Secura Group Limited and its Subsidiaries
(Company Registration No: 201531866K)
Condensed Interim Financial Statements For the half year ended 30 June 2024
SECURA GROUP LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No: 201531866K)
Table of Contents | Page |
A. Condensed interim statements of profit or loss and other comprehensive income | 2 |
B. Condensed interim statements of financial position | 3 |
C. Condensed interim statements of changes in equity | 4 |
D. Condensed interim statements of cash flows | 6 |
E. Notes to the condensed interim financial statements | 7 |
F. Other information required under the Catalist Rules | 16 |
1
SECURA GROUP LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No: 201531866K)
1(a) 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.
CONDENSED INTERIM STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Note | Group | ||||
Increase/ | |||||
1H2024 | 1H2023 | (Decrease) | |||
S$'000 | S$'000 | % | |||
Revenue | 2.13 | 28,894 | 29,472 | (2.0) | |
Cost of sales | (25,365) | (26,606) | (4.7) | ||
Gross profit | 3,529 | 2,866 | 23.1 | ||
Other operating income | 2.14 | 1,433 | 665 | 115.5 | |
Distribution and selling expenses | (1,037) | (814) | 27.4 | ||
Administrative expenses | (3,488) | (2,266) | 53.9 | ||
Finance costs | (74) | (28) | 164.3 | ||
Share of results of joint ventures and associates | 173 | 188 | (8.0) | ||
Profit before tax | 2.15 | 536 | 611 | (12.3) | |
Income tax expenses | (89) | (69) | 29.0 | ||
Profit for the period | 447 | 542 | (17.5) | ||
Other comprehensive income | |||||
Items that may be reclassified subsequently to profit or loss | |||||
Share of foreign currency translation of joint ventures and | |||||
associates | (21) | (45) | (53.3) | ||
Total comprehensive income for the period | 426 | 497 | (14.3) | ||
Profit for the period attributable to: | |||||
Owners of the Company | 576 | 542 | 6.3 | ||
Non-controlling interest | (129) | - | NM | ||
447 | 542 | (17.5) | |||
Total comprehensive income for the period attributable to: | |||||
Owners of the Company | 555 | 497 | 11.7 | ||
Non-controlling interest | (129) | - | NM | ||
426 | 497 | (14.3) | |||
NM: | Not meaningful | ||||
2
SECURA GROUP LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No: 201531866K)
1(b) 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.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
Group | Company | |||||
As at | As at | As at | As at | |||
Note | 30/06/2024 | 31/12/2023 | 30/06/2024 | 31/12/2023 | ||
S$'000 | S$'000 | S$'000 | S$'000 | |||
Assets | ||||||
Non-current assets | ||||||
Property, plant and equipment | 2.6 | 20,745 | 21,230 | 13,970 | 14,046 | |
Right-of-use assets | 1,109 | 1,141 | - | - | ||
Investment property | - | - | 2,280 | 2,325 | ||
Intangible assets | 2.7 | 1,713 | 1,716 | 30 | 26 | |
Investment in subsidiaries | - | - | 21,194 | 21,194 | ||
Investment in joint ventures | 153 | 153 | - | - | ||
Investment in associates | 1,884 | 1,784 | - | - | ||
Deferred tax assets | 72 | 172 | - | - | ||
25,676 | 26,196 | 37,474 | 37,591 | |||
Current assets | ||||||
Inventories | 823 | 844 | - | - | ||
Trade and other receivables | 2.8 | 12,400 | 12,450 | 49 | 32 | |
Contract assets | 2,692 | 2,278 | - | - | ||
Prepaid operating expenses | 1,249 | 1,072 | 60 | 18 | ||
Amount due from subsidiaries | - | - | 2,431 | 2,514 | ||
Cash and short-term deposits | 2.9 | 15,876 | 16,043 | 6,816 | 7,207 | |
33,040 | 32,687 | 9,356 | 9,771 | |||
Asset held for sale on investment in a | - | 371 | - | - | ||
joint venture | ||||||
33,040 | 33,058 | 9,356 | 9,771 | |||
Total assets | 58,716 | 59,254 | 46,830 | 47,362 | ||
Equity and liabilities | ||||||
Current liabilities | ||||||
Trade and other payables | 2.10 | 8,241 | 8,614 | 686 | 683 | |
Contract liabilities | 935 | 837 | - | - | ||
Loans and borrowings | 2.11 | 460 | 489 | 250 | 250 | |
Lease liabilities | 249 | 239 | - | - | ||
Amount due to subsidiaries | - | - | 4,412 | 3,977 | ||
Amount due to joint ventures | 287 | 47 | - | - | ||
Income tax payable | 346 | 322 | - | - | ||
10,518 | 10,548 | 5,348 | 4,910 | |||
Net current assets | 22,522 | 22,510 | 4,008 | 4,861 | ||
Non-current liabilities | ||||||
Loans and borrowings | 2.11 | 2,055 | 2,289 | 1,897 | 2,027 | |
Lease liabilities | 815 | 850 | - | - | ||
Deferred consideration | 875 | 875 | 875 | 875 | ||
Provision of reinstatement cost | 51 | 51 | - | - | ||
Deferred tax liabilities | 749 | 864 | - | - | ||
4,545 | 4,929 | 2,772 | 2,902 | |||
Total liabilities | 15,063 | 15,477 | 8,120 | 7,812 | ||
Net assets | 43,653 | 43,777 | 38,710 | 39,550 | ||
3
SECURA GROUP LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No: 201531866K)
1(b) 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. (cont'd)
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (cont'd)
Group | Company | |||||
As at | As at | As at | As at | |||
Note | 30/06/2024 | 31/12/2023 | 30/06/2024 | 31/12/2023 | ||
S$'000 | S$'000 | S$'000 | S$'000 | |||
Equity | ||||||
Share capital | 2.12 | 61,644 | 61,644 | 61,644 | 61,644 | |
Other reserves | (16,673) | (16,652) | 111 | 111 | ||
Accumulated losses | (1,430) | (1,456) | (23,045) | (22,205) | ||
Equity attributable to owners of the | ||||||
Company | 43,541 | 43,536 | 38,710 | 39,550 | ||
Non-controlling interest | 112 | 241 | - | - | ||
Total equity | 43,653 | 43,777 | 38,710 | 39,550 | ||
4
SECURA GROUP LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No: 201531866K)
1(c) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.
CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY
Attributable to owners of the Company | ||||||
Foreign | Employee | |||||
currency | share | |||||
Share | Merger | translation | option | Other | Accumulated | |
Group | capital | reserve | reserve | reserve | reserves | losses |
S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | |
At 1 January 2024 | 61,644 | (16,291) | (472) | 111 | (16,652) | (1,456) |
Profit for the period | - | - | - | - | - | 576 |
Other comprehensive income | ||||||
Share of foreign currency translation of joint | ||||||
ventures and associates | - | - | (21) | - | (21) | - |
Other comprehensive income for the period, | ||||||
net of tax | - | - | (21) | - | (21) | - |
Non-
controlling Total
Total interest equity
S$'000 S$'000 S$'000
43,536 241 43,777
576 | (129) | 447 |
(21)- (21)
(21) - (21)
Total comprehensive income for the period | - | - | (21) | - | (21) | 576 | 555 | (129) | 426 | ||
Contributions by and distributions to owners | |||||||||||
Dividend paid on ordinary shares | - | - | - | - | - | (550) | (550) | - | (550) | ||
At 30 June 2024 | 61,644 | (16,291) | (493) | 111 | (16,673) | (1,430) | 43,541 | 112 | 43,653 | ||
At 1 January 2023 | 61,644 | (16,291) | (375) | 111 | (16,555) | (1,501) | 43,588 | - | 43,588 | ||
Profit for the period
Other comprehensive income
Share of foreign currency translation of joint ventures and associates
Other comprehensive income for the period, net of tax
Total comprehensive income for the period
Contributions by and distributions to owners
Dividend paid on ordinary shares
At 30 June 2023
- | - | - | - | - | 542 | 542 | - | 542 | ||
- | - | (45) | - | (45) | - | (45) | - | (45) | ||
- | - | (45) | - | (45) | - | (45) | - | (45) | ||
- | - | (45) | - | (45) | 542 | 497 | - | 497 | ||
- | - | - | - | - | (1,000) | (1,000) | - | (1,000) |
61,644 | (16,291) | (420) | 111 | (16,600) | (1,959) | 43,085 | - | 43,085 |
5
SECURA GROUP LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No: 201531866K)
1(c) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year. (cont'd)
CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY
Share | Other | Accumulated | Total | |
Company | capital | reserves | losses | equity |
S$'000 | S$'000 | S$'000 | S$'000 | |
At 1 January 2024 | 61,644 | 111 | (22,205) | 39,550 |
Profit for the period, representing total | ||||
comprehensive income for the period | - | - | (290) | (290) |
Contributions by and distributions to owners | ||||
Dividend paid on ordinary shares | - | - | (550) | (550) |
At 30 June 2024 | 61,644 | 111 | (23,045) | 38,710 |
At 1 January 2023 | 61,644 | 111 | (21,786) | 39,969 |
Profit for the period, representing total | ||||
comprehensive income for the period | - | - | (139) | (139) |
Contributions by and distributions to owners | ||||
Dividend paid on ordinary shares | - | - | (1,000) | (1,000) |
At 30 June 2023 | 61,644 | 111 | (22,925) | 38,830 |
6
SECURA GROUP LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No: 201531866K)
1(d) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year.
CONDENSED INTERIM STATEMENTS OF CASH FLOWS
Operating activities: Profit before tax Adjustments for:
Amortisation of intangible assets Amortisation of right-of-use assets
Depreciation of property, plant and equipment and investment property Finance costs
Loss on disposal of joint venture
Gain on disposal of property, plant and equipment Interest income
Reversal of expected credit losses on trade receivables, net Share of results of joint ventures and associates Unrealised exchange loss, net
Operating cash flows before working capital changes Decrease in inventories
Increase in trade and other receivables and contract assets Increase in prepaid operating expenses
Increase in amounts due to joint ventures
Increase in trade and other payables and contract liabilities Decrease in accrued operating expenses
Cash flows generated from/(used in) operations
Interest income received
Interest paid
Income tax paid
Net cash flows generated from/(used in) operating activities
Investing activities:
Proceeds from disposal of property, plant and equipment Proceeds from disposal of joint venture
Additions to property, plant and equipment Dividend received from an associate company
Net cash flows generated from investing activities
Financing activities:
Dividends paid on ordinary shares
Payment of principal portion of lease liabilities
Repayment of bank loan
Net cash flows used in financing activities
Net decrease in cash and short-term deposits
Effect of exchange rate changes on cash and short-term deposits Cash and short-term deposits at 1 January
Cash and short-term deposits at 30 June
* Less than S$1,000
Group
1H2024 1H2023
S$'000 S$'000
536611
13-
165 | 39 |
636 | 609 |
74 | 28 |
51-
- -
- (161)
- (6)
- (188)
1-*
1,106932
21-*
- (5,386)
- (649)
- 399
- 737
- (128)
552 (4,095)
193161
- (16)
- (227)
589 (4,177)
3-
371-
- (50)
- 69
21419
- (1,000)
- (46)
- (141)
- (1,187)
-
(5,345)
--
16,043 16,490
15,876 11,145
7
Secura Group Limited
Incorporated in the Republic of Singapore
Company Registration No.: 201531866K
2. Notes to the condensed interim financial statements
-
Corporate information
The Company is a limited company incorporated and domiciled in the Republic of Singapore and is listed on the Singapore Exchange Securities Trading Limited ("SGX-ST").
The registered office and principal place of business of the Company are located at 38 Alexandra Terrace,
Singapore 119932 ("Alexandra Property").
The principal activities of the Company and its subsidiaries (the "Group") are: - Provision of unarmed security guarding services
- Security printing of value documents, computer forms and stationery
- Provision of secured data solutions, eStatement, eArchiving, security data processing
- Provision of cyber security products, services and solutions, integration and installation of security systems, and distribution of homeland security products
- Provision of training services
-
Basis of preparation
The condensed interim financial statements for the half year ended 30 June ("1H") 2024 have been prepared in accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") 1-34Interim Financial Reporting issued by the Accounting Standards Council Singapore. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance of the Group since the last annual financial statements for the financial year ended 31 December ("FY") 2023.
The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s, except for the adoption of new and amended standards as set out in Note 2.3.
The condensed interim financial statements are presented in Singapore dollars which is the Company's functional currency and all values in the tables are rounded to the nearest thousand (S$'000), except where otherwise indicated. - New and amended standards adopted by the Group
A number of amendments to SFRS(I) have become applicable for the current financial period reported on. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting those standards. - Seasonal operations
The Group's businesses are not affected significantly by seasonal or cyclical factors during the current financial period reported on. - Segment and revenue information
The segment reporting format is determined to be business segments as the Group's risks and rates of return are affected predominantly by differences in the products and services offered. The operating businesses are organised and managed separately according to the nature of the products and services provided, with each segment representing a strategic business unit that offers different products and serves different markets.
8
Secura Group Limited
Incorporated in the Republic of Singapore
Company Registration No.: 201531866K
2.5 Segment and revenue information (cont'd)
The Group's main business segments are as follows:
- Corporate
- Security Guarding
- Security Printing
- Security Technology and Consultancy
- Cyber Security
The revenue of the above segments is derived mainly from the provision of services rendered except for the security printing and cyber security segment, where the revenue is mainly derived from the sale of goods.
-
Property, plant and equipment
In 1H2024, the Group acquired property, plant and equipment with an aggregate cost of S$160,000 (1H2023: S$50,000). - Intangible assets
The carrying amount of intangible assets is as follow:
Customer | Order | ||||
Goodwill | relationships | backlogs | Trademarks | Total | |
S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | |
Cost | |||||
As at 1 January 2023 | 2,382 | 1,354 | - | - | 3,736 |
Addition | - | - | - | 33 | 33 |
Additions arising from business | |||||
combination | 1,615 | 43 | 34 | - | 1,692 |
As at 31 December 2023 and 1 January | |||||
2024 | 3,997 | 1,397 | 34 | 33 | 5,461 |
Additions | - | - | - | 10 | 10 |
As at 30 June 2024 | 3,997 | 1,397 | 34 | 43 | 5,471 |
Accumulated amortisation and | |||||
impairment | |||||
As at 1 January 2023 | 2,382 | 1,354 | - | - | 3,736 |
Amortisation | - | 4 | 4 | 1 | 9 |
As at 31 December 2023 and 1 January | |||||
2024 | 2,382 | 1,358 | 4 | 1 | 3,745 |
Amortisation | - | 5 | 6 | 2 | 13 |
As at 30 June 2024 | 2,382 | 1,363 | 10 | 3 | 3,758 |
Net carrying amount | |||||
As at 31 December 2023 | 1,615 | 39 | 30 | 32 | 1,716 |
As at 30 June 2024 | 1,615 | 34 | 24 | 40 | 1,713 |
Average remaining amortisation | |||||
(years) | - | 3.1 | 2.1 | 9.1 | |
9