Rowsley W120921   

Rowsley W120921 Expirty 2012

This one lagi more shiok. more and most spectacular and fanatic sell down, going worthless??.

Rowsley W120921

Op-0.047

Cls-0.030

-0.017cts

-36.2%

Volume changed hands-5,695,000

 

Big order...? Rowsley W120921

11:04:40

0.055

1,555,000

A

 

http://rowsley.listedcompany.com/

Review of Statement of Comprehensive Income

The Group reported comprehensive income, attributable to shareholders, of $9.94 million in FY2010, reversing the comprehensive loss of $17.85 million in FY2009. The strong comprehensive income, comprising of net income of $6.77 million and other comprehensive income of $3.17 million, reflected the sharp improvement in fair value of the Group's investment portfolio. The fair value of the Group's quoted securities was based on the market closing prices as of the balance sheet date.

The net profit of $6.77 million for FY2010 was primarily due to the $9.39 million write-back of impairment on investment in associated company, UPP Holdings Limited ("UPP"). UPP is a long term strategic investment of the Group. The recovery in carrying value was determined based on UPP's market quotation, improved operating results and strong financial position. UPP successfully raised about $23 million from a rights issue in February 2010, and additional $10 million from warrant conversions in April 2010, which made UPP a debt free company and well positioned to pursue growth in businesses.

The other income of $200,000 for FY2010 consisted of dividend income of $100,000, rental income of $92,000 and the gain of $36,619 on the disposal of investment in ASPrecise Pte Ltd.

The other comprehensive income of $3.17 million for FY2010 was primarily derived from the fair value reserve on available for sale securities. The available for sale securities comprised of investments in two quoted lifestyle retailing companies, FJ Benjamin Holdings Ltd and Afor Limited. In accordance with accounting standards, the fair value gain on these investments was reported as reserve in equity. During the period, the market value of both companies appreciated considerably, reflecting their strong cashflow and the benefit from the recovering retail sector.

San Technology Holding Pte Ltd ("STH"), a membrane based oil recycling company, which Rowsley Ltd. acquired 51% equity stake in FY2009, reported its maiden revenue. STH has completed development of its proprietary oil recycling system and has embarked on commercial roll out.

The operating expense for FY2010 was $3.16 million, an increase of 50% over FY2009. The $1 .I0 million increase in operating expenses was due to the consolidation of STH's full year operating cost of $1.02 million. The operating expense at Rowlsey corporate office was flat as compared to prior year. An expense of $258,000 was incurred for Rowsley Ltd. rights issue in September 2009.

The Group's earnings per share for FY2010 was 0.88 cents, as compared to loss per share of 3.14 cents for FY2009.

Review of Balance Sheet

Shareholders' equity increased by $25.14 million to $34.83 million as at 31 March 2010 due in part to the company's enlarged share capital after the rights issue in September 2009 which raised $15.20 million. The increase was also due to gain of $3.19 million in fair value reserve on available-for-sale financial assets and reversal of impairment loss for investment in associated company of $9.39 million.

Total assets of $36.77 million as at 31 March 2010, increased by $26.42 million compared to $10.35 million as at 31 March 2009. This was largely due to the mark to market valuation increase of $13.28 million for the quoted securities and the cash proceeds from the rights issue.

Total liabilities were $1.95 million as at 31 March 2010, compared to $361,000 as at 31 March 2009. This increase was due to the deferred income tax liabilities of $653,000, arising from fair value gain on available-for-sale financial assets and bank borrowings obtained in FY2010 of $1 million.

The Group maintained a low debt/equity ratio (total liabilities/equity) of 0.06.The NAV per share was 3.93 cents as at 31 March 2010, compared to 1.53 cents as at 31 March 2009.

 

Review of Statement of Cash Flow

In FY2010, the Group's operating activities used $3.13 million compared to $2.23 million in prior year. The increase was due to the consolidation of STH's full year negative operating cashflow of about $1 million.

Investing activities used net cash of $6.20 million. This comprised of $5.41 million for additional equity investment in UPP and $897,000 for plant and equipment additions in STH's China operations.

Financing activities generated $15.10 million which was provided by the funds raised through Rowsley Ltd. rights issue.

Overall, the net increase in cash and cash equivalent for FY2010 was $5.76 million.The Group had cash holding of $6.93 million as at 31 March 2010.

 

Commentary On Current Year Prospects

The Group's business is focused on investing in companies with capital appreciation potential and/or dividend income streams. We enhance our shareholder value by engaging the management of investee companies to improve operating results and build sustainable growth.

In September 2009, the company successfully completed a rights issue, raising $15.10 million. The rights issue was 220% oversubscribed, as shareholders supported and showed confidence in the Group's management. The rights issue, while strengthening the financial position of the Group, provided financial flexibility to explore growth opportunities.During the year, management explored many investments including clean energy and water investment prospects but have yet to find a suitable fit.

 

In November 2008, the Group completed its acquisition of 51% equity stake in STH, a Singapore incorporated company engaged in the business of developing renewable energy and lubricating oil recycling businesses in China. We are pleased to note that STH completed development of its proprietary membrane based oil recycling system and had commenced commercial roll out. On 26 February 2010, STH filed an application for the grant of patent on the method and system for purifying used oil with Singapore Registry of Patents.

The company has significant influence on associated company UPP, through the appointment of Mr Koh Kim Huat as non executive chairman of UPP Board. The Group's participation in the Board of UPP has resulted in the restructuring of UPP balance sheet and business focus. UPP's financial position is now significantly improved, after the successful completion of UPP rights issue in February 2010 and the consequential increase in controlling interest by Mr Lim Eng Hock in April 2010. United Pulp and Paper Company Limited was officially renamed UPP Holdings Limited on 03 May 2010 as it intends to pursue new area of growth opportunities beyond the paper related business.

In our continuing effort to contain cost, the Group had struck off 5 dormant subsidiaries during the year. At present, Rowsley Ltd. has two wholly owned subsidiaries,

SSP Innovations Pte Ltd and Rowsley Sports Pte Ltd; and

a 51% equity stake in San Technology Holding Pte Ltd.

San Technology Holding Pte Ltd has three subsidiaries, SanTechnology (Shenzhen) Co. Ltd, Sanfeng Chemical Technology Co. Ltd and Shenzhen SenKeYan Technology Co. Ltd.

Outlook

While there is growing consensus that the recessionary fears are over and corporate growth is expected to return, we prefer to take a more cautionary approach. The continued high unemployement rate and the worsening government debts of major economies can pose serious disruptions to the sustainability of the global recovery.

We are cautiously optimistic that the Group's investment portfolio will do well if the global recovery can gain traction. Nevertheless, we will continue to be prudent in ensuring that the Group has low leverage and ample capital to ride potential market volatility.

Use of Proceeds of the Rights Issue (OIS dated 27 August 2009)

The Company wishes to announce that to-date, out of the net proceeds of approximately $14.90 million from the Rights Issue:

1. About $2.50 million had been used to provide shareholder loan to STH.
2. About $5.41 million had been used to subscribe UPP Rights Shares.
3. About $960,000 had been used for the Group's general corporate and working capital purposes.

The unutilised balance of net proceeds is $6.03 million.

 

 

FridaY:  6th AUGUST 2010

Market Maker  UNloading  aT:

S$0.150

S$0.145

VERY  STRONG  bUyIng  sUppOrt  at  S$0.145

 

Business Description
Rowsley Limited. The Group's principal activity is investing capital to companies.

Its portfolio consists of investments in:

 United Pulp & Paper Company Ltd (UPP),

F J Benjamin Holdings Ltd (F J Ben),

Afor Ltd (Afor) and

San Technology Holding Private Ltd (STH).

UPP is engaged in the manufacturing and selling of paper and packaging products.

F J Ben provides brand building and management and developing retail and distribution networks for international luxury and lifestyle brands across Asia.

Afor sells Apple brand products and its complementary products.

STH develops renewable energy and lubricating oil recycling businesses in China.

 

ROWSLEY                      0.140   0.145

ROWSLEY  W12            0.050   0.055

Leverage                         2.800   2.636

Snapshot of ROWSLEY LTD (ROWS)

OPEN $0.14		PREVIOUS CLOSE $0.14
DAY HIGH $0.15		DAY LOW $0.14
52 WEEK HIGH 08/3/10 - $0.15		52 WEEK LOW 02/5/10 - $0.08
MARKET CAP 128.6M		AVERAGE VOLUME 10 D 26.6M
EPS TTM $0.0088		SHARES OUTSTANDING 886.7M
EX-DATE 07/17/08		P/E TTM 16.5x
DIVIDEND --		DIVIDEND YIELD --

 

Rowsley W120921

Symbol: I5GW

Currency: Singapore Dollar

Last:

0.055

+ 0.0050

Vol (K): 1999.0

Trading
Updated Time	06-Aug 15:33
Open	0.05	High	0.055	Low	0.05
Prev Close	0.05	Buy	-	Sell	-
Volume(K)	1999.0	Buy Vol(K)	-	Sell Vol(K)	-
All Time High	0.06	All Time Low	0.025

Intraday Chart