AMOS : Condensed Interim Financial Statements For The Six Months And Full Year Ended 31 March 2022

AMOS GROUP LIMITED

(Company Registration Number: 201004068M)

CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS AND FULL YEAR ENDED 31 MARCH 2022

• CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		Group		Group
		2nd Half Year Ended	Incr/	12 Months Ended	Incr/
		31/03/2022	31/03/2021	(decr)	31/03/2022	31/03/2021	(decr)
	Note	S$'000	S$'000	%	S$'000	S$'000	%
Revenue	4	49,982	50,904	(1.8)	99,349	108,521	(8.5)
Cost of sales		(41,141)	(42,797)	(3.9)	(79,492)	(89,599)	(11.3)
Gross profit		8,841	8,107	9.1	19,857	18,922	4.9
Distribution costs		(5,096)	(4,589)	11.0	(9,756)	(8,680)	12.4
Administrative expenses		(11,533)	(11,725)	(1.6)	(22,684)	(22,498)	0.8
Other operating income		1,363	1,351	0.9	2,665	1,806	47.6
Other operating expenses		(1,470)	(4,130)	(64.4)	(2,781)	(8,172)	(66.0)
Finance cost		(556)	(780)	(28.7)	(1,270)	(1,633)	(22.2)
Loss before income tax	6	(8,451)	(11,766)	(28.2)	(13,969)	(20,255)	(31.0)
Income tax credit (expense)	7	(16)	(370)	(95.7)	30	(414)	NM
Loss for the period/year		(8,467)	(12,136)	(30.2)	(13,939)	(20,669)	(32.6)
Other comprehensive income

Items that will not be reclassified to profit or loss:
Revaluation of Property, plant and equipment	632

Items that are or may be reclassified subsequently to profit or loss:

Translation gain arising on consolidation	176
Other comprehensive income for the	808
period/year, net of tax
Total comprehensive loss for the	(7,659)
period/year
Loss attributable to:
Owners of the Company	(8,459)
Non-controlling interests	(8)
Loss for the period/year	(8,467)
Total comprehensive loss attributable to:
Owners of the Company	(7,653)
Non-controlling interests	(6)
Total comprehensive loss for the	(7,659)
period/year
Gross profit margin	17.7%
Net loss margin	-16.9%
EBITDA(1) (S$'000)	(3,268)
EBITDA margin	-6.5%

-	NM	6,844	-	NM
65	170.8	215	273	(21.2)
65	NM	7,059	273	NM
(12,071)	(36.6)	(6,880)	(20,396)	(66.3)
(12,085)	(30.0)	(13,863)	(20,583)	(32.6)
(51)	(84.3)	(76)	(86)	(11.6)
(12,136)	(30.2)	(13,939)	(20,669)	(32.6)
(12,021)	(36.3)	(6,804)	(20,308)	(66.5)
(50)	(88.0)	(76)	(88)	(13.6)
(12,071)	(36.6)	(6,880)	(20,396)	(66.3)
15.9%	11.1	20.0%	17.4%	14.6
-23.8%	(28.9)	-14.0%	-19.0%	(26.3)
(2,056)	58.9	(3,667)	(1,270)	188.7
-4.0%	61.9	-3.7%	-1.2%	215.4

1. : Denotes earnings before finance cost, taxes, other operating (expenses) income, provision for inventory adjustment to market price, depreciation and amortisation

NM: Not meaningful

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• CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

		Group	Company
		31/03/2022	31/03/2021	31/03/2022	31/03/2021
		S$'000	S$'000	S$'000	S$'000
ASSETS	Note
Current assets
Cash and bank balances		7,278	10,137	1,246	229
Trade receivables		25,002	26,405	2,830	2,683
Contract assets		2,627	2,228	1,628	1,095
Other receivables		3,545	4,499	762	296
Income tax receivables		-	40	-	-
Inventories		35,464	41,404	-	-
Total current assets		73,916	84,713	6,466	4,303
Non-current assets
Property, plant and equipment ("PPE")	11	67,409	66,603	30	58
Right of use assets		6,584	7,927	94	8
Intangible assets	10	2,961	3,802	2,961	3,775
Goodwill		238	-	-	-
Deferred tax assets		19	20	-	-
Subsidiary		-	-	169,885	161,173
Associates		42	42	-	-
Total non-current assets		77,253	78,394	172,970	165,014
Total assets		151,169	163,107	179,436	169,317
LIABILITIES AND EQUITY
Current liabilities
Trade payables		13,166	16,179	-	-
Contract liabilities		1,447	3,351	-	-
Other payables		6,973	10,470	2,017	2,724
Provision		-	408	-	-
Current portion of bank borrowings	12	11,321	30,259	-	-
Current portion of lease liabilities	12	2,899	3,052	1,169	1,497
Income tax payable		13	6	-	-
Total current liabilities		35,819	63,725	3,186	4,221
Non-current liabilities
Bank borrowings	12	12,278	-	-	-
Lease liabilities	12	5,532	8,108	381	1,452
Deferred tax liabilities		-	61	-	-
Total non-current liabilities		17,810	8,169	381	1,452
Total liabilities		53,629	71,894	3,567	5,673
Net assets		97,540	91,213	175,869	163,644

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• CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (continued)

		Group	Company
		31/03/2022	31/03/2021	31/03/2022	31/03/2021
		S$'000	S$'000	S$'000	S$'000
	Note
Capital, reserves and non-controlling interests
Share capital	13	179,230	166,256	179,230	166,256
Accumulated losses		(90,261)	(76,398)	(3,361)	(2,612)
Translation reserve		1,129	914	-	-
Other reserve		7,442	598	-	-
Equity attributable to owners of the Company		97,540	91,370	175,869	163,644
Non-controlling interests		-	(157)	-	-
Total equity		97,540	91,213	175,869	163,644
Total liabilities and equity		151,169	163,107	179,436	169,317

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• CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

	Group	Group
	2nd Half Year Ended	12 Months Ended
	31/03/2022	31/03/2021	31/03/2022	31/03/2021
	S$'000	S$'000	S$'000	S$'000
Operating activities
Loss before income tax	(8,451)	(11,766)	(13,969)	(20,255)
Adjustments for :
Interest expense	556	780	1,270	1,633
Interest income	(2)	(13)	(4)	(21)
Depreciation of property, plant and equipment	3,258	3,415	6,432	6,803
Depreciation - right of use assets	854	1,132	1,669	2,288
Amortization of intangible assets	408	397	815	688
(Reversal) / Impairment loss on trade receivables	(1,017)	605	(909)	1,094
Doubtful trade receivables recovered	(80)	(422)	(289)	(549)
Trade receivables written off / (written back)	50	(6)	73	(6)
Other receivables written off	(42)	(1,589)	(20)	(1,558)
(Gain) Loss on disposal of plant and equipment	18	(31)	(177)	(29)
Impairment of assets held for sales	-	(7)	-	952
Loss on modification of ROU	4	179	13	179
Loss on disposal of club membership	-	-	27	-
Trade payables written off	(89)	-	(668)	-
Net foreign exchange loss- unrealized	320	279	250	231
Inventory adjustment to market price	-	1,207	-	1,207
Operating cash flows before movements in working capital	(4,213)	(5,840)	(5,487)	(7,343)
Trade receivables	(268)	62	2,541	4,873
Other receivables and prepayments	673	(1,202)	843	(373)
Contract assets	640	2,248	(390)	1,818
Inventories	2,895	5,861	4,987	10,358
Trade payables	1,112	(4,131)	(2,872)	(10,482)
Other payables	(964)	2,490	(3,092)	2,462
Contract liabilities	(244)	3,021	(1,883)	14
Cash (used in) / generated from operations	(369)	2,509	(5,353)	1,327
Interest received	2	13	4	21
Income tax paid	(48)	(16)	8	(165)
Net cash (used in) / generated from operating activities	(415)	2,506	(5,341)	1,183

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• CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

	Group	Group
	2nd Half Year Ended	12 Months Ended
	31/03/2022	31/03/2021	31/03/2022	31/03/2021
	S$'000	S$'000	S$'000	S$'000
Investing activities
Proceeds from disposal of plant and equipment	322	219	874	523
Purchase of plant and equipment	(176)	(939)	(495)	(1,875)
Proceed of sales of asset classified as held for sale	-	2,384	-	2,384
Additions to intangible asset	-	(205)	(1)	(261)
Additions to assets-held-for-sales	-	(13)	-	(13)
Fixed deposits placement	-	(10)	48	-
Net cash generated from investing activities	146	1,436	426	758
Financing activities
Interest paid for other borrowings	(635)	(796)	(1,261)	(1,540)
Repayment of obligations under lease liabilities	(1,714)	(2,112)	(3,140)	(3,192)
Drawdown of bank loans	-	-	1,178	-
Repayment of bank loans	(4,396)	(3,865)	(4,869)	(5,514)
Proceeds from rights issue (Note 13 & 22)	-	-	13,149	-
Payment of share issue expenses	-	-	(175)	-
Restricted cash at bank	(770)	265	(759)	681
Net cash (used in) / generated from financing activities	(7,515)	(6,508)	4,123	(9,565)
Net decrease in cash and cash equivalents	(7,784)	(2,566)	(792)	(7,624)
Effect of exchange rate changes on cash and cash equivalents	(11)	9	18	(76)
Cash and cash equivalents at beginning of the period	13,300	8,835	6,278	13,978
Cash and cash equivalents at end of the period	5,505	6,278	5,504	6,278
Cash and cash equivalents comprise the following:
Cash and bank balances	7,278	10,137	7,278	10,137
Fixed deposit	(10)	(58)	(11)	(58)
Restricted cash at bank	(1,763)	(1,004)	(1,763)	(1,004)
Bank overdraft	-	(2,797)	-	(2,797)
	5,505	6,278	5,504	6,278

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