HG Metal Manufacturing : Financial Statements And Related Announcement - Full Yearly Results

HG METAL MANUFACTURING LIMITED

(Company Registration No. 198802660D)

Condensed Interim Financial Statements

for the Six Months and Full Year Ended 31 December 2021

Table of Contents
Condensed interim consolidated statement of profit or loss and other comprehensive income	..3
Condensed interim statements of financial position ..................................................................	4
Condensed interim statements of changes in equity ..................................................................	5
Condensed interim consolidated statement of cash flows..........................................................	8
Selected notes to the condensed interim consolidated financial statements ...............................	9
Other information required by Listing Rule Appendix 7.2 ......................................................	31

HG METAL MANUFACTURING LIMITED

(Company Registration No. 198802660D)

Condensed Interim Financial Statements for the Six Months and Full Year Ended 31 December 2021

___________________________________________________________________________

Condensed interim consolidated statement of profit or loss and other comprehensive income

	Group		Group
	6 months	6 months		12 months	12 months
	ended 31	ended 31		ended 31	ended 31
	December	December		December	December
	2021	2020	%	2021	2020	%
	S$'000	S$'000 (+/-)	S$'000	S$'000 (+/-)
Revenue	74,126	47,871	55	142,267	91,693	55
Cost of sales	(58,928)	(41,388)	42	(113,115)	(80,554)	40
Gross profit	15,198	6,483	134	29,152	11,139	162
Gross margin	20.5%	13.5%		20.5%	12.1%
Other operating income	1,758	1,624	8	3,499	4,622	(24)
Selling and distribution costs	(163)	(243)	(33)	(391)	(562)	(30)
Administrative expenses	(5,600)	(3,875)	45	(11,199)	(8,683)	29
Other operating expenses	(1,797)	(1,497)	20	(4,079)	(4,147)	(2)
Finance costs	(543)	(607)	(11)	(1,065)	(1,104)	(4)
(Impairment loss)/reversal of impairment on financial assets	(2,429)	(31)	nm*	(3,485)	111	nm*
Profit before income tax	6,424	1,854	nm*	12,432	1,376	nm*
Income tax expense	(562)	(37)	nm*	(1,262)	(41)	nm*
Net profit for the year	5,862	1,817	nm*	11,170	1,335	nm*
Other comprehensive income:
Items that may be reclassified subsequently
to profit or loss :
Foreign currency translation	31	(394)	nm*	127	(151)	nm*
Other comprehensive income for the year,
net of tax	31	(394)	nm*	127	(151)	nm*
Total comprehensive income for the year	5,893	1,423	nm*	11,297	1,184	nm*
Profit attributable to:
Owners of the Company	6,304	1,833	nm*	12,065	1,027	nm*
Non-controlling interests	(442)	(16)	nm*	(895)	308	nm*
	5,862	1,817	nm*	11,170	1,335	nm*
Total comprehensive income attributable to:
Owners of the Company	6,318	1,663	nm*	12,110	958	nm*
Non-controlling interests	(425)	(240)	nm*	(813)	226	nm*
	5,893	1,423	nm*	11,297	1,184	nm*
Earnings per share:
Basic (cents)	4.96	1.44	nm*	9.48	0.81	nm*
Diluted (cents)	4.96	1.44	nm*	9.48	0.81	nm*

*nm denotes not meaningful

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HG METAL MANUFACTURING LIMITED

(Company Registration No. 198802660D)

Condensed Interim Financial Statements for the Six Months and Full Year Ended 31 December 2021

___________________________________________________________________________

Condensed interim statements of financial position

Non-current assets

Property, plant and equipment

Right-of-use assets

Intangible assets

Investment in subsidiaries

Restricted deposits

Investment securities

Current assets

Investment securities

Inventories

Trade and other receivables

Income tax recoverable

Prepaid expenses

Restricted deposits

Fixed deposits pledged with banks

Cash and cash equivalents

Total assets

Current liabilities

Trade and other payables

Lease liabilities

Bank borrowings

Provision for income tax

Deferred grant income

Derivative financial instruments*

Net current assets

Non-current liabilities

Lease liabilities

Bank borrowings

Deferred tax liabilities

Provision for reinstatement costs

Total liabilities

Net assets

Equity attributable to owners of the Company Share capital

Treasury shares

Other reserves

Accumulated profits/(losses)

Non-controlling interests

Total equity

Total equity and liabilities

GroupCompany

31 December 31 December 31 December 31 December

2021 2020 2021 2020

S$'000 S$'000 S$'000 S$'000

31,868	33,963	5,351	6,458
11,460	11,209	2,078	1,551
261	117	146	30
-	-	13,113	13,113
-	784	-	-
7,671	3,005	7,671	3,005
51,260	49,078	28,359	24,157
1,127	6,515	1,127	6,515
45,779	28,138	20,923	15,981
37,511	37,674	46,516	43,414
128	44	-	-
216	167	114	121
784	-	-	-
7,251	6,000	3,750	2,500
27,876	19,452	11,786	8,769
120,672	97,990	84,216	77,300
171,932	147,068	112,575	101,457
21,506	13,237	33,525	31,903
1,033	950	586	579
9,892	2,658	5,860	586
843	13	-	-
-	197	-	88
39	43	34	35
33,313	17,098	40,005	33,191
87,359	80,892	44,211	44,109
6,272	7,122	905	1,492
15,011	17,172	1,167	1,558
478	57	-	-
2,772	1,772	1,800	800
24,533	26,123	3,872	3,850
57,846	43,221	43,877	37,041
114,086	103,847	68,698	64,416
70,496	70,496	70,496	70,496
(2,636)	(2,215)	(2,636)	(2,215)
2,961	2,916	2,527	2,527
39,927	28,499	(1,689)	(6,392)
110,748	99,696	68,698	64,416
3,338	4,151	-	-
114,086	103,847	68,698	64,416
171,932	147,068	112,575	101,457

• The derivative financial instruments relate to fair value adjustments of forward currency contracts entered into by the Group to hedge foreign currency exposure on the Group's trade receivables and purchases.

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HG METAL MANUFACTURING LIMITED

(Company Registration No. 198802660D)

Condensed Interim Financial Statements for the Six Months and Full Year Ended 31 December 2021

___________________________________________________________________________

Condensed interim statements of changes in equity

			Attributable to owners of the Company
							Equity
					Foreign		attributable to
					currency		owners of the	Non-
	Share	Treasury	Capital	Other	translation	Accumulated	Company,	controlling	Total
Group	capital	shares	reserve	reserves	reserve	profits	total	interests	equity
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
At 1 January 2021	70,496	(2,215)	2,527	(212)	601	28,499	99,696	4,151	103,847
Profit for the year	-	-	-	-	-	12,065	12,065	(895)	11,170
Other comprehensive income
Foreign currency translation	-	-	-	-	45	-	45	82	127
Other comprehensive income
for the year, net of tax	-	-	-	-	45	-	45	82	127
Total comprehensive income for
the year	-	-	-	-	45	12,065	12,110	(813)	11,297
Contribution by and
distributions to owners
Purchase of treasury shares	-	(421)	-	-	-	-	(421)	-	(421)
Dividend on ordinary shares	-	-	-	-	-	(637)	(637)	-	(637)
Total contribution by and
distributions to owners	-	(421)	-	-	-	(637)	(1,058)	-	(1,058)
Total transactions with owners
in their capacity as owners	-	(421)	-	-	-	(637)	(1,058)	-	(1,058)
At 31 December 2021	70,496	(2,636)	2,527	(212)	646	39,927	110,748	3,338	114,086

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