Food Empire : Financial Statement (691 KB)

FOOD EMPIRE HOLDINGS LIMITED

(Co Registration No: 200001282G)

Food Empire Holdings Limited and its Subsidiaries

Unaudited Condensed Interim Financial Statements

For the six months ended 30 June 2022

FOOD EMPIRE HOLDINGS LIMITED

(Co Registration No: 200001282G)

Table of Contents	Page
Interim consolidated income statement ..................................................................................................	1
Interim consolidated statement of comprehensive income.....................................................................	2
Interim balance sheet..............................................................................................................................	3
Interim statements of changes in equity .................................................................................................	4
Interim consolidated cash flow statement ...............................................................................................	7
Notes to the condensed interim consolidated financial statements ........................................................	8
Other information required by Listing Rule Appendix 7.2 .....................................................................	16

FOOD EMPIRE HOLDINGS LIMITED

(Co Registration No: 200001282G)

Interim consolidated income statement
			Group
				Increase/
		1H 22	1H 21	(Decrease)
	Note	US$'000	US$'000	%
Revenue	5	177,355	149,616	18.5
Cost of sales		(125,366)	(101,508)	23.5
Gross profit		51,989	48,108	8.1
Selling and marketing expenses		(13,579)	(18,780)	(27.7)
General and administrative expenses		(17,807)	(16,523)	7.8
Results from operating activities		20,603	12,805	60.9
Net other income	7	8,464	810	944.9
Net finance costs	8	(710)	(460)	54.3
Share of profits of associates		3,967	1,038	282.2
Profit before taxation	9	32,324	14,193	127.7
Income tax expense	11	(5,259)	(2,722)	93.2
Profit for the period		27,065	11,471	135.9

Profit/(loss) attributable to: Equity shareholders of the Company Non-controlling interest

27,071	11,547	134.4
(6)	(76)	(92.1)
27,065	11,471	135.9

NM denotes not meaningful.

1

Interim consolidated statement of comprehensive income

	Group
		Increase/
1H 22	1H 21	(Decrease)
US$'000	US$'000	%

Profit for the period

Other comprehensive income:

Items that may be reclassified subsequently to profit or loss:

Foreign currency translation gain

Share of other comprehensive income/(loss) of associates Exchange differences realised on liquidation of subsidiaries Other comprehensive income for the period, net of tax Total comprehensive income for the period

Total comprehensive income attributable to: Equity shareholders of the Company Non-controlling interest

27,065 11,471 135.9

15,479	679	2,179.7
258	(166)	NM
100	-	NM
15,837	513	2,987.1
42,902	11,984	258.0
42,912	12,053	256.0
(10)	(69)	(85.5)
42,902	11,984	258.0

2

Interim balance sheet

			Group		Company
			30 Jun 2022	31 Dec 2021		30 Jun 2022	31 Dec 2021
	Note	US$'000	US$'000		US$'000	US$'000
Non-Current Assets
Property, plant and equipment	16	98,271	103,944	-	-
Right-of-use assets			8,915	9,514	312	357
Investment properties	17	-	14,026	-	-
Investments in subsidiaries			-	-	44,485	44,485
Investments in associates			13,271	9,046	-	-
Amount due from an associate (non-trade)			1,545	1,545	-	-
Intangible assets	15	10,343	10,343	-	-
Deferred tax assets			2,981	3,110		-	-
			135,326	151,528	44,797	44,842
Current Assets
Inventories			107,878	73,521	-	-
Trade receivables			41,080	39,965	9	-
Prepaid operating expenses			9,259	8,074	13	16
Deposits			714	793	-	-
Other receivables			2,361	4,852	-	-
Amounts due from subsidiaries (non-trade)			-	-	4,505	15,213
Amounts due from associates (non-trade)			210	683	-	-
Amount due from a related party (trade)			218	69	-	-
Cash and cash equivalents			59,813	60,557		426	760
			221,533	188,514	4,953	15,989
Assets held for sale		18	21,030	-		-	-
			242,563	188,514	4,953	15,989
Current Liabilities
Trade payables and accruals			(41,159)	(48,078)	(574)	(1,917)
Lease liabilities	19	(1,672)	(1,989)	(38)	(37)
Interest-bearing loans and borrowings	19	(26,775)	(22,421)	-	-
Other payables			(6,635)	(4,886)	-	-
Amount due to a subsidiary (non-trade)			-	-	(20)	(20)
Amount due to a related party (non-trade)			(754)	(697)	-	-
Amount due to an associate (non-trade)			-	(297)	-	-
Amounts due to associates (trade)			(231)	(131)	-	-
Income tax payable			(2,340)	(1,502)		(15)	(13)
			(79,566)	(80,001)	(647)	(1,987)
Liabilities directly associated with the assets held for sale		18	(460)	-		-	-
			(80,026)	(80,001)	(647)	(1,987)
Net Current Assets			162,537	108,513	4,306	14,002
Non-Current Liabilities
Lease liabilities	19	(1,011)	(1,525)	(126)	(150)
Interest-bearing loans and borrowings	19	(29,393)	(27,385)	-	-
Deferred tax liabilities			(6,559)	(4,572)		-	-
			(36,963)	(33,482)	(126)	(150)
Net Assets			260,900	226,559	48,977	58,694
Equity
Share capital	20	45,700	45,420	45,700	45,420
Treasury shares			(4,469)	(4,242)	(4,469)	(4,242)
Reserves			220,945	186,538	7,746	17,516
Foreign currency translation reserves of a disposal group			(194)	-	-	-
held for sale
			261,982	227,716	48,977	58,694
Non-controlling interest			(1,082)	(1,157)		-	-
Total Equity			260,900	226,559	48,977	58,694
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