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OTTO MARINE LIMITED AND ITS SUBSIDIARIES
Segment information for the respective financial periods are as follows:
Condensed Consolidated Profit and Loss Statement
Ship Repair &
Chartering Shipbuilding Conversion Total
$’000 $’000 $’000 $’000
5 months financial period ended May 31, 2008
External revenue ......................... 6,126 206,435 6,972 219,533
External cost of sales ...................... (758) (158,203) (3,506) (162,467)
Segment results .......................... 5,368 48,232 3,466 57,066
Other expense ........................... (12,853)
Share of profits of associates ................ 4,571
Unallocated expenses ...................... (7,448)
Finance costs. ........................... (4,919)
Profit before income tax ................... 36,417
Income tax expense ....................... (500)
Profit after income tax ..................... 35,917
5 months financial period ended May 31, 2007
External revenue ......................... 1,075 78,605 6,628 86,308
External cost of sales ...................... (1,014) (64,693) (5,586) (71,293)
Segment results .......................... 61 13,912 1,042 15,015
Other income. ........................... 1,554
Unallocated expenses ...................... (4,753)
Finance costs. ........................... (1,067)
Profit before income tax ................... 10,749
Income tax expense ....................... (649)
Profit after income tax ..................... 10,100
16. Events After the Balance Sheet Date
(a) On May 30, 2008, the Company was granted an option by a shareholder of the Company to
purchase all of the issued shares of Tourquoise Limited, a company incorporated in the Federal
Territory of Labuan, Malaysia at a purchase price equal to the fair market value of the entire issued
share capital of Tourquoise Limited, based on an independent valuation, to be determined by a
qualified independent valuer jointly appointed by that shareholder and the Company.
(b) In June 2008, the Group converted $52,000,000 of the loan from a related party into a five-year
interest bearing term loan. It is unsecured and bears interest at 2% per annum above the prime
lending rate or 7% per annum whichever is higher. It is repayable in 20 equal quarterly instalments
of $2,600,000 commencing September 2008.
(c) At an Extraordinary General Meeting held on September 2, 2008, the shareholders of the Company
approved, inter alia, the following:
(i) the shareholders’ mandate in relation to ongoing transactions with interested persons.
(ii) the sub-division of every one ordinary share in the Company’s share capital into 30 shares.
(iii) the allotment and issue of new shares pursuant to the public offer of the Company’s shares.
(iv) the adoption of the Otto Marine Share Award Scheme; and
(v) the Directors be authorised, pursuant to Section 161 of the Companies Act, to: (i) allot and
issue shares in the Company; and (ii) issue convertible securities and any shares in the
Company pursuant to the conversion of such convertible securities (whether by way of rights,
bonus or otherwise) at any time and from time to time thereafter upon such terms and
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