YONGNAM HOLDINGS LIMITED (Company Registration No N) (Incorporated in the Republic of Singapore on 19 October 1994)

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1 YONGNAM HOLDINGS LIMITED (Company Registration No N) (Incorporated in the Republic of Singapore on 19 October 1994) NEWS RELEASE YONGNAM REPORTS NET PROFIT OF S$12.1 MILLION FOR 2QFY12 - Order book remains strong at S$475.0 million as at June 30, 2012 Financial Highlights: S$ m 2QFY12 2QFY11 % Change 1HFY12 1HFY11 % Change Revenue (5.4) (7.6) Gross Profit (15.8) (18.1) Profit After Tax (19.7) (21.8) EPS (Basic) (Singapore (20.0) (22.1) cent) (1) NAV per share (Singapore cent) (2) (1) (2) EPS per share was computed based on the weighted average number of shares of 1,261,284,169 for 2QFY2012 (2QFY2011: 1,253,176,835) and 1,258,199,835 for 1HFY2012 (1HFY2011: 1,250,731,835) NAV per share as at June 30, 2012 and December 31, 2011 respectively Singapore, August 6, 2012 Yongnam Holdings Limited ( Yongnam or the Group ), a well-established structural steel contractor and specialist civil engineering solutions provider, today reported a net profit of S$12.1 million for the three months ended June 30, 2012 ( 2QFY2012 ). Net profit was down 19.7% from S$15.1 million in the corresponding quarter the previous year ( 2QFY2011 ), on a 5.4% dip in revenue from S$82.5 million in 2QFY2011 to S$78.1 million in 2QFY2012. Mr Seow Soon Yong, CEO of Yongnam, said: Yongnam continued to book strong contributions from our Specialist Civil Engineering projects but these were insufficient to offset the decrease in contributions from our Structural Steelworks division in the quarter, following the completion of our higher-margin iconic projects last year. Page 1 of 5

2 Nonetheless, we continue to actively pursue new projects locally and in the region. As at June 30, 2012, our order book stood at S$475.0 million, compared to S$469.0 million as at 31 March 2012, indicating a healthy pipeline of ongoing and upcoming projects. Performance Review With the completion of Gardens by the Bay, the substantial completion of Vista Exchange at One North as well as Mumbai International Airport, Yongnam saw a decrease of 24.2% in revenue from Structural Steelworks, from S$42.5 million in 2QFY2011 to S$32.2 million in 2QFY2012. For the quarter under review, ongoing projects like Singapore Sports Hub, NUH Medical Centre and the Petrochemical Plants at Jurong Island were the key contributors to Structural Steelworks revenue. Increased contributions from the Group s Marina Coastal Expressway, MRT Downtown Line 2, MRT North-South Line Extension and Hong Kong MTR contracts led to a 14.6% increase in revenue from Specialist Civil Engineering, which grew from S$40.0 million to S$45.9 million during the same period. Gross profit registered a 15.8% decrease to S$20.5 million in 2QFY2012 on lower margins resulting from the completion of iconic higher-margin projects last year. Gross margin for 2QFY2012 was 26.3% compared to 29.6% in 2QFY2011. Yongnam s net gearing increased marginally but remained conservative, from 0.30 times as at December 31, 2011 to 0.35 times as at June 30, Conversely, net asset value per share improved from Singapore cents as at December 31, 2011 to Singapore cents as at June 30, Page 2 of 5

3 Outlook During 2QFY2012, Yongnam secured another three large contracts worth a total of S$63.8 million. It secured two Structural Steelworks contracts for the prestigious Market Street commercial development and the enhancement and revival of a major shopping mall at Marina Bay. In addition, the Group clinched yet another specialist civil engineering contract for the Hong Kong Express Rail Link, this time for work on the Central-Wan Chai Bypass Tunnel. All three contracts are expected to contribute positively to the Group s financial performance for the year ending December 31, Against the backdrop of a continuing challenging macroeconomic business environment, the Group is pursuing both infrastructural and commercial projects in Singapore, Hong Kong, Malaysia, India, Indonesia and the Middle East. In Singapore, potential projects include Thomson Line MRT, the South Beach Development and Mediapolis. Overseas, the Group is pursuing infrastructural projects like airport terminals and MRT projects in addition to commercial projects. Said Mr Seow: While we remain optimistic that Yongnam will perform reasonably well for the full year, the lack of higher-margin iconic projects in the near term could potentially erode our gross margins, as compared to the record margins earned in Still, we continue to believe in the Yongnam story and will leverage on our strong brand name in the region, engineering expertise and proven ability to deliver on major projects to win new business in the longer term. Page 3 of 5

4 About Yongnam Holdings Limited With 40 years of experience in steel fabrication, Yongnam excels in adding value to steel construction. The Group s two production facilities in Singapore and Nusajaya, Johor, Malaysia have a total production capacity of 78,000 tons of steel fabrication. The Group utilizes the latest fabrication technologies and design innovation to offer solutions to its clients on a fast-track basis. Yongnam s modular strutting system continues to give the Group a strong competitive edge in meeting increasingly more stringent design and project requirements in infrastructure and construction projects. With a traceability procedure that meets the requirements of the Singapore Building and Construction Authority, its modular strutting system is the first to be certified by an independent auditor for reusability in earth retaining or stabilising structures. Yongnam s technical and value engineering solutions for steel fabrication and erection have resulted in increased productivity, improved yield and lower costs. The Group s in-house pool of experienced and qualified engineers, detailers, technicians, welders, riggers and fitters are consistently adding value to clients projects. Yongnam is an ISO-9001:2008, ISO 14001:2004 and OHSAS 18001:2007 certified company and accredited fabricator of the highest S1 category from the Singapore Structural Steel Society. The Group s Quality Management System takes a planned approach towards continuous improvement of its products, processes and services. Moving forward, Yongnam aims to be the provider of choice and partner in solutions for the steel industry. Page 4 of 5

5 ISSUED ON BEHALF OF : Yongnam Holdings Limited BY : Citigate Dewe Rogerson, i.mage Pte Ltd 1 Raffles Place #26-02 One Raffles Place SINGAPORE CONTACT : Mrs Elaine Lim / Ms Holly Huang-James at telephone DURING OFFICE HOURS : (Office) AFTER OFFICE HOURS : / (Handphone) elaine.lim@citigatedrimage.com holly.huang-james@citigatedrimage.com 074/12/005/YHL August 6, 2012 Page 5 of 5

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