MINOR PROJECT -2

PENGIUNE INTERNATIONAL LTD.

Describes the products and services offered.

P enguin International Limited is a Singaporean homegrown, publicly listed designer, builder, owner
and operator of aluminium high-speed craft, through a group of wholly owned, integrated subsidiaries.

Since 1995, we have delivered more than 150 aluminium workboats, patrol craft and passenger
ferries to ship owners around the world, including over 120 of our proprietary-designed Flex offshore
crewboats and armoured security boats (Flex Fighter).
Our crewboats are jointly developed by our integrated in-house shipbuilding and ship management
teams in Singapore, backed by more than two decades of experience.

We run a self-funded build-for-stock programme that features our Flex crewboats and security boats,
and we undertake owner-specific build-to-order and repair projects for a variety of high-speed craft.

We typically own and operate what we design and build. Our fleet of crewboats and passenger ferries
serve our clients in and around Southeast Asia.

Whether you are a ship owner or a charterer, you will enjoy peace of mind with the Penguin brand,
which stands for integrity, professionalism and mutual respect

Introducing the ALL-NEW 2020 FLEX FIGHTER, the oil industry’s standard for armoured Flex Figh
security crewboats, with industry-leading speed, comfort and endurance. Check out the new
upgrades in 2020!

Penguin has delivered two FiFi-1 classed aluminium Fire Fighting Search-and-Rescue vessels
to the Singapore Civil Defence Force. The 30-knot Marine Rescue Vessel is the world’s first View SC
aluminium fireboat with Chemical, Biological and Radiological defences. The 35-
knot Heavy Rescue Vessel is capable of rescuing up to 300 people at sea.

Welcome to the HOME OF THE FLEX! Penguin is a Singaporean homegrown, publicly

listed designer, builder, owner and operator of aluminium high-speed craft.

Company Background
In 1995, Penguin International Ltd (Penguin) built its first aluminium boat. Listed on the SGX in
1997, it has since built more than 200 high-speed aluminium vessels, including 120 of its
trademark Flex crew boats/security boats. The boats are sold under the Flex brand. Penguin has
two shipyards, Tuas (Singapore) and Batam (Indonesia). A major milestone was reached when it
sold its regional passenger ferrying ticketing business in 2011 to Sindo Ferry. This was a loss-
making business which was highly exposed to fuel price volatility and intense competition.
Almost 80% of Penguin’s revenue now comes from shipbuilding and ship repair. The remaining
20% of revenue is from charter income. Penguin owns 15 crew boats for charter income and
several passenger ferries, harbour launches and a landing craft for special projects in Singapore.
The common feature of all Penguin boats is the aluminium material and the speed. Such boats
can travel as fast as 30 knots as compared to 10-12 knots by a steel vessel of similar
specifications. Penguin’s business model revolves around constructing vessels for their stock
programme (i.e. built without an order). In addition, Penguin will opportunistically dispose crew
boats on charter after converting them into security vessels when the prices are attractive.
 Pricing details include list prices for key
products and services.

P enguin specialises in the design, construction, repair and maintenance of high-speed

aluminium vessels, including:

 Offshore crewboats
 Armoured security boats
 Patrol boats
 Fire fighting search-and-rescue vessels
 Passenger ferries
 Windfarm support vessels
 Pleasure craft

Our shipyards in Singapore and Batam, Indonesia (45 minutes ferry ride from Singapore), are
professionally managed and well-equipped, featuring purpose-built workshops with overhead cranes,
fully concreted grounds and marine travelifts. Our modern infrastructure, dynamic workforce and
strong balance sheet enable us to build and repair a variety of vessels on tight deadlines.

Since 1995, Penguin has delivered more than 150 aluminium workboats, patrol craft and passenger
ferries to ship owners around the world, including over 120 of our proprietary-designed Flex offshore
crewboats and armoured security boats (Flex Fighter).
Our crewboats are jointly developed by our integrated in-house shipbuilding and ship management
teams in Singapore, backed by more than two decades of experience.
We run a self-funded build-for-stock programme that features the Caterpillar-powered Flex-
40SLC and the Cummins-powered Flex-40SL, in both crewboat and security boat variants. We also
undertake owner-specific build-to-order and repair projects for a variety of high-speed craft.

Penguin Shipyard
Our newbuilds

Current Models

Flex Fighter
Crew Boat. Security Boat.
Anytime. Anywhere.
Book your 2020 model now!

Flex-42X

Speed and Comfort

Reimagined.

Flex Ferry X

The Newest Cool in Ferries.

Book your 2020 model now!

Flex Ferry Original

The New Cool in Ferries.

Flex-25 CAT

Sensibly Economical

Flex-25

Pocket Rocket.

Flex-40SLC

For speed & security.

Caterpillar-powered.

Flex-40SL

For speed & security.

Cummins-powered.
Past Models

Flex-36

The Original Flex.

Flex-38SL

The SL-series.

Pelican Group
Our crewboats for charter

Alkahfi Chief

All Biz Class ‒ 80 pax

Upgraded specs!
Alkahfi Covenant

All Biz Class ‒ 80 pax

Upgraded specs!

Alkahfi Comfort

All Biz Class ‒ 80 pax

Alkahfi Credence

All Biz Class ‒ 80 pax

Alkahfi Care

All Biz Class ‒ 80 pax

Alkahfi Courage
All Biz Class ‒ 80 pax

Pelican Calm

All Biz Class ‒ 70 pax

Pelican Victory

All Biz Class DP1 Flex-50

Pelican Gem

40 m - 70 pax Flex-40SX
More Power!

Pelican Glee
40 m - 100 pax Flex-40SX
More Power!

Pelican Gracious

40 m - 80 pax Flex-40SL

Pelican Galaxy

40 m - 78 pax Flex-40SL

Pelican Good

38 m - 78 pax Flex-38SL

Pelican Great
36 m - 70 pax Flex-36

Pelican Gold

36 m - 70 pax Flex-36

Pelican Gallant

36 m - 70 pax Flex-36

Penguin International Limited

Our passenger ferries for charter

Penguin 32

200 pax catamaran

Penguin Tekong

201 pax monohull

Penguin Renewal

112 pax catamaran

Penguin Redeem

260 pax catamaran

Company Profile
Business Description
Penguin International Ltd is a marine and offshore services company. Its
services include shipyard services and offshore charters. The company's
segments include chartering segment which provides chartering of motor
launches and Shipbuilding and Repair segment, which acts as a builder of
aluminum commercial vessels and supplier of related repairs and
maintenance services. Its principal activity is to act as owners, operators of
passenger ferries and launches, and investment holding. It is engaged in
the design, construction, repair, and operation of aluminum commercial
vessels. Its subsidiaries, owns and operates crew boats, fast supply
intervention vessels, passenger ferries, as well as shipyards.
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Company Profile

Penguin International Ltd is a marine and offshore services company. Its

services include shipyard services and offshore charters. The company's
segments include chartering segment which provides chartering of motor
launches and Shipbuilding and Repair segment, which acts as a builder of
aluminum commercial vessels and supplier of related repairs and
maintenance services. Its principal activity is to act as owners, operators of
passenger ferries and launches, and investment holding. It is engaged in
the design, construction, repair, and operation of aluminum commercial
vessels. Its subsidiaries, owns and operates crew boats, fast supply
intervention vessels, passenger ferries, as well as shipyards
https://www.reuters.com/companies/PGUN.SI/charts
TOP COMPETITORS OR ALTERNATIVES
RANK COMPANY LEADERSHIP CEO SCORE EMPLOYEES TOTAL FUNDING
REVENUE

Allen Lane
Founder & CEO 70/100 292 $0
$1.7B
1

Dan Reynolds
CEO\ 74/100 122 --
$15.7M
2

Rix Kramlich
CEO 84/100 - $21.6M --

Michael Pietsch\
CEO 80/100 1,067 --
$100M
4

William Kiester
President 79/100 35 $1.4M
$3.5M
5

David Symonds
General Manager 66/100 114 --
$16M
6
Don Peschke
President 68/100 129 -- --
7

Barry Newstead\
CEO 78/100 225 $79.5M
$129.5M
8

Bob Young
Founder & CEO 81/100 100 -- $9M
9

Nate Quigley
 Co-Founder & CEO 69/100 76 $22.3M
$4.5M

10
James Daunt
CEO 83/100 28,000 $389.9M
$3.6B
SWOT stands for strengths, weaknesses, opportunities, and threats.

strength
Outsourcing of services that were performed by the yard.
Industrial equipment and machines are technologically up to date.
Flexible production line able to adapt to the requirements of the owner.
Strong and reliable relationship with most of your suppliers.
High level of integration with strategic suppliers, who participate in planning
meetings and know the schedule of construction of the vessels.
Contract with suppliers for long periods, thus allowing the schedule to be better
planned.
Government Grants and Incentives.
Nationalization studies of products / components / parts.
Use of the CAD system to carry out the development of vessel designs.
Search for new suppliers in the development phase of the vessel project.
Share knowledge through personal interactions.
Skilled technical labor in the national market that supplies the shipbuilding
industry.

Weaknesses
Suppliers are not physically installed at the shipyard in the construction phase of
a vessel.
Few partnerships in the R&D area between suppliers and shipyard.
No shipyard has a supplier classification system according to the criticality of its
work in production.
Suppliers are not responsible for managing the stock of components supplied by
them.
Difficulty finding qualified workforce to compose the project team.
Only one shipyard has a research area in partnership with universities and
research centers.
No shipyard has the culture to formalize (record) reports and other documents to
experience and knowledge of employees.
Only one shipyard has masters and doctors on staff.
No shipyard invests in Universities or Technical Schools to contribute to the
training of the professional of the sector.
No shipyard has a production incentive system.
Few partnerships with foreign shipyards to exchange technologies

Opportunities
Partnerships between shipyards, universities and research centers for the
development of products and processes.
Opening of technical schools for the generation of skilled labor, as well as new
courses at the higher level or postgraduate level
Development of research, innovation and technology for export.
Banco Nacional de Desenvolvimento Econômico e Social financing for the
modernization of the shipyards.
Develop regional suppliers to supply the need of the shipbuilding.
Initiatives aimed at strengthening the shipbuilding cluster of Itajaí and region.

Threats
Asian countries with competitive quality, price and delivery time.
Europe with quality and technology in the production of vessels with high added
value, besides the development of parts, services and state-of-the-art technology.
 Competitive advantage boils down to why a customer likes them better.
Shipyard is a high-speed craft specialist, focused on the design, construction, repair and maintenance
of a variety of aluminium vessels, including:
 Offshore crewboats
 Armoured security boats
 Patrol boats
 Fire fighting search-and-rescue vessels
 Passenger ferries
 Windfarm support vessels
 Pleasure craft

Our shipyard in Singapore is professionally managed and well-equipped, with a 500-metric ton marine
travelift, 2 purpose-built fabrication workshops and 1 purpose-built maintenance workshop, spanning
across 14,000 square metres of fully concreted grounds.

 a 14,000-sqm fully concreted shipyard in Singapore with a 500-metric ton marine travelift, 2
purpose-built workshops and open-yard repair slots;
 a 50,000-sqm fully concreted shipyard in Batam with a 250-metric ton marine travelift, 5 purpose-
built workshops and open-yard repair slots.
Our flagship product is our proprietary Flex series of multi-role crewboats – starting with the
original Flex-36 in 2006 and culminating in the current Flex-42X Executive Fast Crew Boat. Flex
crewboats are the standard bearers for mid-sized crewboats in the offshore petroleum and maritime
security industries.

We are the world’s fastest and most prolific builder of mid-sized crewboats and security boats.

We are constantly adding new enhancements as standard features to our stock Flex Fighter multi-role
security boats.

PT Kim Seah Shipyard Indonesia

P T Kim Seah Shipyard Indonesia is a subsidiary of Penguin Shipyard International, and offers the
same scope and quality of aluminium shipbuilding and repair services as our Singapore yard.

Based in Batam, Indonesia (45 minutes ferry ride from Singapore), PTKS is professionally managed
and well-equipped, with a 250-metric ton marine travelift and five purpose-built workshops with
overhead cranes, spread over 50,000 square metres of fully concreted grounds.

With a dynamic workforce comprising over 1,000 personnel across all trades, PTKS is capable of
undertaking large scopes of newbuilding, repair and conversion activities concurrently.

By virtue of its large workforce and modern infrastructure, PTKS serves as the Group’s main
production hub for our internally-funded Flex evergreen production line.
Market share is expressed as a percentage of the business that the company owns.

Revenue
Shipbuilding (77% of FY18 revenue): Penguin builds crew boats, security vessels, ferries and
patrol boats. In recent years, it has ventured into constructing patrol boats and fire and rescue
vessels. Vessels can either be built-to-order or built-to-stock. For the former, revenue is
recognised on a percentage of completion method. Penguin does not disclose its order books.
Built-to-stock ships are parked as inventory before disposal. The average selling price of a
security boat is around US$5mn. In 2018, 59% or S$48mn of revenue was from the sale of
stocked Flex crew boats/security boats. The balance S$33mn were new build orders.

Ferry and charter income (23% of FY18 revenue): Charter income from 30 vessels: 15 are
crew boats and the rest specialised vessels utilised in Singapore for ferry support, landing craft
and harbour motor launch. Its crew boats are deployed in Malaysia, mainly by the oil and gas
industry to transport crews from shore to rigs or between rigs. Spot rental is US$4,000-5,000 per
day. Most are rented for 180 days with a few under-3-year charters that come with lower rates.
We expect the company to expand their fleet as demand is improving. Penguin also sells its crew
boats as security vessels when prices are attractive. Gains are recognised as other income. In
2018, Penguin sold 3 Flex crew boats, which were converted into security vessels.
Initiating coverage with BUY rating and target price of S$0.61
We initiate Penguin with a BUY and a target price of S$0.61. We value Penguin at 5x PE,
excluding its S$41mn net cash. Shipyards of similar size traded at 5x PE on average back when
the industry was in at steady state.

Cash-flow
Recurrent cash flow is derived from its chartering business. In shipbuilding, customers place 10-
30% deposits upfront when they place orders. Built-to-stock vessels, once completed, are
recognised as inventory. They are recognised as sales upon delivery and full payment. Penguin
will build vessels for stock only with cash in hand and when they are not geared up.

Balance Sheet
Asset composition: plant and equipment 40% (buildings, motor launches, machinery), cash 20%,
inventory 10%, trade receivables 10% and contract assets 7%. Contract assets are vessel-
building costs yet to be recognised as revenue. There is also an original S$8mn invested in SGX-
listed Marco Polo Marine. Its value had been written down to S$5.1mn as at end -December
2018.
Liabilities composition: 44% are other payables and accruals (bulk are accrued operating
expenses and deposits received) and 33% is trade payables.
Latest Developments
More
5 months ago
Penguin International QTRLY Revenue S$52.1 Million Versus
S$19.74 Million A Year Ago
a year ago
Penguin International Posts Q4 Profit Attributable S$7.3 Mln
2 years ago
Penguin International Posts Qtrly. Profit S$2.1 Mln

Penguin International Limited

PGUN.SI
LATEST TRADE

0.74SGD
CHANGE

0.02(+2.07%)
VOLUME

177,600
TODAY'S RANGE

0.73
 - 
0.74
52 WEEK RANGE

0.27
 - 
0.79
Pricing

Previous Close 0.73

Open 0.74

Volume 177,600

3M AVG Volume 20.51

Today's High 0.74

Today's Low 0.73

52 Week High 0.79

52 Week Low 0.27

Shares Out (MIL) 220.17

Market Cap (MIL) 162.93

Forward P/E 9.17

Dividend (Yield %) 0.61

 0.74
S$

0.02 | 2.07 %

0.7110a12p2p4p0.74Previous Close0.73
SGD | Singapore Exchange | Last close prices updated as of Dec 27, 2019, 5:04 PM SGT
Quote Key Ratios Short Interest

 Bid/Size

0.74×88,800

 Ask/Size

0.74×72,500

 Day Range

0.73 – 0.74

 Volume / Avg

177,600.0 / 963,370.3

 Year Range

0.27 – 0.79

 Forward Div Yield

1.69%

 Market Cap

162.9256 Mil

 Investment Style

Small Core

 Price/Sales

1.17

 Beta (5-Year)

1.10

 Consensus Forward P/E

Investment Merits

1. Expanded capabilities and opportunities. Penguin has honed expertise in crew boat
and security vessels. In December 2016, it was awarded a contract by the Singapore
Ministry of Home Affairs to build and maintain Marine Fire and Rescue Vessels. It also
secured new orders for patrol boats and windfarm support vessels in 2018.
2. Rising charter income. Following the deep lull in 2016, demand for crew boats is on
track for a recovery. Firstly, oil and gas companies are switching from costly helicopter
transportation to more economical and safer crew boats. Secondly, a rebound in oil
prices has resurrected global offshore rig activity, including in Malaysia – Penguin’s key
market.
3. Healthy balance sheet and attractive valuations Penguin has maintained a
conservative net-cash balance sheet for the past 12 years and management has been
prudent in cash deployment. We find the current valuations attractive at 3x PE FY19e
(excluding cash).

Outlook
We are positive on its outlook. The strong balance sheet has helped Penguin weather the
offshore and marine down cycle of 2015-17. Several competitors have either exited the business
or fallen under debt restructuring. The current upturn in oil prices and offshore rig activity is
another positive for the company. We also see Penguin diversifying outside its primary oil and
gas vessels into other categories, including government and offshore windfarm vessels.

Types of boats built by Penguin:

1. Offshore Crew boat (Flex brand): Used in offshore oil and gas activities to ferry crew
from onshore to offshore rigs or platforms. Alternatively, it is used to transports crew
between rigs. Crew boats are branded under the Flex series (e.g. Flex-36, Flex-40
series), with the latest vessel being a Flex-42X (Figure 1). This vessel is installed with
CCTVs and electronic fuel management. Crew boats require 6 to 7 months to build.

2. Armoured Security boats (Flex Fighter, Figure 2): These are aluminium armoured
vessels sold to oil companies for patrolling their offshore oil facilities in Nigeria. Its boats
escort tankers and patrol offshore platforms. Demand for Flex Fighter boats is around a
dozen a year.

3. Passenger Ferries (Figure 3): These are aluminium boats to ferry passengers in the
leisure industry, which take 8 to 9 months to build. Customers typically want these ferries
to be fast-speed and fuel-efficient, as well as to be able to accommodate as many
passengers as possible. Penguin has sold one unit of Flex Ferry to an African customer.
This ferry is a large monohull passenger ferry with high-speed craft safety code. The
older ferry model called Queen Star had been sold to customers such as Sindo Ferry,
Shipping Corporation of India and Horizon Fast Ferry.
 4. Patrol boats: Penguin has sold seven patrol boats to an Australian customer. These are
for law enforcement and search and rescue purposes. Speed and crew comfort are two
major criteria for patrol boats.

5. Wind farm support vessel: Secured a contract in 2018 for two vessels used for
transferring crew from shore to offshore windfarm sites in Taiwan.

6. Fire and rescue vessel (Figure 4): In December 2016, the Singapore Ministry of Home
Affairs awarded a US$23mn contract to a consortium comprising Penguin and ST Marine
for a design, construction and system maintenance programme involving a heavy marine
fire vessel, a heavy marine rescue vessel and a marine rescue vessel.

The common feature of all these boats is the aluminium design and speed. We believe the
capacity of the yard is 30 to 40 vessels per year. It requires 7 to 8 months to build a crewboat.
Challenges in building aluminium vessels are the hull form design, weight management, space
planning and selection of equipment, machinery and material.

Cost
Charter costs include the costs of crew on board (around eight per vessel) and vessel
maintenance. Fuel costs are borne by customers. The largest cost component of crew boats is
the engine. For instance, three Caterpillar C32 ACERT engines are required in one crew boat.

Industry
Since 2008, the top five largest aluminium crew boat manufacturers in the world are Penguin,
Grandweld (Dubai), Strategic Marine, Marsun and NGV Tech. Of the top 10, around one-third are
being liquidated or under some form of restructuring. These include Strategic Marine (owned by
Triyards), NGV Tech and Nautic Africa. Meanwhile, competitors in ferry construction are Cochin
Shipyard, Damen Shipyards (Netherlands), Grandweld and L&T.
In 2014-18, around 192 aluminium (30m to 50m-length) crew boats and crew/supply vessels
were built globally. Around 68 were from Penguin’s yards. In 2014, there were 78 of such boats
built. This dwindled to only 9 and 16 units in 2017 and 2018, respectively. Penguin’s share of all
such vessels built in 2017/18 was 60%, the single largest market share.

Outlook
We are positive on Penguin’s outlook.
Firstly, improving oil prices have fuelled a revival in offshore activity. The number of offshore rigs
globally has recovered from their low at end-2017 (Figure 7). The recovery is visible in countries
where Penguin has a large presence, namely, Nigeria and Malaysia (Figure 8).
Secondly, the net cash balance sheet has allowed Penguin to weather the 2015-17 vicious oil
and gas downturn. Several major competitors have left or downsized their activities. Over the
past two years, Penguin has captured a large share of the crew boat and security boat market.
Thirdly, Penguin is securing more orders outside its crew boat and security boat business. It has
successfully diversified outside this core business to secure new orders from patrol boats,
offshore vessels and rescue and fire safety vessels.
Build-for-stock is not applicable for every type of vessel. It carries the risk of inventory overhang.
For this model to work, the vessel must have a robust and ongoing demand. The advantage for
such models are the higher margins and ability for customers to secure their vessels faster and
in turn, expedite their own charter income.

Investment Merits

1. Expanded capabilities and opportunities. Penguin has honed its expertise in crew
boat and security vessels. In December 2016, it was awarded a contract by the
Singapore Ministry of Home Affair to build and maintain Marine Fire and Rescue Vessel.
It also secured new orders for patrol boats and windfarm support vessels in 2018.

2. Rising charter income. Following the deep lull in 2016, demand for crew boats is on
track for a recovery. Firstly, oil and gas companies are switching from costly helicopter
transportation to more economical and safer crew boats. Secondly, a rebound in oil
prices has resurrected global offshore rig activity, including in Malaysia – Penguin’s key
market. In June 2017, Petronas Carigali terminated their charter contract for five
Eurocopter EC225 Super Puma helicopters with MHS Aviation.

3. Healthy balance sheet and attractive valuations Penguin has maintained a

conservative net-cash balance sheet for the past 12 years. We find the current valuations
attractive at 3x PE FY19e (excluding cash)

4. Valuation
We initiate coverage on Penguin with a BUY rating. As there are very few direct
comparables, we use the PE ratios of two Singapore yards when the shipbuilding cycle
was in a steady state cycle. During the normalised shipbuilding cycle of 2012-15, both
Triyards (Figure 9) and Nam Cheong (Figure 10) traded at an average 5-8x PE.
Although, they build different vessels and have more geared balance sheet profiles, both
can be considered proxies for Penguin as their yard sizes are similar. We used the lower
PE average of 5x to value the business and added back the net cash from FY19e.
https://www.stocksbnb.com/reports/penguin-international-ltd-this-penguin-can-flex-and-fly/

Penguin International Limited is a Singapore-based marine and offshore

services company. The Company's segments include ferry and charter
services segment, which provides ferry services and chartering of motor
launches, and shipbuilding and repair segment, which acts as a builder of
aluminium commercial vessels and supplier of related repairs and
maintenance services. Its principal activity is to act as owners, operators of
passenger ferries and launches, and investment holding. It is engaged in
the design, construction, repair and operation of aluminium commercial
vessels. The Company, through its subsidiaries, owns and operates crew
boats, fast supply intervention vessels (FSIV) and passenger ferries, as
well as shipyards in Singapore and Batam, Indonesia. Its Flex-25 is a
compact crew boat; the Flex-40 series is capable of lifting over 0.5 tons,
and the Flex-50 can carry over 200 tons of deck cargo. The Company's
services include shipyard services and offshore charters.
 2014 2013

Continuing operations

Revenue 4 164,846 110,302

Cost of sales (108,753) (71,573)

Gross profit 56,093 38,729

Other operating incomes 4,304 3,055

Marketing and distribution costs (306) (215)

Administrative expenses (18,724) (14,530)

Other operating expenses (9,878) (8,294)

Finance costs (79) (49)

Interest income 175 96

Profit before tax from continuing

operations 31,585 18,792

Tax expense (1,610) (2,324)

Profit from continuing operations,

net of tax 29,975 16,468

Discontinued operation Profit/(loss) from

discontinued operation, net of tax 175 (300)

Profit for the year 30,150 16,168

Attributable to:

Owners of the Company

Profit from continuing operations,

net of tax 29,975 16,468

Profit/(loss) from discontinued operation,

net of tax 175 (300)

Profit for the year attributable to

owners of the Company 30,150 16,168

Non-controlling interests

Profit from continuing operations,

net of tax – –
Profit from discontinued operation,

net of tax – –

Profit for the year attributable to

non-controlling interests – –

Profit for the year 30,150 16,168

Earnings per share from continuing

operations

attributable to owners of the

Company (cents per share)

– Basic (a) 4.54 2.49

– Diluted (a) 4.54 2.49

Earnings per share (cents per share)

– Basic 4.56 2.45

– Diluted 4.56 2.45

Profit for the year 30,150 16,168

Other comprehensive incomes:

Items that may be reclassified subsequently

to profit or loss

Foreign currency translation 322 2

Other comprehensive income

for the year, net of tax 322 2

Total comprehensive income

for the year 30,472 16,170

Total comprehensive incomes for the

year attributable to:

Owners of the Company 30,472 16,170

Non-controlling interests – –

Total comprehensive income

for the year 30,472 16,170

Total comprehensive incomes for

the year attributable to owners

of the company:

Total comprehensive income from

continuing operations, net of tax 30,297 16,470

Total comprehensive income/(loss)

from discontinued operation, net of tax 175 (300)

30,472 16,170

Note 2016 2015 $’000 $’000 Continuing operations Revenue 4 33,405 119,854 Cost of sales (18,678)
(81,362) Gross profit 14,727 38,492 Other income 5 3,248 16,869 Marketing and distribution costs
(219) (266) Administrative expenses 6 (11,879) (19,221) Other operating expenses 7 (13,105) (8,686)
Finance costs 8 (486) (438) Interest income 8 237 170 (Loss)/profit before tax from continuing
operations 10 (7,477) 26,920 Tax credit/(expense) 11 1,046 (5,713) (Loss)/profit from continuing
operations, net of tax (6,431) 21,207 Discontinued operation Profit from discontinued operation, net
of tax 12 – 10 (Loss)/profit for the year (6,431) 21,217 Attributable to: Owners of the Company
(Loss)/profit from continuing operations, net of tax (6,431) 21,207 Profit from discontinued
operation, net of tax 12 – 10 (Loss)/profit for the year attributable to owners of the Company (6,431)
21,217 Non-controlling interests Profit from continuing operations, net of tax – – Profit from
discontinued operation, net of tax 12 – – Profit for the year attributable to non-controlling interests
– – (Loss)/profit for the year (6,431) 21,217 (Loss)/earnings per share from continuing operations
attributable to owners of the Company (cents per share) - Basic 13(a) (2.92) 9.63 - Diluted 13(a)
(2.92) 9.63 (Loss)/earnings per share (cents per share) - Basic 13(b) (2.92) 9.64 - Diluted 13(b) (2.92)
9.64