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Share Name | Share Symbol | Market | Type |
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Boba Mint Holdings Ltd | CSE:TNJ | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.005 | 0.005 | 0.01 | 0.005 | 0.005 | 0.005 | 200,000 | 01:00:00 |
RNS Number:5815M Tanjong PLC 20 June 2003 TANJONG public limited company (Incorporated in England 1926 - No. 210874) (Registered as a foreign company in Malaysia - No. 990903-V) QUARTERLY REPORT FOR THE QUARTER ENDED 30 APRIL 2003 Condensed Group Profit and Loss Account 3 months ended in RM'000 Note 30-Apr-03 30-Apr-02 (Unaudited) Group turnover 8 622,698 609,005 Operating costs (482,070) (485,824) Group operating profit 8 140,628 123,181 Share of associated undertakings and joint venture 233 563 Group operating profit after share of associated undertakings and joint 140,861 123,744 venture Net interest expense and investment charge (19,966) (10,740) Profit on ordinary activities 120,895 113,004 before taxation Taxation (33,036) (34,609) Profit on ordinary activities after 87,859 78,395 taxation Minority interests (3,905) (7,122) Net profit for the period 83,954 71,273 Earnings per share (sen) - Basic 21.7 18.6 - Diluted 21.6 18.5 The condensed group profit and loss account should be read in conjunction with the Group's annual financial statements for the year ended 31 January 2003. Condensed Group Balance Sheet As at As at 30-Apr-03 31-Jan-03 in RM'000 (Unaudited) (Audited) Tangible assets* 2,677,261 2,553,804 Investment property 365,000 365,000 Intangible assets 55,738 56,682 Investments in associate and joint venture 26,879 31,155 Long term investments 5,833 6,356 Current Assets Stocks 106,553 114,889 Debtors 260,376 205,908 Investments and 935,152 708,190 short term placements Cash at bank and in hand 22,498 13,798 1,324,579 1,042,785 Current Liabilities Creditors 297,131 324,817 Short term borrowings 62,557 362,368 Taxation 6,965 14,601 Dividends payable 78,061 78,061 444,714 779,847 Net current assets 879,865 262,938 Long term liabilities Borrowings and other 1,814,360 984,389 long term liabilities Deferred taxation 211,169 200,108 1,985,047 2,091,438 Capital and Reserves Paid up share capital 138,156 138,102 Share premium account 110,747 109,733 Revaluation reserve 9,915 9,915 Profit and loss account 1,651,535 1,568,220 Equity Shareholders' funds 1,910,353 1,825,970 Minority interests 74,694 265,468 1,985,047 2,091,438 Net Tangible Assets per share (in sen) 478.8 456.9 * Included in tangible assets is construction-in-progress amounting to RM14.1 million (31.01.2003 - RM781.5 million) The condensed group balance sheet should be read in conjunction with the Group's annual financial statements for the year ended 31 January 2002. Condensed Group Cash Flow Statement 3 months ended in RM'000 30-Apr-03 30-Apr-02 (Unaudited) Profit on ordinary activities before taxation 120,895 113,004 Adjustment for non-cash and non-operating items: Depreciation & amortisation 42,643 30,149 Others 19,732 10,178 183,270 153,331 Changes in working capital (46,444) (13,510) Net cash inflow from operating activities 136,826 139,821 Returns on investments and servicing of finance: Interest received 4,998 3,378 Interest paid (18,072) (14,289) Dividend received 227 91 from current asset investments Net cash outflow from returns on investments and servicing of finance (12,847) (10,820) Corporate income taxes paid (29,570) (13,676) Capital expenditure (4,329) (2,200) Acquisitions and disposals: Construction of a (114,780) (114,439) power generation plant Acquisition of (267,805) - minority interests in a subsidiary Investment in (130) - venture funds Repayment from a 4,500 - joint venture Net cash outflow from acquisitions and (378,215) (114,439) disposals Management of liquid resources: Increase in funds (238,728) (133,201) placed on term deposits Current asset investments 4,496 762 - Net cash outflow from management of liquid (234,232) (132,439) resources Financing activities: Issue of ordinary shares 1,067 29,180 Net increase in borrowings 530,000 130,000 Net cash inflow from financing activities 531,067 159,180 Decrease in cash and bank balances 8,700 25,427 Cash and bank balances at beginning of the 13,798 14,451 year Cash and bank balances at period end 22,498 39,878 The condensed group cash flow statement should be read in conjunction with the Group's annual financial statements for the year ended 31 January 2003. Condensed Group Statement of Changes in Equity Non-distributable Distributable Profit Total and Share Share Revaluation Loss 30-Apr-03 31-Jan-03 in RM'000 Capital Premium Reserve Account (Unaudited) (Audited) Balance 138,102 109,733 9,915 1,568,220 1,825,970 1,575,304 brought forward Movements during the period: Net - - - 83,954 83,954 323,119 profit for the period Issuance of shares arising from exercise 54 1,014 - - 1,068 46,255 of share options Dividends - - - - - (117,482) Exchange differences on foreign currency - - - (639) (639) (1,226) net investments Balance 138,156 110,747 9,915 1,651,535 1,910,353 1,825,970 carried forward The condensed group statement of changes in equity should be read in conjunction with the Group's annual financial statements for the year ended 31 January 2003. Part A Explanatory notes in compliance with MASB Statement 26 1. Basis of preparation The Quarterly Report has been prepared in accordance with the reporting requirements outlined in Malaysian Accounting Standards Board ("MASB") Standard No. 26 - "Interim Financial Reporting" and Paragraph 9.22 of the Kuala Lumpur Stock Exchange Listing Requirements and should be read in conjunction with the Group's annual audited financial statements for the year ended 31 January 2003. The accounting policies adopted by the Group comply with United Kingdom Generally Accepted Accounting Practices ("UK GAAP). 2. Qualification of preceding annual financial statements There was no audit qualification to the preceding annual audited financial statements of the Group. 3. Seasonal / cyclical factors The principal business operations of the Group are not materially affected by seasonal or cyclical factors. 4. Unusual items There were no unusual items affecting assets, liabilities, equity, net income, or cash flows during the period under review. 5. Material changes in estimates of amounts reported There were no material changes in estimates of amounts reported in the prior financial year. Part A Explanatory notes in compliance with MASB Statement 26 6. Movements in debt and equity securities 6.1 Issuance of debt securities Panglima Power Sdn Bhd ("Panglima"), a subsidiary of Tanjong issued redeemable bonds with a nominal value of RM830 million in two tranches, RM500 million on 7 March 2003 and RM330 million on 19 March 2003. 6.2 Issuance of equity securities For the period under review, 154,000 shares in the Company were issued for a total subscription amount of RM1.1 million pursuant to the exercise of options to subscribe for unissued shares of the Company by eligible employees under the Company's Employees' Share Option Scheme No. 2. 7. Dividends paid There were no dividends paid during the quarter under review. 8. Segmental results 3 months ended 3 months ended 30-Apr-03 30-Apr-02 Operating Operating in RM' 000 Turnover profit/(loss) Turnover profit/(loss) Malaysia Numbers 380,934 37,417 383,393 54,584 Forecast Operations ("NFO") Power 217,189 96,638 200,300 61,538 Generation Racing 5,564 209 5,932 756 Totalisator Operations ("RTO") Property 11,912 7,403 11,226 7,146 Investment 615,599 141,667 600,851 124,024 People's Republic of China Liquefied 9,270 (652) 10,294 (343) Petroleum Gas ("LPG") Segment totals 624,869 141,015 611,145 123,681 Inter-segment (2,171) (2,140) elimination Non-segmental (387) (500) expenditure 622,698 140,628 609,005 123,181 Part A Explanatory notes in compliance with MASB Statement 26 9. Valuations of property, plant and equipment The valuation of the investment property of RM365 million held by the Group has been brought forward without amendments from the previous annual audited financial statements. 10. Material events subsequent to the end of the financial period There were no material subsequent events as at the date of this quarterly report. 11. Changes in the composition of the Group Apart from the developments reported in Note 21(a), there have been no changes in the composition of the Group during the financial year. 12. Commitments and contingencies 12.1 Capital commitments as at 30 April 2003 RM'000 Authorised and contracted 47,319 Authorised but not contracted 23,389 70,708 The above commitments relate primarily to project completion costs and other ancillary capital expenditure that will be incurred in relation to the Panglima power plant and related facilities. 12.2 Contingencies There were no material contingent liabilities or contingent assets since the last annual balance sheet date. Part A Explanatory notes in compliance with MASB Statement 26 13. Significant related party disclosures The following is a summary of material transactions as defined by Financial Reporting Standard 8, "Related Party Disclosures", which have been contracted in the ordinary course of business and on normal commercial terms between the Group and companies that are associated with: (i) The trust that is associated with the family of Ananda Krishnan Tatparanandam and foundations ("the Trust") and (ii) The family of Ananda Krishnan Tatparanandam. The trustee of the Trust is the controlling shareholder of the Company as defined by the United Kingdom Financial Services Authority Listing Rules. 3 months ended 30- Apr-03 30-Apr-02 RM'000 RM'000 Expenses charged to the Group profit and loss account Consultancy services 3,893 3,500 Technical advisory, operations & maintenance 1,337 1,925 services Software support and licence fees 1,155 1,155 Building and property maintenance services 772 790 Closed circuit television broadcasting services 572 572 Equipment lease rentals 420 420 Telecommunication and related services 393 323 Bloodstock management, service fees, 365 - accounting & clerical services Sponsorship of events 337 75 Other services 216 132 9,460 8,892 Income credited to the Group profit and loss account Lease rental and tenant service revenue 5,632 5,220 Car park income 204 25 Others 50 12 5,886 5,257 Recovery of expenses and shared overhead costs 1,879 1,668 Part B Explanatory notes in compliance with KLSE Listing Requirements (Part A of Appendix 9B) 14. Review of performance Group turnover for the current quarter increased by RM13.7 million to RM622.7 million from RM609.0 million in the corresponding quarter in the previous year ("corresponding quarter"). Group operating profit is, at RM140.6 million, higher by RM17.4 million or 14.1%. The increased Group turnover is mainly attributable to the additional contribution from Panglima, which successfully converted its 460MW Open Cycle Gas Turbine power plant into a 720MW Combined Cycle Gas Turbine power plant on 31 March 2003. The increase in capacity billings arising from the commercial operations of the Panglima plant as well as lower plant maintenance costs have contributed to the increase in Power Generation's operating profit from RM61.5 million to RM96.6 million. Despite a higher prize payout structure which took effect on 1 January 2003, consumer demand for NFO products continues to be soft. The said revision to the prize payout structure and an increase in Betting and Sweepstake duties on the same date have reduced operating margins thereby leading to a reduction in the NFO operating profit from RM54.6 million in the corresponding quarter to RM37.4 million in the current quarter. Net interest expense and investment charge increased from RM10.7 million to RM20.0 million, largely due to increased interest expense on additional borrowings. As at 30 April 2003, Group borrowings totalled RM1.87 billion against RM1.28 billion in the corresponding quarter, as additional borrowings were taken to finance the development of the Panglima power plant. For the period under review, Group profit attributable to shareholders increased by 17.8% from RM71.3 million to RM83.9 million. Net earnings per share has accordingly increased from 18.6 sen to 21.7 sen. 15. Variation of current quarter's profit before tax to preceding quarter The current quarter's profit before taxation of RM120.9 million is lower than the preceding quarter's profit before taxation of RM123.5 million due to the reduced operating margin of the NFO segment mitigated by the increased profit contribution of Panglima. 16. Current year prospects Demand for NFO products has been sluggish since the end of the quarter under review whilst the Power Generation segment has generally performed in line with expectations. Barring unforeseen circumstances, the Board of Directors anticipates a satisfactory overall performance for the Group for the remainder of this financial year. Part B Explanatory notes in compliance with KLSE Listing Requirements (Part A of Appendix 9B) 17. Variance to profit forecast or shortfall in profit guarantee (only applicable to the final quarter) The Group did not issue a profit forecast during the period under review. 18. Taxation Individual/Cumulative Quarter 30/4/2003 30/4/2002 RM'000 RM'000 Malaysian Taxation Income tax - Current year 25,176 24,740 - Prior year (46) - 25,130 24,740 Deferred tax 11,000 9,709 36,130 34,449 Foreign Taxation (3,094) 160 33,036 34,609 The effective tax rate for the current quarter was 27.3% whereas the statutory tax rate is 28%. The variance between the tax rates is mainly due to the write back of withholding tax provisions. 19. Sale of unquoted investments and/or properties There were no disposals of unquoted investments and/or properties during the period under review. Part B Explanatory notes in compliance with KLSE Listing Requirements (Part A of Appendix 9B) 20. Quoted securities (a) Summary of dealings in quoted securities Individual/ for the year ended 30 April 2003: - Cumulative Quarter RM'000 (i) Total purchase consideration - (ii) Total sale proceeds 653 (iii) Total profit on disposal 126 (b) Investments in quoted securities as at the end of the reporting period: RM'000 (i) At cost 69,540 (ii) At carrying value/book value; and 60,578 (iii) At market value 71,522 21. Status of corporate proposals announced but not completed (a) Status of the General Offer for the remaining shares in Powertek Berhad The general offer for the remaining shares in Powertek Berhad (offer shares) undertaken by Tanjong Energy Holdings Sdn Bhd ("TEH") was completed on 21 February 2003. As a result of TEH having received acceptances for not less than nine-tenths of the offer shares (other than shares held by TEH; its nominees or its related corporations), TEH was able to invoke the compulsory acquisition for the remaining shares of 1,898,526 for which acceptances were not received, in accordance with Section 34 of the Malaysian Securities Commission Act, 1993. The compulsory acquisition was completed on 30 April 2003, upon which Powertek and its wholly-owned subsidiaries became wholly-owned subsidiaries of TEH, and in turn, Tanjong. (b) Status of utilisation of proceeds raised from corporate proposals As disclosed in Note 6, Panglima had during the quarter issued serial bonds with a total nominal value of RM830 million. These serial bonds form part of the RM1.22 billion financing facility obtained for the development of Panglima's 720MW Combined Cycle Gas Turbine power plant Part B Explanatory notes in compliance with KLSE Listing Requirements (Part A of Appendix 9B) 22. Group borrowings and debt securities Short Long Total Term Term RM'000 RM'000 RM'000 Secured Al-Murabahah Commercial Papers* 24,837 - 24,837 Al-Bai' Bithaman Ajil 30,000 420,000 450,000 Islamic Debt Securities ("BaIDS")* Al-Murabahah Medium Term Notes* - 55,000 55,000 Serial bonds** 830,000 830,000 Syndicated loan 7,720 153,240 160,960 62,557 1,458,240 1,520,797 Unsecured Redeemable bonds - 350,000 350,000 As at 30 April 2003 62,557 1,808,240 1,870,797 * These debt securities are secured by way of assignment of its rights, title, benefits and interest in and under certain insurances procured by Pahlawan Power Sdn Bhd in relation to its properties, assets and business and all amounts standing to the credit of its finance service reserve account. ** These debts are undertaken by Panglima Power Sdn Bhd and are secured against a debenture over its assets and properties, a charge over its landed properties, an assignment of its rights, title, benefits and interest in and under certain insurances and project agreements and an assignment of all amounts standing to the credit of a designated project and debt service reserve accounts of that subsidiary company. Part B Explanatory notes in compliance with KLSE Listing Requirements (Part A of Appendix 9B) 23. Off balance sheet financial instruments Panglima is obliged to make progressive payments in EURO currency pursuant to the Engineering, Procurement and Construction Contract ("EPC Contract") entered for the construction and development of the new 720MW CCGT power plant as well as supply contracts in relation to its procurement of materials and parts. In this respect, Panglima has entered into forward contracts to hedge the above payments. At the date of this report, the amount outstanding under the forward contracts entered into by Panglima is RM211.3 million (EURO 47.8 million at forward contract rates ranging between RM4.37 to RM4.45 : EURO 1). The forward contracts are executed with three (3) licensed financial institutions and are accounted for on a basis which is consistent with the accounting policies adopted by the Group. These contracts have various maturity periods straddling over the next four months to meet the payment obligations under the EPC Contract. 24. Changes in material litigation There is no pending material litigation since the last annual balance sheet date to the date of issue of this quarterly report. 25. Dividend The Board had on 27 March 2003 when approving its unaudited results for the fourth quarter and financial year ended 31 January 2003, recommended a final gross dividend of 28 sen per share less Malaysian income tax at 28% in respect of the financial year ended 31 January 2003. The proposed dividend, if approved at the forthcoming Annual General Meeting scheduled on 26 June 2003, will be paid on 22 July 2003. Part B Explanatory notes in compliance with KLSE Listing Requirements (Part A of Appendix 9B) 26. Earnings per share ("EPS") The basic and diluted EPS for the reporting period are computed as follows: Current/ Cumulative Quarter Net profit for the quarter (RM'000) 83,954 Weighted average number of ordinary shares 387,271,979 Dilutive effect* 817,283 Diluted average number of ordinary shares 388,089,262 Basic EPS (sen) 21.7 Diluted EPS (sen) 21.6 * arising from unexercised employee share options over unissued shares which have a dilutive potential By order of the Board Siuagamy Ramasamy 20 June 2003 Group Company Secretary Kuala Lumpur This information is provided by RNS The company news service from the London Stock Exchange END QRFFMMTTMMTTBFJ
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