STAMFORD TYRES CORPORATION LTD
(Incorporated in Singapore, Registration number: 198904415M)
CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE 6 MONTHS AND FULL YEAR ENDED 30 APRIL 2022
Table of Contents
- Condensed interim consolidated income statement
- Condensed interim consolidated statement of comprehensive income
- Condensed interim statements of financial position
- Condensed interim statements of changes in equity
- Condensed interim consolidated statement of cash flows
- Notes to the condensed interim consolidated financial statements
- Other information required by Listing Rule Appendix 7.2
Stamford Tyres Corporation Limited (RCB Reg. No. 198904416M)
19, Lok Yang Way Jurong Singapore 628635 Tel (65) 6268 3111 Fax (65) 6264 0148/6264 4708 Email stcl@stamfordtyres.com
Page | 1
STAMFORD TYRES CORPORATION LTD
(Incorporated in Singapore, Registration number: 198904415M)
Condensed Interim Financial Statements for 6 Months and Full Year Ended 30 April 2022
A. Condensed interim consolidated income statement
Group | Group | |||||||
2HFY22 | 2HFY21 | FY22 | FY21 | |||||
Apr'22 | Apr'21 | Difference | Apr'22 | Apr'21 | Difference | |||
$'000 | $'000 | % | $'000 | $'000 | % | |||
Revenue | 102,329 | 93,966 | 8.90% | 190,328 | 189,620 | 0.37% | ||
Other revenue | 2,454 | 2,259 | 8.63% | 4,598 | 4,583 | 0.33% | ||
Total revenue | 104,783 | 96,225 | 8.89% | 194,926 | 194,203 | 0.37% | ||
Cost of goods sold | 74,506 | 68,818 | 8.27% | 138,254 | 142,389 | -2.90% | ||
Salaries and employees benefits | 11,124 | 9,602 | 15.85% | 21,994 | 18,087 | 21.60% | ||
Marketing and distribution | 2,570 | 2,417 | 6.33% | 5,223 | 4,984 | 4.80% | ||
Utilities, repairs and maintenance | 3,002 | 2,686 | 11.76% | 5,626 | 4,968 | 13.24% | ||
Finance costs | 1,771 | 1,743 | 1.61% | 3,449 | 3,813 | -9.55% | ||
Depreciation expenses | 3,141 | 3,281 | -4.27% | 6,269 | 6,679 | -6.14% | ||
Operating lease rentals | 657 | 574 | 14.46% | 1,297 | 1,119 | 15.91% | ||
Other operating expenses | 4,096 | 5,530 | -25.93% | 7,725 | 8,804 | -12.26% | ||
Total expenditure | ||||||||
(100,867) | (94,651) | 6.57% | (189,837) | (190,843) | -0.53% | |||
Share of results of joint ventures | 1,686 | 608 | N.M | 2,042 | 1,125 | 81.51% | ||
Profit before taxation | ||||||||
5,602 | 2,182 | N.M | 7,131 | 4,485 | 59.00% | |||
Taxation | (2,412) | (1,451) | 66.23% | (3,245) | (2,001) | 62.17% | ||
Profit for the financial period | ||||||||
3,190 | 731 | N.M | 3,886 | 2,484 | 56.44% | |||
Attributable to: | ||||||||
Equity holders of the company | 3,190 | 731 | N.M | 3,886 | 2,484 | 56.44% | ||
3,190 | 731 | N.M | 3,886 | 2,484 | 56.44% | |||
N.M - Not meaningful.
Stamford Tyres Corporation Limited (RCB Reg. No. 198904416M)
19, Lok Yang Way Jurong Singapore 628635 Tel (65) 6268 3111 Fax (65) 6264 0148/6264 4708 Email stcl@stamfordtyres.com
Page | 2
B. Condensed interim consolidated statement of comprehensive income
2HFY22 | 2HFY21 | FY22 | FY21 | ||
Apr'22 | Apr'21 | Apr'22 | Apr'21 | ||
$'000 | $'000 | $'000 | $'000 | ||
Net profit for the financial period | 3,190 | 731 | 3,886 | 2,484 | |
Other comprehensive income : | |||||
Translation adjustments arising on consolidation | (582) | (1,711) | (1,506) | (1,423) | |
Other comprehensive income for the financial period, | |||||
net of tax | (582) | (1,711) | (1,506) | (1,423) | |
Total comprehensive income for the financial period | 2,608 | (980) | 2,380 | 1,061 | |
Total comprehensive income attributable to : | |||||
Equity holders of the company | 2,608 | (980) | 2,380 | 1,061 | |
2,608 | (980) | 2,380 | 1,061 | ||
Earnings per ordinary share for profit for the period attributable to the owners of the Company during the year:
Group | Group | ||||
2HFY22 | 2HFY21 | FY22 | FY21 | ||
Apr'22 | Apr'21 | Apr'22 | Apr'21 | ||
Earnings per share (EPS) | |||||
- Based on the w eighted average number of ordinary shares on issue (cents) | 1.34 | 0.31 | 1.64 | 1.05 | |
- On fully diluted basis (cents) | 1.34 | 0.31 | 1.64 | 1.05 | |
Stamford Tyres Corporation Limited (RCB Reg. No. 198904416M)
19, Lok Yang Way Jurong Singapore 628635 Tel (65) 6268 3111 Fax (65) 6264 0148/6264 4708 Email stcl@stamfordtyres.com
Page | 3
C. Condensed interim statements of financial position
Group | Company | |||||
Apr'22 | Apr'21 | Apr'22 | Apr'21 | |||
$'000 | $'000 | $'000 | $'000 | |||
Non-current assets | ||||||
Property, plant and equipment | 56,417 | 55,547 | - | - | ||
Right-of-use assets | 8,720 | 9,410 | - | - | ||
Investment in subsidiaries | - | - | 41,615 | 41,800 | ||
Amount due from subsidiary companies | - | - | 14,072 | 13,810 | ||
Joint venture companies | 15,771 | 14,910 | 1,571 | 1,571 | ||
Associated company | 228 | 241 | - | - | ||
Deferred tax assets | 2,861 | 3,254 | - | - | ||
83,997 | 83,362 | 57,258 | 57,181 | |||
Current assets | ||||||
Inventories | 94,779 | 81,344 | - | - | ||
Trade receivables | 36,203 | 42,693 | - | - | ||
Derivatives | 3 | - | - | - | ||
Other receivables | 3,483 | 3,262 | 95 | 91 | ||
Prepayments and advances | 3,884 | 2,634 | 26 | 26 | ||
Cash and cash equivalents | 35,836 | 41,834 | 238 | 1,256 | ||
174,188 | 171,767 | 359 | 1,373 | |||
Less: Current liabilities | ||||||
Trade payables | 12,118 | 16,075 | - | - | ||
Trust receipts (secured) | 51,905 | 42,969 | - | - | ||
Derivatives | 299 | 288 | 10 | 33 | ||
Other payables | 18,185 | 16,194 | 687 | 315 | ||
Loans (secured) | 28,947 | 21,603 | 1,236 | 945 | ||
Hire-purchase liabilities | 89 | 95 | - | - | ||
Lease liabilities | 1,431 | 1,817 | - | - | ||
Provisions | 378 | 395 | - | - | ||
Provision for taxation | 2,105 | 2,251 | 79 | 77 | ||
115,457 | 101,687 | 2,012 | 1,370 | |||
Net current assets/(liabilities) | 58,731 | 70,080 | (1,653) | 3 | ||
Non-current liabilities | ||||||
Amount due to subsidiary companies | - | - | 11,115 | 11,675 | ||
Hire-purchase liabilities | 233 | 130 | - | - | ||
Lease liabilities | 7,680 | 7,871 | - | - | ||
Provisions | 865 | 865 | - | - | ||
Long-term loans (secured) | 15,640 | 26,114 | 2,653 | 4,055 | ||
Deferred tax liabilities | 1,963 | 1,528 | 108 | 108 | ||
26,381 | 36,508 | 13,876 | 15,838 | |||
Net assets | ||||||
116,347 | 116,934 | 41,729 | 41,346 | |||
Equity | ||||||
Share capital | 36,244 | 36,244 | 36,244 | 36,244 | ||
Reserves | 80,103 | 80,690 | 5,485 | 5,102 | ||
116,347 | 116,934 | 41,729 | 41,346 | |||
Stamford Tyres Corporation Limited (RCB Reg. No. 198904416M)
19, Lok Yang Way Jurong Singapore 628635 Tel (65) 6268 3111 Fax (65) 6264 0148/6264 4708 Email stcl@stamfordtyres.com
Page | 4
D. Condensed interim statements of changes in equity
Equity | Foreign | Discount on | ||||||
attributable | ||||||||
to | Other | Share-based | currency | acquisition of | ||||
Equity, | the | Share | Revenue reserves, | Capital Compensation translation non-controlling | ||||
Company, | ||||||||
total | total | capital | reserve | total | reserve | reserve | reserve | interest |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
Group
Balance at 1 May 2020
Profit for the financial year
Other comprehensive income for the financial year
Total comprehensive income for the financial year
Contributions by and distributions toow ners
Shares issuance under performance share plan
Share-based compensation expense
Transfer from revenue reserve to capital reserve
Dividend on ordinary shares
Total contributions by and distributions to ow ners
Balance at 30 Apr 2021
Balance at 1 May 2021
Profit for the financial year
Other comprehensive income for the financial year
Total comprehensive income for the financial year
Contributions by and distributions toow ners
Dividend on ordinary shares
Total contributions by and distributions to ow ners
Balance at 30 Apr 2022
117,005 | 117,005 | 36,070 | 96,825 | (15,890) | 505 | 122 | (16,719) | 202 |
2,484 | 2,484 | - | 2,484 | - | - | - | - | - |
(1,423) | (1,423) | - | - | (1,423) | - | - | (1,423) | - |
1,061 | 1,061 | - | 2,484 | (1,423) | - | - | (1,423) | - |
- | - | 174 | - | (174) | - | (174) | - | - |
52 | 52 | - | - | 52 | - | 52 | - | - |
- | - | - | (170) | 170 | 170 | - | - | - |
(1,184) | (1,184) | - | (1,184) | - | - | - | - | - |
(1,132) | (1,132) | 174 | (1,354) | 48 | 170 | (122) | - | - |
116,934 | 116,934 | 36,244 | 97,955 | (17,265) | 675 | - | (18,142) | 202 |
116,934 | 116,934 | 36,244 | 97,955 | (17,265) | 675 | - | (18,142) | 202 |
3,886 | 3,886 | - | 3,886 | - | - | - | - | - |
(1,506) | (1,506) | - | - | (1,506) | - | - | (1,506) | - |
2,380 | 2,380 | - | 3,886 | (1,506) | - | - | (1,506) | - |
(2,967) | (2,967) | - | (2,967) | - | - | - | - | - |
(2,967) | (2,967) | - | (2,967) | - | - | - | - | - |
116,347 | 116,347 | 36,244 | 98,874 | (18,771) | 675 | - | (19,648) | 202 |
Stamford Tyres Corporation Limited (RCB Reg. No. 198904416M)
19, Lok Yang Way Jurong Singapore 628635 Tel (65) 6268 3111 Fax (65) 6264 0148/6264 4708 Email stcl@stamfordtyres.com
Page | 5
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