Post on 17-Jun-2020
Results Briefing
Results for the Third Quarter ended
31 December 2017
2
Agenda
3Operational Updates
2 Financial Highlights
1Executive Summary
EXECUTIVE SUMMARY
4
Executive summary
1 Steady revenue of S$186.8m for Q3 FY17/18 despite a lacklustreretail environment
2 Singapore saw YoY growth from Megastore and online as a result of the launches in Nov; omni-channel strategy is on track
3 Stan Kim steps up as Group COO; focus on driving business reinvention in Malaysia
4 Indonesia reports improving EBITDA performance YoY; 9 stores and 22 ‘pop-up’ locations to date
FINANCIAL HIGHLIGHTS
6Financial summary and key financial ratios
Notes:Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March1: Basic earnings per share is calculated by dividing the Group's profit after tax attributable to shareholders by the weighted average ordinary shares during the three months ended 31 December 2017 and the same period last year of 515,132,754 and 515,217,884 respectively. 2: Diluted earnings per share is calculated by dividing the Group's profit after tax attributable to shareholders by the weighted average ordinary shares during the three months ended 31 December 2017 and the same period last year of 524,954,054 and 519,783,884 respectively. 3: Net asset value (for the issuer and group) per ordinary share based on the total number of issued shares excluding treasury shares of the issuer at the end of the current financial year reported on and immediately preceding financial year of 515,105,660 and 513,722,888 for respective period ends.4: The Q3 FY16/17 comparative figures have been restated from what was previously announced in the Q3 FY16/17 announcement, to take into account (i) the retrospective adjustments arising from the adoption of FRS 115 – Revenue From Contracts With Customers (“FRS 115”) and (ii) reclassification of expense line items.
(S$m unless otherwise stated)
Income statement Q3 FY1718Q3 FY1617
(Restated)YTD FY2018
YTD FY2017
(Restated)
Revenue 186.8 185.6 549.8 560.0
Gross profit 64.8 65.9 196.6 204.8
Net profit 3.5 4.9 11.1 19.8
Basic EPS (cents)1 0.68 0.96 2.15 3.81
Fully diluted EPS (cents)2 0.67 0.95 2.11 3.78
Balance sheetAs at
31 Dec 2017
As at
31 Mar 2017
Cash and bank balances 76.9 98.7
Trade and other receivables 505.1 487.0
Unearned service charges 117.9 121.5
Deferred revenue (net) 47.5 45.2
Borrowings 305.7 304.0
NAV per ordinary share (cents)3 44.5 42.5
Statement of cash flows4 Q3 FY1718
Q3 FY1617
(Restated)YTD FY2018
YTD FY2017
(Restated)
Net cash (used in) / generated from operating activities (2.8) 7.0 9.7 2.5
Net cash used in investing activities (4.1) (2.2) (7.0) (6.1)
Net cash used in financing activities (8.2) (14.1) (24.7) (75.4)
4
44
4
5.0% 7.1% 5.4%6.3%
7Revenue
Revenue and EBIT margin
Revenue (S$m)
Singapore^ Malaysia
Notes:Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March^ Singapore Revenue and EBIT margin includes COURTS Singapore and Home LifestyleThe Q3 FY16/17 comparative figures have been restated from what was previously announced in the Q3 FY16/17 announcement, to take into account (i) the retrospective adjustments arising from the adoption of FRS 115 – Revenue From Contracts With Customers (“FRS 115”) and (ii) reclassification of expense line items
[4: Comparative figures have been restated been restated to take into account the retrospective adjustments arising from the adoption of FRS 115 – Revenue From Contracts With Customers to be consistent with the presentation of the Group for the period ended 31 March 2017. ]
EBIT margin - %
752 741
186 187
FY2016(Restated)
FY2017 Q3 FY1617(Restated)
Q3 FY1718
505 491
125 135
2.3%
5.1% 4.6% 4.7%
0
100
200
300
400
500
600
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
Axis
Tit
le
Revenue EBIT %
S$m
670 681
165 139
7.9% 8.6% 8.1%
6.0%
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
Revenue EBIT %
MYR
8Revenue
Revenue by geography Revenue – cash/credit mix
Notes:
Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 MarchThe Q3 FY16/17 comparative figures have been restated from what was previously announced in the Q3 FY16/17 announcement, to take into account (i) the retrospective adjustments arising from the adoption of FRS 115 – Revenue From Contracts With Customers (“FRS 115”) and (ii) reclassification of expense line items[Q4: Refers to the forth(4th) quarter from 1 January to 31 March]
505 491
125 135
231 224
54 45
16 26
7 7
752 741
186 187
FY2016(Restated)
FY2017 Q3 FY1617(Restated)
Q3 FY1718
Singapore Malaysia Indonesia Total
S$m
66.4% 65.1% 66.3% 70.1%
33.6% 34.9% 33.7% 29.9%
FY2016(Restated)
FY2017 Q3 FY1617(Restated)
Q3 FY1718
Sale of goods - credit and earned service charge income %
Sale of goods - cash %
9Product range focused on 4 key segments
• Major White Goods
• Vision
• Small appliances
• Audio
• Mattresses
• Bedroom furniture
• Dining room furniture
• Living room furniture
• Home office products
• Computers
• Accessories
• Photography
• Mobile
• Other services
- Product replacement services
- Cleaning
- Installation
- Repairs
• Warranty sales
• Connect
– Telco subscription plans
Electrical Products FurnitureIT Products Other Services
% of Q3 FY1718
sale of goods
Revenue – cash/credit mix
Singapore Malaysia
Notes:
Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March Ro the
forth(4th) quarter from 1 January to 31 March]
Indonesia*
48.6% 30.7% 15.1% 5.6%
Singapore Malaysia Indonesia
83.3% 81.8% 82.9% 84.0%
16.7% 18.2% 17.1% 16.0%
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
Sale of goods - credit and earned service charge income %
Sale of goods - cash %
29.0% 28.6% 28.3% 32.1%
71.0% 71.4% 71.7% 67.9%
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
Sale of goods - credit and earned service charge income %
Sale of goods - cash %
72.2% 65.0% 64.1%48.4%
27.8% 35.0% 35.9%51.6%
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
Sale of goods - credit and earned service charge income %
Sale of goods - cash %
7.8%
-3.3% -6.0%
-31.4%
17.6%
-4.1%-10.3%
-31.3%
FY2016 FY2017 Q3 FY1617 Q3 FY1718
Exclude Corporate Sales Include Corporate Sales
10Operating metrics
Notes:Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March1: Based on weighted average retail square footage and total net sale for each period2: Like-for-like sales growth (comprising of net merchandise sales and current year service charge income generated) for a financial year is calculated based on stores which have
been operating for the entire year/period over that preceding year/period. Q3 FY1617 like-for-like sales is based on previously reported sales figures of Q3FY1617 and Q3FY1516. Q3FY1718 like-for-like sales is based on Q3FY1718 sales figures compared with Q3 FY1617 restated sales figures.
Indonesia – not significant
Sales per sq. ft.1 Like-for-like sales growth2
SingaporeS$
MalaysiaMYR
Singapore
Malaysia
Singapore
Malaysia
1,079 1,041
264 301
FY2016(Restated)
FY2017 Q3 FY1617(Restated)
Q3 FY1718
682 693
166 135
FY2016(Restated)
FY2017 Q3 FY1617(Restated)
Q3 FY1718
-3.1%-1.0%
-4.9%
6.0%
-0.2% -0.8%
-15.1%
7.7%FY2016 FY2017 Q3 FY1617 Q3 FY1718
Exclude Corporate Sales Include Corporate Sales
254 268
66 65
33.8%
36.3%35.5%
34.7%
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
11Operating metrics
Gross profit and margin
Note:Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 MarchThe Q3 FY16/17 comparative figures have been restated from what was previously announced to take into account (i) the retrospective adjustments arising from the adoption of FRS 115 – Revenue From Contracts With Customers and (ii) the reclassification of expense line items which has no impact on Group’s profit before tax or net profit arising from these reclassification
S$m
12Service charge income
Notes:Q3: Refers to the second(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March1. Excludes Net Sales from Home Lifestyle as there is no earned service charge income for Home Lifestyle
S$m
S$mS$m
Earned SCI Group
Earned SCI
Singapore1
Earned SCI
Malaysia
Earned SCI
Indonesia 2
S$m
2. Indonesia has yet to announce the adoption of FRS115 Revenue from Contracts with Customers. Adjustment is made at consolidation level to be aligned with the Group’s accounting standards.
Unearned SCIGroup
84 94
23.4 22.1
11.2%12.6% 12.6%
11.8%
0
20
40
60
80
100
120
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
% of net sales
120
122
118
Mar-16(Restated)
Mar-17 Dec-17
26 30
7.2 7.3
5.2% 6.0% 5.8% 5.4%
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
% of net sales
57 62
15.1 13.7
24.5% 27.8% 28.0% 30.4%
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
% of net sales
1.5 1.7 1.1 1.1
9.9%6.6%
13.8% 15.7%
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
% of net sales
13Deferred revenue (net)
Notes:Month-Year: Refers to the financial position of each balance sheet item as at each period endIndonesia’s deferred revenue (net) is not significantQ4: Refers to the forth(4th) quarter from 1 January to 31 March
S$m
S$m
Group
Singapore Malaysia
S$m
43.5 45.2
47.5
30.0
Mar-16
(Restated)
Mar-17 Dec-17
23.3 24.9
26.7
Mar-16
(Restated)
Mar-17 Dec-17
20.2 20.3 20.4
Mar-16
(Restated)
Mar-17 Dec-17
14Breakdown of expenses and EBITDA
Notes:Q3: Refers to the third(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March
S$m
Breakdown of expenses
EBITDA2 Segment result by geographical location3
1: “Others” include head office costs and other expenses2: EBITDA calculated as profit before tax add finance expense and depreciation and amortisation expense3: Segment results are profit before other income, income tax and finance expense.
S$mS$m
Note: There is reclassification of expense line items in prior comparison quarter which has no impact on Group’s profit before tax or net profit arising from these
reclassification
14 14
11 11
9 9
7 8 4 4 1 1 2 2 3 3 10 9
61 61
Q3 FY1617(Restated)
Q3 FY1718
Others Depreciation & amortisation Bank Charges
Tracing & referencing Interest expenses on borrowings Impairment loss on trade receivables
Salaries and wages Rental on operating leases Distribution and marketing
48 63
14 13
6.4%
8.5%7.7%
6.9%
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
EBITDA EBITDA margin (%)
18 36
8 8
23
22
5 3
(8) (11) (2) (2)
33
47
11 9
FY2016
(Restated)
FY2017 Q3 FY1617
(Restated)
Q3 FY1718
Singapore Malaysia Indonesia
15Delinquency rates and allowance for impairment loss on trade receivables
180+ days delinquency rates
Allowance for impairment loss on trade receivables
Singapore Malaysia
Credit book assets - Gross
S$m
Notes:Month-Year: Refers to the financial position of each balance sheet item as at each period end
Note: PTCRI – not significant
Indonesia
The local credit
environment in Malaysia
and Indonesia remains
challenging. We have
stepped up aggressively
on our collections efforts
and tightened credit
granting to manage the
overall portfolio risk and
mitigate the impact from
impairment losses.
590.8
601.5
610.2
Mar-16(Restated)
Mar-17 Dec-17
0.2 1.0
2.0
Mar-16
(Restated)
Mar-17 Dec-17
Allowances for impairment loss on trade receivables (S$m)
% of trade receivables at balance sheet date
15.5 20.1
22.8
Mar-16
(Restated)
Mar-17 Dec-17
Allowances for impairment loss on trade receivables (S$m)
% of trade receivables at balance sheet date
6.1 5.0 5.2
2.9%
2.3% 2.4%
Mar-16
(Restated)
Mar-17 Dec-17
Allowances for impairment loss on trade receivables (S$m)% of trade receivables at balance sheet date
Jul 07
Nov 0
7
Mar
08
Jul 08
Nov 0
8
Mar
09
Jul 09
Nov 0
9
Mar
10
Jul 10
Nov 1
0
Mar
11
Jul 11
Nov 1
1
Mar
12
Jul 12
Nov 1
2
Mar
13
Jul 13
Nov 1
3
Mar
14
Jul 14
Nov 1
4
Mar
15
Jul 15
Nov 1
5
Mar
16
Jul 16
Nov 1
6
Mar
17
Jul 17
Nov 1
7
Singapore Malaysia
Dec’17
9.1%
Jul’07
16.2%
Dec’17
4.2%
Jul’07
4.8%
16Impairment loss on trade receivables charged to Income Statement
Notes:Q3: Refers to the second(3rd) quarter from 1 October to 31 December. FY: Refers to the financial year from 1 April to 31 March
MalaysiaSingapore Indonesia
7.2
4.2
1.6 1.2
3.4%
2.0%
0.7%0.6%
FY2016(Restated)
FY2017 Q3 FY1617(Restated)
Q3 FY1718
Impairment loss charged to Income Statement(S$m)
Impairment loss on trade receivables as apercentage of average portfolio
11.4
20.6
4.7 5.9
3.2%
5.5%
1.2% 1.6%
FY2016(Restated)
FY2017 Q3 FY1617(Restated)
Q3 FY1718
Impairment loss charged to Income Statement(S$m)Impairment loss on trade receivables as apercentage of average portfolio
0.2 1.5 0.4 0.9
3.6%
15.4%
4.1%
5.9%
FY2016(Restated)
FY2017 Q3 FY1617(Restated)
Q3 FY1718
Impairment loss charged to Income Statement(S$m)
Impairment loss on trade receivables as apercentage of average portfolio
17Working capital management
Trade payable days Inventory days
Days Days
Notes:Month-Year: Refers to the turnover days for each period end
62 63
67
30
40
50
60
70
80
90
100
Mar-16
(Restated)
Mar-17 Dec-17
66
74
71
Mar-16
(Restated)
Mar-17 Dec-17
Borrowings
1 CSPL Asset Securitisation : 1-mth SOR is hedged with Interest Rate Cap (strike rate of 2.5%) for notional amount of SGD70M
2 CMSB Syndicated Senior Loan: RM300M is fixed at 6.3% p.a
FacilityFacility
amount
Amount
drawn down
as at
31 Dec 16
Amount
drawn down
as at
31 Mar 17
Amount
drawn down
as at
31 Dec 17
Available
headroom
As at 31 Dec 17
Multicurrency Medium Term Note (CAL)Expiry: 15th Mar 2019
S$ 500 milS$ 75 mil @ 5.75%p.a.
S$ 75 mil @ 5.75%p.a.
S$ 75 mil @ 5.75%p.a.
S$ 425 mil
Asset Securitisation Programme (CSPL) (1)
Revolving Period expiring: Jan 2019 (with possibility of 1 year extension at lenders’ option)Amortisation Period: 2 years after end of Revolving Period
S$ 150 mil S$ 60.9 mil S$ 59.4 mil S$ 55.5 mil S$95.3 mil
Syndicated Senior Loan (CMSB) (2)
Revolving Period expiring: Feb 2019 Amortisation Period: 3 years after end of Revolving Period
RM 600 mil RM 457 mil RM 456 mil RM 453 mil RM 155.1 mil
Various Term Loans (PTCRI)Various expiry dates ranging from 2019 to 2020
IDR 269.8 bil IDR263.2 bil IDR263.7 bil IDR269.8 bil _
OPERATIONAL UPDATES
20Singapore – Omni-Channel Success Following Online & Store Nov Launches
• 77.4% YoY sales growth and
over 30% growth in transactions
• 100% sales growth YoY for Black
Friday and Cyber Monday
• Sales up 30% YoY
in Weeks 1-3
• Overall store sales up 9.1%
YoY for Q3 FY 17/18
COURTS Megastore Grand Opening on 11 Nov
COURTS Online Relaunch on 8 Nov
21Singapore –Service with a Smile Milestone
Achieved record of 70%
Net Promoter Score for
Q3 FY17/18
22Malaysia – Drive Productivity With Optimal Store Footprint
• Launched low-interest rate credit product nationwide, in compliance
with the Consumer Protection (Credit Sale) Regulations 2017
• Reviewing the closure of under-performing stores,
continuing to drive productivity with an optimal store footprint
• Selectively grow presence with opening of COURTS Papar on 16 Dec,
our fifth store in Sabah
23Indonesia – Improving EBITDA performance YoY
• Opening of second Ramayana store, one of Indonesia’s largest
departmental chains, in COURTS BSD on 7 Dec
• Seven pop-up stores opened in Q3 FY17/18, bringing COURTS Indonesia’s
presence to nine permanent stores and 22 pop-up stores YTD
24
Key Leadership Appointments
Stan Kim
Group COO and CIO
COURTS Asia
Dolf Posthumus
Country COO
COURTS Malaysia
Ivo Slanina
Regional Credit Sales Director
COURTS Asia
APPENDIX
26Unaudited Results for the Third Quarter ended 31 December 2017
Income tax expenses increased slightly by $0.1 million to $1.6 million in Q3 FY17/18 from $1.5
million in Q3 FY16/17. This was mainly due to reversal of deferred income tax assets and offset by
lower taxable profits.
Distribution and marketing expenses decreased by 1.2% to $13.7 million in Q3 FY17/18. This decrease is mainly due to lower advertising cost in Malaysia and is partially offset by higher branch salaries for newly opened stores in Indonesia. As a percentage of revenue, distribution and marketing expenses were stable at 7.3% in Q3 FY17/18.
Administrative expenses increased by $1.0 million to $42.6 million in Q3 FY17/18 from $41.6 million in Q3 FY16/17. The increase was mainly due to higher allowance for impairment of trade receivables and offset by lower branch occupancy costs in Singapore and Malaysia.
Finance expenses decreased by S$0.3 million to $5.0 million in Q3 FY17/18 from $5.3 million in Q3 FY16/17 mainly due to lower interest expenses in Indonesia.
Group’s revenue of $186.8 million for Q3 FY17/18 was 0.6% or $1.1 million higher than Q3 FY16/17. Singapore revenue which contributed 72.0% of the Group’s revenue in Q3 FY17/18, reported an increase of 8.0% compared to Q3 FY16/17, mainly due to higher sales of goods from the re-launch of its online platform and the re-opening of COURTS Megastore at Tampines in November 2017.
Malaysia revenue, which contributed to 24.3% of the Group’s revenue, reported a 15.9% decrease (in presentation currency and in RM currency) in Q3 FY17/18 as compared to Q3 FY16/17 mainly due to lower sales of goods and earned service charge income.
Indonesia revenue, which contributed to 3.7% of the Group’s revenue, registered a 4.1% (in presentation currency) decrease but 1.8% (in Rupiah currency) increase in Q3 FY17/18 compared to Q3 FY16/17 mainly due to contributions from newly opened stores.
Gross profit for Q3 FY17/18 decreased by 1.7% or $1.1 million, resulting mainly from lower gross
profit margin compared to Q3 FY16/17. Gross profit margin decreased from 35.5% in Q3 FY16/17 to
34.7% in Q3 FY17/18 mainly due to lower merchandise margin in Singapore and offset by higher
gross profit margins in Malaysia and Indonesia.
* The Q3 FY16/17 comparative figures have been restated from what was
previously announced in the Q3 FY16/17 announcement, to take into account (i)
the retrospective adjustments arising from the adoption of FRS 115 – Revenue
From Contracts With Customers (“FRS 115”) and (ii) reclassification of expense line items as detailed in Note 5 of Q4 FY16/17 announcement.
27Unaudited Balance Sheet as at 31 December 2017
The slight increase in net deferred income tax assets as at 31 December 2017 was mainly due to the
recognition of tax losses from Indonesia subsidiary.
The total borrowings of $305.7 million as at 31 December 2017 remained consistent compared to
$304.0 million as at 31 March 2017. The total borrowings mainly consist of S$75 million three-year
unsecured fixed rate notes and term loans in COURTS Asia Ltd (“CAL”), the Asset Securitisation
Programme 2016 in Singapore, Syndicated Senior Loan in Malaysia, and term loans in Indonesia.
The Group’s inventories increased to $88.2 million as at 31 December 2017 from $78.8 million as at
31 March 2017 mainly due to expansion of product ranges post re-opening of COURTS Megastore at
Tampines.
The Group’s trade and other receivables (current and non-current) increased by $18.0 million to
$505.1 million as at 31 December 2017 from $487.0 million as at 31 March 2017 due to credit sales in the
first nine months of FY17/18. Allowance for impairment of trade receivables as at 31 December 2017 was
$30.1 million, representing 6.0% of trade receivables, as compared to $26.1 million as at 31 March 2017
representing 5.4% of trade receivables.
Cash and bank balances decreased by $21.8 million to $76.9 million as at 31 December 2017 from
$98.7 million as at 31 March 2017. The decrease is mainly as a result of the payment for additions to
fixed assets, dividends and interest expenses.
Derivative financial instruments represent the carrying amount of interest rate cap and currency
swaps that the Group has entered into to hedge its exposure to floating interest rate and exchange rate
fluctuations on its bank borrowings. The Group has adopted hedge accounting in respect of the currency
swaps. The derivative financial instruments is in a net asset position with fair value gain in first nine
months of FY17/18 mainly attributed to the strengthening of Singapore dollar against Indonesia rupiah
during the financial reporting period.
Deferred revenue relates to unearned revenue on other services contracts for which the other services
have yet to be rendered. The deferred revenue balance would be recognised as revenue as the related
services are rendered.
Total deferred revenue increased to $68.5 million as at 31 December 2017 from $64.8 million as at
31 March 2017 due to sales of other services during the financial year.
Deferred costs relate to the incremental costs incurred by the Group to obtain or fulfil other services
contracts which are capitalised as assets. The deferred costs balance would be amortised and recognised
as expenses on a basis consistent with the revenue recognition of the other services to which the costs
relates. Costs which are not incremental to the other services contracts are expensed as incurred. Total
deferred costs increased to $21.0 million as at 31 December 2017 from $19.6 million as at 31 March
2017 due to sales of other services during the period.
** The 31 March 2017 comparative figures differs from the balances as previously announced in the Q4 FY16/17 announcement due to reclassification of trade and other
receivables between current and non-current assets.
31 Dec 17 31 Mar 17**
S$'000 S$'000ASSETSCurrent assetsCash and bank balances 76,888 98,728 Trade and other receivables 208,797 181,800 Deferred costs 8,331 8,284 Inventories 88,200 78,780 Current income tax recoverable 3,019 -
385,235 367,592
Non-current assetsDerivative financial instruments 349 139 Trade and other receivables 296,281 305,246
Deferred costs 12,657 11,271 Investments in subsidiaries - - Property, plant and equipment 20,941 20,906 Intangible assets 22,930 23,231 Deferred income tax assets 20,836 20,662
373,994 381,455
Total assets 759,229 749,047
LIABILITIESCurrent liabilitiesDerivative financial instruments 81 276 Trade and other payables 146,099 148,336 Deferred revenue 27,715 27,167 Current income tax liabilities 2,175 5,347 Borrowings 455 547 Deferred income 2,740 2,569
179,265 184,242
Non-current liabilitiesDerivative financial instruments - 100 Trade and other payables 560 482 Deferred revenue 40,791 37,604 Borrowings 305,224 303,468 Deferred income 1,241 1,733 Deferred income tax liabilities 2,922 2,888
350,738 346,275
Total liabilities 530,003 530,517
NET ASSETS 229,226 218,530
EQUITYShare capital 265,332 265,332 Treasury shares (19,082) (19,669) Other reserves (38,671) (44,350) Retained profits 21,647 17,217 Total equity 229,226 218,530
Group
28Unaudited Statement of Cash Flows for the Third Quarter ended 31 December 2017
For the purposes of the consolidated statement of cash flows, the cash and cash equivalents comprise the following:-
31-Dec-17 31-Dec-16S$'000 S$'000
Cash and bank balances 49,045 47,912Fixed deposits 27,843 16,659
76,888 64,571 Less: Fixed deposits pledged as securities for banking facilities (5,033) (2,429)
Cash and cash equivalents per consolidated statemen t of cash flows 71,855 62,142
29
Q & ATo access the results presentation and briefing which will be available by 19 February 2018, visit: http://ir.courts.com.sg.