Federal International 2000 : – Announcement 1HFY2023

FEDERAL INTERNATIONAL (2000) LTD

Incorporated in the Republic of Singapore

Registration No. 199907113K

Unaudited Condensed Interim Financial Statements

For the Six Months Ended 30 June 2023

14 August 2023

This announcement may contain forward-looking statements that involve risks and uncertainties. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Representative examples of these factors include (without limitation) general industry and economic conditions, interest rate trends, cost of capital and capital availability, competition from other companies, shifts in customer demands, customers and partners, changes in operating expenses, including employee wages, benefits and training, governmental and public policy changes and the continued availability of financing in the amounts and the terms necessary to support future business. Readers are cautioned not to place undue reliance on these forward-looking statements, which are based on current view of management on future events.

Table of Contents

________________

	Page No
Condensed Interim Consolidated Income Statement	1
Condensed Interim Consolidated Statement of Comprehensive Income	2
Condensed Interim Statements of Financial Position	3
Condensed Interim Statements of Changes in Equity	5
Condensed Interim Consolidated Statement of Cash Flows	7
Notes to the Condensed Interim Consolidated Financial Statements	9
Other Information Required by Listing Rule Appendix 7.2	23

Federal International (2000) Ltd and its Subsidiaries				Page 1 of 27
Condensed Interim Consolidated Income Statement
				Group
	Note	6 Months Ended		Changes
	30.06.2023	30.06.2022
INCOME STATEMENT		S$'000		S$'000	%
	28,678	91,135	(68.5)
Revenue	5
Cost of sales		(20,763)	(79,517)	(73.9)
Gross profit		7,915	11,618	(31.9)
Gross profit margin		27.6%	12.7%
Other income		806	552	46.0
Selling and distribution costs		(2,508)	(2,591)	(3.2)
Administrative and general costs		(3,718)	(4,675)	(20.5)
Other operating expenses		(265)	(1,765)	(85.0)
Net writeback of impairment loss/(impairment		32	(478)	(106.7)
loss) on financial assets
	(456)	(672)	(32.1)
Finance costs
Share of results of associates		181	698	(74.1)
Profit before tax	6	1,987	2,687	(26.1)
Income tax expense	7	(301)	(257)	17.1
Profit net of tax		1,686	2,430	(30.6)
Attributable to:						N.M.
Owners of the Company		(3,684)	2,536
Non-controlling interests (1)		5,370	(106)		N.M.
		1,686	2,430	(30.6)
(Loss)/earnings per share attributable to
owners of the Company (cents per share)	8	(2.62)	1.80
Basic
Diluted		(2.62)	1.80

1. Refer to page 24, "Profit net of tax attributable to non-controlling interest ("NCI")" under section of "Other information Required by Listing Rule Appendix 7.2"

N.M. - Not Meaningful

Federal International (2000) Ltd and its Subsidiaries		Page 2 of 27
Condensed Interim Consolidated Statement of Comprehensive Income
		Group
	6 Months Ended	Changes
	30.06.2023	30.06.2022
	S$'000	S$'000	%
Profit net of tax	1,686	2,430	(30.6)
Other comprehensive income:
Items that will not be reclassified subsequently to
profit or loss			(90.8)
Foreign currency translation	44	479
Items that are or may be reclassified subsequently
to profit or loss			(66.0)
Foreign currency translation	177	521
Share of other comprehensive (loss)/income of	(42)	70	(160.0)
associates
Foreign currency translation on loss of control of	-	727	(100.0)
subsidiary
Other comprehensive income for the period, net of	179	1,797	(90.0)
tax
		(55.9)
Total comprehensive income for the period	1,865	4,227
Total comprehensive income attributable to:			(192.1)
Owners of the Company	(3,549)	3,854
Non-controlling interests	5,414	373	N.M.
	1,865	4,227	(55.9)

N.M. - Not Meaningful

Federal International (2000) Ltd and its Subsidiaries	Page 3 of 27
Condensed Interim Statements of Financial Position

Non-current assets Property, plant and equipment Right-of-useassets Investment in subsidiaries Investment in associates Intangible assets

Financial assets at fair value through other comprehensive income ("FVOCI")

Other receivables Deferred tax assets

Current assets Inventories Trade receivables Other receivables

Advance payment to suppliers Prepayments

Deposits

Amounts due from subsidiaries Amounts due from associates Fixed and bank deposits Cash and bank balances

Assets classified as held for sale

Current liabilities Trade payables Other payables Contract liabilities Amounts due to subsidiaries Amounts due to related parties Amounts due to banks

Term loans Lease liabilities Provision for taxation

Liabilities directly associated with the assets held for sale

Net current assets

Non-current liabilities Amounts due to subsidiaries Term loans

Provision for post-employment benefits Lease liabilities

Deferred tax liabilities

Net assets

	Group	Company
Note	As At		As At	As At	As At
30.06.2023	31.12.2022	30.06.2023	31.12.2022
	S$'000		S$'000	S$'000	S$'000
10	10,207	10,929	10	6
	2,203	2,223	-	-
	-		-	57,912	57,868
11	4,403	4,264	732	732
341	409	-	-
12	381	381	381	381
13	13,107	13,108	13,022	13,022
	1,917	1,836	-	-
	32,559	33,150	72,057	72,009
	8,404	14,417	-	-
14	33,674	33,348	-	-
	2,920	3,738	162	545
	1,604	1,716	-	-
	198	191	12	25
	23	18	4	4
	-		-	5,591	6,762
	1,150	2,546	-	-
	7,022	22	-	-
	6,939	7,543	439	870
	61,934	63,539	6,208	8,206
15	-	21,486	-	-
	61,934	85,025	6,208	8,206
	4,242	6,462	-	-
	6,644	9,985	486	639
	1,875	2,765	-	-
	-		-	864	865
	2,345	1,674	-	-
16	3,780	18,548	-	-
16	2,830	6,539	-	-
	162	153	-	-
	492	423	11	51
	22,370	46,549	1,361	1,555
15	-	720	-	-
	22,370	47,269	1,361	1,555
	39,564	37,756	4,847	6,651
16	-		-	5,019	6,641
1,195	1,834	-	-
	171	174	-	-
	2,265	2,273	-	-
	1,372	1,370	115	115
	5,003	5,651	5,134	6,756
	67,120	65,255	71,770	71,904