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Full-Year Financial Statement And Dividend Announcement 2016

Financials Archive

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Full Year Financial Statement And Dividend Announcement

Review of Performance


As mentioned in note (iii) to the Income Statement on page 2, the (loss)/ profit from EUK have been classified as discontinued operations in FY 2017 and FY 2016.

Revenue from continuing operations for FY 2017 decreased 58.1% to S$0.93 million as compared to S$2.21 million in FY 2016 due to a decrease in revenue from our Malaysian publishing operations of S$0.17 million and the revenue attributable to WDE of approximately S$1.12 million in FY 2016.

Direct Costs

Printing and editiorial costs decreased by 34.7% to S$0.54 million as compared to S$0.82 million in FY 2016. The decrease was mainly attributable to WDE costs of approximately S$0.24 million in FY 2016.

Employee compensation increased by 23.0% to S$2.75 million as compared to S$2.24 million in FY 2016 mainly due to damages for contractual breach paid to executive directors who stepped down during FY 2017 amounting to S$1.71 million and partially offset by the absence of employee compensation for WDE of approximately S$0.56 million in FY 2017.

Amortisation, depreciation and impairment decreased by 95.3% to S$0.18 million as compared to S$3.84 million in FY 2016 largely due to absence of an impairment loss in goodwill on consolidation of S$3.78 million in respect of the Group's investment in the EV division.

Operating lease expenses decreased by 61.8% to S$55,000 as compared to S$0.17 million in FY 2016 largely due to disposal of WDE amounting to S$90,000.

Other operating expenses decreased by 6.6% to S$1.92 million as compared to S$2.05 million in FY 2016 largely due to the disposal of WDE of approximately S$0.3 million.

Loss before income tax

The Group incurred a reduced loss from continuing operations of S$6.09 million as compared to S$6.27 million in FY 2016.

Results of discontinued operations

The Group incurred a loss of S$2.74 million from discontinued operations compared to a gain of S$68,000 in FY 2016. The results from discontinued operations for FY2017 and FY2016 are set out in note (iii) to the Income Statement.

The Group completed the disposal of EUK and its subsidiary corporation on 25 January 2017, consequently, the Group has only taken up in FY 2017 the financial resutls of the EV division for the period ended 25 January 2017.

The poor operating results for the EV division for FY 2017 compared to FY 2016 was due mainly to significantly lower revenue. Revenue from our EV division for FY 2017 decreased 61.0% to S$2.87 million as compared to S$7.36 million in FY 2016. Due to a delay in the installation and fulfillment of rapid chargers in the financial year ended 31 March 2015 ("FY 2015"), these installations were only completed and the related revenue recognized in FY 2016; consequently, revenue for FY 2016 was higher due to the added back-log.

Operating expenses (including cost of goods sold) for the EV division decreased by S$1.57 million in FY 2017 to S$5.70 million from S$7.26 million in FY 2016. The reduction was mainly in respect of cost of goods (which reduced by S$0.62 million in line with the lower revenue) and employee compensation (which decreased by S$0.68 million due to (i) the cessation of our EV operations in Singapore from 1 April 2016 and (ii) the weakening of the Sterling pound against the Singapore dollar during the financial period).

Amortisation, depreciation and impairment increased by 45.9% to S$1.00 million as compared to S$0.69 million in FY 2016 largely due to higher amortisation of research and development costs during the period.

The decrease in operating lease expenses is due to lower office rental for EUK during FY 2017.

Other operating expenses decreased by 45.3% to S$0.60 million as compared to S$1.10 million in FY 2016 due to lower professional fees incurred during FY 2017.

As the reduction in operating expenses (including cost of goods sold) was however unable to compensate for the significantly lower revenue, the EV division's operating results in FY2017 deteriorated to a loss of S$2.74 million.

Loss attributable to shareholders

Loss attributable to shareholders for FY 2017 was S$7.33 million as compared to a loss of S$6.32 million in FY 2016.

Balance sheet

The decrease in trade and other receivables was mainly due to the disposal of WDE of approximately S$0.4 million and disposal of EUK of approximately S$0.71 million.

The decrease in inventories, other current assets, property plant and equipment and intangible assets is due to the disposal of EUK.

The decrease in trade and other payables is due to:

The decrease in borrowings is due to the disposal of EUK.


Cash and cash equivalents as at 31 March 2017 was S$3.86 million as compared to S$4.19 million as at 31 March 2016.

Cash used in operating activities increased by S$0.52 million to S$3.26 million in FY 2017 as compared to FY 2016 largely due to the operating loss incurred by our EV division.

Cash provided by investing activities increased by S$0.87 million largely due to the proceeds received for the disposal of EUK.

Cash generated from financing activities decreased to S$2.21 million as compared to S$6.16 million in FY 2016 due to lower proceeds received from the issuance of new shares arising from placement and rights issue.


The Company has previously announced that it is the intention of the Company to dispose its publishing operations in Malaysia. With the termination of the proposed acquisition of Dream T Entertainment Co., Ltd ("Dream T") as announced on 26 March 2017, the Company has since decided that it will retain the Malaysian publishing operations. Currently, the Malaysian publishing operations is cashflow positive and the loss of S$20,000 in FY 2017 was largely due to unrealised currency translation loss of S$0.10 million. The publishing division's operating profit excluding FX impact would have been S$80,000.

As announced on 26 March 2017, the Company had stated that notwithstanding the termination of the proposed acquisition of Dream T, it will keep the negotiation open and will revisit the opportunity to enter the media entertainment business in South Korea. There has been no new development on this matter.

To-date, the Company is actively seeking new business opportunities, including but not limited to acquisitions that may result in a reverse takeover transaction.

Balance Sheet

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