Ingress Corporation Berhad

	2011 RM	2010 RM

Revenue	761,176,699	650,622,167
Cost of sales	(651,896,045)	(556,600,116)

Gross profit	109,280,654	94,022,051

Other items of income
Interest / finance income	597,704	331,976
Other income	17,906,314	11,386,463

Other items of expense
Administrative expenses	(72,620,988)	(62,270,146)
Interest / finance costs	(16,538,167)	(18,554,355)
Depreciation and amortisation	(6,108,227)	(5,832,580)

Share of results of associates	(1,462,181)	492,718

Profit before tax from continuing operations	31,055,109	19,576,127

Income tax expense	(1,272,320)	(1,031,794)

Profit net of tax	29,782,789	18,544,333


Other comprehensive (expenses) / income
Revaluation of land and buildings	-	22,769,403
Foreign currency translation	(3,575,977)	(876,834)
Cash flow hedges	(3,308,262)	-

Other comprehensive (expenses) / income for the financial year, net of tax	(6,884,239)	21,892,569


Total comprehensive income for the financial year	22,898,550	40,436,902



Profit attributable to:
Owners of the parent	17,124,330	10,810,863
Minority interests	12,658,459	7,733,470

	29,782,789	18,544,333


Total comprehensive income attributable to:
Owners of the parent	10,669,478	30,887,315
Minority interests	12,229,072	9,549,587

	22,898,550	40,436,902


Basic earnings per share attributable to owners of the parent (sen)	22.3	14.1

	2011 RM	Restated 2010 RM	Restated 2009 RM

Assets
Non-current assets
Property, plant and equipment	281,171,632	330,570,499	297,519,206
Intangible assets	3,543,816	4,237,021	5,051,006
Investment in associates	2,820,439	11,123,718	10,631,000
Investment securities	100,000	100,000	100,000
Deferred tax assets	26,789,424	23,496,895	23,676,401

	314,425,311	369,528,133	336,977,613


Current assets
Inventories	44,979,084	67,579,532	81,967,019
Trade receivables	125,505,709	136,224,708	113,942,123
Other receivables	26,759,412	30,378,802	96,937,782
Tax recoverable	1,312,380	2,144,337	1,641,217
Cash and bank balances	73,015,900	45,246,461	30,598,533
Assets of disposal group classified as held for sale	7,239,012	9,599,040	-

	278,811,497	291,172,880	325,086,674


Total assets	593,236,808	660,701,013	662,064,287


Equity and liabilities
Current liabilities
Borrowings / financing	111,261,595	298,171,083	299,330,560
Trade payables	89,311,355	96,398,202	108,923,709
Other payables	38,996,563	51,773,984	67,435,946
Current tax payable	819,006	450,432	1,813,676
Liabilities directly associated with disposal group classified as held for sale	6,425,953	-	-

	246,814,472	446,793,701	477,503,891


Net current assets / (liabilities)	31,997,025	(155,620,821)	(152,417,217)


Non-current liabilities
Borrowings / financing	119,860,588	12,678,169	28,795,117
Deferred tax liabilities	5,006,164	5,026,962	-

	124,866,752	17,705,131	28,795,117


Total liabilities	371,681,224	464,498,832	506,299,008


Net assets	221,555,584	196,202,181	155,765,279


Equity attributable to owners of the parent
Share capital	76,800,000	76,800,000	76,800,000
Reserves	76,963,486	67,998,931	37,111,616

	153,763,486	144,798,931	113,911,616
Minority interests	67,792,098	51,403,250	41,853,663

Total equity	221,555,584	196,202,181	155,765,279


Total equity and liabilities	593,236,808	660,701,013	662,064,287

		Restated
	2011 RM	2010 RM

Cash Flows from Operating Activities

Profit before tax from continuing operations	31,055,109	19,576,127

Adjustments for:
Interest / finance income (including profit sharing on Mudharabah deposits)	(597,704)	(331,976)
Interest / finance costs	16,538,167	18,554,355
Amortisation of intangible assets	673,187	1,217,492
Property, plant and equipment
- depreciation	68,078,987	50,860,237
- gain on disposal	(6,566,776)	(37,778)
- written off	199,895	7,026,528
Intangible assets written off	3,488	-
Gain on disposal of investment in an associate company	(7,619,088)	-
Loss on disposal of investment in a subsidiary company	1,421,615	-
Allowance for doubtful debts	341,747	1,073,879
Provision for foreseeable losses	3,612,461	223,934
Impairment loss of goodwill	-	221,792
Net unrealised foreign exchange gain	(5,703)	(2,090,653)
Share of results of associates	1,462,181	(492,718)
Provision for obsolete inventories	2,333,146	-
Write-down of inventories	-	41,704

Operating profit before working capital changes	110,930,712	95,842,923
Decrease in inventories	20,267,302	14,345,783
Decrease in receivables	12,463,708	9,748,128
Decrease in payables	(20,006,009)	(26,261,543)

Cash generated from operations	123,655,713	93,675,291
Interest / finance costs paid	(16,538,167)	(18,554,355)
Taxes paid	(3,385,116)	(3,054,321)

Net cash generated from operating activities	103,732,430	72,066,615


Cash Flows from Investing Activities

Purchase of property, plant and equipment	(32,783,317)	(36,189,292)
Purchase of intangible assets	(189,659)	(196,500)
Proceeds from disposal of property, plant and equipment	21,308,022	45,002
Proceeds from disposal of investment in a subsidiary company	6,337,403	-
Proceeds from disposal of investment in an associate company	11,400,000	-
Acquisition of an associate company	(1,811,258)	-
Interest / finance income received	597,704	331,976

Net cash generated from / (used in) investing activities	4,858,895	(36,008,814)


Cash Flows from Financing Activities

Placement of deposits with licensed banks under lien	(2,259,423)	(3,410,450)
Redemption of Sukuk Al-Ijarah	(139,997,500)	(5,002,500)
Net drawdown of Syndicated CMTF-i	105,000,000	-
Net repayment of term loan	(804,222)	(20,569,865)
Net repayment of hire purchase and lease financing	(2,160,410)	(3,102,034)
Net (repayment) / drawdown of short term borrowings / financing	(40,102,938)	10,640,887
Dividends paid	(3,219,849)	-

Net cash used in financing activities	(83,544,342)	(21,443,962)


Net increase in cash and cash equivalents	25,046,983	14,613,839
Effects of foreign exchange rate changes	2,941,405	(3,984,145)
Cash and cash equivalents at beginning of the financial year	14,006,800	3,377,106

Cash and cash equivalents at end of the financial year (Note 21)	41,995,188	14,006,800