JcbNext - IR - Financial Statements


	Group	Group
	2008	2007
	RM	RM
		As restated
Continuing operation
Revenue	102,330,591	83,079,137
Other operating income	369,445	480,903
Advertising expenses	(977,313)	(1,240,618)
Writeback of doubtful debts	321,501	524,024
Contract and outsourcing cost	(15,002,522)	(14,671,196)
Depreciation	(1,465,325)	(1,455,794)
Rental of office and equipment	(1,208,906)	(904,649)
Staff costs	(28,858,352)	(23,399,452)
Telecommunication expenses	(891,483)	(793,789)
Traveling expenses	(775,779)	(851,096)
Other operating expenses	(8,045,730)	(8,679,412)

Results from operating activities	45,796,127	32,088,058
Interest income	1,349,518	1,094,852
Allowance for diminution in value on other investments	(1,924,927)	(226,122)
Impairment losses on investments	(3,400,000)	(438,012)
Finance costs	(19,557)	(7,802)
(Loss)/Gain on disposal of equity interest in an associate	(1,311,810)	-

Operating profit	40,489,351	32,510,974
Share of (loss)/profit after tax and minority interest of equity accounted associates and jointly-controlled entities	(571,595)	1,151,759

Profit before tax	39,917,756	33,662,733
Tax expense	(4,942,860)	(3,379,481)

Profit for the year	34,974,896	30,283,252

Attributable to:
Shareholders of the Company	32,808,782	28,886,030
Minority interest	2,166,114	1,397,222

Profit for the year	34,974,896	30,283,252


Basic earnings per ordinary share (sen)	10.60	9.44

Diluted earnings per ordinary share (sen)	10.33	9.08


	Group	Group
	2008	2007
	RM	RM
		As restated
Assets
Property and equipment	13,994,133	13,690,082
Intangible assets	2,978,047	2,978,047
Investments in subsidiaries	-	-
Investments in an associate and jointly-controlled entities	7,379,228	10,906,896
Other investments	33,601,331	-
Deferred tax assets	165,686	212,273

Total non-current assets	58,118,425	27,787,298


Other investments	18,022,186	21,921,243
Receivables, deposits and prepayments	11,516,127	10,277,180
Current tax assets	-	177,457
Cash and cash equivalents	51,119,836	54,480,359

Total current assets	80,658,149	86,856,239

Total assets	138,776,574	114,643,537


Equity
Share capital	62,174,880	61,441,920
Reserves	3,544,777	676,124
Retained earnings	43,523,678	23,053,142

Total equity attributable to shareholders of the Company	109,243,335	85,171,186
Minority interest	1,607,384	1,248,173

Total equity	110,850,719	86,419,359


Liabilities
Deferred tax liabilities	16,431	74,420
Loans and borrowings	694,859	655,941

Total non-current liabilities	711,290	730,361


Deferred income	16,233,638	12,128,628
Payables and accruals	8,320,705	13,407,654
Taxation	2,500,012	1,875,601
Loans and borrowings	160,210	81,934

Total current liabilities	27,214,565	27,493,817

Total liabilities	27,925,855	28,224,178


Total equity and liabilities	138,776,574	114,643,537


	Group	Group
	2008	2007
	RM	RM
Cash flows from operating activities
Profit before tax	39,917,756	33,662,733
Adjustments for:
Depreciation	1,465,325	1,455,794
Impairment of goodwill	-	160,366
Property and equipment written off	22	1,139
Gain on disposal of property and equipment	(93)	(1,868)
Share-based payments	763,193	412,700
Share of loss/(profit) after tax and minority interest of equity accounted associates and a jointly-control entities	571,595	(1,151,759)
Dividend income	(1,150,964)	-
Loss/(Gain) on disposal of the equity interest in an associate	1,311,810	-
Interest income	(1,349,518)	(1,094,852)
Finance costs	19,557	7,802
Gain on disposal of investments in unit trusts	-	(236,228)
Investment distribution income	(437,799)	(709,259)
Impairment loss for investment in subsidiaries	-	-
Impairment loss for investment in an associate	3,400,000	-
Impairment loss for investment in a jointly-controlled entity	-	438,012
Allowance for diminution in value on other investments	1,924,927	226,122
Unrealised foreign exchange loss/(gain)	16,741	84,658

Operating profit/(loss) before working capital changes	46,452,552	33,255,360
Changes in working capital:
Receivables, deposits and prepayments	(369,738)	408,336
Deferred income	4,046,982	4,288,889
Payables and accruals	(523,757)	3,681,017

Cash generated from/(used in) operations	49,606,039	41,633,602
Income tax paid	(4,223,865)	(2,047,338)
Interest received	1,349,518	1,094,852
Finance costs	(19,557)	(7,802)

Net cash generated from/(used in) operating activities	46,712,135	40,673,314


Cash flows from investing activities
Acquisition of subsidiaries, net of cash acquired	510,089	491,740
Acquisition of an associate	(8,487,984)	(6,885,260)
Acquisition of a jointly-controlled entity	(453,477)	-
Acquisition of intellectual property	-	(330,000)
Investment distribution income received	437,799	709,259
Acquisition of other investments	(24,618,516)	(18,889,852)
Purchase of property and equipment	(1,795,957)	(1,337,287)
Purchase of treasury shares	(1,280)	-
Proceeds from disposal of property and equipment	20,327	6,312
Proceeds from redemption of investments in quoted unit trusts	-	7,000,000
Dividends received from a subsidiary	-	-
Dividends received from an associate	445,879	-
Dividends received from other investments	1,150,964	-

Net cash (used in) /from investing activities	(32,792,156)	(19,235,088)


Cash flows from financing activities
Dividends paid to shareholders of the Company	(17,041,302)	(3,045,977)
Dividends paid to minority shareholders	(2,327,288)	(1,485,538)
Proceeds from issuance of shares pursuant to ESOS	1,924,641	1,196,640
Repayment of borrowings	(106,807)	-
Payment of corporate restructuring expenses	-	(684,269)

Net cash used in financing activities	(17,550,756)	(4,019,144)


Net (decrease)/increase in cash and cash equivalents	(3,630,777)	17,419,082

Cash and cash equivalents at beginning of the year	54,480,359	36,325,147

Effects of exchange rate changes on cash and cash equivalents	270,254	736,130


Cash and cash equivalents at end of year	51,119,836	54,480,359


Cash and cash equivalents comprise:
Deposits with licensed banks	43,955,043	50,246,652
Cash and bank balances	7,164,793	4,233,707

	51,119,836	54,480,359