TIONG SENG HOLDINGS LIMITED
(Incorporated in the Republic of Singapore)
(Registration Number: 200807295Z)
Condensed Interim Financial Statements
For the Six Months and Full Year Ended 31 December 2022
Contents
Page | |
Condensed Interim Consolidated Statement of Comprehensive Income | 1 |
Condensed Interim Statements of Financial Position | 3 |
Condensed Interim Consolidated Statements of Changes in Equity | 4 |
Condensed Interim Consolidated Statement of Cash Flows | 7 |
Notes to the Condensed Interim Consolidated Financial Statements | 9 |
Other Information Required by Listing Rule Appendix 7.2 | 35 |
Tiong Seng Holdings Limited
For the Six Months and Full Year Ended 31 December 2022
Condensed Interim Consolidated Statement of Comprehensive Income
6 months | 6 months | 12 months | 12 months | ||||
ended 31 | ended 31 | ended 31 | ended 31 | ||||
December | December | December | December | ||||
Note | 2022 | 2021 | Change | 2022 | 2021 | Change | |
$'000 | $'000 | % | $'000 | $'000 | % | ||
Revenue | |||||||
Revenue from construction | |||||||
contracts and engineering | |||||||
solutions | 4 | 198,847 | 101,636 | 96% | 330,702 | 258,035 | 28% |
Revenue from sales of | |||||||
development properties | 4 | 9,255 | 13,014 | (29%) | 26,076 | 35,347 | (26%) |
208,102 | 114,650 | 82% | 356,778 | 293,382 | 22% | ||
Other income | 3,485 | 6,272 | (44%) | 5,985 | 9,719 | (38%) | |
Costs of construction contracts | |||||||
and engineering solutions | (221,816) | (126,037) | 76% | (377,893) | (270,982) | 40% | |
Costs of sales of development | |||||||
properties | (8,094) | (9,750) | (17%) | (20,507) | (25,821) | (21%) | |
Impairment arising from property | |||||||
development business | (3,084) | (20,216) | (85%) | (3,084) | (20,216) | (85%) | |
Depreciation and amortisation | (3,535) | (3,433) | 3% | (6,709) | (7,188) | (7%) | |
Selling expenses | (784) | (935) | (16%) | (1,136) | (1,772) | (36%) | |
Staff costs | (9,739) | (10,683) | (9%) | (19,382) | (19,284) | 1% | |
Other expenses | (9,290) | (5,105) | 82% | (19,749) | (9,058) | >100% | |
(256,342) | (176,159) | 46% | (448,460) | (354,321) | 27% | ||
Loss from operating activities | (44,755) | (55,237) | (19%) | (85,697) | (51,220) | 67% | |
Finance income | 634 | 1,592 | (60%) | 911 | 2,101 | (57%) | |
Finance costs | (4,425) | (3,061) | 45% | (6,681) | (4,589) | 46% | |
Net finance costs | (3,791) | (1,469) | >100% | (5,770) | (2,488) | >100% | |
Share of profit of joint ventures, | |||||||
net of tax | 4,315 | 1,485 | >100% | 4,853 | 1,878 | >100% | |
Loss before tax | 5 | (44,231) | (55,221) | (20%) | (86,614) | (51,830) | 67% |
Tax credit/(expense) | 7 | 2,844 | 1,213 | >100% | 699 | (908) | N.M. |
Loss for the period/year | (41,387) | (54,008) | (23%) | (85,915) | (52,738) | 63% |
The accompanying notes form an integral part of these interim financial statements.
1
Tiong Seng Holdings Limited
For the Six Months and Full Year Ended 31 December 2022
Condensed Interim Consolidated Statement of Comprehensive Income (cont'd)
6 months | 6 months | 12 months | 12 months | |||
ended 31 | ended 31 | ended 31 | ended 31 | |||
December | December | December | December | |||
Note | 2022 | 2021 | Change | 2022 | 2021 | Change |
$'000 | $'000 | % | $'000 | $'000 | % | |
Other comprehensive income | ||||||
Items that are or may be | ||||||
reclassified subsequently to | ||||||
profit or loss: | ||||||
Translation differences relating | ||||||
to financial statements of | ||||||
foreign subsidiaries | (6,383) | 2,913 | N.M. | (9,824) | 5,159 | N.M. |
Exchange differences on | ||||||
monetary items forming part | ||||||
of net investment in a foreign | ||||||
operation | (3,419) | 571 | N.M. | (4,390) | 1,846 | N.M. |
Net change in fair value of equity | ||||||
investment at fair value | ||||||
through other comprehensive | ||||||
income | (67) | - | 100% | (67) | - | 100% |
Other comprehensive income | ||||||
for the period/year, net of | ||||||
tax | (9,869) | 3,484 | N.M. | (14,281) | 7,005 | N.M. |
Total comprehensive income | ||||||
for the period/year | (51,256) | (50,524) | 1% | (100,196) | (45,733) >100% | |
Loss attributable to: | ||||||
Owners of the Company | (41,762) | (51,575) | (19%) | (85,767) | (50,199) | 71% |
Non-controlling interests | 375 | (2,433) | N.M. | (148) | (2,539) | (94%) |
Loss for the period/year | (41,387) | (54,008) | (23%) | (85,915) | (52,738) | 63% |
Total comprehensive income | ||||||
attributable to: | ||||||
Owners of the Company | (50,827) | (48,354) | 5% | (98,980) | (43,864) >100% | |
Non-controlling interests | (429) | (2,170) | (80%) | (1,216) | (1,869) | (35%) |
Total comprehensive income | ||||||
for the period/year | (51,256) | (50,524) | 1% | (100,196) | (45,733) >100% | |
Earnings per share | ||||||
- Basic and diluted (cents)1 | (9.46) | (11.68) | (19%) | (19.43) | (11.37) | 71% |
1The earnings per share net of non-controlling interests has been calculated based on 441,355,673 (2021: 441,419,549) weighted average number of shares excluding treasury shares.
The accompanying notes form an integral part of these interim financial statements.
2
Tiong Seng Holdings Limited
For the Six Months and Full Year Ended 31 December 2022
Condensed Interim Statements of Financial Position
Group | |||
31 December | 31 December | ||
Note | 2022 | 2021 | |
$'000 | $'000 | ||
Non-current assets | |||
Property, plant and equipment | 11 | 67,934 | 94,545 |
Intangible assets | 296 | 201 | |
Investment properties | 386 | 3,760 | |
Right-of-use assets | 2,874 | 3,900 | |
Subsidiaries | - | - | |
Joint ventures | 23,430 | 41,113 | |
Trade and other receivables | 20,834 | 15,673 | |
Amount due from related parties | 4,807 | 4,534 | |
Other investments | 902 | 959 | |
Deferred tax assets | 2,271 | 2,276 | |
123,734 | 166,961 | ||
Current assets | |||
Inventories | 1,392 | 5,564 | |
Contract costs | 710 | 993 | |
Contract assets | 12 | 83,067 | 57,599 |
Development properties | 13 | 149,517 | 173,442 |
Trade and other receivables | 53,894 | 49,098 | |
Joint ventures | 21,107 | - | |
Amount due from related parties | 10,125 | 9,678 | |
Cash and bank balances | 47,632 | 56,486 | |
367,444 | 352,860 | ||
Assets held for sale | 25,089 | - | |
392,533 | 352,860 | ||
Total assets | 516,267 | 519,821 | |
Equity attributable to owners of the Company | |||
Share capital | 181,947 | 181,947 | |
Treasury shares | (4,906) | (4,873) | |
Reserves | (88,914) | (76,000) | |
Retained earnings/(Accumulated losses) | 2,959 | 90,129 | |
91,086 | 191,203 | ||
Non-controlling interests | 4,688 | 2,967 | |
Total equity | 95,774 | 194,170 | |
Non-current liabilities | |||
Trade and other payables | 12,267 | 9,847 | |
Loans and borrowings | 15 | 19,031 | 34,913 |
Deferred tax liabilities | 580 | 832 | |
31,878 | 45,592 | ||
Current liabilities | |||
Contract liabilities | 12 | 79,752 | 74,801 |
Trade and other payables | 14 | 202,360 | 129,557 |
Amount due to related parties | 10,697 | 12,646 | |
Loans and borrowings | 15 | 92,782 | 56,000 |
Current tax payable | 3,024 | 7,055 | |
388,615 | 280,059 | ||
Total liabilities | 420,493 | 325,651 | |
Total equity and liabilities | 516,267 | 519,821 |
Company
31 December | 31 December |
2022 | 2021 |
$'000 | $'000 |
- | - |
- | - |
- | - |
- | - |
53,986 | 53,986 |
- | - |
- | - |
- | - |
- | - |
- | - |
53,986 | 53,986 |
- | - |
- | - |
- | - |
- | - |
1,233 | 639 |
- | - |
47,317 | 99,974 |
88 | 229 |
48,638 | 100,842 |
- | - |
48,638 | 100,842 |
102,624 | 154,828 |
181,947 | 181,947 |
(4,906) | (4,873) |
(45,850) | (45,850) |
(93,738) | (39,955) |
37,453 | 91,269 |
- | - |
37,453 | 91,269 |
- | - |
- | - |
- | - |
- | - |
- | - |
207 | 254 |
64,964 | 63,305 |
- | - |
- | - |
65,171 | 63,559 |
65,171 | 63,559 |
102,624 | 154,828 |
The accompanying notes form an integral part of these interim financial statements.
3