CAPITAL WORLD LIMITED
(Company Registration No: CT-276295)
(Incorporated in the Cayman Islands on 15 March 2013)
UNAUDITED FINANCIAL STATEMENTS FOR THE SECOND QUARTER ENDED 31 DECEMBER 2020
Pursuant to Rule 705(2C) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist, the Company is required to announce its quarterly financial statements in view of the qualified opinion and material uncertainty relating to going concern issued by the Company's auditors in the latest audited financial statements for the financial year ended 30 June 2020.
PART I INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR ANNOUNCEMENTS
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 | Group | ||||||
Second quarter ended 31 | Half year ended 31 | ||||||
December | December | ||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||
Description | RM'000 | RM'000 | % | RM'000 | RM'000 | % | |
Revenue | 122 | 986 | (87.6) | 509 | 2,642 | (80.7) | |
Cost of sales | (11) | (2,379) | (99.5) | (112) | (4,518) | (97.5) | |
Gross Profit/(Loss) | 111 | (1,393) | (108.0) | 397 | (1,876) | (121.2) | |
Other income | 2,418 | 937 | 158.0 | 5,114 | 1,929 | 165.1 | |
Selling and distribution | - | ||||||
expenses | - | (19) | n.m. | (173) | n.m. | ||
General and administrative | |||||||
expenses | (3,830) | (12,063) | (68.3) | (7,205) | (19,653) | (63.3) | |
Finance costs | (758) | (2,482) | (69.5) | (1,536) | (3,110) | (50.6) | |
Loss before income tax | (2,059) | (15,020) | (3,229) | (22,883) | |||
Income tax (expense)/credit | (16) | 92 | (117.8) | (78) | 185 | ||
Loss for the year | (2,075) | (14,928) | (3,307) | (22,698) | |||
Other comprehensive income | |||||||
Items that may be reclassified | |||||||
subsequently to profit or loss: | |||||||
Exchange differences arising | |||||||
from translation of foreign | |||||||
operations, net of tax | 169 | 387 | (56.4) | 175 | (541) | (132.4) | |
Total comprehensive loss for | |||||||
the year | (1,907) | (14,541) | (3,131) | (23,239) | |||
Loss for the year attributable | |||||||
to: | |||||||
Owners of the Company | (2,075) | (14,795) | (86.0) | (3,307) | (22,415) | (85.2) | |
Non-controlling interests | - | (133) | n.m. | - | (283) | n.m. | |
(2,075) | (14,928) | (3,307) | (22,698) | ||||
Total comprehensive loss for | |||||||
the year attributable to: | |||||||
Owners of the Company | (1,907) | (14,408) | (86.8%) | (3,131) | (22,956) | (86.4%) | |
Non-controlling interests | - | (133) | n.m. | - | (283) | n.m. | |
(1,907) | (14,541) | (3,131) | (23,239) | ||||
n.m: Denotes not meaningful
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1(a). (ii) The following items (with appropriate breakdowns and explanations), if significant, must either be included in the income statement or in the notes to the income statement for the current financial period reported on and the corresponding period of the immediately preceding financial year:
Group | Group | |||||
Second quarter ended 31 | Half year ended 31 | |||||
December | December | |||||
2020 | 2019 | Change | 2020 | 2019 | Change | |
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||
Description | RM'000 | RM'000 | % | RM'000 | RM'000 | % |
Loss for the year is arrived at after (crediting)/ charging :
Interest income | - | (43) | n.m. | (37) | (294) | (87.4) |
Loss/(Gain) on disposal of | ||||||
subsidiaries | - | 383 | n.m. | - | 383 | n.m. |
Reimbursement of | ||||||
operating expenses | (2,394) | - | n.m. | (4,789) | - | n.m. |
Audit fees: | ||||||
- Auditors of the Company | 98 | - | n.m. | 167 | - | n.m. |
Depreciation of property, | ||||||
plant and equipment | 389 | 1,313 | (70.4) | 781 | 2,699 | (71.1) |
Depreciation of investment | ||||||
properties | - | 1,156 | n.m. | - | 2,312 | n.m. |
Amortisation of mining | ||||||
rights | 8 | 357 | (97.8) | 39 | 749 | (94.8) |
Employee benefit expense: | ||||||
- Salaries and bonuses | 148 | 1,204 | (87.7) | 342 | 2,407 | (85.8) |
- Social security | ||||||
contributions | 1 | 4 | (75.0) | 2 | 8 | (62.5) |
- Contributions to defined | ||||||
contribution plan | 20 | 88 | (77.3) | 43 | 176 | (75.6) |
Interest expense: | ||||||
- Loans and borrowings | 757 | 2,482 | (69.5) | 1,534 | 3,110 | (50.7) |
n.m: Denotes not meaningful
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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 | |||||
As at | As at | As at | As at | |||
31/12/2020 | 30/06/2020 | 31/12/2020 | 30/06/2020 | |||
(Unaudited) | (Audited) | (Unaudited) | (Audited) | |||
Description | RM'000 | RM'000 | RM'000 | RM'000 | ||
Current assets | ||||||
Inventory properties | 338,869 | 343,308 | - | - | ||
Inventories | 67 | 67 | - | - | ||
Trade receivables | 7,573 | 7,144 | - | - | ||
Other receivables, deposits, and prepayments | 6,757 | 2,110 | 77 | 325 | ||
Amount due from subsidiaries | - | - | 80,503 | 80,492 | ||
Cash on hand and at banks | 1,275 | 1,299 | 34 | 11 | ||
354,541 | 353,928 | 80,614 | 80,828 | |||
Non-current assets held for sale | 226,539 | 226,539 | - | - | ||
581,081 | 580,467 | 80,614 | 80,828 | |||
Non-current assets | ||||||
Property, plant, and equipment | 60,278 | 61,062 | 169 | 179 | ||
Intangible assets | 393 | 432 | - | - | ||
Investment in subsidiaries | - | - | 107,434 | 107,434 | ||
60,671 | 61,494 | 107,603 | 107,613 | |||
Total assets | 641,752 | 641,961 | 188,217 | 188,441 | ||
Current liabilities | ||||||
Trade payables | 319,003 | 302,775 | 2,527 | - | ||
Other payables and accruals | 86,444 | 101,575 | 17,722 | 22,854 | ||
Amount due to subsidiaries | - | - | 5,656 | - | ||
Deferred revenue | 5,306 | 5,000 | - | - | ||
Loans and borrowings | 46,104 | 44,689 | 16,754 | 17,027 | ||
Provision for taxation | 35,490 | 35,386 | 320 | 294 | ||
492,347 | 489,425 | 42,979 | 40,175 | |||
Non-current liabilities | ||||||
Deferred tax liabilities | 1,312 | 1,312 | - | - | ||
1,312 | 1,312 | - | - | |||
Total liabilities | 493,659 | 490,737 | 42,979 | 40,175 | ||
Equity attributable to owners of the Company | ||||||
Share capital | 176,240 | 176,240 | 225,365 | 225,365 | ||
Share premium | 3,824 | 3,824 | 645,582 | 645,582 | ||
Merger reserve | 5,000 | 5,000 | - | - | ||
Equity component of convertible bond | 186 | 186 | 186 | 186 | ||
Foreign currency translation reserve | 1,700 | 1,525 | 2,610 | 2,392 | ||
Capital reserve | - | - | 487 | 487 | ||
Accumulated losses | (38,857) | (35,551) | (728,992) | (725,746) | ||
148,093 | 151,224 | 145,238 | 148,266 | |||
Total equity | 148,093 | 151,224 | 145,238 | 148,266 | ||
Total liabilities and equity | 641,752 | 641,961 | 188,217 | 188,441 |
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1(b)(ii). In relation to the aggregate amount of the Group's borrowings and debt securities, specify the following at the end of the financial period reported on with comparative figures at the end of the immediately preceding financial year.
Group | ||||||
As at 31/12/2020 | As at 30/06/2020 | |||||
(Unaudited) | (Audited) | |||||
RM'000 | RM'000 | |||||
Secured | Unsecured | Secured | Unsecured | |||
Amount repayable within one year | 46,104 | - | 44,689 | - | ||
Amount repayable after one year | - | - | - | - | ||
46,104 | - | 44,689 | - |
The loans and borrowings are mainly secured by the following: -
The Group's secured borrowings as at 31 December 2020 and 30 June 2020 comprised (i) a HK$ loan which was secured by pledge and charge of certain shares by the controlling shareholders and corporate guarantee by the Company; and (ii) Convertible Loan which were secured by personal guarantees by the Company's CEO and an associate of the Company's controlling shareholders.
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