Crescendo Berhad : 4th Quarter Report 2022

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

INDIVIDUAL QUARTER CUMULATIVE QUARTER

CURRENT	PRECEDING YEAR	CURRENT	PRECEDING YEAR
YEAR	CORRESPONDING	YEAR	CORRESPONDING
QUARTER	QUARTER	TO-DATE	PERIOD
31.1.2022	31.1.2021	31.1.2022	31.1.2021
RM'000	RM'000	RM'000	RM'000
Revenue	54,601	70,500	217,155	222,898
Cost of sales	(34,520)	(45,203)	(139,630)	(144,773)
Gross profit	20,081	25,297	77,525	78,125
Other income	3,356	3,513	10,699	14,802
Administration expenses	(15,767)	(15,016)	(40,329)	(39,350)
Finance costs	(3,178)	(2,720)	(14,405)	(11,176)
Profit before tax	4,492	11,074	33,490	42,401
Tax expenses	733	(3,126)	(9,766)	(12,621)
Profit for the period	5,225	7,948	23,724	29,780
Other comprehensive income,
net of tax
Net movement on cash flow hedges	72	(1,026)	(8,411)	(2,853)
Tax relating to cash flow hedges	(17)	247	2,019	685
Total other comprehensive income
for the period, net of tax	55	(779)	(6,392)	(2,168)
Total comprehensive income
for the period	5,280	7,169	17,332	27,612
Profit attributable to:
Owners of the Company	4,279	6,713	21,257	26,802
Non-controlling interests	946	1,235	2,467	2,978
5,225	7,948	23,724	29,780
Total comprehensive income
attributable to:
Owners of the Company	4,334	5,928	14,859	24,622
Non-controlling interests	946	1,241	2,473	2,990
5,280	7,169	17,332	27,612
Earnings per share attributable to
owners of the Company:
Basic (sen)	1.53	2.40	7.61	9.59

The Unaudited Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the Annual Financial Statements for the financial year ended 31 January 2021 and the accompanying explanatory notes attached to the interim financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT

31.1.2022

RM'000

AS AT 31.1.2021 RM'000

ASSETS
Non-current assets
Property, plant and equipment	156,799	159,341
Right-of-use assets	4,398	4,716
Bearer plants	5,082	4,972
Investment properties	275,484	275,783
Other investment	-	11,794
Inventories	606,386	609,417
Deferred tax assets	36,680	32,752
Derivative financial assets	-	9,439
1,084,829	1,108,214
Current assets
Inventories	141,929	171,331
Receivables	56,733	59,284
Contract assets	5,843	2,342
Prepaid operating expenditure	11,821	9,148
Tax recoverable	3,794	829
Short term funds	3,472	-
Cash and bank balances	107,554	54,042
331,146	296,976
TOTAL ASSETS	1,415,975	1,405,190
EQUITY AND LIABILITIES
Equity attributable to owners of the Company
Share capital	299,572	299,572
Treasury shares	(3,115)	(3,115)
Other reserves	(298)	6,526
Retained earnings	621,802	611,296
917,961	914,279
Non-controlling interests	52,608	51,678
Total equity	970,569	965,957
Non-current liabilities
Loans and borrowings	269,212	152,784
Deferred tax liabilities	32,200	34,244
Derivative financial liabilities	392	1,094
301,804	188,122
Current liabilities
Trade and other payables	66,956	68,250
Contract liabilities	11,783	13,701
Loans and borrowings	62,517	161,303
Tax payable	2,346	1,943
Dividend payable	-	5,588
Derivative financial liabilities	-	326
143,602	251,111
Total liabilities	445,406	439,233
TOTAL EQUITY AND LIABILITIES	1,415,975	1,405,190
Net assets per share (RM)	3.29	3.27

The Unaudited Condensed Consolidated Statement of Financial Position should be read in conjunction with the Annual Financial Statements for the financial year ended 31 January 2021 and the accompanying explanatory notes attached to the interim financial statements.

CRESCENDO CORPORATION BERHAD 199501030544 (359750-D)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to owners of the CompanyNon-distributableDistributable

Non-
Total	Share	Other	Retained	Treasury	Controlling
Equity	Total	Capital	Reserves	Earnings	Shares	Interests
RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
Year ended 31 January 2022
Balance as at 1 February 2021	965,957	914,279	299,572	6,526	611,296	(3,115)	51,678
Total comprehensive income	17,332	14,859	-	(6,398)	21,257	-	2,473
Transfer of reserve	-	-	-	(426)	426	-	-
Transactions with owners
Dividend paid to non-controlling interests	(1,543)	-	-	-	-	-	(1,543)
Dividends	(11,177)	(11,177)	-	-	(11,177)	-	-
Total transactions with owners	(12,720)	(11,177)	-	-	(11,177)	-	(1,543)
Balance as at 31 January 2022	970,569	917,961	299,572	(298)	621,802	(3,115)	52,608
Year ended 31 January 2021
Balance as at 1 February 2020	953,236	900,835	299,572	8,707	595,671	(3,115)	52,401
Total comprehensive income	27,611	24,621	-	(2,181)	26,802	-	2,990
Transactions with owners
Issuance of redeemable preference shares in a subsidiary	297	-	-	-	-	-	297
Dividend paid to non-controlling interests	(4,010)	-	-	-	-	(4,010)
Dividends	(11,177)	(11,177)	-	-	(11,177)	-	-
Total transactions with owners	(14,890)	(11,177)	-	-	(11,177)	-	(3,713)
Balance as at 31 January 2021	965,957	914,279	299,572	6,526	611,296	(3,115)	51,678

The Unaudited Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Annual Financial Statements for the financial year ended 31 January 2021 and the accompanying explanatory notes attached to the interim financial statements.

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

31.1.2022
RM'000
Cash flows from operating activities
Cash received from customers	225,716
Cash paid to suppliers and employees	(145,716)
Cash generated from operations	80,000
Deposit interest received	1,111
Interest paid	(15,469)
Tax paid	(16,281)
Net cash from operating activities	49,361
Cash flows from investing activities
Acquisition of bearer plants, right-of-use assets and property,
plant and equipment	(3,974)
Net investment in short term funds	(3,472)
Capital realisation from other investment	11,794
Withdrawal/(Pledge) of time deposits	32
Proceeds from disposal of property, plant and equipment	469	-
Net cash from/(used in) investing activities	4,849	(3,588)
Cash flows from financing activities
Proceeds from loans and borrowings	201,500	31,277
Repayment of loans and borrowings	(177,778)	(72,146)
Dividend paid	(16,765)	(5,588)
Dividend paid to non-controlling interests	(1,543)	(4,010)
Proceeds from issuance of shares to non-controlling interest	-	297
Net cash from/(used in) financing activities	5,414	(50,170)
Net increase/(decrease) in cash and cash equivalents	59,624	(16,263)
Cash and cash equivalents at the beginning of the financial year	44,396	60,659
Cash and cash equivalents at the end of the financial year	104,020	44,396
Cash and cash equivalents at the end of the financial year
Deposits with licensed banks and other financial institution	73,043	27,421
Cash and bank balances	34,511	26,621
Bank overdrafts	(2,945)	(9,025)
104,609	45,017
Time deposits pledged	(589)	(621)
104,020	44,396

YEAR ENDED 31.1.2021 RM'000

230,148

(165,605)The Unaudited Condensed Consolidated Cash Flow Statement should be read in conjunction with the Annual Financial Statements for the financial year ended 31 January 2021 and the accompanying explanatory notes attached to the interim financial statements.

PART A - EXPLANATORY NOTES

• A1 Basis of preparation

  The interim financial report is unaudited and has been prepared in accordance with Malaysian Financial Reporting Standard ("MFRS") 134: Interim Financial Reporting issued by the Malaysian Accounting Standards Board ("MASB") and paragraph 9.22 of the Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities").

  The interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 January 2021. These explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are significant to the understanding of the changes in the financial position and performance of the Group since the financial year ended 31 January 2021.

  The accounting policies and methods of computation adopted by the Group in this interim financial statements are consistent with those of the annual financial statements for the year ended 31 January 2021 except for the adoption of the following new and amended MFRSs and Issues Committee ("IC") Interpretations relevant to the current operations of the Group:

  Amendments to MFRS 16	Covid-19-Related Rent Concessions
  Interpretation to MFRS 123	Borrowing cost relating to over time transfer of constructed good
  Amendments to MFRS 9,	Interest Rate Benchmark Reform - Phase 2
  MFRS 139, MFRS 7, MFRS 4
  and MFRS 16
  Amendment to MFRS 16	Covid-19-Related Rent Concessions beyond 30 June 2021

  The Group has not elected for early adoption of the following new and amended MFRSs relevant to the current operations of the Group, which were issued but not yet effective:

  Effective for financial periods beginning on or after

  Annual Improvements to MFRS Standards 2018-2020

  Amendments to MFRS 3
  Amendments to MFRS 116	1 Jan 2022
  Amendments to MFRS 137	1 Jan 2022
  Amendments to MFRS 101	1 Jan 2023
  Amendments to MFRS 101	1 Jan 2023
  Amendments to MFRS 108	1 Jan 2023
  Amendments to MFRS 112	1 Jan 2023
  Amendments to MFRS 10	Deferred
  and MFRS128

  1 Jan 2022 1 Jan 2022

  Reference to the Conceptual Framework

  Property, Plant and Equipment-Proceeds before Intended Use Onerous Contracts-Cost of Fulfilling a Contract

  Classification of Liabilities as Current or Non-current Disclosure of Accounting Policies

  Definition of Accounting Estimates

  Deferred Tax related to Assets and Liabilities arising from a Single Transaction

  Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

  These new and amended MFRSs are not expected to have any significant impact on the financial statements of the Group upon their initial application.

• A2 Audit qualification

  The auditor's report of the preceding annual financial statements of the Group did not contain any qualification.

• A3 Seasonal or cyclical factors

  There were no significant seasonal factors affecting the operations of the Group. However, the economic cyclical factors will have an impact on property development and construction sector.

• A4 Unusual items

  There were no unusual items that have material effects on the assets, liabilities, equity, net income or cash flows for the current financial year.

• A5 Material changes in estimates

  There were no changes in estimates that have had a material effect in the current quarter results.