Your Federal Quarterly Tax Payments are due April 15th Get Help Now >>

Australian Financial Advisor Resume - Excel by vxk17223

VIEWS: 18 PAGES: 10

Australian Financial Advisor Resume document sample

More Info
									                                                                                     APPENDIX IIIA
                                                       MBf HOLDINGS BERHAD (5223-k)
                                                       UNAUDITED QUARTERLY REPORT ON CONSOLIDATED RESULTS
                                                       FOR THE FINANCIAL QUARTER ENDED 31 DECEMBER 2001


                                                              INDIVIDUAL QUARTER              CUMULATIVE QUARTER
                                                        CURRENT       CORRESPONDING       CURRENT     CORRESPONDING
                                                          YEAR        PRECEDING YEAR        YEAR      PRECEDING YEAR
                                                        QUARTER          QUARTER           ENDED           ENDED
                                                        31/12/2001       31/12/2000       31/12/2001      31/12/2000
                                                         RM'000           RM'000           RM'000          RM'000

1 (a) Turnover                                             149,394             193,189       683,339            800,377

    (b) Investment income                                        (299)             (55)           9,879             846

    (c) Other income including interest income                  6,979            8,664           22,521          27,027

2 (a) Operating profit/(loss) before
      interest on borrowings, depreciation and
      amortisation, exceptional items, income tax,
      minority interests and extraordinary items            (56,604)            13,617        (40,477)           59,637

    (b) Interest on borrowings                              (32,062)           (38,524)      (143,351)          (174,756)

    (c) Depreciation and amortisation                           (2,859)         (9,102)       (19,906)           (29,293)

    (d) Exceptional gain / (Loss)                           29,908             (24,417)          42,499          (21,508)

    (e) Operating loss after
        interest on borrowings, depreciation and
        amortisation and exceptional items but
        before income tax, minority interests and
        extraordinary items                                 (61,617)           (58,426)      (161,235)          (165,920)

    (f) Share in the results of associated companies              690             (623)            805              (827)

    (g) Loss before taxation, minority                      (60,927)           (59,049)      (160,430)          (166,747)
        interests and extraordinary items

    (h) Taxation                                                (3,069)         (2,673)       (14,353)            (5,791)

    (i) (i) Loss after taxation
            before deducting minority interests             (63,996)           (61,722)      (174,783)          (172,538)

        (ii) Less minority interests                            (1,319)           (102)       (10,760)            (4,628)

    (j) Pre-acquisition profit/(Loss),                             -               -                -                -

    (k) Loss after taxation
        attributable to members of the company              (65,315)           (61,824)      (185,543)          (177,166)

    (l) (i) Extraordinary items                                    -               -                -                -
        (ii) Less minority interests                               -               -                -                -
        (iii) Extraordinary items attributable to
              members of the company                               -               -                -                -

    (m) Loss after taxation and extraordinary
        items attributable to members of the
        company                                             (65,315)           (61,824)      (185,543)          (177,166)

3       Earnings per share based on 2(m) above after
        deducting any provision for preference
        dividends, if any:-

    (a) Basic (based on 1,150,910,601 ordinary
        shares ) (sen)                                            (5.7)           (5.4)           (16.1)           (15.4)

    (b) Fully diluted (based on
        ordinary shares) (sen)                              -              -                 -              -
     MBf HOLDINGS BERHAD (5223-k)
     CONSOLIDATED BALANCE SHEET


                                           UNAUDITED        AUDITED
                                             AS AT           AS AT
                                            CURRENT        PRECEDING
                                            QUARTER        FINANCIAL
                                             ENDED          YEAR END
                                            31/12/2001      31/12/2000
                                             RM'000          RM'000

1    Fixed assets                              226,779         247,065
2    Land and development expenditure          165,931         105,254
3    Long term receivables                      37,396          16,229
4    Other investments                          28,539           6,101
5    Investments in associated companies        14,598          14,494
6    Intangible assets                           5,086           5,086
7    Current assets
     Stocks                                    115,091         168,370
     Trade debtors                             137,202         189,399
     Cash & bank balances                       26,242          46,518
     Deposits                                  117,731          94,768
     Development properties                     47,803         101,147
     Properties held for resale                125,787         156,478
     Due from associated companies              14,169          16,228
     Factored receivables                        8,027           9,511
     Sundry debtors                             98,194         168,356
                                               690,246         950,775
8    Current Liabilities
     Bank overdrafts                             46,279          51,730
     Short term borrowings                      681,284         737,302
     Trade creditors                            160,639         200,471
     Other creditors                          1,170,475       1,072,500
     Taxation                                    35,517          26,968
     Contract work in progress                    1,852           2,055
     Due to associated companies                    114             245
                                              2,096,160       2,091,271

9    Net current liabilities                 (1,405,914)     (1,140,496)
                                              (927,585)        (746,267)
10   Shareholders' Deficit
     Share capital                             575,455         575,455
     Reserves
     Share premium                              513,842         513,842
     Capital reserve                              9,140           4,563
     Exchange fluctuation reserve               (12,052)        (14,663)
     Reserve on consolidation                    16,578          16,578
     Sinking fund                                 1,908           1,609
     Retained loss                           (2,316,236)     (2,130,394)

                                             (1,786,820)     (1,608,465)
     Shareholders' Deficit                   (1,211,365)     (1,033,010)
11   Minority interest                          80,851          75,510
12   Long term loans                           108,187         116,245
13   Deferred liabilities                       92,482          94,366
14   Deferred taxation                           2,260             622

                                              (927,585)        (746,267)

15 Net tangible assets per share(RM)             (1.057)         (0.902)
   MBf HOLDINGS BERHAD                                           (5223-k)
   NOTES TO THE UNAUDITED QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR
   THE FINANCIAL QUARTER ENDED 31 DECEMBER 2001
Notes
 1 Accounting Policies
   The accounts of the Group are prepared using the same accounting policies, method of computation and basis
   of consolidation as those used in the preparation of the most recent financial statements which is in compliance
   with the Accounting Standards applicable for the current financial year.

2 Exceptional Items
                                                                                                      CUMULATIVE
                                                                    CURRENT                             CURRENT
                                                                      YEAR                                YEAR
                                                                    QUARTER                              ENDED
                                                                    31/12/2001                          31/12/2001
                                                                     RM'000                              RM'000

   Gain on disposal and deregistration of subsidiaries                      404                                      404
   Gain on deconsolidation of subsidiaries                               29,504                                   42,095

                                                                         29,908                                   42,499

3 Extraordinary Items
  No extraordinary item is included in the above results.

4 Taxation
  Taxation comprises:-

                                                                    CURRENT                              CURRENT
                                                                      YEAR                                 YEAR
                                                                    QUARTER                               ENDED
                                                                    31/12/2001                           31/12/2001
                                                                     RM'000                               RM'000

   Taxation based on profits for the period                               4,206                                   15,449
   Over provision in prior year                                             (43)                                     (57)
                                                                          4,163                                   15,392
   Deferred taxation                                                     (1,094)                                  (1,039)
                                                                          3,069                                   14,353

5 Pre-acquisition profits
  No pre-acquisition profits is included in the above results.

6 Profits on sale of investment securities and properties
  For the financial period under review, the Group recorded:-
                                                                                                           RM'000
   Profit on disposal of investment properties                                                                  10,070
   Gain on disposal of investment in associated companies                                                            81
   Loss on sale of quoted shares in Malaysia                                                                       (272)
   Total                                                                                                          9,879




                                                                    3
7 Quoted Securities
a) Total purchases and disposals of quoted securities for the financial period are as follows:-

                                                                     Quoted in
                                                                     Malaysia
                                                                      RM'000
   (i) Total Purchases                                                        0
   (ii) Total Disposals                                                  1,300
   (iii)Total loss on disposals                                           (272)

b) Total investments in quoted securities as at 31 December 2001 are as follows:-

                                                                     Quoted in
                                                                     Malaysia
                                                                      RM'000
   (i) Quoted shares in Malaysia,at cost                                90,767
         Provision for diminution                                      (86,725)
   (ii) Net book Value                                                   4,042
   (iii) Market value                                                    4,042

8 Changes in Composition of the Group
  During the current financial quarter, the Group sold 5,129,000 shares (year-to-date 7,025,333 shares) in MBf
  Capital Berhad ("MBfC") for a net consideration of RM704,108 (year-to-date RM1,027,111) thereby reducing
  the Group's investment in MBfC from 2.48% to 1.83%.

9 Status of Corporate Proposals
  The following are the corporate proposals that have been announced but not completed as at the date of this
  announcement :-

   a) Proposed disposal of a piece of land known as H. S. (D) No. 3058/95, Lot P.T.1523, Mukim Padang Meha,
   Daerah Kulim, Negeri Kedah measuring approximately 100.6 hectares by Alamanda Development Sdn Bhd
   (formerly known as MBf Country Homes & Resorts Sdn Bhd) ["Alamanda"], a subsidiary of MBf Holdings
   Berhad to ECK Construction Sdn Bhd ["ECK"] for a total consideration of RM12,747,398.

   The transaction is pending full settlement of redemption sum to the project financier.

   b) Alliance Merchant Bank Berhad was appointed as the Main Advisor and Arthur Andersen Corporate Advisory
   Sdn Bhd as the Corporate Advisor and Administrator for the proposed Scheme of Arrangement ("SOA")
   involving MBf Holdings Berhad ("MBfH") and its selected subsidiaries ("the Group") to restructure the Group's
   borrowings with their lenders and creditors.

   The proposed SOA which involve, inter alia, the restructuring of debts, including compromising the lenders of the
   relevant related corporations and a capital reduction in MBfH were approved by the shareholders of MBfH at an
   Extraordinary General Meeting held on 10 January 2001. The sanction from the High Court of Malaya at Kuala
   Lumpur was granted on 17 April 2001. The shareholders of MBfH have also approved, amongst others,
   the following resolutions :-

   - proposed acquisition of 480,000,000 ordinary shares representing approximately 95.96% of the issued and
     paid-up share capital of MBf Carpenters Limited from MBf Asia Capital Corporation Holdings Limited, a
     wholly-owned subsidiary of MBfH;

   - proposed acquisition of 2,685,150 ordinary shares of RM1.00 each representing 51% of the issued and paid-up
     share capital of MBF Cards (M'sia) Sdn Bhd (formerly known as MBf Card Services Sdn Bhd) from MBf Asia
     Capital Corporation Limited, a wholly-owned subsidiary of MBfH.




                                                                     4
   MBfH has obtained approvals from the regulatory authorities for the proposed SOA and is currently in
   the midst of finalising the legal documentation for execution with the parties involved in the proposed SOA.

   The implementation of the scheme will involve amongst others, submission of application to the Kuala Lumpur
   Stock Exchange for the listing and quotation for the new MBfH shares and warrants to be issued pursuant to
   the proposed SOA in due course.

   Barring any unforeseen circumstances, the proposed SOA is anticipated to complete by the second quarter of
   year 2002. The primary objective of the proposed SOA is to restructure the Group's debt obligations so that they
   may resume normal operations, return to profitability and service their restructured obligations.

   c) Proposed sale of the entire equity interest comprising 250,000 ordinary shares of RM1.00 each in Intanpura
   Sdn Bhd (ISB) by MBf Property Services Sdn Bhd (MBfPS), a wholly-owned subsidiary of MBf Holdings
   Berhad, to Warisan Bahagia Sdn Bhd (WBSB), in consideration for which WBSB has agreed, inter alia, to
   transfer in favour of MBfPS, one completed unit of condominium identified as Unit 1-1-A1, Kondominium
   Titiwangsa Indah estimated at RM279,000 and to further assume liabilities of ISB upon the terms and
   conditions in the Sale of Shares Agreement.

   The Foreign Investment Committee has approved the transaction with certain conditions in which WBSB has
   written in to appeal. As the conditions precedent have not been satisfied, WBSB has requested and MBfPS has
   agreed to grant a further extension of 2 months to 19 March 2002 to complete the transaction.

   d) MBf Hotels (M) Sdn Bhd (MBf Hotels), an ultimate subsidiary of MBf Holdings Berhad, has on
   21 January 2002, obtained a Restraining Order under Section 176 of the Companies Act, 1965 from the High
   Court of Malaya at Kuala Lumpur for a period of 90 days from the date of the Order. The Order was for
   the purpose of presenting a proposed Scheme of Arrangement to compromise the debts due to its creditors.

   MBf Hotels had suffered losses in the running of the hotel suites and was unable to pay the guaranteed rentals
   to all the unit owners of Sandy Bay Paradise Resort, Penang and Paradise Malacca Village Resort.

10 Seasonal or Cyclical Factors
   The business operations of the Group are not materially affected by any seasonal or cyclical factors.

11 Debts and equities securities
   There were no issuance and repayment of debt and equity securities, share buy backs, share cancellations,
   shares held as treasury shares and resale of treasury shares during the financial year to date.




                                                                    5
12 Group borrowings as at 31.12.2001 :-

a) Long term loans                                                     RM'000
     - Secured                                                           118,095
     -Unsecured                                                          350,091
                                                                         468,186
   Portion payable within one year                                      (359,999)
   Total long term loans                                                 108,187

b) Short term borrowings
   Secured
    Bank Overdrafts                                                      45,167
    Short term loans                                                    188,673
    Portion of term loan payable within one year                          9,751
    Trust Receipts and bankers' acceptances                              29,852
    Revolving Loans                                                      69,291
    Margin Accounts                                                      29,889
    Sub-total                                                           372,623
   Unsecured
    Bank Overdrafts                                                       1,112
    Short term loans                                                      1,644
    Portion of term loan payable within one year                        350,091
    Trust Receipts and bankers' acceptances                               1,583
    Revolving Loans                                                         510
    Sub-total                                                           354,940
    Total short term borrowings                                         727,563



c) Bank borrowings denominated in foreign currencies are as
   follows :-
                                                              Foreign Currency'000

      Denominated in Australian Dollar                                   16,299
      Denominated in Fijian Dollar                                        8,415
      Denominated in Kina                                                17,247
      Denominated in Renminbi                                               -
      Denominated in Samoa Tala                                             649
      Denominated in Singapore Dollar                                        13
      Denominated in Thai Baht                                           32,911
      Denominated in US Dollar                                          129,423




                                                                   6
13 Contingent Liabilities
   Details of contingent liabilities as at 31.12.2001 :-
                                                                                                              RM'000

   Guarantees in respect of:-
   Guarantees extended in support of banking and other credit facilities granted to:-

   Associated companies
   -secured                                                                                                            -
   -unsecured                                                                                                       12,887
   Others
   -secured                                                                                                         18,745
   -unsecured                                                                                                      155,689

   Unsecured :
   Claim in respect of damages allegedly suffered relating to
   a property development project of a wholly-owned
   subsidiary in which no loss is expected                                                                             2,042

   Conversion premium of present use of land
   and building disposed off in prior year                                                                             1,050

   Others                                                                                                              2,001

                                                                                                                   192,414

14 Off Balance Sheet Financial Instruments
   The Group does not have any financial instruments with off balance sheet risk at the date of issuance of this
   report.

15 Material Litigation

   There are no material litigation as at the date of this announcement except for the following mentioned herein below:-

a) The occupants of Blocks 2 & 3 of Highland Towers ("Plaintiffs") have commenced a group action against MBf
   Property Services Sdn Bhd ("MBfPS"), a subsidiary of the Company for damages and losses suffered due to the
   collapse of Block 1 of Highland Towers. On 11 August 2000, the High Court of Kuala Lumpur ("High Court")
   found MBfPS together with Metrolux Sdn Bhd (the owner and developer of a piece of land at Bukit
   Antarabangsa where MBfPS acted as its project manager) to be jointly liable for 20% of the damages sustained by
   the residents of Blocks 2 and 3 of Highlands Towers. MBfPS being one of the ten defendants has appealed
   against the High Court's decision.

   The directors are of the opinion that the maximum exposure, if any, arising from the Judgement amounts to
   RM10.0 million as advised by the Group's solicitors. However, the eventual quantum of the damages has not
   been assessed by the High Court and therefore, there is an uncertainty as to the ultimate exposure to be sustained
   by MBfPS. Pending the outcome of its appeal, no provision for any liability that may result has been made in
   the accounts of MBfPS or the Group.

   In addition to the above, two separate suits have been filed with the High Court for loss of lives, losses of
   property and compensation in relation to the collapse of Block 1 of Highlands Towers.

   These suits have been put in abeyance pending the outcome of the Suit on Blocks 2 and 3. MBfPS is one of the
   nine defendants in the suits of Block 1. The directors are unable to ascertain the quantum of damages, if any, at
   this juncture.

b) A Creditor ("Plaintiff") has commenced legal proceedings against MBf Trading Sdn Bhd, a subsidiary as the
   borrower and the Company as guarantor ("Defendants"), for the recovery of credit facilities amounting to
   RM9.1 million.

   The Plaintiff's Application for Summary Judgement was allowed on 8 December 2000. The Defendants had filed
   an Appeal against the Order dated 8 December 2000 and the said Appeal, was allowed by the court on 23 March
   2001. The case which was fixed for trial on 17 July 2001 has now been postponed indefinitely by the court.

c) A Creditor has commenced legal action against the Company ("Defendant") as guarantor to recover a sum
   of USD4.9 million (RM18.7 million) in respect of credit facilities provided to a subsidiary MBf Trading
   (S) Pte Ltd. The Plaintiff has filed an Application for Summary Judgement and the application, which was
   fixed for hearing on 29 November 2001 and adjourned to 18 February 2002, has now been fixed for further




                                                                     7
   hearing on 12 March 2002.

d) MBf Card International Ltd ("MCI") a former subsidiary sold its credit card receivables to eBanker USA.Com. Inc
   for a total consideration of HKD60.2 million (equivalent to approximately RM29.4 million).

   MBf Asia Capital Corporation Holdings Ltd ("MACCH") sold the entire equity interest in the following companies
   to Online Credit Ltd for a total consideration of HKD21.4 million (equivalent to approximately RM10.4 million) :-
   i. 12,000,000 ordinary shares of HKD10.00 each in MCI for a consideration of HKD21.1 million (equivalent to
      approximately RM10.29 million).
   ii 1,200,000 ordinary shares of HKD10.00 each in MBf Discount Card (HK) Ltd for a consideration of
      HKD279,000 (equivalent to approximately RM136,000).

   The remaining balance of the purchase consideration of HKD27.0 million (equivalent to approximately
   RM13.17 million) for the above transactions are under dispute and an action has been initiated in the High Court
   of Hong Kong for the recovery of the outstanding sum.

   Online Credit Ltd has through a Point of Defence and Counter Claim dated 8 March 2001, raised several issues to
   oppose the claim of MACCH. MACCH has replied to these allegations through their Reply and Defence to
   Counter Claim dated 2 April 2001. Both parties are in the process of preparing their witness statements,
   following which , a trial date would be fixed by the court.

e) A Creditor has obtained judgement against MBf Trading Sdn Bhd ("MBfT"), a subsidiary as the borrower and
   the Company as guarantor ("Defendants"), for the recovery of credit facilities amounting to RM3.0 million. The
   Defendants have filed a Notice of Appeal against the Order dated 31 July 2001, wherein the appeal, which was
   fixed for hearing on 9 November 2001, has been adjourned to 11 April 2002 for hearing. Following this the
   Application for Stay of Execution which was filed by the Defendants and fixed for hearing on 6 February 2002
   has been adjourned to 25 March 2002 for further hearing.




                                                                  8
16 Segmental Reporting
   Segmental analysis for the current financial year to date :
   a)Analysis by activity:
                                                                                                   Total
                                                                 Operating      (Loss)/Profit     Assets
                                                                  Revenue      Before Taxation   Employed
                                                                  RM'000          RM'000          RM'000

   Financial services                                                120,642          (74,474)         414,084
   Trading and manufacturing                                         193,500          (24,924)         100,337
   Property and hospitality                                           39,636          (62,114)         400,243
   Education                                                             -              1,519           13,078
   Motor                                                             235,288           (7,071)          93,574
   Management services and others                                     94,273            5,829          147,259
                                                                     683,339         (161,235)       1,168,575
   Group's share of turnover and profit/(loss)
   of associated companies

   Financial                                                              91                1
   Trading and manufacturing                                           4,541               82
   Education,property & others                                         3,983              722
                                                                       8,615              805
                                                                     691,954         (160,430)       1,168,575

   b)Analysis by geographical location:
                                                                                                   Total
                                                                 Operating      (Loss )/Profit    Assets
                                                                  Revenue      Before Taxation   Employed
                                                                  RM'000          RM'000          RM'000

   Malaysia                                                          203,623          (33,908)         624,702
   Other ASEAN countries                                               1,709           (5,245)          12,344
   Hong Kong and China                                                   365         (102,847)         190,744
   Australia and South Pacific Islands                               477,642          (18,869)         319,457
   United States of America                                                -             (366)          21,328
                                                                     683,339         (161,235)       1,168,575
   Group's share of turnover and profit/(loss)
   of associated companies
   Malaysia                                                               63               (6)
   Other ASEAN countries                                               2,789               (4)
   Australia and South Pacific Islands                                 5,763              815
                                                                       8,615              805
                                                                     691,954         (160,430)       1,168,575




                                                                 9
17 Material changes in quarterly results compared to the results of the preceding quarter.
   For the quarter ended 31 December 2001, the Group recorded a pre-tax loss of RM60.9 million as compared to the
   preceding quarter pre-tax loss of RM23.9 million. The loss was mainly due to forex losses, provision for
   doubtful debts and provision for impairment in fixed assets.

18 Review of results
   The Group recorded a turnover and a pre-tax loss of RM149.4 million and RM60.9 million respectively for the
   current quarter ended 31 December 2001. For the year ended 31 December 2001, turnover and pre-tax loss were
   reported at RM683.3 million and RM160.4 million respectively. The loss was mainly due to interest on borrowings,
   forex losses,provision for doubtful debts and provision for impairment in fixed assets.

19 Current Year Prospects
   Pursuant to the revamped Listing Requirements of the Exchange and the Practice Note No. 4/2001 in relation to
   the financial condition of the affected listed issuer, the Company accordingly is required to comply with the
   requirements as the Group has a shareholders' deficit of RM1,211 million as at 31 December 2001.

   The ability of the Company and its affected subsidiaries to continue as a going concern is dependent on the
   successful implementation of the on going restructuring exercise, which is currently in the midst of finalising the
   legal documentation for execution with the parties involved in the proposed scheme of arrangement (SOA).
   The proposed SOA is anticipated to complete by the second quarter of year 2002.

20 Variance of Actual Profit from Forecast Profit
   Not applicable

21 Dividend
   No interim dividend has been recommended.




   By the Order Of The Board
   MBf HOLDINGS BERHAD




   Ding Lien Bing
   Company Secretary


   Date : 28 February 2002




                                                                    10

								
To top