TIONG SENG HOLDINGS LIMITED TIONG SENG HOLDINGS LIMITED
(Incorporated in the Republic of Singapore)
(Registration Number: 200807295Z)
Condensed Interim Financial Statements
For the Six Months and Full Year Ended 31 December 2022
Contents
Page | |
Condensed Interim Consolidated Statement of Comprehensive Income | 1 |
Condensed Interim Statements of Financial Position | 3 |
Condensed Interim Consolidated Statements of Changes in Equity | 4 |
Condensed Interim Consolidated Statement of Cash Flows | 7 |
Notes to the Condensed Interim Consolidated Financial Statements | 9 |
Other Information Required by Listing Rule Appendix 7.2 | 35 |
Tiong Seng Holdings Limited
For the Six Months and Full Year Ended 31 December 2022
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 | 2022 | 2021 | Change | 2022 | 2021 | Change | |
$'000 | $'000 | % | $'000 | $'000 | % | ||
Revenue | |||||||
Revenue from construction | |||||||
contracts and engineering | |||||||
solutions | 4 | 198,847 | 101,636 | 96% | 330,702 | 258,035 | 28% |
Revenue from sales of | |||||||
development properties | 4 | 9,255 | 13,014 | (29%) | 26,076 | 35,347 | (26%) |
208,102 | 114,650 | 82% | 356,778 | 293,382 | 22% | ||
Other income | 3,485 | 6,272 | (44%) | 5,985 | 9,719 | (38%) | |
Costs of construction contracts | |||||||
and engineering solutions | (221,816) | (126,037) | 76% | (377,893) | (270,982) | 40% | |
Costs of sales of development | |||||||
properties | (8,094) | (9,750) | (17%) | (20,507) | (25,821) | (21%) | |
Impairment arising from property | |||||||
development business | (3,084) | (20,216) | (85%) | (3,084) | (20,216) | (85%) | |
Depreciation and amortisation | (3,535) | (3,433) | 3% | (6,709) | (7,188) | (7%) | |
Selling expenses | (784) | (935) | (16%) | (1,136) | (1,772) | (36%) | |
Staff costs | (9,739) | (10,683) | (9%) | (19,382) | (19,284) | 1% | |
Other expenses | (9,290) | (5,105) | 82% | (19,749) | (9,058) | >100% | |
(256,342) | (176,159) | 46% | (448,460) | (354,321) | 27% | ||
Loss from operating activities | (44,755) | (55,237) | (19%) | (85,697) | (51,220) | 67% | |
Finance income | 634 | 1,592 | (60%) | 911 | 2,101 | (57%) | |
Finance costs | (4,425) | (3,061) | 45% | (6,681) | (4,589) | 46% | |
Net finance costs | (3,791) | (1,469) | >100% | (5,770) | (2,488) | >100% | |
Share of profit of joint ventures, | |||||||
net of tax | 4,315 | 1,485 | >100% | 4,853 | 1,878 | >100% | |
Loss before tax | 5 | (44,231) | (55,221) | (20%) | (86,614) | (51,830) | 67% |
Tax credit/(expense) | 7 | 2,844 | 1,213 | >100% | 699 | (908) | N.M. |
Loss for the period/year | (41,387) | (54,008) | (23%) | (85,915) | (52,738) | 63% |
The accompanying notes form an integral part of these interim financial statements.
1
Tiong Seng Holdings Limited
For the Six Months and Full Year Ended 31 December 2022
Condensed Interim Consolidated Statement of Comprehensive Income (cont'd)
6 months | 6 months | 12 months | 12 months | |||
ended 31 | ended 31 | ended 31 | ended 31 | |||
December | December | December | December | |||
Note | 2022 | 2021 | Change | 2022 | 2021 | 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 | (6,383) | 2,913 | N.M. | (9,824) | 5,159 | N.M. |
Exchange differences on | ||||||
monetary items forming part | ||||||
of net investment in a foreign | ||||||
operation | (3,419) | 571 | N.M. | (4,390) | 1,846 | N.M. |
Net change in fair value of equity | ||||||
investment at fair value | ||||||
through other comprehensive | ||||||
income | (67) | - | 100% | (67) | - | 100% |
Other comprehensive income | ||||||
for the period/year, net of | ||||||
tax | (9,869) | 3,484 | N.M. | (14,281) | 7,005 | N.M. |
Total comprehensive income | ||||||
for the period/year | (51,256) | (50,524) | 1% | (100,196) | (45,733) >100% | |
Loss attributable to: | ||||||
Owners of the Company | (41,762) | (51,575) | (19%) | (85,767) | (50,199) | 71% |
Non-controlling interests | 375 | (2,433) | N.M. | (148) | (2,539) | (94%) |
Loss for the period/year | (41,387) | (54,008) | (23%) | (85,915) | (52,738) | 63% |
Total comprehensive income | ||||||
attributable to: | ||||||
Owners of the Company | (50,827) | (48,354) | 5% | (98,980) | (43,864) >100% | |
Non-controlling interests | (429) | (2,170) | (80%) | (1,216) | (1,869) | (35%) |
Total comprehensive income | ||||||
for the period/year | (51,256) | (50,524) | 1% | (100,196) | (45,733) >100% | |
Earnings per share | ||||||
- Basic and diluted (cents)1 | (9.46) | (11.68) | (19%) | (19.43) | (11.37) | 71% |
1The earnings per share net of non-controlling interests has been calculated based on 441,355,673 (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
For the Six Months and Full Year Ended 31 December 2022
Condensed Interim Statements of Financial Position
Group | |||
31 December | 31 December | ||
Note | 2022 | 2021 | |
$'000 | $'000 | ||
Non-current assets | |||
Property, plant and equipment | 11 | 67,934 | 94,545 |
Intangible assets | 296 | 201 | |
Investment properties | 386 | 3,760 | |
Right-of-use assets | 2,874 | 3,900 | |
Subsidiaries | - | - | |
Joint ventures | 23,430 | 41,113 | |
Trade and other receivables | 20,834 | 15,673 | |
Amount due from related parties | 4,807 | 4,534 | |
Other investments | 902 | 959 | |
Deferred tax assets | 2,271 | 2,276 | |
123,734 | 166,961 | ||
Current assets | |||
Inventories | 1,392 | 5,564 | |
Contract costs | 710 | 993 | |
Contract assets | 12 | 83,067 | 57,599 |
Development properties | 13 | 149,517 | 173,442 |
Trade and other receivables | 53,894 | 49,098 | |
Joint ventures | 21,107 | - | |
Amount due from related parties | 10,125 | 9,678 | |
Cash and bank balances | 47,632 | 56,486 | |
367,444 | 352,860 | ||
Assets held for sale | 25,089 | - | |
392,533 | 352,860 | ||
Total assets | 516,267 | 519,821 | |
Equity attributable to owners of the Company | |||
Share capital | 181,947 | 181,947 | |
Treasury shares | (4,906) | (4,873) | |
Reserves | (88,914) | (76,000) | |
Retained earnings/(Accumulated losses) | 2,959 | 90,129 | |
91,086 | 191,203 | ||
Non-controlling interests | 4,688 | 2,967 | |
Total equity | 95,774 | 194,170 | |
Non-current liabilities | |||
Trade and other payables | 12,267 | 9,847 | |
Loans and borrowings | 15 | 19,031 | 34,913 |
Deferred tax liabilities | 580 | 832 | |
31,878 | 45,592 | ||
Current liabilities | |||
Contract liabilities | 12 | 79,752 | 74,801 |
Trade and other payables | 14 | 202,360 | 129,557 |
Amount due to related parties | 10,697 | 12,646 | |
Loans and borrowings | 15 | 92,782 | 56,000 |
Current tax payable | 3,024 | 7,055 | |
388,615 | 280,059 | ||
Total liabilities | 420,493 | 325,651 | |
Total equity and liabilities | 516,267 | 519,821 |
Company
31 December | 31 December |
2022 | 2021 |
$'000 | $'000 |
- | - |
- | - |
- | - |
- | - |
53,986 | 53,986 |
- | - |
- | - |
- | - |
- | - |
- | - |
53,986 | 53,986 |
- | - |
- | - |
- | - |
- | - |
1,233 | 639 |
- | - |
47,317 | 99,974 |
88 | 229 |
48,638 | 100,842 |
- | - |
48,638 | 100,842 |
102,624 | 154,828 |
181,947 | 181,947 |
(4,906) | (4,873) |
(45,850) | (45,850) |
(93,738) | (39,955) |
37,453 | 91,269 |
- | - |
37,453 | 91,269 |
- | - |
- | - |
- | - |
- | - |
- | - |
207 | 254 |
64,964 | 63,305 |
- | - |
- | - |
65,171 | 63,559 |
65,171 | 63,559 |
102,624 | 154,828 |
The accompanying notes form an integral part of these interim financial statements.
3
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Disclaimer
Tiong Seng Holdings Limited published this content on 28 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2023 08:50:03 UTC.
