PUBLIC PACKAGES HOLDINGS BERHAD
THIRD QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FINANCIAL PERIOD
ENDED 30 SEPTEMBER 2021
(THE FIGURES HAVE NOT BEEN AUDITED)
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
3 MONTHS ENDED | 9 MONTHS ENDED | |||||||
30/09/2021 | 30/09/2020 | 30/09/2021 | 30/09/2020 | |||||
Note | RM'000 | RM'000 | RM'000 | RM'000 | ||||
Unaudited | Unaudited | Unaudited | Unaudited | |||||
REVENUE | 47,984 | 51,592 | 140,604 | 137,230 | ||||
OPERATING EXPENSES | (40,160) | (40,653) | (122,133) | (119,821) | ||||
OTHER INCOME | 747 | 1,431 | 1,953 | 3,901 | ||||
PROFIT FROM OPERATIONS | 8,571 | 12,370 | 20,424 | 21,310 | ||||
SHARE OF RESULTS OF JOINT VENTURES | 76 | 590 | 472 | 981 | ||||
FINANCE COSTS | (302) | (362) | (995) | (1,528) | ||||
PROFIT BEFORE TAX | B9 | 8,345 | 12,598 | 19,901 | 20,763 | |||
TAX EXPENSE | B3 | (2,362) | (2,368) | (5,462) | (4,762) | |||
PROFIT FOR THE PERIOD | 5,983 | 10,230 | 14,439 | 16,001 | ||||
OTHER COMPREHENSIVE INCOME, NET OF TAX:- | ||||||||
Foreign currency translation differences for foreign operation | (30) | (109) | 75 | (24) | ||||
Fair value adjustment on available-for-sale financial assets | (95) | (19) | 40 | (170) | ||||
Total other comprehensive income for the period | (125) | (128) | 115 | (194) | ||||
TOTAL COMPREHENSIVE INCOME FOR THE FINANCIAL | 5,858 | 10,102 | 14,554 | 15,807 | ||||
PERIOD, ATTRIBUTABLE TO OWNERS OF THE PARENT | ||||||||
EARNING PER SHARE ATTRIBUTABLE TO OWNER OF THE | ||||||||
PARENT | ||||||||
- Basic (sen) | B8 | 3.17 | 5.42 | 7.65 | 8.48 | |||
- Diluted (sen) | B8 | N/A | N/A | N/A | N/A |
(The Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with
the Annual Financial Report for the year ended 31 December 2020 and the accompanying explanatory notes attached to the
Interim Financial Statements.)
PUBLIC PACKAGES HOLDINGS BERHAD
THIRD QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FINANCIAL PERIOD
ENDED 30 SEPTEMBER 2021
( THE FIGURES HAVE NOT BEEN AUDITED)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at | As at | |||
Note | 30/09/2021 | 31/12/2020 | ||
RM'000 | RM'000 | |||
Unaudited | Audited | |||
ASSETS | ||||
Non Current Assets | ||||
Property, plant and equipment | 156,301 | 156,229 | ||
Right-of-use assets | 1,204 | 1,166 | ||
Investment properties | A10 | 4,910 | 4,910 | |
Investment in joint ventures | 29,266 | 28,794 | ||
AFS investments | 1,589 | 1,549 | ||
193,270 | 192,648 | |||
Current Assets | ||||
Inventories | 16,054 | 20,922 | ||
Trade and other receivables | 38,930 | 44,377 | ||
Short term funds with licensed financial institutions | 70,209 | 50,497 | ||
Cash and cash equivalents | 21,169 | 29,624 | ||
146,362 | 145,420 | |||
TOTAL ASSETS | 339,632 | 338,068 | ||
LIABILITIES | ||||
Non Current Liabilities | ||||
Borrowings | B5 | 7,865 | 8,866 | |
Deferred tax liabilities | 9,536 | 9,121 | ||
17,401 | 17,987 | |||
Current Liabilities | ||||
Trade & other payables | 16,455 | 21,180 | ||
Borrowings | B5 | 14,704 | 22,552 | |
Provision for taxation | 3,620 | 3,035 | ||
34,779 | 46,767 | |||
TOTAL LIABILITIES | 52,180 | 64,754 | ||
EQUITY | ||||
Share capital | 94,417 | 94,361 | ||
Reserves | 193,035 | 178,953 | ||
TOTAL EQUITY | 287,452 | 273,314 | ||
TOTAL EQUITY AND LIABILITIES | 339,632 | 338,068 | ||
Net Assets per share attributable to | 1.52 | 1.45 | ||
owners of the parent (RM) |
(The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Annual Financial Report for
the year ended 31 December 2020 and the accompanying explanatory notes attached to the Interim Financial Statements.)
PUBLIC PACKAGES HOLDINGS BERHAD
THIRD QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FINANCIAL PERIOD
ENDED 30 SEPTEMBER 2021
( THE FIGURES HAVE NOT BEEN AUDITED)
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Foreign | ||||||
Share | Revaluation | Translation | Retained | |||
Capital | Reserve | AFS Reserve | Reserve | Profits | Total | |
RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | RM'000 | |
At 1 January 2021 | 94,361 | 482 | 295 | 1,306 | 176,870 | 273,314 |
Total comprehensive income for the period | - | - | 40 | 75 | 14,439 | 14,554 |
Transactions with owners: | ||||||
Allotment of shares, pursuant to: | ||||||
Employee Share Grant Scheme ("ESGS") | 30 | - | - | - | - | 30 |
Employee Share Option Scheme ("ESOS") | 26 | - | - | - | - | 26 |
56 | - | - | - | - | 56 | |
Dividend | - | - | - | - | (472) | (472) |
At 30 September 2021 | 94,417 | 482 | 335 | 1,381 | 190,837 | 287,452 |
At 1 January 2020 | ||||||
94,361 | 386 | 446 | 1,297 | 150,217 | 246,707 | |
Total comprehensive income for the period | - | - | (170) | (24) | 16,001 | 15,807 |
Dividend | - | - | - | - | (472) | (472) |
At 30 September 2020 | ||||||
94,361 | 386 | 276 | 1,273 | 165,746 | 262,042 | |
(The Condensed Consolidated Statements of Changes in Equity should be read in conjunction with the Annual Financial Report for the year ended 31 December 2020 and the accompanying explanatory notes attached to the Interim Financial Statements.)
PUBLIC PACKAGES HOLDINGS BERHAD
THIRD QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FINANCIAL PERIOD
ENDED 30 SEPTEMBER 2021
( THE FIGURES HAVE NOT BEEN AUDITED)
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS | |||
9 MONTHS ENDED | |||
30/09/2021 | 30/09/2020 | ||
RM'000 | RM'000 | ||
Unaudited | Unaudited | ||
Profit before tax | 19,901 | 20,763 | |
Adjustments for non-cash flow items:- | |||
Non-cash items | 7,579 | 7,366 | |
Non-operating items | (371) | (164) | |
Operating profit before changes in working capital | 27,109 | 27,965 | |
Changes in working capital | |||
Net changes in current assets | 10,456 | 10,586 | |
Net changes in current liabilities | (4,728) | (2,382) | |
Cash from operation | 32,837 | 36,169 | |
Dividend received | 923 | 1,945 | |
Interest paid | (995) | (1,528) | |
Interest received | 9 | 42 | |
Tax paid | (4,466) | (2,695) | |
Tax refund | - | 317 | |
Net Cash Flows From Operating Activities | 28,308 | 34,250 | |
Investing Activities | |||
- Acquisition of property, plant and equipment | (7,628) | (1,206) | |
- (Placement) / Withdrawal of fixed deposits | (2) | 2,998 | |
- Proceed from disposal of property, plant and equipment | 569 | 25 | |
Net Cash Flows (Used In) / From Investing Activities | (7,061) | 1,817 | |
Financing activities | |||
- Bank borrowings | (6,145) | (3,224) | |
- Repayment of hire purchase loans (principle portion) | (2,034) | (1,895) | |
- Repayment of lease liabilities | (664) | (662) | |
- Repayment of term loans | (230) | (5,125) | |
- Dividend | (472) | (472) | |
Net Cash Flows Used In Financing Activities | (9,545) | (11,378) | |
Effects of exchange rate changes on cash & cash equivalents | (25) | (6) | |
Net Change In Cash and Cash Equivalents | 11,677 | 24,683 | |
Cash and Cash Equivalents At Beginning Of Year | 78,450 | 49,176 | |
Effects of exchange rate changes | 57 | (7) | |
Cash and Cash Equivalents At End Of Period | 90,184 | 73,852 |
(The Condensed Consolidated Statements of Cash Flows should be read in conjunction with the Annual Financial Report for the
year ended 31 December 2020 and the accompanying explanatory notes attached to the Interim Financial Statements.)
PUBLIC PACKAGES HOLDINGS BERHAD
THIRD QUARTERLY REPORT ON CONSOLIDATED RESULTS FOR THE FINANCIAL PERIOD
ENDED 30 SEPTEMBER 2021
NOTES TO THE INTERIM FINANCIAL REPORT
A1. BASIS OF PREPARATION
This unaudited condensed consolidated interim financial statements have been prepared in accordance with MFRS 134 Interim Financial Reporting and paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad.
This unaudited condensed consolidated interim financial statement should read in conjuction with the audited financial statements for year ended 31 December
2020. The explanatory notes attached to the interim condensed consolidated financial statements provide an explaination of events and transactions that are
significant to an understanding of the changes in finacial position and performance of the Group since the year ended 31 December 2020.
A2. SIGNIFICANT ACCOUNTING POLICIES
The Group adopted the following new and amended FRS and IC Interpretations mandatory for annual periods beginning on or after 1 January 2021.
Amendments to MFRS 16 Leases: COVID-19 - Related Rent Concessions
Amendments to MFRS 9 Financial Instruments, MFRS 139 Financial Instruments: Recognision and Measurement, MFRS 7 Financial Instruments: Disclosure, MFRS 4 Insurance Contracts and MFRS 16 Leases: Interest Rate Benchmark Reform - Phase 2
The adoption of the above Standards and Interpretations did not have no significant impact on the financial statements of the Group upon their initial application.
The Group has not elected for early adoption of the relevant new and revised MFRSs, amendments to MFRSs and Interpretations have been issued but not yet effective until future periods.
A3. AUDITED ACCOUNTS
The auditor's report in respect of the financial statements of the Group for financial year ended 31 December 2020 was not subject to any qualification.
A4. SEASONALITY & CYCLICALITY
The Group's manufacturing division generally experience an "up-down" cycle once a year, with low demand usually in the beginning of the year and will slowly pick up again during the year.
A5. UNUSUAL ITEMS DUE TO THEIR NATURE, SIZE OR INCIDENCE
There were no unusual items for the current quarter under review.
A6. SIGNIFICANT ESTIMATES AND CHANGES IN ESTIMATE
There were no changes in estimates of amounts reported, which have a material effect in the current quarter.
A7. DETAILS OF ISSUE, CANCELLATION, REPURCHASE, RESALE AND REPAYMENT OF DEBT AND EQUITY SECURITIES
There was no issuance, cancellations, repurchase, resale or repayment of debt and equity for the current quarter.
A8. DIVIDEND PAID
An interim single-tier dividend of RM0.0025 per share, amounting to RM471,553 in respect of financial year ended 31 December 2020 was paid on 30 March 2021.
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