Conso segi group march 2007.xls

SUMMARY OF KEY FINANCIAL INFORMATION
31 MARCH 2007
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
CORRESPONDING
CORRESPONDING
31/03/2007
31/03/2006
31/03/2007
31/03/2006
AS AT END OF
AS AT PRECEDING
FINANCIAL YEAR
attributable to ordinary equity holders of the parent (RM) ADDITIONAL INFORMATION
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
CORRESPONDING
CORRESPONDING
31/03/2007
31/03/2006
31/03/2007
31/03/2006
CONDENSED CONSOLIDATED BALANCE SHEET
At 31 March 2007
31 Mar 2007
31 Dec 2006
(RM'000)
(RM'000)
Total non-current assets
Total current assets
TOTAL ASSETS
Total equity attributable to shareholders of the Company
Minority interest
Total equity
LIABILITIES
Total non-current liabilities
Total current liabilities
Total liabilities
TOTAL EQUITY AND LIABILITIES
The Condensed Consolidated Balance Sheet should be read in conjunction with the Annual Financial Statements for the year ended 31 December 2006.
CONDENSED CONSOLIDATED INCOME STATEMENT
for the period ended 31 March 2007
Current Period
Cumulative Period
3 months ended
3 months ended
(RM'000)
(RM'000)
(RM'000)
(RM'000)
Gross profit
Profit from operations
Profit before tax
Profit for the period
Attributable to :
Earnings per share
The Condensed Consolidated Income Statement should be read in conjunction with the Annual Financial Statements for the year ended 31 December 2006.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period ended 31 March 2007
Attributable to Shareholders of the Company
Non-Distributable
Distributable
Revaluation
Treasury
Translation
Retained
Minority
Interests
Balance as at 1 January 2007
Balance as at 31 March 2007
Balance as at 1 January 2006
Transfer to retained profit on the realisation of revaluation reserve Balance as at 31 December 2006
The Condensed Consolidated Statement Of Changes In Equity should be read in conjunction with the Annual Financial Statements for the year ended 31 December 2006.
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
for the period ended 31 March 2007
31 Mar 2007
31 Dec 2006
(RM'000)
(RM'000)
Cash flows from operating activities
Profit before tax
Adjustment for non-cash flow:-
Operating profit before working capital changes
Changes in working capital
Cash generated from operations
Net cash generated from operating activities
Cash flows from investing activities
- Proceeds from disposal of property, plant and equipment - Acquisition of property, plant and equipment Net cash used in investing activities
Cash flows from financing activities
- Net proceeds from/(repayment of) borrowings - Dividends paid to shareholders of the Company Net cash generated from/(used in) financing activities
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period
The Condensed Consolidated Cash Flow Statement should be read in conjunction with the AnnualFinancial Statements for the year ended 31 December 2006.

Notes to interim financial report

A.
DISCLOSURE REQUIREMENTS AS PER FRS 134
Basis of preparation
The interim financial report is unaudited and has been prepared in accordance with the requirements of FRS 134: Interim Financial Reporting and the applicable disclosure provisions of the Listing Requirements of the Bursa Malaysia Securities Berhad. The interim financial report has been prepared in accordance with the same accounting policies adopted in the 2006 annual financial statements, except for the accounting policy changes that are expected to be reflected in the 2007 annual financial statements. Details of these changes in accounting policies are set out in Note 2. The interim financial report should be read in conjunction with the audited financial statements of the Group for the year ended 31 December 2006. The explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the year ended 31 December 2006. Changes of accounting policies
The MASB has issued a number of new and revised Financial Reporting Standards (FRSs, which term collectively includes the MASB’s Issues Committee’s Interpretations) that are effective for accounting years beginning on or after 1 January 2007. The following sets out further information on the changes in accounting policies for the annual accounting year beginning on 1 January 2007 which have been reflected in this interim financial report pursuant to adoption of the FRSs. (a) Leasehold land held for own use (FRS 117, Leases)
In prior years, the leasehold interest in land held for own use classified as property, plant and equipment, were stated at cost less accumulated depreciation and accumulated impairment losses. With the adoption of FRS 117 as from 1 January 2007, the leasehold interest in the land held for own use is accounted for as being held under an operating lease. Such prepaid lease payments are amortised on a straight line basis over the remaining lease term of the land. Qualification of Audit Report

The audit report of the financial statements of the Group for the year ended 31
December 2006 was not qualified.
Seasonal or cyclical factors
Full-time students enrol for courses during certain periods of the year whereas adult learners (part-time students) do not have preference for specific intakes. With the combination of both full-time and part-time programmes offered by the Group, the effects of seasonal or cyclical factors are minimised. Nature and amount of items affecting assets, liabilities, equity, net income,
or cash flows that are unusual.

There were no material unusual items affecting the assets, liabilities, equity,
net income or cash flows of the Group for the financial period ended 31 March
2007.
Nature and amount of changes in estimates
There were no changes in estimates of amounts previously reported which have a material effect in the financial period ended 31 March 2007. Issuance, cancellations, repurchases, resale and repayments of debt and
equity securities
There were no cancellations, repurchases, resale and repayments of debts and equity securities during the financial period ended 31 March 2007 except for the following: No. of ordinary shares of RM1.00 each as at 1 January 2007 Less: Repurchase of Company’s own ordinary shares No. of ordinary shares of RM1.00 each as at 31 March 2007 During the financial period, the Company repurchased 136,400 of its own ordinary shares from the open market at an average price of RM0.80 per share. The total consideration paid for the repurchase including transaction costs was RM109,582 and this was financed by internally generated funds. The shares repurchased are being held as treasury shares in accordance with Section 67A of the Companies Act 1965. As at 31 March 2007, the total shares bought back all of which are held as treasury shares, amounted to 3,042,900 shares. Dividends paid
There were no dividends paid for the quarter under review. Segment reporting
The Group’s turnover and profits were derived mainly from education and training activities and accordingly, no segment reporting is presented. Valuations of property, plant and equipment
The valuations of land and building have been brought forward, without amendments from the previous annual report. Material subsequent events
There are no material subsequent events that have not been reflected in the financial statements for the financial period ended 31 March 2007. Changes in composition of the Group
There were no major changes in the composition of the Group during the period ended 31 March 2007. Changes in contingent liabilities or contingent assets
There were no material contingent liabilities or contingent assets of the Group as at 31 March 2007. Capital Commitments

The amount of capital commitments approved and contracted for the purchase of property, plant and equipment, but not provided for in the interim financial statements as at 31 March 2007, is RM8,335,000. B.
DISCLOSURE REQUIREMENTS AS PER BURSA MALAYSIA
SECURITIES BERHAD LISTING REQUIREMENTS.
Review of performance

For the quarter under review, the Group achieved a Profit before Tax of
RM3.1 million as compared to a Profit before Tax of RM2.0 million in the
corresponding period in 2006. The improved profitability is in line with an
increase in revenue of 23% for the quarter under review as compared to the
corresponding quarter in 2006.
The improvement in performance is mainly due to the overall increase in
student enrolment in the Group’s colleges and training centres.
Variation of results against preceding quarter

The Group recorded a profit before taxation of RM3.1 million for the current
quarter compared to a loss before taxation of RM0.5 million in the previous
quarter (4th quarter of 2006).

Current year prospects

For the current year, the Group will further strengthen its position and brand
name with the launching of its flagship campus at Kota Damansara, Selangor
in the second quarter of the year. With the launch of this state-of-the-art
campus, the Group will also introduce a broader range of academic courses to
cater for students in areas such as pharmacy, medical and health sciences,
nursing and bio-technology.
With the groundwork firmly established in the previous year and concrete
plans made for the growth of the Group, we expect the performance of the
Group to be further improved and strengthened.
Profit forecast
Tax Expenses
Current quarter ended Cumulative quarter ended Unquoted investments and properties
For the quarter under review, the following properties were disposed:
(i)
The Company disposed one (1) unit of shop lot in Sungai Petani, Kedah for a total consideration of RM320,000. This resulted in a loss on disposal of RM89,000. The Company disposed a twelve (12) storey building identified as Block B02, Block B, Phileo Damansara 1, for a total consideration of RM5,912,000. This resulted in a loss on disposal of RM299,000. There were no sales of unquoted investments in the current quarter and financial year-to-date. Quoted investments
The company purchased quoted investments of RM250,000 in the current quarter. Investment in quoted securities as at 31 March 2007: Status of corporate proposal announced
a) On 30 May 2006, the Company entered into a Sales and Purchase Agreement (“SPA”) with Yasmin Holdings Sdn Bhd (“YHSB”) for the proposed disposal of a twelve (12) storey building identified as Block B02, Block B, Phileo Damansara 1, No.9, Jalan 16/11, 46350 Petaling Jaya, Selangor Darul Ehsan for a cash consideration of RM5.9 million. The sale is completed in the current quarter. b) On 30 June 2006, the Company entered into a SPA with Maser (M) Sdn Bhd (“MSB”) for the proposed disposal of a twelve (12) storey building identified as Block B01, Block B, Phileo Damansara 1, having its postal address as Unit Nos. 101 to 1201, Pusat Perdagangan Phileo Damansara 1, No.9, Jalan 16/11, 46350 Petaling Jaya, Selangor Darul Ehsan for a cash consideration of RM6.1 million. Subsequently, the SPA was revoked via a Deed of Revocation dated 5 February 2007. Simultaneously, the Company entered into a new SPA with YHSB for the proposed disposal of the same at the cash consideration of RM6.1 million. The sale is completed in the second quarter. Borrowing and debt securities
The above borrowings are denominated in Ringgit Malaysia. Off balance sheet financial instruments
There were no financial instruments with off balance sheet risk as at 29 May 2007. Changes in material litigation

There are no pending material litigations as at 29 May 2007.
Dividend

As at 31 March 2007, no interim dividend has been declared for the financial period under review. Earnings per share

The basic and diluted earnings per share have been calculated based on the
consolidated net profit for the year and on the weighted average number of
ordinary shares in issue during the year.
Basic earnings per share

Earnings
Weighted average number of
ordinary shares
Basic earnings per share (sen)
Diluted earnings per share

Not applicable as the Company’s Employees Share Options Scheme (ESOS)
has expired.

Source: http://www.investor.net.my/pdf/9792_SEGi%20-%201st%20Qtr%2031%20Mar%202007%20(2).pdf