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PART I

INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

Listed companies must provide the information required by Appendix 7.2 of the Listing Manual. Adequate disclosure should be given to explain any material extraordinary item either as a footnote of the material extraordinary item or in the "Review of the performance of the group".

First-quarter Financial Statement and Dividend Announcement

1(a)

An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial period

Consolidated Profit and Loss Statement - three months ended 30 September 2009

3 months 3 months
ended ended Change
30/9/2009 30/9/2008
("1010") ("1009")
US$'OOO US$'OOO %

11,822 11,503 2.8
(8,764) (8,568) 2.3
3,058 2,935 4.2
250 260 (3.8)
(1,072) (903) 18.7
(1,722) (1,716) 0.3
(52) (79) (34.2)
(18) (42) (57.1)
444 455 (2.4)
(9) (45) (80.0)
435 410 6.1 s

Revenue Cost of sales Gross profit

Other operating income Selling and distribution costs Administrative expenses Other operating expense Finance costs

Profit before income tax Income tax expense Profit after income tax

I Equity holders of the parent

Attributable to:

Other operating income Rental income

Interest income Exchange gain

Others

437 411 6.3\
(2) (1 ) 100.0
435 410 6.1
3 months 3 months
ended ended
30/9/2009 30109/2008
("1010") ("1009")
US$'OOO US$'OOO

44 46
18 51
183 152
5 11
250 260
38 73
14
6
52 79 Minority interest

Notes to Profit and Loss account

Other operating expenses Provisions for doubtful debts Loss on sale of fixed assets Others

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1 (b)(i)

A balance sheet (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial period

Consolidated Balance Sheet
Group Company
30/9/2009 30/6/2009 30/9/2009 30/6/2009
US~' 000 US~' 000 US~' 000 US$' 000
ASSETS
Current assets
Cash and Fixed Deposits 5,439 3,488 420 643
Trade receivables 4,658 3,964 6,068 5,128
Other receivables and prepayments 2,748 3,100 6,764 6,500
Inventories 9,251 9,458 484 1,034
Total current assets 22,096 20,010 13,736 13,305
Non-current assets
Investment in subsidiaries 11,669 11,668
Property, plant and equipment 13,202 13,272 709 735
Intangible assets 369 373
Available-for-sale investment and other assets 755 769 678 678
Goodwill on consolidation 728 728
Total non-current assets 15,054 15,142 13,056 13,081
Total assets 37,150 35,152 26,792 26,386
LIABILITIES AND EQUITY
Current liabilities
Bank overdrafts and bills payable 1,309 406 1,202 406
Trade payables 3,917 3,447 3,153 4,412
Other payables and accruals 2,643 2,126 1,302 963
Income tax payable 118 256 61 61
Finance lease obligations: current portion 229 250 19 26
Long-term bank loans: current portion 380 380 380 380
Total current liabilities 8,596 6,865 6,117 6,248
Non-current liabilities
Finance lease obligations 435 499 45 52
Long-term bank loans 95 95
Deferred tax liabilities
Total non-current liabilities 435 594 45 147
Capital and reserves
Issued capital 4,040 4,040 4,040 4,040
Capital reserves 2,193 2,193 17 17
Currency translation reserve 289 298
Retained earnings 20,634 20,197 16,573 15,934
Equity attributable to shareholders 27,156 26,728 20,630 19,991
Minority interests 963 965
Total equity 28,119 27,693 20,630 19,991
Total Liabilities and Equity 37,150 35,152 26,792 26,386 2

1 (b)(ii)

Aggregate amount of group's borrowings and debt securities

Amount repayable in one year or less, or on demand

As at30/9/2008 (US$'OOO) As at 30/6/2009 (US$'OOO)
Secured I Unsecured Secured I Unsecured
1,918 I - 1,036 I - Amount repayable after one year

As at 30/9/2008 (US$'OOO) As at 30/6/2008 (US$'OOO)
Secured I Unsecured Secured I Unsecured
435 I - 594 I - Borrowings and gearing ratio

Total borrowings of US$2.4 million as at September 30, 2009 consist of shortterm borrowings, term loans and finance lease obligations. Total borrowings increased by 44.3% or US$0.7 million due mainly to higher bills payable taken up in financing working capital (funding cost for US$ loans fell).

The Group's gearing ratio remained low but increased slightly from 0.06 times (as at June 30, 2009) to 0.08 times (as at September 30,2009).

Details of any collateral

The bank facilities of the Company are secured by a negative pledge on the Company's assets. The legal mortgage on the Company's leasehold building for such banking facilities has been fully redeemed on 18 September 2009.

The bank facilities of subsidiaries are secured by a legal mortgage on the subsidiary's leasehold land and buildings and guaranteed by the Holding Company.

The Group's finance lease obligations are secured by the lessors' charge over the leased assets.

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3 months ended 30/9/2009 ("1010") US$'OOO

1(c) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year

Consolidated Cash Flows Statement

Cash flows from operating activities Profit before income tax

Adjustments for:

Depreciation and amortization Interest income

Interest expense

Allowance for doubtful trade receivables

Operating profit before working capital changes

Trade receivables

Other receivables and prepayments Inventories

Trade payables

Other payables and accruals

Cash generated from operations Interest received

Interest paid

Dividend paid to minority shareholder of subsidiary Income tax paid

Net cash from operating activities

Cash flows from investing activities (Purchase) of property, plant & equipment

Proceeds from disposal of available-for-sale investments Translation of foreign subsidiaries

Net cash (used in) from investing activities

Cash flows from financing activities Repayment of long-term borrowings Repayment of short-term borrowings

Net cash used in financing activities

Net (decrease) increase in cash and cash equivalents Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

Represented by:

Cash and bank balances (inclusive of Fixed Deposit) Bank Overdraft

3 months ended 30/9/2008 ("1009") US$'OOO

444 455
284 224
(18) (51)
18 42
38
766 670
(732) 218
(233) (453)
208 217
470 (142)
517 52
996 562
18 51
(18) (42)
(135) (254)
861 317
377 (146)
60
(10) (372)
3.67 (458)
(159) (113)
817 (129)
658 (242)
1,886 (383)
3,488 5,104
5,374 4,721
5,439 4,839
(65) (118)
5,374 4,721 4

1(d)(i)

A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year

Statement of Changes in Equity

Company

Balance as at 11712009 Net profit for the period Dividend paid

Balance as at 30/9/2009

4,040

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298 20,197 26,728 965
(9) (9)
437 437 (2)
289 20,634 27,156 963
15,934 19,991
639 639
16,573 20,630 27,693 (9) 435

Issued capital

Currency

Capital translation Retained

reserves reserve earnings

Attributable to equity holders

Minority interests

Total

US$'OOO Group

Balance as at 11712009 Currency translation differences Net profit for the period Dividend paid

Balance as at 30/9/2009

4,040

2,193

4,040

2,193

28,119

19,991 639

4,040

58

20,630

Currency Attributable
Issued Capital translation Retained to equity Minority
capital reserves reserve earnings holders interests Total
US$'OOO
Group
Balance as at 1/7/2008 4,040 229 886 22,931 28,086 1,109 29,195
Currency translation differences (359) (359) (13) (372)
Net profit for the period 411 411 (1) 410
Dividend paid
Balance as at 30/9/2008 4,040 229 527 23,342 28,138 1,095 29,233
Company
Balance as at 117/2008 4,040 38 7,389 11,467 11,467
Net profit for the period 3,155 3,155 3,155
Dividend paid
Balance as at 30/9/2008 4,040 38 10,544 14,622 14,622 5

1 (d)(ii)

Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year

There were no changes in the Company's share capital during the period under review.

(iii) To show the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year.

30/9/2009

30/6/2009

133,689,597

133,689,597

(iv) A statement showing all sales, transfer, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on.

Not applicable

2.

Whether the figures have been audited, or reviewed and in accordance with which auditing standard or practice.

The figures have not been audited or reviewed.

3.

Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of matter)

Not applicable

4.

Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied

The Company has applied the same accounting policies and methods of computations as in the Company's latest audited financial statements for the period ended June 30, 2009.

5.

If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change

Not applicable

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21.03

6.

Earnings per ordinary share of the group for the current period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends

3 months 3 months
ended ended
30/9/2009 30/9/2008
Earnings per ordinary share (US cents) 0.33 0.31 7.

Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer at the end of the (a) current period reported on and (b) immediately preceding financial year

30/9/2009

8.

A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. The review must discuss any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors. It must also discuss any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on

Revenue and Net Profit attributable to equity holders of the parent (UNet Profit")

Overview

In the full year FY2009 announcement the Group noted that the number of confirmed orders from our major markets, in particular the USA, was rising. Whilst orders have been for smaller quantities, and require shorter lead times, the number of confirmed orders has indeed risen. As shown in the following table, there was a strong rebound in Revenue in 1010, which rose 47.4% or US$3.8 million as compared to 4009. The Group also recovered from a net loss of US$O.08 million for 4009 by recording a net profit of US$0.44 million in 1010.

3 months 3 months 3 months 3 months 3 months
ended ended ended ended ended
30/9/2008 31/12/2008 31/312009 30/6/2009 30/6/2009
("1 Q09") ("2Q09") ("3Q09") ("4Q09") ("1Q10")
US$'OOO US$'OOO US$'OOO US$'OOO US$'OOO
Revenue 11,503 11,787 6,466 8,018 11,822
Gross profit 2,935 3,087 1,707 2,159 3,058
Net profit after tax 410 365 (983) (68) 435
Attributable to:
I Equity holders of the parent 411 334 (960) (82) 437
Minority interest . (1) 31 (23) 14 (2)
410 365 (983) (68) 435 7

1010 vs 1009

Despite concerns, 1010 revenue rose by 2.8% or US$0.3 million to US$11.8 million as compared to the corresponding 1009 period. Revenue was characterized by strong sales to the US but weak demand from the Europe. Sales to the UK and Asia Pacific were stable. It is our belief that the need to replenish depleted inventory in the USA caused demand from the USA to recovery quickly whilst the more sluggish consumer demand conditions in Europe caused sales to Europe to fall.

• An improvement in Gross Profit by 4.2% or US$0.1 million to US$3.1 million on the back of higher revenue and better margins due to higher capacity utilization. The latter resulted in the Cost of Sales rising slightly slower than that of Revenue or by 2.3% or US$0.2 million to US$8.8 million and which in turn allowed gross margin to inched up by 0.4 percentage points to 25.9%.

Net Profit for 1010 rose by 6.3% or US$0.03 million to US$0.44 million compared to 1009. More specifically the rise was due to:-

• However, our Selling and Distribution costs increased by 18.7% or US$0.2 million due mainly to additional quarterly-provision for trade fairs expenses. Given market conditions and despite the recovery in orders, the Group is preparing to participate in more trade fairs and thus has provided for them. Administrative expenses, on the other hand, remained relatively unchanged at US$1. 7 million.

• Finance cost fell as a result of lower funding costs for US dollar denominated loans.

• Income tax expense fell due mainly to a tax rebate for our Singapore operations as a result of it making losses in FY2009.

As a result, Net Profit margin remained relatively constant at about 3.7%.

Financial Position

Current assets rose by US$2.1 million to US$22.1 million as compared to the previous financial year ended 30 June 2009. Significant movements during the period under review were:-

• Cash at bank (inclusive of fixed deposits) rose sharply by US$2.0 million to US$5.4 million due largely to current period earnings, receipts of the remaining sale proceeds in connection with the disposal of properties in Vietnam and more short-term loans.

• Trade receivable rose by US$0.7 million to US$4.7 million due mainly to an increase in Revenue on the back of more 'open-account' sales. The increase in 'open-account' sales was anticipated and the Group had also previously mentioned that the receivable turnover period is expected to lengthen. Trade receivable turnover period rose but was still a manageable 36 days as at 30 September 2009.

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• Inventories fell by US$0.2 million due mainly to lower work-in-progress ("WIP") and finished goods. WIP fell by US$0.7 million while raw material stock increased by US$0.8 million as a result of shorter production cycles. Many new orders require shorter delivery lead times. Finished goods stock fell by US$0.3 million due mainly to delivery of certain orders which were held back on the request of clients as at the last financial year.

Non-current assets remained relatively constant at about US$15.1 million.

Total Liabilities

Net asset or Equity attributable to shareholders rose by US$O.4 million to US$28.1 million as at September 30, 2009 due largely to current period earnings.

Current liabilities increased by US$1.7 million to US$8.6 million due mainly to longer suppliers' credit term, higher short-term borrowings, higher customers' deposits and higher provisions for sales commission payable.

Total non-current liabilities fell by US$0.16 million to US$0.43 million as a result of long-term loans and finance lease repayments.

Shareholders' equity

Minority interests

Minority interests remained relatively constant at US$1.0 million, reflecting the cumulative share of net asset by Rossano's other shareholder, who owns 30% of Rossano.

9.

Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results

The Board of Directors stated in the previous results announcement that "the Board of Directors is hopeful that 2010 will be an improvement over 2009. Barring any unforeseen circumstances, the Group should return to profitability for the whole of 2010. The financial position of the Group is expected to remain strong."

The Group announced a return to profitability in 1Q10 as compared to 4Q09. The Group also reported an improved cash position of some US$5.4 million as at 30 September 2009. The Group's gearing position remained low at 0.083 times as at 30 September 2009.

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10. A commentary at the date of the announcement of the competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months

The Directors note that the retailers in the US have de-stocked to a level which has required them to replenish rapidly. The surge in orders in 1010 as compared to 4009 appears to be due to such replenishment. However, the Directors believe that such. replenishment could end abruptly particularly in the event of weak sales. The Directors also remain cautious about European and, to a lesser extent, UK demand.

However, given such re-ordering, the Group should remain profitable in 2010 and probably for the whole of FY2010. Thus barring any unforeseen circumstances, the Group should do better in FY2010 as compared to FY2009. The financial position of the Group is expected to remain strong.

11. Dividend

(a) Current Financial Period Reported On

Any dividend declared for the current financial period reported on?

None

(b) Corresponding Period of the Immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding financial year?

None

(c) Date payable

Not applicable

(d) Books closure date

Not applicable

12. If no dividend has been declared/recommended, a statement to that effect

Not applicable

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PART II ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT (This part is not applicable to Q1, Q2, Q3 or Half Year Results)

13. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer's most recently audited annual financial statements, with comparative information for the immediately preceding year

Not applicable

14. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments

Not applicable

Executive Director

15. A breakdown of sales

Not applicable

16. A breakdown of the total annual dividend (in dollar value) for the issuer's latest full year and its previous full year

Not applicable

CONFIRMATION BY THE BOARD

We, James Koh Jyh Gang and Koh Shwu Lee, being two directors of Koda Ltd (the "Company"), do hereby confirm on behalf of the directors of the Company that, to the best of our knowledge, nothing has come to the attention of the board of directors of the Company which may render the unaudited financial results for the first quarter ended 30 September 2009 to be materially false or misleading.

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