Enviro-Hub Holdings Ltd

 

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Financial Statements And Related Announcement - First Quarter Results

Financials Archive

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Unaudited First Quarter Financial Statements Announcement

Consolidated Statement Of Profit Or Loss And Other Comprehensive Income For The First Quarter Ended 31 March 2017

Balance Sheet

Review Of Performance

STATEMENTS OF FINANCIAL POSITION

Comparing 31 March 2017 with 31 December 2016 figures:

  1. The decrease in investment properties was due to reclass of a strata industrial unit held at 63 Hillview Avenue, Lam Soon Industrial Building, to assets held for sale.

  2. The increase in trade and other receivables due mainly to increased receivables in the construction business, partially negated by its lower construction contracts-in-progress and lower accrued billings in piling business during 1Q 2017.

  3. The decrease in cash and cash equivalents was due mainly to the repayment of bank borrowings and interests.

  4. The decrease in short term loans and borrowings was attributed mainly to repayments of term loan and partial loan redemption by the Group upon disposal of 2 strata industrial units held at 63 Hillview Avenue during 1Q 2017. Long term loans and borrowings were lower due to repayment made during 1Q 2017.

  5. Trade and other payables were higher due mainly to a loan received from a director of the Company and higher other creditor relating to the Group's joint operation with SB Procurement Pte Ltd (as announced via SGXNET on 18 May 2014).

  6. As at 31 March 2017, the Group's current liabilities exceeded its current assets by $55.6million. Notwithstanding this, the financial statements of the Group have been prepared on a going concern basis because the Board of Directors, having assessed the financial position and funding options of the Group, believes that the Group has adequate resources to continue as a going concern for the foreseeable future. The liquidity requirements of the Group are expected to be met through cash inflows from operating activities, proceed from disposal of other investments, and continued financial support from the major shareholder of the Company. The Group will monitor and manage financial position closely in meeting its commitments when fall due.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Comparing 1Q 2017 figures with 1Q 2016 figures:

  1. Revenue for 1Q 2017 decreased by $3.9 million or 14% from $28.3 million to $24.3 million. The decrease was due mainly to absence of sales of low margin materials in the trading of e-waste/metals segment. This is partially negated by increased revenue recognised by the Group's joint operation with SB Procurement Pte Ltd(as announced via SGXNET on 18 May 2014) under the construction business.

  2. The Group's gross profit dropped by $0.6 million or 11% from $6.0 million to $5.4 million was due mainly to the absence of property tax refund in the investment properties business for 1Q2017. This is partially offset by improved gross profit in construction business from the joint operation with SB Procurement Pte Ltd (as announced via SGXNET on 18 May 2014), reduced cost of sale from piling business as well as better gross profit margin achieved by the recycling businesses.

  3. Other income, selling and distribution expenses, general and administrative expenses, other expenses and finance costs for 1Q 2017 were generally comparable to 1Q 2016.

CONSOLIDATED STATEMENT OF CASH FLOWS

Comparing 1Q 2017 figures with 1Q 2016 figures:

  1. The net cash inflows from operating activities were comparable year-on-year.

  2. Net cash inflows generated from investing activities were higher in 1Q 2017 due mainly to net cash receipts from disposal of 2 strata industrial units held at 63 Hillview Avenue.

  3. The increase of net cash outflows from financing activities in 1Q 2017 compared to 1Q 2016 was due to lower loans received from a related party in 1Q 2017.

Commentary On Current Year Prospects

Under the current uncertain economic conditions, the Group will continue to control operating costs, improve productivity and rationalise its operations.