully secured a 99-year leasehold site at Hougang Avenue 2 for consideration of US$148 million. The 30,196-square metre site is located within an established residential estate and it will be developed into a condominium project with an estimated 450 to 500 units. The Group now has five sites in Singapore with a total gross floor area of about 100,000 square metres that are at various stages of planning approval.
Prospects
While the outlook for the residential property market in Singapore remains generally positive, ongoing economic uncertainties and the supply of more government land may moderate demand in the short term. Following strong first half profits, the only project completing in the second half will be D'Pavilion.
Y K Pang
Chairman
29th July 2010
Statement pursuant to Rule 705(5) of the Listing Manual
The directors confirm that, to the best of their knowledge, nothing has come to the attention of the Board of Directors which may render the accompanying unaudited interim financial results for the six months ended 30th June 2010 to be false or misleading in any material respect.
On behalf of the Directors
Y K Pang
Chairman
Hassan Abas
Director
29th July 2010
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MCL Land Limited |
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Consolidated Profit and Loss Account |
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Three months ended |
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Six months ended |
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30.6.2010 |
|
30.6.2009 |
Change |
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30.6.2010 |
|
30.6.2009 |
Change |
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Note |
US$'000 |
|
US$'000 |
% |
|
US$'000 |
|
US$'000 |
% |
||
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|
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|
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Revenue |
|
315,357 |
|
135,799 |
132 |
|
315,585 |
|
144,103 |
119 |
|||
|
Cost of sales |
|
(176,636) |
|
(92,362) |
91 |
|
(176,721) |
|
(97,617) |
81 |
|||
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|
|
|
|
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|
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||
|
Gross profit |
|
138,721 |
|
43,437 |
219 |
|
138,864 |
|
46,486 |
199 |
|||
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|
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|
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Other income |
3 |
325 |
|
384 |
-15 |
|
51,675 |
|
715 |
n/m |
|||
|
Marketing expenses |
|
(570) |
|
(117) |
387 |
|
(3,050) |
|
(170) |
n/m |
|||
|
Administrative expenses |
|
(2,350) |
|
(1,154) |
104 |
|
(2,923) |
|
(2,103) |
39 |
|||
|
Share of joint ventures' results (net of tax) |
796 |
|
(167) |
n/m |
|
(509) |
|
(576) |
-12 |
||||
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|
|
|
|
|
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|
|
|
|
|
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||
|
Profit before tax |
2 |
136,922 |
|
42,383 |
223 |
|
184,057 |
|
44,352 |
315 |
|||
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|
Tax |
4 |
(22,661) |
|
(5,689) |
298 |
|
(21,140) |
|
(6,270) |
237 |
|||
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Profit after tax attributable to |
|
|
|
|
|
|
|
|
|
|
|||
|
|
shareholders of the Company |
|
114,261 |
|
36,694 |
211 |
|
162,917 |
|
38,082 |
328 |
||
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US¢ |
|
US¢ |
% |
|
US¢ |
|
US¢ |
% |
||
|
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|
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|
Earnings per share ("EPS") |
|
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|
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|
|||
|
|
attributable to shareholders |
|
|
|
|
|
|
|
|
|
|
||
|
|
- basic and diluted* |
5 |
30.88 |
|
9.92 |
211 |
|
44.03 |
|
10.29 |
328 |
||
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n/m = not meaningful |
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* |
Diluted EPS is the same as basic EPS, as there were no outstanding, dilutive potential ordinary shares. |
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MCL Land Limited |
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Consolidated Statements of Comprehensive Income and Changes in Equity |
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for the three months ended 30th June |
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Consolidated Statement of Comprehensive Income for the three months ended 30th June |
|
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|
|
|
|
|
|
|
|
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|
|
2010 |
|
2009 |
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
Profit after tax |
|
114,261 |
|
36,694 |
|
|
|
|
|
|
|
|
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Other comprehensive (loss)/income: |
|
|
|
|
|
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Translation difference |
|
(542) |
|
18,196 |
|
|
|
|
|
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Total comprehensive income attributable to |
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|
|
|
|
|
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shareholders of the Company |
|
113,719 |
|
54,890 |
|
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Consolidated Statement of Changes in Equity for the three months ended 30th June |
|
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|
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|
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|
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|
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Attributable to shareholders |
|||
|
|
|
Share |
Translation |
Retained |
Total |
|
|
|
capital |
reserve |
earnings |
equity |
|
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
|
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|
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Balance at 1st April |
276,657 |
122,094 |
184,723 |
583,474 |
|
|
|
|
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Total comprehensive income for the financial period |
- |
(542) |
114,261 |
113,719 |
|
|
|
|
|
|
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Dividend |
- |
- |
(32,966) |
(32,966) |
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|
|
|
|
|
|
|
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Balance at 30th June |
276,657 |
121,552 |
266,018 |
664,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
|
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|
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Balance at 1st April |
276,657 |
88,409 |
9,297 |
374,363 |
|
|
|
|
|
|
|
|
|
Total comprehensive income for the financial period |
- |
18,196 |
36,694 |
54,890 |
|
|
|
|
|
|
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Dividend |
- |
- |
(25,493) |
(25,493) |
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|
|
|
|
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Balance at 30th June |
276,657 |
106,605 |
20,498 |
403,760 |
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The number of issued ordinary shares as at 30th June 2010 was 369,985,977 (2009: 369,985,977). The Company did not hold any treasury shares as at 30th June 2010 and 2009. |
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MCL Land Limited |
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Consolidated Statements of Comprehensive Income and Changes in Equity |
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for the six months ended 30th June |
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Consolidated Statement of Comprehensive Income for the six months ended 30th June |
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2010 |
|
2009 |
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
Profit after tax |
|
162,917 |
|
38,082 |
|
|
|
|
|
|
|
|
|
Other comprehensive income/(loss): |
|
|
|
|
|
|
|
Translation difference |
|
1,048 |
|
(2,778) |
|
|
|
|
|
|
|
|
Total comprehensive income attributable to |
|
|
|
|
|
|
|
shareholders of the Company |
|
163,965 |
|
35,304 |
|
|
|
|
|
|
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Consolidated Statement of Changes in Equity for the six months ended 30th June |
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Attributable to shareholders |
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Share |
Translation |
Retained |
Total |
|
|
|
capital |
reserve |
earnings |
equity |
|
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
|
|
|
|
|
|
|
2010 |
|
|
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Balance at 1st January |
276,657 |
120,504 |
136,067 |
533,228 |
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|
|
|
|
|
|
|
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Total comprehensive income for the financial period |
- |
1,048 |
162,917 |
163,965 |
|
|
|
|
|
|
|
|
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Dividend |
- |
- |
(32,966) |
(32,966) |
|
|
|
|
|
|
|
|
|
Balance at 30th June |
276,657 |
121,552 |
266,018 |
664,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
2009 |
|
|
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Balance at 1st January |
276,657 |
109,383 |
7,909 |
393,949 |
|
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|
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Total comprehensive income for the financial period |
- |
(2,778) |
38,082 |
35,304 |
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|
|
|
|
|
|
|
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Dividend |
- |
- |
(25,493) |
(25,493) |
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|
|
|
|
|
|
|
|
Balance at 30th June |
276,657 |
106,605 |
20,498 |
403,760 |
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The number of issued ordinary shares as at 30th June 2010 was 369,985,977 (2009: 369,985,977). The Company did not hold any treasury shares as at 30th June 2010 and 2009. |
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MCL Land Limited |
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Consolidated Balance Sheet |
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At |
|
At |
|
|
|
|
|
30.6.2010 |
|
31.12.2009 |
|
|
|
Note |
|
US$'000 |
|
US$'000 |
|
|
Non-current assets 1 |
|
|
|
|
|
|
|
Plant and equipment |
|
|
271 |
|
346 |
|
|
Investment properties |
|
|
15,937 |
|
15,382 |
|
|
Investments in joint ventures |
|
|
29,350 |
|
30,317 |
|
|
Deferred tax assets |
|
|
2,362 |
|
690 |
|
|
|
|
|
47,920 |
|
46,735 |
|
|
Current assets 2 |
|
|
|
|
|
|
|
Development properties for sale |
|
|
448,726 |
|
543,409 |
|
|
Amounts owing by joint ventures |
|
|
65,925 |
|
72,466 |
|
|
Debtors and prepayments |
|
|
117,597 |
|
67,534 |
|
|
Bank balances |
|
|
361,739 |
|
192,464 |
|
|
|
|
|
993,987 |
|
875,873 |
|
|
Total assets |
|
|
1,041,907 |
|
922,608 |
|
|
|
|
|
|
|
|
|
|
Non-current liabilities 3 |
|
|
|
|
|
|
|
Borrowings |
6 |
|
83,061 |
|
90,194 |
|
|
Deferred tax liabilities |
|
|
5 |
|
270 |
|
|
Creditors |
|
|
3,947 |
|
7,254 |
|
|
|
|
|
87,013 |
|
97,718 |
|
|
Current liabilities 4 |
|
|
|
|
|
|
|
Borrowings |
6 |
|
- |
|
9,550 |
|
|
Amounts owing to joint venture |
|
|
- |
|
482 |
|
|
Creditors |
|
|
251,174 |
|
249,038 |
|
|
Current tax liabilities |
|
|
39,493 |
|
32,592 |
|
|
|
|
|
290,667 |
|
291,662 |
|
|
Total liabilities |
|
|
377,680 |
|
389,380 |
|
|
|
|
|
|
|
|
|
|
Net assets |
|
|
664,227 |
|
533,228 |
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
Share capital and reserves |
|
|
|
|
|
|
|
Share capital |
|
|
276,657 |
|
276,657 |
|
|
Translation reserve |
|
|
121,552 |
|
120,504 |
|
|
Retained earnings |
|
|
266,018 |
|
136,067 |
|
|
Shareholders' funds |
|
|
664,227 |
|
533,228 |
|
|
|
|
|
|
|
|
|
|
Net asset value per share |
|
|
US$1.80 |
|
US$1.44 |
|
|
|
|
|
|
|
|
|
|
Explanatory notes on material variances: |
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|
1 |
The increase in non-current assets at 30.6.2010 as compared to 31.12.2009 is mainly due to higher deferred tax assets provided for marketing expenses and recognition of deferred tax assets arising from prior years' losses. This is partially offset by the Group's share of losses incurred by the Group's joint ventures. |
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2 |
The increase in current assets is mainly due to the prepayment of 25% of the land cost for the site at Hougang Avenue 2 and higher bank balances from sales proceeds collected from the Group's development properties. This is partially offset by lower development properties for sale due to completion of Waterfall Gardens in the current financial period. |
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3 |
The lower non-current liabilities at 30.6.2010 as compared to 31.12.2009 is mainly due to repayment of long-term bank loans during the financial period from progress billings collected from the Group's development properties. |
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4 |
The lower current liabilities at 30.6.2010 as compared to 31.12.2009 is mainly due to repayment of short-term bank loans during the financial period. This is partially offset by an increase in progress billings collected from the Group's development properties and a higher provision for income tax on the Group's taxable profit. |
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|
MCL Land Limited |
|||
|
Company Balance Sheet |
|||
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|
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|
|
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At |
|
At |
|
|
30.6.2010 |
|
31.12.2009 |
|
|
US$'000 |
|
US$'000 |
|
Non-current assets |
|
|
|
|
Plant and equipment |
252 |
|
325 |
|
Interests in subsidiaries |
57,557 |
|
57,561 |
|
Investments in joint ventures |
28,124 |
|
28,482 |
|
|
85,933 |
|
86,368 |
|
|
|
|
|
|
Current assets |
|
|
|
|
Amounts owing by subsidiaries |
308,438 |
|
273,493 |
|
Amounts owing by joint ventures |
65,925 |
|
72,466 |
|
Debtors and prepayments |
230 |
|
318 |
|
Bank balances |
246,543 |
|
135,281 |
|
|
621,136 |
|
481,558 |
|
|
|
|
|
|
Total assets |
707,069 |
|
567,926 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Amounts owing to subsidiaries |
242,609 |
|
126,061 |
|
Amounts owing to joint venture |
- |
|
482 |
|
Creditors |
2,601 |
|
3,734 |
|
Current tax liabilities |
501 |
|
721 |
|
|
245,711 |
|
130,998 |
|
|
|
|
|
|
Total liabilities |
245,711 |
|
130,998 |
|
|
|
|
|
|
Net assets |
461,358 |
|
436,928 |
|
|
|
|
|
|
Equity: |
|
|
|
|
Share capital and reserves |
|
|
|
|
Share capital |
276,657 |
|
276,657 |
|
Translation reserve |
102,122 |
|
102,236 |
|
Retained earnings |
82,579 |
|
58,035 |
|
Shareholders' funds |
461,358 |
|
436,928 |
|
|
|
|
|
|
Net asset value per share |
US$1.25 |
|
US$1.18 |
|
MCL Land Limited |
|||||
|
Company Statements of Comprehensive Income and Changes in Equity |
|||||
|
for the three months ended 30th June |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Statement of Comprehensive Income for the three months ended 30th June |
|
||||
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
2009 |
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
Profit/(Loss) after tax |
|
1,569 |
|
(23,541) |
|
|
|
|
|
|
|
|
|
Other comprehensive (loss)/income: |
|
|
|
|
|
|
|
Translation difference |
|
(735) |
|
19,630 |
|
|
|
|
|
|
|
|
Total comprehensive income/(loss) attributable to |
|
|
|
|
|
|
|
shareholders of the Company |
|
834 |
|
(3,911) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Statement of Changes in Equity for the three months ended 30th June |
|
||||
|
|
|
|
|
|
|
|
|
|
Attributable to shareholders |
|||
|
|
|
Share |
Translation |
Retained |
Total |
|
|
|
capital |
reserve |
earnings |
equity |
|
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st April |
276,657 |
102,857 |
113,976 |
493,490 |
|
|
|
|
|
|
|
|
|
Total comprehensive income for the financial period |
- |
(735) |
1,569 |
834 |
|
|
|
|
|
|
|
|
|
Dividend |
- |
- |
(32,966) |
(32,966) |
|
|
|
|
|
|
|
|
|
Balance at 30th June |
276,657 |
102,122 |
82,579 |
461,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st April |
276,657 |
70,539 |
53,610 |
400,806 |
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the financial period |
- |
19,630 |
(23,541) |
(3,911) |
|
|
|
|
|
|
|
|
|
Dividend |
- |
- |
(25,493) |
(25,493) |
|
|
|
|
|
|
|
|
|
Balance at 30th June |
276,657 |
90,169 |
4,576 |
371,402 |
|
|
MCL Land Limited |
|||||
|
Company Statements of Comprehensive Income and Changes in Equity |
|||||
|
for the six months ended 30th June |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Statement of Comprehensive Income for the six months ended 30th June |
|
||||
|
|
|
|
|
|
|
|
|
|
|
2010 |
|
2009 |
|
|
|
|
US$'000 |
|
US$'000 |
|
|
|
|
|
|
|
|
Profit/(Loss) after tax |
|
57,510 |
|
(74,746) |
|
|
|
|
|
|
|
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
Translation difference |
|
(114) |
|
(5,879) |
|
|
|
|
|
|
|
|
Total comprehensive income/(loss) attributable to |
|
|
|
|
|
|
|
shareholders of the Company |
|
57,396 |
|
(80,625) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Company Statement of Changes in Equity for the six months ended 30th June |
|
|
|||
|
|
|
|
|
|
|
|
|
|
Attributable to shareholders |
|||
|
|
|
Share |
Translation |
Retained |
Total |
|
|
|
Capital |
reserve |
earnings |
equity |
|
|
|
US$'000 |
US$'000 |
US$'000 |
US$'000 |
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st January |
276,657 |
102,236 |
58,035 |
436,928 |
|
|
|
|
|
|
|
|
|
Total comprehensive income for the financial period |
- |
(114) |
57,510 |
57,396 |
|
|
|
|
|
|
|
|
|
Dividend |
- |
- |
(32,966) |
(32,966) |
|
|
|
|
|
|
|
|
|
Balance at 30th June |
276,657 |
102,122 |
82,579 |
461,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at 1st January |
276,657 |
96,048 |
104,815 |
477,520 |
|
|
|
|
|
|
|
|
|
Total comprehensive loss for the financial period |
- |
(5,879) |
(74,746) |
(80,625) |
|
|
|
|
|
|
|
|
|
Dividend |
- |
- |
(25,493) |
(25,493) |
|
|
|
|
|
|
|
|
|
Balance at 30th June |
276,657 |
90,169 |
4,576 |
371,402 |
|
|
MCL Land Limited |
|
Consolidated Statement of Cash Flows |
|
|
|
|
|
Three months ended |
|
Six months ended |
||||||
|
|
|
|
|
30.6.2010 |
|
30.6.2009 |
|
30.6.2010 |
|
30.6.2009 |
||
|
|
|
Note |
|
US$'000 |
|
US$'000 |
|
US$'000 |
|
US$'000 |
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Profit before tax |
|
|
136,922 |
|
42,383 |
|
184,057 |
|
44,352 |
|||
|
Non-cash items |
|
|
|
|
|
|
|
|
|
|||
|
|
Interest income |
|
|
(278) |
|
(243) |
|
(524) |
|
(545) |
||
|
|
Share of joint ventures' results |
|
|
(796) |
|
167 |
|
509 |
|
576 |
||
|
|
Depreciation |
|
|
22 |
|
35 |
|
48 |
|
72 |
||
|
|
Reversal of write-down on development properties for sale |
3 |
|
- |
|
- |
|
(50,897) |
|
- |
||
|
|
(Profit)/Loss on disposal of plant and equipment |
|
(1) |
|
1 |
|
(22) |
|
1 |
|||
|
|
Unrealised translation loss/(gain) |
|
|
2 |
|
(2) |
|
3 |
|
(2) |
||
|
|
|
|
|
(1,051) |
|
(42) |
|
(50,883) |
|
102 |
||
|
Operating profit before working capital changes |
|
135,871 |
|
42,341 |
|
133,174 |
|
44,454 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Changes in working capital |
|
|
|
|
|
|
|
|
|
|||
|
|
Development properties for sale |
|
|
159,109 |
|
62,725 |
|
145,670 |
|
45,227 |
||
|
|
Amounts owing by joint ventures |
|
|
6,709 |
|
929 |
|
6,536 |
|
(112) |
||
|
|
Debtors and prepayments |
|
|
(21,578) |
|
13,426 |
|
(49,229) |
|
24,703 |
||
|
|
Creditors |
|
|
(90,461) |
|
(14,468) |
|
(439) |
|
1,103 |
||
|
|
|
|
|
53,779 |
|
62,612 |
|
102,538 |
|
70,921 |
||
|
Cash flows generated from operations |
|
189,650 |
|
104,953 |
|
235,712 |
|
115,375 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Interest received |
|
|
225 |
|
263 |
|
352 |
|
557 |
||
|
|
Income tax paid |
|
|
(16,318) |
|
(7,525) |
|
(15,906) |
|
(8,134) |
||
|
|
|
|
|
(16,093) |
|
(7,262) |
|
(15,554) |
|
(7,577) |
||
|
|
Net cash flows generated from operating activities 5 |
|
173,557 |
|
97,691 |
|
220,158 |
|
107,798 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
||||
|
|
Purchase of plant and equipment |
|
|
(2) |
|
(4) |
|
(7) |
|
(6) |
||
|
|
Net proceeds from sale of plant and equipment |
|
- |
|
- |
|
57 |
|
- |
|||
|
|
Net cash flows (used in)/generated from investing activities |
|
(2) |
|
(4) |
|
50 |
|
(6) |
|||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
||||
|
|
Drawdown of loans |
|
|
- |
|
51,357 |
|
- |
|
51,654 |
||
|
|
Repayment of loans |
|
|
(5,024) |
|
(56,483) |
|
(16,706) |
|
(90,339) |
||
|
|
Dividend paid |
|
|
(32,966) |
|
(25,493) |
|
(32,966) |
|
(25,493) |
||
|
|
Net cash flows used in financing activities 6 |
|
|
(37,990) |
|
(30,619) |
|
(49,672) |
|
(64,178) |
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Net change in cash and cash equivalents |
|
135,565 |
|
67,068 |
|
170,536 |
|
43,614 |
||||
|
Cash and cash equivalents at the beginning of the |
|
|
|
|
|
|
|
|
||||
|
|
financial period |
|
|
227,776 |
|
101,349 |
|
192,464 |
|
131,800 |
||
|
Effect of exchange rate changes |
|
|
(1,602) |
|
4,783 |
|
(1,261) |
|
(2,214) |
|||
|
Cash and cash equivalents at the end of the financial period |
361,739 |
|
173,200 |
|
361,739 |
|
173,200 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Explanatory notes on material variances: |
|
|
|
|
|
|
|
|||||
|
|
5 |
The net cash flows generated from operating activities for the six months ended 30th June 2010 relate mainly to the completion of Waterfall Gardens, partially offset by increased progress billings not yet received. |
|
|
6 |
The net cash flows used in financing activities for the six months ended 30th June 2010 relate mainly to long-term bank loans repaid from progress billings collected and payment of dividends on 26th May 2010. |
|
MCL Land Limited |
|||||||||||
|
Notes |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Accounting policies and basis of preparation |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements contained in this announcement are prepared in accordance with the accounting policies and methods of computation set out in the 2009 audited accounts, which are based on International Financial Reporting Standards ("IFRS"). There have been no changes to the accounting policies described in the 2009 annual financial statements except for the adoption of the amendments and interpretations set out below: |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amendment to IAS 39 |
Eligible Hedged Items |
|||||||||
|
|
Improvements to IFRSs (2009) |
|
|
|
|
|
|
|
|
|
|
|
|
IFRIC 17 |
Distributions of Non-cash Assets to Owners |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The adoption of these amendments and interpretations do not have any significant impact on the results of the Group. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group |
|
|||||||
|
|
|
|
Three months ended |
|
|
Six months ended |
|
||||
|
|
|
|
30.6.2010 |
|
30.6.2009 |
Change |
|
30.6.2010 |
|
30.6.2009 |
Change |
|
|
|
|
US$'000 |
|
US$'000 |
% |
|
US$'000 |
|
US$'000 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before tax is determined |
|
|
|
|
|
|
|
|
|
|
|
|
after including: |
|
|
|
|
|
|
|
|
|
|
|
|
Reversal of write-down on development |
|
|
|
|
|
|
|
|
|
|
|
|
properties for sale (Note 3) |
- |
|
- |
|
|
50,897 |
|
- |
n/m |
|
|
|
Net exchange gain/(loss) |
24 |
|
(1) |
n/m |
|
26 |
|
- |
n/m |
|
|
|
Rental income |
221 |
|
278 |
-21 |
|
449 |
|
545 |
-18 |
|
|
|
Interest income |
278 |
|
243 |
14 |
|
524 |
|
545 |
-4 |
|
|
|
Depreciation on plant and equipment |
(22) |
|
(35) |
-37 |
|
(48) |
|
(72) |
-33 |
|
|
|
Profit/(Loss) on disposal of plant |
|
|
|
|
|
|
|
|
|
|
|
|
and equipment |
1 |
|
(1) |
n/m |
|
22 |
|
(1) |
n/m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/m = not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Included in the income for the six months ended 30th June 2010 is a reversal of a US$50,897,000 (2009: nil) write-down previously made on the Group's development properties for sale. |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The provision for income tax is based on the statutory tax rates prevailing in the respective countries in which Group companies operate after taking into account expenses which are not tax deductible, income not subject to tax and Group tax relief. |
||||||||||
|
5 |
Earnings per share * |
|
|
|
|
|
|
|
|
|
|
|
|
Group |
||||||
|
|
|
|
Three months ended |
|
Six months ended |
||||
|
|
|
|
30.6.2010 |
|
30.6.2009 |
|
30.6.2010 |
|
30.6.2009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share* |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit attributable to shareholders (US$'000) |
114,261 |
|
36,694 |
|
162,917 |
|
38,082 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of ordinary shares |
|
|
|
|
|
|
||
|
|
|
in issue ('000) |
369,986 |
|
369,986 |
|
369,986 |
|
369,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share (US¢) |
30.88 |
|
9.92 |
|
44.03 |
|
10.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Diluted EPS is the same as basic EPS, as there were no outstanding, dilutive potential ordinary shares. |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Group borrowings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group |
||||
|
|
|
|
|
|
|
|
At |
|
At |
|
|
|
|
|
|
|
|
30.6.2010 |
|
31.12.2009 |
|
|
|
|
|
|
|
|
US$'000 |
|
US$'000 |
|
|
Borrowings due within one year |
|
|
|
|
|
|
|
|
|
|
|
- secured |
|
|
|
|
- |
|
9,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings due after one year |
|
|
|
|
|
|
|
|
|
|
|
- secured |
|
|
|
|
83,061 |
|
90,194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83,061 |
|
99,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain subsidiaries of the Company have mortgaged their development properties as security for bank loans. The net book value of properties mortgaged as at 30th June 2010 was US$207.2 million (31st December 2009: US$289.9 million). |
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|
7 |
Interested person transactions |
|
|
|
|
|
|
|
|
|
|
Name of interested person |
Aggregate value of all interested person transactions (excluding transactions less than S$100,000 and transactions conducted under the shareholders' mandate pursuant to Rule 920) |
|
Aggregate value of interested person transactions conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than S$100,000) |
|||||
|
|
|
|
US$'000 |
|
US$'000 |
||||
|
|
|
|
|
|
|
||||
|
|
Three months ended 30th June 2010 |
- |
|
- |
|||||
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|
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|
||||
|
|
Six months ended 30th June 2010 |
- |
|
- |
|||||
|
8 |
Issue of shares |
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|
|
|
|
There have been no changes in the issued share capital of the Company since 31st December 2009. |
|
|
|
|
|
There are no outstanding convertible instruments issued or treasury shares held by the Company as at 30th June 2010. |
|
|
|
|
|
The total number of issued shares (excluding treasury shares) as at 30th June 2010 and 31st December 2009 was 369,985,977. |
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|
|
|
|
|
|
9 |
Others |
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|
|
|
|
The results do not include any pre-acquisition profits and have not been affected by any item, transaction or event of a material and unusual nature. No significant transaction or event has occurred between 30th June 2010 and the date of this report. |
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- end - |
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For further information, please contact: Steve Chu Chief Financial Officer MCL Land Limited Tel: 6221 8111 |
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|
Full text of the Financial Statements and Dividend Announcement for the six months ended 30th June 2010 can be accessed through the internet at www.mclland.com.sg.
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This information is provided by RNS
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