Amcorp Global : Full Yearly Results

Incorporated in the Republic of Singapore

Company Registration No: 201230851R

Unaudited Full Year Financial Statement and Dividend Announcement for the Year Ended 31 March 2021

PART I - INFORMATION REQUIRED FOR QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS ANNOUNCEMENTS

1(a)(i) An income statement for the group together with a comparative statement for the corresponding period of the immediately preceding financial year

Revenue

Cost of sales

Gross profit

Other operating income/gains

Selling and distribution costs

Administrative expenses

Other operating expenses

Finance costs

Share of results of associates

Loss before tax

Income tax expenses

Loss for the financial year/period

Other comprehensive income

Items that are or may be reclassified subsequently to profit or loss

• Currency translation differences arising on consolidation
• Foreign currency translation reserve reclassified

subsequently to profit or loss arising from liquidation of subsidiaries

Items that will not be reclassified subsequently to profit or loss

• Currency translation differences arising on consolidation
  Total comprehensive loss for the financial year/period

Loss attributable to:

Equity holders of the Company

Non-controlling interests

Total comprehensive loss attributable to:

Equity holders of the Company

Non-controlling interests

The Group
S$'000
Financial year	10 months	Increase/
ended	ended	(Decrease)
31/03/2021	31/03/2020
(1/4/2020 to	(1/6/2019 to	%
31/3/2021)	31/3/2020)
20,170	53,337	(62.2)
(18,064)	(42,770)	(57.8)
2,106	10,567	(80.1)
8,951	1,241	N.M.
(1,786)	(4,231)	(57.8)
(7,310)	(8,066)	(9.4)
(1,220)	(17,453)	(93.0)
(4,378)	(5,759)	(24.0)
(571)	(2,066)	(72.4)
(4,208)	(25,767)	(83.7)
(1,313)	(3,034)	(56.7)
(5,521)	(28,801)	(80.8)
1,321	(731)	N.M.
117	-	N.M
1,173	(576)	N.M
(2,910)	(30,108)	(90.3)
(2,637)	(27,725)	(90.5)
(2,884)	(1,076)	N.M.
(5,521)	(28,801)	(80.8)
(1,199)	(28,456)	(95.8)
(1,711)	(1,652)	3.6
(2,910)	(30,108)	(90.3)

N.M.-not meaningful

Page 1

Amcorp Global Limited

1(a)(ii) Notes to the income statement

1. Other operating income/gains: Interest income
   Gain on disposal of investment property Government grant
   Gain on disposal of non-current asset held for sale Refund of additional buyer's stamp duty
   Write back of overaccrual of construction costs Amortisation of financial guarantee liabilities Deposits forfeited for aborted sale of properties Rental income
   Others

1. Finance costs: Interest on borrowings Interest on lease liability
2. Other operating expenses Additional buyer's stamp duty Foreign currency exchange loss
   Fair value loss on investment properties, net Impairment loss on investment in associates Completed properties and land held for sale written down Impairment loss on trade receivables
   Impairment loss on other receivables Other receivables written off
   Impairment loss on loans receivable from associates Loss on liquidation of subsidiaries arising from
   reclassification of foreign translation reserve subsequently to profit or loss
   Property, plant and equipment written off Grant expense
3. Amortisation of capitalised contract costs
4. Amortisation of show flat expenses
5. Depreciation of property, plant and equipment

1. (Over)/under provision of income tax in respect of prior years/period

The Group
S$'000
Financial	10 months	Increase/
year ended	ended
(Decrease)
31/03/2021	31/03/2020
(1/4/2020 to	(1/6/2019 to	%
31/3/2021)	31/3/2020)
501	227	N.M.
990	-	N.M.
583	-	N.M.
23	-	N.M.
4,680	-	N.M.
1,391	-	N.M.
133	139	(4.3)
242	595	(59.3)
254	131	93.9
154	149	3.4
8,951	1,241	N.M.
4,317	5,705	(24.3)
61	54	12.9
4,378	5,759	(24.0)
-	4,680	N.M.
294	80	N.M.
263	1,555	(83.1)
-	476	N.M.
156	6,927	(97.7)
189	576	(67.2)
75	-	N.M.
-	9	N.M.
-	3,142	N.M.
117	-	N.M.
12	8	50.0
114	-	N.M.
1,220	17,453	(93.0)
803	1,598	(49.7)
573	1,493	(61.6)
1,747	1,476	18.4
(4)	18	N.M

N.M.-not meaningful

Page 2

Amcorp Global Limited

1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year

	The Group	The Company
	S$'000	S$'000
	31/03/2021	31/03/2020	31/03/2021	31/03/2020
ASSETS
Non-current assets
Property, plant and equipment	39,698	35,530	28	-
Investment properties	1,853	8,114	-	-
Investment in subsidiaries	-	-	17,776	18,976
Investment in associates	6,572	8,748	-	-
Other receivables	-	-	12,123	11,738
Deferred tax assets	-	1,443	-	-
Total non-current assets	48,123	53,835	29,927	30,714
Current assets
Development properties	125,594	132,174	-	-
Completed properties and land held for sale	51,216	53,586	-	-
Inventories	46	40	-	-
Trade receivables	4,615	8,340	-	-
Other receivables	7,417	8,280	67,667	77,334
Contract assets	8,088	24,198	-	-
Deposit, cash and bank balances	30,593	26,797	10,552	1,638
	227,569	253,415	78,219	78,972
Non-current asset and assets of disposal group	-
classified as held for sale	26,833	-	-
Total current assets	227,569	280,248	78,219	78,972
Total assets	275,692	334,083	108,146	109,686
LIABILITIES AND EQUITY
Equity
Share capital	142,238	142,238	142,238	142,238
Currency translation reserve	346	(1,092)	-	-
Merger reserve	(5,969)	(5,969)	-	-
Accumulated losses	(44,978)	(42,341)	(50,713)	(45,835)
Equity attributable to owners of the Company	91,637	92,836	91,525	96,403
Non-controlling interests	5,269	6,980	-	-
Total equity	96,906	99,816	91,525	96,403
Non-current liabilities
Bank borrowings	52,249	100,645	-	-
Loans from non-controlling interests	7,962	8,127	-	-
Other liabilities	-	-	-	135
Lease liabilities	-	2	-	-
Deferred tax liabilities	-	772	-	-
Total non-current liabilities	60,211	109,546	-	135
Current liabilities
Bank borrowings	97,972	69,372	-	-
Trade payables	8,234	13,179	-	-
Other liabilities	6,616	15,603	16,613	13,061
Loans from non-controlling interests	985	-	-	-
Contract liabilities	4,217	8,490	-	-
Lease liabilities	2	13	-	-
Income tax payables	549	207	8	87
	118,575	106,864	16,621	13,148
Liabilities of a disposal group classified as held for
sale	-	17,857	-	-
Total current liabilities	118,575	124,721	16,621	13,148
Total liabilities and equity	275,692	334,083	108,146	109,686
				Page 3

Amcorp Global Limited

1(b)(ii) Aggregate amount of group's borrowings and debt securities
Amount repayable in one year or less, or on demand
The Group			The Group
S$'000			S$'000
As at 31/03/2021			As at 31/03/2020
Secured	Unsecured	Secured	Unsecured
97,974	-	70,207	-
Amount repayable after one year
The Group			The Group
S$'000			S$'000
As at 31/03/2021			As at 31/03/2020
Secured	Unsecured	Secured	Unsecured
52,249	-	115,339	-

Details of any collateral

The total secured borrowings included the following:

1. Obligations under lease liability secured on the motor vehicle of the Group; and
2. Bank borrowings are secured by legal mortgages over the Group's development properties, completed properties held for sale, property, plant and equipment, investment properties and corporate guarantee by the Company.

Note:

• These borrowings exclude current and non-current loans from non-controlling interests.
• Borrowings as at 31 March 2020 included borrowings of S$15,514,000 of the disposal group classified as held for sale.

1(c) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year

	The Group
	S$'000
	Financial year	10 months
	ended	ended
	31/03/2021	31/03/2020
	(1/4/2020 to	(1/6/2019 to
	31/3/2021)	31/3/2020)
Operating activities
Loss before tax	(4,208)	(25,767)
Adjustments for:
Share of results of associates	571	2,066
Gain on disposal of investment property	(990)	-
Fair value loss on investment properties	263	1,555
Depreciation of property, plant and equipment	1,747	1,476
Property, plant and equipment written off	12	8
Other receivables written off	-	9
Gain on disposal of non-current asset held for sale	(23)	-
Impairment loss on investment in associates	-	476
Impairment loss on trade receivables	189	576
Impairment loss on other receivables	75	-
Impairment loss on loans receivable from associates	-	3,142
Completed properties and land held for sale written down	156	6,927
Amortisation of capitalised contract costs	803	1,598
Amortisation of show flat expenses	573	1,493
Amortisation of financial guarantee liabilities	(133)	(139)
Interest income	(501)	(227)
Interest expenses	4,378	5,759
Operating cash flows before movements in working capital	2,912	(1,048)

Page 4

Amcorp Global Limited

1(c) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year (Continued)

	The Group
	S$'000
	Financial year	10 months
	ended	ended
	31/03/2021	31/03/2020
	(1/4/2020 to	(1/6/2019 to
	31/3/2021)	31/3/2020)
Trade receivables	2,508	5,925
Other receivables	(3,023)	(2,073)
Inventories	(12)	2
Contract assets	16,110	10,509
Development properties	6,580	16,278
Completed properties and land held for sale	2,646	10,043
Trade payables	(4,861)	(4,601)
Other liabilities	(1,532)	1,037
Contract liabilities	(4,245)	3,091
Unrealised currency translation loss	124	86
Cash generated from operations	17,207	39,249
Income tax paid	(299)	(386)
Income tax refunded	8	128
Net cash from operating activities	16,916	38,991
Investing activities
Proceeds from disposal of investment property	7,296	-
Proceeds from disposal of non-current asset held for sale	269	-
Proceeds from disposal of a subsidiary	8,500	-
Purchase of property, plant and equipment	(29)	(24)
Dividends received from associates	-	1,035
Capital reduction from associates	450	520
Repayment of loans from associates	-	315
Loans receivables from associates	-	(18)
Interest received	649	182
Net cash from investing activities	17,135	2,010
Financing activities
Interest paid	(3,851)	(5,403)
Drawdown of bank borrowings	565	4,500
Repayment of bank borrowings	(27,962)	(36,609)
Repayment of lease liabilities	(75)	(39)
Loans from non-controlling interests	820	596
Repayment of loan from non-controlling interests	-	(2,205)
Placement of pledged deposit	(400)	-
Net cash used in financing activities	(30,903)	(39,160)
Net increase in cash and cash equivalents	3,148	1,841
Cash and cash equivalents at beginning of financial year/period	26,892	25,021
Effects of exchange rate changes of cash and cash equivalents	153	30
Cash and cash equivalents at end of financial year/period (Note A)	30,193	26,892

Page 5