TEE Land : Half Yearly Results

Incorporated in the Republic of Singapore

Company Registration No: 201230851R

Unaudited Half Year Financial Statement and Dividend Announcement for the Period Ended 30 September 2020

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF HALF-YEAR AND FULL YEAR RESULTS

1(a)(i) An income statement for the group together with a comparative statement for the corresponding period

of the immediately preceding financial year
	The Group
	S$'000
			Increase/
	Half Year Ended	(Decrease)
	30/09/2020	30/11/2019	%
	(1/4/2020 to	(1/6/2019 to
	30/09/2020)	30/11/2019)
Revenue	9,811	37,013	(73.5)
Cost of sales	(7,711)	(28,879)	(73.3)
Gross profit	2,100	8,134	(74.2)
Other operating income	1,950	863	N.M.
Selling and distribution costs	(1,073)	(2,977)	(64.0)
Administrative expenses	(3,588)	(4,633)	(22.6)
Other operating expenses	(126)	(5,440)	(97.7)
Share of results of associates	(222)	(445)	(50.1)
Finance costs	(2,684)	(3,589)	(25.2)
Loss before tax	(3,643)	(8,087)	(55.0)
Income tax credit/(expenses)	452	(113)	N.M.
Loss for the period	(3,191)	(8,200)	(61.1)
Loss attributable to:
Owners of the Company	(2,357)	(8,656)	(72.8)
Non-controlling interests	(834)	456	N.M.
	(3,191)	(8,200)	(61.1)

1(a)(ii) A statement of comprehensive income for the group together with a comparative statement for the corresponding period of the immediately preceding financial year

Loss for the period

Other comprehensive income: Currency translation differences

Total comprehensive loss for the period

Total comprehensive loss attributable to:

Owners of the Company

Non-controlling interests

N.M.-not meaningful

The Group
S$'000
Half Year Ended	Increase/
(Decrease)
30/09/2020	30/11/2019	%
(1/4/2020 to	(1/6/2019 to
30/09/2020)	30/11/2019)
(3,191)	(8,200)	(61.1)
1,707	(537)	N.M.
(1,484)	(8,737)	(83.0)
(1,451)	(9,006)	(83.9)
(33)	269	N.M.
(1,484)	(8,737)	(83.0)

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Amcorp Global Limited

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

1. Other operating income: Interest income
   Gain on disposal of investment property
   Gain on disposal of non-current asset held for sale Foreign currency exchange gain
   Financial guarantee income
   Deposits forfeited for aborted sales of properties Government grants
   Others
2. Finance costs:

Interest on borrowings

Interest on lease liability

Interest on others

1. Other operating costs: Additional buyer's stamp duty
   Fair value loss on investment property Foreign currency exchange loss Property, plant and equipment written off Grant expenses
2. Amortisation of capitalised contract costs
3. Amortisation of show flat expenses
4. Depreciation of property, plant and equipment

1. Adjustment for over provision of income tax in respect of prior years

The Group
S$'000
Half Year Ended	Increase/
(Decrease)
30/09/2020	30/11/2019	%
(1/4/2020 to	(1/6/2019 to
30/09/2020)	30/11/2019)
145	137	5.8
990	-	N.M.
23	-	N.M.
55	-	N.M.
109	84	29.8
67	522	(87.2)
434	-	N.M.
127	120	5.8
1,950	863	N.M.
2,551	3,560	(28.3)
32	29	10.3
101	-	N.M.
2,684	3,589	(25.2)
-	4,680	N.M.
-	500	N.M.
-	260	N.M.
12	-	N.M.
114	-	N.M.
126	5,440	(97.7)
337	1,311	(74.3)
571	891	(35.9)
861	897	(4.0)
-	(79)	N.M.

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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
	30/09/2020	31/03/2020	30/09/2020	31/03/2020
ASSETS
Current assets
Cash and bank balances	20,356	26,797	839	1,638
Trade receivables	4,442	8,340	-	-
Other receivables	5,941	8,280	80,200	77,334
Inventories	44	40	-	-
Development properties	128,651	132,174	-	-
Contract assets	15,595	24,198	-	-
Completed properties and land held for sale	52,044	53,586	-	-
	227,073	253,415	81,039	78,972
Non-current assets and assets of disposal group	27,158	26,833	-	-
classified as held for sale
Total current assets	254,231	280,248	81,039	78,972
Non-current assets
Other receivables	-	-	12,608	11,738
Investment in associates	7,010	8,748	-	-
Investment in subsidiaries	-	-	18,976	18,976
Property, plant and equipment	38,687	35,530	-	-
Investment properties	2,116	8,114	-	-
Deferred tax assets	1,706	1,443	-	-
Total non-current assets	49,519	53,835	31,584	30,714
Total assets	303,750	334,083	112,623	109,686
LIABILITIES AND EQUITY
Current liabilities
Borrowings	24,358	69,372	-	-
Trade payables	10,438	13,179	-	-
Other payables	8,561	15,470	15,575	12,521
Contract liabilities	6,998	8,490	-	-
Other current liabilities	32	146	245	540
Income tax payable	752	207	87	87
Total current liabilities	51,139	106,864	15,907	13,148
Liabilities of a disposal group classified as held for	17,484	17,857	-	-
sale
	68,623	124,721	15,907	13,148
Non-current liabilities
Deferred tax liabilities	2	772	-	-
Other non-current liabilities	-	2	44	135
Long-term borrowings	128,086	100,645	-	-
Loans from non-controlling interests	8,707	8,127	-	-
Total non-current liabilities	136,795	109,546	44	135
Capital, reserves and non-controlling interests
Share capital	142,238	142,238	142,238	142,238
Currency translation reserve	(186)	(1,092)	-	-
Merger reserve	(5,969)	(5,969)	-	-
Accumulated losses	(44,698)	(42,341)	(45,566)	(45,835)
Equity attributable to owners of the Company	91,385	92,836	96,672	96,403
Non-controlling interests	6,947	6,980	-	-
Total equity	98,332	99,816	96,672	96,403
Total liabilities and equity	303,750	334,083	112,623	109,686

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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 30/09/2020			As at 31/03/2020
Secured	Unsecured	Secured	Unsecured
25,201	-	70,207	-
Amount repayable after one year
The Group			The Group
S$'000			S$'000
As at 30/09/2020			As at 31/03/2020
Secured	Unsecured	Secured	Unsecured
142,358	-	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. Borrowings are secured by legal mortgages over the Group's development properties, completed properties held for sale, property, plant and equipment, asset classified as held for sale, investment properties and corporate guarantee by the Company.

Note: These borrowings include S$15,106,000 included in liabilities of a disposal group classified as held for sale as at 30 September 2020, but exclude non-current loans from non-controlling interests.

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
	Half Year Ended
	30/09/2020	30/11/2019
	(01/04/2020 to	(01/06/2019 to
	30/09/2020)	30/11/2019)
Operating activities
Loss before tax	(3,643)	(8,087)
Adjustments for:
Share of results of associates	222	445
Depreciation of property, plant and equipment	861	897
Gain on disposal of investment property	(990)	-
Gain on disposal of non-current asset held for sale	(23)	-
Property, plant and equipment written off	12	-
Amortisation of capitalised contract costs	337	1,311
Amortisation of show flat expenses	571	891
Amorisation of financial guarantee liabilities	(109)	(84)
Fair value loss on investment property	-	500
Interest income	(145)	(137)
Interest expenses	2,684	3,589
Operating cash flows before movements in working capital	(223)	(675)

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