ViTrox's

Income Statement
For years ended 2016,2017,2018
2018 2017 2016
(RM)'000 (RM)'000 (RM)'000
Sales 394,684 327,488 234,026
Interest income 4,009 2,590 0
Other income 3,271 7,607 15,833
Amortisation of development e -718 -769 -940
Changes in work-in-progress a 22,693 6,251 10,764
Depreciation of property,plant -6,811 -5,930 4,169
Employee benefits expense -68,495 -59,508 48,341
Impairment losses on financial -255 0 0
Raw materials consumed -155,181 -111,684 -85,831
Finance costs -1,054 -42 -74
Other expenses -78,978 -79,463 60,347
Share of associate's loss -65 -38 0
Income before tax 113,100 86,502 60,920
Tax expense -7,616 3,483 3,929
Net income 105,484 83,019 64,849
Other comprehensive income:
Currency translation difference -214 -65 -5
Other comprehensive income -214 -65 -5
Comprehensive income 105,270 82,954 64,844

ViTrox's
Balance sheet
For years ended 2016,2017,2018
2018 2017 2016
(RM)'000 (RM)'000 (RM)'000
Assets
Non-current assets
Property,plant and equipment 155,144 132,929 91,246
Investment properties 600 600 600
Development expenditure 658 1,376 2145
Investment in associate 3,047 1,012 0
Investment in vlub memberships 91 91 91
Deferred tax assets 487 164 79
160,027 136,172 94,161
Current assets
Inventories 103,696 71,784 65146
Receivables 156,687 124,028 102264
Derivatives 117 1,046 0
Prepayments 5,360 3,192 1604
Current tax assets 1,485 1,542 3028
Cash and cash equivalents 148,733 150,572 110106
416,078 352,164 282148
Current liabilities
Payables 83,894 83,377 65982
Dividend payables 8,235 7,052 5859
Long term loans 3,145 3,483 5075
Financial liabilities at fair value 0 0 3021
Advance bilings to customers 8,352 3,269 2314
Current tax liabilities 1,268 458 32
104,894 97,639 82283
Net current assets 311,184 254,525 199,865
Non-current liabilities
Deferred tax liabilities 1,579 750 711
Long term loans 53,089 55,021 27033
Deferred income on government g 3,038 4,686 4420
57,706 60,457 32,164
Net assets 413,505 330,240 261,862
Equity
Share capital 50,637 49,275 23435
Share premium 0 0 11062
Capital reserve 489 277 0
Share option reserve 929 745 1207
Currency translation reserve -222 -8 57
Retained profits 361,672 279951 226101
Total equity 413,505 330,240 261,862
 Current ratio Solvency rati Profit margTotal AssetEquity MultReturn on Equity
Japan Food Holdings 2.79 1.25 0.12 1.63 1.31 0.25
Sakae 0.68 0.16 0.03 0.92 2.04 0.06
Select Group 0.75 0.23 0.04 1.91 3.67 0.29
Old Chang Kee 2.25 0.6 0.08 1.48 1.48 0.18
Neo Group 1.65 0.4 0.12 1.2 2.13 0.3
Peer average 1.624 0.528 0.078 1.428 2.126 0.216

Current ratio Solvency rati Profit margTotal AssetEquity MultReturn on Equity

Japan Food Holdings 2.79 1.25 0.12 1.63 1.31 0.25
Sakae 0.68 0.16 0.03 0.92 2.04 0.06
Select Group 0.75 0.23 0.04 1.91 3.67 0.29
Old Chang Kee 2.25 0.6 0.08 1.48 1.48 0.18
Neo Group 1.65 0.4 0.12 1.2 2.13 0.3
Peer average 1.624 0.528 0.078 1.428 2.126 0.216

Current ratio Solvency rati Profit margTotal AssetEquity MultReturn on Equity

Sakae 0.68 0.16 0.03 0.92 2.04 0.06
Select Group 0.75 0.23 0.04 1.91 3.67 0.29
Neo Group 1.65 0.4 0.12 1.2 2.13 0.3
Old Chang Kee 2.25 0.6 0.08 1.48 1.48 0.18
Japan Food Holdings 2.79 1.25 0.12 1.63 1.31 0.25
Peer median 1.65 0.4 0.12 1.2 2.13 0.3

ViTrox's
Balance sheet
For years ended 2016,2017,2018
2018 2017 2016
(RM)'000 (RM)'000 (RM)'000
Cash flows from operating activities 19,181
Profit before tax 23,168 19,181
Adjustments for:
Amortisation and depreciati 935 1,135
Amortisation of deferred in -364 -464
Dividend income -25,000 -20,000
Interest income -1,805 -260
Share-based payments 220 203
Operating loss before workin -2846 -205
Changes in:-
Receivables 12,371 33,809
Prepayments -44 45
Payables 922 70
Cash generated from operations
Tax paid -17 20
Tax refunded 17 28
Net cash from operating activ 10,403 33,727
Cash flows from investing activities
Acquisition of associate 0 -1,050
Dividends received 25000 20,000
Interest received 1805 260
Purchase of property, plant 0 -4
Subscription for shares in ass -2,100 0
Net cash from investing activi 24,705 19,206
Cash flows from financing activities
Dividends paid -21,157 -15,256
Issue of shares 974 1,442
Share issue transaction costs 0 -96
ViTrox's
Balance sheet
For years ended 2016,2017,2018
2018 2017 2016
(RM)'000 (RM)'000 (RM)'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 113,100 86,502 60,920
Adjustments for:
Amortisation and depreciation 7,529 6,699 5,108
Amortisation of deferred income -1,648 -2,255 -1351
Fair value gains on financial instrume -117 -1,046 3021
Impairment loss on receivables 0 276 579
Gain on disposal of property, plant -306 0 -536
Impairment losses on financial assets 255 0
Interest expense 1,054 42 74
Interest income -4,009 2,590 -953
Inventories written down 5,018 3,430 2,975
Property, plant and equipment written 1 0
Reversal of inventories written down -3,430 -2,975 -2066
Share of associate's loss 65 38 0
Reversal of impairment loss on recei 0 0 -43
Share-based payments 572 527 442
Unrealised loss/(gain) on foreign exc 600 -1,577 -9287
Operating profit before working capit 118,684 86,795 59,419
Changes in:-
Inventories -33,500 -7,093 -9501
Receivables and prepayments -38,440 -27,359 -3264
Payables and advance billings 5,765 19,058 37,550
Derivatives 1,046 -3,021 -158
Cash generated from operations 53,555 68,381 84,046
Tax paid -6,299 -3,956 -3877
Tax refunded 56 2,339 169
Net cash from operating activities 47,312 66,764 80339
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of associate 0 -1,050 0
Grants received 2,521 2,830 314
Interest received 3,992 2,505 952
Proceeds from disposal of property, 306 0 5
Purchase of property, plant and equi -28,124 -46,534 -59,228 0
Subscription for shares in associate -2,100 0 0
Net cash used in investing activities -23,405 -42,249 -57,957
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid -21,157 -15,256 -11,688
Drawdown of term loans 0 35,299 29000
Interest paid -1,908 -1,056 -349
Issue of shares 974 1,442 1701
Repayment of term loans -3,216 -4,103 -3,210
Share issue transaction costs paid 0 -96 0
Withdrawal/(Placement) of term depos 0 29 -1
Net cash from financing activities -25,307 16,259 15454
Currency translation differences -439 -279 8,285
Net (decrease)/increase in cash and c -1,839 40,495 46120
Cash and cash equivalents brought f 150,572 110,077 63,957
Cash and cash equivalents carried fo 148,733 150,572 110077