WING TAI HOLDINGS LIMITED
(Incorporated in the Republic of Singapore)
(Company Registration No: 196300239D)
FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE FIRST HALF YEAR ENDED 31 DECEMBER 2020
The Company announces the unaudited consolidated results for the first half year ended 31 December 2020.
1 (a)(i) | Income Statement | |||||
Group | ||||||
First Half | First Half | |||||
Year | Year | |||||
ended | ended | |||||
31-Dec-20 | 31-Dec-19 | +/(-) | ||||
S$'000 | S$'000 | % | Note | |||
Revenue | 243,418 | 183,495 | 33 | |||
Cost of sales | (143,496) | (89,689) | 60 | |||
Gross profit | 99,922 | 93,806 | 7 | |||
Other gains - net | 12,845 | 3,468 | 270 | (a) | ||
Expenses | ||||||
- Distribution | (15,838) | (29,075) | (46) | (b) | ||
- Administrative and other | (46,393) | (50,155) | (8) | (c) | ||
Operating profit | 50,536 | 18,044 | 180 | |||
Finance costs | (16,781) | (14,330) | 17 | |||
Share of profits of associated and joint venture companies | 38,537 | 35,798 | 8 | |||
Profit before income tax | 72,292 | 39,512 | 83 | |||
Income tax expense | (14,746) | (6,508) | 127 | |||
Total profit | 57,546 | 33,004 | 74 | |||
Attributable to: | ||||||
Equity holders of the Company | 56,796 | 32,819 | 73 | |||
Non-controlling interests | 750 | 185 | 305 | |||
57,546 | 33,004 | 74 |
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1 (a)(ii) | Notes to Income Statement | |||
Group | ||||
First Half | First Half | |||
Year | Year | |||
ended | ended | |||
31-Dec-20 | 31-Dec-19 | +/(-) | ||
S$'000 | S$'000 | % | ||
(A) | Investment income | 1,502 | 1,627 | (8) |
(B) | Interest income | 1,253 | 1,225 | 2 |
(C) | Finance costs | (16,781) | (14,330) | 17 |
(D) | Depreciation and amortisation | (9,031) | (13,556) | (33) |
(E) | Write-back of allowance for doubtful debts | 7 | - | n.m. |
(F) | Write-back of allowance for stock obsolescence | 1,279 | 851 | 50 |
(G) | Impairment in value of investments | - | - | - |
(H) | Foreign exchange loss | (956) | (739) | 29 |
(I) | Adjustment for tax in respect of prior years | - | - | - |
(J) | Gain on disposal of investment property and property, | |||
plant and equipment | 9,411 | 52 | n.m. |
Note:-
- The increase in other gains - net is mainly due to the gain on disposal of investment property and property, plant and equipment recognised in the current period.
- The decrease in distribution expenses is primarily due to the lower rental for retail stores.
- The decrease in administrative and other expenses is largely due to the lower accrued operating expenses.
n.m. - not meaningful
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1 (b)(i) Statements of Financial Position | ||||||
Group | Company | |||||
As at | As at | As at | As at | |||
31-Dec-20 | 30-Jun-20 | 31-Dec-20 | 30-Jun-20 | |||
S$'000 | S$'000 | S$'000 | S$'000 | Note | ||
ASSETS | ||||||
Current assets | ||||||
Cash and cash equivalents | 786,506 | 605,480 | 424,352 | 283,891 | ||
Trade and other receivables | 39,725 | 111,590 | 143,442 | 244,796 | (a), (g) | |
Inventories | 8,704 | 14,679 | - | - | ||
Development properties | 835,693 | 993,584 | - | - | (b) | |
Tax recoverable | 5,956 | 5,579 | - | - | ||
Other assets | 21,724 | 11,448 | 1,320 | 1,541 | ||
Assets held for sale | - | 68,062 | - | - | (c) | |
1,698,308 | 1,810,422 | 569,114 | 530,228 | |||
Non-current assets | ||||||
Trade and other receivables | 121,918 | 134,673 | 1,052,622 | 1,160,397 | (g) | |
Investments in associated and | ||||||
joint venture companies | 1,713,772 | 1,764,891 | - | - | (d) | |
Investments in subsidiary companies | - | - | 282,063 | 282,063 | ||
Investment properties | 801,279 | 792,346 | - | - | ||
Property, plant and equipment | 89,720 | 91,608 | 14,605 | 12,948 | ||
Deferred income tax assets | 7,158 | 8,087 | - | - | ||
Other assets | 46,545 | 48,785 | 20,613 | 20,811 | ||
2,780,392 | 2,840,390 | 1,369,903 | 1,476,219 | |||
Total assets | 4,478,700 | 4,650,812 | 1,939,017 | 2,006,447 | ||
LIABILITIES | ||||||
Current liabilities | ||||||
Trade and other payables | 69,765 | 57,842 | 13,555 | 11,195 | ||
Current income tax liabilities | 39,037 | 33,418 | 249 | 221 | ||
Borrowings | 85,942 | - | 85,942 | - | ||
Other liabilities | 19,139 | 117,395 | - | 345 | (e) | |
213,883 | 208,655 | 99,746 | 11,761 | |||
Non-current liabilities | ||||||
Borrowings | 640,280 | 787,740 | 421,483 | 567,537 | (f) | |
Deferred income tax liabilities | 34,850 | 33,719 | - | - | ||
Other liabilities | 25,491 | 35,353 | 9,567 | 19,322 | ||
700,621 | 856,812 | 431,050 | 586,859 | |||
Total liabilities | 914,504 | 1,065,467 | 530,796 | 598,620 | ||
NET ASSETS | 3,564,196 | 3,585,345 | 1,408,221 | 1,407,827 | ||
EQUITY | ||||||
Capital and reserves attributable to | ||||||
ordinary shareholders of the | ||||||
Company | ||||||
Share capital | 838,250 | 838,250 | 838,250 | 838,250 | ||
Other reserves | (40,263) | 7,904 | (37,576) | (38,575) | ||
Retained earnings | 2,396,207 | 2,367,885 | 311,156 | 311,777 | ||
3,194,194 | 3,214,039 | 1,111,830 | 1,111,452 | |||
Perpetual securities | 296,391 | 296,375 | 296,391 | 296,375 | ||
Non-controlling interests | 73,611 | 74,931 | - | - | ||
TOTAL EQUITY | 3,564,196 | 3,585,345 | 1,408,221 | 1,407,827 |
3
1 (b)(i) Statements of Financial Position (continued)
Note:-
- The decrease in the Group's current trade and other receivables is largely due to the repayment of loan by a joint venture company.
- The decrease in the Group's development properties is primarily attributable to the recognition of capitalised development costs in the income statement.
- The disposal of the assets held for sale were completed during the current period.
- The decrease in the Group's investments in associated and joint venture companies is primarily due to currency translation loss.
- The decrease in the Group's other current liabilities is primarily due to the recognition of advance payments from purchasers for development projects in the income statement upon completion of the sales.
- The decrease in the Group's and the Company's non-current borrowings is mainly due to the reclassification of medium term notes which became current and the repurchase of its medium term notes.
- The decrease in the Company's current and non-current trade and other receivables is mainly due to the repayment of loans from its subsidiary companies.
1 (b)(ii) Aggregate amount of group's borrowings and debt securities
Amount repayable in one year or less, or on demand
As at 31-Dec-20 | As at 30-Jun-20 | ||
Secured | Unsecured | Secured | Unsecured |
S$'000 | S$'000 | S$'000 | S$'000 |
- | 85,942 | - | - |
Amount repayable after one year
As at 31-Dec-20 | As at 30-Jun-20 | ||
Secured | Unsecured | Secured | Unsecured |
S$'000 | S$'000 | S$'000 | S$'000 |
142,255 | 498,025 | 140,207 | 647,533 |
Details of any collateral
Secured borrowings are generally secured by the borrowing companies' property, plant and equipment, investment properties and assignment of all rights and benefits with respect to the properties.
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Wing Tai Holdings Ltd. published this content on 03 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 February 2021 09:29:05 UTC.