Financial Statements And Related Announcement :: Third Quarter Results

BEST WORLD INTERNATIONAL LTD

(Company Registration: 199006030Z)

Incorporated in the Republic of Singapore

Financial Statements

And Related Announcement

For the 9 months ended 30 September 2020

BEST WORLD INTERNATIONAL LIMITED

FINANCIAL STATEMENTS ANNOUNCEMENT

FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2020

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	10
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	17
COMMENTARY ON THE CURRENT PERIOD'S PROSPECTS	18
DIVIDENDS	19

1

CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2020

(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		Group
	3 months	3 months		9 months	9 months
	Ended	Ended		Ended	Ended
	30.09.20	30.09.19	Change	30.09.20	30.09.19	Change
	$'000	$'000	%	$'000	$'000	%
Revenue	131,325	114,345	14.8	344,375	266,016	29.5
Cost of sales	(29,759)	(35,569)	(16.3)	(88,290)	(70,451)	25.3
Gross profit	101,566	78,776	28.9	256,085	195,565	30.9
Other items of income
Interest income	267	439	(39.2)	962	1,207	(20.3)
Other operating income	902	57	1,482.5	1,824	686	165.9
Other Items of Expense
Distribution costs	(45,269)	(31,105)	45.5	(103,006)	(68,776)	49.8
Administrative expenses	(14,421)	(16,531)	(12.8)	(48,697)	(46,907)	3.8
Finance costs	(88)	(83)	6.0	(451)	(260)	73.5
Other gains (other losses), net	1,048	121	766.1	4,077	(151)	NM
Share of results of a joint venture	218	-	NM	650	-	NM
Share of results of an associate	(65)	(75)	(13.3)	(186)	(177)	5.1
Profit before tax	44,158	31,599	39.7	111,258	81,187	37.0
Income tax expense	(16,258)	(6,717)	142.0	(41,387)	(19,309)	114.3
Profit for the period	27,900	24,882	12.1	69,871	61,878	12.9
Profit attributable to:
- Owners of the parent company	28,230	24,836	13.7	70,276	61,910	13.5
- Non-controlling interests	(330)	46	NM	(405)	(32)	1,165.6
Profit for the period	27,900	24,882	12.1	69,871	61,878	12.9
Additional notes:
Gross profit margin	77.3%	68.9%		74.4%	73.5%
Net profit margin	21.5%	21.7%		20.4%	23.3%
Earnings per share (cents)	5.19	4.56		12.92	11.33

2

CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2020

Statement of Comprehensive Income for the nine months ended 30 September 2020:

	Group		Group
	3 months	3 months		9 months	9 months
	Ended		Ended		Ended	Ended
	30.09.20	30.09.19	Change	30.09.20	30.09.19	Change
	$'000	$'000	%	$'000	$'000	%
Profit for the period, net of tax	27,900	24,882	12.1	69,871		61,878	12.9
Other comprehensive income
Exchange differences on translating foreign
operations	3,829	(87)	NM	4,649		(547)	NM
Other comprehensive expense
for the period, net of tax	3,829		(87)	NM	4,649		(547)	NM
Total comprehensive income for the period	31,729	24,795	28.0	74,520		61,331	21.5
Attributable to:
Owners of the parent company	31,942	24,787	28.9	74,958		61,386	22.1
Non-controlling interests	(213)		8	NM	(438)		(55)	696.4
Total comprehensive income for the period	31,729	24,795	28.0	74,520		61,331	21.5

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

	Group
	9 months ended
	30.09.20		30.09.19
	$'000		$'000
Depreciation of property, plant and equipment	1,337		1,432
Depreciation of an investment property	14		14
Amortisation of right-of-use assets	3,009		2,786
Amortisation of intangible assets	253		573
Inventories written off	11		3
Fair value gains on other financial assets	(361)		(498)
Fair value gains on forward contracts, net	(77)		-
Allowance for impairment on inventories	136		187
Allowance for impairment on trade receivables	99		70
Foreign exchange (gains) losses, net	(3,874)		694
Gain on disposal of property, plant and equipment	-		(302)
Government grant income	(1,083)		-
Interest income	(962)		(1,207)
Interest expense	451		260

3