Tiong Seng Holdings Limited
and its subsidiaries
Registration Number: 200807295Z
Condensed Interim Financial Statements
For the six months and full year ended 31 December 2021
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 financial statements | 9 |
Other information | ||
- | Audit or Review | 34 |
- | Auditors' Report | 34 |
- | Review of Group Performance | 34 |
- | Forecast or prospect statement | 43 |
- | Outlook | 43 |
- | Dividend | 45 |
- | Interested Person Transactions | 46 |
- | A breakdown of sales and profit before tax | 47 |
- | Persons Occupying Managerial Position Pursuant to Rule 704(13) | 48 |
- | Confirmation that the issuer has procured undertakings from all | 49 |
its directors and executive officers (in the format set out in | ||
Appendix 7.7) under Rule 720(1) |
Tiong Seng Holdings Limited
and its subsidiaries
Condensed Interim Financial Statements
For the six months and full year ended 31 December 2021
Condensed interim consolidated statement of comprehensive income | |||||||
6 months | 6 months | 12 months | 12 months | ||||
ended 31 | ended 31 | ended 31 | ended 31 | ||||
December | December | December | December | ||||
Note | 2021 | 2020 | Change | 2021 | 2020 | Change | |
$'000 | $'000 | % | $'000 | $'000 | % | ||
Revenue | |||||||
Revenue from construction | |||||||
contracts and engineering | |||||||
solutions | 4 | 101,636 | 91,924 | 11% | 258,035 | 180,498 | 43% |
Revenue from sales of | |||||||
development properties | 4 | 13,014 | 41,718 | -69% | 35,347 | 55,412 | -36% |
Rental income | 4 | 2 | 2 | - | 4 | 28 | -86% |
114,652 | 133,644 | -14% | 293,386 | 235,938 | 24% | ||
Other income | 4,072 | 10,003 | -59% | 7,517 | 19,511 | -61% | |
Costs of construction contracts | |||||||
and engineering solutions | (126,037) | (109,388) | 15% | (270,982) | (199,195) | 36% | |
Costs of sales of development | |||||||
properties | (9,750) | (35,433) | -72% | (25,821) | (44,695) | -42% | |
Impairment arising from property | |||||||
development business | (20,216) | (5,603) | >100% | (20,216) | (5,603) | >100% | |
Depreciation and amortisation | (3,433) | (3,930) | -13% | (7,188) | (7,517) | -4% | |
Selling expenses | (935) | (1,769) | -47% | (1,772) | (2,331) | -24% | |
Staff costs | (10,683) | (7,598) | 41% | (19,284) | (16,734) | 15% | |
Other expenses | (5,105) | (6,761) | -24% | (9,058) | (10,791) | -16% | |
(176,159) | (170,482) | 3% | (354,321) | (286,866) | 24% | ||
Loss from operating activities | (57,435) | (26,835) | >100% | (53,418) | (31,417) | 70%. | |
Finance income | 1,592 | 1,241 | 28% | 2,101 | 1,542 | 36% | |
Finance costs | (3,061) | (2,572) | 19% | (4,589) | (4,884) | -6% | |
Net finance costs | (1,469) | (1,331) | 10% | (2,488) | (3,342) | -26% | |
Share of profit/(loss) of joint | |||||||
ventures, net of tax | 1,485 | (1,224) | N.M. | 1,878 | (1,835) | N.M. | |
Loss before tax | 5 | (57,419) | (29,390) | 95% | (54,028) | (36,594) | 48% |
Tax credit/(expense) | 7 | 1,213 | 3,760 | -68% | (908) | 1,689 | N.M. |
Loss for the period/year | (56,206) | (25,630) | >100% | (54,936) | (34,905) | 57% |
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 and full year ended 31 December 2021
Condensed interim consolidated statement of comprehensive income (cont'd)
6 months | 6 months | 12 months | 12 months | |||
ended 31 | ended 31 | ended 31 | ended 31 | |||
December | December | December | December | |||
Note | 2021 | 2020 | Change | 2021 | 2020 | Change |
$'000 | $'000 | % | $'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 | 2,913 | 3,616 | -19% | 5,159 | 5,936 | -13% |
Exchange differences on | ||||||
monetary items forming part | ||||||
of net investment in a foreign | ||||||
operation | 571 | 1,152 | -50% | 1,846 | 2,413 | -23% |
Realisation of translation | ||||||
difference from disposal of | ||||||
subsidiaries | - | - | - | - | 95 | -100% |
Other comprehensive income | ||||||
for the period/year, net of | ||||||
tax | 3,484 | 4,768 | -27% | 7,005 | 8,444 | -17% |
Total comprehensive income | ||||||
for the period/year | (52,722) | (20,862) >100% | (47,931) | (26,461) | 81% | |
Loss attributable to: | ||||||
Owners of the Company | (53,773) | (22,803) >100% | (52,397) | (31,989) | 64% | |
Non-controlling interests | (2,433) | (2,827) | -14% | (2,539) | (2,916) | -13% |
Loss for the period/year | (56,206) | (25,630) >100% | (54,936) | (34,905) | 57% | |
Total comprehensive income | ||||||
attributable to: | ||||||
Owners of the Company | (50,552) | (18,667) >100% | (46,062) | (24,661) | 87% | |
Non-controlling interests | (2,170) | (2,195) | -1% | (1,869) | (1,800) | 4% |
Total comprehensive income | ||||||
for the period/year | (52,722) | (20,862) >100% | (47,931) | (26,461) | 81% | |
Earnings per share | ||||||
- Basic and diluted (cents)1 | (12.18) | (5.15) >100% | (11.87) | (7.22) | 64% | |
1The earnings per share net of non-controlling interests has been calculated based on 441,419,549 (2020: 442,759,424) 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 and full year ended 31 December 2021
Condensed interim statements of financial position
Group | Company | ||||
31 December | 31 December | 31 December | 31 December | ||
Note | 2021 | 2020 | 2021 | 2020 | |
$'000 | $'000 | $'000 | $'000 | ||
Non-current assets | |||||
Property, plant and equipment | 11 | 94,583 | 100,716 | - | - |
Intangible assets | 201 | 238 | - | - | |
Investment properties | 3,760 | 3,779 | - | - | |
Right-of-use assets | 3,900 | 4,545 | - | - | |
Subsidiaries | - | - | 53,986 | 59,624 | |
Associates and joint ventures | 41,113 | 39,154 | - | - | |
Trade and other receivables | 15,673 | 5,829 | - | - | |
Amount due from related parties | 4,534 | 4,303 | - | - | |
Other investments | 959 | 1,145 | - | - | |
Deferred tax assets | 2,276 | 2,250 | - | - | |
166,999 | 161,959 | 53,986 | 59,624 | ||
Current assets | |||||
Inventories | 5,564 | 12,599 | - | - | |
Contract costs | 993 | 903 | - | - | |
Contract assets | 12 | 60,274 | 63,231 | - | - |
Development properties | 13 | 173,442 | 199,484 | - | - |
Trade and other receivables | 49,098 | 51,850 | 639 | 363 | |
Amount due from related parties | 9,678 | 13,697 | 99,974 | 104,436 | |
Cash and cash equivalents | 54,250 | 43,435 | 229 | 101 | |
353,299 | 385,199 | 100,842 | 104,900 | ||
Total assets | 520,298 | 547,158 | 154,828 | 164,524 | |
Equity attributable to owners of the | |||||
Company | |||||
Share capital | 181,947 | 181,947 | 181,947 | 181,947 | |
Treasury shares | (4,873) | (4,873) | (4,873) | (4,873) | |
Reserves | (76,000) | (84,172) | (45,850) | (45,850) | |
Retained earnings/(Accumulated losses) | 87,931 | 143,269 | (39,955) | (27,887) | |
189,005 | 236,171 | 91,269 | 103,337 | ||
Non-controlling interests | 2,967 | 4,836 | - | - | |
Total equity | 191,972 | 241,007 | 91,269 | 103,337 | |
Non-current liabilities | |||||
Trade and other payables | 9,847 | 5,579 | 254 | - | |
Loans and borrowings | 15 | 25,734 | 28,899 | - | - |
Deferred tax liabilities | 832 | 929 | - | - | |
36,413 | 35,407 | 254 | - | ||
Current liabilities | |||||
Contract liabilities | 12 | 77,476 | 65,917 | - | - |
Trade and other payables | 14 | 129,557 | 140,369 | - | 219 |
Amount due to related parties | 12,646 | 18,243 | 63,305 | 60,968 | |
Loans and borrowings | 15 | 65,179 | 39,505 | - | - |
Current tax payable | 7,055 | 6,710 | - | - | |
291,913 | 270,744 | 63,305 | 61,187 | ||
Total liabilities | 328,326 | 306,151 | 63,559 | 61,187 | |
Total equity and liabilities | 520,298 | 547,158 | 154,828 | 164,524 |
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 and full year ended 31 December 2021
Condensed interim consolidated statement of changes in equity
Attributable to owners of the Company | ||||||||||||
Foreign | ||||||||||||
currency | Non- | |||||||||||
Share | Treasury | Merger | Capital | Statutory | Fair value | translation | Retained | controlling | Total | |||
The Group | Note | capital | shares | Reserve | reserve | reserve | reserve | reserve | earnings | Total | interests | equity |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | ||
At 1 January 2021 | 181,947 | (4,873) | (77,720) | (9,345) | 1,909 | 209 | 775 | 143,269 | 236,171 | 4,836 | 241,007 | |
Total comprehensive income for the year | ||||||||||||
Loss for the year | - | - | - | - | - | - | - | (52,397) | (52,397) | (2,539) | (54,936) | |
Other comprehensive income | ||||||||||||
Translation differences relating to financial statements of | ||||||||||||
foreign subsidiaries | - | - | - | - | - | - | 4,489 | - | 4,489 | 670 | 5,159 | |
Exchange differences on monetary items forming part of net | ||||||||||||
investment in foreign operations | - | - | - | - | - | - | 1,846 | - | 1,846 | - | 1,846 | |
Total other comprehensive income | - | - | - | - | - | - | 6,335 | - | 6,335 | 670 | 7,005 | |
Total comprehensive income for the year | - | - | - | - | - | - | 6,335 | (52,397) | (46,062) | (1,869) | (47,931) | |
Transfer to statutory reserve | - | - | - | - | 1,837 | - | - | (1,837) | - | - | - | |
Transaction with owners, recognised directly in equity | ||||||||||||
Contributions by and distributions to owners | ||||||||||||
Dividends paid | 8 | - | - | - | - | - | - | - | (1,104) | (1,104) | - | (1,104) |
Total transactions with owners of the Company | - | - | - | - | - | - | - | (1,104) | (1,104) | - | (1,104) | |
At 31 December 2021 | 181,947 | (4,873) | (77,720) | (9,345) | 3,746 | 209 | 7,110 | 87,931 | 189,005 | 2,967 | 191,972 |
The accompanying notes form an integral part of these interim financial statements.
4
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Tiong Seng Holdings Limited published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2022 01:39:08 UTC.