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 Comprehensive Income For The First Quarter Ended 31 March 2018

Balance Sheet

Review Of Performance

STATEMENTS OF FINANCIAL POSITION

Comparing 31 March 2018 with 31 December 2017 figures:

  1. The decrease in trade and other receivables was due mainly to lower receivables in piling business, partially negated by increased in deposits paid to vendors.
  2. The decrease in cash and cash equivalents was due mainly to repayment of loans and net cash used in operating activities.
  3. The decrease in loans and borrowings was attributed mainly to repayments of long-term loans and borrowings.
  4. Trade and other payables were lower due mainly to repayment of bridging loan to a related company and non-controlling interests and settlements of trade and other creditors balances.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Comparing 1Q 2018 figures with 1Q 2017 figures:

  1. Revenue decreased by $20.1 million or 83% from $24.3 million to $4.2 million in 1Q 2018. The decrease was due mainly to the followings:
    • The absence of revenue recognised by the Group's joint operation with SB Procurement Pte Ltd (as announced via SGXNET on 18 May 2014) under construction business as the construction project was completed in 2Q 2017;
    • Cessation of rental income generated from the Group's investment property - PoMo,due to the divestment of this property (divestment of "PoMo") in 4Q 2017; and
    • Reduction of sales volume due to relocation of the Group's recycling plant in 2Q 2017.
  2. The Group's gross profit dropped by $4.2 million or 78% from $5.4 million to $1.2 million, was attributed mainly to the reduced rental income resulting from the divestment of PoMo in 4Q 2017 and construction activity as a result of the completion of the construction project from the joint operation with SB Procurement Pte Ltd (as announced via SGXNET on 18 May 2014) in 2Q 2017. Nevertheless, the gross profit margin of the Group improved from 22% in 1Q 2017 to 29% in 1Q 2018.
  3. The decrease in finance costs for 1Q 2018 was attributed mainly to lower term loan interests resulted from the significant redemption of term loans in 4Q 2017.
  4. Other income, selling and distribution expenses, general and administrative expenses and other expenses for 1Q 2017 were generally comparable to 1Q 2018.

CONSOLIDATED STATEMENT OF CASH FLOWS

Comparing 1Q 2018 figures with 1Q 2017 figures:

  1. The net cash outflows from operating activities in 1Q 2018 and the net cash inflows from operating activities in 1Q 2017 due mainly to changes in working capital.
  2. The changes from net cash inflows from investing activities in 1Q 2017 to net cash outflows from investing activities in 1Q 2018 due mainly to the absence of proceed received from disposal of asset held for sale and lower proceed from disposal of plant and equipment during 1Q 2018.
  3. The lower of net cash outflows from financing activities in 1Q 2018 was due mainly to lesser interest payment and lesser repayment of short term and long term loans and borrowings during the period.

Commentary On Current Year Prospects

The Company expects business conditions to continue to remain volatile and uncertain in the new financial year. The Company will continue to look for investment property opportunities and will continue to focus on its recycling businesses.