UNITED ENVIROTECH LTD. (Company registration number: 200306466G)
Listed companies must provide the information required by Appendix 7.2 of the Listing Manual. Adequate disclosure
should be given to explain any material extraordinary item either as a footnote of the material extraordinary item or in
the "Review of the performance of the group".
Second Quarter Financial Statement & Dividend Announcement for the Period Ended 30 September 2013
PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3),
HALF-YEAR AND FULL YEAR RESULTS
1(a) A statement of comprehensive income (for the group) together with a comparative statement
for the corresponding period of the immediately preceding financial year.
The Group ($’000)
3 months
ended
30/9/2013
3 months
ended
30/9/2012
%
Increase/
(Decrease)
6 months
ended
30/9/2013
6 months
ended
30/9/2012
%
Increase/
(Decrease)
Revenue 51,963 53,918 (3.6) 96,029 85,975 11.7
Other income 170 416 (59.1) 575 750 (23.3)
Changes in inventories 936 (231) N/m 1,215 (161) N/m
Material purchased,
consumables used and
subcontractors’ fees
(28,895)
(34,446)
(16.1)
(53,905)
(52,303)
3.1
Employee benefits expense (2,940) (1,761) 67.0 (6,163) (3,560) 73.1
Depreciation and
amortisation expenses
(1,134)
(485)
133.8
(2,057)
(835)
146.3
Other operating expenses (8,705) (5,240) 66.1 (14,299) (8,770) 63.0
Finance costs (3,884) (3,047) 27.5 (7,608) (6,004) 26.7
Share of profit of associate 266 502 (47.0) 823 1,292 (36.3)
Share of profit of joint
venture
1,158
174
565.5
1,828
335
445.7
Profit before income tax 8,935 9,800 (8.8) 16,438 16,719 (1.7)
Income tax expense (1,577) (1,431) 10.2 (2,993) (2,466) 21.4
Net profit for the period 7,358 8,369 (12.1) 13,445 14,253 (5.7)
2
The Group ($’000)
3 months
ended
30/9/2013
3 months
ended
30/9/2012
%
Increase/
(Decrease)
6 months
ended
30/9/2013
6 months
ended
30/9/2012
%
Increase/
(Decrease)
Statement of
Comprehensive Income
Profit attributable to:
Owners of the Company 7,131 8,075 (11.7) 12,863 13,959 (7.9)
Non-controlling interests 227 294 (22.8) 582 294 98.0
Profit for the period 7,358 8,369 (12.1) 13,445 14,253 (5.7)
Fair value change in
Available-for-sale
investment
2,450
-
N/m
(2,192)
-
N/m
Currency translation (loss)
gain
(1,213)
(5,458)
(77.8)
4,558
(6,033)
N/m
Total comprehensive
income for the period
8,595
2,911
195.3
15,811
8,220
92.3
Total comprehensive
income attributable to:
Owners of the company 8,368 2,624 218.9 15,229 7,933 92.0
Non-controlling interests 227 287 (20.9) 582 287 102.8
Total comprehensive
income for the period
8,595
2,911
195.3
15,811
8,220
92.3
1(a)(ii) Breakdown to statement of comprehensive income
The Group ($’000)
3 months
ended
30/9/2013
3 months
ended
30/9/2012
%
Increase/
(Decrease)
6 months
ended
30/9/2013
6 months
ended
30/9/2012
%
Increase/
(Decrease)
Employee share option
expense
1,300
153
749.7
2,600
306
749.7
Interest expense on bank
borrowings
984
938
4.9
2,108
1,753
20.3
Interest expense on bond 300 - N/m 300 - N/m
Finance cost on convertible
bonds
2,600
2,109
23.3
5,200
4,251
22.3
Interest income (120) (153) (21.6) (211) (367) (42.5)
Unrealised net foreign
exchange gain
(50)
(263)
(81.0)
(267)
(383)
(30.3)
N/m: Not meaningful
3
1(b)(i) A statement of financial position (for the issuer and group), together with a comparative
statement as at the end of the immediately preceding financial year.
Group
30/9/2013
$’000
Group
31/3/2013
$’000
Company
30/9/2013
$’000
Company
31/3/2013
$’000
ASSETS
Current assets:
Cash and bank balances 82,234 59,068 53,577 40,164
Trade receivables 84,526 99,184 - -
Service concession receivables 138 135 - -
Other receivables and prepayments 59,252 63,328 108,989 94,478
Inventories 1,575 360 - -
Prepaid lease 183 183 - -
Total current assets 227,908 222,258 162,566 134,642
Non-current assets:
Trade receivables 682 665 - -
Service concession receivables 204,408 181,087 - -
Prepaid lease 9,686 9,756 - -
Subsidiaries - - 154,932 139,097
Associates 9,837 9,014 6,507 6,317
Joint venture 11,822 9,994 7,919 7,688
Available-for-sale investment 30,800 32,900 30,800 32,900
Property, plant and equipment 13,278 13,276 219 249
Goodwill 1,402 1,438 - -
Intangible assets 134,191 86,124 200 200
Deferred tax assets 621 606 - -
Total non-current assets 416,727 344,860 200,577 186,451
Total assets 644,635 567,118 363,143 321,093
LIABILITIES AND EQUITY
Current liabilities:
Bank loans 18,976 33,064 7,050 8,566
Trade payables 87,459 54,927 - -
Other payables 28,288 36,797 15,541 17,743
Finance leases 84 68 54 54
Income tax payable 6,944 8,544 - -
Total current liabilities 141,751 133,400 22,645 26,363
Non-current liabilities:
Bank loans 36,647 37,238 - -
Finance leases 32 47 10 38
Bond 48,393 - 48,393
Convertible bonds 124,089 118,677 124,089 118,677
Deferred tax liabilities 6,948 6,422 - -
Total non-current liabilities 216,109 162,384 172,492 118,715
4
Group
30/9/2013
$’000
Group
31/3/2013
$’000
Company
30/9/2013
$’000
Company
31/3/2013
$’000
Capital and reserves:
Share capital 151,325 151,325 151,325 151,325
General reserve 3,683 3,683 - -
Share option reserve 5,696 3,096 5,696 3,096
Revaluation reserve (5,332) (3,140) (5,332) (3,140)
Convertible bonds reserve 22,520 22,520 22,520 22,520
Currency translation reserves 592 (3,966) 3,558 (786)
Accumulated profits (losses) 97,788 87,895 (9,761) 3,000
Total equity attributable to owners
of the Company Total equity
276,272
261,413
168,006
176,015
Non-controlling interests 10,503 9,921 - -
Total equity 286,775 271,334 168,006 176,015
Total liabilities and equity 644,635 567,118 363,143 321,093
1(b)(ii) Aggregate amount of group’s borrowings and debt securities.
Amount repayable in one year or less, or on demand
As at 30/9/2013 As at 31/3/2013
Secured
$’000
Unsecured
$’000
Secured
$’000
Unsecured
$’000
1,622 17,438 1,672 31,460
Amount repayable after one year
As at 30/9/2013 As at 31/3/2013
Secured
$’000
Unsecured
$’000
Secured
$’000
Unsecured
$’000
6,906 29,773 6,758 30,527
Details of any collateral
1. The finance leases of $116,000 (31 March 2013: $115,000) is secured over the Group’s motor
vehicles.
2. The bank term loan of $109,000 (31 March 2013: $115,000) is secured over the freehold
properties of its Malaysia subsidiary.
3. The long term bank loans of $8,303,000 (31 March 2013: $8,200,000) are secured over the
concession receivables and the treatment plant and prepaid lease of its subsidiaries.
5
1(c) A statement of cash flow (for the group), together with a comparative statement for
the corresponding period of the immediately preceding financial year.
The Group ($’000)
3 months
ended
30/9/2013
3 months
ended
30/9/2012
6 months
ended
30/9/2013
6 months
ended
30/9/2012
Operating activities
Profit before income tax 8,935 9,800 16,438 16,719
Adjustments for:
Interest income (120) (153) (211) (367)
Interest expense 3,884 3,047 7,608 6,004
Share of profit of associate (266) (502) (823) (1,292)
Share of profit of joint venture (1,158) (174) (1,828) (335)
Depreciation and amortisation 1,134 485 2,057 835
Share option expense 1,300 153 2,600 306
Exchange difference arising on foreign
currency translation
(1,866)
(5,412)
4,126
(6,235)
Operating profit before working capital changes 11,843 7,244 29,967 15,635
Trade receivables 20,870 (17,696) 14,661 (25,132)
Other receivables 8,729 (592) 4,056 14,862
Inventories (936) 231 (1,215) 161
Trade payables 509 4,938 32,532 6,763
Other payables (500) 6,473 (9,405) 734
Cash generated from operations 40,515 598 70,596 13,023
Interest received 120 153 211 367
Interest paid (1,284) (938) (2,408) (1,753)
Income tax paid (1,027) (984) (4,082) (1,442)
Net cash from (used in) operating activities 38,324 (1,171) 64,317 10,195
Investing activities
Additions to property, plant and
equipment
(1,151)
(8,136)
(1,969)
(11,573)
Additions to service concession
receivables
(20,825)
(27,319)
(23,324)
(27,319)
Additions to intangible assets (10,422) - (48,067) -
Non-controlling interests - 7,857 - 7,857
Net cash used in investing activities (32,398) (27,598) (73,360) (31,035)
Financing activities
Dividend paid (2,970) (1,433) (2,970) (1,433)
Proceeds from issuing bond 48,393 - 48,393 -
Repayment of obligations under
finance leases
(19)
(22)
(37)
(41)
Proceeds from bank borrowings - 4,501 - 5,716
Repayment of bank borrowings (7,734) (1,863) (14,679) (1,863)
Net cash from financing activities 37,670 1,183 30,707 2,379
6
The Group ($’000)
3 months
ended
30/9/2013
3 months
ended
30/9/2012
6 months
ended
30/9/2013
6 months
ended
30/9/2012
Net increase (decrease) in cash and cash
equivalents
43,596 (27,586) 21,664 (18,461)
Cash and cash equivalents at beginning of
period
38,835
98,555
59,068
89,458
Effect of exchange rate changes on the
balance of cash and cash equivalents held in
foreign currencies
(197)
(900)
1,502
(928)
Cash and cash equivalents at end of period 82,234 70,069 82,234 70,069
7
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.
Share
capital
$’000
General
reserve
$’000
Share
option
reserves
$’000
Revaluation
reserve
$’000
Convertible
bonds
reserves
$’000
Currency
translation
reserve
$’000
Accumulated
profits
$’000
Total equity
attributable
to owners
of the
Company
$’000
Non
controlling
interests
$’000
Total equity
$’000
Group
At 1 April 2013 151,325 3,683 3,096 (3,140) 22,520 (3,966) 87,895 261,413 9,921 271,334
Total comprehensive
income for the period
-
-
-
-
-
5,771
5,732
11,503
355
11,858
Recognition of
share-based payment
-
-
1,300
-
-
-
-
1,300
-
1,300
Revaluation of investment - - - (4,642) - - - (4,642) - (4,642)
At 30 June 2013 151,325 3,683 4,396 (7,782) 22,520 1,805 93,627 269,574 10,276 279,850
Total comprehensive
income for the period
-
-
-
-
-
(1,213)
7,131
5,918
227
6,145
Recognition of
share-based payment
-
-
1,300
-
-
-
-
1,300
-
1,300
Revaluation of investment - - - 2,450 - - - 2,450 - 2,450
Dividend paid - - - - - - (2,970) (2,970) - (2,970)
At 30 September 2013 151,325 3,683 5,696 (5,332) 22,520 592 97,788 276,272 10,503 286,775
At 1 April 2012 92,659 2,646 1,290 - 22,520 (1,799) 60,850 178,166 - 178,166
Total comprehensive
income for the period
-
-
-
-
-
(575)
5,884
5,309
-
5,309
Recognition of
share-based
payment
-
-
153
-
-
-
-
153
-
153
At 30 June 2012 92,659 2,646 1,443 - 22,520 (2,374) 66,734 183,628 - 183,628
Total comprehensive
income for the period
-
-
-
-
-
(5,451)
8,075
2,624
287
2,911
Recognition of
share-based payment
-
-
153
-
-
-
-
153
-
153
Non-controlling interest
arising from
incorporation of
subsidiaries
-
-
-
-
-
-
-
-
7,857
7,857
Dividend paid - - - - - - (1,433) (1,433) - (1,433)
At 30 September 2012 92,659 2,646 1,596 - 22.520 (7,825) 73,376 184,972 8,144 193,116
8
Share
capital
$’000
Share
option
reserve
$’000
Revaluation
reserve
$’000
Convertible
bonds
reserves
$’000
Currency
translation
reserve
$’000
Accumulated
profits
(losses)
$’000
Total
$’000
Company
At 1 April 2013 151,325 3,096 (3,140) 22,520 (786) 3,000 176,015
Total
comprehensive
income for the
period
-
-
-
-
4,395
(4,240)
155
Recognition of
share-based
payment
-
1,300
-
-
-
-
1,300
Revaluation of
investment
-
-
(4,642)
-
-
-
(4,642)
At 30 June 2013 151,325 4,396 (7,782) 22,520 3,609 (1,240) 172,828
Total
comprehensive
income for the
period
-
-
-
-
(51)
(5,551)
(5,602)
Recognition of
share-based
payment
-
1,300
-
-
-
-
1,300
Revaluation of
investment
-
-
2,450
-
-
-
2,450
Dividend paid - - - - - (2,970) (2,970)
At 30 September
2013
151,325
5,696
(5,332)
22,520
3,558
(9,761)
168,006
At 1 April 2012 92,659 1,290 - 22,520 (1,813) 2,822 117,478
Total
comprehensive
income for the
period
-
-
-
-
1
(1,030)
(1,029)
Recognition of
share-based
payment
-
153
-
-
-
-
153
At 30 June 2012 92,659 1,443 - 22,520 (1,812) 1,792 116,602
Total
comprehensive
income for the
period
-
-
-
-
(118)
(1,588)
(1,706)
Recognition of
share-based
payment
-
153
-
-
-
-
153
Dividend paid - - - - - (1,433) (1,433)
At 30 September
2012
92,659
1,596
-
22,520
(1,930)
(1,229)
113,616
9
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 at 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 current financial period, there is no change in the company’s share capital. The total number of
ordinary shares in issue was 594,132,000.
The total number of shares that may be issued on conversion of all the outstanding convertibles bonds and
employees shares options were 305,000,007 (30 September 2012: 305,000,007) and 73,300,000 (30
September 2012: 11,750,000) respectively.
1(d)(iii) To show the total number of issued shares excluding treasury shares as at the end of the
current financial period and as at the end of the immediately preceding year.
30/9/2013 31/3/2013
Total number of issues shares (‘000) 594,132 594,132
The company does not have any treasury shares as at the end of the current financial period and as at the
end of the immediately preceding year.
1(d)(iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury
shares as at the end of the current financial period reported on.
There were no sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the
current financial period reported on.
2. Whether the figures have been audited or reviewed and in accordance with
which auditing standard or practice.
The figures have not been audited or reviewed.
3. Where the figures have been audited or reviewed, the auditors’ report (including
any qualifications or emphasis of a 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.
The accounting policies and methods of computation are the same as in the Company’s audited
consolidated financial statements for the financial year ended 31 March 2013.
10
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.
There is no change in the accounting policies and methods of computation.
6. Earnings per ordinary share of the group for the current financial period reported
on and the corresponding period of the immediately preceding financial year,
after deducting any provision for preference dividends.
Group
3 months
ended
30/9/2013
Group
3 months
ended
30/9/2012
Group
6 months
ended
30/9/2013
Group
6 months
ended
30/9/2012
Net profit attributable to
shareholders of the Company($’000)
7,131
8,075
12,863
13,959
Weighted average number of shares
in issue (in ‘000) for computation
of Basic EPS
594,132
477,596
594,132
477,596
Earnings per share (cents)- Basic 1.20 1.69 2.17 2.92
Weighted average number of shares
in issue (in ‘000) for computation of
Diluted EPS
972,432
794,346
972,432
794,346
Earnings per share (cents) – Diluted 1.00 1.28 1.86 2.29
For the purpose of calculating diluted EPS, assumption was made that all the employee share options and
convertible bonds issued will be converted to ordinary shares.
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 financial period reported on; and
(b) immediately preceding financial year.
Group
30/9/2013
Group
31/3/2013
Company
30/9/2013
Company
31/3/2012
Net asset value ($’000) 286,775 271,334 168,006 176,015
Net asset value per share (cents) 48.27 45.67 28.28 29.63
The net asset value per share is calculated based on the issued share capital of 594,132,000 (31
March 2013: 594,132,000).
11
8. A review of the performance of the group, to the extent necessary for a reasonable
understanding of the group’s business. It must include a discussion of the
following:-
(a) any significant factors that affected the turnover, costs, and earnings of the
group for the current financial period reported on, including (where applicable)
seasonal or cyclical factors; and
(b) any material factors that affected the cash flow, working capital, assets or
liabilities of the group during the current financial period reported on.
Statement of comprehensive income
The Group ($’ million)
3 months
ended
30/9/2013
3 months
ended
30/9/2012
%
Increase/
(Decrease)
Engineering 36.5 44.0 (17.0)
Treatment 15.5 9.9 56.6
Total 52.0 53.9 (3.6)
The Group’s revenue for the year was $52.0 million, which was $1.9 million or 3.6% lower than last
corresponding period ended 30 September 2012 of $53.9 million. The decrease was mainly due to the
decrease in the engineering business from $44.0 million to $36.5 million, representing a decrease of $7.5
million or 17.0%. On the contrary, revenue from the water treatment business increased from $9.9 million to
$15.5 million, representing an increase of $5.6 million or 56.6%.
Materials purchased, consumables used and subcontractors’ fees decreased to $28.9 million from $34.4
million, representing a decrease of $5.5 million or 16.1% as compared to the corresponding period ended 30
September 2012. The decrease was consistent with the decrease in the engineering revenue.
Employee benefits expense increased to $2.9 million from $1.8 million, representing an increase of $1.1
million or 67.0% as compared to the corresponding period ended 30 September 2012. The increase was
mainly due to the additional staff strength for the operation and maintenance of the new treatment plants
acquired during the past year.
Depreciation and amortization expenses increased to $1.1 million from $0.5 million, representing an increase
of $0.6 million or 133.8% as compared to the corresponding period ended 30 September 2012. The increase
was mainly due to the amortization of intangible assets relating to the newly acquired concessions.
Other operating expenses increased to $8.7 million from $5.2 million, representing an increase of $3.5 million
or 66.1% as compared to the corresponding period ended 30 September 2012. The increase was mainly due
to the operating expenses incurred for the operation and maintenance of the new treatment plants acquired
during the past year and the increase in share option expense from $0.2 million to $1.3 million.
Finance costs increased from $3.0 million to $3.9 million, representing an increase of $0.9 million or 27.5% as
compared to the corresponding period ended 30 September 2012. The increase was mainly due to the
finance costs relating to the convertible bonds of $2.6 million as compared to $2.1 million for the last
corresponding period ended 30 September 2012. In addition, there was an interest expense of $0.3 million on
the bond issued during the period.
The Group generated net profit for the year of $7.4 million for the current period as compared to $8.4 million in
the corresponding period ended 30 September 2012.
12
Fair value change in Available-for sale investment of $2.5 million gain pertained to mark-to-market gain on the
shares of Memstar Technology Ltd as at 30 September 2013.
Statement of financial position
The Group’s non-current assets increased from $344.9 million as at 31 March 2013 to $416.7 million as at 30
September 2013. The increase was mainly due to the additions of intangible assets relating to the
concessions arising from the acquisition of treatment plants and concessions during the period.
The Group’s current liabilities increased from $133.4 million as at 31 March 2013 to $141.8 million as at 30
September 2013. The increase was mainly due to the increase in trade payables. Trade payables increased
from $54.9 million to $87.5 million as at 30 September 2013, this was mainly for the raw materials purchased
and subcontractors’ fees incurred for the engineering projects.
The Group’s non-current liabilities increased from $162.4 million as at 31 March 2013 to $216.1 million as at 30
September 2013. The increase was mainly due to the newly issued bond of $48.8 million.
Statement of cash flow
The net cash from financing activities of the group increased from $1.2 million to $37.7 million as compared to
the corresponding period ended 30 September 2013. The increase was mainly due to the proceeds from the
issuance of the bond under the MTN programme during the period.
9. Where a forecast, or a prospect statement, has been previously disclosed to
shareholders, any variance between it and the actual results.
No forecast or prospect statement has been previously disclosed to shareholders.
10. A commentary at the date of the announcement of the significant trends and
competitive conditions of the industry in which the group operates and any
known factors or events that may affect the group in the next reporting period
and the next 12 months.
As a long term growth strategy for the Group, the Group continues to expand its stable and recurring
treatment income and it believes that there are opportunities for TOT/BOT/BOO investment projects in
China. The Group will actively seek suitable engineering and investment projects.
During the period, the Company secured 3 major investment projects, namely 2 projects in Shandong
province totalling RMB205 million with a treatment capacity of 70,000 m3/day, and a project in Liaoning
province worth RMB286 million with a treatment capacity of 60,000 m3/day. In addition, the Company also
secured an engineering project in Jiangsu province worth RMB90 million.
The Company expects the recurring treatment income of the 3 investment projects to contribute
substantially during the financial year ended 2015.
On 13 June 2013, the Company established a US$300 million Medium Term Note (MTN) programme.
Under the MTN programme, the Company may from time to time issue medium term notes. The proceeds
from the issuance of notes will be used for refinancing of existing borrowings, making investments and/or
acquisitions, general working capital and corporate purpose. The Company issued $65 million of bond
under this MTN programme till date.
13
Use of proceeds
The Group had earlier completed the issuance of convertible bond and new ordinary shares to KKR China
Water Investment Holdings Limited. In addition, the Company issued $65 million of bond under the MTN
programme. An update of the use of proceeds was summarised below:
$ million
Unutilised balance as at last quarterly
announcement
82
Issuance of bond under the MTN program 63
Total 145
Investment in Novo Guangzhou (7)
Investment in UE Dafeng (1)
Total utilised (8)
Unutilised balance 137
11. Dividend
(a) Current Financial Period Reported On
Any dividend declared for the current financial period reported on? No
Name of Dividend N/A
Dividend Type N/A
Dividend Amount per Share (in cents) N/A
Optional:- Dividend Rate (in %) N/A
Par value of shares N/A
Tax Rate N/A
(b) Corresponding Period of the Immediately Preceding Financial Year
Any dividend declared for the corresponding period of the immediately preceding financial year?
No
Name of Dividend N/A
Dividend Type N/A
Dividend Amount per Share (in cents) N/A
Optional:- Dividend Rate (in %) N/A
Par value of shares N/A
Tax Rate N/A
(c) Date payable
Not applicable
(d) Books closure date
Not applicable
14
12. If no dividend has been declared/recommended, a statement to that effect.
No dividend has been declared/recommended.
13. Related parties and interested person transactions
The Group does not have a general mandate from shareholders for interested person transactions
pursuant to Rule 920 of the Listing Manual of the Singapore Exchange Securities Trading Limited
(“SGX-ST”).
PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT
(This part is not applicable to Q1, Q2, Q3 or Half Year Results)
14. 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.
Not applicable
15. In the review of performance, the factors leading to any material changes in
contributions to turnover and earnings by the business or geographical segments.
Not applicable
16. A breakdown of sales.
Not applicable
17. A breakdown of the total annual dividend (in dollar value) for the issuer’s latest
full year and its previous full year.
Not applicable
18. Persons occupying managerial positions who are related to the directors, Chief Executive
Officer or substantial shareholders
Not applicable
Statement by Directors
Pursuant to SGX Listing Rule 705(5)
To the best of our knowledge and belief, nothing has come to the attention of the Directors of the Company
which may render the Second Quarter Results of the Group for the financial period ended 30 September
2013 to be false or misleading. The financial statements and other information included in this report,
present fairly in all material respects the financial condition, results of operations and cash flows of the
Group of, and for the periods presented in this report.
15
On Behalf of the board
Dr Lin Yucheng Yeung Koon Sang
Director Director
BY ORDER OF THE BOARD
Lotus Isabella Lim Mei Hua
Company secretary
11 November 2013