Listed Companies' Announcement

FEDERAL INTERNATIONAL (2000) LTD

Proforma Half Year Financial Statement And Dividend Announcement

Half-year financial statement on consolidated results for the six months ended 30 June 2001.
These figures have not been audited.
- -
Group
Company
-- --
S$'000
%
S$'000
%
- -
30/06/2001
30/06/2000
Change
30/06/2001
30/06/2000
Change
1.(a) Turnover
38,594
35,507
8.69
0
0
N/M
1.(b) Investment income
0
0
N/M
0
0
N/M
1.(c) Other income including interest income
876
807
8.55
1,155
314
267.83
2.(a) Operating profit before income tax, minority interests, extraordinary items, interest on borrowings, depreciation and amortisation, foreign exchange gain/(loss) and exceptional items
2,150
3,779
(43.11)
470
0
N/M
2.(b)(i) Interest on borrowings
(319)
(335)
(4.78)
(4)
0
N/M
2.(b)(ii) Depreciation and amortisation
(352)
(227)
55.07
(73)
0
N/M
2.(b)(iii) Foreign exchange gain/(loss)
143
197
(27.41)
13
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
1,622
3,414
(52.49)
406
0
N/M
2.(e) Income derived from associated companies
(119)
(173)
(31.21)
0
0
N/M
2.(f) Less income tax
(561)
(920)
(39.02)
(103)
0
N/M
2.(g)(i) Operating profit after tax before deducting minority interests
942
2,321
(59.41)
303
0
N/M
2.(g)(ii) Less minority interests
313
0
N/M
0
0
N/M
2.(h) Operating profit after tax attributable to members of the company
1,255
2,321
(45.93)
303
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
1,255
2,321
(45.93)
303
0
N/M

N/M - Not meaningful

Notes:

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

(2) 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.

(3) Other income at company level of S$1,155,000 represents management fees charged to the subsidiaries of the company amounted to S$1,149,000 and bank interest received on fixed deposit of S$6,000.

Group Figures
30/06/2001
30/06/2000
3.(a) Earnings per share based on 2(h) above after deducting any provision for preference dividends:-
.
.
3.(a)(i) Based on existing issued share capital (1)
0.72
1.77
3.(a)(ii) On a fully diluted basis (2)
0.72
1.32
3.(b) Earnings per share based on 2(j) above:-
(i) Based on existing issued share capital (1)
0.72
1.77
(ii) On a fully diluted basis (2)
0.72
1.32
3.(c) Net tangible asset backing per ordinary share (3)
25.42
23.47

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) and 2(j) above and the weighted number of issued shares of 175,243,875 (2000: 131,243,875).

(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) and 2(j) above and the number of issued shares of 175,243,875 (2000: 175,243,875).

(3) The net tangible asset per share is calculated based on the share capital of 175,243,875 shares (2000: 131,243,875).


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


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


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


4.(d) Any other comments relating to Paragraph 4 5.(a) Review of the performance of the company and its principal subsidiaries
5.(b) A statement by the Directors of the Company on whether "any item or event of a material
6. Commentary on current year prospects 7. Dividend

(c) Date payable



(d) Books closing date



(e) Any other comments relating to Paragraph 7
8. Details of any changes in the company's issued share capital 9. Comparative figures of the group's borrowings and debt securities

(a) Amount repayable in one year or less, or on demand

(b) Amount repayable after one year

(c) Any other comments relating to Paragraph 9

10. Balance sheet
NIL



BY ORDER OF THE BOARD

Koh Kian Kiong
Director and Chief Executive Officer
20/09/2001