Euro Berhad : Quarterly rpt on consolidated results for the financial period ended 31/3/2022

EURO HOLDINGS BERHAD

[Registration No.: 200401008055 (646559-T)]

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31 MAR 2022

(The figures have not been audited)

	Individual Quarter		Cumulative Quarter
			Preceding Year				Preceding Year
	Current Year		Corresponding		Current Year		Corresponding
	Quarter		Quarter		To Date		Period
	31/03/2022	31/03/2021	31/03/2022	31/03/2021
	RM'000		RM'000		RM'000		RM'000
Continuing Operations:
Revenue	58,904	16,258	58,904	16,258
Cost of sales	(56,560)	(13,045)	(56,560)	(13,045)
Gross profit	2,344	3,213	2,344	3,213
Other income	85	91	85	91
Operating expenses	(1,709)	(2,505)	(1,709)	(2,505)
Finance costs	(701)	(339)	(701)	(339)
Profit before taxation	19	460	19	460
Taxation	-	-	-	-
Profit for the period /
Total comprehensive profit for the period	19	460	19	460
Attributable to:
Owners of the Company	33	490	33	490
Non-controlling interest	(14)		(30)		(14)		(30)
	19	460	19	460
Earnings per share
- Earnings per share (sen)	0.004	0.061	0.004	0.061

Notes:

The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the audited financial statements for the financial year ended 31 December 2021 and the accompanying explanatory notes attached to the interim financial statements.

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EURO HOLDINGS BERHAD

[Registration No.: 200401008055 (646559-T)]

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MAR 2022

(The figures have not been audited)

	As At		As At
	31/03/2022	31/12/2021
	RM'000		RM'000
ASSETS
Non-current assets
Property, plant and equipment	38,200	38,576
Right-of-use assets	-		2
	38,200	38,578
Current assets
Property development cost	25,535	30,573
Inventories	16,233	12,597
Trade receivables	13,861	11,277
Other receivables, deposits and prepayments	9,170	7,069
Tax recoverable	603	397
Fixed deposit	6,778	6,757
Cash and bank balances	469		2,141
	72,649		70,811
TOTAL ASSETS	110,849	109,389
EQUITY AND LIABILITIES
Equity attributable to equity holders of the Company
Share capital	48,402	48,402
Fair Value Reserve	1,591	1,591
Retained Earnings	(5,632)		(5,665)
	44,361	44,328
Non-controlling interest	(803)		(789)
Total equity	43,558	43,539
Non-current liabilities
Term loans and borrowings	7,769		7,769
	7,769	7,769
Current liabilities
Trade payables	7,065	11,340
Other payables and accruals	16,310	14,901
Amount due to director	15,761	10,875
Bank overdrafts	12,927	11,737
Bills payable	-	1,509
Term loans and borrowings	6,896	7,192
Lease liabilities	39	3
Tax payable	524		524
	59,522		58,081
Total liabilities	67,291	65,850
TOTAL EQUITY AND LIABILITIES	110,849	109,389
Net Assets Per Share (RM)	0.0553	0.0553

Notes:

The Unaudited Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited financial statements for the financial year ended 31 December 2021 and the accompanying explanatory notes attached to the interim financial statements.

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EURO HOLDINGS BERHAD

[Registration No.: 200401008055 (646559-T)]

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER ENDED 31 MAR 2022

(The figures have not been audited)

	Attributable to Equity Holders of the Company
	Non-distributable Distributable Distributable					Non-
	Share		Fair Value		Retained			Controlling		Total
	Capital		Reserve		Earnings		Total			Interest		Equity
	RM'000		RM'000		RM'000		RM'000			RM'000		RM'000
At 1 January 2022	48,402	1,591	(5,665)	44,328	(789)	43,539
Total comprehensive
profit/(loss) for the period	-	-	33	33	(14)	19
At 31 March 2022	48,402		1,591		(5,632)		44,361			(803)		43,558
At 1 January 2021	48,402	-	16,071	64,473	887	65,360
Total comprehensive
profit/(loss) for the period	-	-	490	490	(30)	460
At 31 March 2021	48,402		-		16,561		64,963			857		65,820

Notes:

The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the audited financial statements for the financial year ended 31 December 2021 and the accompanying explanatory notes attached to the interim financial statements.

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EURO HOLDINGS BERHAD

[Registration No.: 200401008055 (646559-T)]
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE FINANCIAL PERIOD ENDED 31 MAR 2022
(The figures have not been audited)
		Current		Preceding
		Period		Period
		Ended		Ended
		31/03/2022	31/3/2021
		RM'000		RM'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation	19	460
Non-cash items	378	441
Non-operating items		257		277
Operating profit before working capital changes	654	1,178
Inventories	(3,636)	(1,303)
Trade and other receivables	(4,666)	(1,782)
Trade and other payables		(2,866)		1,823
Cash used in operations	(10,514)	(84)
Property development costs	5,038	324
Tax paid	(206)	(81)
Interest paid		-		(500)
NET CASH USED IN OPERATING ACTIVITIES		(5,682)		(341)
CASH FLOWS FROM INVESTING ACTIVITY
Interest received		104		305
NET CASH GENERATED FROM INVESTING ACTIVITY		104		305
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid	(697)	-
Repayment of hire purchase payables & lease liabilities	36	(114)
Advances From A Director	4,886	-
Net drawdown/(repayment) of term loans and borrowings		(1,509)		(914)
NET CASH GENERATED FROM/(USED IN) FINANCING	2,716	(1,028)
ACTIVITIES
Net decrease in cash and cash equivalents	(2,862)	(1,064)
Cash and cash equivalents at beginning of the financial period		(9,596)		(10,517)
CASH AND CASH EQUIVALENTS AT END OF THE
FINANCIAL PERIOD*		(12,458)		(11,581)

*Cash and cash equivalents at the end of the financial period comprised the following:

Bank overdrafts	(12,927)	(12,791)
Cash and bank balances	469	1,210
Fixed deposits	6,778		6,971
	(5,680)	(4,610)
Less: Fixed deposits pledged to a bank for credit facilities	(6,778)	(6,971)
	(12,458)	(11,581)

Notes:

The Condensed Consolidated Statement of Cash Flows should be read in conjunction with the annual financial statements for the financial year ended 31 December 2021 and the accompanying explanatory notes attached to the interim financial statements.

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EURO HOLDINGS BERHAD

[Registration No.: 200401008055 (646559-T)]

NOTES TO THE INTERIM FINANCIAL STATEMENTS - QUARTER ENDED 31 MAR 2022

A1. Basis of preparation

The condensed consolidated interim financial statements are unaudited and have been prepared in accordance with the requirements of Paragraph 9.22 of the Main Listing Requirements ("Main LR") of Bursa Malaysia Securities Berhad ("Bursa Securities") and the Malaysian Financial Reporting Standards ("MFRS") 134: Interim Financial Reporting. The condensed consolidated interim financial statements also comply with IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board.

The notes attached to the interim financial statements provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the financial year ended 31 December 2021. The condensed consolidated interim financial statements and notes thereon however do not include all of the information required for a full set of financial statements prepared in accordance with MFRSs and should be read in conjunction with the annual consolidated financial statements of the Company for the financial year ended 31 December 2021.

A2. Significant Accounting Policies

The significant accounting policies, methods of computation and basis of consolidation applied in the unaudited condensed consolidated interim financial statements are consistent with those adopted in the annual audited financial statements of the Group for the financial year ended 31 December 2021, except for the adoption of the MFRSs, amendments and interpretations which are effective from the financial period beginning 1 January 2022.

A3. Auditors' Report

The auditors' report on the financial statements for the financial year ended 31 December 2021 was not qualified.

A4. Seasonal and Cyclical Factors

The Group's operations were not materially affected by seasonal or cyclical factors during the financial period under review.

A5. Unusual items affecting assets, liabilities, equity, net income or cash flows

There were no unusual items affecting assets, liabilities, equity, net income or cash flows during the current quarter ended 31 March 2022.

A6. Material Changes in Estimates of Amounts Reported

There were no material changes in accounting estimates that have a material effect in the current quarter under review and financial period to date.

A7. Changes in Debt and Equity Securities

There were no issuances, cancellations, repurchases, resale and repayment of debts and equity securities for the current quarter ended 31 March 2022

A8. Dividends Paid

No dividends were paid by the Company in the current quarter ended 31 March 2022.

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