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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Inch Kenneth | LSE:IKK | London | Ordinary Share | GB0004601091 | 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 10.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMIKK
RNS Number : 3963I
Inch Kenneth Kajang Rubber
30 August 2016
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF PROFIT OR LOSS FOR THE PERIODED 30 JUNE 2016
Hot Features
Premium
Current Preceding Current Preceding
Year Year Corresponding Year Year Corresponding
Quarter Quarter To Period
date
31.06.2016 30.06.2015 31.06.2016 30.06.2015
RM'000 RM'000 RM'000 RM'000
Group revenue 3,202 4,422 5,017 6,284
Operating expenses (5,801) (6,687) (11,547) (12,067)
Other operating income
and expenses 306 128 147 (716)
----------- -------------------- ----------- --------------------
Operating loss (2,293) (2,137) (6,383) (6,499)
Finance income 1,041 994 2,130 1,906
Finance cost (50) - (64) -
Realised gain on
redemption of short
term investments (1,341) 30 (1,329) 75
Share of results
of associate 93 1,054 (659) 1,760
Loss before tax (2,550) (59) (6,305) (2,758)
Taxation (note 13) - (46) - (46)
Net Loss (2,550) (105) (6,305) (2,804)
=========== ==================== =========== ====================
Earnings/(Loss) Per
Share:
Basic and diluted
(sen) (0.63) (0.03) (1.56) (0.70)
Exchange Rate as at 30 June 2016:
GBP1 = RM5.3910
1RM = GBP 0.1855
(The condensed consolidated statement of profit or loss should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2015 and the accompanying explanatory notes attached to the interim financial statements)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2016
Current Preceding Current Preceding
Year Year Corresponding Year Year Corresponding
Quarter Quarter To Period
date
31.06.2016 30.06.2015 31.06.2016 30.06.2015
RM'000 RM'000 RM'000 RM'000
Net loss for the period (2,550) (105) (6,305) (2,804)
Other comprehensive
(loss)/income :
Revaluation of available-for-sale
investments
and short term investments 381 381 381 839
Reclassification adjustments
on - - - -
short term investments
Revaluation of freehold - - - -
lands
Exchange differences
on translating foreign
operations 69 67 99 1,246
Total comprehensive
(loss)/income for
the period (2,100) 343 (5,825) (719)
----------- -------------------- ----------- --------------------
(The condensed consolidated statement of comprehensive income should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2015 and the accompanying explanatory notes attached to the interim financial statements)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2016
31.06.2016 31.12.2015
Notes RM'000 RM'000
(Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant & equipment 16 463,939 462,381
Intangible assets 17 91 35
Investment properties 18 70 71
Investment in associated
undertaking 20 24,081 24,740
Goodwill on consolidation 21 71 71
Available-for-sale investments 22 75 84
488,327 487,382
------------ -----------
Current assets
Inventories 1,185 1,555
Trade and other receivables 89,628 93,820
Short term investments 23 102,539 110,422
Cash and cash equivalents 24 28,925 26,755
------------ -----------
222,277 232,552
------------ -----------
TOTAL ASSETS 710,604 719,934
============ ===========
EQUITY AND LIABILITIES
Equity attributable to
shareholders of the Company
Share capital 287,343 287,343
Share premium 8 8
Property revaluation
reserve 228,085 228,085
Investment revaluation
reserve 15,603 15,222
Foreign currency translation
reserve (92) (190)
Retained earnings 114,653 123,821
------------ -----------
645,600 654,289
Less : Treasury shares 25 (15,980) (15,980)
TOTAL EQUITY 629,620 638,309
------------ -----------
Current liabilities
Trade and other payables 4,902 5,507
Taxation payable 39 75
------------ -----------
4,941 5,582
------------ -----------
Non-current liabilities
Employee entitlements 15 15
Deferred tax liabilities 76,028 76,028
------------ -----------
76,043 76,043
------------ -----------
TOTAL LIABILITIES 80,984 81,625
------------ -----------
TOTAL EQUITY AND LIABILITIES 710,604 719,934
============ ===========
Net assets per share 1.56 1.58
(The condensed consolidated statement of financial position should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2015 and the accompanying explanatory notes attached to the interim financial statements)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIODED 30 JUNE 2016
Share Share Property Investment Foreign Retained Treasury Total
Capital Premium Revaluation Revaluation Exchange Earnings Shares Equity
Reserve Reserve Reserve
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
-------- -------- ------------ ------------ --------- --------- --------- --------
6 Months ended 30
June 2016
At 1 January
2016 287,343 8 228,085 15,222 (191) 128,821 (15,980) 638,309
Loss for the
period - - - - - (6,305) - (6,305)
Other comprehensive
(loss)/income:
Revaluation -
of freehold
lands - - - - - - -
Revaluation
of investments - - - 381 - - - 381
Foreign currency
translation - - - - 99 - - 99
Total comprehensive
(loss)/income - - - 381 99 (6,305) - (5,825)
-------- -------- ------------ ------------ --------- --------- --------- --------
Other movements:
Dividends paid (4,677) (4,677)
At 30 June 2016 287,343 8 228,085 15,603 (92) 114,653 (15,980) 629,620
======== ======== ============ ============ ========= ========= ========= ========
6 Months ended 30
June 2015
At 1 January
2015 287,343 8 287,371 12,312 (1,303) 133,043 (15,980) 702,794
Loss for the
period - - - - - (2,804) - (2,804)
Other comprehensive
income/(loss):
Revaluation -
of freehold
lands - - - - - - -
Reclassification -
adjustments
on redemption
of short
term investments - - - - - - -
Revaluation
of investments - - - 839 - - - 839
Foreign currency
translation - - - - 996 250 - 1,246
Total comprehensive
(loss)/income - - - 839 996 (2,554) - (719)
-------- -------- ------------ ------------ --------- --------- --------- --------
Other movements:
Dividends paid - - - - - (4,395) - (4,395)
At 30 June 2015 287,343 8 287,371 13,151 (307) 126,094 (15,980) 697,680
======== ======== ============ ============ ========= ========= ========= ========
(The condensed consolidated statement of changes in equity should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2015 and the accompanying explanatory notes attached to the interim financial statements)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
FOR THE PERIODED 30 JUNE 2016
6 months ended
30.06.2016 30.06.2015
RM'000 RM'000
Cash flows from operating
activities
Group operating loss (6,383) (6,499)
Adjustments for :
Dividend income - -
Fixed assets written off - 6
Depreciation and amortisation 1,432 926
Operating loss before changes
in working capital (4,951) (5,567)
Changes in working capital:
Decrease in inventories 370 2,454
Increase/(decrease) in trade
and other receivables 4,192 (8,560)
Increase/(decrease) in trade
and other payables (605) 371
Tax paid (55) (134)
----------- -----------
Net cash used in operating
activities (1,049) (11,436)
----------- -----------
Investing activities
Proceeds from disposal of - -
investment
Interest and dividends received 2,130 1,906
Short term investments 7,883 5,905
Assets under construction (1,708) (3,172)
Payments to acquire intangible
assets (56) (28)
Payment to acquire property,
plant and equipment (353) (396)
----------- -----------
Net cash generated from investing
activities 7,896 4,215
----------- -----------
Financing activities
Dividend paid (4,677) (4,395)
----------- -----------
Net cash used in financing
activities (4,677) (4,395)
----------- -----------
Increase/(decrease) in cash
and cash equivalents 2,170 (11,616)
Cash and cash equivalents
at 1 January 26,755 43,738
Cash and cash equivalents
at 31 March 28,925 32,122
=========== ===========
Cash and cash equivalents
comprise of :
Cash and bank balances 5,868 8,076
Short term deposits 23,057 24,046
------- -------
28,925 32,122
======= =======
(The condensed consolidated cash flow statements should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2015 and the accompanying explanatory notes attached to the interim financial statements)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
1. Basis of preparation and accounting policies 1.1 Reporting entity
Inch Kenneth Kajang Rubber Public Limited Company ("the Company") is a company incorporated in Scotland with its registered office at 7 Castle Street, Edinburgh EH2 3AP, Scotland. The principal operating office is at 22(nd) Floor Menara Promet (KH), Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. All of the operations of the Company and its subsidiaries are located in Malaysia and Thailand.
The consolidated unaudited financial information of the Company as at 31 June 2016 includes the Company, its subsidiaries and its interest in an associated undertaking (together referred to as the "Group").
1.2 Basis of preparation
The unaudited financial information has been prepared on a going concern basis and in accordance with IAS34 Interim Financial Reporting. The financial information has been prepared under the historical cost convention except for the fair value measurement of available-for-sale investments and freehold estate lands. The financial information is also presented to comply in all material respects of the requirement of the Malaysian FRS 134 Interim Financial Reporting and Chapter 9 of the Bursa Malaysia Listing Requirements.
The unaudited quarterly consolidated financial information to 31 June 2016 included in this Announcement has been prepared by applying accounting policies consistent with those used in the preparation of the most recent audited financial statements of the Group, being for the year ended 31 December 2015. The consolidated financial statements of the Group for the year ended 31 December 2015 are available at Company website, Bursa Malaysia website, the Company's registered office in Scotland and its operating office in Malaysia.
1.3 Changes in accounting policies
On 19 November 2011, the Malaysian Accounting Standards Board ("MASB") issued a new MASB approved accounting framework, the Malaysian Financial Reporting Standards ("MFRS Framework"). The MFRS Framework is to be applied by all Entities Other Than Private Entities for annual periods beginning on or after 1 January 2012, with the exception of entities that are within the scope of MFRS 141 "Agriculture" and/or IC Interpretation 15 "Agreements for Construction of Real Estate", including their parent, significant investor and venturer (herein called "Transitioning Entities").
Based on the MASB announcement on 2 September 2014, adoption of the MFRS Framework by Transitioning Entities will only be mandatory for annual periods beginning on or after 1 January 2017.
The subsidiaries within the Group fall within the scope definition of Transitioning Entities and have opted to defer adoption of the new MFRS Framework. However the Group financial statements will continue to be prepared using the IFRS Framework for the financial statements for the year ending 31 December 2017. The subsidiaries expect to be in a position to fully comply with these requirements for the financial year ending 31 December 2017.
The Group foresees that there will be no material impact on the financial statements as the real estate business would only be operational after 2016 and the current oil palm plantation has already exceeded its normal economic lifespan.
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
1. Basis of preparation and accounting policies (continued) 1.4 Non-statutory accounts
The financial information contained in this report does not constitute full statutory accounts within the meaning of Section 434 of the United Kingdom's Companies Act 2006.
1.5 Independent auditors' report of preceding financial year ended 31 December 2015
There was no qualification made on the preceding audited financial statements for the year ended 31 December 2015, further it did not contain a statement under section 498(2) or 498(3) of the Companies Act 2006 and did not include reference to any matters to which the auditor drew attention by way of emphasis.
1.6 Approval by Board of Directors
This consolidated interim financial information was approved by the Board of Directors on 23 August 2016.
2. Review of performance
The Group's turnover was RM5.017 million for the second quarter ended 30 June 2016 as compared to RM6.284 million for the corresponding second quarter in the preceding year. The decrease in Group turnover by RM1.3 million is mainly due to the lower market price of CV (constant viscosity) rubber blocks produced by the subsidiary in Thailand. The tourism division however improved their revenue by RM0.5 million during this financial period under review.
The revenue of the associate company, Concrete Engineering Products Berhad ("CEPCO") for the 6 months ended 30 June 2016 reduced to RM81.39 million (IKKR's share: RM18.23 million) compared to RM122.06 million (IKKR's share: RM27.34 million) in the preceding year, a decrease of RM9.11 million in respect of IKKR's share. The decreased sales volume is mainly due to lower deliveries arising from the deferment of certain projects.
The Group's loss before tax for the second quarter ended 30 June 2016 was RM6.305 million as compared to a loss of RM2.804 million for the corresponding second quarter ended 30 June 2015. The loss incurred was mainly due to the reduction in revenue derived from the manufacturing division and the share of loss from Cepco, as compared to the share of profit last year.
3. Comparison with preceding quarter
The Group recorded a pre-tax loss of RM2.55 million for the current quarter under review compared to a pre-tax loss of RM3.755 million in the preceding quarter ended 31 March 2016. The loss incurred in the 1st quarter ended 31 March 2016 was mainly due to the loss incurred at the tourism division as the resort was only in full operations by second half of February 2016.
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
4. Commentary on prospects
We have undertaken a very thorough planning process for the proposed property development project in Kajang, as we have to ensure that the development project will be a success, not only for the Company but also for the town of Kajang. Except for the approval of certain authorities, we are ready to submit the Planning Approval to Majlis Perbandaran Kajang by 4(th) Quarter this year. We however do not expect to see the returns during the current financial year.
After the refurbishment at our resort, we can see higher revenue generated from our tourism sector, and we expect that our manufacturing sector will at least be at a breakeven level as rubber prices have not been fluctuating aggressively as before. Our associate company, CEPCO, is expected to be about the same as last year due to the overall slowdown in the construction sector. With that scenario in place, the Board therefore anticipates a better performance by the Group for this financial year.
5. Comparison with profit forecasts
As the Group does not issue profit forecasts, no comparison can be made.
6. Changes in composition of the Group
There were no changes in the composition of the Group during the financial period under review.
7. Status of corporate proposals
There are no corporate proposals that have been announced but not completed as at the date of this announcement.
8. Realised and Unrealised Profits
The breakdown of retained profits of the Group as at 30 June 2016, pursuant to the format prescribed by Bursa, is as follows:
As at As at
30 June 31 Dec
2016 2015
RM'000 RM'000
Total Retained Profits of the Company
and its subsidiaries:
- Realised 124,583 133,187
- Unrealised 185 90
---------- --------
124,768 133,277
Total share of Retained Profits/(Losses)
from CEPCO:
- Realised - -
- Unrealised (2,808) (2,149)
---------- --------
(2,808) (2,149)
Less : Consolidation
effects (7,307) (7,307)
---------- --------
Total Group Retained
Profit 114,653 123,821
========== ========
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
9. Seasonal or cyclical factors
The performance of the Group was not subject to any material seasonal or cyclical fluctuations. There is however some seasonality fluctuation in the manufacturing and tourism sector.
10. Material changes in estimates
There were no material changes in accounting estimates of amounts, reported in prior interim periods of the current financial year or in prior financial year, that have a material effect in the current quarter.
11. Segmental reporting
Segmental reporting for the period ended 30 June 2016 is as follows:
Plantation Tourism Manufacturing Others Total
RM'000 RM'000 RM'000 RM'000 RM'000
----------- -------- -------------- -------- ---------
Revenue
From external
customers 161 3,767 1,018 71 5,017
Segment revenues 161 3,767 1,018 71 5,017
Finance income - 38 - 2,092 2,130
Share of profit
of CEPCO - - - (659) (659)
Realised gain
on redemption
of short term
investment - 12 - (1,341) (1,329)
Depreciation
and amortisation (15) (334) (429) (31) (809)
Other expenses (138) (3,313) (1,499) (5,705) (10,655)
----------- -------- -------------- -------- ---------
Segment profit/(loss) 8 170 (910) (5,099) (6,305)
----------- -------- -------------- -------- ---------
Segment assets 115,032 29,774 5,099 560,700 710,605
----------- -------- -------------- -------- ---------
Segment liabilities 1,441 2,416 24 77,103 80,984
----------- -------- -------------- -------- ---------
Other disclosures
Investment in
CEPCO - - - 24,081 24,081
Capital expenditure
Tangible - 1,791 - 31 1,822
Assets under
construction 382 1,326 - - 1,708
Intangible - 63 - - 63
(As at 30 June 2016, the revenue of our associate company, Cepco is RM81.388 million for the 6 months ended 30 June 2016 (IKKR's share: RM18.231 million)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
12. Impairment in value of subsidiaries and associate
There are no impairment to be incurred in investment in subsidiaries and associate during the financial period ended 30 June 2016.
13. Taxation
Current Cumulative
Quarter Year To-Date
Ended
30 June 30 June
2016 2016
RM'000 RM'000
Corporation taxation - -
- credit/(charge)
======== =============
Other than the subsidiary in Thailand which is a tax resident there, the Company and the Group are tax resident in Malaysia. The Group is liable to corporation tax in Malaysia and Thailand but is not subject to United Kingdom corporation tax.
The effective tax rate on the Group's loss is higher than the statutory tax rate substantially due to the non-taxability of losses due to impairment in investments and stocks.
14. Loss per share
The basic and diluted loss per share for the current quarter and cumulative year to-date have been computed based on Group's loss for the financial current quarter/cumulative year to-date divided by the weighted average number of ordinary shares of GBP0.10 each in issue after adjusting for movements in treasury shares during the financial current quarter/cumulative year to-date. The Company does not have any outstanding share options or other potentially dilutive financial instruments currently in issue.
Cumulative Year
Current Quarter To-date
Ended Ended
30 June 30 June 30 June 30 June
2016 2015 2016 2015
Net loss
attributable
to the owners
of the Company
(RM'000) (2,550) (105) (6,305) (2,804)
-------- -------- -------- --------
Weighted
average
number of
ordinary
shares in
issue after
adjusting
for movements
in treasury
shares (No.
of Shares
('000)) 403,209 403,209 403,209 403,209
-------- -------- -------- --------
Basic and
diluted
loss per
share (Sen) (0.63) (0.03) (1.56) (0.70)
-------- -------- -------- --------
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
15. Dividends proposed and paid
Detail of the interim dividend proposed and paid by the Board of Directors are as follows:
Interim dividend for financial year ended 31 December 2015 Approved and declared on 28 April 2016
Date paid 30 May 2016
Number of ordinary shares on which dividends were paid ('000) 403,209.2
Dividend per share (single-tier) GBP0.002 (RM0.0116)
Net dividend paid (RM'000) 4,677
16. Property, plant & equipment
Prepaid Assets
Land and under
Freehold Land Buildings Others Total
Lands Improvements Construction
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
--------- ------------- ---------- ------------- ------- --------
Cost
At 1 January
2016 449,623 3,639 21,518 4,729 9.772 489,281
Additions - - 1,822 1,708 311 3,841
Disposal - - - - - -
Exchange differences - - - - - -
--------- ------------- ---------- ------------- ------- --------
At 31 March
2016 449,623 3,639 23,340 6,437 10,083 493,122
--------- ------------- ---------- ------------- ------- --------
Accumulated
depreciation
At 1 January
2016 - 1,216 17,639 - 8,045 26,900
Charge for
period - 20 575 - 837 1,432
On disposal - - - - - -
Exchange differences - 38 193 - 620 851
--------- ------------- ---------- ------------- ------- --------
At 31 March
2016 - 1,274 18,407 - 9,502 29,183
--------- ------------- ---------- ------------- ------- --------
Net book value
At 31 March
2016 449,623 2,365 4,933 6,437 581 463,939
========= ============= ========== ============= ======= ========
At 31 December
2015 449,623 2,423 3,879 4,729 1,727 462,381
========= ============= ========== ============= ======= ========
17. Intangible assets
Computer software and
corporate website creation
Group and Company 30 June 30 June
2016 2015
RM'000 RM'000
---------- ----------
Cost
At 1 January 106 75
Additions 63 31
Disposals - -
---------- ----------
Total 169 106
---------- ----------
Accumulated depreciation
At 1 January 71 55
Charge for period 7 16
On disposals - -
---------- ----------
Total 78 71
---------- ----------
Net book value 91 35
========== ==========
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
18. Investment Property
Group 30 June 31 Dec
2016 2015
RM'000 RM'000
---------- ---------
Cost
At 1 January 100 100
Transfer from property, - -
plant & equipment
Total 100 100
---------- ---------
Accumulated depreciation
At 1 January 29 28
Charge for the year 1 1
Total 30 29
---------- ---------
Net book value
Total 70 71
========== =========
Included in investment property is apartment at Amber Tower Seri Mas Condominium, Cheras, Kuala Lumpur.
The investment property is valued at cost less accumulated depreciation. The fair value of the investment property is estimated at RM0.3 million.
19. Carrying amount of property, plant and equipment
Fair value measurement of the Group's and Company's freehold lands
The Group's freehold lands are stated at their revalued amounts, being the fair value at the date of revaluation. In order to establish the 31 December 2015 valuation of the Group's freehold lands, valuations were obtained.
-- On 18 January 2016 by Nilai Properties Consultants Sdn Bhd (V(1) 0065), an independent valuer not related to the Group, using the open market basis method. The total valuation of the land in Kajang and Bangi at 31 December 2015 was at RM431.5 million. The Group's lands are currently being used for the Group's plantation activities for growing of oil palm fresh fruit bunches. The Group has been given consent for the change of use of the lands. Further commentary on the Group's plans for its land is included in the Chairman's Statement.
There is no indication of any significant difference between the carrying amount and market values of land and buildings shown above at 31 December 2015 except freehold lands which are held under Inch Kenneth Kajang Rubber Public Limited Company, Inch Kenneth Development (M) Sdn Bhd and Motel Desa Sdn Bhd. The historical cost of the above freehold lands of the Group is RM107.242 million and of the Company is RM0.407 million. There are no restrictions on the title of the Group's property, plant and equipment.
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
19. Carrying amount of property, plant and equipment (continued)
The fair values of all the freehold lands of the Group and Company are classified as Level 2. There were no transfers between Levels 1 and 2 during current quarter under review.
Based on IFRS 13, a three-level fair value hierarchy as follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: Inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices);
Level 3: Inputs for the assets or liabilities that are not based on observable market date (unobservable inputs).
Assets under construction
This represents 22 units of low cost terrace houses under construction at Dunedin estate, Mukim of Semenyih. The total contract sum is approximate RM4 million. The construction is expected to be completed in second half of year 2016.
20. Investment in associated undertaking
The Group's investment in associated undertaking represents a 22.40% interest in Concrete Engineering Products Berhad ("CEPCO"), a public company incorporated in Malaysia. The principal activity of CEPCO is the manufacture and distribution of prestressed spun concrete piles and poles. The Group's investment in CEPCO is accounted for under the equity accounting method as follows:
30 June
2016
RM'000
Shares
At 1 January 2016 and 30 June
2016 40,914
Share of retained profits
At 1 January 2016 15,441
Share of profit for 2016 (659)
----------
At 30 June 2016 14,782
----------
Share of dividend
At 1 January 2016 (1,104)
Share of dividend 2016 -
------------
At 30 June 2016 (1,104)
------------
Impairment of goodwill
At 1 January 2016 (30,511)
Impairment 2016 -
------------
At 30 June 2016 (30,511)
------------
Net book value
At 30 June 2016 24,081
============
At 31 December 2015 24,740
============
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
20. Investment in associated undertaking (continued)
The Group's share of the net assets of
CEPCO as at 30 June 2016 comprised:
30 June
2016
RM'000
Share of assets
Share of non-current assets 19,267
Share of current assets 30,886
----------
50,153
----------
Share of liabilities
Share of non-current liabilities (1,266)
Share of current liabilities (23,299)
----------
(24,565)
----------
Share of net assets 25,588
Goodwill (net of impairment) arising
on the acquisition of CEPCO (1,507)
Carrying value of CEPCO 24,081
==========
The Group's share of the results of CEPCO for the financial period ended 30 June 2016 was as follows:
30 June
2016
RM'000
Share of revenue 18,231
==========
Share of operating profit 315
Share of finance costs (413)
Share of taxation (561)
Share of profit for the financial
period - included in Group statement
of profit or loss (659)
==========
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
21. Goodwill on consolidation
30 June 31 Dec
2016 2015
RM'000 RM'000
At cost
At 1 January 4,573 4,573
Arising from acquisition - -
of new subsidiary
Total 4,573 4,573
-------- -------
Accumulated impairment
At 1 January (,4,502) (4,502)
Impairment losses - -
Total (4,502) (4,502)
--------- --------
Carrying amount at end
of the financial period 71 71
=== ===
22. Available-for-sale investments
30 June 31 Dec
2016 2015
Quoted shares: RM'000 RM'000
Balance at 1 January 84 57
Disposal of investments - -
Fair value adjustments (9) 27
Balance at fair values 75 84
======== =======
23. Short term investments
31 Mar 31 Dec
2016 2015
RM'000 RM'000
Investments on unit trusts
with:
Licensed investment banks 102,539 110,422
======== ========
Unquoted unit trusts are measured at mark to market based on the net asset value at each reporting date. The time weighted rate of return of these investments at the reporting date were between 2.50% and 3.41% (2015: 1.76% to 3.47%).
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
24. Cash and cash equivalents
30 June 31 Dec
2016 2015
RM'000 RM'000
Cash at bank 4,610 2,763
Cash in hand 93 66
Deposits with Licensed
banks 23,086 22,683
Investments Licensed banks 1,136 1,243
Total 28,925 26,755
======== =======
The effective interest rates of deposits at the reporting date were between 2.75% and 4.15% (2015: 2.64% to 4.08%). Included in Group's 2016 deposits with licensed banks is the short term deposits totalling to RM27,588 (2015 : RM27,588) which was pledged with commercial banks as collateral for issuing letters of guarantee.
The investments with licensed banks are qualified as a cash equivalent as they are readily convertible to a known amount of cash with an insignificant risk of changes in value.
25. Repurchases equity securities - Treasury Shares
Share buyback by the Company
A total of 17,540,800 shares were bought back and retained as treasury shares as at 30 June 2016 at the total cost of RM15.98 million (average of RM0.9110 per share). However during the current quarter, there was no share buyback and no resale or cancellation of treasury shares.
Subsequent to the financial period ended 30 June 2016, the Company has not repurchased any of its issued ordinary shares. The issued and paid up share capital of the Company remains at 420,750,000 ordinary shares of GBP0.10 each.
26. Profit on sale of unquoted investments and/or properties
There were no sales of unquoted investments and/or properties outside the ordinary course of business of the Group for the period under review.
27. Off balance sheet financial instruments
During the period under review, the Group has not entered into any financial instruments contract involving off "statement of financial position".
28. Changes in material contingent liabilities or contingent assets
There have been no changes in material contingent liabilities or contingent assets since the last annual statement of financial position date.
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2016
29. Notes to the statement of profit or loss
Included in the statement of profit or loss for the current quarter and financial year-to-date, are as follows:-
Current Current
Quarter year-to-date
30 June 30 June
2016 2016
RM'000 RM'000
Interest income 1,041 2,130
Other income including
investment income 78 303
Depreciation and amortisation (361) (1,432)
Provision for or write-off
of receivables - -
Provision for or write-off
of assets - -
Provision for or write-off
of inventories - -
Gain/(loss) on disposal
of quoted/unquoted investments - -
Realised gain on redemption
of short term investments (1,341) (1,329)
Gain on disposal of assets - -
Impairment of associate - -
Provision for contingent
liability - -
Foreign exchange loss 466 (156)
Decrease in fair value of quoted investment (4) (9) 30. Debt and equity securities
On 24 May 2016 the Company obtained approval from its shareholders for the renewal of the proposed purchase of up to ten percent (10%) of the issued and paid-up share capital of the Company.
During the two quarter's of year 2016, the Company has not repurchased any of its issued ordinary shares from the open market. The Company held a total of 17,540,800 treasury shares as at 30 June 2016.
Apart from the above, there were no other issues or repayments of debt securities or equity securities, share cancellations, shares held as treasury shares or re-sale of treasury shares for the current quarter.
31. Material litigation
There was no material litigation against the Group for the period under review.
32. Significant events during and after the year end
No significant events occurred during or after the period under review.
33. Related party transactions
Transactions within the Group have been eliminated in the preparation of the financial information set out in this report and are not disclosed in this note. Balance and transaction with other related parties are disclosed under the relevant notes.
No related party transactions have taken place during the current financial period under review which have materially affected the financial position or the performance of the group. The nature and amounts of related party transactions in the three months period of the current financial year are consistent with those reported in the group's Annual Report and Accounts 2015.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DBLBXQVFZBBL
(END) Dow Jones Newswires
August 30, 2016 12:30 ET (16:30 GMT)
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