Half Year Financial Statement For The Period Ended 30 June 2021

Note

1H 2021

1H 2020

Variance

US$'000

US$'000

+ / -

Revenue

4

8,683,255

5,373,405

61.60%

Cost of sales

(8,667,553)

(5,350,534)

61.99%

Gross Profit

15,702

22,871

-31.35%

Other operating income

719

3,342

-78.49%

Administrative expenses

(3,742)

(5,019)

-25.44%

Other operating expenses

(1,423)

586

NM

Finance costs

(805)

(477)

68.76%

Operating Profit

10,451

21,303

-50.94%

Share of results of associates (net of tax)

16,098

3,889

313.94%

Profit before tax

5

26,549

25,192

5.39%

Tax expense

6

(2,262)

(1,621)

39.54%

Profit for the period

24,287

23,571

3.04%

1H 2021

1H 2020

Variance

US$'000

US$'000

+ / -

PROFIT FOR THE PERIOD

24,287

23,571

3.04%

Other comprehensive income/(loss):

Items that may be reclassified to profit or loss in subsequent

periods (net of tax) :

Currency translation differences on consolidation of foreign entities

(net) (note (a))

1,083

(6,783)

NM

Total other comprehensive income for the period

1,083

(6,783)

NM

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

25,370

16,788

51.12%

Profit attributable to:

Owners of the Company

24,287

23,571

3.04%

Total comprehensive income attributable to:

Owners of the Company

25,370

16,788

51.12%

Earnings per share for profit for the period attributable to the

owners of the Company during the period:

Basic (USD in cent)

2.82

2.74

2.92%

Diluted (USD in cent)

2.82

2.74

2.92%

Group

Company

Note

As at

As at

As at

As at

30 Jun 2021

31 Dec 2020

30 Jun 2021

31 Dec 2020

US$'000

US$'000

US$'000

US$'000

ASSETS

Non-current assets

Property, plant and equipment

4,060

4,384

3,874

4,173

Intangible assets

397

481

130

214

Subsidiaries

-

-

20,830

20,830

Associates

9

278,854

304,577

278,854

304,577

Financial asset at FVTOCI

10

5,500

5,500

-

-

Trade and other receivables

11

-

-

5,035

5,035

Right-of-use Assets

17,941

4,644

16,357

3,163

Deferred tax assets

848

1,252

848

1,248

307,600

320,838

325,928

339,240

Current assets

Inventories

270,188

91,375

221,193

75,063

Trade and other receivables

11

1,244,979

1,206,629

1,232,793

1,186,246

Cash and cash equivalents

284,756

269,107

261,854

247,472

1,799,923

1,567,111

1,715,840

1,508,781

Total assets

2,107,523

1,887,949

2,041,768

1,848,021

EQUITY AND LIABILITIES

Equity attributable to owners

of the Company

Share capital

12

215,573

215,573

215,573

215,573

Reserves

669,920

661,306

662,734

654,877

Total equity

885,493

876,879

878,307

870,450

Non-current liabilities

Lease liabilities

10,996

512

10,366

198

Deferred tax liabilities

6,136

6,896

6,137

6,896

17,132

7,408

16,503

7,094

Current liabilities

Trade and other payables

13

1,192,155

988,874

1,140,731

967,283

Contract liabilities

5,071

10,326

137

137

Lease liabilities

7,078

4,231

6,090

3,057

Current tax liabilities

594

231

-

-

1,204,898

1,003,662

1,146,958

970,477

Total liabilities

1,222,030

1,011,070

1,163,461

977,571

Total equity and liabilities

2,107,523

1,887,949

2,041,768

1,848,021

Foreign

currency

Share

Retained

Treasury

translation

Statutory

Total

capital

earnings

shares

reserve

reserve

equity

THE GROUP

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

As at 1 January 2020

215,573

589,294

(5,482)

(990)

36,564

834,959

Total comprehensive income for

the year

-

23,571

-

(6,783)

-

16,788

Share of associates'

accumulated profits transferred

to statutory reserve

-

2

-

-

(2)

-

Dividend paid in respect

of 2019, representing total

transactions with shareholders

-

(28,826)

-

-

-

(28,826)

recognised directly in equity

As at 30 June 2020

215,573

584,041

(5,482)

(7,773)

36,562

822,921

As at 1 January 2021

215,573

616,139

(5,482)

13,563

37,086

876,879

Total comprehensive income for

the year

-

24,287

-

1,083

-

25,370

Share of associates'

accumulated profits transferred

to statutory reserve

-

(48)

-

-

48

-

Dividend paid in respect

of 2020, representing total

transactions with shareholders

-

(16,756)

-

-

-

(16,756)

recognised directly in equity

As at 30 June 2021

215,573

623,622

(5,482)

14,646

37,134

885,493

Statement of Changes in Equity

Foreign

Currency

Share

Retained

Treasury

translation

Statutory

Total

capital

earnings

shares

reserve

reserve

equity

THE COMPANY

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

As at 1 January 2020

215,573

575,652

(5,482)

(975)

36,564

821,332

Total comprehensive income

for the year

-

38,583

-

(6,783)

-

31,800

Share of associates' accumulated

profits transferred to statutory reserve

-

2

-

-

(2)

-

Dividend paid in respect of 2019,

representing total transactions with

shareholders recognised directly in equity

-

(28,826)

-

-

-

(28,826)

As at 30 June 2020

215,573

585,411

(5,482)

(7,758)

36,562

824,306

As at 1 January 2021

215,573

609,694

(5,482)

13,579

37,086

870,450

Total comprehensive income

for the year

-

23,530

-

1,083

-

24,613

Share of associates' accumulated

profits transferred to statutory reserve

-

(48)

-

-

48

-

Dividend paid in respect of 2020,

representing total transactions with

shareholders recognised directly in equity

-

(16,756)

-

-

-

(16,756)

As at 30 June 2021

215,573

616,420

(5,482)

14,662

37,134

878,307

Note

1H 2021

1H 2020

US$'000

US$'000

Cash flows from operating activities

Profit for the period

24,287

23,571

Adjustments for:-

Depreciation of property, plant and equipment

5

377

377

Depreciation of right-of-use assets

5

4,734

5,515

Amortisation of intangible assets

89

106

Gain on disposal of property, plant and equipment

5

-

(4)

Allowance (Write back) for impairment loss on doubtful debts

5

1,125

(982)

Fair value (gain) loss on derivative instruments

(18,286)

12,650

Share of results of associates (net of tax)

(16,098)

(3,889)

Interest income

5

(666)

(2,256)

Interest expense

5

9

55

Lease interest expense

5

71

177

Tax expense

2,262

1,621

Unrealised exchange differences

408

(52)

(1,688)

36,889

Change in inventories

(178,813)

(18,967)

Change in trade and other receivables

(18,111)

367,704

Change in trade and other payables

204,983

(382,569)

Cash from operating activities

6,371

3,057

Tax paid

(13)

(1,020)

Net cash from operating activities

6,358

2,037

Cash flows from investing activities

Interest received

232

725

Purchase of property, plant and equipment

(52)

(41)

Purchase of intangible assets

(5)

-

Proceeds from disposal of property, plant and equipment

-

6

Dividends received from associates

31,063

59,667

Net cash from investing activities

31,238

60,357

Cash flows from financing activities

Interest paid

(11)

(55)

Interest paid on lease liabilities

(71)

(177)

Repayment of lease liabilities

(4,701)

(5,461)

Proceeds from loans and borrowings

566,519

46,560

Repayment of loans and borrowings

(566,519)

(46,560)

Dividends paid

(16,756)

(28,826)

Net cash used in financing activities

(21,539)

(34,519)

Net increase in cash and cash equivalents

16,057

27,875

Cash and cash equivalents at beginning of the period

269,107

378,780

Net effect of exchange rate fluctuations on cash held

(408)

52

Cash and cash equivalents at end of the period

284,756

406,707