Interim Financial Statements and Dividend Announcement

Multi-Chem Limited 

(Incorporated in Singapore. Registration Number: 198500318Z) 

Interim Financial Statements and Dividend Announcement 

For the financial period from 1 January 2013 to 31 March 2013


Registration No. 198500318Z 


For the financial period from 1 January 2013 to 31 March 2013 

CONSOLIDATED INCOME STATEMENT 

Group 

Revenue 54,053 

Cost of sales (44,323) 

Gross profit 9,730 

Other items of income 

- Interest income 202 

- Other income 817 

Other items of expense 

- Selling and distribution costs (5,116) 

- Administrative expenses (5,618) 

- Finance costs (91) 

- Share of results of an associate, 

net of tax (48) 

(Loss)/Profit before income tax (124) 

Income tax expense (1,015) 

(Loss)/Profit for the financial period (1,139) 

(Loss)/Profit attributable to: 

Owners of the parent (1,104) 

Non-controlling interests (35) 

Earnings per share for profit attributable to owners of the parent during the financial 

period (expressed in cents per share) 

3/31/2013 3/31/2012 Change 

$'000 $'000 % 

(1,139) 

3 months ended 

59,377 

(47,946) 

11,431 

96 

1,569 

(4,182) 

(5,342) 

(61) 

(18) 

3,493 

(1,048) 

Basic (0.31) cents 0.64 cents 

Diluted (0.31) cents 0.64 cents 

2,445 

2,313 

132 

2,445 

(9) 

(8) 

(15) 

110 

(48) 

22 

Multi-Chem Limited, Page 2 of 22 

5 

49 

167 

(104) 

(3) 

(147) 

(148) 

(127) 

(147)





CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 

Group 

(Loss)/Profit for the financial period (1,139) 

Other comprehensive income for the 

financial period: 

Foreign currency differences 

on translation of foreign operations 1,766 

Income tax relating to components of 

other comprehensive income - 

Other comprehensive income for the 

financial period, net of tax 1,766 

Toal comprehensive income for the 

financial period 627 

Total comprehensive income attributable to: 

Owners of the parent 610 

Non-controlling interests 17 

627 


3/31/2013 3/31/2012 Change 

$'000 $'000 % 

2,445 

(3,484) 

- 

(3,484) 

(1,039) 

(1,047) 

8 

(1,039) 

(147) 

(151) 

Nm 

(151) 

(160) 

(158) 

113 

(160) 

Multi-Chem Limited, Page 3 of 22





NOTES TO CONSOLIDATED INCOME STATEMENT 

The (loss)/profit before income tax is arrived at after (charging)/crediting: 

Group 

Other gains 210 

Interest income 202 

Interest expense (91) 

Depreciation of property, plant and equipment (1,627) 

Allowance for doubtful third parties trade receivables (150) 

Allowance for inventory obsolescence (553) 

Inventories written off (9) 

Foreign exchange gain, net 490 

(Loss)/Gain on disposals of plant and equipment (30) 

Write-back of impairment loss for plant and equipment 

no longer required 107 

Dividend income 1 

Changes in fair value of financial assets at fair value 

through profit or loss 6 

Impairment loss of available-for-sales 

financial assets - 

Gain on disposal of financial assets at fair value 

through profit or loss 3 

Nm : Not meaningful 


3/31/2013 3/31/2012 Change 

$'000 $'000 % 

181 

96 

(61) 

(1,326) 

(407) 

(1,167) 

(18) 

830 

503 

16 

110 

49 

23 

(63) 

(53) 

(50) 

(41) 

(106) 


- 

1 

54 

(50) 

- 

Nm 

- 

(89) 

(100) 

Nm





STATEMENTS OF FINANCIAL POSITION 

Non-current assets 

Property, plant and equipment 29,098 

Investments in subsidiaries - 

Investment in an associate 569 

Club memberships 360 

Deferred tax assets 1,322 

31,349 

Current assets 

Inventories 21,138 

Trade and other receivables 48,841 

Prepayments 4,728 

Current income tax recoverable 

Financial assets at fair value through 

1,252 

profit or loss - 

Cash and cash equivalents 

Less: 

Current liabilities 

40,230 

116,189 

Trade and other payables 34,067 

Finance lease payables 121 

Bank borrowings 23,664 

Current income tax payable 1,114 

31/3/2013 31/12/2012 31/3/2013 31/12/2012 

$'000 $'000 $'000 $'000 

58,966 

Net current assets 57,223 

Less: 

Non-current liabilities 

Finance lease payables 391 

Bank borrowings 1,834 

Deferred tax liabilities 30 

2,255 

86,317 

Capital and reserves 

Share capital 

Foreign currency translation 

37,288 

account (2,203) 

Statutory surplus reserve 5,778 

Retained earnings 

Equity attributable to owners 

42,157 

of the parent 83,020 

Non-controlling interests 3,297 

Total equity 86,317 

Group Company 

28,920 

- 

617 

351 

1,308 

31,196 

29,649 

50,439 

1,381 

1,361 

115 

44,279 

127,224 

46,944 

173 

22,872 

1,439 

71,428 

55,796 

421 

852 

29 

1,302 

85,690 

37,288 

(3,917) 

5,778 

43,261 

82,410 

3,280 

85,690 

4,682 

57,840 

700 

- 

- 

63,222 

232 

26,864 

226 

- 

- 

863 

28,185 

2,198 

83 

15,362 

- 

17,643 

10,542 

303 

1,378 

- 

1,681 

72,083 

37,288 

- 

- 

34,795 

72,083 

- 

72,083 

3,017 

57,840 

700 

- 

- 

61,557 

230 

15,902 

235 

- 

115 

8,037 

24,519 

1,569 

135 

16,351 

530 

18,585 

5,934 

324 

347 

- 

671 

66,820 

37,288 

- 

- 

29,532 

66,820 

- 

66,820 






CONSOLIDATED STATEMENT OF CASH FLOWS 

OPERATING ACTIVITIES 

(Loss)/Profit before income tax (124) 

Adjustments for: 

- Allowance for doubtful third parties trade receivables 150 

- Allowance for inventory obsolescence 

- Changes in fair value of financial assets at fair value 

553 

through profit and loss (6) 

- Currency translation adjustment 371 

- Depreciation of property, plant and equipment 1,627 

- Dividend income (1) 

- Impairment loss of available-for-sale financial asset - 

- Loss/(Gain) on disposals of plant and equipment 30 

- Gain on disposal of financial assets at fair value 

through profit or loss (3) 

- Interest expense 91 

- Interest income (202) 

- Inventories written off 9 

- Share of results of an associate 48 

- Write-back of impairment for plant and equipment 

no longer required (107) 

Operating cash flows before working capital changes 2,436 

Working capital changes: 

- Inventories 7,949 

- Trade and other receivables 1,448 

- Prepayments (3,347) 

- Trade and other payables (12,877) 

Cash (used in)/generated from operations (4,391) 

Interest received 202 

Income tax paid (1,242) 

Net cash (used in)/from operating activities (5,431) 


3/31/2013 3/31/2012 

$'000 $'000 

3,493 

407 

1,167 

(54) 

(1,327) 

1,326 

(1) 

50 

(503) 


- 

61 

(96) 

18 

18 

- 

4,559 

3,004 

(915) 

248 

(4,546) 

2,350 

96 

(793) 

1,653





CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) 

INVESTING ACTIVITIES 

Net cash outflow from acquisition of shares in a subsidiary - 

Proceeds from disposals of plant and equipment 

Proceeds from disposal of financial assets at fair value through 

862 

profit or loss 

Dividend received from financial assets 

124 

at fair value through profit or loss 1 

Purchase of available-for-sale financial asset - 

Purchase of plant and equipment (451) 

Net cash from investing activities 536 

FINANCING ACTIVITIES 

Decrease/(Increase) in fixed deposits pledged 6,476 

Repayments of bills payable - 

Proceeds from bank borrowings 16,864 

Repayments of bank borrowings (16,510) 

Repayments of finance lease payables (82) 

Interest paid (91) 

Net cash from/(used in) financing activities 6,657 

Net change in cash and cash equivalents 1,762 

Cash and cash equivalents at beginning of financial period 37,605 

Effects of exchange rate changes on cash and cash equivalents 658 

Cash and cash equivalents at end of financial period 40,025 


3/31/2013 3/31/2012 

$'000 $'000 

(80) 

1,500 


- 

1 

(50) 

(298) 

1,073 

(5,474) 

(1,524) 

10,592 

(11,083) 

(56) 

(61) 

(7,606) 

(4,880) 

42,825 

(410) 

37,535





STATEMENTS OF CHANGES IN EQUITY 

Group Share capital 

Balance at 1 January 2013 37,288 

Loss for the financial period - 

Other comprehensive income 

for the financial period 

Foreign currency differences on 

translation of foreign operations - 

Total comprehensive income 

for the financial period - 

Balance at 31 March 2013 37,288 


Profit for the financial period - 

Other comprehensive income 

for the financial period 

Foreign currency differences on 

translation of foreign operations 

Total comprehensive income 

- 

for the financial perid - 

Transactions with 

non-controlling shareholders 

Acquisition of 

non-controlling interests - 


Foreign currency 

translation 

account 

Statutory surplus 

reserve 

Retained 

earnings 

Equity 

attributable to 

owners of the 

parent 

Non-controlling 

interests Total equity 

$'000 $'000 $'000 $'000 $'000 $'000 $'000 

(3,917) 

- 

1,714 

1,714 

(2,203) 

1,286 

- 

(3,360) 

(3,360) 

- 

(2,074) 

5,778 

- 

- 

- 

5,778 

5,379 

- 

- 

- 

- 

5,379 

43,261 

(1,104) 

- 

(1,104) 

42,157 

42,038 

2,313 

- 

2,313 

- 

44,351 

82,410 

(1,104) 

1,714 

610 

83,020 

85,991 

2,313 

(3,360) 

(1,047) 

- 

84,944 

3,280 

(35) 

52 

17 

3,297 

3,124 

132 

(124) 

85,690 

(1,139) 

1,766 

627 

86,317 

89,115 

2,445 

(3,484) 


8 

(80) 

3,052 

(1,039) 

(80) 

87,996





STATEMENTS OF CHANGES IN EQUITY (Continued) 

Company Share capital Retained earnings Total equity 

$'000 $'000 $'000 


Profit for the financial period 

Total comprehensive income for the financial period 



Loss for the financial period 

Total comprehensive income for the financial period 


- 

- 

- 

- 

29,532 

5,263 

5,263 

34,795 

28,473 

(845) 

(845) 

27,628 

66,820 

5,263 

5,263 

72,083 

65,761 

(845) 

(845) 

64,916 






A review of the financial 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) seasonable 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 

The Group achieved a turnover of $54.1m for the three months ended 31 March 2013 (“1Q2013”), a decrease 

of 8.9% or $5.3m compared to the revenue of $59.4m for the three months ended 31 March 2012 (“1Q2012”). 

Comparing 1Q2013 to three months ended 31 December 2012 (“4Q2012”), the Group revenue decreased by 

12.6% or $7.8m, from $61.9m to $54.1m mainly due to a traditionally slower first quarter and poor economic 

conditions. 

For 1Q2013, the IT distribution business accounted for 92.0% of Group revenue, while the manufacturing 

service accounted for the remaining 8.0% of Group revenue. 






REVENUE 

PCB Division 

Revenue in this Division decreased by 38.0% or $2.7m, from $7.1m in 1Q2012 to $4.4m in 1Q2013, due to 

the slow economic recovery pace in US and Europe. 

Comparing 1Q2013 to 4Q2012, revenue in this Division decreased by 17.0% or $0.9m from $5.3m in 4Q2012 

to $4.4m in 1Q2013 as due to a traditionally slower first quarter. 

IT Division 

The IT distribution business achieved a quarterly revenue of $49.7m in 1Q2013, a decrease of 5.0% or 

$2.6m, from $52.3m in 1Q2012. The decrease in sales was largely due to the poor economic situation. This is 

especially true when Singapore experience a contraction of 0.6% in 1Q2013 as compared to growth of 1.6% 

in 1Q2012. 

Comparing 1Q2013 to 4Q2012, revenue decreased by 12.2% or $6.9m, from $56.6m in 4Q2012 to $49.7m in 

1Q2013. The decrease in sales was largely due to a traditionally slower first quarter as the IT business is 

historically weighted more heavily in the 2nd half of the year compared to the 1st half year. 






PROFIT BEFORE TAX (“PBT”) 

The Group registered a loss before tax of $124,000 in 1Q2013, as compared to PBT of $3.5m in 1Q2012. 

The loss before tax in 1Q2013 was due to the following:- 

(1) Gross profit margin decreased by 1.3 percentage points from 19.3% in 1Q2012 to 18.0% in 1Q2013 

mainly due to the decrease in turnover in the high operating leverage Manufacturing Services Division. 

Given the high depreciation cost of laser and mechanical drilling machines, gross margin is particularly 

sensitive to changes in production volumes. The increase in depreciation cost from $1.3m in 1Q2012 to 

$1.6m in 1Q2013 is mainly due to the strengthening of Chinese renminbi whereby the majority of the 

Group’s assets are located. ; 

(2) An increase in interest expense from $61,000 in 1Q2012 to $91,000 in 1Q2013 due to drawdown of short 

term loans; 

(3) Net foreign exchange gain of $490,000 in 1Q2013 as compared to net foreign exchange gain of $830,000 

in 1Q2012 due to strengthening of USD in 1Q2013; 

(4) Loss on disposal of plant and equipment of $30,000 in 1Q2013 as compare to gain on disposal of plant 

and equipment of $503,000 in 1Q2012. 

The decrease in PBT was ameliorated by the following: 

(1) A write-back of impairment of $107,000 in plant and equipment in 1Q2013 when related machinery was 

sold above the carrying amounts, but there were no such write-back in 1Q2012; 

(2) An increase in interest income of $106,000 from $96,000 in 1Q2012 to $202,000 in 1Q2013 which was 

due mainly to additional funds in China placed in fixed deposits; 

(3) A decrease in allowance for doubtful third parties trade receivables of $257,000 from $407,000 in 1Q2012 

to $150,000 in 1Q2013. 

Comparing 1Q2013 to 4Q2012, the Group registered a loss of $124,000 in 1Q2013 as compared to PBT of 

$743,000 in 4Q2012 due to higher revenue achieved in 4Q2012. 






PROFIT AFTER TAX (“PAT”) 

Group PAT decreased by 145.8%, from profit of $2.4m in 1Q2012 to a loss of $1.1m in 1Q2013. Comparing 

1Q2013 to 4Q2012, net profit after tax decreased by $1.2m from profit of $78,000 in 4Q2012 to loss of $1.1m 

in 1Q2013. These were largely in line with the changes in Group PBT. 

Provision for tax comprised mainly of current income tax and deferred tax of the Company and its 

subsidiaries. 

Income tax expense of $1.0m comprised of withholding tax of $321,000 paid for dividends declared by the 

subsidiaries in 1Q2013. 






STATEMENTS OF FINANCIAL POSITION REVIEW 

Presented below is a review of material changes in the key statements of financial position items for the 

financial period ended 31 March 2013. 

Cash and cash equivalents at the Group level decreased by $4.1m from $44.3m to $40.2m. The decrease 

was mainly due to payment to trade and other payables. At the Company level, cash and cash equivalents 

decreased from $8.0m to $863,000. The decrease was mainly due to loan to a subsidiary. 

Trade and other receivables of the Group decreased by $1.6m from $50.4m to $48.8m, due to lower 

revenue attained in 1Q2013. The increase at the Company level by $11.0m from $15.9m to $26.9m was 

mainly due to loan to a subsidiary and dividend receivables from subsidiaries. 

Inventories at the Group level decreased by $8.5m from $29.6m to $21.1m mainly due to better 

management of stocks and lesser stocks purchased due to lower sales attained in 1Q2013. 

Investment in an associated company decreased by $48,000 from $617,000 to $569,000 mainly due to the 

share of loss of $48,000 in 1Q2013. There is no change at the Company level as the investment is accounted 

for at cost, as opposed to the equity method at Group level. 

Property, plant and equipment increased by $178,000 from $28.9m to $29.1m at the Group level mainly 

due to purchase of new plant and equipment net of depreciation charge and disposal of plant and equipment. 

The increase at the Company level is mainly due to purchase of new plant and equipment. 

Trade and other payables decreased by $12.8m from $46.9m to $34.1m at the Group level due mainly to 

lesser purchases place to vendor because of lower sales. The increase at the Company level by $629,000 

from $1.6m to $2.2m was mainly due to year 2013 share of profits not paid yet. 

Borrowings increased at Group level mainly due to draw down of short term loans from the banks. The 

decrease at Company level is mainly due to repayment of term loans to the banks. 






CASH FLOW ANALYSIS 

Net cash of $5.4m was used in operating activities in 1Q2013, as opposed to net cash of $1.7m generated in 

1Q2012. This was mainly because of payment to trade and other payables. 

Net cash of $536,000 was generated from investing activities in 1Q2013, a decrease of $537,000 from the net 

cash of $1.1m generated in 1Q2012. The changes were mainly due to proceeds from disposals of plant and 

equipment of $862,000 in 1Q2013 net of purchase of plant and equipment of $451,000 as compared to 

proceeds from disposals of plant and equipment of $1.5m net of purchase of plant and equipment of 

$298,000 in 1Q2012. 

Net cash of $6.7m was generated from financing activities in 1Q2013 which was mainly due to a decrease in 

fixed deposit pledged of S$6.5m, proceeds from bank borrowings of $16.9m net of repayment of bank 

borrowings of $16.5m. The net cash of $7.6m used in 1Q2012 was due to repayment of bank borrowings and 

bills payable of $12.6m and an increase in fixed deposit pledged of $5.5m, net of proceeds from bank 

borrowings of $10.6m in 1Q2012. 

Cash and cash equivalents stood at $40.0m as at end of 31 March 2013, up from $37.5m as at end of 31 

March 2012. 






A commentary at the date of the announcement of the 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 twelve months. 

PCB 

Comparing 1Q2013 to 1Q2012, the revenue for this quarter decreased by 38.0% or $2.7m from $7.1m in 

1Q2012 to $4.4m in 1Q2013. The decrease is mainly due to the sluggish economic conditions in the USA and 

Euro zone causing the world economy to slow down. This is especially true when the GDP of one of the top 

growing economies, China also slowed down from 7.9% in 4Q2012 to 7.7% in 1Q2013. 

The Group is currently one of the leading PCB drilling service providers in terms of capacity and technology in 

Eastern China. As at 31 March 2013, the Group has 147 drilling machines and 24 laser drilling machines. In 

1Q2013, the Group sold 4 laser drilling machines. The Group will continue to be selective of its customers, 

rationalise operations, manage headcount to cut cost and conserve cash. 

IT 

The IT business through Singapore and the regional offices experienced a decrease in revenue of 5.0% or 

$2.6m from $52.3m in 1Q2012 to $49.7m in 1Q2013. The decrease in revenue is mainly due to poor 

economic situation as the GDP for Singapore dropped from growth of 1.6% in 4Q2012 to contraction of 0.6% 

in 1Q2013. 

The Group has a focused strategy of selling and promoting only the best-of-breed IT products. Among the 

products the Group currently carries are industry-leading IT products from Blue Coat, Check Point, Citrix, 

Imperva, Riverbed, RSA, Solarwinds and Tufin. 

To promote technical competency internally and to train its partners, the Group is able to provide certified IT 

training through the Training Division of M.Tech Products Pte Ltd, which is authorised to conduct training for 

Blue Coat, Check Point, EC-Council, ISC2, Riverbed and RSA courses. This business is complementary to 

the core IT distribution business and is expected to bring about more awareness and technical knowledge 

through the courses conducted. 

As at 31 March 2013, the Group’s IT business has a presence in 27 cities in 13 countries in the Asia Pacific 

region. M.Tech offices in countries that are already mature in operations are expected to contribute more to 

the Group’s performance. 






IT (Continued) 

The near term outlook in the IT business is dependent on events such as those political or economic in nature 

and such events could affect business in certain markets. The uncertainty and slowing down of the global 

economy is expected to have a negative impact on the IT business. However, as the Group is diversified 

across markets, it is expected to be better able to mitigate such impact than if it were in a single market. IT is 

a critical requirement in businesses and security will continue to remain an integral part of the IT 

infrastructure. This should augur well for the Group as more efforts are put into growing the IT business. 

For growth, the Group will focus on its best-of-breed products and will continue to look out for opportunities 

for regional expansion. The Group will also be selective of the products we carry so as to be able to do the 

best for the principals that the M.Tech companies represent. The Group will also promote the M.Tech brand 

name and intends to work closely with key partners to further promote the products. 






Risk Factors 

The Group’s primary business risk in its PCB business is the exposure to the electronics products sector. Our 

customers are PCB manufacturers, most of whom will be exposed to the cyclical nature of the electronics 

business. Any downturn in the electronics cycle will result in a cutback in outsourcing, which will impact the 

Group negatively. Additionally, with the typically heavy capital investment required in the manufacturing 

service business, the Group will be adversely affected should there be a downturn in the electronics business 

due to the high fixed costs in this business. 

The Group’s success in the China market will depend on our ability to maintain our technological, quality 

assurance, capacity and pricing advantage over our competitors. Additionally, we have to monitor trade debts 

closely as collection of accounts receivable generally takes longer in China. The Group is tightening the credit 

assessment on customers for all regions. 

The Group, with significant investment in China, is also exposed to the political, legal and economic climates 

of the country. Such risks pertaining to the political, legal and economic climates extend to the other markets 

in which the Group is operating. 

We are also exposed to foreign exchange risks as we mainly transact with our suppliers, vendors and 

customers in Singapore dollar, US dollar, Chinese renminbi, Thai baht, Malaysian ringgit, and to a lesser 

extent, euro, Indonesian rupiah, Philippines peso, Hong Kong dollars, Indian rupee, Korean won, Japanese 

yen and Australian dollars. The Group may, from time to time, enter into borrowing and foreign exchange 

arrangements as currency hedges. The Group expects to be exposed to a higher foreign exchange risk with 

the current volatility of the US dollar against some of the local currencies we collect from the customers. 

In the area of IT distribution, the Group is subjected to risk of reliance on a few key vendors, with respect to 

their channel strategies, as well as product roadmap. The Group is also exposed to the risks of product 

obsolescence with respect to the hardware carried. Despite such risks, the Group has taken steps to align 

with the leading names in the IT arena and as such, there is a good probability that such companies will take 

steps to ensure that their products maintain the technological edge. The Group also monitors its stock on a 

quarterly basis and will make provisions where necessary. 






Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any 

variance between it and the actual results 

The actual results for 1Q2013 were largely in line with the prospect commentary disclosed to the 

shareholders on 1 February 2013. 






NOTES TO THE FINANCIAL STATEMENTS 

1. AGGREGATE AMOUNT OF GROUP’S BORROWINGS AND DEBT SECURITIES 

Amount repayable in one year or less, or on demand 

As at 31 Mar 2013 As at 31 Dec 2012 

Secured 

Unsecured 

Secured 

Unsecured 

S$’000 

S$’000 

S$’000 

S$’000 

832 22,953 6,570 16,475 

Amount repayable after one year 

As at 31 Mar 2013 As at 31 Dec 2012 

Secured 

Unsecured 

Secured 

Unsecured 

S$’000 

S$’000 

S$’000 

S$’000 

2,225 - 1,273 - 

Additional information and details of any collateral 

The secured borrowings are secured on the Group’s two properties, three motor vehicles and fixed deposits 

placed with the financial institutions. 

2. SHARE CAPITAL 

Group 

Issued shares 

‘000 

Share capital 

$’000 

Total share 

capital 

$’000 

Balance at 1 Jan 2013 and 31 Mar 2013 360,381 37,288 37,288 

Balance at 1 Jan 2012 and 31 Mar 2012 360,381 37,288 37,288 

3. A statement showing all sales, transfers, disposal, cancellation and/or issue of treasury shares as at the 

end of the current financial period reported on. 

Not applicable. 







4. Whether the same accounting policies and methods of computation as in the issuer’s most recently 

audited financial statements have been applied. 

The Group has applied the same accounting policies and methods of computation in the financial statements for 

the current reporting period compared with the audited annual financial statements for the financial year ended 

31 December 2012. In addition, the Group also adopted various revisions to the FRS, which became effective 

during that period. The said adoption has no significant impact to the financial statements of the Group. 

5. If there are any changes in accounting policies and methods of computation, including any required by 

an accounting standard, what has changed, as well as the reasons for, and the effect of, the change. 


6. Whether the figures have been audited or reviewed, and in accordance with which auditing standard or 

practice. 

The figures presented in the announcement have not been audited or reviewed by our auditors. 

7. Where the figures have been audited or reviewed, the auditor’s report (including any qualification of 

emphasis of a matter). 


8. Earnings per ordinary share of the Group for the current financial period reported on and the 

corresponding period of the immediately preceding financial year, after deducting any provision for 

preference dividends. 

Group 3 months ended 

Earnings per share attributable to owners of the parent during the financial 

period (expressed in cents per share) 

31-Mar-2013 31-Mar-2012 

(i) Based on weighted average number of shares (0.31) cents 0.64 cents 

- Weighted average number of shares (‘000) 360,381 360,381 

(ii) On fully diluted basis (0.31) cents 0.64 cents 

- Adjusted weighted average number of shares (‘000) 360,381 360,381 







9. Net asset value (for the issuer and group) per ordinary share based on issued share capital of the issuer 

at the end of the (a) current financial period reported on; and (b) immediately preceding financial year. 

Net asset value per share based on 

existing issued share capital as at the 

respective period 

Group Company 

31-Mar-2013 31-Dec-2012 31-Mar-2013 31-Dec-2012 

23.04 cents 22.87 cents 20.00 cents 18.54 cents 

The net asset value per ordinary share at the end of the current period and the immediately preceding financial 

year have been calculated based on 360,381,000 ordinary shares. 

10. DIVIDEND 

(a) Current Financial Period Reported On 

No dividend has been declared/recommended for the financial period ended 31 March 2013. 

(b) Dividend for financial period ended 31 March 2012 

No dividend was declared/ recommended for the financial period ended 31 March 2012. 

11. If the Group has obtained a general mandate from shareholders for IPTs, the aggregate value of such 

transactions. If no IPT mandate has been obtained, a statement to that effect. 

There is no general mandate from shareholders for IPTs obtained. 

BY ORDER OF THE BOARD 

Foo Suan Sai 

Chief Executive Officer 

29 April 2013 

Negative assurance confirmation on interim financial results under SGX Listing Rule 705(5) of the Listing Manual 

We, Foo Suan Sai and Han Juat Hoon, being two Directors of Multi-Chem Limited (the “Company”), do hereby confirm on 

behalf of the Directors of the Company that, to the best of our knowledge, nothing has come to the attention of the Board 

of Directors of the Company which may render the 1Q2013 financial results to be false or misleading in any material 

aspects. 

On behalf of the Board of Directors 

Foo Suan Sai Han Juat Hoon 

Chief Executive Officer Chief Operating Officer 

Singapore, 29 April 2013 Singapore, 29 April 2013

Interim Financial Statements and Dividend Announcement

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