Hong Leong Finance Limited
Registration No. 196100003D
Head Office: 16 Raffles Quay #01-05 Hong Leong Building Singapore 048581
Telephone 6415 9433 Facsimile 6224 6773
Full Year Financial Statements And Dividend Announcement
Condensed interim consolidated 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
6 months | 6 months | 12 months | 12 months | ||||
ended | ended | +/(-) | ended | ended | +/(-) | ||
31 Dec | 31 Dec | 31 Dec | 31 Dec | ||||
Note | 2021 | 2020 | 2021 | 2020 | |||
$'000 | $'000 | % | $'000 | $'000 | % | ||
Interest on loans | 88,106 | 98,126 | (10.2) | 179,765 | 230,360 | (22.0) | |
Hiring charges | 21,633 | 24,854 | (13.0) | 44,668 | 52,086 | (14.2) | |
Other interest income | 7,136 | 9,636 | (25.9) | 15,544 | 28,339 | (45.1) | |
Interest income/hiring charges | 116,875 | 132,616 | (11.9) | 239,977 | 310,785 | (22.8) | |
Less: Interest expense | E10 | 28,132 | 67,936 | (58.6) | 62,011 | 163,937 | (62.2) |
Net interest income/hiring charges | 88,743 | 64,680 | 37.2 | 177,966 | 146,848 | 21.2 | |
Fee and commission income | 6,510 | 5,416 | 20.2 | 11,181 | 10,229 | 9.3 | |
Other operating income | E6 | 113 | 1,631 | (93.1) | 270 | 1,714 | (84.2) |
Income before operating expenses | 95,366 | 71,727 | 33.0 | 189,417 | 158,791 | 19.3 | |
Less: Staff costs | 31,948 | 27,563 | 15.9 | 64,506 | 54,678 | 18.0 | |
Depreciation of property, plant | |||||||
and equipment | 4,020 | 3,969 | 1.3 | 8,011 | 7,922 | 1.1 | |
Other operating expenses | 7,951 | 7,008 | 13.5 | 14,896 | 13,739 | 8.4 | |
14.0 | 14.5 | ||||||
Total operating expenses | 43,919 | 38,540 | 87,413 | 76,339 | |||
Profit from operations before | |||||||
allowances | 51,447 | 33,187 | 55.0 | 102,004 | 82,452 | 23.7 | |
Less: Allowances for doubtful debts | |||||||
and other financial assets net of | |||||||
reversal or recovery of doubtful | |||||||
debts | 3,099 | 986 | 214.3 | 60 | 7,733 | (99.2) | |
Profit before tax | 48,348 | 32,201 | 50.1 | 101,944 | 74,719 | 36.4 | |
Less: Income tax expense | E8 | 8,212 | 4,811 | 70.7 | 17,123 | 10,810 | 58.4 |
Profit for the year/ | |||||||
Comprehensive income | |||||||
attributable to owners of the | |||||||
Company | 40,136 | 27,390 | 46.5 | 84,821 | 63,909 | 32.7 | |
Annualised earnings per share (cents) | |||||||
- Basic | 17.93 | 12.24 | 18.95 | 14.28 | |||
- Diluted | 17.92 | 12.24 | 18.94 | 14.28 | |||
1
- Condensed interim statements of financial position
Note
Assets
Cash at banks and in hand Statutory deposit with the
Monetary Authority of Singapore ("MAS") Singapore Government debt securities, MAS Bills and MAS Floating Rate Note ("FRN")
Hire purchase receivables
Loans, advances and factoring receivables
Allowances for doubtful debts
Other receivables, deposits and prepayments Subsidiaries and long-term investments Property, plant and equipment
Total assets
Liabilities
Deposits and balances of customers
Trade and other payablesE10 Current tax payable
Deferred tax liabilities Total liabilities
Equity
Share capital
Reserves
Accumulated profits
Equity attributable to owners of the
Company
Total equity and liabilities
Acceptances, guarantees and
other obligations on behalf of customers
Number of shares in issue
Net asset value per share ($)
Group | Company | ||||
31 Dec | 31 Dec | 31 Dec | 31 Dec | ||
2021 | 2020 | 2021 | 2020 | ||
$'000 | $'000 | $'000 | $'000 | ||
528,208 | 613,775 | 527,198 | 612,762 | ||
298,598 | 317,621 | 298,598 | 317,621 | ||
1,357,675 | 1,405,434 | 1,357,675 | 1,405,434 | ||
1,476,391 | 1,584,613 | 1,476,391 | 1,584,613 | ||
9,246,176 | 9,390,068 | 9,246,176 | 9,390,068 | ||
10,722,567 | 10,974,681 | 10,722,567 | 10,974,681 | ||
(27,073) | (26,772) | (27,073) | (26,772) | ||
10,695,494 | 10,947,909 | 10,695,494 | 10,947,909 | ||
16,963 | 19,070 | 16,962 | 19,069 | ||
- | - | 535 | 535 | ||
55,325 | 61,253 | 55,325 | 61,253 | ||
12,952,263 | 13,365,062 | 12,951,787 | 13,364,583 | ||
10,806,871 | 11,194,359 | 10,811,206 | 11,198,668 | ||
164,710 | 232,213 | 163,365 | 230,874 | ||
17,165 | 19,480 | 17,163 | 19,474 | ||
970 | 897 | 970 | 897 | ||
10,989,716 | 11,446,949 | 10,992,704 | 11,449,913 | ||
889,771 | 889,117 | 889,771 | 889,117 | ||
778,592 | 756,941 | 778,592 | 756,941 | ||
294,184 | 272,055 | 290,720 | 268,612 | ||
1,962,547 | 1,918,113 | 1,959,083 | 1,914,670 | ||
12,952,263 | 13,365,062 | 12,951,787 | 13,364,583 | ||
1,978 | 4,054 | 1,978 | 4,054 | ||
447,817,233 | 447,552,473 | 447,817,233 | 447,552,473 | ||
4.38 | 4.29 | 4.37 | 4.28 |
2
- Condensed interim statements of changes in equity
Group
At 1 January 2021
Issue of shares under share option scheme
Value of employee services received for issue of share options
Value of employee services transferred for share options exercised or lapsed
Final dividend of 5.5 cents per share (tax exempt one-tier) paid in respect of year 2020
Interim dividend of 3.75 cents per share (tax exempt one-tier) paid in respect of year 2021
Adjustment under MAS 811
Comprehensive income for the year
Transfer to Statutory reserve
At 31 December 2021
At 1 January 2020
Issue of shares under share option scheme
Value of employee services received for issue of share options
Value of employee services transferred for share options exercised or lapsed
Final dividend of 10 cents per share (tax exempt one-tier) paid in respect of year 2019
Interim dividend of 3.5 cents per share (tax exempt one-tier) paid in respect of year 2020
Adjustment under MAS 811
Comprehensive income for the year
Transfer to Statutory reserve
At 31 December 2020
Regulatory | ||||||
Share | loss | |||||
Share | Statutory | Capital | option | allowance | Accumulated | |
capital | reserve | reserve | reserve | reserve | profits | Total |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
889,117 | 744,744 | 2,307 | 2,397 | 7,493 | 272,055 | 1,918,113 |
602 | 602 | |||||
418 | 418 | |||||
52 | (347) | 295 | - | |||
(24,618) | (24,618) | |||||
(16,789) | (16,789) | |||||
374 | (374) | - | ||||
84,821 | 84,821 | |||||
21,206 | (21,206) | - | ||||
889,771 | 765,950 | 2,307 | 2,468 | 7,867 | 294,184 | 1,962,547 |
889,051 | 728,766 | 2,307 | 3,279 | 15,562 | 275,278 | 1,914,243 |
62 | 62 | |||||
319 | 319 | |||||
4 | (1,201) | 1,197 | - | |||
(44,756) | (44,756) | |||||
(15,664) | (15,664) | |||||
(8,069) | 8,069 | - | ||||
63,909 | 63,909 | |||||
15,978 | (15,978) | - | ||||
889,117 | 744,744 | 2,307 | 2,397 | 7,493 | 272,055 | 1,918,113 |
3
- Condensed interim statements of changes in equity (continued)
Company
At 1 January 2021
Issue of shares under share option scheme
Value of employee services received for issue of share options
Value of employee services transferred for share options exercised or lapsed
Final dividend of 5.5 cents per share (tax exempt one-tier) paid in respect of year 2020
Interim dividend of 3.75 cents per share (tax exempt one-tier) paid in respect of year 2021
Adjustment under MAS 811
Comprehensive income for the year
Transfer to Statutory reserve
At 31 December 2021
At 1 January 2020
Issue of shares under share option scheme
Value of employee services received for issue of share options
Value of employee services transferred for share options exercised or lapsed
Final dividend of 10 cents per share (tax exempt one-tier) paid in respect of year 2019
Interim dividend of 3.5 cents per share (tax exempt one-tier) paid in respect of year 2020
Adjustment under MAS 811
Comprehensive income for the year
Transfer to Statutory reserve
At 31 December 2020
Regulatory | ||||||
Share | loss | |||||
Share | Statutory | Capital | option | allowance | Accumulated | |
capital | reserve | reserve | reserve | reserve | profits | Total |
$'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
889,117 | 744,744 | 2,307 | 2,397 | 7,493 | 268,612 | 1,914,670 |
602 | 602 | |||||
418 | 418 | |||||
52 | (347) | 295 | - | |||
(24,618) | (24,618) | |||||
(16,789) | (16,789) | |||||
374 | (374) | - | ||||
84,800 | 84,800 | |||||
21,206 | (21,206) | - | ||||
889,771 | 765,950 | 2,307 | 2,468 | 7,867 | 290,720 | 1,959,083 |
889,051 | 728,766 | 2,307 | 3,279 | 15,562 | 271,899 | 1,910,864 |
62 | 62 | |||||
319 | 319 | |||||
4 | (1,201) | 1,197 | - | |||
(44,756) | (44,756) | |||||
(15,664) | (15,664) | |||||
(8,069) | 8,069 | - | ||||
63,845 | 63,845 | |||||
15,978 | (15,978) | - | ||||
889,117 | 744,744 | 2,307 | 2,397 | 7,493 | 268,612 | 1,914,670 |
4
- Condensed interim consolidated statement of cash flows
Operating activities Profit for the year Adjustments for:
Impact of accrual of interest income Impact of accrual of interest expense Allowances for doubtful debts Interest expense on lease liabilities Depreciation of property, plant and equipment (Gain)/loss on disposal of property, plant and equipment Value of employee services received for issue of share options Income tax expense
Changes in working capital:
Loans, advances and receivables
Other receivables, deposits and prepayments
Singapore Government debt securities, MAS Bills and MAS FRN Deposits and balances of customers
Trade and other payables Cash used in operations
Income taxes paid
Cash flows used in operating activities
Investing activities
Purchase of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Cash flows from/(used in) investing activities
Financing activities
Payment for lease liabilities
Proceeds from exercise of share options
Proceeds from borrowings
Dividends paid
Cash flows used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
12 months | 12 months |
ended | ended |
31 Dec 2021 | 31 Dec 2020 |
$'000 | $'000 |
84,821 | 63,909 |
(2,653) | 4,414 |
(29,087) | (68,726) |
587 | 8,219 |
339 | 633 |
8,011 | 7,922 |
1 | (1,357) |
418 | 319 |
17,123 | 10,810 |
79,560 | 26,143 |
251,828 | 598,174 |
4,760 | (1,324) |
47,759 | 126,329 |
(387,488) | (1,112,690) |
(42,464) | 45,409 |
(46,045) | (317,959) |
(19,365) | (14,055) |
(65,410) | (332,014) |
(399) | (349) |
- | 1,750 |
(399) | 1,401 |
(6,917) | (6,370) |
602 | 62 |
8,941 | 42,914 |
(41,407) | (60,420) |
(38,781) | (23,814) |
(104,590) | (354,427) |
931,396 | 1,285,823 |
826,806 | 931,396 |
Cash and cash equivalents included in the condensed interim consolidated statement of cash flows comprise the following:
Cash at banks and in hand
Statutory deposit with the Monetary Authority of Singapore ("MAS") Cash and cash equivalents
31 Dec 2021 | 31 Dec 2020 |
$'000 | $'000 |
528,208 | 613,775 |
298,598 | 317,621 |
826,806 | 931,396 |
In addition to the cash and cash equivalents above, marketable Singapore Government debt securities, MAS Bills and MAS FRN amounted to $1,357,675,000 (31 December 2020: $1,405,434,000) for the Group.
5
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HLF - Hong Leong Finance Limited published this content on 23 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2022 11:58:07 UTC.