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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 Apr 2019 to Apr 2024
TIDMIKK
RNS Number : 3408G
Inch Kenneth Kajang Rubber
26 May 2017
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF PROFIT OR LOSS FOR THE PERIODED 31 MARCH 2017
Hot Features
Premium
Current Preceding Current Preceding
Year Year Corresponding Year Year Corresponding
Quarter Quarter To Period
date
31.3.2017 31.3.2016 31.3.2017 31.3.2016
RM'000 RM'000 RM'000 RM'000
Group revenue 2,677 1,815 2,677 1,815
Operating expenses (5,244) (5,156) (5,244) (5,156)
Other operating income
and expenses 54 (749) 54 (749)
---------- -------------------- ---------- --------------------
Operating loss (2,513) (4,090) (2,513) (4,090)
Finance income 889 1,089 889 1,089
Finance costs (35) (14) (35) (14)
Gain on sale of assets - - - -
Gain on disposal - - - -
of investment
Realised gain on
redemption of short
term investments 82 12 82 12
Impairment of investment - - - -
in associate / subsidiary
Share of results
of associate (567) (752) (567) (752)
Loss before tax (2,144) (3,755) (2,144) (3,755)
Taxation (note 13) - - - -
Net Loss (2,144) (3,755) (2,144) (3,755)
========== ==================== ========== ====================
Earnings/(Loss) Per
Share:
Basic and diluted
(sen) (0.53) (0.93) (0.53) (0.93)
Exchange Rate as at 31 March 2017:
GBP1 = RM5.5267
1RM = GBP 0.1809
(The condensed consolidated statement of profit or loss should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2016 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 31 MARCH 2017
Current Preceding Current Preceding
Year Year Corresponding Year Year Corresponding
Quarter Quarter To Period
date
31.3.2017 31.3.2016 31.3.2017 31.3.2016
RM'000 RM'000 RM'000 RM'000
Net loss for the period (2,144) (3,755) (2,144) (3,755)
Other comprehensive
(loss)/income :
Revaluation of
available-for-sale
investments
and short term investments 225 - 225 -
Reclassification adjustments
on - - - -
short term investments
Revaluation of freehold - - - -
lands
Exchange differences
on translating foreign
operations 110 30 110 30
Total comprehensive
(loss)/income for
the period (1,809) (3,725) (1,809) (3,725)
---------- -------------------- ---------- --------------------
(The condensed consolidated statement of comprehensive income should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2016 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 31 MARCH 2017
31.3.2017 31.12.2016
Notes RM'000 RM'000
(Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant & equipment 16 503,472 502,728
Intangible assets 17 119 121
Investment property 18 69 69
Investment in associated
undertaking 20 24,003 24,570
Goodwill on consolidation 21 - -
Available-for-sale investments 22 77 66
527,740 527,554
------------ -----------
Current assets
Inventories 424 1,036
Trade and other receivables 77,599 75,879
Short term investments 23 90,388 93,875
Cash and cash equivalents 24 28,551 27,130
------------ -----------
196,962 197,920
------------ -----------
TOTAL ASSETS 724,702 725,474
============ ===========
EQUITY AND LIABILITIES
Equity attributable to
shareholders of the Company
Share capital 287,343 287,343
Share premium 8 8
Property revaluation
reserve 234,034 234,034
Investment revaluation
reserve 16,217 15,992
Foreign currency translation
reserve (241) (351)
Retained earnings 113,251 115,395
------------ -----------
650,612 652,421
Less : Treasury shares 25 (15,980) (15,980)
TOTAL EQUITY 634,632 636,441
------------ -----------
Current liabilities
Trade and other payables 12,402 11,365
Taxation payable 75 75
------------ -----------
12,477 11,440
------------ -----------
Non-current liabilities
Employee entitlements 15 15
Deferred Tax Liabilities 77,578 77,578
------------ -----------
77,593 77,593
------------ -----------
TOTAL LIABILITIES 90,070 89,033
------------ -----------
TOTAL EQUITY AND LIABILITIES 724,702 725,474
============ ===========
Net assets per share 1.57 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 2016 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 31 MARCH 2017
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
-------- -------- ------------ ------------ --------- --------- --------- --------
3 Months ended 31
March 2017
At 1 January
2017 287,343 8 234,034 15,992 (351) 115,395 (15,980) 636,441
Loss for the
period - - - - - (2,144) - (2,144)
Other comprehensive
(loss)/income:
Revaluation -
of freehold
lands - - - - - - -
Revaluation
of investments - - - 225 - - - 225
Dividends paid - - - - - - - -
Foreign currency
translation - - - - 110 - - 110
Total comprehensive
(loss)/income - - - 225 110 (2,144) - (1,809)
-------- -------- ------------ ------------ --------- --------- --------- --------
Other movements: - - - - - - - -
At 31 March
2017 287,343 8 234,034 16,217 (241) 113,251 (15,980) 634,632
======== ======== ============ ============ ========= ========= ========= ========
3 Months ended 31
March 2016
At 1 January
2016 287,343 8 228,085 15,222 (190) 123,821 (15,980) 638,309
Loss for the
period - - - - - (3,755) - (3,755)
Other comprehensive
income/(loss):
Revaluation -
of freehold
lands - - - - - - -
Realised gain
on redemption -
of short term
investments - - - - - - -
Revaluation -
of investments - - - - - - -
Dividends paid - - - - - - - -
Foreign currency -
translation - - - - 161 - -
Total comprehensive
(loss)/income - - - - 161 (3,755) - (3,594)
-------- -------- ------------ ------------ --------- --------- --------- --------
Other movements: - - - - - (2,638) - (2,638)
At 31 March
2016 287,343 8 228,085 15,705 (30) 117,428 (15,980) 632,599
======== ======== ============ ============ ========= ========= ========= ========
(The condensed consolidated statement of changes in equity should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2016 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 31 MARCH 2017
3 months ended
31.3.2017 31.3.2016
RM'000 RM'000
Cash flows from operating
activities
Group operating loss (2,433) (4,090)
Adjustments for :
Dividend income - -
Fixed asset written off - -
Provision for diminution - -
in value stocks
Gain on disposal of assets - -
Depreciation and amortisation 265 1,067
Operating loss before changes
in working capital (3,023)
Changes in working capital:
Decrease/(Increase) in current
assets (1,720) 177
(Decrease)/Increase in current
liabilities 1,037 2,763
Decrease/(Increase) in inventories
Taxation refund 612 707
Tax paid 0 0
---------- ----------
Net cash used in operating
activities (2,239) 624
---------- ----------
Investing activities
Proceed from disposal of - -
assets
Proceed from disposal of - -
shares in associate
Proceed from disposal of - -
investment
Interest and dividends received 889 1,089
Short term investments 2,771 3,663
Assets under construction - (329)
Payment to acquire property,
plant and equipment - (2,427)
---------- ----------
Net cash generated from investing
activities 3,660 1,966
---------- ----------
Financing activities
Interest paid - -
Dividend paid - -
---------- ----------
Net cash used in financing - -
activities
---------- ----------
Increase/(decrease) in cash
and cash equivalents 1,421 2,620
Cash and cash equivalents
at 1 January 27,130 26,755
Cash and cash equivalents
at 31 December 28,551 28,052
========== ==========
Cash and cash equivalents
comprise of :
Cash and bank balances 4,977 4,147
Short term deposits 23,574 23,905
---------- ----------
28,551 28,052
========== ==========
(The condensed consolidated cash flow statements should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2016 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 31 MARCH 2017
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 March 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 March 2017 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 2016. The consolidated financial statements of the Group for the year ended 31 December 2016 are available at 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 2018 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 31 MARCH 2017
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 2016
There was no qualification made on the preceding audited financial statements for the year ended 31 December 2016, 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 May 2017.
2. Review of performance
The Group's turnover was RM2.677 million for the cumulative quarter ended 31 March 2017 as compared to RM1.815 million for the corresponding cumulative quarter in the preceding year. The increase in Group's turnover by RM0.862 million is mainly due to higher room booking by Travel Agent and Online Travel Agent from tourism division during the financial period under review.
The revenue of the associate company, Concrete Engineering Products Berhad ("CEPCO") for the 3 months ended 31 March 2017 increased to RM40.315 million (IKKR's share: RM9.031 million) compared to RM31.888 million (IKKR's share: RM7.143 million) in the preceding year, an increase of RM1.888 million in respect of IKKR's share. The increased sales volume is due to new projects in the region.
The Group's loss before tax for the cumulative quarter ended 31 March 2017 was RM2.144 million as compared to a loss of RM3.755 million for the corresponding cumulative quarter ended 31 March 2016.
3. Comparison with preceding quarter
The Group recorded a pre-tax loss of RM2.144 million for the current quarter under review compared to a pre-tax loss of RM0.879 million in the 4th quarter ended 31 December 2016. The loss incurred as compared to the previous quarter was mainly due to the loss in Cepco.
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 31 MARCH 2017
4. Commentary on prospects
2017 will see the Group and the Company consolidating its efforts to enhance revenue generation through operational efficiency initiatives, some of which is already implemented, while others are still in the pipeline. The year should also see further progress in our property development with the submission of our plans for approval in the 2(nd) Quarter of the year. The Board expects 2017 to be marginally better than the year just ended.
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 31 March 2017, pursuant to the format prescribed by Bursa, is as follows:
As at As at
31 Mar 31 Mar
2017 2016
RM'000 RM'000
Total Retained Profits of the Company
and its subsidiaries:
- Realised 125,021 129,906
- Unrealised (1,577) 122
--------- --------
123,444 130,028
- Realised (2,319) -
- Unrealised (567) (5,293)
--------- --------
(2,886) (5,293)
Less : Consolidation
effects (7,307) (7,307)
Total Group Retained
Profit 113,251 117,428
========= ========
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 31 MARCH 2017
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 31 March 2017 is as follows:
Plantation Tourism Manufacturing Others Total
RM'000 RM'000 RM'000 RM'000 RM'000
----------- -------- -------------- -------- --------
Revenue
From external
customers 21 1,197 1,433 26 2,677
Segment revenues
Finance income 16 873 889
Gain in sales
of assets
Share of profit
of CEPCO (567) (567)
Realised gain
on redemption
of short term
investment 80 2 82
Fixed asset
written off
Depreciation
and amortisation (45) (199) (6) (16) (265)
Tax expenses
Other expenses (47) (1,420) (1,753) (1,739) (4,959)
----------- -------- -------------- -------- --------
Segment profit/(loss) 9 (404) (326) (1,423) (2,144)
----------- -------- -------------- -------- --------
Segment assets 123,827 37,617 4,288 558,971 724,703
----------- -------- -------------- -------- --------
Segment liabilities 1,861 2,885 52 7,694 12,492
----------- -------- -------------- -------- --------
Other disclosures
Investment in
CEPCO 24,003 24,003
Capital expenditure
Tangible
Assets under - - - - -
construction - - - - -
Intangible 9 47 - 63 119
(As at 31 March 2017, the revenue of our associate company, Cepco is RM40.315 million for the 3 months ended 31 March 2017 (IKKR's share: RM9.031 million)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 31 MARCH 2017
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 31 March 2017.
13. Taxation
Current Cumulative
Quarter Year To-Date
Ended
31 Mar 31 Mar
2017 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.
Current Quarter Cumulative Year To-date
Ended Ended
31 Mar 31 Mar 31 Mar 31 Mar
2017 2016 2017 2016
Net loss
attributable
to the owners
of the Company
(RM'000) (2,144) (3,755) (2,144) (3,755)
-------- -------- --------- --------
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) (0.53) (0.93) (0.53) (0.93)
-------- -------- --------- --------
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 31 MARCH 2017
15. Dividends proposed and paid
Detail of the interim dividend proposed by the Board of Directors are as follows:
Interim dividend for financial year ended 31 December 2016
Approved and declared on 16 May 2017
Date paid 16 June 2017
Number of ordinary shares on which dividends were paid ('000) 403,209.2
Dividend per share (single-tier) GBP0.002 (RM0.0111)
Net dividend to be paid (RM'000) 4,476
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
2017 477,137 10,610 24,994 7,804 10,503 531,048
Additions
Revaluation
Disposal
Exchange differences 112 42 259 287 700
--------- ------------- ---------- ------------- ------- --------
At 31 March
2017 477,249 10,622 25,053 7,804 10,590 531,748
--------- ------------- ---------- ------------- ------- --------
Accumulated
depreciation
At 1 January
2017 1,275 18,316 8,729 28,320
Charge for
period 9 140 116 265
On disposal
Exchange differences (24) (124) (161) (309)
--------- ------------- ---------- ------------- ------- --------
At 31 March
2017 1,260 18,332 8,684 28,276
--------- ------------- ---------- ------------- ------- --------
Net book value
At 31 March
2017 477,249 9,362 6,721 7,804 1,806 503,472
========= ============= ========== ============= ======= ========
At 31 March
2016 449,623 2,437 3,445 5,058 1,963 463,336
========= ============= ========== ============= ======= ========
17. Intangible assets
Computer software and
corporate website creation
Group and Company 31 Mar 31 Mar
2017 2016
RM'000 RM'000
--------- ---------
Cost
At 1 January 255 106
Additions - 62
Disposals - -
--------- ---------
Total 255 168
--------- ---------
Accumulated depreciation
At 1 January 134 71
Charge for period 2 4
On disposals - -
--------- ---------
Total 136 75
--------- ---------
Net book value 119 93
========= =========
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 31 MARCH 2017
18. Investment Property
Group 31 Mar 31 Mar
2017 2016
RM'000 RM'000
--------- ---------
Cost
At 1 January 100 100
Addition / (Disposal) - -
Total 100 100
--------- ---------
Accumulated depreciation
At 1 January 31 29
Charged for the period - -
Total 31 29
--------- ---------
Net book value
Total 69 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 2016 valuation of the Group's freehold lands, valuations were obtained.
-- On 15 February 2017 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 2016 is RM439.0 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 2016 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 31 MARCH 2017
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 RM5 million. The construction is expected to be completed in second half of year 2017.
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:
31 Mar 2017
RM'000
Shares
At 1 January 2017 and 31 March 2017 40,914
Share of retained profits
At 1 January 2017 15,271
Share of profit for 2017 (567)
--------------
At 31 March 2017 14,704
--------------
Share of dividend
At 1 January 2017 (1,104)
Share of dividend 2017 -
--------------
At 31 March 2017 (1,104)
--------------
Impairment of goodwill
At 1 January 2017 (30,511)
Impairment 2017 -
--------------
At 31 March 2017 (30,511)
--------------
Net book value
At 31 March 2017 24,003
==============
At 31 March 2016 23,988
==============
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 31 MARCH 2017
20. Investment in associated undertaking (continued)
The Group's share of the net assets of
CEPCO as at 31 March 2017 comprised:
31 Mar
2017
RM'000
Share of assets
Share of non-current assets 19,816
Share of current assets 33,429
---------
53,245
---------
Share of liabilities
Share of non-current liabilities 2,901
Share of current liabilities 24,834
---------
27,735
---------
Share of net assets 25,510
Goodwill (net of impairment) arising
on the acquisition of CEPCO (1,507)
Carrying value of CEPCO 24,003
=========
The Group's share of the results of CEPCO for the financial period ended 31 Mar 2017 was as follows:
31 Mar
2017
RM'000
Share of revenue 9,031
=========
Share of operating profit (379)
Share of finance costs (188)
Share of taxation -
Share of profit for the financial
period - included in Group statement
of profit or loss (567)
=========
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 31 MARCH 2017
21. Goodwill on consolidation
31 Mar 31 Mar
2017 2016
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 (4,573) (4,502)
Impairment losses - -
Total (4,573) (4,502)
-------- --------
Carrying amount at end of
the financial period - 71
======== ========
22. Available-for-sale investments
31 Mar 31 Mar
2017 2016
Quoted shares: RM'000 RM'000
Balance at 1 January 84 84
Disposal of investments - -
Fair value adjustments (7) (5)
Balance at fair values 77 79
======= =======
23. Short term investments
31 Mar 31 Mar
2017 2016
RM'000 RM'000
Investments on unit trusts
with:
Licensed investment banks 90,388 106,759
======= ==========
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 3.8% and 4.1% (2016: 2.6% to 4.6%).
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION
FOR THE PERIODED 31 MARCH 2017
24. Cash and cash equivalents
31 Mar 31 Mar
2017 2016
RM'000 RM'000
Cash at bank 3,575 4,059
Cash in hand 121 88
Deposits with Licensed
banks 23,574 22,823
Investments Licensed banks 1,281 1,082
Total 28,551 28,052
======= =======
The effective interest rates of deposits at the reporting date were between 3.2% and 3.5% (2016: 1.9% to 3.6%). Included in Group's 2017 deposits with licensed banks is the short term deposits totalling to RM24,278 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 31 March 2017 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 31 March 2017, 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 31 MARCH 2017
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
31 Mar 31 Mar
2017 2017
RM'000 RM'000
Interest income 889 889
Other income including
investment income 134 134
Depreciation and amortisation
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 265 265
of quoted/unquoted investments - -
Realised gain on redemption - -
of short term investments - -
Gain on disposal of assets - -
Impairment of associate 82 82
Provision for contingent - -
liability - -
Foreign exchange loss - -
Decrease in fair value 1 1
of quoted investment - -
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 cumulative quarter of year 2017, 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 31 March 2017.
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 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
QRFPGUQAAUPMUMQ
(END) Dow Jones Newswires
May 26, 2017 12:30 ET (16:30 GMT)
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