Saramanis : Half Yearly Report - 30 June 2021

SARAMANIS LIMITED

AND CONTROLLED ENTITIES

INTERIM FINANCIAL REPORT

30 JUNE 2021

SARAMANIS LIMITED AND CONTROLLED ENTITIES

A.C.N 603108925

Interim Financial Report

APPENDIX 3 - INTERIM FINANCIAL REPORT FOR THE HALF-YEAR ENDED 30 JUNE 2021

Result for Announcement to the Market

Reporting Period: Half year from 1 January 2021 to 30 June 2021

Previous Corresponding Period: Half year from 1 January 2020 to 30 June 2020

Key Information
	Half-year Ended
		30 June 2021
		$
Revenue from ordinary activities	Increased 21% to	50,876
Loss after tax from ordinary activities	Increased 39% to	(413,086)
Loss attributable to members of the parent	Increased 39% to	(413,086)

There were no dividends paid or proposed during the period ended in June 2021.

Explanation of Key Information

On 14 December 2020, Saramanis Limited disposed its shareholding interest in Superior Sutera Sdn Bhd for a nominal consideration.

On 6 March 2020, the Company issued 14,783,075 fully paid ordinary shares (at an issue price of $0.016 per share) valued at $236,529 in consideration for a loan issued during the year from an existing shareholder.

On 13 January 2021, two new wholly owned subsidiary companies; Saramanis CPPC Sdn Bhd (Formerly known as Future Farmers Sdn Bhd) and Saramanis Farming Solution Sdn Bhd (Formerly known as Future Yield Sdn Bhd) changed their name.

The Group's revenue for the 6 months ended 30 June 2021 was $50,876 which was flat compared to the 30 June 2020 half year period. Saramanis Seedlings Sdn Bhd being the main operational company reported a 6 months loss after tax of $298,878. During the same period, Saramanis Sdn Bhd and Saramanis Limited being the investment holding companies in Malaysia and Australia respectively, incurred total expenses of $50,392 and Saramanis TGM Sdn Bhd, Saramanis Agropine Sdn Bhd , Saramanis Pacific Sdn Bhd, Saramanis CPPC Sdn Bhd and Saramanis Farming Solution Sdn Bhd incurred total expenses of $81,773 mainly due to ongoing company half yearly expenses as well as ongoing NSX expenses. This contributed to a group net loss of $114,208 for the half year ended 30 June 2021.

The performance of the Group was impacted by Movement Control Order (MCO) enforced by Malaysian Government combatting the COVID 19 pendamic. As such, the revenue of the group for the first 6 months of this year was flat compared to the previous period and the operational costs has increased resulting in higher losses. The Group expects revenue to decrease in the remaining period of 2021 when compared to the previous corresponding period resulted of MCO effect.

Net Tangible Assets per Share

Half-year Ended	Half-year Ended
30 June 2021	30 June 2020
cents/Share	cents/Share
(0.10)	(0.28)

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SARAMANIS LIMITED AND CONTROLLED ENTITIES

A.C.N 603108925

Dividend Reinvestment Plans

The Group does not have any dividend reinvestment plans.

Review of Financials

The attached financial statements have been reviewed for the period ended 30 June 2021. The review report is attached at page 20, which includes a Material Uncertainty Paragraph Related to Going Concern

Attachment

The half year financial report of Saramanis Limited and its controlled entities is attached.

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SARAMANIS LIMITED AND CONTROLLED ENTITIES

A.C.N 603108925

DIRECTOR'S REPORT

Your directors present their report on the consolidated entity (referred to herein as the (Group) consisting of Saramanis Limited and its controlled entities for the half year ended 30 June 2021.

Directors

The names of directors who held office during or since the end of the half-year:

Datu Robert Lian BALANGALIBUN

Jason Tze Yun JONG

Anson Fucong QIAO

Mei Kwan WONG (appointed on 25 June 2021)

Tong Gee Pun (resigned on 25 June 2021)

Principal Activities

The Group principally engages in the business of cultivating and supplying pineapple seedlings and pineapple suckers in Malaysia and other agricultural products such as coconut and durian.

Review of Operations

On 14 December 2020, Saramanis Limited disposed its shareholding interest in Superior Sutera Sdn Bhd for a nominal consideration.

On 6 March 2020, the Company issued 14,783,075 fully paid ordinary shares (at an issue price of $0.016 per share) valued at $236,529 in consideration for a loan issued during the year from an existing shareholder.

On 13 January 2021, two new 100% owned subsidiary companies of Saramanis CPPC Sdn Bhd (Formerly known as Future Farmers Sdn Bhd) and Saramanis Farming Solution Sdn Bhd (Formerly known as Future Yield Sdn Bhd) changed their name.

The Group's revenue for the 6 months ended 30 June 2021 was $50,876 which was flat compared to the 30 June 2020 half year period. Saramanis Seedlings Sdn Bhd being the main operational company reported a 6 months loss after tax of $298,878. During the same period, Saramanis Sdn Bhd and Saramanis Limited being the investment holding companies in Malaysia and Australia respectively, incurred total expenses of $50,392 and Saramanis TGM Sdn Bhd, Saramanis Agropine Sdn Bhd , Saramanis Pacific Sdn Bhd, Saramanis CPPC Sdn Bhd and Saramanis Farming Solution Sdn Bhd incurred total expenses of $81,773 mainly due to ongoing company half yearly expenses as well as ongoing NSX expenses. This contributed in a group net loss of $413,086 for the half year ended 30 June 2021.

The performance of Group was impacted by Movement Control Order (MCO) enforced by Malaysian Government fighting COVID 19 pendamic. As such, the revenue of the group for the first 6 months of this year was flat compared to the previous period but the operation cost has increased resulting in higher losses. The Group expects revenue to decrease in the remaining period of 2021 when compared to the previous corresponding period resulted of MCO effect.

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SARAMANIS LIMITED AND CONTROLLED ENTITIES

A.C.N 603108925

Auditor's Independence Declaration

The lead auditor's independence declaration pursuant to Section 307C of the Corporations Act 2001 is set out on page 6

This director's report is signed in accordance with a resolution of the Board of Directors.

Director: Jason Tze Yun JONG

Dated this 13th day of October 2021, Malaysia

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