Tiong Seng : 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%

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%

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

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