Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly... Page 1 of 1 Financial Statements and Related Announcement::Second Quarter and/ or Half Yearly Results Issuer & Securities Issuer/ Manager IFS CAPITAL LIMITED Securities IFS CAPITAL LIMITED - SG1A35000706 - I49 Stapled Security No Announcement Details Announcement Title Financial Statements and Related Announcement Date & Time of Broadcast 12-Aug-2015 19:49:27 Status New Announcement Sub Title Second Quarter and/ or Half Yearly Results Announcement Reference SG150812OTHRSR0R Submitted By (Co./ Ind. Name) Chionh Yi Chian Designation Company Secretary The following are attached: Description (Please provide a detailed description of the event in the box below - (1) Second Quarter and Half Year Financial Results for the period ended Refer to the Online help for the format) 30 June 2015 (2) Presentation Slides for the Half Year 2015 Results Additional Details For Financial Period Ended 30/06/2015 Attachments 2QHY2015FinancialResults.pdf HY2015PresentationSlides.pdf Total size =209K http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=Announcem... 12-Aug-15
(Registra ation no: 198700 0827C) Seco ond Quarter r And Half-Y Year Unaud ited Financi ial Statemen nts and Div idend Anno ouncement for t the Period E Ended 30 Jun ne 2015 TAB BLE OF CO ONTENTS Ite em Description n P Page No. No o. 1(a a)(i) Conso olidated Stat tement of Pro ofit or Loss a nd Statemen nt of 2 - 3 Comp prehensive In ncome 1(a a)(ii) Expla anatory Notes s to Consolid dated Statem ment of Profit or Loss 4 - 5 1(a) )(iii) (Loss s)/Earnings P Per Ordinary S Share 6 1(b b)(i) State ments of Fin ancial Positio on and Comm ments on Ma ajor Statemen nts of 7 - 8 Finan ncial Position Variances 1(b b)(ii) Group p’s Borrowing gs 9 1(b) )(iii) Net A Asset Value 9 1( (c) Conso olidated Stat tement of Ca sh Flows and d Explanator ry Notes 10 - 12 1(d d)(i) State ments of Cha anges in Equ uity 13 -14 1(d )(ii) Chan ges in Comp pany’s Share Capital 14 1(d) )(iii) Total Number of Is ssued Share es Excluding T Treasury Sha ares 14 1(d) )(iv) Sales s, Transfers, Disposal, Ca ancellation an nd/or use of T Treasury Sha ares 15 2 & & 3 Audit and Auditors s’ Report 15 4 & & 5 Accou unting Policie es and Chan ges in Accou unting Policie es 15 6 6 Revie ew of Group P Performance e 16 7 7 Varia nce from Pro ospect Statem ment 16 8 8 Prosp pects 17 9 & & 10 Divide end 17 18 1 1 Intere ested Person Transaction ns Mandate Confi rmation By T The Board Pu ursuant to Ru ule 705(4) of the Listing M Manual 19 1
(Regis stration no: 1987 700827C) S Second Qua arter And H alf-Year Un audited Fin ancial State ements and Dividend A Announceme ent for the Period Ende P ed 30 June 2 2015 1(a)(i) Consol 1 idated Statem ment of Profit t or Loss for t the Second Q Quarter And H Half-Year Ende ed 30 June Note 2nd Q uarter 1st Half 1(a) 2015 2014 +/(-) 20 015 2 014 +/(-) (ii) S$’000 S$’000 % S$ ’000 S$ $’000 % Interes st income 6,241 6,178 1.0 12, ,711 12 2,058 5.4 4 Interes st expense (1,752) (1,491) 17.5 (3, ,487) (2 ,954) 18.0 0 Net inte erest income 4,489 4,687 (4.2) 9, ,224 9,104 9 1.3 3 Gross w written premium ms 1,639 (15.5) 4,353 4 (15.4 4) 1,385 3, ,684 Chang e in gross prov vision for unex xpired risks 752 917 (18.0) 1, ,261 603 109.1 1 Gross earned premiu m revenue 2,137 2,556 (16.4) 4, ,945 4 4,956 (0.2 2) Written n premiums ced ded to reinsure rs (587) (941) (37.6) (1, ,809) (2 ,291) (21.0 0) Reinsu urers’ share of c change in provis sion for unexpir red risks (619) (656) (5.6) (1, ,096) (825) 32.8 8 Reinsu ured premium e expense (1,206) (1,597) (24.5) (2, ,905) (3 3,116) (6.8 8) Net earn ned premium revenue (a) 931 959 (2.9) 2, ,040 1 ,840 10.9 9 Fee an nd commission income (b) 1,740 2,876 (39.5) 3, ,753 4,789 4 (21.6 6) Investm ment income (c) 905 817 10.8 1, ,894 1 ,933 (2.0 0) Other i ncome (d) 70 104 (32.7) 157 327 (52.0 0) Non-inte erest income 2,715 3,797 (28.5) 5, ,804 7 7,049 (17.7 7) Income before operat ting expenses s 8,135 9,443 (13.9) 17, ,068 17 7,993 (5.1 1) Busine ess developmen nt expenses (224) (173) 29.5 ( (370) (371) (0.3 3) Comm ission expense es (171) (141) 21.3 (360) ( (287) 25.4 4 Staff co osts (2,981) (3,417) (12.8) (6, ,486) (6 6,828) (5.0 0) Genera al and administ trative expense es (2,084) (1,782) 16.9 (3, ,697) (3 3,338) 10.8 8 Operati ng expenses (5,460) (5,513) (1.0) (10, ,913) (10 0,824) 0.8 8 Chang e in provision f for insurance cl laims (1,561) 2,002 NM (765) ( 1 ,812 NM Reinsu urers’ share of c change in provis sion for insuran nce claims 1,015 (1,498) NM 363 (1 ,439) NM Gross claims paid (71) (4,379) (98.4) (88) (4 4,387) (98.0 0) Reinsu urers’ share of c claims paid 1 3,059 (100.0) (18) 3,057 3 NM Net clai ms incurred (e) (616) (816) (24.5) ( (508) (957) (46.9 9) Operati ng profit befo re allowances s 2,059 3,114 (33.9) 5, ,647 6,212 6 (9.1 1) Allowan ces for loan los sses and impair rment of investm ments (f) (2,187) (2,174) 0.6 (4, ,881) (3 3,765) 29.6 6 (Loss)/p profit before ta ax (128) 940 NM 766 2 2,447 (68.7 7) Tax exp ense (237) (82.7) (571) (46.4 4) (41) ( (306) (Loss)/p profit for the p period (169) 703 NM 460 1 ,876 (75.5 5) (Loss)/p profit attributa able to: Owner rs of the Comp pany (474) 372 NM ( (159) 1 ,242 NM Non-c ontrolling inte erests 305 331 (7.9) 619 634 (2.4 4) (Loss)/p profit for the p period (169) 703 NM 460 1 ,876 (75.5 5) 2
Consolidated Statement of Comprehensive Income for the Second Quarter And Half-Year Ended 30 June Note 2nd Quarter 1st Half 1(a) 2015 2014 +/(-) 2015 2014 +/(-) (ii) S$’000 S$’000 % S$’000 S$’000 % (Loss)/profit for the period (169) 703 NM 460 1,876 (75.5) Other comprehensive income Items that are or may be reclassified subsequently to profit or loss Net change in fair value of available-for-sale financial assets (g) 510 (5) NM 675 171 NM Net change in fair value of available-for-sale financial assets reclassified to profit or loss (h) (506) - NM (747) (1,067) (30.0) Foreign currency translation differences of foreign operations (i) (2,866) (985) 191.0 (787) 143 NM Tax on other comprehensive income (1) - NM 12 152 (92.1) Other comprehensive income for the period, net of tax (2,863) (990) 189.2 (847) (601) 40.9 Total comprehensive income for the period (3,032) (287) NM (387) 1,275 NM Attributable to: Owners of the Company (2,673) (532) NM (933) 651 NM Non-controlling interests (359) 245 NM 546 624 (12.5) Total comprehensive income for the period (3,032) (287) NM (387) 1,275 NM NM – not meaningful/more than +/- 200% 3
1(a)(ii) Explanatory Notes to Consolidated Statement of Profit or Loss The following items have been included in arriving at Group net (loss)/profit for the period: 2nd Quarter 1st Half 2015 2014 +/(-) 2015 2014 +/(-) S$’000 S$’000 % S$’000 S$’000 % Investment income - dividend, fee and interest income 692 416 66.3 1,051 774 35.8 - gain on disposal of equity securities 33 128 (74.2) 88 114 (22.8) - gain on partial redemption of convertible loan 506 - NM 747 1,067 (30.0) - net change in fair value of financial assets at fair value through profit or loss (267) 275 NM 3 (23) NM - amortisation of held-to-maturity debts securities (18) (2) NM (42) 1 NM - exchange (loss)/gain (41) - NM 47 - NM 905 817 10.8 1,894 1,933 (2.0) Gain on disposal of property, plant and equipment 16 - NM 16 6 166.7 Amortisation of intangible assets (103) (56) 83.9 (189) (159) 18.9 Depreciation of property, plant and equipment (259) (247) 4.9 (529) (487) 8.6 Foreign currency differences - exchange loss, net (153) (68) 125.0 (124) (49) 153.0 - fair value gain on foreign exchange forward contracts 1 - NM 1 - NM (152) (68) 123.5 (123) (49) 151.0 Reversal of/(provision for) unexpired risks, net of reinsurers’ share - change in gross provision for unexpired risks 752 917 (18.0) 1,261 603 109.1 - reinsurers’ share of change in provision for unexpired risks (619) (656) (5.6) (1,096) (825) 32.8 133 261 (49.0) 165 (222) NM Claims incurred, net of reinsurers’ share - net change in provision for insurance claims (546) 504 NM (402) 373 NM - net claims paid (70) (1,320) (94.7) (106) (1,330) (92.0) (616) (816) (24.5) (508) (957) (46.9) (Allowances for)/reversal of loan losses and impairment of investments - loans and receivables (2,187) (2,183) 0.2 (4,881) (3,623) 34.7 - equity securities - 9 (100.0) - (142) (100.0) (2,187) (2,174) 0.6 (4,881) (3,765) 29.6 Tax expense - current tax expense (241) (411) (41.4) (586) (707) (17.1) - deferred tax credit 200 174 14.9 345 140 146.4 - underprovision of prior years’ tax - - - (65) (4) NM (41) (237) (82.7) (306) (571) (46.4) 4
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