Abterra Ltd

截至2012年3月31日未审计财务报表

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损益表

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资产负债表

Review Of Performance

Review of Statement of Comprehensive Income

Revenue

Revenue reported in 1Q 2012 was S$3.1 million. Comparatively, no revenue was recorded for 1Q 2011, mainly attributable to the disruption of supplies for the various products that the Group trades in during the last period. The Group had secured alternative supplies in 2Q 2011 and trading activities subsequently resumed and picked-up, with revenue recorded since that period.

Other operating income

Other operating income in 1Q 2012 decreased by approximately S$0.4 million from S$1.5 million for the corresponding period. This was largely attributable to the absence of written back of accrued expenses which amounted to S$0.3 million in the current period.

Administrative expenses

Administrative expenses increased from S$1.7 million in the last period to S$1.9 million in the current period, mainly attributable to the administrative expenses incurred by Abterra Australia, a subsidiary incorporated in March 2011. No expenses were incurred in the last period by this subsidiary.

Other operating expenses

Other operating expenses increased from S$3.2 million in the last period to S$3.6 million in the current period. This was mainly due to the net effect of the following: i) increase in exchange loss of S$2.1 million mainly arising from the depreciation of RMB against SGD during the period – as the deposit paid for the Zuoquan Xinrui Metallurgy Mine Co. Ltd ("Xinrui") acquisition is denominated in RMB, ii) the S$0.6 million fair value loss on financial assets at fair value through profit or loss; and iii) the decrease in equity line financing fee and commission by S$2.4 million as no equity line financing was utilised in the current period.

Finance costs

Finance costs increased slightly from S$0.3 million in 1Q 2011 to S$0.5 million in 1Q 2012. This was mainly attributable to the interest bearing loan raised from its holding company in April 2011.

Loss after tax

In view of the above, loss after tax increased from S$4.0 million in the last period to S$4.5 million in the current period.

Review of Statement of Financial Position

Cash and bank

Cash and bank balances of the Group decreased from S$7.3 million at 31 December 2011 to S$1.5 million at 31 March 2012. See Review of Statement of Cash Flows.

Other receivables, deposits and prepayments

Other receivables, deposits and prepayments decreased from S$91.8 million at 31 December 2011 to S$88.6 million at 31 March 2012. The decrease was mainly due to the exchange loss arising from the S$88.0 million deposit paid for the acquisition of 54.42% of equity interest in Xinrui, which is denominated in RMB. During the current period, the RMB had depreciated against the SGD.

Term loans

Term loans decreased from S$47.6 million at 31 December 2011 to S$47.2 million at 31 March 2012, mainly due to the repayment of loan during the current period.

Review of Cash Flow

Cash outflow from operating activities was S$2.3 million for the period ended 31 March 2012 compared to cash inflow of S$39.7 million in the corresponding period. Cash outflow from operating activities was mainly due to the payment of operating expenses during the period, while the cash inflow from last period was mainly due to the repayment of trade receivables from a major debtor and the refund of prepayment from a metallurgical coke supplier.

Cash outflow from financing activities showed an outflow of S$3.7 million, mainly due to the repayment of bank borrowings and amount due to its holding company.

Commentary

The Group continues to channel efforts at strengthening its mining portfolio to become a vertically integrated operator. Following the Group's associate, Xinrui, gaining full operational status at the end of 2011, the Group is now focused on finalizing the valuation of Xinrui's iron ore mine.