SHENG SIONG GROUP LTD A. Consolidated Statement of Profit or Loss and Other Comprehensive Income
The Group
1st Quarter ended
31 Mar 2022 31 Mar 2021
S$'000 S$'000
+/ (-)%
Revenue | 357,955 | 337,547 | 6.0% |
Cost of sales | (255,215) | (243,998) | 4.6% |
Gross profit | 102,740 | 93,549 | 9.8% |
Other income | 3,321 | 4,009 | (17.2%) |
Distribution expenses | (2,105) | (1,853) | 13.6% |
Administrative expenses | (59,375) | (56,370) | 5.3% |
Other expenses | (1,337) | (1,443) | (7.3%) |
Results from operating activities | 43,244 | 37,892 | 14.1% |
Finance income | 388 | 239 | 62.3% |
Finance expenses | (788) | (485) | 62.5% |
Profit before tax | 42,844 | 37,646 | 13.8% |
Tax expense | (7,655) | (6,740) | 13.6% |
Profit for the period | 35,189 | 30,906 | 13.9% |
Other comprehensive income | |||
Item that is or may be reclassified | |||
subsequently to profit or loss | |||
Foreign currency translation differences | |||
- foreign operations | (94) | (382) | n.m |
Total comprehensive income for the | |||
period | 35,095 | 30,524 | 15.0% |
n.m denotes not meaningful | |||
1 |
The Group
1st Quarter ended
31 Mar 2022 31 Mar 2021
S$'000 S$'000
Profit net of tax for the period attributable to:
Owners of the company Non-controlling interest
Total comprehensive income attributable to:
Owners of the company Non-controlling interest
35,115 74
30,841 13.9%
65 13.8%
35,189 30,906
+/ (-)%
35,058 30,612 14.5%
37 (88) 35,095 30,524
n.m
B. Statements of Financial Position
The Group
31 Mar 2022 | 31 Dec 2021 | |
S$'000 | S$'000 | |
Assets | ||
Property, plant and equipment | 299,420 | 302,883 |
Right-of-use assets | 81,521 | 79,505 |
Investment in subsidiaries | - | - |
Non-current assets | 380,941 | 382,388 |
Inventories | 86,861 | 98,383 |
Trade and other receivables | 9,819 | 11,604 |
Cash and cash equivalents | 253,962 | 246,642 |
Current assets | 350,642 | 356,629 |
Total assets | 731,583 | 739,017 |
Equity | ||
Share capital | 235,373 | 235,373 |
Merger reserve | (68,234) | (68,234) |
Foreign currency translation reserve | (155) | (98) |
Accumulated profits | 281,480 | 246,365 |
Equity attributable to owners of theCompany | 448,464 | 413,406 |
Non-controlling interest | 2,953 | 2,916 |
Total equity | 451,417 | 416,322 |
Liabilities | ||
Deferred tax liabilities | 3,229 | 3,229 |
Lease liabilities | 49,581 | 48,945 |
Non-current liabilities | 52,810 | 52,174 |
Trade and other payables | 169,611 | 212,391 |
Current tax payable | 28,094 | 25,381 |
Term loan | - | 5,000 |
Lease liabilities | 29,651 | 27,749 |
Current liabilities | 227,356 | 270,521 |
Total liabilities | 280,166 | 322,695 |
Total equity and liabilities | 731,583 | 739,017 |
C. Consolidated Statement of Cash Flows
The Group
1st Quarter ended
31 Mar 2022 31 Mar 2021
S$'000
S$'000
Operating activities
Profit for the period 35,189 30,906 Adjustments for:
Depreciation of:
- property, plant and equipment - right-of-use assets
Gain on disposal of property, plant and equipment Unrealised exchange (gain)/loss
Interest income
Interest expense Tax expenseChanges in:
- inventories
- trade and other receivables
- trade and other payables
Cash generated from operations Taxes paid
Cash flows from operating activities
Investing activities
Proceeds from disposal of property, plant and equipment Purchase of property, plant and equipment
Interest received
Cash flows used in investing activities
Financing activities
Repayment of term loan Interest paid
Payment of lease liabilities
Cash flows used in financing activities
5,020 5,060
8,134 7,181
(2) (9)
(271) 26
(388) (239)
788 485
7,655 6,740
56,125 50,150
11,522 4,542
1,785 8,658
(42,780) 26,652 (4,942) 21,710
84 (1,608)
388 (1,136)
(5,000)
(737) (7,667)
(13,404)
(29,538) 33,812 (4,948) 28,864
37 (3,626)
239 (3,350)
-
(485) (7,034)
(7,519)
Net increase in cash and cash equivalents 7,170 17,995
Cash and cash equivalents at beginning of the period 246,642 253,901
Effect of exchange rate changes on balances held in foreign currencies
Cash and cash equivalents at end of the period
150
253,962
(408)
271,488
D. Notes to Consolidated Financial Statements
1. Significant items
The Group
1st Quarter ended
Note
31 Mar 2022 31 Mar 2021
S$'000 S$'000
Depreciation of property, plant and equipment | 5,020 | 5,060 | |
Depreciation of right-of-use assets | 1 | 8,134 | 7,181 |
Exchange (gain)/loss, net | (321) | 60 | |
Gain on disposal of property, plant and equipment | (2) | (9) | |
Staff costs | 2 | 49,734 | 46,688 |
Contribution to defined contribution plans, included | |||
in staff costs | 2,055 | 1,794 | |
Interest income | (388) | (239) | |
Interest expense | 1 | 788 | 485 |
Finance expense, net | 400 | 246 | |
Other income: | |||
Rental income | 626 | 724 | |
Sale of scrap materials | 908 | 573 | |
Government grants | 1,019 | 1,861 | |
Miscellaneous income | 768 | 851 | |
3,321 | 4,009 | ||
Notes |
1. 5 rental contracts for retail outlets were signed and /or renewed in Year 2022. Under FRS 116, we have to account the leases "on-balance-sheet" by recognizing a right-to-use asset and a lease liability. Right-to-use assets are amortised over the period of the lease on a straight-line basis. This resulted in the increase in depreciation of right-to-use asset.
The implicit interest component of operating lease payments is presented as part of finance cost.
Interest expense is typically front loaded as the combined effect of amortisation of lease asset and interest on lease liability is higher in the earlier years of the lease than in the later years.
2. Owing to tight labour market, we increased the base salary of certain category of workforce.
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Sheng Siong Group Ltd. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 00:44:02 UTC.
