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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:9621P Tanjong PLC 19 September 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 SECOND QUARTER ENDED 31 JULY 2003 Condensed Group Profit and Loss Account 3 months ended 6 months ended in RM'000 Note 31-Jul-03 31-Jul-02 31-Jul-03 31-Jul-02 (Unaudited) (Unaudited) Group turnover 8 644,440 636,352 1,267,138 1,245,357 Operating costs (471,222) (491,601) (953,292) (977,425) Group operating profit 8 173,218 144,751 313,846 267,932 Share of associated undertakings and joint venture 1,586 427 1,819 990 Group operating profit after share of 174,804 145,178 315,665 268,922 Net interest expense and investment charge (18,142) (13,385) (38,108) (24,125) Profit on ordinary activities before 156,662 131,793 277,557 244,797 taxation Taxation (44,191) (40,621) (77,227) (75,230) Profit on ordinary activities after 112,471 91,172 200,330 169,567 taxation Minority interests (1,707) (10,539) (5,612) (17,661) Net profit for the period 110,764 80,633 194,718 151,906 Earnings per share (sen) - Basic 28.5 20.9 50.2 39.5 - Diluted 28.5 20.8 50.1 39.3 The condensed group balance sheet 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 31-Jul-03 31-Jan-03 in RM'000 (Unaudited) (Audited) Tangible assets 2,643,729 2,553,804 Investment property 365,000 365,000 Intangible assets 54,794 56,682 Investments in associate and joint venture 28,593 31,155 Long term investments 5,880 6,356 Current Assets Stocks 107,311 114,889 Debtors 288,760 205,908 Investments and short term placements 1,024,556 708,190 Cash at bank and in hand 14,482 13,798 1,435,109 1,042,785 Current Liabilities Creditors 304,202 324,817 Short term borrowings 53,985 362,368 Taxation 15,206 14,601 Dividends payable 62,451 78,061 435,844 779,847 Net current assets 999,265 262,938 Long term liabilities Borrowings and other long term 1,809,395 984,389 liabilities Deferred taxation 230,530 200,108 2,057,336 2,091,438 Capital and Reserves Paid up share capital 139,557 138,102 Share premium account 133,118 109,733 Revaluation reserve 9,915 9,915 Profit and loss account 1,698,344 1,568,220 Equity shareholders' funds 1,980,934 1,825,970 Minority interests 76,402 265,468 2,057,336 2,091,438 Net tangible assets per share (RM) 4.94 4.57 The condensed group balance sheet should be read in conjunction with the Group's annual financial statements for the year ended 31 January 2003. Condensed Group Cash Flow Statement 6 months ended in RM'000 31-Jul-03 31-Jul-02 (Unaudited) Reconciliation of operating profit to operating cash flows: Group operating profit 313,846 267,932 Depreciation & amortisation 87,719 65,479 Adjustment for other non-cash items (150) - 401,415 333,411 Changes in working capital (78,532) (49,258) Net cash inflow from operating activities 322,883 284,153 Returns on investments and servicing of finance: Interest received 11,626 7,994 Interest paid (35,266) (31,649) Dividend received from current asset 600 314 investments Net cash outflow from returns on investments and servicing of finance (23,040) (23,341) Malaysian and other taxes paid (57,408) (37,297) Capital expenditure (14,141) (6,062) Free cashflow 228,294 217,453 Acquisitions and disposals: Construction of a power generation plant (115,255) (211,316) Long term investment (454) - Acquisition of minority interests in a (267,805) - subsidiary Repayment from a joint venture 4,500 - New investment in an associate company - (435) Net cash outflow from acquisitions and disposals (379,014) (211,751) Equity dividends paid (78,528) - Management of liquid resources: Increase in funds placed on deposits (311,339) (143,551) Decrease/(Increase) in current asset 151 (20,116) investments - Net cash outflow from management of liquid resources (311,188) (163,667) Financing: Issue of ordinary shares 24,840 35,802 Net increase in borrowings 516,280 127,939 Net cash inflow from financing 541,120 163,741 Decrease in cash and bank balances 684 5,776 Cash and bank balances at beginning of the year 13,798 14,451 Cash and bank balances at period end 14,482 20,227 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 and Total as at 31 July Share Share Revaluation Loss 2003 2002 in RM'000 Capital Premium Reserve Account (Unaudited) Balance 138,102 109,733 9,915 1,568,220 1,825,970 1,575,304 brought forward Movements during the period: Net profit for - - - 194,718 194,718 151,906 the period Issuance of shares arising from exercise of 1,455 23,385 - - 24,840 35,778 share options Dividends - - - (62,451) (62,451) (38,598) Dividend entitlements for new shares issued between declaration and book closure - - - (467) (467) (713) date Exchange differences on foreign currency net - - - (1,676) (1,676) (274) investments Balance 139,557 133,118 9,915 1,698,344 1,980,934 1,723,403 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. 6. Movements in debt and equity securities 6.1 Issuance and repayment of debt securities The details of movements in debt securities are as follows: in RM'000 Total amount in nominal value Current Quarter Year to Date Date Nature of debt security Issued Repaid Issued Repaid 2003 7 Mar Serial Bonds - - 500,000 - 19 Mar Serial Bonds - - 330,000 - 25 May Commercial Papers 1,000 - 1,000 - 11 Jun Al-Murabahah Commercial Papers - (11,000) - (11,000) 26 Jun Commercial Papers - (1,000) - (1,000) 1,000 (12,000) 831,000 (12,000) 6.2 Issuance of equity securities in RM'000 Current Quarter Year to Date Number Number of shares of shares '000 RM'mil '000 RM'mil Ordinary shares at 7.5 pence 2,957 23.7 3,111 24.8 7. Dividend paid A final gross dividend of 28 sen per share less Malaysian income tax at 28% in respect of financial year ended 31 January 2003 was paid on 22 July 2003. 8. Segmental results 6 months ended 6 months ended 31-Jul-03 31-Jul-02 Operating Operating in RM' 000 Turnover profit/(loss) Turnover profit/(loss) Malaysia Numbers Forecast Operations ("NFO") 738,040 79,420 730,372 102,849 Power Generation 479,189 224,006 463,380 152,595 Racing Totalisator Operations ("RTO") 10,370 (2,169) 10,692 19 Property Investment 23,825 14,989 22,561 14,266 1,251,424 316,246 1,227,005 269,729 People's Republic of China Liquefied Petroleum Gas ("LPG") 20,058 (1,162) 22,626 (763) Segment totals 1,271,482 315,084 1,249,631 268,966 Inter-segment elimination (4,344) (4,274) Non-segmental expenditure (1,238) (1,034) 1,267,138 313,846 1,245,357 267,932 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 There have been no significant changes in the composition of the Group during the financial year. 12. Commitments and contingencies 12.1 Capital commitments as at 31 July 2003 RM'000 Authorised and contracted 176,912 Authorised but not contracted 19,210 196,122 The above commitments relate primarily to : * project completion costs and other ancillary capital expenditure to be incurred in relation to the power plant and related facilities of Panglima Power Sdn Bhd, a subsidiary of the Company; * the proposed acquisition of assets from CargoLifter AG Group. 12.2 Contingencies There were no material contingent liabilities or contingent assets since the last annual balance sheet date. 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. 6 months ended in RM'000 31-Jul-03 31-Jul-02 Income credited to the Group profit and loss account Lease rental and tenant service revenue 11,232 10,585 Car park income 409 303 Others 102 25 11,743 10,913 Recovery of expenses and shared overhead costs 3,691 3,336 Expenses charged to the Group profit and loss account Consultancy services 7,787 6,999 Technical advisory, operations & maintenance services 2,760 3,551 Software support and licence fees 2,310 2,310 Building and property maintenance services 1,543 1,533 Closed circuit television broadcasting services 1,176 1,078 Sponsorship of events 947 321 Equipment lease rentals 840 840 Telecommunication and related services 726 678 Bloodstock management, service fees, accounting & clerical services 587 218 Other services 529 227 19,205 17,755 Part B Explanatory notes in compliance with KLSE Listing Requirements (Part A of Appendix 9B) 14. Review of performance 14.1 Material factors affecting current quarter's results The increase in the current quarter's profit before taxation as compared to the corresponding quarter in the previous year is mainly due to the full quarter's contribution of Panglima Power Sdn Bhd ("Panglima") which successfully converted its 460MW Open Cycle Gas Turbine power plant into a 720MW Combined Cycle Gas Turbine ("CCGT") power plant on 31 March 2003. 14.2 Material factors affecting financial year to date results Group turnover for the six month period increased by RM21.7 million from RM1,245.4 million in the corresponding period in the previous year ("corresponding period") to RM1,267.1 million. Group operating profit is, at RM313.8 million, higher by RM45.9 million or 17.1%. The increased Group turnover is mainly attributable to the additional contribution by Panglima's CCGT power plant referred to above. The corresponding increase in Panglima's capacity billings has contributed to the increase in Power Generation's operating profit from RM152.6 million to RM224.0 million. Consumer demand for NFO products has improved as a result of increased enforcement activities against unauthorised operators which were carried out during the current quarter. NFO operating profit has however reduced from RM102.8 million in the corresponding period to RM79.4 million in the current period due to reduced operating margins arising from the revision to the prize payout structure and an increase in Betting and Sweepstake Duties on 1 January 2003. Net interest expense and investment charge have increased from RM24.1 million to RM38.1 million, largely due to increased interest expense on additional borrowings. As at 31 July 2003, Group borrowings totalled RM1.86 billion as compared to RM1.27 billion in the corresponding period, as additional borrowings have been taken to finance the development of the Panglima power plant. For the period under review, Group profit attributable to shareholders increased by 28.2% from RM151.9 million to RM194.7 million. Net earnings per share has correspondingly increased from 39.5 sen to 50.2 sen. 15. Variation of current quarter's profit before tax to preceding quarter The current quarter's profit before taxation of RM156.7 million is higher than the preceding quarter's profit before taxation of RM120.9 million due mainly to the increased profit contribution of Panglima, which commenced combined cycle operations on 31 March 2003. 16. Current year prospects The overall performance of the Group for the remainder of the financial year will depend mainly on the performance of the NFO and the Power Generation segments. Since the end of the quarter under review, the demand for NFO products has remained at recent levels and the Power Generation segment continues to perform 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. 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 Current Quarter Year to Date in RM'000 31/7/2003 31/7/2002 31/7/2003 31/7/2002 Malaysian Taxation Income tax - Current year 24,649 24,088 49,825 48,828 - Prior year (3) - (49) - 24,646 24,088 49,776 48,828 Deferred tax 19,544 16,367 30,544 26,076 44,190 40,455 80,320 74,904 Foreign Taxation 1 166 (3,093) 326 44,191 40,621 77,227 75,230 The effective tax rate for the current quarter is higher at 28.2% mainly due to losses of subsidiaries not available for relief at Group level and non-deductibility of certain other items for tax purposes. 19. Sale of unquoted investments and/or properties There were no disposals of unquoted investments and/or properties during the period under review. 20. Quoted securities Current Year to Date Quarter RM'000 RM'000 (a) Summary of dealings in quoted securities for the period ended 31 July 2003: - (i) Total purchase consideration 5,695 5,695 (ii) Total sale proceeds 1,544 2,197 (iii) Total profit on disposal 258 384 (b) Investments in quoted securities as at the end of the reporting period: (i) At cost 73,949 (ii) At carrying value/book value; and 67,799 (iii) At market value 85,680 21. Status of corporate proposals announced but not completed (a) Status of corporate proposals announced during the quarter Subsequent to the announcement to Kuala Lumpur Stock Exchange and London Stock Exchange dated 11 July 2003 whereby a Conditional Purchase and Loan Contract was entered into with the liquidator of CargoLifter AG Group, the Group advanced EURO2.5 million (RM10.8 million) as deposit for the purchase consideration of the assets of the CargoLifter AG Group. (b) Status of utilisation of proceeds raised from corporate proposals Panglima had during the previous 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. 22. Group borrowings and debt securities Short Long Term Term Total RM'000 RM'000 RM'000 Secured Al-Murabahah Commercial Papers * 13,985 - 13,985 Al-Bai' Bithaman Ajil Islamic Debt Securities ("BaIDS") * 30,000 420,000 450,000 Al-Murabahah Medium Term Notes * - 55,000 55,000 Serial bonds ** - 830,000 830,000 Syndicated loan 10,000 148,240 158,240 53,985 1,453,240 1,507,225 Unsecured Redeemable bonds - 350,000 350,000 As at 31 July 2003 53,985 1,803,240 1,857,225 * 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 property, assets and business and all amounts standing to the credit of its finance service reserve account. ** These debts are undertaken by Panglima 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 Panglima. 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 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 in EURO currency. At the date of this report, the notional principal amount outstanding under the forward contracts entered into by Panglima is EURO 36.8 million (RM161.9 million at forward contract rates ranging between RM4.28 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 eleven months to meet the payment obligations under the EPC Contract and spare parts procurement. 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 An interim dividend of 16 sen per share exempt from Malaysian income tax (2003: 10 sen per share exempt from Malaysian income tax) in respect of the financial year ending 31 January 2004 amounting to RM62,451,222 (2003 : RM38,708,414) has been declared payable on 30 October 2003 to shareholders on record of the Company at the close of business on 17 October 2003 subject to the following paragraphs. The Register of Members of the Company will be closed from 18 October 2003 to 20 October 2003 (both dates inclusive) for the purpose of determining each shareholder's entitlement to the dividend. Each person whose name appears in the Register of Members or the Record of Depositors as at the close of business on 17 October 2003 (the "Record Date") shall be entitled to participate in the dividend in respect of those shares of which they are registered as member or recorded as depositor. Registrable transfers received by the Company's Branch Registrars in Malaysia, Signet Share Registration Services Sdn. Bhd. at 11th Floor, Tower Block, Kompleks Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia, or the Company's Principal Registrars in the United Kingdom, Capita IRG Plc at The Registry, 34, Beckenham Road, Beckenham, Kent, BR3 4TU, England, up to the close of business at 5.00 p.m. (local time) on 17 October 2003 will be registered by the Record Date. A holder of a securities account maintained with the Malaysian Central Depository Sdn. Bhd. ("Depositor") shall qualify for entitlement only in respect of: - (a) shares deposited into the Depositor's securities account before 12.30 p.m. (Malaysian time) on 15 October 2003 (in respect of shares which are exempted from mandatory deposit); (b) shares transferred into the Depositor's securities account before 4.00 p.m. (Malaysian time) on 17 October 2003 in respect of transfers; and (c) shares bought on the Kuala Lumpur Stock Exchange on a cum entitlement basis according to the Rules of the Kuala Lumpur Stock Exchange. 25. Dividend Any employee of the Company who has exercised, or wishes to exercise, an option to subscribe for shares in the Company granted to such employee under the Tanjong public limited company Employees' Share Option Scheme No. 2 should note that the shares to be issued upon the exercise of such option will not confer on any person any entitlement to the dividend unless as at the Record Date such person is recorded as depositor of such shares under the Record of Depositors. Copies of the Unaudited Results of the Tanjong Group for the second quarter and the half year ended 31 July 2003 are available to the public during office hours at the Company's registered office in the United Kingdom at The Registry, 34 Beckenham Road, Beckenham, Kent BR3 4TU, England. 26. Earnings per share ("EPS") The basic and diluted EPS for the reporting period are computed as follows: Current Cumulative Quarter Quarter Net profit for the quarter (RM'000) 110,764 194,718 Weighted average number of ordinary shares 388,051,313 388,051,313 Dilutive effect * 987,245 987,245 Diluted average number of ordinary shares 389,038,558 389,038,558 Basic EPS (sen) 28.5 50.2 Diluted EPS (sen) 28.5 50.1 * arising from unexercised employee share options over unissued shares which have a dilutive potential By order of the Board Siuagamy Ramasamy 19 September 2003 Group Company Secretary Kuala Lumpur This information is provided by RNS The company news service from the London Stock Exchange END IR BDGDCGDBGGXC
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