Ecowise Holdings LimitedSGX: 5CT

Financial Statements and Related Announcement: : Half Yearly Results

Jun 13, 2021 at 4:42 PM UTC · Issued by Ecowise Holdings Limited

ECOWISE HOLDINGS LIMITED

Company Registration No. 200209835C

Unaudited Financial Statements for the Six Months and Half Year Ended 30 April 2021

PART I INFORMATION REQUIRED FOR ANNOUNCEMENTS OF HALF-YEAR AND FULL YEAR RESULTS

1(a)(i)	An income statement and statement of comprehensive income or a statement of comprehensive income
		for the group together with a comparative statement for the corresponding period of the immediately
		preceding financial year.

				Group
			1H	1H	%
			FY2021(1)	FY2020(2)	Change
			(S$'000)	(S$'000)	+/(-)
			(Unaudited)	(Unaudited)

	Revenue		23,708	23,106	2.6
	Cost of Sales	(19,371)	(18,771)	3.2

	Gross Profit		4,337	4,335	0.0
	Other Items of Income
	Finance Income	11	26	(57.7)
	Other Gains		2,317	1,320	75.5
	Other Items of Expenses
	Marketing and Distribution Expenses	(823)	(924)	(10.9)
	Administrative Expenses	(3,015)	(3,334)	(9.6)
	Finance Costs	(479)	(390)	22.8
	Other Losses	(8)	(32)	(75.0)
	Share of Results from an Associate and a Jointly-	(266)	(68)	n/m
	Controlled Entity, Net of Tax


	Profit Before Income Tax	2,074	933	n/m
	Tax Expense	(331)	(324)	2.2

	Profit, Net of Tax	1,743	609	n/m
	Other Comprehensive (Loss)/Income

	Exchange Differences on Translating Foreign Operations,	(451)	(337)	33.8
	Net of Tax

	Effective Portion of Changes in Fair Value of Cash Flow	(518)	28	n/m
	Hedges

	Defined Benefit Plan - Actuarial Gain	76	-	n/m
	Other Comprehensive Loss, Net of Tax	(893)	(309)	n/m

	Total Comprehensive Income, Net of Tax	850	300	n/m

		Group
	1H	1H	%
	FY2021(1)	FY2020(2)	Change
	(S$'000)	(S$'000)	+/(-)
	(Unaudited)	(Unaudited)

Profit, Net of Tax, attributable to:
Owners of the Company	1,561	388	n/m
Non-Controlling Interests	182	221	(17.6)

	1,743	609	n/m
Total Comprehensive Income, Net of Tax, attributable

to:
Owners of the Company	655	280	n/m
Non-Controlling Interests	195	20	n/m

Total Comprehensive Income, Net of Tax	850	300	n/m

"n/m" denotes not meaningful. Notes:

"1H FY2021": Half year financial period from 1 November 2020 to 30 April 2021.
"1H FY2020": Half year financial period from 1 November 2019 to 30 April 2020.

1(a)(ii)	Notes to Consolidated Statement of Comprehensive Income/(Loss)
		Profit/(Loss) for the period is after crediting/(charging):

				Group
			1H	1H	%
			FY2021	FY2020	Change
			(S$'000)	(S$'000)	+/(-)
			(Unaudited)	(Unaudited)

	Finance Lease Income(1)	462	513	(9.9)
	Depreciation of Property, Plant and Equipment(2)	(1,459)	(1,730)	(15.7)
	Depreciation of Investment Properties(3)	(102)	-	100
	Depreciation of Right-of-use Assets(4)	(234)	-	100
	Amortisation of Intangible Assets(5)	(37)	(46)	(19.6)
	Amortisation of Land Use Rights	(28)	(30)	(6.7)
	Gain on Disposal of Property, Plant and Equipment(6)	38	60	(36.7)
	Net Fair Value Loss on Derivative Financial Instruments	-	(32)	n/m
	Foreign Exchange Gain, Net(7)	640	592	8.1
	Government Grant Income(8)	94	211	(55.5)
	Provision for Retirement Benefit Obligations Expenses, Net	(13)	(19)	(31.6)
	Amortisation of Deferred Income	-	4	n/m
	Allowance for Doubtful Receivable	(8)	-	100
	Gain on Disposal of Subsidiary(9)	1,467	431	n/m
	Bad debts recovered(10)	51	22	n/m
	Adjustments for Under Provision of Taxation in Respect of Prior Years(11)	122	-	100
"n/m" denotes not meaningful.

Notes:

Finance lease income relates to income generated by the Group's plant acquired under finance lease agreements. Finance lease income decreased systematically over lease terms.
Decrease in depreciation due to (i) disposal of assets, and (ii) assets fully depreciated in prior year.
Relates to depreciation of investment properties acquired in the financial year ended 31 October 2020 ("FY2020").
Relates to the adoption of SFRS(I) 16 in FY2020, the Group recognized right-of-use assets of S$1.86 million and associated lease liabilities of S$1.86 million for its leases previously classified as operating leases. Right-of-use assets are depreciated over the expected useful life of 3 and 5 years respectively. Nil balance was recorded during 1H FY2020 as the Group only adopted SFRS(I) 16 during its preparation of the full year financial statements for FY2020.
Decrease in amortization of intangible assets as certain intangible assets were impaired in prior year.
Gain on disposal of property, plant and equipment was lower in 1H FY2021 as compared to 1H FY2020, mainly due to lower gain on disposal of machinery in 1H FY2021.
Foreign exchange gain in 1H FY2021 was higher as compared to 1H FY2020, mainly due to (i) weakening of the Chinese Yuan against Singapore dollar ("SGD"), and (ii) strengthening of Australian dollar ("AUD") against Malaysia Ringgit ("MYR").
Government grant income was lower in 1H FY2021 as compared to 1H FY2020, mainly due to lower jobs credit grant and jobs support scheme received in 1H FY2021.
Gain on disposal of subsidiary in 1H FY2021 relates to disposal of a subsidiary, Saiko Rubber (Malaysia) Sdn Bhd which was completed on 23 April 2021. Gain on disposal of subsidiary in 1H FY2020 relates to disposal of Asia Cleantech Hub Pte. Ltd. together with its subsidiary (Swee Chioh Fishery Pte. Ltd.) which was completed on 25 February 2020.
Doubtful debts were reversed upon subsequent receipt of payment from customers.
Adjustments for under-provision of taxation in respect of prior years in 1H FY2021 relate to under-provision of income tax as compared to final submission to the Inland Revenue Board of Malaysia.

1(b)(i)	A statement of financial position (for the issuer and group), together with a comparative statement as at
	the end of the immediately preceding financial year.

		Group		Company
		30 April	31 October	30 April	31 October
		2021	2020		2021	2020
		(S$'000)	(S$'000)	(S$'000)	(S$'000)
		(Unaudited)	(Audited)	(Unaudited)	(Audited)

	ASSETS
	Non-Current Assets
	Property, Plant and Equipment	26,871	29,315		406	311
	Right-of-use Assets	1,207	1,441		-	-
	Investment Properties	1,914	2,017
	Intangible Assets	793	844		-	-
	Land Use Rights	1,304	1,306		-	-
	Investments in Subsidiaries	-	-		31,833	31,833
	Investment in an Associate	1,523	1,540		-	-
	Investment in a Jointly-Controlled Entity	1,750	1,832		-	-
	Finance Lease Receivables	7,069	7,636		-	-
	Other Assets	289	285		-	-
	Total Non-Current Assets	42,720	46,216		32,239	32,144
	Current Assets
	Inventories	5,709	6,011		-	-
	Income Tax Receivables	12	24		-	-
	Trade and Other Receivables	13,355	14,765		1,693	999
	Finance Lease Receivable	1,189	1,127		-	-
	Derivative Financial Instruments	-	139		-	-
	Other Assets	2,025	2,162		137	129
	Cash and Cash Equivalents	4,948	6,768		7	33
	Total Current Assets	27,238	30,996		1,837	1,161

	Total Assets	69,958	77,212		34,076	33,305
	EQUITY AND LIABILITIES
	EQUITY
	Share Capital	48,170	48,170		48,170	48,170
	Treasury Shares	(280)	(80)		(280)	(80)
	Accumulated Losses	(4,837)	(6,461)		(21,165)	(21,022)
	Foreign Currency Translation Reserve	(5,430)	(5,018)		-	-
	Other Reserves	1,828	2,409		-	-
	Equity Attributable to Owners of the
	39,451	39,020		26,725	27,068
	Company

	Non-Controlling Interests	28	4,001		-	-
	Total Equity	39,479	43,021		26,725	27,068
	LIABILITIES
	Non-Current Liabilities
	Provision for Retirement Benefit	397	790		-	-
	Obligations

	Provision for Reinstatement Cost	350	350		-	-
	Loans and Borrowings	8,436	6,936		-	-
	Financial Liabilities - Lease Liabilities	1,520	1,870		162	82
	Deferred Tax Liabilities	1,327	1,819		-	-
	Deferred Income	50	50		-	-
	Total Non-Current Liabilities	12,080	11,815		162	82

	Group	Company
	30 April	31 October	30 April	31 October
	2021	2020	2021	2020
	(S$'000)	(S$'000)	(S$'000)	(S$'000)
	(Unaudited)	(Audited)	(Unaudited)	(Audited)

Current Liabilities
Income Tax Payables	708	702	59	41
Trade and Other Payables	7,268	11,902	7,084	6,070
Derivative Financial Instruments	376	1	-	-
Loans and Borrowings	8,774	8,109	-	-
Financial Liabilities - Lease Liabilities	1,243	1,631	46	44
Deferred Income	30	31	-	-
Total Current Liabilities	18,399	22,376	7,189	6,155

Total Liabilities	30,479	34,191	7,351	6,237
Total Equity and Liabilities	69,958	77,212	34,076	33,305

This is an excerpt of the original content. To continue reading it, access the original document here.

Earlier from Ecowise

Financial Statements and Related Announcement: : Full Yearly ResultsDec 30, 2019

All Ecowise news releases