ES : Half Yearly Results

ES GROUP (HOLDINGS) LIMITED

(Company Registration No. 200410497Z)

(Incorporated in the Republic of Singapore)

UNAUDITED FINANCIAL STATEMENTS AND DIVIDEND ANNOUNCEMENT

FOR THE FINANCIAL PERIOD ENDED 30 JUNE ("HY") 2019

This announcement has been prepared by the Company and its contents have been reviewed by the Company's sponsor, ZICO Capital Pte. Ltd. (the "Sponsor"), in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Ms. Alice Ng, Director of Continuing Sponsorship, ZICO Capital Pte. Ltd. at 8 Robinson Road, #09-00 ASO Building, Singapore 048544, telephone [phone].

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ES GROUP (HOLDINGS) LIMITED

(Company Registration No. 200410497Z)

(Incorporated in the Republic of Singapore)

PART 1 - INFORMATION REQUIRED FOR HALF YEAR ANNOUNCEMENT

1(a)(i) An income statement and statement of comprehensive income (for the Group) together with a comparative statement for the corresponding period of the immediately preceding financial year.

				Group
	Unaudited	Unaudited	Increase/
		HY2019	HY2018	(Decrease)
		S$'000		S$'000	%
Revenue	9,433		13,223		(28.7)
Cost of services	(7,378)	(10,203)	(27.7)
Gross profit	2,055		3,020		(32.0)
Other operating income	358		475		(24.6)
Administrative expenses	(2,999)	(2,653)	13.0
Other operating expenses	(824)	(912)	(9.6)
Finance costs		(184)	(189)	(2.6)
Loss before income tax		(1,594)	(259)	515.4
Income tax expense		-			-		-
Loss for the period	(1,594)	(259)	515.4
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss
Exchange differences on translation of
foreign operations	_ 37		21		76.2
Total comprehensive income for the period		(1,557)	(238)	554.2
(Loss)/profit attributable to:
Owners of the Company	(1,215)	95	n/m
Non-controlling interests		(379)	(354)	7.1
		(1,594)	(259)	515.4
Total comprehensive income attributable to:
Owners of the Company	(1,196)	105	n/m
Non-controlling interests		(361)	(343)	5.2
			(1,557)	(238)	554.2

n/m: not meaningful

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ES GROUP (HOLDINGS) LIMITED

(Company Registration No. 200410497Z)

(Incorporated in the Republic of Singapore)

1(a)(ii) Notes to consolidated statement of comprehensive income.

Loss for the period is arrived at after charging / (crediting) the following items:

		Group
Unaudited	Unaudited	Increase/
	HY2019	HY2018	(Decrease)
	S$'000	S$'000	%
Depreciation of property, plant and equipment (a)	807	1,169	(31.0)
Gain on disposal of property, plant and equipment	-	(11)	(100.0)
Interest expense	184	189	(2.6)
Interest income	(14)	(14)	-
Net foreign exchange gain	(57)	(80)	(28.7)

n/m: not meaningful

Note:-

1. Depreciation of property, plant and equipment decreased by S$0.4 million or 31.0%, to S$0.8 million in HY2019 from S$1.2 million in HY2018, due to an increase in the useful life of the Group's vessel's dry docking from 2.5 years (based on initial unscheduled survey) to 5 years (based on routine survey).

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ES GROUP (HOLDINGS) LIMITED

(Company Registration No. 200410497Z)

(Incorporated in the Republic of Singapore)

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

				Group			Company
	Unaudited	Audited	Unaudited	Audited
	30/06/2019	31/12/2018	30/06/2019	31/12/2018
	S$'000	S$'000	S$'000	S$'000
ASSETS
Current assets
Cash and cash equivalents	7,325		7,128		108		96
Trade receivables	9,846		15,005		2	2
Contract assets	3,511		3,722		-		-
Other receivables	1,287		1,089		16,291		16,216
Inventories		513			416			-			-
Total current assets	22,482		27,360	16,401		16,314
Non-current assets
Deposits	7	4	-		-
Investments in subsidiaries	-		-		19,169		19,169
Club membership	50		50		-		-
Property, plant and equipment	19,662		19,108			-			-
Total non-current assets	19,719		19,162		19,169		19,169
Total assets	42,201		46,522		35,570		35,483
LIABILITIES AND EQUITY
Current liabilities
Bank loans	2,076		3,553		-		-
Trade payables	1,128		1,950		-		-
Other payables	7,170		6,780		10,220		10,259
Lease liabilities		128			125			-			-
Total current liabilities	10,502		12,408		10,220		10,259
Non-current liabilities
Bank loans	5,026		5,819		-		-
Lease liabilities		882			947	-		-
Total non-current liabilities		5,908			6,766			-			-
Capital, reserves and
non-controlling interests
Share capital	23,698		23,698		23,698		23,698
Statutory surplus reserve	440		419		-		-
Retained earnings	20,420		21,655		1,652		1,526
Currency translation reserve	(214)	(233)	-		-
Merger reserve	(18,570)	(18,570)	-		-
Equity attributable to owners
of the Company	25,774		26,969		25,350		25,224
Non-controlling interests	_ 17		379		-		-
Total equity	25,791		27,348		25,350		25,224
Total liabilities and equity	42,201		46,522		35,570		35,483

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Group as at 31/12/2018

Audited

ES GROUP (HOLDINGS) LIMITED

(Company Registration No. 200410497Z)

(Incorporated in the Republic of Singapore)

1(b)(ii) Aggregate amount of Group's borrowings and debt securities. Amount repayable in one year or less, or on demand

Group as at 30/06/2019

Unaudited

Secured		Unsecured	Secured		Unsecured
S$'000		S$'000	S$'000		S$'000
2,204		-	3,678		-
Amount repayable after one year
Group as at 30/06/2019	Group as at 31/12/2018
	Unaudited		Audited
Secured		Unsecured	Secured		Unsecured
S$'000		S$'000	S$'000		S$'000
5,908		-	6,766		-

Details of any collateral

The Group's bank loans are secured by (i) legal mortgage over the Group's leasehold land and property; (ii) a pledge over vessels; and (iii) corporate guarantees by the Company for all the monies owing.

The Group's obligations under finance leases are secured by the leased assets.

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