Condensed Interim Financial Statements for the six months and full Year ended 31 December 2021
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 ................................................................................................ | 19 |
Samudera Shipping Line Ltd
Company Registration: 199308462C
(Incorporated in the Republic of Singapore)
A. Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income
Note | Group | Group | |||||
2H 2021 | 2H 2020 | + / (-) | FY 2021 | FY 2020 | + / (-) | ||
US$'000 | US$'000 | % | US$'000 | US$'000 | % | ||
Revenue | 317,908 | 173,065 | 83.7 | 526,966 | 347,895 | 51.5 | |
Cost of sales | (215,716) | (156,429) | 37.9 | (380,019) | (318,294) | 19.4 | |
Gross profit | 102,192 | 16,636 | 514.3 | 146,947 | 29,601 | 396.4 | |
Other operating income | (A) | 1,893 | 193 | 880.8 | 4,117 | 893 | 361.0 |
Marketing expenses | (3,877) | (3,708) | 4.6 | (8,734) | (7,641) | 14.3 | |
Administrative expenses | (3,460) | (2,830) | 22.3 | (7,391) | (5,226) | 41.4 | |
Other operating expenses | (B) | (4,143) | (10,654) | (61.1) | (4,174) | (10,657) | (60.8) |
Profit from operations | 92,605 | (363) | n.m | 130,765 | 6,970 | n.m | |
Finance income | 196 | 200 | (2.0) | 325 | 676 | (51.9) | |
Finance costs | (1,468) | (587) | 150.1 | (2,791) | (1,610) | 73.4 | |
Operating profit | 91,333 | (750) | n.m | 128,299 | 6,036 | n.m | |
Share of results of associate/ joint venture | 984 | 1,004 | (2.0) | 2,336 | 1,765 | 32.4 | |
Profit before tax | 92,317 | 254 | n.m | 130,635 | 7,801 | n.m | |
Income tax expense | (194) | (288) | (32.6) | (582) | (528) | (10.2) | |
Profit after tax | 92,123 | (34) | n.m | 130,053 | 7,273 | n.m | |
Attributable to: | |||||||
Owners of the Company | 91,849 | 74 | n.m | 128,578 | 7,230 | n.m | |
Non-controlling interests | 274 | (108) | (353.7) | 1,475 | 43 | n.m | |
Profit after tax | 92,123 | (34) | n.m | 130,053 | 7,273 | n.m | |
n.m. = not meaningful | |||||||
Notes to the Income Statement | |||||||
Group | Group | ||||||
2H 2021 | 2H 2020 | + / (-) | FY 2021 | FY 2021 | + / (-) | ||
US$'000 | US$'000 | % | US$'000 | US$'000 | % | ||
Profit after tax is arrived at after charging | |||||||
(crediting) the following: | |||||||
Depreciation of property, plant and | 2,924 | 3,952 | (26.0) | 6,293 | 8,046 | (21.8) | |
equipment | |||||||
Depreciation of right-of-use assets | 17,273 | 3,480 | 396.4 | 26,391 | 5,864 | 350.1 | |
Depreciation of investment properties | 19 | 19 | - | 36 | 38 | (5.3) | |
Amortisation of intangible assets | 359 | 165 | 117.6 | 589 | 242 | 143.4 | |
(Write back)/Allowance for impairment | (2,064) | 43 | n.m | (923) | 696 | (232.6) | |
on receivables | |||||||
Finance costs - interest on borrowings | 303 | 329 | (7.9) | 663 | 1,080 | (38.6) | |
Finance costs - interest on lease | 1,165 | 258 | 351.6 | 2,128 | 530 | 301.5 | |
liabilities |
Page 1 of 25
Samudera Shipping Line Ltd
Company Registration: 199308462C
(Incorporated in the Republic of Singapore)
Notes to the Income Statement (Continued) | ||||||
Group | Group | |||||
2H 2021 | 2H 2020 | + / (-) | FY 2021 | FY 2020 | + / (-) | |
US$'000 | US$'000 | % | US$'000 | US$'000 | % | |
(A) Other operating income | ||||||
Rental income | 128 | 165 | (22.4) | 309 | 347 | (11.0) |
Net foreign exchange gains | 792 | 12 | n.m | 999 | 497 | 101.0 |
Gain on disposal of plant, property and | - | 9 | (100.0) | 11 | 10 | 10.0 |
equipment, net | ||||||
Gain on disposal of assets held for sale | 971 | - | n.m | 971 | - | n.m |
(Vessel) | ||||||
Insurance claim | - | - | n.m | 334 | - | n.m |
Others | 2 | 7 | (71.4) | 1,493 | 39 | n.m |
1,893 | 193 | 880.8 | 4,117 | 893 | 361.0 | |
- | - | |||||
(B) Other operating expenses | ||||||
Impairment of property, plant and | (4,051) | (9,458) | (57.2) | (4,051) | (9,458) | (57.2) |
equipment | ||||||
Impairment of investment property | - | (149) | (100.0) | - | (149) | (100.0) |
Insurance claims deemed unrecoverable | - | (1,047) | (100.0) | - | (1,047) | (100.0) |
Others | (92) | - | n.m | (123) | (3) | n.m |
(4,143) | (10,654) | (61.1) | (4,174) | (10,657) | (60.8) | |
Other Comprehensive Income | ||||||
Group | Group | |||||
2H 2021 | 2H 2020 | FY 2021 | FY 2020 | |||
US$'000 | US$'000 | US$'000 | US$'000 | |||
Profit after tax for the period | 92,123 | (34) | 130,053 | 7,273 | ||
Items that will not be reclassified | ||||||
subsequently to profit or loss | ||||||
Remeasurement of defined benefit obligation | - | (11) | (5) | (6) | ||
- | (11) | (5) | (6) | |||
Items that may be reclassified subsequently | ||||||
to profit or loss | ||||||
Share of other comprehensive income of | 226 | 418 | 572 | 670 | ||
associate | ||||||
Net unrealised loss on revaluation of cash flow | 1 | (40) | 44 | (40) | ||
hedges | ||||||
Exchange differences on translation of foreign | (41) | 284 | (199) | 1 | ||
operations | ||||||
186 | 662 | 417 | 631 | |||
Other comprehensive income for the period, | ||||||
186 | 651 | 412 | 625 | |||
net of tax | ||||||
Total comprehensive income for the period | 92,309 | 617 | 130,465 | 7,898 | ||
Total comprehensive income attributable to: | ||||||
Owners of the Company | 92,369 | 662 | 129,366 | 7,842 | ||
Non-controlling interests | (60) | (45) | 1,099 | 56 | ||
92,309 | 617 | 130,465 | 7,898 | |||
Page 2 of 25
Samudera Shipping Line Ltd
Company Registration: 199308462C (Incorporated in the Republic of Singapore)
B. 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) Inventories
Assets classified as held for sale
Non-current assets
Investment properties
Property, plant and equipment
Right-of-use assets
Intangible assets
Subsidiaries
Associate/joint venture
Deferred tax assets
Due from subsidiary (non-trade)
Total assets
Group | Company | ||
31 Dec 21 | 31 Dec 20 | 31 Dec 21 | 31 Dec 20 |
US$'000 | US$'000 | US$'000 | US$'000 |
187,193 | 80,827 | 146,911 | 58,443 |
113,487 | 53,810 | 105,744 | 48,264 |
19,774 | 9,040 | 14,846 | 5,660 |
1,837 | 2,069 | 152 | 781 |
261 | 261 | - | - |
4,067 | 3,981 | 4,039 | 3,972 |
- | - | 8,955 | 3,337 |
- | - | 980 | 990 |
17,347 | 10,375 | 13,808 | 5,652 |
417 | 229 | - | - |
1,497 | 1,650 | 1,246 | 1,419 |
345,880 | 162,242 | 296,681 | 128,518 |
- | 13,230 | - | 13,230 |
345,880 | 175,472 | 296,681 | 141,748 |
968 | 1,004 | 529 | 555 |
67,013 | 85,604 | 51,502 | 64,254 |
139,330 | 63,887 | 133,172 | 58,121 |
686 | 1,136 | 686 | 1,136 |
- | - | 37,062 | 34,389 |
17,537 | 15,677 | 12,117 | 12,117 |
66 | 63 | - | - |
- | - | 570 | 818 |
225,600 | 167,371 | 235,638 | 171,390 |
571,480 | 342,843 | 532,319 | 313,138 |
Page 3 of 25
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