According to the audited results of SBST's Full Year
Financial Statements and Dividend Announcement for the Year Ended
31 December 2010 posted on SGX...
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_FA3405E0C73500D3482578340028DBC0/$file/SBST_FullYear2010.pdf?openelement
It seems that its Non-Current Assets stated under
the column of “Vehicles, Premises and Equipment” has increased to
$535,832,000 in the year ended 2010 from $491,704,000 the year
before (FY2009). Non-Current Assets symbolize assets held for use
for more than 12 months. This indicates that within the last 12
months, the sum total of $44,128,000 worth of Non-Current Assets –
“Vehicles, premises and equipment”, were converted into Current
Assets which were assets sold, disposed, or converted into cash
within that period. I presume this must be directly related to the
write-off of significant quantities of buses during that
period.
Another interesting observation here is that under
the Current assets list, “Short-term deposits and bank balances”
ballooned a good $61 Million, from $6 Million in FY2009 to $67
Million. This is not related to the disposal of vehicles, as that
$44 Million should be listed under the “Inventories”, “Trade
receivables” and “Other receivables and prepayments” columns. Does
anyone know if SBS Transit Limited has cashed in on any short-term
(under 1 year) assets over FY2010?
With the exclusion of $100 Million debt the company
undertook in FY2010, Total Non-Current Liabilities sank $1 Million,
while Current Liabilities were reduced from $218,084,000 in FY2009
to $202,176,000 in FY2010, despite the company incurring an almost
$20 Million liability in Fuel Price Equalisation
Accounts.
Payable income taxes reduced from $2.6 Million to
just over $0.3 Million. But why is this so when on the whole, staff
costs increased to $293 Million from $289 Million the year ago?
Shouldn’t it just have been a marginal increase at best?
Depreciation expenses increased $7 Million… Hmmm, on
the whole, SBS Transit ended flat, albeit slightly slower due to
higher operating expenses. Profit attributable to shareholders was
$54,278,000.
Doing some basic calculations, I determined that the
Current Ratio [Current Assets / Current Liabilities] for FY2010 to
be 0.745(3s.f), higher than 0.355 in FY2009. The Acid Test Ratio
[(Current Assets – Inventories – Prepayments) / Current
Liabilities] which I have determined as per the report stands at
0.378 (3s.f), higher than 0.067 in FY2009.
ROE (Net profit after tax or NPAT / Average ordinary
shareholders’ equity) in FY2010 stood at 58.3%, which is quite
high! Though FY2009’s ROE is higher with a higher NPAT and lower
Average ordinary shareholders’ equity value, these numbers are
kinda comforting… Or are my calculations wrong? sbst275, can you
confirm these numbers?
Still calculating the Gearing Ratios, Earnings per
share (EPS), Net Asset per Share (NAV), and Price Earnings Ratio
(P/E Ratio)…
*No one is to quote this post. If in doubt about the data,
just post a reply on this thread.
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