UNAUDITED FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT FOR THE HALF YEAR ENDED 30 JUNE 2021
This announcement has been reviewed by the Company's sponsor, SAC Capital Private Limited (" SPONSOR ").This announcement has not been examined or approved by Singapore Exchange Securities Trading Limited (" SGX-ST ") and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made, or reports contained in this announcement.
The contact person for the Sponsor is Ms. Lee Khai Yinn (Telephone: (65) 6232 3210) at 1 Robinson Road, #21-00 AIA Tower, Singapore 048542.
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A. CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group | |||||
Unaudited | Unaudited | Change | Change | ||
Notes | 1H2021 | 1H2020 | +ve/(-ve) | +ve/(-ve) | |
S$'000 | S$'000 | S$'000 | % | ||
Revenue | 4 | 37,330 | 21,816 | 15,514 | 71.1 |
Cost of sales | (30,678) | (16,419) | (14,259) | 86.8 | |
Gross profit | 6,652 | 5,397 | 1,255 | 23.3 | |
Other operating income | 1,491 | 1,423 | 68 | 4.8 | |
Distribution and selling expenses | (2,655) | (3,597) | 942 | (26.2) | |
Administrative expenses | (6,199) | (5,982) | (217) | 3.6 | |
Reversal of impairment loss/(impairment loss) on trade and other receivables and | |||||
contract assets | 118 | (597) | 715 | n.m. | |
Other operating expenses | (82) | (251) | 169 | (67.3) | |
(8,818) | (10,427) | 1,609 | (15.4) | ||
Loss from operations | (675) | (3,607) | 2,932 | (81.3) | |
Finance expenses | (593) | (792) | 199 | (25.1) | |
Interest income | 127 | 121 | 6 | 5.0 | |
Loss before tax | 6 | (1,141) | (4,278) | 3,137 | (73.3) |
Tax expense | 7 | (16) | (78) | 62 | (79.5) |
Loss for the period | (1,157) | (4,356) | 3,199 | (73.4) | |
Other comprehensive income | |||||
Item that may be reclassified subsequently to profit or loss | |||||
Foreign currency translation | 286 | 479 | (193) | (40.3) | |
Total comprehensive income for the period | (871) | (3,877) | 3,006 | (77.5) | |
Loss for the period attributable to :- | |||||
Owners of the Company | (1,250) | (4,140) | 2,890 | (69.8) | |
Non-controlling interests | 93 | (216) | 309 | n.m. | |
(1,157) | (4,356) | 3,199 | (73.4) | ||
Total comprehensive income for the period attributable to :- | |||||
Owners of the Company | (1,017) | (3,699) | 2,682 | (72.5) | |
Non-controlling interests | 146 | (178) | 324 | n.m. | |
(871) | (3,877) | 3,006 | (77.5) | ||
Loss per share for profit for the period attributable to the owners of the Company for the period: | |||||
Basic and diluted (cents) | (1.12) | (3.71) |
There were no potential dilutive ordinary shares existing during the respective financial periods. n.m. : not meaningful
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B. CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION | |||||
Group | Company | ||||
Unaudited | Audited | Unaudited | Audited | ||
Notes | 30 Jun 2021 | 31 Dec 2020 | 30 Jun 2021 | 31 Dec 2020 | |
S$'000 | S$'000 | S$'000 | S$'000 | ||
Non-current assets | |||||
Fixed assets | 10 | 30,717 | 31,146 | 23,056 | 23,580 |
Intangible assets | 197 | 237 | - | - | |
Right-of-use assets | 13,555 | 13,850 | 12,505 | 12,753 | |
Right-of-useassets-land use rights | 1,812 | 1,814 | - | - | |
Investment in subsidiaries | - | - | 16,370 | 16,210 | |
Investment in associates | 930 | 920 | - | - | |
Investment securities | 7,763 | 7,651 | - | - | |
Deferred tax assets | 646 | 641 | - | - | |
Total non-current assets | 55,620 | 56,259 | 51,931 | 52,543 | |
Current assets | |||||
Inventories | 16,776 | 14,578 | 7,314 | 7,665 | |
Investment securities | 9 | 7,998 | 8,270 | 7,998 | 8,270 |
Trade receivables | 13,124 | 11,316 | 3,589 | 2,035 | |
Contract assets | 6,075 | 5,800 | - | - | |
Other receivables | 1,251 | 1,548 | 487 | 700 | |
Deposits | 344 | 191 | 54 | 48 | |
Prepayments | 267 | 253 | 52 | 41 | |
Advance payment to suppliers | 1,767 | 1,389 | 1,158 | 1,256 | |
Amounts due from subsidiaries (trade) | - | - | 1,123 | 526 | |
Amounts due from subsidiaries (non-trade) | - | - | 3,204 | 4,119 | |
Amounts due from associates (trade) | 1,182 | 832 | - | - | |
Amounts due from associates (non-trade) | 149 | 145 | - | - | |
Tax recoverable | 245 | 18 | - | - | |
Fixed deposits | 232 | 219 | 209 | 209 | |
Cash and bank balances | 6,927 | 7,568 | 2,055 | 1,705 | |
Total current assets | 56,337 | 52,127 | 27,243 | 26,574 | |
Current liabilities | |||||
Trade payables | 8,927 | 6,457 | 2,594 | 1,300 | |
Contract liabilities | 1,339 | 1,091 | 78 | 72 | |
Trust receipts and bills payable (secured) | 11 | 9,757 | 9,269 | 5,671 | 5,864 |
Other payables | 1,633 | 1,024 | 206 | 265 | |
Accruals and other liabilities | 6,487 | 5,207 | 2,053 | 2,794 | |
Dividend payable | 24 | 137 | 24 | 137 | |
Amounts due to subsidiaries (trade) | - | - | 1,395 | 844 | |
Amounts due to subsidiaries (non-trade) | - | - | 918 | 901 | |
Amounts due to associates (non-trade) | 158 | 155 | - | - | |
Provision for income tax | 221 | 154 | - | - | |
Lease liabilties (current) | 632 | 772 | 307 | 310 | |
Term loans (current) | 11 | 4,569 | 2,915 | 2,612 | 1,597 |
Bank overdraft | - | - | - | - | |
Total current liabilities | 33,747 | 27,181 | 15,858 | 14,084 | |
Net current assets | 22,590 | 24,946 | 11,385 | 12,490 | |
Non-current liabilities | |||||
Deferred tax liabilities | 2,117 | 2,187 | - | - | |
Amounts due to subsidiaries (non-trade) | - | - | 1,493 | 1,891 | |
Lease liabilities (non-current) | 13,239 | 13,457 | 12,707 | 12,857 | |
Term loans (non-current) | 11 | 18,701 | 20,176 | 15,086 | 15,892 |
Total non-current liabilities | 34,057 | 35,820 | 29,286 | 30,640 | |
Net assets | 44,153 | 45,385 | 34,030 | 34,393 | |
Equity attributable to owners of the Company | |||||
Share capital | 12 | 19,680 | 19,680 | 19,680 | 19,680 |
Retained earnings | 18,626 | 20,077 | 14,028 | 14,391 | |
Fair value adjustment reserve | 5,972 | 5,883 | - | - | |
Capital reserve | 322 | 322 | 322 | 322 | |
Translation reserve | (2,615) | (2,759) | - | - | |
41,985 | 43,203 | 34,030 | 34,393 | ||
Non-controlling interests | 2,168 | 2,182 | - | - | |
Total equity | 44,153 | 45,385 | 34,030 | 34,393 | |
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C. CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS | ||
Group | ||
1H2021 | 1H2020 | |
Unaudited | Unaudited | |
S$'000 | S$'000 | |
Cash flows from operating activities | ||
Loss before tax | (1,141) | (4,278) |
Adjustments: | ||
(Reversal of impairment loss)/impairment loss on trade receivables and contract assets | (118) | 597 |
Allowance for obsolete and slow-moving inventories, net | 131 | 313 |
Fixed assets written off | 6 | - |
Gain on disposal of fixed assets, net | (28) | (36) |
Depreciation of fixed assets | 1,036 | 968 |
Depreciation of right-of-use assets | 430 | 475 |
Net fair value loss on held for trading investment securities | 23 | 202 |
Gain on disposal of held for trading investment securities | - | (28) |
Depreciation of right-of-use assets - land use rights | 23 | 22 |
Amortisation of intangible assets | 45 | 152 |
Finance expenses | 593 | 792 |
Interest income | (127) | (121) |
Translation difference | 6 | 276 |
Operating cash flows before working capital changes | 879 | (666) |
(Increase)/decrease in: | ||
Inventories | (2,327) | (2,836) |
Trade receivables | (2,334) | 3,666 |
Contract assets | 369 | 2,699 |
Other receivables | 262 | 186 |
Deposits, prepayments and advance payment to suppliers | (167) | (79) |
Amounts due from associates (trade) | (350) | 518 |
Increase/(decrease) in: | ||
Trade payables | 11,689 | 6,685 |
Contract liabilities | (130) | 839 |
Other creditors | 496 | (313) |
Accruals and other liabilities | 1,280 | (831) |
Cash flows generated from operations | 9,667 | 9,868 |
Interest paid | (320) | (508) |
Income taxes paid | (281) | (154) |
Income taxes refunded | - | 8 |
Interest income | 127 | 121 |
Net cash flows generated from operating activities | 9,193 | 9,335 |
Cash flows from investing activities | ||
Dividends received | 52 | 245 |
Increase in amount due from associates (non-trade) | - | 21 |
Acquisition of additional shares in subsidiaries | (160) | - |
Proceeds from disposal of fixed assets | 42 | 43 |
Purchase of fixed assets | (577) | (161) |
Purchase of investment securities | (630) | (1,004) |
Proceeds from disposal of investment securities | 878 | 1,577 |
Net cash flows (used in)/generated from investing activities | (395) | 721 |
Cash flows from financing activities | ||
Dividends paid | (201) | (107) |
Repayment of trust receipts and bill payables, net | (8,736) | (9,306) |
Repayment of lease liabilities | (671) | (704) |
Repayment of term loans | (1,638) | (2,870) |
Proceeds from term loans | 1,816 | 4,189 |
Net cash flows used in financing activities | (9,430) | (8,798) |
Net (decrease)/increase in cash and cash equivalents | (632) | 1,258 |
Effect of exchange rate changes on cash and cash equivalents | 4 | 29 |
Cash and cash equivalents at beginning of period | 7,587 | 8,731 |
Cash and cash equivalents at end of period | 6,959 | 10,018 |
Cash and cash equivalents consist of the following : | ||
Cash and bank balances | 6,927 | 7,616 |
Less: Bank deposit pledged | (200) | (200) |
Fixed deposits | 232 | 2,602 |
6,959 | 10,018 |
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D. CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY | ||||||||
Attributable to owners of the Company | ||||||||
Equity | ||||||||
Equity, | attributable to | Retained | Fair value | Capital | Translation | Non- | ||
owners of the | Share capital | adjustment | controlling | |||||
total | earnings | reserve | reserve | |||||
Company, | reserve | interests | ||||||
total | ||||||||
S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | |
Group | ||||||||
Balance at 1 January 2021 | 45,385 | 43,203 | 19,680 | 20,077 | 5,883 | 322 | (2,759) | 2,182 |
(Loss)/profit for the period | (1,157) | (1,250) | - | (1,250) | - | - | - | 93 |
Other comprehensive income | ||||||||
Foreign currency translation | 286 | 233 | - | - | 89 | - | 144 | 53 |
Total comprehensive income | (871) | (1,017) | - | (1,250) | 89 | - | 144 | 146 |
Contributions by and | ||||||||
distribution to owners | ||||||||
Dividends on ordinary shares | (201) | (201) | - | (201) | - | - | - | - |
Changes in ownership interest in | ||||||||
subsidiaries | ||||||||
Step acquisition in a subsidiary | (160) | - | - | - | - | - | - | (160) |
Balance at 30 June 2021 | 44,153 | 41,985 | 19,680 | 18,626 | 5,972 | 322 | (2,615) | 2,168 |
Balance at 1 January 2020 | 53,509 | 51,342 | 19,680 | 27,457 | 6,999 | 322 | (3,116) | 2,167 |
Loss for the period | (4,356) | (4,140) | - | (4,140) | - | - | - | (216) |
Other comprehensive income | ||||||||
Foreign currency translation | 479 | 441 | - | - | - | - | 441 | 38 |
Total comprehensive income | (3,877) | (3,699) | - | (4,140) | - | - | 441 | (178) |
Contributions by and | ||||||||
distribution to owners | ||||||||
Dividends paid to non-controlling | ||||||||
shareholders of a subsidiary | (107) | - | - | - | - | - | - | (107) |
Balance at 30 June 2020 | 49,525 | 47,643 | 19,680 | 23,317 | 6,999 | 322 | (2,675) | 1,882 |
Company | ||||||||
Balance at 1 January 2021 | 34,393 | 34,393 | 19,680 | 14,391 | - | 322 | - | - |
Loss for the period, | ||||||||
representing total comprehensive | ||||||||
income for the period | (162) | (162) | - | (162) | - | - | - | - |
Contributions by and | ||||||||
distribution to owners | ||||||||
Dividends on ordinary shares | (201) | (201) | - | (201) | - | - | - | - |
Balance at 30 June 2021 | 34,030 | 34,030 | 19,680 | 14,028 | - | 322 | - | - |
Balance at 1 January 2020 | 43,706 | 43,706 | 19,680 | 23,704 | - | 322 | - | - |
Loss for the period, | ||||||||
representing total comprehensive | ||||||||
income for the period | (1,184) | (1,184) | - | (1,184) | - | - | - | - |
Balance at 30 June 2020 | 42,522 | 42,522 | 19,680 | 22,520 | - | 322 | - | - |
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