Financial Statement - Food Empire Holdings Limited

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For the first six months of 2005, Group Revenue was lifted 14.6% due to strong demand of the Group’s flagship products such as MacCoffee 3-in-1 which continued to perform well in Russia and other markets. Product Analysis 2Q05 2Q04 Chg 1H05 1H04 Chg $’000 $’000 $’000 $’000 Beverages 36,046 31,868 +13.1% 76,190 65,738 +15.9% Non-Beverages 3,804 3,113 +22.2% 6,344 6,268 +1.2% Total 39,850 34,981 +13.9% 82,534 72,006 +14.6% The Beverage product segment contributed to 90.5% of the Group Revenue compared to 91.1% in the corresponding quarter of the previous year. Beverage sales rose 13.1% to S$36.0 million led by higher sales from coffee-based products. Revenue from Non-beverage products grew 22.2% to S$3.8 million in Q2 2005 lifted by higher demand for snack food and confectionery food products. Net Profit Profit Before Tax improved by 10.1% to S$4.9 million in the second quarter of 2005. The increase in profit was driven largely by higher sales while the costs of major raw materials had increased. Raw Materials and Consumables Used increased by 22.2% or S$3.8 million to S$21.0 million in Q2 2005 due to rising prices of coffee powder, sugar and packaging materials which were significantly higher compared to Q2 2004. Staff costs increased S$1.2 million or 35.1% to S$4.5 million due mainly to business expansions and employee share option expensing that started in this financial year. Other operating expenses fell 5.1% to S$9.5 million despite higher business activities. This is attributable to lower advertising and promotional expenses in the second quarter of 2005, while overseas office expenditure increased. Net Profit attributable to Shareholders grew 24.6% from S$2.7 million in Q2 2004 to S$3.3 million. For the six-month period ended 30 June 2005, Group Profit attributable to Shareholders rose 18.1% to S$8.1 million due mainly to the increase in turnover despite the rising raw material costs. Balance Sheet & Cash Flow Fixed Assets increased by S$1.1 million to S$14.5 million compared to year end 2004 due mainly to the roll-out of factory in Vietnam. On 30 June 2005, the Group completed its acquisition of 13% in Future Enterprises (Russia) Pte Ltd and FER (HK) Limited, which resulted in intangible assets of S$7.7 million. Cash and bank balances fell S$2.5 million from S$15.7 million as at 31 December 2004 to S$13.2 million as at 30 June 2005 partly due to payment of dividends of S$5.1 million to shareholders. The Group continued to maintain its debt-free status. 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. The Group will continue to invest in brand building and distribution network expansion to improve its market share. For the rest of FY2005, market conditions are expected to remain competitive. Foreign currency fluctuations as well as rising raw material costs will continue to be significant factors that would affect the Group’s performance. Despite challenging business conditions ahead, the Group is cautiously optimistic of its business prospects. 11. Dividend (a) Current Financial Period Reported On Any dividend declared for the current financial period reported on? None (b) Corresponding Period of the Immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding financial year? None (c) Date payable Not applicable. (d) Books closure date Not applicable. 12. If no dividend has been declared/recommended, a statement to that effect. Not applicable. PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT (This part is not applicable to Q1, Q2, Q3 or Half Year Results) 13. Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer’s most recently audited annual financial statements, with comparative information for the immediately preceding year. Not applicable 14. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments. Not applicable. 15. A breakdown of sales. Not applicable.
Page 1 and 2: Listed companies must provide the i
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Financial Statement - Food Empire Holdings Limited

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