Icon Offshore Berhad : Quarterly Rpt On Consolidated Results For The Financial Period Ended 31/03/2022

ICON OFFSHORE BERHAD

(201201011310 (984830-D)) (Incorporated in Malaysia)

QUARTERLY REPORT

FOR THE FIRST QUARTER ENDED 31 MARCH 2022

ICON OFFSHORE BERHAD (201201011310 (984830-D))

(Incorporated in Malaysia)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2022

The Board of Directors of Icon Offshore Berhad ("ICON" or "the Group") announce the following unaudited condensed consolidated financial statements for the fourth quarter and year ended 31 March 2022 which should be read in conjunction with the audited financial statements for the financial year ended 31 March 2021.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

		INDIVIDUAL QUARTER		CUMULATIVE PERIOD
		CURRENT		CORRESPONDING		CURRENT		CORRESPONDING
		QUARTER		QUARTER		YEAR		YEAR
		ENDED		ENDED		ENDED		ENDED
		(UNAUDITED)		(UNAUDITED)		(UNAUDITED)		(UNAUDITED)
	Note	31.03.2022	31.03.2021	31.03.2022	31.03.2021
		RM		RM		RM		RM
Revenue	15.1 (i)	66,951,164	50,970,553	66,951,164	50,970,553
Cost of sales		(44,369,982)		(42,605,364)		(44,369,982)		(42,605,364)
Gross profit	15.1 (ii)	22,581,182	8,365,189	22,581,182	8,365,189
Other income		151,774	163,034	151,774	163,034
Administrative expenses	15.1 (iii)	(8,096,573)		(7,978,603)		(8,096,573)		(7,978,603)
Profit from operations		14,636,383	549,620	14,636,382	549,620
Finance costs		(8,477,688)	(9,187,157)	(8,477,688)	(9,187,157)
Profit/(Loss) before
taxation		6,158,695	(8,637,537)	6,158,695	(8,637,537)
Taxation	15.1 (iv)	(3,259,572)	(644,337)	(3,259,572)	(644,337)
Profit/(Loss) for the
quarter/year	15.1 (v)	2,899,123	(9,281,874)	2,899,123	(9,281,874)
Other comprehensive
income:
Items that will be classified
subsequently to profit or
loss:
Currency translation
differences		446,511	537,266	446,511	537,266
Total comprehensive
income/(expense) for the
quarter/year		3,345,634		(8,744,608)		3,345,634		(8,744,608)

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ICON OFFSHORE BERHAD (201201011310 (984830-D))

(Incorporated in Malaysia)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2022

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (continued)

		INDIVIDUAL QUARTER		CUMULATIVE PERIOD
		CURRENT		CORRESPONDING		CURRENT		CORRESPONDING
		QUARTER		QUARTER		YEAR		YEAR
		ENDED		ENDED		ENDED		ENDED
		(UNAUDITED)		(UNAUDITED)		(UNAUDITED)		(UNAUDITED)
	Note	31.03.2022	31.03.2021	31.03.2022	31.12.2021
		RM		RM		RM		RM
Profit/(Loss) attributable to:
-Equity holders of the
Company		2,962,211	(11,152,174)	2,962,211	(11,152,174)
-Non-controlling interests		(63,088)		1,870,300		(63,088)		1,870,300
		2,899,123	(9,281,874)	2,899,123	(9,281,874)
Total comprehensive
income/(expense)
attributable to:
-Equity holders of the
Company		3,189,932	(10,873,323)	3,189,932	(10,873,323)
-Non-controlling interests		155,702		2,128,715		155,702		2,128,715
		3,345,634	(8,744,608)	3,345,634	(8,744,608)
Profit per share for profit
attributable to the ordinary
equity holders of the
Company:
Basic/diluted earnings/(loss)
per share (sen)	23	0.11	(0.42)	0.11	(0.42)

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ICON OFFSHORE BERHAD (201201011310 (984830-D))

(Incorporated in Malaysia)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2022

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

		Unaudited		Audited
		As at		As at
		31.03.2022	31.12.2021
		RM		RM
Non-current assets
Property, plant and equipment	724,562,210	737,013,307
Intangible assets	1,993,820	1,993,820
Prepayments	-	4,846,768
Cash and bank balances	15,638,089	15,638,089
Right-of-use assets	1,175,128	1,311,360
Deferred tax assets	31,467,032	32,185,225
		774,836,279	792,988,569
Current assets
Trade and other receivables	86,529,614	105,081,684
Inventories	1,093,781	1,069,617
Tax recoverable	2,072,923	2,021,159
Cash and bank balances	91,373,726	67,532,312
		181,070,044	175,704,772
Less: Current liabilities
Trade and other payables	45,849,792	46,130,932
Amount due to immediate holding company	164,200,000	174,200,000
Lease liabilities	396,231	443,940
Borrowings	43,473,543	48,108,034
Taxation	2,335,189	1,688,797
		256,254,755	270,571,703
Net current liabilities	(75,184,711)	(94,866,931)
Less: Non-current liabilities
Lease liabilities	807,539	896,063
Borrowings	269,261,151	271,692,756
Deferred tax liabilities	17,359,396	16,828,222
		287,428,086	289,417,041
		412,223,482	408,704,597
Equity attributable to equity holders
of the Company
Share capital	1,147,143,742	1,146,970,491
Warrants reserve	32,725,839	32,725,839
Currency translation reserve	1,014,247	786,529
Share based payment reserve	123,664	123,664
Capital contribution reserve	6,115,578	6,115,578
Accumulated losses	(808,978,111)	(811,940,322)
Non-controlling interest	34,078,523	33,922,818
Total equity	412,223,482	408,704,597

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ICON OFFSHORE BERHAD (201201011310 (984830-D))

(Incorporated in Malaysia)

QUARTERLY REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2022

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

						Attributable to equity holders of the Company
	Issued and
		fully paid
	ordinary shares						Non-distributable	Distributable
				Currency	Share based									Non-
		Share	Warrants	translation		payment		Capital	Accumulated		controlling	Total
		capital	reserve	reserve		reserve		contribution		losses		interest	equity
		RM	RM	RM		RM			RM		RM		RM	RM
Group
At 1 January 2022	1,146,970,491	32,725,839	786,529	123,664	6,115,578		(811,940,322)		33,922,818	408,704,597
Profit for the financial year	-	-	-	-		-		2,962,211		(63,088)	2,899,123
Currency translation differences,
representing total income and
expense recognised directly in equity	-	-	227,718	-		-		-		218,793	446,511
Total comprehensive income
for the financial year	-	-	227,718	-		-		2,962,211		155,705	3,345,634
Issuance of shares for ESOS	173,251	-	-	-		-		-		-	173,251
Non-controlling interests on acquisition
of subsidiary	-	-	-	-		-		-				-
Share based payment	-	-	-				-		-		-	-
Contribution of capital	-	-	-	-						-		-	-
	───────────	───────────	───────────	───────────	───────────	───────────	─────────	───────────
At 31 March 2022	1,147,143,742	32,725,839	1,014,247	123,664	6,115,578		(808,978,111)		34,078,523	412,223,482
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