Financial Statements and Related Announcement::Full Yearly Results

CORTINA HOLDINGS LIMITED (Company Registration No. 197201771W)

UNAUDITED FULL YEAR FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021

Part 1 - Information required for announcements of quarterly (Q1, Q2 & Q3), half-year and full year results

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

Consolidated Income Statement		Group			Group
	6 mths	6 mths
	ended 2021 ended 2020	Change	2021	2020	Change
	S$'000	S$'000	%	S$'000	S$'000	%
Revenue	262,882	256,782	2	436,715	513,813	(15)
Other Items of Income
Interest income	155	568	(73)	419	921	(54)
Other gains	2,503	135	>100	9,158	370	>100
Other Items of Expense
Change in inventories of finished goods	80,655	(10,341)	N.M	71,104	(19,429)	N.M
Purchase of goods and consumables	(265,779)	(175,609)	51	(380,735)	(354,754)	7
Employee benefits expense	(18,946)	(17,795)	6	(33,068)	(34,661)	(5)
Rental expense	(1,728)	(1,988)	(13)	(2,594)	(3,670)	(29)
Depreciation expense	(13,886)	(14,499)	(4)	(27,724)	(28,988)	(4)
Other expenses	(10,886)	(8,507)	28	(17,164)	(18,334)	(6)
Finance costs	(902)	(965)	(7)	(1,714)	(2,200)	(22)
Share of (loss)/profit of equity-accounted associates	(48)	62	>100	(54)	63	N.M
Profit before tax	34,020	27,843	22	54,343	53,131	2
Income tax expense	(7,213)	(6,254)	15	(11,526)	(11,450)	1
Profit for the period/year	26,807	21,589	24	42,817	41,681	3
Profit Attributable to :
Owners of the parent, Net of Tax	24,983	20,355	23	39,552	39,297	1
Non-Controlling Interests, Net of Tax	1,824	1,234	48	3,265	2,384	37
	26,807	21,589	24	42,817	41,681	3
Statement of Comprehensive Income
Profit for the period/year	26,807	21,589	24	42,817	41,681	3
Other Comprehensive Income:
Exchange differences on translating of foreign
operations, net of tax	(1,471)	1,712	N.M	(2,293)	2,234	N.M
Total Comprehensive Income For The Year	25,336	23,301	9	40,524	43,915	(8)
The Comprehensive Income Attributable to:
Owners of the Parent, Net of Tax	23,663	21,583	10	37,443	41,499	(10)
Non-Controlling Interests, Net of Tax	1,673	1,718	(3)	3,081	2,416	28
	25,336	23,301	9	40,524	43,915	(8)
Profit before tax after charging / (crediting) the following :
Interest income	155	568	(73)	419	921	(54)
Interest expense	(902)	(965)	(7)	(1,714)	(2,200)	(22)
Other income from government grants and rental rebate	2,012	-	>100	8,667	-	>100
Depreciation expenses	(13,885)	(14,499)	(4)	(27,723)	(28,988)	(4)
Foreign exchange adjustment gain	467	121	>100	346	134	158
Gain on disposal of plant and equipment and ROU
assets	144	14	>100	144	236	(39)
Plant and equipment written off	(1,132)	(41)	>100	(1,132)	(48)	>100
Inventory written off	-	(87)	N.M	(760)	(699)	9
Reversal on allowance/(allowance) for inventories	1,701	(1,805)	N.M	1,669	(2,389)	N.M

Note : N.M - not meaningful

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CORTINA HOLDINGS LIMITED (Company Registration No. 197201771W)

UNAUDITED FULL YEAR FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021

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

Statements of Financial Position	Group	Company
	As At	As At	As At	As At
	31.03.2021	31.03.2020	31.03.2021	31.03.2020
ASSETS	S$'000	S$'000	S$'000	S$'000
Current Assets
Cash and bank balances	130,026	114,389	13,523	180
Trade and other receivables	15,221	9,184	6,912	9,322
Inventories	214,439	143,335	-	-
Other assets, current	5,605	1,406	23	24
Total Current Assets	365,291	268,314	20,458	9,526
Non-Current Assets
Investments in associates	3,474	2,593	1,000	1,000
Investments in subsidiaries	-	-	141,487	56,792
Property, plant and equipment	14,647	13,760	520	645
Investment property	4,174	4,262	4,174	4,262
Goodwill	952	-	-	-
Deferred tax assets	3,425	1,245	-	-
Other assets, non-current	7,921	6,347	-	-
Rights-of-use assets	96,408	43,078	-	-
Total Non-Current Assets	131,001	71,285	147,181	62,699
Total Assets	496,292	339,599	167,639	72,225
LIABILITIES
Current Liabilities
Trade and other payables	61,607	27,547	91,569	8,748
Income tax payable	9,124	7,482	348	408
Lease liabilities, current	27,843	17,576	64	96
Other liabilities, current	11,828	9,960	-	-
Other finance liabilities, current	37,934	4,961	-	-
Total Current Liabilities	148,336	67,526	91,981	9,252
Non-Current Liabilities
Provisions, non-current	5,579	2,330	-	-
Lease liabilities, non-current	70,452	27,452	12	75
Other liabilities, non-current	2,213	700	-	-
Total Non-Current Liabilities	78,244	30,482	12	75
Total Liabilities	226,580	98,008	91,993	9,327
Net Assets	269,712	241,591	75,646	62,898
EQUITY
Equity Attributable To Owners Of The Parent
Share capital	35,481	35,481	35,481	35,481
Other reserve	2,440	3,704	-	-
Retained earnings	220,529	192,585	40,165	27,417
Equity attributable to owners of the parent, total	258,450	231,770	75,646	62,898
Non-controlling interests	11,262	9,821	-	-
Total Equity	269,712	241,591	75,646	62,898

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CORTINA HOLDINGS LIMITED (Company Registration No. 197201771W)

UNAUDITED FULL YEAR FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021 1(b)(ii) Aggregate amount of group's borrowings and debt securities

Amount repayable in one year or less, or on demand

As at 31.3.2021	As at 31.3.2020
Secured	Unsecured	Secured	Unsecured
17,092,714	21,127,564	371,342	4,960,416
Amount repayable after one year
Secured	Unsecured	Secured	Unsecured
387,851	0	757,116	0

The finance lease liabilities are secured as the rights to the plant and equipment of the Group revert to the lessor in the event of default by the Group.

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CORTINA HOLDINGS LIMITED (Company Registration No. 197201771W)

UNAUDITED FULL YEAR FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021

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

	Group	Group
	6 mths	6 mths
	ended 2021 ended 2020	2021	2020
	S$'000	S$'000	S$'000	S$'000
Cash flows from operating activities:
Profit before tax	34,020	27,843	54,343	53,131
Adjustments for:
Depreciation of property, plant and equipment and investment property	2,355	2,640	4,737	5,404
Depreciation of right-of-use assets	11,530	11,859	22,986	23,584
Interest income	(155)	(568)	(419)	(921)
Interest expense	902	965	1,714	2,200
Share of the (profit) / loss from equity-accounted associates	48	(62)	54	(63)
Gains on disposal of right-of-use assets	(31)	-	(31)	-
Gains on disposal of plant and equipment	(113)	(14)	(113)	(236)
Property, plant and equipment written off	1,132	41	1,132	48
Provisions, non-current	131	392	131	392
Operating profit before changes in working capital	49,819	43,096	84,534	83,539
Trade and other receivables	8,914	11,431	(2,741)	1,318
Inventories	13,722	10,706	22,942	20,912
Other assets	(372)	(6)	(1,517)	(869)
Trade and other payables	6,262	371	2,394	(3,514)
Other liabilities	3,731	(2,056)	3,163	(4,227)
Net cash flows from Operations	82,076	63,542	108,775	97,159
Income taxes paid	(6,193)	(5,775)	(10,201)	(10,007)
Net cash flows generated from operating activities	75,883	57,767	98,574	87,152
Cash flows from investing activities:
Purchase of plant and equipment	(2,311)	(1,781)	(2,797)	(2,942)
Interest received	153	567	419	921
Disposal of property, plant and equipment	191	198	191	444
Acquisition of subsidiaries (Note 1)	(54,310)	-	(54,310)	-
Net cash flows used in investing activities	(56,277)	(1,016)	(56,497)	(1,577)
Cash flows from financing activities:
Principal element of lease payments	(10,974)	(11,559)	(22,459)	(22,771)
Interest element of lease payments	(1,021)	(871)	(1,442)	(1,615)
Decrease in other financial liabilities	2,162	(10,364)	12,074	(18,778)
Decrease in finance leases	(267)	(185)	(454)	(398)
Dividends paid to a non-controlling interest of a subsidiary	(976)	9	(1,640)	(664)
Interest paid	119	(94)	(272)	(585)
Dividends paid	-	-	(10,763)	(9,107)
Net cash flows used in financing activities	(10,957)	(23,064)	(24,956)	(53,918)
Net increase in cash and cash equivalents	8,649	33,687	17,121	31,657
Cash and cash equivalents, Statement of Cash Flows, at beginning of year	122,285	79,929	114,390	81,288
Effect of foreign exchange rate adjustments	(908)	773	(1,485)	1,444
Cash and cash equivalents, Statement of Cash Flows, at end of year	130,026	114,389	130,026	114,389
Note 1: Analysis of acquisition of subsidiaries
Net assets acquired:
Non-current assets	37,600	-	37,600	-
Current assets	104,223	-	104,223	-
Non-current liabilities	(22,386)	-	(22,386)	-
Current liabilities	(61,693)	-	(61,693)	-
Cash and bank balances	25,999	-	25,999	-
	83,743	-	83,743	-
Provisional goodwill	952	-	952	-
Consideration paid	84,695	-	84,695	-
Less: Retained sum payable	(4,386)	-	(4,386)	-
Cash and bank balances acquired	(25,999)	-	(25,999)	-
Net cash outflow on acquisition of subsidiaries	54,310	-	54,310	-

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CORTINA HOLDINGS LIMITED (Company Registration No. 197201771W)

UNAUDITED FULL YEAR FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021

1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalising issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year

						Non-controlling
	Total equity		Attributable to the Parent		Interests
			Share	Other	Retained
		Sub-total	Capital	reserves	earnings
The Group	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
Balance at 1 April 2020	241,591	231,770	35,481	3,704	192,585	9,821
Movements in equity:
Total comprehensive income for the period	40,524	37,443	-	(2,109)	39,552	3,081
Transferred (from)/to retained earnings	-	-	-	845	(845)	-
Dividends paid	(12,403)	(10,763)	-	-	(10,763)	(1,640)
Balance at 31 March 2021	269,712	258,450	35,481	2,440	220,529	11,262
Balance at 1 April 2019	207,447	199,378	35,481	980	162,917	8,069
Movements in equity:
Total comprehensive income for the period	43,915	41,499	-	2,724	38,775	2,416
Dividends paid	(9,771)	(9,107)	-	-	(9,107)	(664)
Balance at 31 March 2020	241,591	231,770	35,481	3,704	192,585	9,821
						Retained
				Total equity	Share Capital	earnings
				S$'000	S$'000	S$'000
The Company
Balance at 1 April 2020				62,898	35,481	27,417
Movements in equity:
Total comprehensive income for the year				23,511	-	23,511
Dividends paid				(10,763)	-	(10,763)
Balance at 31 March 2021				75,646	35,481	40,165
Balance at 1 April 2019				67,055	35,481	31,574
Movements in equity:
Total comprehensive income for the year				4,950	-	4,950
Dividends paid				(9,107)	-	(9,107)
Balance at 31 March 2020				62,898	35,481	27,417

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