FEDERAL INTERNATIONAL (2000) LTD

Full Year Financial Statement And Dividend Announcement

Full-year financial statement on consolidated results for the year ended 31 December 2000.
These figures have not been audited.
Group
Company
- -
S$'000
%
S$'000
%
- -.
Latest year
31/12/2000
Previous year
31/12/1999
Change
Latest year
31/12/2000
Previous year
31/12/1999
Change
1.(a) Turnover
64,284
80,334
(19.98)
0
0
n.m.
1.(b) Investment income
0
0
n.m.
1,295
0
n.m.
1.(c) Other income including interest income
1,274
625
103.84
646
0
n.m.
2.(a) Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items
5,429
8,877
(38.84)
1,357
0
n.m.
2.(b)(i) Interest on borrowings
(642)
(660)
(2.73)
0
0
n.m.
2.(b)(ii) Depreciation and amortisation
(575)
(583)
(1.37)
0
0
n.m.
2.(b)(iii) Foreign exchange gain/(loss)
676
622
8.68
0
0
n.m.
2.(c) Exceptional items
0
0
n.m.
0
0
n.m.
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
4,888
8,256
(40.79)
1,357
0
n.m.
.
.
Latest year
31/12/2000
Previous year
31/12/1999
Change
Latest year
31/12/2000
Previous year
31/12/1999
Change
2.(e) Income derived from associated companies
(285)
(122)
133.61
0
0
n.m.
2.(f) Less income tax
(1,742)
(2,467)
(29.39)
(347)
0
n.m.
2.(g)(i) Operating profit after tax before deducting minority interests
2,861
5,667
(49.51)
1,010
0
n.m.
2.(g)(ii) Less minority interests
0
0
n.m.
0
0
n.m.
2.(h) Operating profit after tax attributable to members of the company
2,861
5,667
(49.51)
1,010
0
n.m.
2.(i)(i) Extraordinary items
0
0
n.m.
0
0
n.m.
2.(i)(ii) Less minority interests
0
0
n.m.
0
0
n.m.
2.(i)(iii) Extraordinary items attributable to members of the company
0
0
n.m.
0
0
n.m.
2.(i)(iv) Transfer to/from Exchange Reserve
0
0
n.m.
0
0
n.m.
2.(i)(v) Transfer to Capital Reserve
0
0
n.m.
0
0
n.m.
2.(i)(vi) Transfer to Reserve Fund
0
0
n.m.
0
0
n.m.
2.(j) Operating profit after tax and extraordinary items attributable to members of the company
2,861
5,667
(49.51)
1,010
0
n.m.

Notes:

(1) As the company was incorporated on 13 November 1999, no comparative figures are available.

(2) The consolidated financial statement for the years under review have been prepared as if the group strucutre as set out in page 34 of the Prospectus has been in existence throughout the years or since the dates of incorporation of the companies in the Group.

(3) 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.

(4) Other income at company level of S$646,000 represents management fees charged to the subsidiaries of the company amounted to S$613,000 and bank interest received on fixed deposit of S$33,000.

Group Figures
Latest year
Previous year
3.(a) Operating profit [2(g)(i) above] as a percentage of turnover [1(a) above]
4.45%
7.05%
3.(b) Operating profit [2(h) above] as a percentage of issued capital and reserves at end of year
6.66%
19.78%
3.(c) Earnings per ordinary share for the year based on 2(h) above after deducting any provision for preference dividends:-
 
 
3.(c)(i) Based on existing issued share capital (1)
2.01 cents
4.32 cents
3.(c)(ii) On a fully diluted basis
NA
NA
3.(d) Earnings per share based on 2(j) above:-
(i) Based on existing issued share capital (1)
2.01 cents
4.32 cents
(ii) On a fully diluted basis
NA
NA
3.(e) Net tangible asset backing per ordinary share (2)
24.53 cents
21.83 cents





NA = Not Applicable

Notes:

(1) The earnings per share of the existing issued share capital is calculated on the earnings set out in 2(h) and 2(j) above and the weighted number of issued shares of 142,243,875 (1999 : 131,243,875) during the year.

(2) The net tangible asset per share is calculated based on the post-floatation share capital and after the sub-division of each ordinary share of $1.00 into five ordinary shares of $0.20 of 175,243,875 shares (1999 : 131,243,875).
- -
Group
Company
- -
S$'000
%
S$'000
%
- -
Latest year
31/12/2000
Previous year
31/12/1999
Change
Latest year
31/12/2000
Previous year
31/12/1999
Change
-
4.(a) Sales reported for first half year
35,507
43,766
(18.87)
0
0
n.m.
4.(b) Operating profit [2(g)(i) above] reported for first half year
2,321
2,927
(20.70)
0
0
n.m.
4.(c) Sales reported for second half year
28,777
36,568
(21.31)
0
0
n.m.
4.(d) Operating profit [2(g)(i) above] reported for second half year
540
2,740
(80.29)
1,010
0
n.m.
n.m. = not meaningful

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

Sale of investments/properties
$Profit/(Loss)
NIL



















5.(d) Any other comments relating to Paragraph 5


6. Segmental Results
(a) By activity
Turnover
Profit before interest and tax
FY 2000
FY 1999
FY 2000
FY 1999
S$'000
S$'000
S$'000
S$'000
Flowline control products & services
49,366
65,279
5,270
7,418
Oilfield Drilling Equipment
6,595
6,765
(405)
310
Fire Protection
7,542
6,598
471
932
Others
781
1,692
(91)
134
Total
64,284
80,334
5,245
8,794
(b) By Geographical
Turnover
Profit before interest and tax
FY 2000
FY 1999
FY 2000
FY 1999
S$'000
S$'000
S$'000
S$'000
China
4,608
5,955
123
488
Indonesia
21,086
35,070
1,198
3,403
Malaysia
12,028
6,912
2,304
926
Singapore
18,305
26,643
568
3,345
India
2,096
2,375
(117)
110
UAE
946
319
670
26
Others
5,215
3,060
499
496
Total
64,284
80,334
5,245
8,794





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


7.(b) A statement by the Directors of the Company on whether "any item or event of a
material or unusual nature which would have affected materially the results of
operations of the Group and Company has occurred between the date to which the
report refers and the date on which the report is issued". If none, to include a
negative statement.



8. Commentary on current year prospects


9. Dividend
(a) Present Period
Name of Dividend
Final
Dividend Type
Cash
Dividend Rate 2.5 % per ordinary share less tax
Par value of shares
$0.20
Tax Rate
24.5%
(b) Any dividend declared for the previous corresponding period? None
(c) Total Annual Dividend
-
-
Latest Year (2000)
Previous Year (1999)
 
Ordinary
661,546
0
 
Preference
0
0
 
Total:
661,546
0
 

9(d) Date payable


9(e) Books closing date


9(f) Any other comments relating to Paragraph 9


10. Balance sheet
Group
Company
FY 2000
FY 1999
FY 2000
FY 1999
S$'000
S$'000
S$'000
S$'000
Share Capital
35,049
8,150
35,049
0
Share Premium Account
3,363
1,010
3,363
0
Revaluation Reserve
2,398
4,797
0
0
Capital Reserve
0
72
0
0
Other Reserve
0
28
0
0
Unappropriated Profit
2,199
15,499
349
0
43,009
29,556
38,761
0
Minority Interest
1
0
0
0
43,010
29,556
38,761
0
Foreign Currency Translation Reserve
(20)
(909)
0
0
42,990
28,647
38,761
0
Represented by:
Fixed Assets
10,890
11,266
0
0
Pre-Operating Expenses
10
0
0
0
Interest in Subsidiary Companies
0
0
27,892
0
Interest in Associated Companies
918
963
147
0
Other Investments
407
407
0
0
Other Receivable
713
0
0
0
Current Assets
51,415
40,361
11,644
0
Less:
Current Liabilities
(20,997)
(23,877)
(922)
0
Net Current Assets
30,418
16,484
10,722
0
Hire Purchase Creditors
(227)
(334)
0
0
Deferred Taxation
(139)
(139)
0
0
Net Assets
42,990
28,647
38,761
0



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


12. Comparative figures of the group's borrowings and debt securities
(a) Amount repayable in one year or less, or on demand
As at 31/12/2000
As at 30/06/2000
Secured
Unsecured
Secured
Unsecured
S$'000
10,614
S$'000
220
S$'000
14,630
S$'000
1,766

(b) Amount repayable after one year

(c) Any other comments relating to Paragraph 12






BY ORDER OF THE BOARD

Chng Geok
Company Secretary
22/03/2001