Listed Companies' Announcement

MASNET No. 68 OF 26.02.2004

Announcement No. 68

YHI INTERNATIONAL LIMITED


Full Year Financial Statement And Dividend Announcement for the Period Ended 31/12/2003


PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3),



1(a) An income statement (for the group) together with a comparative statement for the Notes to Income Statement (Full Year 2003 vs Full Year 2002):-

Group (Proforma )
Group (Proforma )
Group (Actual )
01/01/03-31/12/03
01/01/02-31/12/02
16/05/03-31/12/03
S$'000
S$'000
S$'000
Other income including interest income
74
25
70
Interest on borrowings
(2,367)
(2,947)
(1,283)
Depreciation
(3,729)
(3,227)
(2,565)
Amortisation
-
-
(63)
Allowance for doubtful debts and bad debts written off
(1,897)
(2,311)
(981)
Allowance for slow-moving and obsolete inventories
(730)
(13)
(632)
Inventory written off
(118)
(186)
(49)
Foreign exchange (loss)/gain
226
219
183
Profit or (loss) on sale of other investments, properties, and/or plant and equipment
13
(104)
(9)
Property, plant and equipment written off
-
(5)
-


1(b)(i) A balance sheet (for the issuer and group), together with a comparative statement

1(b)(ii) Aggregate amount of group's borrowings and debt securities.


1(c) A cash flow statement (for the group), together with a comparative statement for
Cash flow statement
Group (Proforma)
Group (Proforma)
Group (Actual)
01/01/03-31/12/03
01/01/02-31/12/02
16/05/03-31/12/03
S$000
S$000
S$000
Cash flows from operating activities:
Profit before tax
19,215
14,886
13,072
Adjustments for:
Depreciation of property, plant and equipment
3,729
3,227
2,565
(Profit)/loss on sale of property, plant and equipment
(17)
100
9
Property, plant and equipment written off
-
5
-
Loss on disposal of other investment
4
4
-
Provision for diminution in value of investment in club membership
-
13
Interest expense
2,367
2,947
1,283
Interest income
(74)
(25)
(70)
Amortisation of goodwill on consolidation
-
-
114
Amortisation of negative goodwill on consolidation
-
-
(51)
Exchange differences
(69)
583
(22)
Operating cash flow before working capital changes
25,155
21,740
16,900
Changes in operating assets and liabilities
Receivables
(8,455)
(6,915)
(1,180)
Other current assets
34
(831)
611
Inventories
(5,817)
(726)
(5,471)
Payables
4,604
428
5,722
Cash generated from operations
15,521
13,696
16,582
Income tax paid
(3,240)
(1,337)
(2,090)
Net cash generated from operating activities
12,281
12,359
14,492
Cash flows from investing activities:
Proceeds from sale of property, plant and equipment
209
608
197
Purchase of property, plant and equipment
(7,447)
(5,336)
(4,994)
Proceeds from sale of club membership
4
6
-
Purchase of club membership
(54)
-
(54)
Proceeds from cash and cash equivalents in subsidiaries acquired
-
-
2,791
Interest received
74
25
70
Net cash outflow from investing activities
(7,214)
(4,697)
(1,990)
Cash flows from financing activities:
Net proceeds from issue of shares
42,885
-
42,885
Interest paid
(2,515)
(2,927)
(1,497)
(Repayment of)/proceeds from trust receipts loans
(3,699)
796
(5,303)
Proceeds from /(Repayment of) long-term bank loans
2,537
(1,588)
3,200
(Repayment of)/proceeds from short-term bank loans
(27,337)
2,576
(27,899)
Repayment of finance lease liabilities
(198)
(157)
(58)
Dividends payment to minority shareholders
(268)
-
(26)
Net transfer of funds for other investments by shareholders
-
(2,629)
-
Net cash inflow/(outflow) from financing activities
11,405
(3,929)
11,302
Net increase in cash and cash equivalents held
16,472
3,733
23,804
Cash and cash equivalents at the beginning of the financial period
7,443
3,840
-
Effects of exchange rate changes on cash and cash equivalents
(21)
(130)
90
Cash and cash equivalents at the end of the financial period
23,894
7,443
23,894


1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or

1(d)(ii) Details of any changes in the company's share capital arising from rights issue,

2. Whether the figures have been audited or reviewed and in accordance with

3. Where the figures have been audited or reviewed, the auditors' report (including

4. Whether the same accounting policies and methods of computation as in the

5. If there are any changes in the accounting policies and methods of computation,

6. Earnings per ordinary share of the group for the current financial period reported

7. Net asset value (for the issuer and group) per ordinary share based on issued share
8. A review of the performance of the group, to the extent necessary for a reasonable

9. Where a forecast, or a prospect statement, has been previously disclosed to

10. A commentary at the date of the announcement of the significant trends and

11. Dividend


12. If no dividend has been declared/recommended, a statement to that effect.



PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT

13. Segmented revenue and results for business or geographical segments (of the

14. In the review of performance, the factors leading to any material changes in

15. A breakdown of sales.


16. A breakdown of the total annual dividend (in dollar value) for the issuer's latest



BY ORDER OF THE BOARD

Yuen Sou Wai
Executive Director
26/02/2004