Financial Statements And Related Announcement :: First Quarter Results

BEST WORLD INTERNATIONAL LTD

(Company Registration: 199006030Z)

Incorporated in the Republic of Singapore

Financial Statements

And Related Announcement For the 3 months ended 31 March 2021

BEST WORLD INTERNATIONAL LIMITED

FINANCIAL STATEMENTS ANNOUNCEMENT

FOR THE THREE MONTHS ENDED 31 MARCH 2021

TABLE OF CONTENTS

CONSOLIDATED STATEMENT OF PROFIT OR LOSS	2
STATEMENTS OF FINANCIAL POSITION	4
BORROWINGS AND DEBT SECURITIES	5
CONSOLIDATED STATEMENT OF CASH FLOWS	6
STATEMENTS OF CHANGES IN EQUITY	7
SHARE CAPITAL	9
AUDIT	10
ACCOUNTING POLICIES	11
EARNINGS PER SHARE	12
NET ASSET VALUE PER SHARE	12
REVIEW OF THE PERFORMANCE OF THE GROUP	13
Overview	13
Revenue by Business Segments	14
Revenue by Geographical Locations	15
Financial Position and Cash Flow	16
COMMENTARY ON THE CURRENT PERIOD'S PROSPECTS	17
DIVIDENDS	18

1

CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE THREE MONTHS ENDED 31 MARCH 2021

(Amounts expressed in Singapore dollars)

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

	Group
	3 months	3 months
	Ended	Ended
	31.03.21	31.03.20	Change
	$'000	$'000	%
Revenue	128,460	74,550	72.3
Cost of sales	(29,017)	(22,542)	28.7
Gross profit	99,443	52,008	91.2
Other items of income
Interest income	524	506	3.6
Other operating income	346	45	668.9
Other Items of Expense
Distribution costs	(30,766)	(21,072)	46.0
Administrative expenses	(23,020)	(15,929)	44.5
Finance costs	(76)	(126)	(39.7)
Other gains, net	3,014	4,775	(36.9)
Share of results of a joint venture	345	-	NM
Share of results of an associate	(49)	(54)	(9.3)
Profit before tax	49,761	20,153	146.9
Income tax expense	(11,989)	(7,124)	68.3
Profit for the period	37,772	13,029	189.9
Profit attributable to:
- Owners of the parent company	37,899	13,280	185.4
- Non-controlling interests	(127)	(251)	(49.4)
Profit for the period	37,772	13,029	189.9
Additional notes:
Gross profit margin	77.4%	69.8%
Net profit margin	29.5%	17.8%
Earnings per share (cents)	6.97	2.44

2

CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE THREE MONTHS ENDED 31 MARCH 2021

Statement of Comprehensive Income for the three months ended 31 March 2021:

	Group
	3 months	3 months
	Ended	Ended
	31.03.21	31.03.20	Change
	$'000	$'000	%
Profit for the period, net of tax	37,772	13,029	189.9
Other comprehensive income
Exchange differences on translating foreign
operations	1,708	1,147	48.9
Other comprehensive income
for the period, net of tax	1,708	1,147	48.9
Total comprehensive income for the period	39,480	14,176	178.5
Attributable to:
Owners of the parent company	39,526	14,393	174.6
Non-controlling interests	(46)	(217)	(78.8)
Total comprehensive income for the period	39,480	14,176	178.5

1(a)(ii). Profit before Income tax is determined after charging (crediting):

	Group
	3 months ended
	31.03.21	31.03.20
	$'000	$'000
Depreciation of property, plant and equipment	602	607
Depreciation of an investment property	5	5
Amortisation of right-of-use assets	773	704
Amortisation of intangible assets	84	87
Fair value losses on other financial assets	31	257
Fair value gains on foreign exchange derivatives	(661)	(1,041)
Inventories written down	107	141
Foreign exchange gains, net	(2,465)	(4,132)
Gain on disposal of property, plant and equipment	(26)	-
Government grant income	(288)	-
Interest income	(524)	(506)
Interest expense	76	126

3

STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2021

(Amounts expressed in Singapore dollars)

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.

	Group				Company
	31.03.21			31.12.20	31.03.21	31.12.20
	$'000			$'000	$'000	$'000
Assets
Non-current assets
Property, plant and equipment	33,566			30,956	3,114	3,293
Investment property	1,104			1,109	-	-
Right-of-use assets	8,941			9,619	3,202	3,598
Intangible assets	1,145			1,150	49	39
Other intangible assets	7,686			7,744	-	-
Investment in subsidiaries	-			-	80,778	73,485
Investment in an associate	5,126			5,175	-	-
Investment in a joint venture	26,036			25,691	-	-
Deferred tax assets	27,281			25,953	-	-
Other financial assets	536			791		536		791
Total non-current assets	111,421			108,188	87,679	81,206
Current assets
Inventories	98,589			102,365	23,365	27,952
Trade and other receivables	10,962			3,889	109,348	124,621
Other assets	22,721			17,394	10,781	8,712
Other financial assets	14,453			12,634	14,453	12,634
Cash and cash equivalents	356,196			334,032		181,450		175,104
Total current assets	502,921			470,314		339,397		349,023
Total assets	614,342			578,502	427,076	430,229
Equity and liabilities
Current liabilities
Income tax payable	35,141			36,673	23,107	21,746
Trade and other payables	170,897			173,964	52,635	70,520
Contract liabilities	7,850			6,828	-	-
Other financial liabilities	139			800	139	800
Lease liabilities	3,737			3,942	1,257	1,257
Other liabilities	1,306			1,306		1,082		1,082
Total current liabilities	219,070			223,513		78,220		95,405
Net current assets	283,851			246,801	261,177	253,618
Non-current liabilities
Deferred tax liabilities	9,195			7,850	4,900	4,900
Lease liabilities	4,991			5,533		1,728		2,086
Total non-current liabilities	14,186			13,383		6,628		6,986
Total liabilities	233,256			236,896		84,848		102,391
Net assets	381,086			341,606	342,228	327,838
Equity, attributable to owner
of the company
Share capital	10,027			10,027	10,027	10,027
Retained earnings	366,540			328,641	331,879	317,489
Other reserves	6,949			5,322		322		322
	383,516			343,990	342,228	327,838
Non-controlling interests	(2,430)			(2,384)		-		-
Total equity	381,086			341,606		342,228		327,838
Total equity and liabilities	614,342			578,502		427,076		430,229

4