COSCO SHIPPING International Singapore : Financial Statement (1057 KB)

COSCO SHIPPING INTERNATIONAL

(SINGAPORE) CO., LTD.

(Incorporated in the Republic of Singapore) (Company Registration no: 196100159G)

Condensed Interim Financial Statements For the six months and full year ended 31 December 2022

COSCO SHIPPING INTERNATIONAL (SINGAPORE) CO., LTD.
(Company Registration no: 196100159G)
Table of Contents
A. Condensed consolidated statement of profit or loss	1
B. Condensed consolidated statement of comprehensive income	2
C. Condensed balance sheets - Group and Company	3
D. Condensed statements of changes in equity - Group and Company	4
E. Condensed consolidated statement of cash flows	6
F. Notes to the condensed interim consolidated financial statements	9
G. Other information required by Listing Rule Appendix 7.2	26

COSCO SHIPPING INTERNATIONAL (SINGAPORE) CO., LTD. (Company Registration no: 196100159G)

1. Condensed consolidated statement of profit or loss

				Group
	Note	2H 2022	2H 2021	Change	FY2022	FY2021	Change
		$'000	$'000	%	$'000	$'000	%
Sales	6	93,194	103,587	(10)	185,643	198,463	(6)
Cost of sales		(72,201)	(79,812)	(10)	(144,401)	(151,287)	(5)
Gross profit		20,993	23,775	(12)	41,242	47,176	(13)
Other income	7	2,891	3,262	(11)	4,241	5,853	(28)
- Interest income		1,038	58	1690	1,225	127	865
- Others		1,853	3,204	(42)	3,016	5,726	(47)
Other gains and losses	7	109	16,816	(99)	511	17,164	(97)
Expenses
- Distribution		(1,618)	(1,799)	(10)	(3,060)	(3,111)	(2)
- Administrative		(112,578)	(14,130)	697	(124,785)	(27,522)	353

• (Impairment loss)/reversal of impairment on financial

	assets		(73)	2	NM	(79)	26	NM
-	Impairment of goodwill		(98,989)	-	NM	(98,989)	-	NM
-	Others		(13,516)	(14,132)	(4)	(25,717)	(27,548)	(7)
- Finance		(6,289)	(3,883)	62	(10,232)	(7,455)	37
Share of profit of associated
companies		3,351	1,044	221	7,520	2,412	212
(Loss)/profit before income tax	7	(93,141)	25,085	NM	(84,563)	34,517	NM
Income tax expense	8	(1,268)	(1,469)	(14)	(3,197)	(3,674)	(13)
(Loss)/profit for the year		(94,409)	23,616	NM	(87,760)	30,843	NM
(Loss)/profit attributable to:
Equity holders of the
Company		(94,798)	23,281	NM	(88,600)	30,112	NM
Non-controlling interests		389	335	16	840	731	15
			(94,409)	23,616	NM	(87,760)	30,843	NM
(Loss)/earnings per share for
(loss)/profit attributable to the
equity holders of the
Company
(expressed in cents per
share)
- Basic (loss)/earnings per
share	10	(4.23)	1.04	NM	(3.96)	1.34	NM
- Diluted (loss)/earnings per
share	10	(4.23)	1.04	NM	(3.96)	1.34	NM

NM denotes not meaningful.

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1. Condensed consolidated statement of comprehensive income

			Group
	2H 2022	2H 2021	Change	FY2022	FY2021	Change
	$'000	$'000	%	$'000	$'000	%
(Loss)/profit for the period	(94,409)	23,616	NM	(87,760)	30,843	NM
Other comprehensive
(loss)/income:
Items that may be reclassified
subsequently to profit or loss:
Currency translation differences
arising from consolidation
- (Losses)/gains	(4,452)	693	NM	(4,977)	965	NM
- Reclassification on disposal of
a subsidiary	-	8,663	NM	-	8,663	NM
Other comprehensive
(loss)/income, net of tax	(4,452)	9,356	NM	(4,977)	9,628	NM
Total comprehensive
(loss)/income	(98,861)	32,972	NM	(92,737)	40,471	NM
Total comprehensive
(loss)/income attributable
to:
Equity holders of the Company	(99,183)	32,629	NM	(93,296)	39,837	NM
Non-controlling interests	322	343	(6)	559	634	(12)
	(98,861)	32,972	NM	(92,737)	40,471	NM

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1. Condensed Balance Sheets - Group and Company

		Group	Company
	Note	31 December	31 December	31 December	31 December
		2022	2021	2022	2021
		$'000	$'000	$'000	$'000
Current assets
Cash and cash equivalents		106,682	108,008	78,309	83,879
Trade and other receivables		44,620	52,971	306	7,497
Inventories		599	325	-	-
Income tax receivables		249	137	-	-
		152,150	161,441	78,615	91,376
Non-current assets
Trade and other receivables		379	424	-	-
Investments in associated
companies		58,803	55,251	49,019	49,019
Investments in subsidiaries		-	-	428,503	528,681
Investment properties	12	28,387	40,793	-	-
Property, plant and	13
equipment		669,916	696,205	45	58
Intangible assets	14	16,281	119,411	-	-
Deferred tax assets		111	10	-	-
		773,877	912,094	477,567	577,758
Total assets		926,027	1,073,535	556,182	669,134
Current liabilities
Trade and other payables		35,895	53,249	44,104	58,825
Current income tax
liabilities		4,543	3,810	69	-
Borrowings	15	30,976	71,955	-	34,069
Provisions		802	1,111	-	-
		72,216	130,125	44,173	92,894
Non-current liabilities
Trade and other payables		337	8,070	-	-
Borrowings	15	297,939	286,251	72,069	38,000
Provisions		1,535	1,106	-	-
Deferred income tax
liabilities		61,242	62,773	-	-
		361,053	358,200	72,069	38,000
Total liabilities		433,269	488,325	116,242	130,894
Net assets		492,758	585,210	439,940	538,240
Equity
Share capital	16	270,608	270,608	270,608	270,608
Other reserves		38,386	34,924	45,105	45,105
Retained earnings		180,028	268,628	124,227	222,527
Shareholders' equity		489,022	574,160	439,940	538,240
Non-controlling interests		3,736	11,050	-	-
Total equity		492,758	585,210	439,940	538,240

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