5/27/24, 8:20 PM | Financial Statements and Related Announcement::Full Yearly Results |
FINANCIAL STATEMENTS AND RELATED ANNOUNCEMENT::FULL YEARLY RESULTS
Issuer & Securities
Issuer/ Manager
CSC HOLDINGS LIMITED
Securities
CSC HOLDINGS LTD - SG1F84861094 - C06
Stapled Security
No
Announcement Details
Announcement Title
Financial Statements and Related Announcement
Date &Time of Broadcast
27-May-2024 19:52:25
Status
New
Announcement Sub Title
Full Yearly Results
Announcement Reference
SG240527OTHRJHE4
Submitted By (Co./ Ind. Name)
See Yen Tarn
Designation
Executive Director & Group Chief Executive Offcer
Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)
Financial Statements Announcement for the 6 months and 12 months ended 31 March 2024.
Additional Details
For Financial Period Ended
31/03/2024
Attachments
2HFY24.pdf
Total size =563K MB
CSC HOLDINGS LIMITED
(Company Registration Number: 199707845E)
Condensed Interim Financial Statements
For the 6 Months and 12 Months Ended
31 March 2024
Table of Contents | ||
Page | ||
CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS | 10 | |
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS | 12 | |
1. | CORPORATE INFORMATION | 12 |
2. | BASIS OF PREPARATION | 12 |
3. | SEASONAL OPERATIONS | 13 |
4. | REVENUE AND SEGMENT INFORMATION | 14 |
5. | LOSS BEFORE TAX | 18 |
6. | TAX EXPENSE/(CREDIT) | 19 |
7. | LOSS PER SHARE | 19 |
8. | PROPERTY, PLANT AND EQUIPMENT | 20 |
9. | RIGHT-OF-USEASSETS AND LEASE LIABILITIES | 21 |
10. | INVESTMENT PROPERTY | 21 |
11. | INVENTORIES | 21 |
12. | SHARE CAPITAL | 21 |
13. | LOANS AND BORROWINGS | 22 |
14. | DIVIDENDS | 22 |
15. | NET ASSET VALUE | 23 |
16. | COMMITMENTS | 23 |
17. | RELATED PARTIES | 23 |
18. | FAIR VALUE OF FINANCIAL INSTRUMENTS | 25 |
OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2 | 28 | |
1. | REVIEW OF THE PERFORMANCE OF THE GROUP | 28 |
2. | OUTLOOK | 35 |
3. | INTERESTED PERSON TRANSACTIONS | 36 |
4. | AUDIT / REVIEW | 36 |
5. | VARIANCE FROM PROSPECT STATEMENT | 36 |
6. | DIVIDEND | 36 |
7. | BREAKDOWN OF SALES | 37 |
8. | CONFIRMATION | 37 |
Page 2
Condensed Interim Consolidated Statement of Profit or Loss
For the 6 Months and 12 Months ended 31 March 2024
Group | Group | ||||||
Note | 6 months ended | Change | 12 months ended | Change | |||
31-Mar-24 | 31-Mar-23 | 31-Mar-24 | 31-Mar-23 | ||||
$'000 | $'000 | % | $'000 | $'000 | % | ||
Revenue | 4a | 158,912 | 146,586 | 8.4 | 305,338 | 264,599 | 15.4 |
Cost of sales | 5a | (157,426) | (139,768) | 12.6 | (290,893) | (258,304) | 12.6 |
Gross profit | (78.2) | >100.0 | |||||
1,486 | 6,818 | 14,445 | 6,295 | ||||
Other income | 5b | 1,504 | 694 | >100.0 | 2,179 | 1,741 | 25.2 |
Operating expenses | |||||||
- Distribution expenses | (466) | (500) | (6.8) | (789) | (1,109) | (28.9) | |
- Administrative expenses | 5c | (15,308) | (14,428) | 6.1 | (29,443) | (29,172) | 0.9 |
- Other operating income/(expenses) | 5d | 722 | (509) | N.M. | 591 | (494) | N.M. |
(2.5) | (3.7) | ||||||
(15,052) | (15,437) | (29,641) | (30,775) | ||||
Results from operating activities | 52.2 | (42.8) | |||||
(12,062) | (7,925) | (13,017) | (22,739) | ||||
Net finance expenses | |||||||
- Finance income | 286 | 639 | (55.2) | 656 | 1,114 | (41.1) | |
- Finance expenses | (3,723) | (3,106) | 19.9 | (7,224) | (5,679) | 27.2 | |
39.3 | 43.9 | ||||||
(3,437) | (2,467) | (6,568) | (4,565) | ||||
Share of loss of associates (net of tax) | (926) | (242) | >100.0 | (792) | (84) | >100.0 | |
Loss before tax | 54.5 | (25.6) | |||||
(16,425) | (10,634) | (20,377) | (27,388) | ||||
Tax (expense)/credit | 6 | (376) | 393 | N.M. | (164) | 284 | N.M. |
64.1 | (24.2) | ||||||
Loss for the period/year | (16,801) | (10,241) | (20,541) | (27,104) | |||
Attributable to: | |||||||
(17,198) | (9,960) | 72.7 | (20,161) | (26,681) | (24.4) | ||
Owners of the Company | |||||||
Non-controlling interests | 397 | (281) | N.M. | (380) | (423) | (10.2) | |
Loss for the period/year | (16,801) | (10,241) | 64.1 | (20,541) | (27,104) | (24.2) | |
Gross profit margin | 0.9% | 4.7% | 4.7% | 2.4% | |||
Net loss margin | -10.6% | -7.0% | -6.7% | -10.2% |
Page 3
Condensed Interim Consolidated Statement of Comprehensive Income
For the 6 Months and 12 Months ended 31 March 2024
Group | Group | |||||
6 months ended | Change | 12 months ended | Change | |||
31-Mar-24 | 31-Mar-23 | 31-Mar-24 | 31-Mar-23 | |||
$'000 | $'000 | % | $'000 | $'000 | % | |
Loss for the period/year | (16,801) | (10,241) | 64.1 | (20,541) | (27,104) | (24.2) |
Other comprehensive income | ||||||
Item that will not be reclassified to profit | ||||||
or loss: | ||||||
Revaluation surplus of property, plant | ||||||
and equipment | 1,270 | 955 | 33.0 | 1,270 | 955 | 33.0 |
Item that are or may be reclassified | ||||||
subsequently to profit or loss: | ||||||
Foreign currency translation differences | ||||||
- foreign operations | 224 | 108 | >100.0 | 432 | 24 | >100.0 |
Other comprehensive income | ||||||
for the period/year, net of tax | 1,494 | 1,063 | 40.5 | 1,702 | 979 | 73.9 |
Total comprehensive expense for the | ||||||
period/year | (15,307) | (9,178) | 66.8 | (18,839) | (26,125) | (27.9) |
Attributable to: | ||||||
(16,037) | (9,170) | 74.9 | (18,780) | (25,875) | (27.4) | |
Owners of the Company | ||||||
Non-controlling interests | 730 | (8) | N.M. | (59) | (250) | (76.4) |
Total comprehensive expense for the | ||||||
period/year | (15,307) | (9,178) | 66.8 | (18,839) | (26,125) | (27.9) |
Page 4
Condensed Interim Statement of Financial Position
As at 31 March 2024
Group | Company | ||||
DESCRIPTION | Note | 31-Mar-24 | 31-Mar-23 | 31-Mar-24 | 31-Mar-23 |
$'000 | $'000 | $'000 | $'000 | ||
Non-current assets | |||||
Property, plant and equipment | 8 | 115,326 | 124,723 | - | - |
Right-of-use assets | 9 | 37,657 | 41,227 | 34,215 | 36,620 |
Goodwill | 552 | 552 | - | - | |
Investment property | 10 | 162 | 115 | - | - |
Investments in: | |||||
- subsidiaries | - | - | 101,404 | 97,904 | |
- associates | 7,373 | 8,175 | - | - | |
Contract assets | 137 | 618 | - | - | |
Trade and other receivables | 10,557 | 12,619 | 9,383 | 9,222 | |
Deferred tax assets | 37 | 37 | 480 | 402 | |
171,801 | 188,066 | 145,482 | 144,148 | ||
Current assets | |||||
Inventories | 11 | 20,219 | 24,519 | - | - |
Contract assets | 64,338 | 66,721 | - | - | |
Trade and other receivables | 91,998 | 79,339 | 22,563 | 19,425 | |
Tax recoverable | 432 | 416 | - | - | |
Cash and cash equivalents | 18,808 | 22,804 | 720 | 711 | |
195,795 | 193,799 | 23,283 | 20,136 | ||
Assets held for sale | 4,725 | 755 | - | - | |
200,520 | 194,554 | 23,283 | 20,136 | ||
Total assets | 372,321 | 382,620 | 168,765 | 164,284 | |
Page 5
Condensed Interim Statement of Financial Position (Cont'd)
As at 31 March 2024
Group | Company | ||||
DESCRIPTION | Note | 31-Mar-24 | 31-Mar-23 | 31-Mar-24 | 31-Mar-23 |
$'000 | $'000 | $'000 | $'000 | ||
Equity attributable to owners | |||||
of the Company | |||||
Share capital | 12 | 94,089 | 94,089 | 94,089 | 94,089 |
Reserves | (13,862) | 4,963 | 15,021 | 14,900 | |
80,227 | 99,052 | 109,110 | 108,989 | ||
Non-controlling interests | 25,079 | 25,303 | - | - | |
Total equity | 105,306 | 124,355 | 109,110 | 108,989 | |
Non-current liabilities | |||||
Loans and borrowings | 13 | 14,497 | 20,302 | 130 | 900 |
Lease liabilities * | 9 | 36,133 | 39,261 | 34,838 | 36,634 |
Trade and other payables | 8,549 | 10,875 | - | - | |
Provisions | 60 | 60 | 60 | 60 | |
Deferred tax liabilities | 1,109 | 1,729 | - | - | |
60,348 | 72,227 | 35,028 | 37,594 | ||
Current liabilities | |||||
Loans and borrowings | 13 | 82,251 | 73,362 | 7,390 | 755 |
Lease liabilities * | 9 | 4,082 | 3,768 | 1,795 | 1,687 |
Contract liabilities | 190 | 480 | - | - | |
Trade and other payables | 112,949 | 103,724 | 15,442 | 15,259 | |
Provisions | 6,892 | 4,360 | - | - | |
Current tax payable | 303 | 344 | - | - | |
206,667 | 186,038 | 24,627 | 17,701 | ||
Total liabilities | 267,015 | 258,265 | 59,655 | 55,295 | |
Total equity and liabilities | 372,321 | 382,620 | 168,765 | 164,284 | |
* Relating to Right-of-use assets.
Page 6
Condensed Interim Statements of Changes in Equity
For the 12 Months ended 31 March 2024
Foreign | Total | ||||||||||||||||||||||
Reserve | currency | attributable to | Non- | ||||||||||||||||||||
Share | Capital | for own | Reserve on | translation | Revaluation | Other | Accumulated | owners of the | controlling | Total | |||||||||||||
Group | capital | reserve | shares | consolidation | reserve | reserve | reserve | profits/(losses) | Company | interests | equity | ||||||||||||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |||||||||||||
At 1 April 2022 | 94,089 | 17,798 | (2,921) | 116 | (6,713) | 2,249 | (2,334) | 22,771 | 125,055 | 25,703 | 150,758 | ||||||||||||
Total comprehensive income/(expense) for the year | |||||||||||||||||||||||
Loss for the year | - | - | - | - | - | - | - | (26,681) | (26,681) | (423) | (27,104) | ||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Foreign currency translation differences | - | - | - | - | 202 | 9 | - | - | 211 | (187) | 24 | ||||||||||||
Revaluation surplus of property, plant and equipment | - | - | - | - | - | 595 | - | - | 595 | 360 | 955 | ||||||||||||
Transfer of revaluation surplus of property, plant | |||||||||||||||||||||||
and equipment | - | - | - | - | - | (178) | - | 178 | - | - | - | ||||||||||||
Total other comprehensive income | - | - | - | - | 202 | 426 | - | 178 | 806 | 173 | 979 | ||||||||||||
Total comprehensive income/(expense) for the year | - | - | - | - | 202 | 426 | - | (26,503) | (25,875) | (250) | (26,125) | ||||||||||||
Transactions with owners of the Company, | |||||||||||||||||||||||
recorded directly in equity | |||||||||||||||||||||||
Purchase of treasury shares | - | - | (128) | - | - | - | - | - | (128) | - | (128) | ||||||||||||
Dividends paid to non-controlling interests | - | - | - | - | - | - | - | - | - | (150) | (150) | ||||||||||||
Total transactions with owners of the Company | - | - | (128) | - | - | - | - | - | (128) | (150) | (278) | ||||||||||||
At 31 March 2023 | 94,089 | 17,798 | (3,049) | 116 | (6,511) | 2,675 | (2,334) | (3,732) | 99,052 | 25,303 | 124,355 | ||||||||||||
Page 7
Condensed Interim Statements of Changes in Equity (Cont'd)
For the 12 Months ended 31 March 2024
Foreign | Total | |||||||||||||||||||||||
Reserve | currency | attributable to | Non- | |||||||||||||||||||||
Share | Capital | for own | Reserve on | translation | Revaluation | Other | Accumulated | owners of the | controlling | Total | ||||||||||||||
Group | capital | reserve | shares | consolidation | reserve | reserve | reserve | losses | Company | interests | equity | |||||||||||||
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||||||||||||||
At 1 April 2023 | 94,089 | 17,798 | (3,049) | 116 | (6,511) | 2,675 | (2,334) | (3,732) | 99,052 | 25,303 | 124,355 | |||||||||||||
Total comprehensive income/(expense) for the year | ||||||||||||||||||||||||
Loss for the year | - | - | - | - | - | - | - | (20,161) | (20,161) | (380) | (20,541) | |||||||||||||
Other comprehensive income | ||||||||||||||||||||||||
Foreign currency translation differences | - | - | - | - | 456 | 8 | - | - | 464 | (32) | 432 | |||||||||||||
Revaluation surplus of property, plant and equipment | - | - | - | - | - | 917 | - | - | 917 | 353 | 1,270 | |||||||||||||
Transfer of revaluation surplus of property, plant | ||||||||||||||||||||||||
and equipment | - | - | - | - | - | (340) | - | 340 | - | - | - | |||||||||||||
Total other comprehensive income | - | - | - | - | 456 | 585 | - | 340 | 1,381 | 321 | 1,702 | |||||||||||||
Total comprehensive income/(expense) for the year | - | - | - | - | 456 | 585 | - | (19,821) | (18,780) | (59) | (18,839) | |||||||||||||
Transactions with owners of the Company, | ||||||||||||||||||||||||
recorded directly in equity | ||||||||||||||||||||||||
Purchase of treasury shares | - | - | (45) | - | - | - | - | - | (45) | - | (45) | |||||||||||||
Dividends paid to non-controlling interests | - | - | - | - | - | - | - | - | - | (165) | (165) | |||||||||||||
Total transactions with owners of the Company | - | - | (45) | - | - | - | - | - | (45) | (165) | (210) | |||||||||||||
At 31 March 2024 | 94,089 | 17,798 | (3,094) | 116 | (6,055) | 3,260 | (2,334) | (23,553) | 80,227 | 25,079 | 105,306 | |||||||||||||
Page 8
Condensed Interim Statements of Changes in Equity (Cont'd) For the 12 Months ended 31 March 2024
Company
At 1 April 2022
Total comprehensive expense for the year
Transactions with owners of the Company, recorded directly in equity
Purchase of treasury shares
Total transactions with owners of the Company
At 31 March 2023
At 1 April 2023
Total comprehensive income for the year
Transactions with owners of the Company, recorded directly in equity
Purchase of treasury shares
Total transactions with owners of the Company
At 31 March 2024
Note:
Capital reserve
Capital Reduction Reserve
Reserve | |||||||||||
Share | Capital | for own | Accumulated | ||||||||
capital | reserve | shares | profits | Total | |||||||
$'000 | $'000 | $'000 | $'000 | $'000 | |||||||
94,089 | 17,798 | (2,921) | 2,044 | 111,010 | |||||||
- | - | - | (1,893) | (1,893) | |||||||
- | - | (128) | - | (128) | |||||||
- | - | (128) | - | (128) | |||||||
94,089 | 17,798 | (3,049) | 151 | 108,989 | |||||||
94,089 | 17,798 | (3,049) | 151 | 108,989 | |||||||
- | - | - | 166 | 166 | |||||||
- | - | (45) | - | (45) | |||||||
- | - | (45) | - | (45) | |||||||
94,089 | 17,798 | (3,094) | 317 | 109,110 | |||||||
Group | Company | ||||||||||
$'000 | $'000 | ||||||||||
17,798 | 17,798 | ||||||||||
The Capital Reduction Reserve shall not be treated or used by the Company as a distributable reserve for dividend purposes in accordance with Regulation 142 of the Constitution of the Company and the Companies Act 1967 of Singapore.
Page 9
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Disclaimer
CSC Holdings Ltd. published this content on 27 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2024 09:54:05 UTC.