UE E&C 12August 2nd Quarter

7/30/2019 UE E&C 12August 2nd Quarter

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Gross profit 2 26,497 15,104 75 35,972

Other items of incomeInterest income 3 1,682 957 76 2,903Other income 4 1,323 460 188 2,880

Other items of expenseDistribution expenses 5 (1,965) (2,087) (6) (4,002)Administrative expenses 6 (3,143) (3,465) (9) (6,448)Finance costs 7 (178) (249) (29) (384)

Other expenses 8 (1,192) (2,366) (50) (1,859)Operating profit 23,024 8,354 176 29,062Share of results of

associates and jointventures 9 (161) 414 NM 724

Profit before tax 22,863 8,768 161 29,786Income tax expense 10 (3,119) (1,651) 89 (5,064)

Profit net of tax 19,744 7,117 177 24,722


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, , ,

Total comprehensive income attributable to:Owners of the Company 19,690 6,820 24,541Non-controlling interests 84 282 288

19,774 7,102 24,82

1(a)(iii) Note to Income Statement:

Group

3 months ended 6 mont30/06/2013 30/06/2012 30/06/2013

(Restated)$000 $000 $000

Revenue comprises:Construction 75,989 72,582 153,488M&E Engineering 29,725 14,888 35,601Building Materials and Equipment 7,770 7,681 13,988

Gross revenue 113 484 95 151 203 077


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,and equipment 172 (15) 189

Gain/(Loss) on fair value adjustment onheld-for-trading investments 160 (897) 1,515

Gain on disposal of held-for-tradinginvestments 507 507


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for contract work 7 21,237 18,739 Prepayments 8 512 367 22Properties held for sale 206 204 Cash and bank balances 9 96,192 105,708 12,424

Total current assets 277,522 284,895 14,255

Total assets 468,031 462,990 157,972

Equity and liabilitiesEquityShare capital 138,774 138,774 138,774Retained earnings 130,112 119,171 18,054Other reserves (60,337) (60,437) Equity, attributable to owners of

the Company 208,549 197,508 156,828Non-controlling interests 2,141 1,853

Total equity 210,690 199,361 156,828

Non-current liabilitiesDeferred tax liabilities 3,485 3,480 Trade and other payables 10 7,735 9,555 Borrowings 12 2,148 2,127

Finance leases 1 171 296


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,equipment 2,575 2,262 5,075

Dividend income from investmentsecurities (2) (2)

(Gain)/Loss on disposal of property, plantand equipment 6 (172) 15 (189)

(Gain)/Loss on fair value adjustment onheld-for-trading investments 7 (160) 897 (1,515)

Gain on disposal of held-for-tradinginvestments 8 (507) (507)

Finance costs 9 178 249 384

Interest income 10 (1,682) (957) (2,903)Share of results of associates and joint

ventures 11 161 (414) (724)

Operating cash flows before changes inworking capital 23,223 11,134 29,353

Decrease in inventories 496 245 813 (Increase)/Decrease in gross amount due

from customers for contract work (12,270) 721 (3,376) (Decrease)/Increase in gross amount due

to customers for contract work (5,330) 1,472 (4,470)

Decrease/(Increase) in trade and other


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activities 1,145 (4,490) (16,807)

Cash flows from financing activitiesDividends paid (13,500) (16,200) (13,500)Contribution from non-controlling interests 22 (Repayment of)/Proceeds from trust receipts

and bills payable (95) 1,713 (2,516)Repayment of obligations under finance leases 23 (393) (95) (673)Proceeds from bank loan 24 56 56

Repayment of bank loans 25 (55) (155)Decrease in revolving bank loans 26 (1,657)

Net cash flows used in financing activities (13,987) (16,239) (16,788)

Net decrease in cash and cash equivalents (2,074) (18,308) (13,262)Cash and cash equivalents at the beginning of

period 92,718 136,783 103,918

Effect of exchange rate changes on cash andcash equivalents 32 (43) 20

Cash and cash equivalents at the end of


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er compre ens ve ncome or

the period, net of tax 77 77 77

Total comprehensive income

for the period 4,774 77 4,851 4,851

At 31 March 2013 138,774 123,945 (60,360) 63,585 202,359 2,

Profit net of tax 19,667 19,667 19,667

Other comprehensive income

Net effect of exchange differences

arising from translation of financial

statements of foreign operations 23 23 23

Other comprehensive income for

the period, net of tax 23 23 23


for the period 19,667 23 19,690 19,690


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Net effect of exchange differences

arising from translation of financial

statements of foreign operations (73) (73) (73)

Other comprehensive income for

the period, net of tax, restated (73) (73) (73)


for the period, restated 4,197 (73) 4,124 4,124

Changes in ownership interests in

subsidiary that do not result in a

loss of control

Incorporation of subsidiary company

Total transactions with owners in

their capacity as owners

At 31 March 2012, restated 138,774 91,625 (57,748) 33,877 172,651 3,


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for the period, restated 6,771 49 6,820 6,820

Distributions to owners

Dividends on ordinary shares (16,200) (16,200) (16,200)

Total transactions with owners in

their capacity as owners (16,200) (16,200) (16,200)

At 30 June 2012, restated 138,774 82,196 (57,699) 24,497 163,271 3,


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, , ,

Total transactions with owners in their capacity as

owners (13,500) (13,500) (13,500)

At 30 June 2013 138,774 18,054 18,054 156,828

At 1 January 2012 138,774 18,232 18,232 157,006

Loss net of tax, representing total comprehensive

income for the period (224) (224) (224)

At 31 March 2012 138,774 18,008 18,008 156,782

Loss net of tax, representing total comprehensive

income for the period (222) (222) (222)

Distributions to owners

Dividends on ordinary shares (16,200) (16,200) (16,200)

Total transactions with owners in their capacity as

owners (16,200) (16,200) (16,200)

At 30 June 2012 138,774 1,586 1,586 140,360


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ere e gures ave een au e or rev ewe , e au ors repor nc u ng any qemphasis of matter)

Not applicable.

4 Whether the same accounting policies and methods of computation as in the issuers most rannual financial statements have been applied

Other than as mentioned in Paragraph 5 regarding the adoption of amendments to FinaStandards (FRS), there were no further changes in accounting policies and methods of compin the financial statements of the current reporting period as compared to the most recently

financial statements as at 31 December 2012.

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

The Group adopted the amendments to the Financial Reporting Standards (FRS) that aannual financial periods beginning on or after 1 July 2012/1 January 2013.

Amendments to FRS 1 Presentation of Items of Other Comprehensive IncomeRevised FRS 19 Employee BenefitsFRS 113 Fair Value MeasurementAmendments to FRS 107 Disclosures Offsetting Financial Assets and Financial LiabilitiesImprovements to FRSs 2012


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Gross Profit Margin increased to 25.2% compared with 16.1% in Q2 2012.

Other income increased substantially to $1.3 million from $0.5 million in Q2 2012 mainly

disposal of held-for-trading investments.

Other expenses was lower at $1.2 million from $2.4 million in Q2 2012 mainly due to losadjustment on held-for-trading investments in the corresponding period last year.

Share of results of associates and joint ventures was lower in Q2 2013 mainly due to reducfrom the Ascentia Skyproject which was completed in Q1 2013.

Income tax expense was higher at $3.1 million mainly due to higher profit before tax.

H1 2013 compared with H1 2012 (Restated)Performance

Revenue increased to $192.9 million in H1 2013 compared with $154.7 million in H1 2012higher contributions from new and on-going projects offset by completed projects. Gross Psubstantially to $36.0 million from $24.5 million in H1 2012 due to higher revenue and costmainly from write back of provisions upon the finalisation of accounts on completed projecGross Profit Margin increased to 18.7% compared with 15.8% in H1 2012.

Other income increased substantially to $2.9 million from $0.7 million in H1 2012 mainly due

value adjustment on held-for-trading investments as well as gain on disposal of held-for-tradin


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.costs and construction job costs offset by reclassification of non-current retention sums to curetention sums.

Gross amount due to customers for contract work decreased by $4.5 million mainly due to loof work done.

Cash Flow Review

As at 30 June 2013, the Group had cash of $96.2 million. The Group generated net cashfrom operating activities, of which $4.6 million was deployed in fixed assets and $28.4 mill

associates and a joint venture for property development projects. The Groups components ofchanges in these components from 31 December 2012 to 30 June 2013 were due to the Grgoing operations.

As at the date of this report, the Company has utilised $5.0 million of the IPO proceeds forinto its wholly-owned subsidiary UE Power & Resources Pte Ltd to expand its power solution$13.2 million for the property development project in Pasir Ris Drive 3/Pasir Ris Link.

The Company will make periodic announcements via SGXNET as and when the remaininfrom the Companys IPO are materially disbursed.

9 Where a forecast, or a prospect statement, has been previously disclosed to shareholdersbetween it and the actual results.


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No dividend is declared for the period ended 30 June 2013.

13 Interested Person Transactions

Name of interested person

Aggregate value of allinterested person transactionsduring the financial periodunder review (excludingtransactions less than$100,000 and transactions

conducted under shareholdersmandate pursuant to Rule 920of the SGX Listing Manual)

Aggregate valinterested persoconductedshareholderspursuant to RulSGX Listing Man

transactions$100,000)

Group Grou30/06/2013

$00030/06/

$00

United Engineers Limited Group

(A) Contract value1 12

(B) Revenue1 3

1


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UE E&C 12August 2nd Quarter

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