Unimech : Interim Financial Report For The Forth Quarter Ended 31 December 2022

UNIMECH GROUP BERHAD [199601035227 (407580-X)]

INTERIM FINANCIAL REPORT FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2022

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 31 DECEMBER 2022

	As at	As at
	31-Dec-22	31-Dec-21
	(Unaudited)	(Audited)
ASSETS	RM'000	RM'000
Non-current assets
Property, plant and equipment ("PPE")	98,134	89,865
Investment properties	7,872	8,275
Right of use assets ("ROU")	24,734	27,799
Investment in associates	22,915	21,419
Investment securities	2,114	2,909
Intangible assets	144	152
Other receivables	763	763
Deferred tax assets	1,256	1,233
	157,932	152,415
Current assets
Inventories	196,042	178,509
Trade and other receivables	101,190	102,783
Tax recoverable	161	587
Cash and bank balances	50,094	53,210
	347,487	335,089
TOTAL ASSETS	505,419	487,504
EQUITY AND LIABILITIES
Equity
Share capital	99,588	99,588
Treasury shares	(3,766)	(3,654)
Reserves	(2,162)	(2,111)
Retained earnings	217,944	194,670
Equity attributable to owners of the parent	311,604	288,493
Non-controlling interests	54,904	49,051
Total equity	366,508	337,544
Liabilities
Non-Current Liabilities
Bank borrowings	15,942	17,475
Lease liabilities	3,829	4,508
Deferred tax liabilities	748	505
	20,519	22,488
Current liabilities
Trade and other payables	44,912	49,384
Bank borrowings	68,410	72,331
Lease liabilities	1,479	2,855
Tax payable	3,591	2,902
	118,392	127,472
Total liabilities	138,911	149,960
TOTAL EQUITY AND LIABILITIES	505,419	487,504

The condensed consolidated statement of financial position should be read in conjunction with the audited financial statements for the year ended 31 December 2021 and the accompanying explanatory notes attached to the interim financial statements.

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UNIMECH GROUP BERHAD [199601035227 (407580-X)]

INTERIM FINANCIAL REPORT FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2022

CONDENSED CONSOLIDATED INCOME STATEMENTS

FOR THE TWELVE MONTHS ENDED 31 DECEMBER 2022 (UNAUDITED)

	Current quarter	Cumulative quarter
	3 months ended	12 months ended
	31 December	31 December
	2022	2021	2022	2021
	RM '000	RM '000	RM '000	RM '000
Revenue	81,730	80,096	332,409	289,084
Operating expenses	(70,683)	(70,501)	(280,829)	(249,691)
Other income	515	1,850	2,978	3,955
Operating profit	11,562	11,445	54,558	43,348
Interest expense	(2,193)	(1,878)	(7,270)	(6,768)
Interest income	115	46	436	232
Share of results of associates	287	1,197	2,415	2,189
Profit before tax	9,771	10,810	50,139	39,001
Taxation	(2,120)	(1,382)	(13,514)	(10,243)
Profit for the period/year	7,651	9,428	36,625	28,758
Profit attributable to:
Owners of the parent	6,878	8,521	30,655	23,941
Non-controlling interests	773	907	5,970	4,817
Profit for the period/year	7,651	9,428	36,625	28,758
Earnings per share ("EPS") attributable to owners
of the parent (sen):
Basic EPS	4.66	5.78	20.77	16.21
Diluted EPS	N/A	N/A	N/A	N/A

The condensed consolidated income statements should be read in conjunction with the audited financial statements for the year ended 31 December 2021 and the accompanying explanatory notes attached to the interim financial statements.

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UNIMECH GROUP BERHAD [199601035227 (407580-X)]

INTERIM FINANCIAL REPORT FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2022

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE TWELVE MONTHS ENDED 31 DECMBER 2022 (UNAUDITED)

Profit for the period/year

Other comprehensive income/(expenses), net of tax:

Currency translation differences arising from consolidation

Fair value movements on available for sale investments

Total comprehensive income/(loss) for the period/year

Current quarter	Cumulative quarter
3 months ended	12 months ended
31 December	31 December
2022	2021	2022	2021
RM '000	RM '000	RM '000	RM '000
7,651	9,428	36,625	28,758

(7,141)	(4,991)	708	670
(601)	282	(759)	(13)
(91)	4,719	36,574	29,415

Total comprehensive income/(loss) attributable to:
Owners of the parent	(864)	3,292	30,604	24,078
Non-controlling interests	773	1,427	5,970	5,337
	(91)	4,719	36,574	29,415

The condensed consolidated statement of comprehensive income should be read in conjunction with the audited financial statements for the year ended 31 December 2021 and the accompanying explanatory notes attached to the interim financial statements.

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UNIMECH GROUP BERHAD [199601035227 (407580-X)]

INTERIM FINANCIAL REPORT FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2022

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR TWELVE MONTHS ENDED 31 DECEMBER 2022 (UNAUDITED)

	Cumulative quarter
	12 months ended
	31 December
	2022	2021
	RM'000	RM'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax	50,139	39,001
Adjustments for:
Depreciation and amortisation	7,648	7,878
Other non-cash items and non-operating items	2,596	9,855
Operating profit before working capital changes	60,383	56,734
Inventories	(20,485)	(4,304)
Receivables	1,593	(10,433)
Payables	(4,472)	1,694
Cash generated from operating activities	37,019	43,691
Interest paid	(7,270)	(6,803)
Net of tax paid	(11,812)	(10,063)
Net cash from operating activities	17,937	26,825
CASH FLOWS FROM INVESTING ACTIVITIES
Dividend received	41	498
Interest received	436	297
Issue of shares to non-controlling interests	100	-
Net of changes of investment in subsidiaries and associates	163	4,491
Net of purchase and disposal of investment securities	2,921	88
Net of purchase and disposal of PPE and ROU	(12,748)	(6,281)
Net cash used in investing activities	(9,087)	(907)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid	(7,761)	(5,512)
Net of repurchase & resold of treasury shares	(112)	(1,246)
Net changes in bank borrowings	(5,454)	(5,479)
Net changes in lease liabilities	(2,056)	(4,264)
Net cash used in financing activities	(15,383)	(16,501)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(6,533)	9,417
CASH AND CASH EQUIVALENTS AT BEGINNING OF	50,790	43,348
FINANCIAL YEAR
Effect of foreign exchange rates changes	2,830	(1,975)
CASH AND CASH EQUIVALENTS AT END OF FINANCIAL YEAR	47,087	50,790
CASH AND CASH EQUIVALENTS COMPRISED THE FOLLOWING:
Cash and bank balances	50,094	53,210
Overdrafts	(3,007)	(2,420)
	47,087	50,790

The condensed consolidated cash flow statements should be read in conjunction with the audited financial statements for the year ended 31 December 2021 and the accompanying explanatory notes attached to the interim financial statements.

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UNIMECH GROUP BERHAD [199601035227 (407580-X)]

INTERIM FINANCIAL REPORT FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2022

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR TWELVE MONTHS ENDED 31 DECEMBER 2022 (UNAUDITED)

	|-----------------------------------	Non-Distributable---------------------------------	| Distributable
	|----------------------------	Attributable to owners of the parent ---------------------------------	|
				Currencies				Non-
		Treasury	Capital	translation	Fair value	Retained		controlling
(RM'000)	Share capital	shares	reserve	reserve	reserve	earnings	Total	interests	Total equity
Balance as at 1 January 2021	99,584	(2,404)	892	1,213	(4,272)	176,404	271,417	41,460	312,877
Purchase of treasury shares	-	(1,257)	-	-	-	-	(1,257)	-	(1,257)
Disposal of treasury shares	4	7	-	-	-	-	11	-	11
Changes in equity	-	-	-	-	-	(587)	(587)	2,555	1,968
Dividend paid	-	-	-	-	-	(5,169)	(5,169)	(342)	(5,511)
Total comprehensive income/(loss)	-	-	-	150	(94)	24,022	24,078	5,378	29,456
for the year
Balance as at 31 December 2021	99,588	(3,654)	892	1,363	(4,366)	194,670	288,493	49,051	337,544

Balance as at 1 January 2022 Purchase of treasury shares Changes in equity

Dividend paid

Total comprehensive income/(loss) for the year

Balance as at 31 December 2022

99,588	(3,654)	892	1,363	(4,366)	194,670	288,493	49,051	337,544
-	(112)	-	-	-	-	(112)	-	(112)
-	-	-	-	-	-	-	263	263
-	-	-	-	-	(7,381)	(7,381)	(380)	(7,761)
-	-	-	708	(759)	30,655	30,604	5,970	36,574
99,588	(3,766)	892	2,071	(5,125)	217,945	311,605	54,904	366,509

The condensed consolidated statements of changes in equity should be read in conjunction with the audited financial statements for the year ended 31 December 2021 and the accompanying explanatory notes attached to the interim financial statements.

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