Old Chang Kee Ltd.SGX: 5ML

Financial Statements And Related Announcement - Half Yearly Results

Nov 11, 2020 at 9:50 AM UTC · Issued by Old Chang Kee Ltd.

OLD CHANG KEE LTD.

(Company Registration No.: 200416190W)

(Incorporated in the Republic of Singapore on 16 December 2004)

UNAUDITED FINANCIAL ST ATEMENTS AND DIVIDEND ANNOUNCEMENT FOR THE FIRST HALF ENDED 30 SEPTEMBER 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.
	Consolidated statement of comprehensive income		The Group

			First Half Ended		Increase /
		30-09-2020	30-09-2019		(Decrease)
			S$'000		S$'000	%
	Revenue	38,181	44,616	(14.4)
	Cost of sales	(12,970)	(16,300)	(20.4)

	Gross profit	25,211	28,316	(11.0)
	Other items of income
	Interest income on short term deposits	30	52	(42.3)
	Other income	4,446	480	826.3
	Other items of expenses
	Selling and distribution expenses	(14,555)	(19,432)	(25.1)
	Administrative expenses	(7,324)	(6,071)	20.6
	Finance costs	(364)	(498)	(26.9)
	Other expenses	(509)	(781)	(34.8)

	Profit before tax and share of results of joint venture	6,935	2,066	235.7
	Share of results of joint venture	-	(143)	(100.0)

	Profit before tax	6,935	1,923	260.6
	Income tax expense	(801)	(369)	117.1

	Profit for the period	6,134	1,554	294.7
	Other comprehensive income
	Items that may be reclassified subsequently to profit or loss
	Exchange differences on translating foreign	(137)	45
	operations		(404.4)

	Other comprehensive income for the period,	(137)	45
	net of tax		(404.4)

	Total comprehensive income for the period,	5,997	1,599
	attributable to owners of the Company	275.0

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1(a)(ii)

Notes to consolidated statement of comprehensive income

1. Profit before tax is arrived at after charging/(crediting) the following:

		The Group
	1H2021		1H2020	+/(-)

	S$'000		S$'000	%
Amortisation of intangible assets	23		35	(34.3)
Depreciation of property, plant and equipment	2,448		2,556	(4.2)
Depreciation of right-of-use assets	5,406		4,616	17.1
Interest income from short-term deposits	(30)		(52)	(42.3)
Interest expense from borrowings and finance lease	72		152	(52.6)
Interest expense from amortisation of lease liabilities	292		346	(15.6)
(Gain)/loss in foreign exchange, net	(140)		110	(227.3)
Property, plant and equipment written off	1		-	NM
Gain on disposal of property, plant and equipment	(16)		(10)	60.0
Gain on disposal of right-of-use assets	(16)		-	NM

NM. Not meaningful

2. The major components of taxation comprise:

		The Group

	1H2021		1H2020	+/(-)

	S$'000		S$'000	%
Current income tax
-Current income taxation	1,043		560	86.3
Deferred income tax
-Movement in temporary differences	(242)		(191)	26.7

Taxation recognised in the consolidated statement
of comprehensive income	801		369	117.1

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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.
		The Group			The Company

		30-09-2020	31-03-2020		30-09-2020	31-03-2020
		S$'000			S$'000		S$'000	S$'000
	Non-Current Assets
	Property, plant and equipment	22,922	25,149		-	-
	Right-of-use assets	16,804	19,344		-	-
	Intangible assets	163	186		-	-
	Investment in subsidiary companies	-	-		5,640	5,640
	Investment in associates and joint venture	-	-		-	-
	Deferred tax assets	10	10		10	10
	Long term deposits	1,852	2,358		-	-

		41,751	47,047		5,650	5,650
	Current Assets

	Inventories	910	1,285		-	-
	Trade and other receivables	1,614	2,738		60	159
	Deposits	1,630	1,355		-	-
	Prepayments	1,627	1,085		29	24
	Amount due from joint venture	24	-		-	-
	Amount due from associated companies	41	-		16	-
	Amount due from subsidiary companies	-	-		7,093	6,385
	Cash and bank balances	22,775	11,749		5,381	3,866
	Restricted cash	2,500	2,500		-	-

		31,121	20,712		12,579	10,434
	Current Liabilities

	Trade and other payables	10,206	8,297		2,733	906
	Other liabilities	158	182		-	-
	Provisions	2,401	2,435		63	47
	Bank loans	1,243	1,222		-	-
	Finance lease liabilities	191	170		-	-
	Lease liabilities	8,633	9,837		-	-
	Provision for taxation	1,670	1,011		31	26

		24,502	23,154		2,827	979

	Net Current Assets/(Liabilities)	6,619	(2,442)		9,752	9,455
	Non-Current Liabilities
	Bank loans	6,069	6,718		-	-
	Finance lease liabilities	313	401		-	-
	Lease liabilities	8,678	9,931		-	-
	Deferred tax liabilities	919	1,161		-	-

		15,979	18,211		-	-
	Net Assets
	32,391	26,394		15,402	15,105
	Equity attributable to owners of the


	Company
	Share capital	13,964	13,964		13,964	13,964
	Retained earnings	18,347	12,213		1,438	1,141
	Other reserves	80	217		-	-
	Total Equity
	32,391	26,394		15,402	15,105

Page 3 of 14

1(b)(ii)	Aggregate amount of group's borrowings and debt securities.
	Amount repayable in one year or less, or on demand

		As at 30-09-2020	As at 31-03-2020
		Secured	Unsecured	Secured	Unsecured
		S$'000	S$'000	S$'000	S$'000
		1,434	-	1,392	-

Amount repayable after one year

As at 30-09-2020	As at 31-03-2020
Secured	Unsecured	Secured	Unsecured
S$'000	S$'000	S$'000	S$'000
6,382	-	7,119	-

Details of any collateral

The Group's borrowings are secured as follows:

Bank loans are secured by:
1. a first legal mortgage on freehold and leasehold properties owned by the Group's wholly owned subsidiary companies as at 30 September 2020 and 31 March 2020 respectively; and
2. corporate guarantee by the Company as at 30 September 2020 and 31 March 2020 respectively.
Finance lease obligations are secured by the lessors' title to the respective leased assets.

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