UMS Holdings

[Boon]

1Q2015 Results:

Revenue (SGD million）:
1Q2014 = 34.309
2Q2014 = 28.689
3Q2014 = 24.771
4Q2014 = 22.050
1Q2015 = 27.467

NPAT (SGD million):
1Q2014 = 8.558
2Q2014 = 7.229
3Q2014 = 6,465
4Q2014 = 3.677
1Q2015 = 7.541

Gross Profit Margin :
1Q2014 = 53%
2Q2014 = 57%
3Q2014 = 54%
4Q2014 = 54%
1Q2015 = 57% (due mainly to strong USD)

Net Profit Margin :
1Q2014 = 24.9%
2Q2014 = 25.2%
3Q2014 = 22.1%
4Q2014 = 16.7%
1Q2015 = 27.5% (FX gain)

FCF Generated (SGD million):
1Q2014 = 10.3
2Q2014 = 3.9
3Q2014 = 5.7
4Q2014 = 9.0
1Q2015 = 6.4

Cash & Cash Equivalent (SGD million)
1Q2014 = 39.511
2Q2014 = 36.113 (debt = 5.000) ; Net Cash = 31.113
3Q2014 = 32.947
4Q2014 = 33.792
1Q2015 = 40.801

Comments:
1) 1Q2015 result was not as good if compared to 1Q2014 but it was better than the previous two quarters (3Q and 4Q2014).
2) Ability to generate FCF is intact – FCF of about SGD 1.5 cents was generated in 1Q2015
3) Management remains confident of the business outlook for the rest of the year, especially in the second half.

(vested)