TIDMIKK
RNS Number : 9625O
Inch Kenneth Kajang Rubber
25 August 2017
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF PROFIT OR LOSS FOR THE PERIODED 30 JUNE 2017
Current Preceding Current Preceding
Year Year Year Year
Quarter Corresponding Changes To Corresponding Changes
Quarter date Period
30.6.2017 30.6.2016 30.6.2017 30.6.2016
RM'000 RM'000 RM % RM'000 RM'000 RM %
Group revenue 3,775 3,202 573 18 6,452 5,017 1,435 29
Operating
expenses (3,930) (5,801) 1,871 32 (9,174) (11,547) 2,373 21
Other operating
income and
expenses 505 306 199 65 559 147 412 280
---------- ---------------- ---------- ----------------
Operating
profit/(loss) 350 (2,293) (2,163) (6,383)
Finance income 744 1,041 -297 -29 1,633 2,130 4,220 66
Finance costs (43) (50) 7 -14 (78) (64) -14 22
Gain on sale - - - -
of assets
Gain on disposal - - - -
of investment
Realised
gain on redemption
of short
term investments -82 (1,341) 1,259 94 - (1,329) 1,329 -100
Impairment - - - -
of investment
in associate
/ subsidiary
Share of
results of
associate 325 93 232 249 (242) (659) 417 63
Profit/(Loss)before
tax 1,294 (2,550) (850) (6,305)
Taxation
(note 13) (329) - (329) -
Net Profit/(Loss
) 965 (2,550) (1,178) (6,305)
========== ================ ========== ================
Earnings/(Loss)
Per Share:
Basic and
diluted (sen) 0.24 (0.63) (0.29) (1.56)
Exchange Rate as at 30 June 2017:
GBP1 = RM5.5901
1RM = GBP 0.1789
(The condensed consolidated statement of profit or loss should
be read in conjunction with the Audited Financial Statements for
the year ended 31 December 2016 and the accompanying explanatory
notes attached to the interim financial statements)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF PROFIT OR LOSS FOR THE PERIODED 30 JUNE 2017
Current
Year Preceding
Quarter Quarter Changes Changes
30.6.2017 31.3.2017
RM'000 RM'000 RM %
Group revenue 3,775 2,677 1,098 41
Operating expenses (3,930) (5,244) 1,314 -25
Other operating income
and expenses 505 54 451 835
---------- ------------
Operating profit/(loss) 350 (2,513)
Finance income 744 889 -145 -16
Finance costs (43) (35) -8 23
Gain on sale of assets - - - -
Gain on disposal - - - -
of investment
Realised (loss)/gain
on redemption of
short term investments (82) 82 -164 -200
Impairment of investment - - - -
in associate / subsidiary
Share of results
of associate 325 (567) 892 -157
Profit/(Loss) before
tax 1,294 (2,144)
Taxation (note 13) 329 -
Net Profit/(Loss
) 965 (2,144)
========== ============
Earnings/(Loss) Per
Share:
Basic and diluted
(sen) 0.24 (0.53)
Exchange Rate as at 30 June 2017:
GBP1 = RM5.5901
1RM = GBP 0.1789
(The condensed consolidated statement of profit or loss should
be read in conjunction with the Audited Financial Statements for
the year ended 31 December 2016 and the accompanying explanatory
notes attached to the interim financial statements)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIODED 30 JUNE 2017
Current Preceding Current Preceding
Year Year Corresponding Year Year Corresponding
Quarter Quarter To Period
date
30.6.2017 30.6.2016 30.6.2017 30.6.2016
RM'000 RM'000 RM'000 RM'000
Net profit/(loss)
for the period 965 (2,550) (1,178) (6,305)
Other comprehensive
income :
Revaluation of available-for-sale
investments - - - -
and short term investments
Reclassification adjustments
on - - - -
short term investments
Revaluation of freehold - - - -
lands
Exchange differences
on translating foreign
operations 47 62 63 92
Total comprehensive
income/(loss) for
the period 1,012 (2,488) (1,115) (6,213)
---------- -------------------- ---------- --------------------
(The condensed consolidated statement of comprehensive income
should be read in conjunction with the Audited Financial Statements
for the year ended 31 December 2016 and the accompanying
explanatory notes attached to the interim financial statements)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
AS AT 30 JUNE 2017
30.6.2017 31.12.2016
Notes RM'000 RM'000
(Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant & equipment 16 503,860 502,728
Intangible assets 17 78 121
Investment property 18 69 69
Investment in associated
undertaking 20 24,328 24,570
Goodwill on consolidation 21 - -
Available-for-sale investments 22 38 66
528,374 527,554
------------ -----------
Current assets
Inventories 1,032 1,036
Trade and other receivables 74,182 75,879
Short term investments 23 83,918 93,875
Cash and cash equivalents 24 29,020 27,130
------------ -----------
188,152 197,920
------------ -----------
TOTAL ASSETS 716,526 725,474
============ ===========
EQUITY AND LIABILITIES
Equity attributable to
shareholders of the Company
Share capital 287,343 287,343
Share premium 8 8
Property revaluation
reserve 234,034 234,034
Investment revaluation
reserve 16,517 15,992
Foreign currency translation
reserve (287) (351)
Retained earnings 109,741 115,395
------------ -----------
647,356 652,421
Less : Treasury shares 25 (15,980) (15,980)
TOTAL EQUITY 631,376 636,441
------------ -----------
Current liabilities
Trade and other payables 7,154 11,365
Taxation payable 402 75
------------ -----------
7,557 11,440
------------ -----------
Non-current liabilities
Employee entitlements 15 15
Deferred Tax Liabilities 77,578 77,578
------------ -----------
77,593 77,593
------------ -----------
TOTAL LIABILITIES 85,150 89,033
------------ -----------
TOTAL EQUITY AND LIABILITIES 716,526 725,474
============ ===========
Net assets per share 1.57 1.58
(The condensed consolidated statement of financial position
should be read in conjunction with the Audited Financial Statements
for the year ended 31 December 2016 and the accompanying
explanatory notes attached to the interim financial statements)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR THE PERIODED 30 JUNE 2017
Share Share Property Investment Foreign Retained Treasury Total
Capital Premium Revaluation Revaluation Exchange Earnings Shares Equity
Reserve Reserve Reserve
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
-------- -------- ------------ ------------ --------- --------- --------- --------
6 Months ended 30
June 2017
At 1 January
2017 287,343 8 234,034 15,992 (351) 115,395 (15,980) 636,441
Loss for the
period - - - - - (1,178) - (1,178)
Other comprehensive
(loss)/income:
Revaluation -
of freehold
lands - - - - - - -
Revaluation
of investments - - - 525 - - - 525
Dividends paid - - - - - - - -
Foreign currency
translation - - - - 64 - - 64
Total comprehensive
(loss)/income - - - 525 64 (1,178) - (589)
-------- -------- ------------ ------------ --------- --------- --------- --------
Other movements:
Dividends paid - - - - - (4,476) - (4,476)
At 30 June 2017 287,343 8 234,034 16,517 (287) 109,741 (15,980) 631,376
======== ======== ============ ============ ========= ========= ========= ========
6 Months ended 30
June 2016
At 1 January
2016 287,343 8 228,085 15,222 (190) 123,821 (15,980) 638,309
Loss for the
period - - - - - (6,305) - (6,305)
Other comprehensive
income/(loss):
Revaluation -
of freehold
lands - - - - - - -
Realised gain
on redemption -
of short term
investments - - - - - - -
Revaluation
of investments - - - 381 - - - 381
Dividends paid - - - - - - - -
Foreign currency
translation - - - - 99 - - 99
Total comprehensive
(loss)/income - - - 381 99 (6,305) - (5,825)
-------- -------- ------------ ------------ --------- --------- --------- --------
Other movements:
Dividends paid - - - - - (4,677) - (4,677)
At 30 June 2016 287,343 8 228,085 15,603 (92) 114,653 (15,980) 629,620
======== ======== ============ ============ ========= ========= ========= ========
(The condensed consolidated statement of changes in equity
should be read in conjunction with the Audited Financial Statements
for the year ended 31 December 2016 and the accompanying
explanatory notes attached to the interim financial statements)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
(Incorporated in Scotland)
UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
FOR THE PERIODED 30 JUNE 2017
6 months ended
30.6.2017 30.6.2016
RM'000 RM'000
Cash flows from operating
activities
Group operating loss (2,163) (6,383)
Adjustments for :
Dividend income - -
Fixed asset written off - -
Provision for diminution - -
in value stocks
Gain on disposal of assets - -
Depreciation and amortisation 916 1,432
Operating loss before changes
in working capital (1,247) (4,951)
Changes in working capital:
Decrease/(Increase) in current
assets (1,701) 370
(Decrease)/Increase in current
liabilities (3,883) 4,192
Decrease/(Increase) in inventories 4 (605)
Taxation refund - -
Tax paid - (55)
---------- ----------
Net cash used in operating
activities (6,827) (1,049)
---------- ----------
Investing activities
Proceed from disposal of - -
assets
Proceed from disposal of - -
investment
Interest and dividends received 1,633 2,130
Short term investments 11,560 7,883
Assets under construction - (1,708)
Payment to acquire intangible
assets - (56)
Payment to acquire property,
plant and equipment - (353)
---------- ----------
Net cash generated from investing
activities 13,193 7,896
---------- ----------
Financing activities
Dividend paid (4,476) (4,677)
---------- ----------
Net cash used in financing
activities (4,476) (4,677)
---------- ----------
Increase/(decrease) in cash
and cash equivalents 1,890 2,170
Cash and cash equivalents
at 1 January 27,130 26,755
Cash and cash equivalents
at 30 June 29,020 28,925
========== ==========
Cash and cash equivalents
comprise of :
Cash and bank balances 5,306 5,868
Short term deposits 23,714 23,057
---------- ----------
29,020 28,925
========== ==========
(The condensed consolidated cash flow statements should be read
in conjunction with the Audited Financial Statements for the year
ended 31 December 2016 and the accompanying explanatory notes
attached to the interim financial statements)
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED FINANCIAL INFORMATION
FOR THE PERIODED 30 JUNE 2017
1. Basis of preparation and accounting policies
1.1 Reporting entity
Inch Kenneth Kajang Rubber Public Limited Company ("the
Company") is a company incorporated in Scotland with its registered
office at 7 Castle Street, Edinburgh EH2 3AP, Scotland. The
principal operating office is at 22(nd) Floor Menara Promet (KH),
Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia. All of the
operations of the Company and its subsidiaries are located in
Malaysia and Thailand.
The consolidated unaudited financial information of the Company
as at 30 June 2017 includes the Company, its subsidiaries and its
interest in an associated undertaking (together referred to as the
"Group").
1.2 Basis of preparation
The unaudited financial information has been prepared on a going
concern basis and in accordance with IAS34 Interim Financial
Reporting. The financial information has been prepared under the
historical cost convention except for the fair value measurement of
available-for-sale investments and freehold estate lands. The
financial information is also presented to comply in all material
respects of the requirement of the Malaysian FRS 134 Interim
Financial Reporting and Chapter 9 of the Bursa Malaysia Listing
Requirements.
The unaudited quarterly consolidated financial information to 30
June 2017 included in this Announcement has been prepared by
applying accounting policies consistent with those used in the
preparation of the most recent audited financial statements of the
Group, being for the year ended 31 December 2016. The consolidated
financial statements of the Group for the year ended 31 December
2016 are available at Bursa Malaysia website, the Company's
registered office in Scotland and its operating office in
Malaysia.
1.3 Changes in accounting policies
On 19 November 2011, the Malaysian Accounting Standards Board
("MASB") issued a new MASB approved accounting framework, the
Malaysian Financial Reporting Standards ("MFRS Framework"). The
MFRS Framework is to be applied by all Entities Other Than Private
Entities for annual periods beginning on or after 1 January 2012,
with the exception of entities that are within the scope of MFRS
141 "Agriculture" and/or IC Interpretation 15 "Agreements for
Construction of Real Estate", including their parent, significant
investor and venturer (herein called "Transitioning Entities").
Based on the MASB announcement on 2 September 2014, adoption of
the MFRS Framework by Transitioning Entities will only be mandatory
for annual periods beginning on or after 1 January 2017.
The subsidiaries within the Group fall within the scope
definition of Transitioning Entities and have opted to defer
adoption of the new MFRS Framework. However the Group financial
statements will continue to be prepared using the IFRS Framework
for the financial statements for the year ending 31 December 2017.
The subsidiaries expect to be in a position to fully comply with
these requirements for the financial year ending 31 December
2017.
The Group foresees that there will be no material impact on the
financial statements as the real estate business would only be
operational after 2018 and the current oil palm plantation has
already exceeded its normal economic lifespan.
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
FOR THE PERIODED 30 JUNE 2017
1. Basis of preparation and accounting policies (continued)
1.4 Non-statutory accounts
The financial information contained in this report does not
constitute full statutory accounts within the meaning of Section
434 of the United Kingdom's Companies Act 2006.
1.5 Independent auditors' report of preceding financial year ended 31 December 2016
There was no qualification made on the preceding audited
financial statements for the year ended 31 December 2016, further
it did not contain a statement under section 498(2) or 498(3) of
the Companies Act 2006 and did not include reference to any matters
to which the auditor drew attention by way of emphasis.
1.6 Approval by Board of Directors
This consolidated interim financial information was approved by
the Board of Directors on 24 August 2017.
2. Review of performance
The Group's turnover was RM6.452 million for the cumulative
quarter ended 30 June 2017 as compared to RM5.017 million for the
corresponding cumulative quarter in the preceding year. The
increase in Group's turnover by RM1.435 million is mainly due to
higher room booking by Travel Agent and Online Travel Agent from
tourism division during the financial period under review.
The revenue of the associate company, Concrete Engineering
Products Berhad ("CEPCO") for the 6 months ended 30 June 2017
increased to RM86.21 million (IKKR's share: RM19.31 million)
compared to RM81.39 million (IKKR's share: RM18.23 million) in the
preceding year, an increase of RM1.08 million in respect of IKKR's
share. The increased sales volume is due to new projects in the
region.
The Group's loss before tax for the cumulative quarter ended 30
June 2017 was RM1.178 million as compared to a loss of RM6.305
million for the corresponding cumulative quarter ended 30 June
2016.
3. Comparison with preceding quarter
The Group recorded a pre-tax profit of RM1.294 million for the
current quarter under review compared to a pre-tax loss of RM2.144
million in the 1st quarter ended 31 March 2017. The profit incurred
as compared to the previous quarter was mainly due to the profits
from Perhentian Island Resort.
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
FOR THE PERIODED 30 JUNE 2017
4. Commentary on prospects
The year should see further progress in our property development
with the full submission of our plans for approval in the 4(th)
Quarter of the year. The Board expects 2017 to be marginally better
than the year just ended.
5. Comparison with profit forecasts
As the Group does not issue profit forecasts, no comparison can
be made.
6. Changes in composition of the Group
There were no changes in the composition of the Group during the
financial period under review.
7. Status of corporate proposals
There are no corporate proposals that have been announced but
not completed as at the date of this announcement.
8. Realised and Unrealised Profits
The breakdown of retained profits of the Group as at 30 June
2017, pursuant to the format prescribed by Bursa, is as
follows:
As at As at
30 June 30 June
2017 2016
RM'000 RM'000
Total Retained Profits of the Company
and its subsidiaries:
Retained Profits b/f 125,021 133,277
- Realised (936) (3,741)
- Unrealised - 170
- Dividends (4,476) (4,685)
--------- --------
119,609 125,021
- Realised (2,319) (2,149)
- Unrealised (242) (170)
--------- --------
(2,561) (2,319)
Less : Consolidation
effects (7,307) (7,307)
Total Group Retained
Profit 109,741 115,395
========= ========
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
FOR THE PERIODED 30 JUNE 2017
9. Segmental reporting
Segmental reporting for the period ended 30 June 2017 is as
follows:
Plantation Tourism Manufacturing Others Total
RM'000 RM'000 RM'000 RM'000 RM'000
----------- -------- -------------- -------- --------
Revenue
From external
customers 73 4,935 1,529 65 6,602
Segment revenues
Finance income - 35 - 1,598 1,633
Gain in sales - - - - -
of assets
Share of profit
of CEPCO - - - (242) (242)
Realised gain
on redemption - - - - -
of short term
investment
Fixed asset - - - - -
written off
Depreciation
and amortisation (39) (810) (22) (45) (916)
Tax expenses - (329) - - (329)
Other expenses (90) (3,029) (1,944) (2,535) (7,598)
----------- -------- -------------- -------- --------
Segment profit/(loss) (56) 802 (437) (1,159) (850)
----------- -------- -------------- -------- --------
Segment assets 124,330 32,285 4,486 555,425 716,526
----------- -------- -------------- -------- --------
Segment liabilities 220 3,044 94 4,199 7,557
----------- -------- -------------- -------- --------
Other disclosures
Investment in
CEPCO 24,328 24,328
Capital expenditure
Tangible
Assets under 168 253 - - 421
construction - - - - -
Intangible - - - - -
(The revenue of our associate company, Cepco is RM86.21 million
for the 6 months ended 30 June 2017 (IKKR's share: RM19.31
million)
Current Last
Year Year
To Date To Comments
date
30.6.2017 30.6.2016
Revenue RM'000 RM'000
---------- ----------
Less FFB due to old
Plantation 73 161 trees
Increase from Online
Tourism 4,935 3,767 Travel Agents
Increase in volume due
Manufacturing 1,529 1,018 to higher demand
Others 65 71
---------- ----------
6,602 5,017
Revenue of
Assc : Cepco 19,310 18,231 More new projects
---------- ----------
Total Group
Revenue 25,912 23,248
========== ==========
10. Seasonal or cyclical factors
The performance of the Group was not subject to any material
seasonal or cyclical fluctuations. There is however some
seasonality fluctuation in the manufacturing and tourism
sector.
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
FOR THE PERIODED 30 JUNE 2017
11. Material changes in estimates
There were no material changes in accounting estimates of
amounts, reported in prior interim periods of the current financial
year or in prior financial year, that have a material effect in the
current quarter.
12. Impairment in value of subsidiaries and associate
There are no impairment to be incurred in investment in
subsidiaries and associate during the financial period ended 30
June 2017.
13. Taxation
Current Cumulative
Quarter Year To-Date
Ended
30 June 30 June
2017 2016
RM'000 RM'000
Corporation taxation (329) -
- credit/(charge)
======== =============
Other than the subsidiary in Thailand which is a tax resident
there, the Company and the Group are tax resident in Malaysia. The
Group is liable to corporation tax in Malaysia and Thailand but is
not subject to United Kingdom corporation tax.
The effective tax rate on the Group's loss is higher than the
statutory tax rate substantially due to the non-taxability of
losses due to impairment in investments and stocks.
14. Loss per share
The basic and diluted loss per share for the current quarter and
cumulative year to-date have been computed based on Group's loss
for the financial current quarter/cumulative year to-date divided
by the weighted average number of ordinary shares of GBP0.10 each
in issue after adjusting for movements in treasury shares during
the financial current quarter/cumulative year to-date. The Company
does not have any outstanding share options or other potentially
dilutive financial instruments currently in issue.
Cumulative Year
Current Quarter To-date
Ended Ended
30 June 30 June 30 June 30 June
2017 2016 2017 2016
Net loss
attributable
to the owners
of the Company
(RM'000) 965 (2,550) (1,178) (6,305)
-------- -------- -------- --------
Weighted
average
number of
ordinary
shares in
issue after
adjusting
for movements
in treasury
shares (No.
of Shares
('000)) 403,209 403,209 403,209 403,209
-------- -------- -------- --------
Basic and
diluted
loss per
share (Sen) 0.24 (0.63) (0.29) (1.56)
-------- -------- -------- --------
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
FOR THE PERIODED 30 JUNE 2017
15. Dividends proposed and paid
Detail of the interim dividend proposed by the Board of
Directors are as follows:
Interim dividend for financial year ended 31 December 2016
Approved and declared on 16 May 2017
Date paid 16 June 2017
Number of ordinary shares on which dividends were paid ('000) 403,209.2
Dividend per share (single-tier) GBP0.002 (RM0.0111)
Net dividend to be paid (RM'000) 4,476
16. Property, plant & equipment
Prepaid Assets
Land and under
Freehold Land Buildings Others Total
Lands Improvements Construction
RM'000 RM'000 RM'000 RM'000 RM'000 RM'000
--------- ------------- ---------- ------------- ------- --------
Cost
At 1 January
2017 477,137 10,610 24,994 7,804 10,503 531,048
Additions 13 408 421
Revaluation
Disposal
Exchange differences 109 41 253 281 684
--------- ------------- ---------- ------------- ------- --------
At 30 June
2017 477,246 10,651 25,260 7,804 11,192 532,153
--------- ------------- ---------- ------------- ------- --------
Accumulated
depreciation
At 1 January
2017 1,275 18,316 8,729 28,320
Charge for
period 1 405 510 916
On disposal
Exchange differences (23) (121) (157) (301)
--------- ------------- ---------- ------------- ------- --------
At 30 June
2017 1,253 18,600 9,082 28,935
--------- ------------- ---------- ------------- ------- --------
Net book value
At 30 June
2017 477,246 9,398 6,660 7,804 2,110 503,860
========= ============= ========== ============= ======= ========
At 31 December
2016 477,137 9,335 6,678 7,804 1,774 502,728
========= ============= ========== ============= ======= ========
17. Intangible assets
Computer software and
corporate website creation
Group and Company 30 June 31 Dec
2017 2016
RM'000 RM'000
---------- ---------
Cost
At 1 January 255 200
Additions - 55
Disposals - -
---------- ---------
Total 255 255
---------- ---------
Accumulated depreciation
At 1 January 134 80
Charge for period 43 54
On disposals - -
---------- ---------
Total 177 134
---------- ---------
Net book value 78 121
========== =========
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
FOR THE PERIODED 30 JUNE 2017
18. Investment Property
Group 30 June 31 Dec
2017 2016
RM'000 RM'000
---------- ---------
Cost
At 1 January 100 100
Addition / (Disposal) - -
Total 100 100
---------- ---------
Accumulated depreciation
At 1 January 31 29
Charged for the period - -
Total 31 29
---------- ---------
Net book value
Total 69 71
========== =========
Included in investment property is apartment at Amber Tower Seri
Mas Condominium, Cheras, Kuala Lumpur.
The investment property is valued at cost less accumulated
depreciation. The fair value of the investment property is
estimated at RM0.3 million.
19. Carrying amount of property, plant and equipment
Fair value measurement of the Group's and Company's freehold
lands
The Group's freehold lands are stated at their revalued amounts,
being the fair value at the date of revaluation. In order to
establish the 31 December 2016 valuation of the Group's freehold
lands, valuations were obtained.
-- On 15 February 2017 by Nilai Properties Consultants Sdn Bhd
(V(1) 0065), an independent valuer not related to the Group, using
the open market basis method. The total valuation of the land in
Kajang and Bangi at 31 December 2016 is RM439.0 million. The
Group's lands are currently being used for the Group's plantation
activities for growing of oil palm fresh fruit bunches. The Group
has been given consent for the change of use of the lands. Further
commentary on the Group's plans for its land is included in the
Chairman's Statement.
There is no indication of any significant difference between the
carrying amount and market values of land and buildings shown above
at 31 December 2016 except freehold lands which are held under Inch
Kenneth Kajang Rubber Public Limited Company, Inch Kenneth
Development (M) Sdn Bhd and Motel Desa Sdn Bhd. The historical cost
of the above freehold lands of the Group is RM107.242 million and
of the Company is RM0.407 million. There are no restrictions on the
title of the Group's property, plant and equipment.
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
FOR THE PERIODED 30 JUNE 2017
19. Carrying amount of property, plant and equipment (continued)
The fair values of all the freehold lands of the Group and
Company are classified as Level 2. There were no transfers between
Levels 1 and 2 during current quarter under review.
Based on IFRS 13, a three-level fair value hierarchy as
follows:
Level 1: Quoted prices (unadjusted) in active markets for
identical assets or liabilities;
Level 2: Inputs other than quoted prices included within Level 1
that are observable for the assets or liabilities, either directly
(i.e. as prices) or indirectly (i.e. derived from prices);
Level 3: Inputs for the assets or liabilities that are not based
on observable market date (unobservable inputs).
Assets under construction
This represents 22 units of low cost terrace houses under
construction at Dunedin estate, Mukim of Semenyih. The total
contract sum is approximately RM5 million. The construction has
been completed and is now pending obtaining the Certificate of
Occupation.
20. Investment in associated undertaking
The Group's investment in associated undertaking represents a
22.40% interest in Concrete Engineering Products Berhad ("CEPCO"),
a public company incorporated in Malaysia. The principal activity
of CEPCO is the manufacture and distribution of prestressed spun
concrete piles and poles. The Group's investment in CEPCO is
accounted for under the equity accounting method as follows:
30 June
2017
RM'000
Shares
At 1 January 2017 and 30 June
2017 40,914
Share of retained profits
At 1 January 2017 15,271
Share of profit for 2017 (242)
----------
At 30 June 2017 15,029
----------
Share of dividend
At 1 January 2017 (1,104)
Share of dividend 2017 -
----------
At 30 June 2017 (1,104)
----------
Impairment of goodwill
At 1 January 2017 (30,511)
Impairment 2017 -
----------
At 30 June 2017 (30,511)
----------
Net book value
At 30 June 2017 24,328
==========
At 31 December 2016 24,570
==========
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
FOR THE PERIODED 30 JUNE 2017
20. Investment in associated undertaking (continued)
The Group's share of the net assets of
CEPCO as at 30 June 2017 comprised:
30 June
2017
RM'000
Share of assets
Share of non-current assets 20,238
Share of current assets 35,023
----------
55,261
----------
Share of liabilities
Share of non-current liabilities 2,870
Share of current liabilities 26,556
----------
29,426
----------
Share of net assets 25,835
Goodwill (net of impairment) arising
on the acquisition of CEPCO (1,507)
Carrying value of CEPCO 24,328
==========
The Group's share of the results of CEPCO for the financial
period ended 30 June 2017 was as follows:
30 June
2017
RM'000
Share of revenue 19,314
==========
Share of operating profit 619
Share of finance costs (377)
Share of taxation -
Share of profit for the financial
period - included in Group statement
of profit or loss (242)
==========
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
FOR THE PERIODED 30 JUNE 2017
21. Goodwill on consolidation
30 June 31 Dec
2017 2016
RM'000 RM'000
At cost
At 1 January 4,573 4,573
Arising from acquisition - -
of new subsidiary
Total 4,573 4,573
-------- -------
Accumulated impairment
At 1 January (4,573) (4,502)
Impairment losses - -
Total (4,573) (4,502)
-------- --------
Carrying amount at end
of the financial period - 71
==== ===
22. Available-for-sale investments
30 June 31 Dec
2017 2016
Quoted shares: RM'000 RM'000
Balance at 1 January 84 84
Disposal of investments - -
Fair value adjustments (46) (5)
Balance at fair values 38 79
======== =======
23. Short term investments
30 June 31 Dec
2017 2016
RM'000 RM'000
Investments on unit trusts
with:
Licensed investment banks 83,918 106,759
======== ========
Unquoted unit trusts are measured at mark to market based on the
net asset value at each reporting date. The time weighted rate of
return of these investments at the reporting date were between 3.8%
and 4.1% (2016: 2.6% to 4.6%).
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
FOR THE PERIOD ENDED 30 JUNE 2017
24. Cash and cash equivalents
30 June 31 Dec
2017 2016
RM'000 RM'000
Cash at bank 3,737 4,059
Cash in hand 106 88
Deposits with Licensed
banks 23,714 22,823
Investments Licensed banks 1,463 1,082
Total 29,020 28,052
======== =======
The effective interest rates of deposits at the reporting date
were between 3.2% and 3.5% (2016: 1.9% to 3.6%). Included in
Group's 2017 deposits with licensed banks is the short term
deposits totalling to RM24,278 which was pledged with commercial
banks as collateral for issuing letters of guarantee.
The investments with licensed banks are qualified as a cash
equivalent as they are readily convertible to a known amount of
cash with an insignificant risk of changes in value.
25. Repurchases equity securities - Treasury Shares
Share buyback by the Company
A total of 17,540,800 shares were bought back and retained as
treasury shares as at 30 June 2017 at the total cost of RM15.98
million (average of RM0.9110 per share). However during the current
quarter, there was no share buyback and no resale or cancellation
of treasury shares.
Subsequent to the financial period ended 30 June 2017, the
Company has not repurchased any of its issued ordinary shares. The
issued and paid up share capital of the Company remains at
420,750,000 ordinary shares of GBP0.10 each.
26. Profit on sale of unquoted investments and/or properties
There were no sales of unquoted investments and/or properties
outside the ordinary course of business of the Group for the period
under review.
27. Off balance sheet financial instruments
During the period under review, the Group has not entered into
any financial instruments contract involving off "statement of
financial position".
28. Changes in material contingent liabilities or contingent assets
There have been no changes in material contingent liabilities or
contingent assets since the last annual statement of financial
position date.
INCH KENNETH KAJANG RUBBER PUBLIC LIMITED COMPANY (990261 M)
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
INFORMATION
FOR THE PERIOD ENDED 30 JUNE 2017
29. Notes to the statement of profit or loss
Included in the statement of profit or loss for the current
quarter and financial year-to-date, are as follows:-
Current Current
Quarter Year-to-Date
30 June 30 June
2017 2017
RM'000 RM'000
Interest income 744 1,633
Other income including
investment income 505 559
Depreciation and amortisation
Provision for or write-off
of receivables
Provision for or write-off
of assets
Provision for or write-off
of inventories
Gain/(loss) on disposal 651 916
of quoted/unquoted investments - -
Realised gain on redemption - -
of short term investments - -
Gain on disposal of assets - -
Impairment of associate (82) 0
Provision for contingent - -
liability - -
Foreign exchange loss - -
Decrease in fair value - -
of quoted investment - -
30. Debt and equity securities-
On 23 May 2017 the Company obtained approval from its
shareholders for the renewal of the proposed purchase of up to ten
percent (10%) of the issued and paid-up share capital of the
Company.
During the cumulative quarter of year 2017, the Company has not
repurchased any of its issued ordinary shares from the open market.
The Company held a total of 17,540,800 treasury shares as at 30
June 2017.
Apart from the above, there were no other issues or repayments
of debt securities or equity securities, share cancellations,
shares held as treasury shares or re-sale of treasury shares for
the current quarter.
31. Material litigation
There was no material litigation against the Group for the
period under review.
32. Significant events during and after the year end
No significant events occurred during or after the period under
review.
33. Related party transactions
Transactions within the Group have been eliminated in the
preparation of the financial information set out in this report and
are not disclosed in this note. Balance and transaction with other
related parties are disclosed under the relevant notes.
No related party transactions have taken place during the
current financial period under review which have materially
affected the financial position or the performance of the group.
The nature and amounts of related party transactions in the three
months period of the current financial year are consistent with
those reported in the group's Annual Report and Accounts 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZELBLDVFLBBX
(END) Dow Jones Newswires
August 25, 2017 12:30 ET (16:30 GMT)
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