L.C. Development Ltd - FinanzNachrichten.de

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7 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 :- (a) current financial period reported on; and (b) immediately preceding financial year. Net asset* value per ordinary share based on issued share capital (excluding treasury shares which have no voting rights) as at the end of the financial period * Net asset is defined as total equity. Group Restated Company 30.09.2012 30.06.2012 30.09.2012 30.06.2012 S$0.33 10 S$0.34 S$0.28 S$0.28 8 A review of the performance of the group, to the extent necessary for a reasonable understanding of the group’s business. It must include a discussion of the following :- (a) any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and (b) any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on. Revenue Revenue of the Group for the quarter under review of S$14.0 million was S$0.3 million or 2% lower than the revenue reported in the corresponding quarter last year. Hotel Revenue of S$11.1 million was S$0.1 million or 1% marginally lower than the corresponding quarter last year. The average room rates and food and beverage revenues of both Crowne Plaza London Kensington and Holiday Inn Resort Phuket in their functional currencies had improved over the corresponding quarter last year. However, the increases were affected by the depreciation of Sterling Pound and Thai Baht against Singapore Dollar. Serviced Residence Revenue of S$1.1 million was about the same as the corresponding quarter last year. Leisure and Others Revenue of S$1.8 million was S$0.1 million or 3% lower than the corresponding quarter last year mainly because of a marginal drop in revenue of the Group’s family entertainment business. Property The Group had completed all its management projects and there was no revenue for this sector in the quarter under review. The revenue of S$0.1 million in the corresponding quarter last year was in respect of project management fees and dividend from an unquoted equity investment. Costs and Expenses The increase in total operating expenses comprising marketing, administrative and other operating expenses by S$0.7 million or 12% was mainly due to share-based compensation expense and exchange losses as explained in the Notes to Income Statement on page 2. Operating Profit Group operating profit for the quarter under review of S$0.1 million was S$1.7 million or 95% lower than the same quarter last year. Hotel This sector posted an operating profit of S$1.3 million which was S$1.2 million or 47% lower than the corresponding quarter last year. The drop was mainly due to higher share-based compensation expense and overheads incurred. In addition, the sector had recognised exchange losses in the quarter under review compared to exchange gains in the same quarter of the preceding year. Serviced Residence This sector made an operating profit of S$0.2 million for the quarter under review. The decrease in operating profit by S$0.2 million or 50% was mainly due to exchange losses recognised on translation of US Dollar cash and receivable balances.
Leisure and Others This sector incurred an operating loss of S$0.9 million which was S$0.2 million or 28% higher than the operating loss of the corresponding quarter last year mainly because of lower revenue of the Group’s family entertainment business and higher share-based compensation expense. Property This sector’s operating loss of S$0.5 million was S$0.1 million or 34% higher than the corresponding quarter last year. It was mainly because of the lower revenue as explained in the fifth paragraph under “Revenue” above. Results of Associated and Joint Venture Companies The Group’s share of the results of its associated and joint venture companies for the quarter under review was a profit of S$2.2 million compared to a profit of S$0.1 million in the corresponding quarter last year. This was mainly because Holiday Inn City Centre Guangzhou had contributed a higher profit and Knight Frank Pte Ltd, which was acquired in December 2011, had also contributed positively to the results. 9 Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results. Not applicable. 10 A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months. 11 Dividend. Works to redevelop and upgrade the Group’s newly acquired property at Rawai, Phuket into a luxury resort are in progress. Key consultants have been appointed and are working towards finalising the conceptual plans for the first phase of the project. We are targeting to complete the first phase of the redevelopment and for the hotel to be operational in 2014. Holiday Inn Resort Phuket has commenced on the refurbishment of its Main Wing starting with the public areas which include enhancement works to the lobby as well as Food and Beverage outlets. Improvement works to the rooms as well as other public areas will be carried out next year. With these works in progress, there will inevitably be disruptions to the business but this will be minimised through careful planning as well as phasing of the works with the hotel operator. The performance of the hotel is expected to be affected to some extent during this period. Although the restrictions imposed by the Chinese government on property purchases have affected the pace of the sale of our residential apartment units in Xuzhou, China, we continue to see units being progressively taken up. To-date, we have sold approximately 40% of 576 units launched for sale. Holiday Inn City Centre Guangzhou, in which the Group has a 50% interest, will no longer contribute to the Group’s results after December 2012 when the ownership of this hotel is returned to the Chinese partner. The outlook for the global economy remains uncertain with concerns over the fragile economic situation in Europe and the United States. Whilst maintaining a cautious and prudent approach in managing the Group's businesses, we will also continually seek and evaluate sound investment opportunities for growth in Singapore and regionally. (a) Current Financial Period Reported On. Any dividend declared for the current financial period reported on? None. 11
Page 1 and 2: L.C. Development Ltd Company Regist
Page 3 and 4: CONSOLIDATED STATEMENT OF COMPREHEN
Page 5 and 6: Notes to Statement of Financial Pos
Page 7 and 8: 1(d)(i) A statement (for the issuer
Page 9: 3 Where the figures have been audit

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