TIONG SENG HOLDINGS LIMITED
(Incorporated in the Republic of Singapore)
(Registration Number: 200807295Z)
Condensed Interim Financial Statements For the Six Months Ended 30 June 2024
Contents
Page | |
Condensed interim consolidated statement of comprehensive income | 1 |
Condensed interim statements of financial position | 3 |
Condensed interim consolidated statement of changes in equity | 4 |
Condensed interim consolidated statement of cash flows | 7 |
Notes to the condensed interim consolidated financial statement | 9 |
Other information (Required by Listing Rule Appendix 7.2) | 30 |
Tiong Seng Holdings Limited and its subsidiaries
Condensed Interim Financial Statements
For the Six Months Ended 30 June 2024
Condensed Interim Consolidated Statement of Comprehensive Income
6 months ended | 6 months ended | |||
Note | 30 June 2024 | 30 June 2023 | Change | |
$'000 | $'000 | % | ||
Revenue | ||||
Revenue from construction contracts and | ||||
engineering solutions | 4 | 240,581 | 139,963 | 72% |
Revenue from sales of development properties | 4 | 7,781 | 20,464 | (62%) |
Rental Income | 166 | 211 | (21%) | |
248,528 | 160,638 | 55% | ||
Other income | 7,419 | 1,819 | >100% | |
Costs of construction contracts and engineering | ||||
solutions | (229,297) | (139,305) | 65% | |
Costs of sales of development properties | (5,520) | (18,503) | (70%) | |
Depreciation and amortisation | (2,408) | (2,547) | (5%) | |
Selling expenses | (340) | (674) | (50%) | |
Staff costs | (8,618) | (9,022) | (4%) | |
Other expenses | (5,418) | (5,467) | (1%) | |
(251,601) | (175,518) | 43% | ||
Profit/(Loss) from operating activities | 4,346 | (13,061) | N.M. | |
Finance income | 2,328 | 1,116 | >100% | |
Finance costs | (2,784) | (4,272) | (35%) | |
Net finance costs | (456) | (3,156) | (86%) | |
Share of profit of joint ventures, net of tax | 1,886 | 999 | 89% | |
Profit/(Loss) before tax | 5 | 5,776 | (15,218) | N.M. |
Tax expense | 7 | (726) | (415) | 75% |
Profit/(Loss) for the period | 5,050 | (15,633) | N.M. |
The accompanying notes form an integral part of these interim financial statements.
1
Tiong Seng Holdings Limited and its subsidiaries
Condensed Interim Financial Statements
For the Six Months Ended 30 June 2024
Condensed Interim Consolidated Statement of Comprehensive Income (cont'd)
6 months ended 6 months ended | |||
Note | 30 June 2024 | 30 June 2023 | Change |
$'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 | 218 | (5,217) | N.M. |
Exchange differences on monetary items forming | |||
part of net investment in a foreign operation | 55 | (834) | N.M. |
Net change in fair value of equity investment at | |||
fair value through other comprehensive income | 103 | (45) | N.M. |
Other comprehensive income for the period, net | |||
of tax | 376 | (6,096) | N.M. |
Total comprehensive income for the period | 5,426 | (21,729) | N.M. |
Profit/(Loss) attributable to: | |||
Owners of the Company | 4,824 | (15,642) | N.M. |
Non-controlling interests | 226 | 9 | >100% |
Profit/(Loss) for the period | 5,050 | (15,633) | N.M. |
Total comprehensive income attributable to: | |||
Owners of the Company | 5,163 | (21,269) | N.M. |
Non-controlling interests | 263 | (460) | N.M. |
Total comprehensive income for the period | 5,426 | (21,729) | N.M. |
Earnings per share | |||
- Basic and diluted (cents)1 | 1.09 | (3.54) | N.M. |
1The earnings per share net of non-controlling interests has been calculated based on 441,076,649 (2023: 441,076,649) 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 and its subsidiaries
Condensed Interim Financial Statements
For the Six Months Ended 30 June 2024
Condensed Interim Statements of Financial Position
Note | |
Non-current assets | |
Property, plant and equipment | 10 |
Intangible assets | |
Investment properties | |
Right-of-use assets | |
Subsidiaries | |
Joint ventures | |
Trade and other receivables | |
Amount due from related parties | |
Other investments | |
Deferred tax assets | |
Current assets | |
Inventories | |
Contract costs | |
Contract assets | 11 |
Development properties | 12 |
Trade and other receivables | |
Amounts due from related parties | |
Cash and cash equivalents | |
Assets held for sale | 13 |
Total assets
Equity attributable to owners of the Company
Share capital
Treasury shares
Reserves
Accumulated losses
Non-controlling interests
Total equity
Non-current liabilities | |
Trade and other payables | |
Loans and borrowings | 15 |
Deferred tax liabilities | |
Current liabilities | |
Contract liabilities | 11 |
Trade and other payables | 14 |
Amounts due to related parties | |
Loans and borrowings | 15 |
Current tax payable |
Total liabilities
Total equity and liabilities
Group | Company | ||
30 June 2024 31 December 2023 | 30 June 2024 31 December 2023 | ||
$'000 | $'000 | $'000 | $'000 |
41,990 | 44,730 | - | - |
888 | 983 | - | - |
1,204 | 1,219 | - | - |
6,631 | 7,540 | - | - |
- | - | 53,986 | 53,986 |
15,625 | 14,609 | - | - |
33,742 | 31,482 | - | - |
2,482 | 4,930 | - | - |
568 | 673 | - | - |
2,259 | 2,259 | - | - |
105,389 | 108,425 | 53,986 | 53,986 |
5,255 | 4,291 | - | - |
254 | 900 | - | - |
57,263 | 56,724 | - | - |
124,601 | 128,402 | - | - |
32,920 | 46,969 | 3,549 | 2,226 |
14,346 | 14,376 | 31,310 | 31,310 |
68,226 | 112,578 | 428 | 328 |
302,865 | 364,240 | 35,287 | 33,864 |
37,909 | 41,384 | - | - |
340,774 | 405,624 | 35,287 | 33,864 |
- | |||
446,163 | 514,049 | 89,273 | 87,850 |
181,947 | 181,947 | 181,947 | 181,947 |
(4,906) | (4,906) | (4,906) | (4,906) |
(93,795) | (93,508) | (45,850) | (45,850) |
(5,005) | (10,455) | (113,583) | (112,300) |
78,241 | 73,078 | 17,608 | 18,891 |
2,337 | 2,074 | - | - |
80,578 | 75,152 | 17,608 | 18,891 |
26,555 | 21,973 | - | - |
10,464 | 12,131 | - | - |
454 | 674 | - | - |
37,473 | 34,778 | - | - |
121,268 | 114,986 | - | - |
112,200 | 169,472 | 246 | 366 |
7,299 | 6,720 | 71,419 | 68,593 |
84,378 | 109,929 | - | - |
2,967 | 3,012 | - | - |
328,112 | 404,119 | 71,665 | 68,959 |
- | |||
365,585 | 438,897 | 71,665 | 68,959 |
- | |||
446,163 | 514,049 | 89,273 | 87,850 |
The accompanying notes form an integral part of these interim financial statements.
3
Tiong Seng Holdings Limited and its subsidiaries
Condensed Interim Financial Statements
For the Six Months Ended 30 June 2024
Condensed Interim Consolidated Statement of Changes in Equity
Group
At 1 January 2024
Total comprehensive income for the period Profit for the period
Other comprehensive income
Translation differences relating to financial statements of foreign subsidiaries
Exchange differences on monetary items forming part of net investment in foreign operations
Net change in fair value of equity investment at fair value through other comprehensive income
Total other comprehensive income
Total comprehensive income for the period
Transfer to Retained Earning
At 30 June 2024
Attributable to owners of the Company
Foreign | ||||||||||
currency | Non- | |||||||||
Share | Treasury | Merger | Capital | Statutory | Fair value | translation | Retained | controlling | Total | |
capital | shares | reserve | reserve | reserve | reserve | reserve | earnings | Total | interests | equity |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
181,947 | (4,906) | (77,720) | (9,345) | 6,404 | (103) | (12,744) | (10,455) | 73,078 | 2,074 | 75,152 |
- | - | - | - | - | - | - | 4,824 | 4,824 | 226 | 5,050 |
- | - | - | - | - | - | 181 | - | 181 | 37 | 218 |
- | - | - | - | - | - | 55 | - | 55 | - | 55 |
- | - | - | - | - | 103 | - | - | 103 | - | 103 |
- | - | - | - | - | 103 | 236 | - | 339 | 37 | 376 |
- | - | - | - | - | 103 | 236 | 4,824 | 5,163 | 263 | 5,426 |
- | - | - | 287 | (913) | - | - | 626 | - | - | - |
181,947 | (4,906) | (77,720) | (9,058) | 5,491 | - | (12,508) | (5,005) | 78,241 | 2,337 | 80,578 |
The accompanying notes form an integral part of these interim financial statements.
4
Tiong Seng Holdings Limited and its subsidiaries
Condensed Interim Financial Statements
For the Six Months Ended 30 June 2024
Condensed Interim Consolidated Statement of Changes in Equity (cont'd)
Attributable to owners of the Company
Group
At 1 January 2023
Total comprehensive income for the period Loss for the period
Other comprehensive income
Translation differences relating to financial statements of foreign subsidiaries
Exchange differences on monetary items forming part of net investment in foreign operations
Net change in fair value of equity investment at fair value through other comprehensive income
Total other comprehensive income
Total comprehensive income for the period
Foreign | ||||||||||
currency | Non- | |||||||||
Share | Treasury | Merger | Capital | Statutory | Fair value | translation | Retained | controlling | Total | |
capital | shares | reserve | reserve | reserve | reserve | reserve | earnings | Total | interests | equity |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
181,947 | (4,906) | (77,720) | (9,345) | 4,045 | 142 | (6,036) | 4,026 | 92,153 | 4,492 | 96,645 |
- | - | - | - | - | - | - | (15,642) | (15,642) | 9 | (15,633) |
- | - | - | - | - | - | (4,748) | - | (4,748) | (469) | (5,217) |
- | - | - | - | - | - | (834) | - | (834) | - | (834) |
- | - | - | - | - | (45) | - | - | (45) | - | (45) |
- | - | - | - | - | (45) | (5,582) | - | (5,627) | (469) | (6,096) |
- | - | - | - | - | (45) | (5,582) | (15,642) | (21,269) | (460) | (21,729) |
At 30 June 2023 | 181,947 | (4,906) | (77,720) | (9,345) | 4,045 | 97 | (11,618) | (11,616) | 70,884 | 4,032 | 74,916 |
The accompanying notes form an integral part of these interim financial statements.
5
Tiong Seng Holdings Limited and its subsidiaries
Condensed Interim Financial Statements
For the Six Months Ended 30 June 2024
Condensed Interim Consolidated Statement of Changes in Equity (cont'd)
Share | Treasury | Merger | Accumulate | Total | |
The Company | capital | shares | reserve | d losses | equity |
$'000 | $'000 | $'000 | $'000 | $'000 | |
At 1 January 2024 | 181,947 | (4,906) | (45,850) | (112,300) | 18,891 |
Total comprehensive income for the period | |||||
Loss for the period | - | - | - | (1,283) | (1,283) |
At 30 June 2024 | 181,947 | (4,906) | (45,850) | (113,583) | 17,608 |
At 1 January 2023 | 181,947 | (4,906) | (45,850) | (93,738) | 37,453 |
Total comprehensive income for the period | |||||
Loss for the period | - | - | - | (1,275) | (1,275) |
At 30 June 2023 | 181,947 | (4,906) | (45,850) | (95,013) | 36,178 |
The accompanying notes form an integral part of these interim financial statements.
6
Tiong Seng Holdings Limited and its subsidiaries
Condensed Interim Financial Statements
For the Six Months Ended 30 June 2024
Condensed Interim Consolidated Statement of Cash Flows
6 months ended | 6 months ended | |||
30 June 2024 | 30 June 2023 | |||
$'000 | $'000 | |||
Cash flows from operating activities | ||||
Profit/(Loss) from operating activities | 4,346 | (13,061) | ||
Adjustments for: | ||||
Impairment on contract assets | - | (161) | ||
Provisions | 12,761 | 593 | ||
Depreciation and amortisation | 4,890 | 7,107 | ||
(Gain)/Loss on disposal of: | ||||
- property, plant and equipment | 844 | (14) | ||
- assets held for sales | (6,514) | - | ||
Written-off | ||||
- | bad debt | - | 126 | |
- | intangible assets | 6 | - | |
- property, plant and equipment | 2 | 30 | ||
16,335 | (5,380) | |||
Changes in: | ||||
Inventories | (967) | (1,705) | ||
Contract costs | 646 | 191 | ||
Contract assets/liabilities | 5,743 | 81,958 | ||
Development properties | 3,922 | 8,358 | ||
Trade and other receivables | 13,329 | (5,542) | ||
Trade and other payables | (65,187) | (43,486) | ||
Balances with related parties | 890 | 1,926 | ||
Cash (used in)/generated from operations | (25,289) | 36,320 | ||
Tax paid | (988) | (394) | ||
Net cash (used in)/generated from operating | ||||
activities | (26,277) | 35,926 | ||
Cash flows from investing activities | ||||
Other investment | 105 | 45 | ||
Repayment of loan from joint ventures | 3,030 | 18,273 | ||
Interest received | 779 | 606 | ||
Proceeds from disposal of: | ||||
- property, plant and equipment | 1,444 | 761 | ||
- assets held for sales | 9,995 | - | ||
Purchase of: | ||||
- property, plant and equipment | (3,317) | (1,776) | ||
- | intangible assets | (37) | (564) | |
Net cash generated from investing activities | 11,999 | 17,345 |
The accompanying notes form an integral part of these interim financial statements.
7
Tiong Seng Holdings Limited and its subsidiaries
Condensed Interim Financial Statements
For the Six Months Ended 30 June 2024 | ||
Condensed Interim Consolidated Statement of Cash Flows (cont'd) | ||
6 months ended | 6 months ended | |
30 June 2024 | 30 June 2023 | |
$'000 | $'000 | |
Cash flows from financing activities | ||
Interest paid | (2,965) | (2,769) |
Payments of lease liabilities | (834) | (418) |
Proceeds from loans and borrowings | 39,538 | 39,034 |
Repayment of loans and borrowings | (65,922) | (43,614) |
Net cash used in financing activities | (30,183) | (7,767) |
Net (decrease)/increase in cash and cash equivalents | (44,461) | 45,504 |
Cash and cash equivalents at beginning of the period | 112,578 | 47,632 |
Effect of exchange rate changes on balances held in | ||
foreign currencies | 109 | 3,674 |
Cash and cash equivalents at end of the period | 68,226 | 96,810 |
The accompanying notes form an integral part of these interim financial statements.
8