Condensed Financial Statements for the second half and full year ended 31 December 2022 and Dividend Announcement

Page

A. GROUP INCOME STATEMENT

1

B. GROUP COMPREHENSIVE INCOME STATEMENT

2

C. STATEMENTS OF FINANCIAL POSITION

3

D. GROUP CASH FLOW STATEMENT

4

E. STATEMENTS OF CHANGES IN EQUITY

5

F. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

7

G. OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2

14

Page 1 of 20

A

GROUP INCOME STATEMENT

2nd Half

2nd Half

Incr/

Incr/

2022

1

2021

1

(Decr)

FY 2022

FY 2021

(Decr)

Note

$'000

$'000

%

$'000

$'000

%

Revenue

5

54,973

51,732

6.3

108,304

100,892

7.3

Staff costs

(25,175)

(22,803)

10.4

(49,895)

(45,362)

10.0

Depreciation and amortisation

(3,696)

(3,814)

(3.1)

(7,268)

(7,249)

0.3

Utilities and communication costs

(1,697)

(1,046)

62.2

(3,227)

(1,795)

79.8

Materials and consumables

(1,595)

(1,530)

4.2

(3,168)

(2,831)

11.9

Contract services

(1,391)

(1,601)

(13.1)

(2,851)

(2,928)

(2.6)

Premises costs

(930)

(1,052)

(11.6)

(1,894)

(1,923)

(1.5)

Repairs and maintenance costs

(934)

(893)

4.6

(1,787)

(1,772)

0.8

Other operating costs

(3,429)

(2,957)

16.0

(5,564)

(6,056)

(8.1)

Total operating costs

(38,847)

(35,696)

8.8

(75,654)

(69,916)

8.2

Operating Profit

16,126

16,036

0.6

32,650

30,976

5.4

Finance costs

(422)

(432)

(2.3)

(848)

(871)

(2.6)

Interest income

586

123

376.4

749

269

178.4

Profit before Taxation

7

16,290

15,727

3.6

32,551

30,374

7.2

Taxation

8

(3,027)

(2,732)

10.8

(5,990)

(5,138)

16.6

Profit after Taxation

13,263

12,995

2.1

26,561

25,236

5.3

Attributable to:

Shareholders of the Company

13,078

12,775

2.4

26,184

24,776

5.7

Non-Controlling Interests

185

220

(15.9)

377

460

(18.0)

13,263

12,995

2.1

26,561

25,236

5.3

Operating Profit before COVID-19

Government reliefs

16,091

15,455

4.1

32,411

29,174

11.1

COVID-19 Government reliefs

35

581

(94.0)

239

1,802

(86.7)

Operating Profit after COVID-19

Government reliefs

16,126

16,036

0.6

32,650

30,976

5.4

Page 2 of 20

B

GROUP COMPREHENSIVE INCOME STATEMENT

Group

2nd Half

2nd Half

2022

1

2021

1

FY 2022

FY 2021

$'000

$'000

$'000

$'000

Profit after taxation

13,263

12,995

26,561

25,236

Items that may be reclassified subsequently to profit or loss

Exchange differences arising on translation

of foreign operations

(57)

32

(91)

16

Items that will not be reclassified subsequently to profit or loss

Fair value adjustment on equity investments

(144)

1,024

(78)

1,043

Other comprehensive income for the year

(201)

1,056

(169)

1,059

Total comprehensive income for the year

13,062

14,051

26,392

26,295

Total comprehensive income attributable to:

Shareholders of the Company

12,877

13,831

26,015

25,835

Non-controlling interests

185

220

377

460

13,062

14,051

26,392

26,295

Earnings per share for profit for the period attributable to the

owners of the Company during the period :

Basic and diluted (in cents)

3.69

3.60

7.38

6.99

Page 3 of 20

C

STATEMENTS OF FINANCIAL POSITION

Group

Company

31 Dec

31 Dec

31 Dec

31 Dec

2022

2021

2022

2021

Note

$'000

$'000

$'000

$'000

ASSETS

Current assets

Cash and cash equivalents

60,491

75,360

56,374

71,057

Trade receivables

12,161

11,268

2,264

1,946

Other receivables and prepayments

1,522

1,037

542

285

Inventories

10

21

-

-

Total current assets

74,184

87,686

59,180

73,288

Non-current assets

Prepayments

1,955

-

-

-

Subsidiaries

-

-

25,941

25,941

Associate

25

25

-

-

Financial assets at fair value through

11

other comprehensive income

3,217

3,295

3,217

3,295

Vehicles, premises and equipment

13

96,259

97,434

32,722

34,260

Goodwill

12

11,325

11,325

-

-

Deferred tax assets

-

-

20

-

Total non-current assets

112,781

112,079

61,900

63,496

Total assets

186,965

199,765

121,080

136,784

LIABILITIES AND EQUITY

Current liabilities

Trade and other payables

24,130

29,755

6,951

7,826

Due to subsidiaries

-

-

30,595

38,786

Provision for relocation costs

306

2,462

-

-

Lease liabilities

14

944

1,062

624

597

Income tax payable

5,425

5,851

3,113

3,074

Total current liabilities

30,805

39,130

41,283

50,283

Non-current liabilities

Other payables

720

720

-

-

Deferred tax liabilities

1,396

999

-

28

Lease liabilities

14

30,216

30,702

23,929

24,299

Total non-current liabilities

32,332

32,421

23,929

24,327

Total liabilities

63,137

71,551

65,212

74,610

Capital, reserves and

non-controlling interests

Share capital

15

36,284

36,284

36,284

36,284

Other reserves

4,008

4,086

4,008

4,086

Foreign currency translation reserve

(91)

-

-

-

Accumulated profits

82,716

86,883

15,576

21,804

Equity attributable to

shareholders of the Company

122,917

127,253

55,868

62,174

Non-controlling interests

911

961

-

-

Total equity

123,828

128,214

55,868

62,174

Total liabilities and equity

186,965

199,765

121,080

136,784

Page 4 of 20

D

GROUP CASH FLOW STATEMENT

Group

FY 2022

FY 2021

Note

$'000

$'000

Operating activities

Profit before taxation

32,551

30,374

Adjustments for:

Depreciation of vehicles, premises and equipment owned and

right-of-use assets

7,268

7,249

Interest expense

848

871

Interest income

(749)

(269)

Loss (Gain) on disposal of vehicles, premises and equipment

846

(4)

(Write-back of) Allowance for expected credit losses

(664)

552

Operating cash flows before movements in working capital

40,100

38,773

Trade receivables

(229)

(1,315)

Other receivables and prepayments

(2,210)

723

Inventories

11

(19)

Trade and other payables and provision for relocation costs

(5,414)

(1,025)

Cash generated from operations

32,258

37,137

Interest paid

(848)

(871)

Income tax paid

(6,019)

(6,603)

Net cash from operating activities

25,391

29,663

Investing activities

Purchase of vehicles, premises and equipment

13

(8,909)

(12,282)

Proceeds from disposal of vehicles, premises and equipment

46

35

Purchases of unquoted equity instruments held at fair value

through other comprehensive income

-

(925)

Interest received

519

273

Net cash used in investing activities

(8,344)

(12,899)

Financing activities

Payments to non-controlling interests

(427)

(700)

Repayment of lease liabilities

(1,087)

(1,093)

Dividends paid

9

(30,351)

(32,833)

Net cash used in financing activities

(31,865)

(34,626)

Net effect of foreign exchange rate in consolidating

subsidiaries

(51)

26

Net decrease in cash and cash equivalents

(14,869)

(17,836)

Cash and cash equivalents at beginning of year

75,360

93,196

Cash and cash equivalents at end of year

60,491

75,360