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Comfortdelgro Corporation Limited COMFORTDELGRO CORPORATION LIMITED _____________________________________________________________________________________________ Fourth Quarter and Financial Year 2003 Financial Statement and Dividend Announcement _____________________________________________________________________________________________ PART I – INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS 1(a)(i) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year The Board of Directors announces the audited results of the Group for the fourth quarter and financial year (“FY”) 2003. ComfortDelGro Corporation Limited was incorporated on 1 January 2003. The merger between Comfort Group Ltd and DelGro Corporation Limited by way of separate schemes of arrangement under Section 210 of the Companies Act, Cap 50, was effected on 29 March 2003. Group 4th Qtr 4th Qtr 2003 2002 Variance FY 2003 FY 2002 Variance $'m il $'m il % $'m il $'m il % Turnover 487.2 443.5 9.9 1,846.0 1,701.8 8.5 Other operating income 8.2 10.1 (18.8) 34.2 38.1 (10.2) Revenue 495.4 453.6 9.2 1,880.2 1,739.9 8.1 Staff costs (164.5) (158.9) (3.5) (654.5) (593.4) (10.3) Depreciation & amortisation (72.4) (76.1) 4.9 (289.6) (289.9) 0.1 Repair & maintenance (35.1) (37.3) 5.9 (147.0) (141.6) (3.8) Road and diesel taxes (28.8) (25.4) (13.4) (113.8) (110.9) (2.6) Raw materials & consumables (22.0) (17.6) (25.0) (83.2) (62.5) (33.1) Energy and fuel costs (19.6) (14.5) (35.2) (76.7) (56.9) (34.8) Insurance & accident compensation (15.2) (15.6) 2.6 (60.1) (58.0) (3.6) Premise costs (13.3) (14.9) 10.7 (48.4) (41.4) (16.9) Vehicle leasing charges (9.2) (5.4) (70.4) (35.1) (22.7) (54.6) Drivers' incentives and benefits (6.4) (8.4) 23.8 (25.0) (22.9) (9.2) Other operating expenses (81.3) (27.9) (191.4) (185.3) (119.6) (54.9) Total operating expenses (467.8) (402.0) (16.4) (1,718.7) (1,519.8) (13.1) Exceptional item 47.2 0.0 N.M. 47.2 0.0 N.M. Profit from operation 74.8 51.6 45.0 208.7 220.1 (5.2) Net (expense)/income from (0.1) 0.7 (114.3) 14.5 7.8 85.9 other investments Interest income 3.4 4.7 (27.7) 11.2 19.7 (43.1) Finance cost (5.8) (7.4) 21.6 (22.3) (26.4) 15.5 Share of loss in joint ventures and associates (5.0) (6.9) 27.5 (5.9) (2.0) (195.0) Profit before incom e tax 67.3 42.7 57.6 206.2 219.2 (5.9) Income tax expense (17.3) (18.5) 6.5 (50.4) (43.9) (14.8) Profit before minority interests 50.0 24.2 106.6 155.8 175.3 (11.1) Minority interests (6.4) (3.8) (68.4) (21.9) (26.0) 15.8 Net profit for the year 43.6 20.4 113.7 133.9 149.3 (10.3) Notes: All figures in this announcement for the 4th quarter 2002 and FY 2002 are proforma. 1st quarter 2003 figures which are included in FY 2003 are also proforma. N.M. Not meaningful 1(a)(ii) Included in the determination of profit before tax are the following items:- Group 4th Qtr 2003 4th Qtr 2002 FY 2003 FY 2002 $'mil$'mil $'mil$'mil After (charging) / crediting: Allowance for doubtful debts and bad debts (2.2) (1.5) (3.1) (3.7) Write-back/(Allowance) for stock obsolescence 0.3 0.1 0.2 (0.7) Write-back/(Impairment) in value of investments 1.7 0.9 1.8 (3.0) Foreign exchange gain / (loss) 0.3 (0.6) 0.6 0.1 Profit/(loss) on sale of investments (0.9) (0.1) 5.9 2.6 Gain on sale of subsidiary - - 0.9 - Gain on sale of associates - - 4.4 4.8 Gain on sale of joint ventures - - - 1.4 (Loss)gain on sale of vehicles, premises & equipment (2.9) (0.2) (1.3) 1.3 Restructuring expenses (2.8) (2.0) (18.5) (2.0) Write down of development cost (49.5) - (49.5) - 1(a)(iii) Adjustment for (under) /over provision of tax in respect of prior years: Group 4th Qtr 2003 4th Qtr 2002 FY 2003 FY 2002 $'mil $'mil $'mil $'mil Adjustment for (under) / over provision of tax in respect of prior years (0.1) 0.2 0.3 10.4 1(b)(i) A balance sheet (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year Group Company As at 31.12.2003 As at 31.12.2002 As at 31.12.2003 ASSETS $'mil $'mil $'mil Current assets Bank and cash balances 103.4 72.2 3.3 Fixed deposits 227.0 157.7 35.2 Short-term investments 331.6 357.2 89.1 Trade debtors 132.3 125.5 - Other debtors, deposits & prepayments 161.4 111.6 205.6 Inventories 31.3 34.0 - Total current assets 987.0 858.2 333.2 Non-current assets Subsidiaries - - 506.3 Associates 3.0 11.9 0.2 Joint ventures 26.9 34.2 - Other investments 30.0 38.7 6.0 Long term receivables 0.6 5.1 - Vehicles, premises & equipment 1,453.1 1,490.6 - Taxi licences 153.1 161.1 - Goodwill 14.7 4.7 - Deferred tax assets 2.3 0.3 - Total non-current assets 1,683.7 1,746.6 512.5 Total assets 2,670.7 2,604.8 845.7 LIABILITIES AND EQUITY Current liabilities Bank overdrafts 1.8 15.6 - Short- term bank loans 45.3 97.6 - Long-term loans-current portion 51.1 44.8 - Hire purchase creditors-current portion 36.3 27.5 - Trade creditors and accrued expenses 290.7 303.0 0.9 Due to an associate-trade 1.5 2.8 - Deposits received-current portion 45.1 48.4 - Fuel price equalisation account 34.1 34.1 - Provision for claims 59.3 52.3 - Income tax payable 60.7 49.7 - Total current liabilities 625.9 675.8 0.9 Non-current liabilities Long term loans 206.7 183.8 - Hire purchase creditors 111.0 102.4 - Other payable 36.9 40.4 - Deposits received 49.1 54.9 - Deferred tax liabilities 123.7 122.0 - Provision for service benefits and long service awards 11.5 12.2 - Total non-current liabilities 538.9 515.7 - Capital and reserves Issued capital 509.6 505.6 509.6 Capital reserves 49.7 49.2 4.5 Accumulated profits 656.1 596.3 282.0 Dividend reserve 48.7 27.3 48.7 Total equity 1,264.1 1,178.4 844.8 Minority interests 241.8 234.9 - 1,505.9 1,413.3 844.8 Total liabilites and equity 2,670.7 2,604.8 845.7 1(b)(ii) Aggregate amount of group’s borrowings and debt securities Amount repayable in one year or less, or on demand As at 31/12/2003 As at 31/12/2002 Secured Unsecured Secured Unsecured $109.5mil $26.9mil $95.4mil $92.4mil Amount repayable after one year As at 31/12/2003 As at 31/12/2002 Secured Unsecured Secured Unsecured $157.0mil $197.6mil $102.4mil $224.2mil Details of any collateral Details of the total secured bank loans of $266.5mil as at 31/12/2003 are as follows: a. $147.2mil relates to financing of buses and motor vehicles under hire purchase arrangements; b. $45.4mil relates to loan notes issued by a subsidiary secured against a fixed deposit; c. $45.2mil relates to bank loan of a subsidiary guaranteed by a holding company; d. $25.6mil relates to a bank loan of a subsidiary guaranteed by a holding company and a JV partner; e. $0.2mil relates to a loan of a subsidiary secured by motor vehicles; f. $1.5mil relates to vehicle loans of a subsidiary and secured by a charge on the vehicles; and g. $1.4mil relates to bank overdraft of a subsidiary secured on land and building. 1(c) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year Consolidated Cash Flow Statement for the 4th quarter and FY 2003 Group 4th Qtr 2003 4th Qtr 2002 FY 2003 FY 2002 $'mil $'mil $'mil $'mil Cash flows from operating activities: Profit before income tax 67.3 42.7 206.2 219.2 Adjustments for: Depreciation expense 70.6 73.1 282.0 281.2 Amortisation expense 1.8 3.0 7.6 8.7 Interest expense 5.8 7.4 22.3 26.4 Interest income (3.4) (4.7) (11.2) (19.7) (Writeback)/Provision for diminution in value of long-term investments (0.1) (0.3) 4.1 (0.2) Loss/(Gain) on disposal of equities and bonds in corporations 0.9 0.1 (5.9) (2.6) Loss/(Gain) on disposal of vehicles, premises and equipment 2.9 0.2 1.3 (1.3) Development costs written down 49.5 - 49.5 - Gain on disposal of subsidiaries - - (0.9) - Gain on disposal of joint ventures - - - (1.4) Gain on disposal of associates - - (4.4) (4.8) Dividend income (0.2) (0.3) (2.2) (1.7) (Writeback)/Provision for service benefits and long service awards (0.4) 0.5 0.5 (0.1) Share of profit in joint ventures 4.9 7.3 6.0 6.7 Share of profit/(loss) in associates 0.1 (0.4) (0.1) (4.7) 199.7 128.6 554.8 505.7 Payment of service benefits and long service awards (0.5) (3.4) (1.2) (3.8) Operating profit before working capital changes 199.2 125.2 553.6 501.9 Short-term investments 0.9 41.9 25.6 79.7 Trade debtors 4.5 (11.2) (3.3) 7.6 Other debtors, deposits and prepayments (51.7) 15.2 (47.6) (2.3) Inventories (2.0) (2.4) 2.7 5.5 Long term receivables 0.3 (0.6) 4.9 (1.6) Trade creditors and accrued expenses (23.9) (27.8) (22.9) 33.7 Due to an associate (8.2) (7.7) (1.3) (23.2) Deposits received (0.9) (1.5) (9.3) 12.5 Provision for claims 0.3 3.6 4.9 5.1 Cash generated from operations 118.5 134.7 507.3 618.9 Interest paid (5.8) (7.4) (22.3) (26.4) Income tax paid 0.1 (13.5) (43.1) (46.6) Dividend paid - (15.4) (45.5) (55.7) Cash flow from operating activities 112.8 98.4 396.4 490.2 Group 4th Qtr 2003 4th Qtr 2002 FY 2003 FY 2002 $'mil $'mil $'mil $'mil Cash flows from (used in) investing activities: Interest received 2.9 4.7 12.0 21.0 Dividend received 0.2 0.3 2.2 1.7 Proceeds from disposal of vehicles, premises and equipment 1.4 0.9 20.1 10.9 Purchase of vehicles, premises and equipment [Note (a)] (57.1) (74.8) (245.4) (380.3) Proceeds from disposal/(purchase) of equity shares and bonds in corporations,net of purchase and transfer (14.7) 0.6 10.1 3.0 Purchases of taxi licences (0.1) (1.7) (3.1) (71.0) Repayment of shareholders loan by an investee company - - 0.2 - Acquisition of subsidiaries [Note (b)] (0.1) (5.2) (15.8) (12.0) Disposal
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