IPC : Half Yearly Financial Statement And Dividend Announcement for the six months ended 30 Jun 2022

IPC CORPORATION LTD

AND ITS SUBSIDIARIES

SGX APPENDIX 7.2 ANNOUNCEMENT

FOR THE 6 MONTHS ENDED

30 JUNE 2022

Contents	Page
Condensed interim consolidated statement of comprehensive income	1
Condensed interim statements of financial position	2
Condensed interim statements of changes in equity	3
Condensed interim consolidated statement of cash flows	4
Notes to the condensed interim consolidated financial statements	5
Other information required by Listing Rule Appendix 7.2	12

CONDENSED INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE 6 MONTHS ENDED 30 JUNE 2022

		Group
		6 months ended 30 June
	Notes	2022	2021	%
		S$'000	S$'000
Sales	3	874	1,308	(33.2)
Cost of sales		(1,282)	(1,556)	(17.6)
Gross profit/(loss)		(408)	(248)	64.5
Other income	5	204	412	(50.5)
Other gains/(losses), net	5	25	(2,566)	N.M
Expenses	5
Distribution and marketing		(135)	(149)	(9.4)
Administrative		(1,943)	(1,809)	7.4
Finance		(158)	(310)	(49.0)
		(2,236)	(2,268)	(1.4)
Profit/(loss) before income tax		(2,415)	(4,670)	(48.3)
Income tax credit/(expense)	6	(41)	(48)	(14.6)
Total profit/(loss)		(2,456)	(4,718)	(47.9)
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss:
Currency translation gain/(loss) arising from consolidation		(1,248)	1,357	N.M
Items that will not be reclassified subsequently to profit or loss:
Financial assets, at FVOCI - equity investments
- Fair value gain/(loss)		(224)	364	N.M
Other comprehensive income/(loss), net of tax		(1,472)	1,721	N.M
Total comprehensive income/(loss)		(3,928)	(2,997)	31.1
Earnings/(losses) per share for profit/(loss) attributable to
equity holders of the Company
(cents per share)
- Basic		(2.88)	(5.53)
- Diluted		(2.88)	(5.53)

NM:Not meaningful (change more than 100%)

NA:Not applicable

IPC CORPORATION LTD AND ITS SUBSIDIARIES

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CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

AS AT 30 JUNE 2022

		Group		Company
		30 Jun 2022	31 Dec 2021		30 Jun 2022	31 Dec 2021
	Notes		(Audited)			(Audited)
		S$'000	S$'000		S$'000	S$'000
ASSETS
Current assets
Cash and cash equivalents		2,164	3,758	1,279	2,538
Trade and other receivables		421	398	261	152
Properties developed for sale	13	10,570	10,932		-	-
Other assets		40	45		-	-
		13,195	15,133	1,540	2,690
Non-current assets
Financial assets, at FVPL	9	1,366	1,366	1,366	1,366
Financial assets, at FVOCI	10	302	526		-	-
Other receivables		268	329	250	250
Investment in associated companies		-	-		-	-
Investment in subsidiaries	11	-	-	58,700	58,700
Property, plant and equipment		45,325	47,833		613	675
		47,261	50,054		60,929	60,991
Total assets		60,456	65,187	62,469	63,681
LIABILITIES
Current liabilities
Trade and other payables		2,316	2,100	427	149
Current income tax liabilities		26	338	26	116
Lease liabilities		2	248	2	40
Borrowings	14	986	915		-	-
		3,330	3,601	455	305
Non-current liabilities
Lease liabilities		5	365	5	6
Borrowings	14	3,695	3,867		-	-
		3,700	4,232		5	6
Total liabilities		7,030	7,833		460	311
NET ASSETS		53,426	57,354	62,009	63,370
EQUITY
Capital and reserves attributable to equity
holders of the Company
Share capital	8	33,190	33,190	33,190	33,190
Currency translation reserve		(1,091)	157		-	-
Fair value reserve		(1,091)	(867)		-	-
Retained earnings		22,418	24,874		28,819	30,180
Total equity		53,426	57,354		62,009	63,370

IPC CORPORATION LTD AND ITS SUBSIDIARIES

Page 2

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE 6 MONTHS ENDED 30 JUNE 2022

		Attributable to Equity Holders of the Company
			Currency	Fair
		Share	translation	value	Retained	Total
		capital	reserve	reserve	earnings	equity
		S$'000	S$'000	S$'000	S$'000	S$'000
2022
As at 1 January	33,190	157	(867)	24,874	57,354
Total comprehensive income/(loss) for the period
Profit/(loss) for the period	-	-	-	(2,456)	(2,456)
Other comprehensive income/(loss) for the period	-	(1,248)	(224)	-	(1,472)
		-	(1,248)	(224)	(2,456)	(3,928)
As at 30 June	33,190	(1,091)	(1,091)	22,418	53,426
2021
As at 1 January	33,190	(2,365)	(1,486)	34,256	63,595
Total comprehensive income/(loss) for the period
Profit/(loss) for the period	-	-	-	(4,718)	(4,718)
Transfer upon disposal of financial assets, at FVOCI	-	-	230	(230)	-
Other comprehensive income/(loss) for the period	-	1,357	364	-	1,721
		-	1,357	594	(4,948)	(2,997)
As at 30 June		33,190	(1,008)	(892)	29,308	60,598

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE 6 MONTHS ENDED 30 JUNE 2022

		Share capital	Retained	Total
			earnings	equity
		S$'000	S$'000	S$'000
2022
As at 1 January	33,190	30,180	63,370
Total comprehensive income/(loss) for the period
Profit/(loss) for the period	-	(1,361)	(1,361)
		-	(1,361)	(1,361)
As at 30 June	33,190	28,819	62,009
2021
As at 1 January	33,190	36,849	70,039
Total comprehensive income/(loss) for the period
Profit/(loss) for the period	-	(1,117)	(1,117)
		-	(1,117)	(1,117)
As at 30 June	33,190	35,732	68,922

IPC CORPORATION LTD AND ITS SUBSIDIARIES

Page 3

CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE 6 MONTHS ENDED 30 JUNE 2022

Cash flows from operating activities

Profit/(loss) before tax

Adjustments for

• Depreciation
• Unrealised translation losses/(gains)
• Gains on disposal of property, plant and equipment
• Fair value loss/(gain) on financial assets, at FVPL
• Write-downon properties held for sale
• Write-downon properties developed for sale
• Written off of other receivable
• Written off of property, plant and equipment
• Reversal of interest from early termination of leases
• Interest income
• Interest expenses

Change in working capital

• Other assets
• Properties
• Trade and other receivables
• Trade and other payables

Cash generated from/(used in) operations

Interest received

Income tax paid, net

Net cash provided by/(used in) operating activities

Cash flows from investing activities

Purchases of property, plant and equipment

Proceed of disposal of property, plant and equipment

Proceed of disposal of financial assets, at FVOCI

Net cash provided by/(used in) investing activities

Cash flows from financing activities

Interest paid

Proceeds from borrowings

Repayment of borrowings

Principal payment of lease liabilities

Net cash provided by/(used in) financing activities

Net increase/(decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of financial period

Effects of currency translation on cash and cash equivalents

Cash and cash equivalents at end of financial period

Group

6 months ended 30 June

2022 2021

S$'000 S$'000

(2,415) (4,670)

892925

1. (84)

• (76)
• 1,650
• 794
• 261
• 1

19-

1. -

1. (7)

158310

(1,378) (896)

54

117220

1. 189

1. (211)

(1,001) (694)

37

1. (60)

(1,349) (747)

• (344)
• 406
• 305
• 367

1. (310)

464618

1. (824)

1. (173)

1. (689)

(1,608)	(1,069)
3,758	8,099

14136

2,164 7,166

IPC CORPORATION LTD AND ITS SUBSIDIARIES

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