Sunway EPS 的高涨
| 5211 SUNWAY SUNWAY BERHAD | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly rpt on consolidated results for the financial period ended 31/12/2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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有部分盈利是包含卖掉SMC的。
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A4 Unusual Items
There were no material unusual items affecting the amounts reported for the current quarter ended 31
December 2013 except for the following:
Current and preceding year corresponding quarter
Notes:
1 The Group recognised RM0.4 million and RM0.3 million (profit before and after tax and non-controlling interests) in gain on derivatives respectively as a result of the effects of FRS 139: Financial Instruments:
Recognition and Measurement. The Group recognised RM0.7 million and RM0.4 million in gain on derivatives for the year ended 31 December 2013 and 31 December 2012 respectively.
2 During the quarter ended 31 December 2013, the Group recognised RM190.9 million (profit before tax) and RM173.2 million (profit after tax and non-controlling interests) of fair value from its investment properties, as explained in Note A9. For the corresponding quarter ended 31 December 2012, the Group recognised RM23.8 million (profit before tax) and RM20.4 million (profit after tax and non-controlling interests) of fair value gain from its investment properties respectively.
3 During the quarter ended 31 December 2013, the Group reversed RM17.8 million (profit after tax and noncontrolling interests) on deferred tax in relation to the fair value gain from investment properties in prior year due to change in Real Properties Gain Tax rate. For the year ended 31 December 2013, the Group reversed the provision of deferred taxation RM10.0 million made pertaining to the sale of Sunway Medical Centre to Sunway REIT in the previous year, as a result of the successful tax appeal obtained from the tax authority. The Group incurred RM1.6 million professional fee in relation to it. For the corresponding quarter ended 31 December 2012, the Group reversed RM7.2 million of deferred tax provided on investment properties of the Group on the basis that the carrying value will be recovered through sale pursuant to Amendments to FRS 112:
Deferred Tax - Recovery of Underlying Assets.
4 The Group recognised RM59.7 million and RM76.5 million (profit before and after tax and non-controlling interests) as share of fair value gain from Sunway REIT for the year ended 31 December 2013 and 31 December 2012 respectively.
5 During the quarter, the Group recognised a gain of RM27.0 million (profit before tax and profit after tax and non-controlling interests) on the disposal of 20% equity interest in SRM. The Group also recognised fair value gains of RM108.0 million and RM297.9 million (profit after tax and non-controlling interests) arising from the remeasurement of the Group's remaining interest in SRM and the shareholding at Sunway REIT, respectively upon the change in control. This is in accordance with the requirements of FRS 10.
6 During the corresponding quarter ended 31 December 2012, the Group recognised RM97.8 million (profit before tax) and RM75.4 million (profit after tax and non-controlling interest and consolidated elimination) of profits on disposal following the completion of the disposal of the Group's interest in the land and building of Sunway Medical Centre Berhad ("SMC") together with SMC's plant and machinery, services infrastructure and all fixtures and fittings affixed or located or used in SMC.
7 Pursuant to the adoption of FRS 10, the Group is required to consolidate the financial position and financial results of Sunway REIT and the adjustments are to be made retrospectively. However, no consolidation is required upon the change in control after the disposal of 20% in SRM, as the Group is viewed to have a joint control in SRM. Consequently, the Group recognised accounting adjustments amounting to RM395.8 million (profit before tax) and RM355.6 million (profit after tax and non-controlling interests ) taken up in the previous financial years during the quarter ended 31 December 2013, and RM98.8 million (profit before tax) and RM70.9 million (profit after tax and non-controlling interests) during the quarter ended 31 December 2012.
Pertaining to the above, accounting adjustments amounting to RM588.9 million (profit before tax) and RM363.4 million (profit before tax and non-controlling interests) taken up in the previous financial years are reversed for the year ended 31 December 2013. As for the year ended 31 December 2012, accounting adjustments amounting to RM116.8 million (profit before tax) and RM91.8 million (profit before tax and non-controlling interests) was made.
8 During the quarter, the Group made a reversal on fair value expenses of RM1.4 million for ESOS option granted on 3 September 2013. The Group incurred a total fair value expense of RM38.3 million for the year ended 31 December 2013. The ESOS fair value expenses are included in the operating expenses item.
B1 Review of Performance
For the quarter
The property development segment recorded revenue of RM417.2 million and profit before tax of RM130.7 million in the current quarter compared to revenue of RM386.6 million and profit before tax of RM137.1 million in the corresponding quarter of the previous financial year. The higher revenue in the current quarter was underpinned by strong sales achieved in most of our property developments. However, the profit before tax was slightly lower compared to the corresponding quarter in the previous year due to higher operating cost and lower profitrecognition from some of the local and Singapore property projects.
The Group recorded revenue of RM1,322.4 million (before FRS10 adjustment as per Note A1) and profit before tax of RM226.7 million (after excluding unusual items as per Note A4) for the current quarter ended 31 December 2013 compared to revenue of RM1,171.3 million and profit before tax of RM189.0 million in the corresponding quarter in the previous financial year. The higher revenue in the current quarter was mainly due to higher revenue achieved in the property development and construction segments. Besides the higher revenue, the stronger current profit was also contributed by the additional interest income received from the recent rights issue proceeds and write back of some provisions which were made in the previous quarters.
The property investment segment recorded revenue of RM165.8 million and profit before tax of RM44.2 million in the current quarter compared to revenue of RM162.8 million and profit before tax of RM47.5 million in the corresponding quarter of the previous financial year. Although the current revenue recorded for this segment was slightly higher, the current profit before tax was lower when compared to the corresponding quarter profit of the previous financial year. This was partly due to the one-off acquisition fee received following the acquisition of the land and building from Sunway Medical Centre by Sunway REIT, which boosted the previous corresponding quarterly profit.
The construction segment recorded revenue of RM443.0 million and profit before tax of RM18.3 million in the current quarter compared to revenue of RM360.3 million and profit before tax of RM17.0 million in the corresponding quarter in the previous financial year. The increase in revenue was due to higher progress billings from its civil construction and building works. However, the current profit was partly offset by an approximate RM28.0 million provision for doubtful debts in respect of the outstanding balance receivable from one of the building contracts in Abu Dhabi.
The trading and manufacturing segment recorded revenue of RM133.7 million and profit before tax of RM9.4 million for the current quarter compared to revenue of RM122.7 million and profit before tax of RM7.6 million in the corresponding quarter in the previous financial year. The improved performance was mainly due to improved sales in heavy machineries and higher profit contribution from its Singapore and China operations.
The quarry segment recorded revenue of RM50.5 million and profit before tax of RM 4.8 million for the current quarter compared to revenue of RM57.2 million and profit before tax of RM5.0 million in the corresponding quarter in the previous financial year. The slight drop in performance was mainly due to the lower contribution from its Caribbean project in the current quarter.
Other segments recorded revenue of RM112.3 million and profit before tax of RM10.5 million for the current quarter compared to revenue of RM76.7 million and loss before tax of RM1.5 million in the corresponding quarter in the previous financial year. The improved performance was mainly due to higher contribution from the healthcare and building material divisions.
For the 12 month period
The Group recorded revenue of RM4,527.6 million and profit before tax of RM661.1 million (after excluding unusual items as per Note A4) for the 12 months ended 31 December 2013 compared to revenue of RM3,849.2 million and profit before tax of RM524.4 million in the corresponding 12 months ended 31 December 2012. The stronger financial results were due to improved performance across all our business segments with higher profit contribution from the property development, construction, quarry and healthcare segments. The Group profit was also boosted by the additional interest income received from the recent rights issue proceeds and write back of some provisions which were made previously.
The property development segment recorded revenue of RM1,167.1 million and profit before tax of RM347.5 million for the 12 months ended 31 December 2013 compared to revenue of RM912.0 million and profit before tax of RM305.8 million for the 12 months ended 31 December 2012, representing a growth in revenue and profit before tax of approximately 28% and 14%, respectively. The better performance was in line with the strong sales recorded during the year from those recently launched projects and on-going projects. Furthermore, the five on-going property development projects in Singapore which were fully sold, also contributed strongly to the current profit.
The property investment segment recorded revenue of RM578.3 million and profit before tax of RM127.3 million for the 12 months ended 31 December 2013 compared to revenue of RM585.2 million and profit before tax of RM126.9 million for the 12 months ended 31 December 2012. Despite a slight drop in the revenue, the profitability of this business segment was still satisfactory.
The construction segment recorded revenue of RM1,621.7 million and profit before tax of RM80.1 million for the 12 months ended 31 December 2013 compared to revenue of RM1,274.9 million and profit before tax of RM65.4 million for the 12 months ended 31 December 2012, representing a revenue and profit before tax growth of approximately 27% and 24%, respectively. The increase in revenue and profit before tax was due to stronger progress billings of the local civil and building projects coupled with stronger contribution from its precast concrete products business in Singapore. However, the resulting profit was partly offset by an approximate RM28.0 million provision for doubtful debts in respect of one outstanding balance receivable from one of the building contracts in Abu Dhabi.
The trading and manufacturing segment recorded revenue of RM586.8 million and profit before tax of RM43.2 million for the 12 months ended 31 December 2013 compared to revenue of RM558.7 million and profit before tax of RM41.5 million for the 12 months ended 31 December 2012. Despite the challenging market condition in Indonesia and Australia, the overall performance of this business segment was still satisfactory.
The quarry segment recorded revenue of RM197.7 million and profit before tax of RM21.9 million for the 12 months ended 31 December 2013 compared to revenue of RM196.9 million and profit before tax of RM12.2 million in the 12 months ended 31 December 2012. The strong performance was mainly due to higher selling price and better cost management at the quarry sites.
Other segments recorded revenue of RM376.1 million and profit before tax of RM32.1 million for the 12 months ended 31 December 2013 compared to revenue of RM314.6 million and profit before tax of RM13.7 million in the 12 months ended 31 December 2012. The better financial results were mainly due to improved performance from the healthcare and building materials divisions.
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