Dutch Lady Milk Industries : First Quarter Report 2021

DUTCH LADY MILK INDUSTRIES BERHAD (5063-V)

(Incorporated in Malaysia)

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

For the financial quarter ended 31 March 2021

	INDIVIDUAL QUARTER	CUMULATIVE QUARTER
	CURRENT	COMPARATIVE	3 months		3 months
	QUARTER		QUARTER	TO DATE		TO DATE
	31/03/21	31/03/20		31/03/21	31/03/20
	(Unaudited)		(Unaudited)	(Unaudited)		(Unaudited)
	RM'000		RM'000	RM'000		RM'000
Revenue	258,636	251,169		258,636	251,169
Cost of Sales	(171,678)		(163,491)		(171,678)		(163,491)
Gross Profit	86,958	87,678		86,958	87,678
Other Income	4,129	5,175		4,129	5,175
Distribution Expenses	(36,414)	(36,660)		(36,414)	(36,660)
Administrative Expenses	(6,619)	(8,665)		(6,619)	(8,665)
Other Operating Expenses	(25,060)	(16,808)		(25,060)	(16,808)
Results from Operating Activities	22,994	30,720		22,994	30,720
Interest Income	92	174		92	174
Finance Costs	(768)	(789)		(768)	(789)
Profit Before Taxation	22,318	30,105		22,318	30,105
Income Tax Expenses	(5,441)	(7,372)		(5,441)	(7,372)
Profit After Taxation	16,877	22,733		16,877	22,733
Profit for the period/Total comprehensive
income for the period	16,877	22,733		16,877	22,733
Profit Attributable to:
Equity holders of the Company	16,877	22,733		16,877	22,733
Non-controlling interest	-	-		-	-
	16,877	22,733		16,877	22,733
EARNINGS PER SHARE
- Basic earnings per share (sen)	26.40	35.50		26.40	35.50
(Based on 64,000,000 ordinary shares)

(The Condensed Statement of Comprehensive Income should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2020)

Page 1

DUTCH LADY MILK INDUSTRIES BERHAD (5063-V)

(Incorporated in Malaysia)

CONDENSED STATEMENT OF FINANCIAL POSITION

For the financial quarter ended 31 March 2021

		AS AT		AS AT
		31/03/21	31/12/20
		RM'000		RM'000
		(Unaudited)		(Audited)
	ASSETS
A01. Pr	Property, plant and equipment
196,225		199,721
A01. Ri	Right-of-use assets	8,980		9,732
A02. In	Intangible assets	904		957
	TOTAL NON-CURRENT ASSETS
	206,109		210,410
A03. In	Inventories
159,178		151,016
A04. Tr	Trade and other receivables	87,360		81,501
A05. Pr	Prepayments	2,058		311
A07. Ca	Cash and cash equivalents	82,081		55,605
A06. De	Derivatives financial assets	2,006		2
	TOTAL CURRENT ASSETS
	332,683		288,435
	TOTAL ASSETS	538,792	498,845
	EQUITY
E01. Sh	Share capital
64,000		64,000
E02. Re	Retained profits	119,457		102,580
	Attributable to equity holders of the Company
	183,457		166,580
	TOTAL EQUITY
	183,457		166,580
	LIABILITIES
L07. No	Lease Liabilities
2,869		3,590
L01. De	Deferred tax liabilities	4,008		4,494
	TOTAL NON-CURRENT LIABILITIES
	6,877		8,084
L02. Tr	Trade and other payables
303,174		295,492
L03. Pr	Provision	237		228
L05. Cu	Current tax liabilities	6,699		6,723
L06. Ba	Bank overdraft	35,427		16,705
L08. Cu	Lease Liabilities	2,921		2,893
L04. De	Derivatives financial liabilities	-		2,140
	CURRENT LIABILITIES
	348,458		324,181
	TOTAL LIABILITIES	355,335	332,265
	TOTAL EQUITY AND LIABILITIES	538,792	498,845
	Net assets per share attributable to ordinary	2.87	2.60
	equity holders of the Company (RM)

(The Condensed Statement of Financial Position should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2020)

Page 2

DUTCH LADY MILK INDUSTRIES BERHAD (5063-V)

(Incorporated in Malaysia)

CONDENSED STATEMENT OF CHANGES IN EQUITY

For the financial quarter ended 31 March 2021

(The figures have not been audited)

					Attributable
			Distributable		to equity
	Share		Retained		holders of
	Capital		profits		the Company		Total
	RM'000		RM'000		RM'000		RM'000
3 months
ended 31 March 2021
Balance at
beginning of period	64,000	102,580	166,580	166,580
Movements
during the period	-	16,877	16,877	16,877
Dividend payable	-	-	-	-
Dividends paid	-	-	-	-
Balance at
end of period	64,000	119,457	183,457	183,457
					FALSE
3 months
ended 31 March 2020
Balance at
beginning of period	64,000	80,417	144,417	144,417
Movements
during the period	-	22,733	22,733	22,733
Dividend payable	-	-	-	-
Dividends paid	-	-	-	-
Balance at
end of period	64,000	103,150	167,150	167,150

(The Condensed Statement of Changes in Equity should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2020)

Page 3

DUTCH LADY MILK INDUSTRIES BERHAD (5063-V)

(Incorporated in Malaysia)

CONDENSED STATEMENT OF CASH FLOW

For the financial quarter ended 31 March 2021

	3 months		3 months
	TO DATE		TO DATE
	31/03/21	31/03/20
	(Unaudited)		(Unaudited)
	RM'000		RM'000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers and other receivables	253,158	270,007
Cash paid to suppliers and employees	(247,396)	(267,226)
Cash generated from operations	5,762	2,781
Income tax paid	(5,951)	(6,725)
Net cash generated from/(used in) operating activities	(189)	(3,944)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions of property, plant and equipment	(4,651)	(7,756)
Additions of intangible assets	-	(195)
Deposit received from disposal of Property, Plant and Equipment	14,001	(37)
Interest received	94	174
Net cash (used in)/generated from investing activities	9,444	(7,814)
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid	(728)	(779)
Payment of principal portion of lease liabilities	(773)	(493)
Net cash used in financing activities	(1,501)	(1,272)
Net increase/(decrease) in cash and cash equivalents	7,754	(13,030)
Cash and cash equivalents brought forward	38,900	44,808
Cash and cash equivalents carried forward	46,654	31,778
Cash and cash equivalents consist of:
Cash and bank balances	82,081	49,411
Bank overdraft	(35,427)	(17,633)
	46,654	31,778

(The Condensed Statement of Cash Flows should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2020)

Page 4

DUTCH LADY MILK INDUSTRIES BERHAD (5063-V)

(Incorporated in Malaysia)

NOTES

1. Basis of Preparation
   The interim financial report is unaudited and has been prepared in accordance with the applicable disclosure provisions of the Listing Requirements of the Bursa Malaysia Securities Berhad and MFRS 134, 'Interim Financial Reporting' in Malaysia and with IAS 34 'Interim Financial Reporting'. They do not include all of the information required for full annual financial statements and should be read in conjunction with the most recent audited financial statements of the Company as at and for the year ended 31 December 2020.
   The accounting policies and methods of computation are consistent with those adopted in the most recent audited financial statements for the year ended 31 December 2020.
2. Auditors' Report of Preceding Annual Financial Statements
   The auditors' report of the Company in respect of the annual audited financial statements for the year ended 31 December 2020 was not subject to any audit qualification.
3. Seasonal and Cyclical Factors
   The dairy and dairy related business can be influenced by the weather and major festivals.
4. Unusual Items
   There were no unusual items affecting assets, liabilities, equity, net income or cash flows during the financial period under review.
5. Changes in Estimates
   Pursuant to the Company's announced investment in our future manufacturing activities,
   DLMI has identified assets in its Petaling Jaya factory that will not be transitioned to the new site. In light of this, DLMI has started to perform accelerated depreciation for the mentioned assets during the financial quarter under review.
   Other than the afore-mentioned, there were no other changes in estimates of amounts reported in the current quarter or changes in estimates of amounts reported in prior financial years that have a material effect in the current quarter.
6. Changes in Debt and Equity
   There were no issuances and repayment of debt and equity securities, share buy-backs, share cancellations, shares held as treasury shares and resale of treasury shares for the financial period under review.

Notes to the Financial Statements - Pg. 5