FY2017/2018 Financial Highlights

Income and Expenditure Summary

(All in S$ million)

Income and Expenditure Summary

Income

Our income was $76.6 million, $1.1 million lower than that of last year. The decrease was due to:

  1. Other income decreased by $1.9 million. Last year, a vendor paid us a one-off liquidated damages of $2.1 million for the delay in commissioning an IT system.
  2. This was offset by Company incorporation and related fees that increased by $1.0 million, following a 9%-growth in the volume of company incorporation.

Expenditure

Our expenditure was $59.6 million, $4.2 million higher than that of last year. The increase was due to:

  1. Staff Costs — These increased by $1.4 million to $23.8 million due to salary adjustments and bonus payments.
  2. Other Costs —These increased by $2.1 million to $19.8 million due mainly to:
    1. Rental, maintenance and supplies — These increased by $3.8 million due to new maintenance fee of $3.7 million incurred for an IT system since May 2017. Last year, the IT system was under warranty and no maintenance cost was incurred.
    2. This was offset by Other expenditure that decreased by $2.3 million. During the year, the funding of $10.0 million provided to Singapore Accountancy Commission for Singapore Chartered Accountants Programme was fully drawn down.

Balance Sheet Summary

(All in S$ million)


Assets

Our total assets amounted to $193.0 million, $24.7 million lower than that of last year. The decrease was due to:

  1. Cash and cash equivalents — These decreased by $17.7 million to $168.8 million due mainly to the remittance of ring-fenced composition sums and penalties of $33.9 million to the Government Consolidated Fund and milestone payments of $6.7 million. This was offset by cash generated from operating activities of $22.0 million.
  2. Fixed and intangible assets — These decreased by $5.5 million to $18.3 million due to:
    1. Completed assets — These decreased by $2.7 million due to the depreciation and amortisation charge of $7.0 million. This was offset by the transfer from development projects-in-progress of $4.1 million, following the Phase 2 commissioning of an IT system.
    2. Development projects-in-progress — These decreased by $2.9 million due to the transfer of $4.1 million to completed assets, offset by an addition of $1.2 million for new IT systems under development.

Liabilities

Our total liabilities amounted to $21.2 million, $38.4 million lower than that of last year. The decrease was due to:

  1. Provision for contribution to government consolidated fund — This decreased by $34.9 million due mainly to the remittance of ring-fenced composition sums and penalties of $33.9 million to the Government Consolidated Fund.
  2. Trade and other payables — These decreased by $3.5 million due mainly to the settlement of accrued final milestone payments for an IT system. 

Capital and Reserves

Our accumulated surplus was $163.2 million, $13.7 million higher than that of last year. The increase was due to a net surplus of $14.1 million generated during the year.

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