TIONG SENG HOLDINGS LIMITED Tiong Seng Holdings Limited
and its subsidiaries
Registration Number: 200807295Z
Condensed Interim Financial Statements
For the six months ended 30 June 2022
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 consolidated interim financial statement | 9 |
Other information (Required by Listing Rule Appendix 7.2) | ||
- | Audit | 29 |
- | Auditors' Report | 29 |
- | Review of Group Performance | 29 |
- | Forecast or prospect statement | 34 |
- | Outlook | 34 |
- | Dividend | 36 |
- | Interested Person Transactions | 36 |
- | Confirmation that the issuer has procured undertakings from | 38 |
all its directors and executive officers (in the format set out in | ||
Appendix 7.7) under Rule 720(1) | ||
- | Confirmation by Directors pursuant to Rule 705(5) of the | 39 |
listing manual of SGX-ST |
Tiong Seng Holdings Limited
and its subsidiaries
Condensed Interim Financial Statements
For the six months ended 30 June 2022
Condensed interim consolidated statement of comprehensive income | ||||
6 months ended | 6 months ended | |||
Note | 30 June 2022 | 30 June 2021 | Change | |
$'000 | $'000 | % | ||
Revenue | ||||
Revenue from construction contracts and | ||||
engineering solutions | 4 | 131,855 | 156,399 | -16% |
Revenue from sales of development properties | 4 | 16,821 | 22,333 | -25% |
148,676 | 178,732 | -17% | ||
Other income | 2,500 | 3,447 | -27% | |
Costs of construction contracts and engineering | ||||
solutions | (156,077) | (144,945) | 8% | |
Costs of sales of development properties | (12,413) | (16,071) | -23% | |
Depreciation and amortisation | (3,174) | (3,755) | -15% | |
Selling expenses | (352) | (837) | -58% | |
Staff costs | (9,643) | (8,601) | 12% | |
Other expenses | (10,459) | (3,953) | >100% | |
(192,118) | (178,162) | 8% | ||
(Loss)/Profit from operating activities | (40,942) | 4,017 | N.M | |
Finance income | 277 | 509 | -46% | |
Finance costs | (2,256) | (1,528) | 48% | |
Net finance costs | (1,979) | (1,019) | 94% | |
Share of profit of joint ventures, net of tax | 538 | 393 | 37% | |
(Loss)/Profit before tax | 5 | (42,383) | 3,391 | N.M |
Tax expense | 7 | (2,145) | (2,121) | 1% |
(Loss)/Profit for the period | (44,528) | 1,270 | N.M |
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 ended 30 June 2022
Condensed interim consolidated statement of comprehensive income (cont'd)
6 months ended | 6 months ended | ||
Note | 30 June 2022 | 30 June 2021 | Change |
$'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 | (3,441) | 2,246 | N.M |
Exchange differences on monetary items forming | |||
part of net investment in a foreign operation | (971) | 1,275 | N.M |
Other comprehensive income for the period, net | |||
of tax | (4,412) | 3,521 | N.M |
Total comprehensive income for the period | (48,940) | 4,791 | N.M |
(Loss)/Profit attributable to: | |||
Owners of the Company | (44,005) | 1,376 | N.M |
Non-controlling interests | (523) | (106) | >100% |
(Loss)/Profit for the period | (44,528) | 1,270 | N.M |
Total comprehensive income attributable to: | |||
Owners of the Company | (48,153) | 4,490 | N.M |
Non-controlling interests | (787) | 301 | N.M |
Total comprehensive income for the period | (48,940) | 4,791 | N.M |
Earnings per share | |||
- Basic and diluted (cents)1 | (9.97) | 0.31 | N.M |
1The earnings per share net of non-controlling interests has been calculated based on 441,419,549 (2021: 441,419,549) 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 ended 30 June 2022
Condensed interim statements of financial position
Group | Company | ||||
31 December | 31 December | ||||
Note | 30 June 2022 | 2021 | 30 June 2022 | 2021 | |
$'000 | $'000 | $'000 | $'000 | ||
Non-current assets | |||||
Property, plant and equipment | 11 | 91,237 | 94,545 | - | - |
Intangible assets | 178 | 201 | - | - | |
Investment properties | 3,721 | 3,760 | - | - | |
Right-of-use assets | 3,292 | 3,900 | - | - | |
Subsidiaries | - | - | 53,986 | 53,986 | |
Associates and joint ventures | 41,577 | 41,113 | - | - | |
Trade and other receivables | 16,013 | 15,673 | - | - | |
Amount due from related parties | 4,599 | 4,534 | - | - | |
Other investments | 959 | 959 | - | - | |
Deferred tax assets | 2,279 | 2,276 | - | - | |
163,855 | 166,961 | 53,986 | 53,986 | ||
Current assets | |||||
Inventories | 4,344 | 5,564 | - | - | |
Contract costs | 1,077 | 993 | - | - | |
Contract assets | 12 | 54,954 | 57,599 | - | - |
Development properties | 13 | 162,025 | 173,442 | - | - |
Trade and other receivables | 49,165 | 49,098 | 1,077 | 639 | |
Amounts due from related parties | 8,185 | 9,678 | 99,974 | 99,974 | |
Cash and cash equivalents | 68,117 | 56,486 | 151 | 229 | |
347,867 | 352,860 | 101,202 | 100,842 | ||
Total assets | 511,722 | 519,821 | 155,188 | 154,828 | |
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 | (80,148) | (76,000) | (45,850) | (45,850) | |
Retained earnings/(Accumulated losses) | 45,020 | 90,129 | (39,717) | (39,955) | |
141,946 | 191,203 | 91,507 | 91,269 | ||
Non-controlling interests | 2,180 | 2,967 | - | - | |
Total equity | 144,126 | 194,170 | 91,507 | 91,269 | |
Non-current liabilities | |||||
Trade and other payables | 10,350 | 9,847 | - | - | |
Loans and borrowings | 15 | 30,529 | 34,913 | - | - |
Deferred tax liabilities | 754 | 832 | - | - | |
41,633 | 45,592 | - | - | ||
Current liabilities | |||||
Contract liabilities | 12 | 101,247 | 74,801 | - | - |
Trade and other payables | 14 | 143,160 | 129,557 | 175 | 254 |
Amounts due to related parties | 12,238 | 12,646 | 63,506 | 63,305 | |
Loans and borrowings | 15 | 62,823 | 56,000 | - | - |
Current tax payable | 6,495 | 7,055 | - | - | |
325,963 | 280,059 | 63,681 | 63,559 | ||
Total liabilities | 367,596 | 325,651 | 63,681 | 63,559 | |
Total equity and liabilities | 511,722 | 519,821 | 155,188 | 154,828 |
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 ended 30 June 2022
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 2022 | 181,947 | (4,873) | (77,720) | (9,345) | 3,746 | 209 | 7,110 | 90,129 | 191,203 | 2,967 | 194,170 | |
Total comprehensive income for the period | ||||||||||||
Loss for the period | - | - | - | - | - | - | - | (44,005) | (44,005) | (523) | (44,528) | |
Other comprehensive income | ||||||||||||
Translation differences relating to financial statements of | ||||||||||||
foreign subsidiaries | - | - | - | - | - | - | (3,177) | - | (3,177) | (264) | (3,441) | |
Exchange differences on monetary items forming part of net | ||||||||||||
investment in foreign operations | - | - | - | - | - | - | (971) | - | (971) | - | (971) | |
Total other comprehensive income | - | - | - | - | - | - | (4,148) | - | (4,148) | (264) | (4,412) | |
Total comprehensive income for the period | - | - | - | - | - | - | (4,148) | (44,005) | (48,153) | (787) | (48,940) | |
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 | ||||||||||||
At 30 June 2022 | 181,947 | (4,873) | (77,720) | (9,345) | 3,746 | 209 | 2,962 | 45,020 | 141,946 | 2,180 | 144,126 |
The accompanying notes form an integral part of these interim financial statements.
4
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Tiong Seng Holdings Limited published this content on 13 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 September 2022 01:49:02 UTC.
