Condensed Interim Financial Statements for the six months and Full Year ended 31 December 2024
Samudera Shipping Line Ltd
Company Registration: 199308462C
(Incorporated in the Republic of Singapore)
Samudera Shipping Line Ltd
Company Registration: 199308462C
(Incorporated in the Republic of Singapore)
Table of Contents | ||
A. | Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income | .... 1 |
B. | Condensed Interim Statements of Financial Position | 3 |
C. Condensed Interim Consolidated Statements of Cash Flows | 5 | |
D. | Condensed Interim Statements of Changes of Equity | 7 |
E. | Notes to the Condensed Interim Consolidated Financial Statements | 9 |
F. | Other Information required under Listing Manual | 21 |
Samudera Shipping Line Ltd
Company Registration: 199308462C
(Incorporated in the Republic of Singapore)
- Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income
Note | Group | Group | |||||
2H 2024 | 2H 2023 | + / (-) | FY 2024 | FY 2023 | + / (-) | ||
US$'000 | US$'000 | % | US$'000 | US$'000 | % | ||
Revenue | 309,053 | 277,030 | 11.6 | 532,008 | 582,931 | (8.7) | |
Cost of sales | (235,209) | (232,015) | 1.4 | (429,738) | (473,992) | (9.3) | |
Gross profit | 73,844 | 45,015 | 64.0 | 102,270 | 108,939 | (6.1) | |
Other operating income | (A) | 1,790 | 481 | 272.1 | 3,495 | 8,034 | (56.5) |
Marketing expenses | (7,060) | (5,382) | 31.2 | (12,450) | (10,259) | 21.4 | |
Administrative expenses | (6,241) | (4,596) | 35.8 | (10,525) | (9,431) | 11.6 | |
Other operating expenses | (B) | (285) | (7) | 3,971.4 | (389) | (162) | 140.1 |
Profit from operations | 62,048 | 35,511 | 74.7 | 82,401 | 97,121 | (15.2) | |
Finance income | 7,681 | 6,764 | 13.6 | 15,341 | 13,099 | 17.1 | |
Finance costs | (7,984) | (6,444) | 23.9 | (14,929) | (10,944) | 36.4 | |
Operating profit | 61,745 | 35,831 | 72.3 | 82,813 | 99,276 | (16.6) | |
Share of results of joint venture | (9,250) | 1,804 | n.m | (7,813) | 5,711 | n.m | |
Profit before tax | 52,495 | 37,635 | 39.5 | 75,000 | 104,987 | (28.6) | |
Income tax expense | (2,323) | (2,889) | (19.6) | (3,793) | (3,951) | (4.0) | |
Profit after tax | 50,172 | 34,746 | 44.4 | 71,207 | 101,036 | (29.5) | |
Attributable to: | |||||||
Owners of the Company | 49,994 | 34,579 | 44.6 | 70,849 | 101,233 | (30.0) | |
Non-controlling interests | 178 | 167 | 6.6 | 358 | (197) | n.m | |
Profit after tax | 50,172 | 34,746 | 44.4 | 71,207 | 101,036 | (29.5) | |
n.m. = not meaningful | |||||||
Notes to the Income Statement | |||||||
Group | Group | ||||||
2H 2024 | 2H 2023 | + / (-) | FY 2024 | FY 2023 | + / (-) | ||
US$'000 | US$'000 | % | US$'000 | US$'000 | % | ||
Profit after tax is arrived at after charging | |||||||
(crediting) the following: | |||||||
Depreciation of property, plant and | 7,809 | 6,394 | 22.1 | 14,134 | 12,075 | 17.1 | |
equipment and investment properties | |||||||
Depreciation of right-of-use assets | 20,671 | 35,017 | (41.0) | 40,994 | 87,042 | (52.9) | |
Impairment loss on right-of-use assets | 285 | 12,161 | (97.7) | 285 | 12,161 | (97.7) | |
Amortisation of intangible assets | 307 | 233 | 31.8 | 556 | 401 | 38.7 | |
Allowance for (write back of) impairment on | 767 | (19) | n.m | 686 | (641) | n.m | |
receivables, net | |||||||
Finance costs - interest on borrowings | 3,415 | 1,123 | 204.1 | 5,899 | 2,146 | 174.9 | |
Finance costs - interest on lease liabilities | 4,569 | 5,321 | (14.1) | 9,030 | 8,798 | 2.6 |
Page 1 of 28
Samudera Shipping Line Ltd
Company Registration: 199308462C (Incorporated in the Republic of Singapore)
Notes to the Income Statement (Continued)
- Other operating income
- Rental income
- Net foreign exchange gains
- Gain on disposal of plant, property and equipment, net
- Insurance claim
- Gain on acquisition of subsidiary
- Gain on extinguishment of lease contracts
- Others
- Other operating expenses
- Property, plant and equipment written off
- Impairment of right-of-use assets
- Others
Other Comprehensive Income
Profit after tax for the period
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit obligation
Items that may be reclassified subsequently to profit or loss
Share of other comprehensive income of joint venture
Exchange differences on translation of foreign operations
Other comprehensive income for the period, net of tax
Total comprehensive income for the period
Total comprehensive income attributable to:
Owners of the Company
Non-controlling interests
Group | Group | ||||
2H 2024 | 2H 2023 | + / (-) | FY 2024 | FY 2023 | + / (-) |
US$'000 | US$'000 | % | US$'000 | US$'000 | % |
27 | 25 | 8.0 | 59 | 64 | (7.8) |
543 | 371 | 46.4 | 975 | 3,831 | (74.5) |
1,097 | 13 | n.m | 1,822 | 46 | n.m |
- | - | n.m | 484 | 589 | (17.8) |
- | - | n.m | - | 3,256 | (100.0) |
2 | 35 | (94.3) | 2 | 35 | (94.3) |
121 | 37 | 227.0 | 153 | 213 | (28.2) |
1,790 | 481 | 272.1 | 3,495 | 8,034 | (56.5) |
- | (7) | (100.0) | (55) | (162) | (66.0) |
(285) | - | n.m | (285) | - | n.m |
- | - | n.m | (49) | - | n.m |
(285) | (7) | n.m | (389) | (162) | 140.1 |
Group | Group | ||||
2H 2024 | 2H 2023 | FY 2024 | FY 2023 | ||
US$'000 | US$'000 | US$'000 | US$'000 | ||
50,172 | 34,746 | 71,207 | 101,036 | ||
167 | (13) | 167 | (13) | ||
167 | (13) | 167 | (13) | ||
(590) | (840) | (732) | (1,075) | ||
423 | (753) | (747) | 1,043 | ||
(167) | (1,593) | (1,479) | (32) | ||
- | (1,606) | (1,312) | (45) | ||
50,172 | 33,140 | 69,895 | 100,991 | ||
49,274 | 33,282 | 69,801 | 101,117 | ||
898 | (142) | 94 | (126) | ||
50,172 | 33,140 | 69,895 | 100,991 |
Page 2 of 28
Samudera Shipping Line Ltd
Company Registration: 199308462C (Incorporated in the Republic of Singapore)
- Condensed Interim Statements of Financial Position
ASSETS
Current assets
Cash and bank balances Trade receivables - third parties Prepaid operating expenses Other receivables and deposits
Due from immediate holding company (non-trade) Due from immediate holding company (trade) Due from subsidiaries (trade)
Due from subsidiaries (non-trade) Due from related companies (trade)
Due from non-controlling interest of subsidiary (trade) Lease receivables
Inventories
Non-current assets
Investment properties
Property, plant and equipment
Right-of-use assets
Intangible assets
Subsidiaries
Joint venture
Deferred tax assets
Due from subsidiary (non-trade)
Lease receivables
Total assets
Group | Company | ||
31 Dec 24 | 31 Dec 23 | 31 Dec 24 | 31 Dec 23 |
US$'000 | US$'000 | US$'000 | US$'000 |
374,533 | 358,715 | 322,040 | 308,707 |
84,998 | 77,085 | 75,762 | 69,234 |
20,834 | 18,473 | 14,002 | 13,476 |
3,796 | 3,152 | 358 | 269 |
260 | 260 | - | - |
3,360 | 3,349 | 3,355 | 3,326 |
- | - | 4,492 | 2,274 |
- | - | 14,281 | 53,196 |
11,540 | 11,810 | 10,557 | 8,394 |
381 | 968 | - | - |
335 | 291 | 335 | 291 |
2,279 | 1,337 | 1,083 | 805 |
502,316 | 475,440 | 446,265 | 459,972 |
514 | 898 | 514 | 477 |
275,686 | 217,029 | 49,364 | 72,112 |
145,166 | 173,521 | 136,753 | 163,886 |
1,975 | 1,669 | 1,427 | 999 |
- | - | 113,109 | 56,582 |
31,641 | 40,186 | 26,917 | 26,917 |
371 | 379 | - | - |
- | - | 1,882 | 4,396 |
729 | 1,064 | 729 | 1,064 |
456,082 | 434,746 | 330,695 | 326,433 |
958,398 | 910,186 | 776,960 | 786,405 |
Page 3 of 28
Samudera Shipping Line Ltd
Company Registration: 199308462C
(Incorporated in the Republic of Singapore)
Condensed Interim Statements of Financial Position (Continued) | ||||
Group | Company | |||
31 Dec 24 | 31 Dec 23 | 31 Dec 24 | 31 Dec 23 | |
US$'000 | US$'000 | US$'000 | US$'000 | |
LIABILITES AND EQUITY | ||||
Current liabilities | ||||
Bank term loans and borrowings | 16,062 | 9,171 | 787 | 809 |
Trade payables | 24,305 | 24,025 | 16,267 | 18,855 |
Other payables and liabilities | 55,529 | 62,802 | 38,202 | 52,463 |
Due to subsidiary (trade) | - | - | 749 | 161 |
Due to subsidiaries (non-trade) | - | - | 2,762 | 2,649 |
Due to related companies (trade) | 371 | 415 | 8 | 35 |
Due to non-controlling interest of subsidiaries (non-trade) | 54 | 52 | - | - |
Lease liabilities | 31,730 | 41,473 | 29,362 | 39,365 |
Income tax payable | 3,423 | 3,067 | 2,847 | 2,488 |
131,474 | 141,005 | 90,984 | 116,825 | |
Non-current liabilities | ||||
Bank term loans and borrowings | 106,669 | 58,443 | 8,799 | 9,835 |
Lease liabilities | 122,301 | 142,302 | 115,232 | 134,136 |
Retirement benefit obligations | 518 | 638 | - | - |
Deferred tax liabilities | 8 | 22 | - | - |
Due to non-controlling interest of subsidiaries (non-trade) | 327 | 316 | - | - |
229,823 | 201,721 | 124,031 | 143,971 | |
Capital, reserves and non-controlling interests | ||||
Share capital | 68,761 | 68,761 | 68,761 | 68,761 |
Treasury shares | (174) | (174) | (174) | (174) |
Retained earnings | 515,905 | 484,688 | 493,358 | 457,022 |
Other reserves | 85 | 642 | - | - |
Foreign currency translation reserve | (1,848) | (1,365) | - | - |
Equity attributable to owners of the Company | 582,729 | 552,552 | 561,945 | 525,609 |
Non-controlling interests | 14,372 | 14,908 | - | - |
Total equity | 597,101 | 567,460 | 561,945 | 525,609 |
Total liabilities and equity | 958,398 | 910,186 | 776,960 | 786,405 |
Page 4 of 28
Samudera Shipping Line Ltd
Company Registration: 199308462C
(Incorporated in the Republic of Singapore)
C. Condensed Interim Consolidated Statements of Cash Flows | ||
Group | ||
FY 2024 | FY 2023 | |
US$'000 | US$'000 | |
Cash flows from operating activities | ||
Profit before tax | 75,000 | 104,987 |
Adjustments: | ||
Depreciation of property, plant and equipment and investment properties | 14,134 | 12,075 |
Depreciation of right-of-use assets | 40,994 | 87,042 |
Amortisation of intangible assets | 556 | 401 |
Gain on disposal of property, plant and equipment | (1,822) | (46) |
Gain on acquisition of subsidiary | - | (3,256) |
Gain on extinguishment of lease contracts | (2) | (35) |
Allowance/(Write back of) for impairment on receivables, net | 686 | (641) |
Impairment loss on right-of-use assets | 285 | 12,161 |
Finance costs | 14,929 | 10,944 |
Finance income | (15,341) | (13,099) |
Share of results of joint venture | 7,813 | (5,711) |
Property, plant and equipment written off | 78 | 162 |
Net foreign exchange loss | (172) | (559) |
Operating cashflows before working capital changes | 137,138 | 204,425 |
(Increase) decrease in: | ||
Inventories | (942) | 649 |
Trade receivables | (8,503) | 75,480 |
Other receivables and deposits | (644) | (1,252) |
Prepaid operating expenses | (2,361) | 477 |
Due from immediate holding company | (30) | 1,728 |
Due from related companies | 195 | (2,266) |
Due from non-controlling interest of subsidiary | 587 | (967) |
Increase (decrease) in: | ||
Trade payables | 280 | (15,075) |
Other payables and liabilities | (7,174) | (21,303) |
Due to related companies | (44) | 257 |
Cash generated from operations | 118,502 | 242,153 |
Interest paid | (14,929) | (10,944) |
Income tax paid | (3,400) | (2,816) |
Net cash from operating activities | 100,173 | 228,393 |
Page 5 of 28
Samudera Shipping Line Ltd
Company Registration: 199308462C
(Incorporated in the Republic of Singapore)
Condensed Interim Consolidated Statements of Cash Flows (Continued) | ||
Group | ||
FY 2024 | FY 2023 | |
US$'000 | US$'000 | |
Cash flows from investing activities | ||
Interest income received | 15,341 | 13,099 |
Proceeds from disposal of property, plant and equipment | 1,824 | 48 |
Purchase of property, plant and equipment | (72,977) | (103,465) |
Purchase of intangible assets | (907) | (920) |
Net cash used in investing activities | (56,719) | (91,238) |
Cash flows from financing activities | ||
Repayment of principal portion of lease liabilities | (42,622) | (88,689) |
Proceeds from lease receivables | 291 | 253 |
Proceeds from bank term loans | 66,245 | 43,908 |
Repayment of bank term loans | (10,813) | (5,557) |
Dividend paid | (39,624) | (108,467) |
Increase in pledged deposits | (51) | (147) |
Dividend paid to non-controlling shareholder of subsidiaries | (630) | (1,285) |
Repayment on loan from non-controlling interest of subsidiary | - | (430) |
Net cash used in financing activities | (27,204) | (160,414) |
Net increase (decrease) in cash and cash equivalents | 16,250 | (23,259) |
Effects of exchange rate changes on the balance of cash held in foreign | (483) | 972 |
currencies | ||
Cash and cash equivalents at the beginning of the year | 357,269 | 379,556 |
Cash and cash equivalents at the end of the year | 373,036 | 357,269 |
Cash and bank balances (current) | 374,533 | 358,715 |
Less: Pledged deposits | (1,497) | (1,446) |
Cash and cash equivalents at the end of the year | 373,036 | 357,269 |
Page 6 of 28
Samudera Shipping Line Ltd
Company Registration: 199308462C
(Incorporated in the Republic of Singapore)
D. Condensed Interim Statements of Changes of Equity
Share | Treasury | Other | Translation | Retained | Attributable | Non- | Total | |
Capital | Shares | Reserves | Reserve | Earnings | to Equity | Controlling | Equity | |
holders | Interests | |||||||
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
GROUP | ||||||||
Balance as at 1 Jan 2024 | 68,761 | (174) | 642 | (1,365) | 484,688 | 552,552 | 14,908 | 567,460 |
Profit for the year | - | - | - | - | 70,849 | 70,849 | 358 | 71,207 |
Other comprehensive income for | - | - | (565) | (483) | - | (1,048) | (264) | (1,312) |
the year | ||||||||
Total | - | - | (565) | (483) | 70,849 | 69,801 | 94 | 69,895 |
Transactions with owners, | ||||||||
recognised directly in | ||||||||
equity | ||||||||
Transfer to mandatory reserves | - | - | 8 | - | (8) | - | - | - |
fund | ||||||||
Dividend paid | - | - | - | - | (39,624) | (39,624) | (630) | (40,254) |
Total | - | - | 8 | - | (39,632) | (39,624) | (630) | (40,254) |
Balance as at 31 Dec 2024 | 68,761 | (174) | 85 | (1,848) | 515,905 | 582,729 | 14,372 | 597,101 |
GROUP | ||||||||
Balance as at 1 Jan 2023 | 68,761 | (174) | 1,722 | (2,337) | 491,930 | 559,902 | 13,041 | 572,943 |
Profit for the year | - | - | - | - | 101,233 | 101,233 | (197) | 101,036 |
Other comprehensive income for | - | - | (1,088) | 972 | - | (116) | 71 | (45) |
the year | ||||||||
Total | - | - | (1,088) | 972 | 101,233 | 101,117 | (126) | 100,991 |
Transactions with owners, | ||||||||
recognised directly in | ||||||||
equity | ||||||||
Effects arising from business | - | - | - | - | - | - | 3,278 | 3,278 |
combinations | ||||||||
Transfer to mandatory reserves | - | - | 8 | - | (8) | - | - | - |
fund | ||||||||
Dividend paid | - | - | - | - | (108,467) | (108,467) | (1,285) | (109,752) |
Total | - | - | 8 | - | (108,475) | (108,467) | 1,993 | (106,474) |
Balance as at 31 Dec 2023 | 68,761 | (174) | 642 | (1,365) | 484,688 | 552,552 | 14,908 | 567,460 |
Page 7 of 28
Samudera Shipping Line Ltd
Company Registration: 199308462C
(Incorporated in the Republic of Singapore)
Condensed Interim Statements of Changes of Equity
(Continued) | Share | Treasury | Other | Retained | Total |
Capital | Shares | Reserves | Earnings | Equity | |
US$'000 | US$'000 | US$'000 | US$'000 | US$'000 | |
COMPANY | |||||
Balance as at 1 Jan 2024 | 68,761 | (174) | - | 457,022 | 525,609 |
Profit for the period, representing total comprehensive income for the | - | - | - | 75,960 | 75,960 |
period |
Transactions with owners, recognised directly in equity Dividend paid
Total
Balance as at 31 Dec 2024
Balance as at 1 Jan 2023
Profit for the period, representing total comprehensive income for the period
- | - | - | 75,960 | 75,960 |
- | - | - | (39,624) | (39,624) |
- | - | - | (39,624) | (39,624) |
68,761 | (174) | - | 493,358 | 561,945 |
68,761 | (174) | - | 473,179 | 541,766 |
- | - | - | 92,310 | 92,310 |
- | - | - | 92,310 | 92,310 | |
Transactions with owners, recognised directly in equity | |||||
Dividend paid | - | - | - | (108,467) | (108,467) |
Total | - | - | - | (108,467) | (108,467) |
Balance as at 31 Dec 2023 | 68,761 | (174) | - | 457,022 | 525,609 |
Page 8 of 27