Listed Companies' Announcement


MASNET No. 83 OF 19.09.2002
Announcement No. 83
FEDERAL INTERNATIONAL (2000) LTD

Proforma Half Year Financial Statement And Dividend Announcement

Financial statements for the six months ended 30 June 2002.
These figures have not been audited.


--
Group
Company
--
S$'000
%
S$'000
%
--
--
30/6/2002
30/6/2001
Increase/ (Decrease)
30/6/2002
30/6/2001
Increase/ (Decrease)
1.(a)Turnover
51,041
38,594
32.25
0
0
NM
1.(b)Cost of sales or classification as followed in the most recent audited annual financial statements
(40,826)
(31,098)
31.28
0
0
NM
1.(c)Gross profit/loss
10,215
7,496
36.27
0
0
NM
1.(d)Investment income
0
0
NM
0
0
NM
1.(e)Other income including interest income
522
876
(40.41)
1,126
1,155
(2.51)
2.(a)Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items
3,638
2,150
69.21
339
470
(27.87)
2.(b)(i)Interest on borrowings
(412)
(319)
29.15
(9)
(4)
125.00
2.(b)(ii)Depreciation and amortisation
(660)
(351)
88.03
(73)
(73)
0
2.(b)(iii)Foreign exchange gain/(loss)
(233)
143
(262.94)
(44)
13
(438.46)
2.(c)Exceptional items (provide separate disclosure of items)
0
0
NM
0
0
NM
--
--
S$'000
%
S$'000
%
--
--
30/6/2002
30/6/2001
Increase/ (Decrease)
30/6/2002
30/6/2001
Increase/ (Decrease)
2.(d)Operating profit before income tax, minority interests and extraordinary items but after interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items
2,333
1,623
43.75
213
406
(47.54)
2.(e)Income derived from associated companies (With separate disclosure of any items included therein which are exceptional because of size & incidence)
2
(119)
(101.68)
0
0
NM
2.(f)Operating profit before income tax
2,335
1,504
55.25
213
406
(47.54)
2.(g)Less income tax (Indicate basis of computation)
(842)
(561)
50.09
(48)
(103)
(53.40)
2.(g)(i)Operating profit after tax before deducting minority interests
1,493
943
58.32
165
303
(45.54)
2.(g)(ii)Less minority interests
4
313
(98.72)
0
0
NM
2.(h)Operating profit after tax attributable to members of the company
1,497
1,256
19.19
165
303
(45.54)
2.(i)(i)Extraordinary items (provide separate disclosure of items)
0
0
NM
0
0
NM
2.(i)(ii)Less minority interests
0
0
NM
0
0
NM
2.(i)(iii)Extraordinary items attributable to members of the company
0
0
NM
0
0
NM



--
Group
Company
--
S$'000
%
S$'000
%
--
--
30/6/2002
30/6/2001
Increase/ (Decrease)
30/6/2002
30/6/2001
Increase/ (Decrease)
2.(i)(iv)Transfer to/from Exchange Reserve
0
0
NM
0
0
NM
2.(i)(v)Transfer to Capital Reserve
0
0
NM
0
0
NM
2.(i)(vi)Transfer to Reserve Fund
0
0
NM
0
0
NM
2.(j)Operating profit after tax and extraordinary items attributable to members of the company
1,497
1,256
19.19
165
303
(45.54)



Notes

(1) The effective tax rate is higher than the statutory tax rate because losses in certain subsidiary companies cannot be offset against profits from the other companies in the group and certain expenses incurred are not deductible for tax purposes.

(2) Other income at company level of S$1,126,000 represents management fees charged to the subsidiaries of the company amounted to S$1,125,000 and bank interest received on fixed deposit of S$1,000.





Group Figures
--
Latest period
Previous corresponding period
3.(a)Operating profit [2(g)(i) above] as a percentage of turnover [1(a) above]
2.93%
2.44%
3.(b)Operating profit [2(h) above] as a percentage of issued capital and reserves at end of the period
3.37%
2.85%
3.(c)Earnings per ordinary share for the period based on 2(h) above after deducting any provision for preference dividends:-
(i) Based on weighted average number of ordinary shares in issue
0.85 cents
0.72 cents
(ii) On a fully diluted basis

(To disclose the basis used in arriving at the weighted average number of shares for the purposes of (c)(i) above and to provide details of any adjustments made for the purpose of (c)(ii) above)
0.85 cents
0.72 cents
3.(d)Net tangible asset backing per ordinary share based on existing issued share capital as at the end of the period reported on
24.34 cents
25.11 cents

3.(e) To provide an analysis of expenses based on their function within the group for


Notes

(1) The earnings per share of the existing issued share capital for the periods under review is calculated on the earnings set out in 2(h) above and the weighted average number of issued shares of 175,243,875 (2001: 175,243,875). There is no issuance of ordinary shares since 1 January 2002 (2001: 1 January 2001). As such, the weighted average number of issued shares is equal to the number of issued shares as at 30 June 2002 (2001: 30 June 2001).

(2) The earnings per share on a fully diluted basis for the periods under review is calculated on the earnings set out in 2(h) above and the number of issued shares of 175,243,875 as at 30 June 2002 (2001: 175,243,875).

(3) The net tangible asset per share is calculated based on the number of issued shares of 175,243,875 as at 30 June 2002 (2001: 175,243,875).


--
Group
Company
Item 4 is not applicable to interim results
S$'000
%
S$'000
%
--
--
30/6/2002
30/6/2001
Increase/ (Decrease)
30/6/2002
30/6/2001
Increase/ (Decrease)
4.(a)Sales reported for first half year
4.(b)Operating profit [2(g)(i) above] reported for first half year
4.(c)Sales reported for second half year
4.(d)Operating profit [2(g)(i) above] reported for second half year





5.(a) Amount of any adjustment for under or overprovision of tax in respect of prior years



5.(b) Amount of any pre-acquisition profits


5.(c) Amount of profits on any sale of investments and/or properties

Item 5c Table5.(d) Any other comments relating to Paragraph 5



6. Segmental Results



7.(a) Review of the performance of the company and its principal subsidiaries



7.(b) Where a forecast, or a prospect statement, has been previously disclosed to shareholders,


7.(c) A statement by the Directors of the Company whether any item or event of a material or


8. A commentary at the date of this announcement of the competitive conditions of the


9. Dividend

(a) Any dividend declared for the present financial period?
-
None-
(b) Any dividend declared for the previous corresponding period? None
(c) Total Annual Dividend
-
-
Latest Year (2002)
Previous Year (2001)
 
Ordinary
0
683,451
 
Preference
0
0
 
Total:
0
683,451
 

(d) Date payable


(e) Books closure date


(f) Any other comments relating to Paragraph 9



10.(a) Balance sheet


10.(b) Cash flow statement


10.(c) Statement of changes in equity


10.(d) Explanatory notes that are material to an understanding of the information provided in


11. Details of any changes in the company's issued share capital



12. The group's borrowings and debt securities as at the end of the financial period reported

(c) Any other comments relating to Paragraph 12



13. A statement that the same accounting polices and methods of computation are followed




BY ORDER OF THE BOARD

Koh Kian Kiong
Director & Chief Executive Officer
19/09/2002