Protasco Berhad : Quarterly report for the financial period ended 31 December 2021

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		Current		Corresponding		Current Year		Corresponding
		Quarter		Quarter		To Date		Year To Date
		31.12.2021	31.12.2020	31.12.2021	31.12.2020
	Note	RM'000		RM'000		RM'000		RM'000
Revenue	7	403,449	312,524	1,110,284	996,181
Cost of sales		(344,661)	(278,603)	(952,257)	(852,855)
Gross profit		58,788	33,921	158,027	143,326
Other operating income		4,607	(4,083)	14,813	1,296
Operating expenses		(40,826)	(39,037)	(112,178)	(122,353)
Profit from operation		22,569	(9,199)	60,662	22,269
Finance costs		(2,849)	(3,156)	(9,904)	(10,429)
Share of profit in associates		2,042	1,162	2,739	2,711
Profit before taxation	7	21,762	(11,193)	53,497	14,551
Taxation	18	(7,541)	(5,424)	(15,577)	(21,577)
Profit after taxation	19	14,221	(16,617)	37,920	(7,026)
Other comprehensive income
Items that will be reclassified
subsequently to profit or loss:
Currency translation differences		14,691	(639)	15,227	(647)
Total comprehensive (expenses)/income	28,912	(17,256)	53,147	(7,673)
Profit/(Loss) after taxation attributable to:
Owners of the Company		6,768	(20,585)	16,227	(25,233)
Non-controlling Interests		7,453		3,968		21,693		18,207
		14,221		(16,617)		37,920		(7,026)
Total comprehensive income/(expense) attributable to:
Owners of the Company		21,459	(21,224)	31,454	(25,880)
Non-controlling Interests		7,453		3,968		21,693		18,207
		28,912	(17,256)	53,147	(7,673)
(Loss)/Earnings per share (sen)
- Basic	24	1.40	(4.27)	3.37	(5.23)

(The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the audited financial statements for the year ended 31 December 2020 and the accompanying explanatory notes attached to the interim financial statements)

Page 1 of 6

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021

	Unaudited	Audited
	as at	as at
	31.12.2021	31.12.2020
Note	RM'000	RM'000
ASSETS
Non-current Assets
Investment in associated companies	18,088	15,593
Property, plant & equipment	242,656	238,163
Right-of-use-assets	11,799	12,998
Investment properties	75,099	76,922
Inventories	42,518	42,517
Goodwill on consolidation	36	36
Long term investments	145	145
Deferred tax assets	177	177
	390,518	386,551
Current Assets
Inventories	31,209	29,359
Contract assets	16,997	28,690
Contract costs	242	26
Receivables	313,684	165,454
Amount owing by associates	1,605	1,287
Tax recoverable	16,594	9,877
Short term investments	29,679	47,133
Deposits with licenced banks	25,513	21,516
Cash and bank balances	132,037	187,350
	567,560	490,692
TOTAL ASSETS	958,078	877,243

Page 2 of 6

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2021

		Unaudited	Audited
		as at	as at
		31.12.2021	31.12.2020
	Note	RM'000	RM'000
EQUITY AND LIABILITIES
Equity attributable to equity holders
of the company
Share capital		249,437	249,437
Treasury shares, at cost		(3,752)	(3,752)
Other reserves		13,290	(1,937)
Retained profits		76,635	60,368
		335,610	304,116
Non-controlling Interests		41,452	34,140
Total equity		377,062	338,256
Non-current liabilities
Other payables		23,784	23,784
Deferred taxation		2,252	4,425
Lease liabilities		6,155	6,222
Long term borrowings	21	79,565	88,786
		111,756	123,217
Current Liabilities
Payables		299,111	243,273
Dividend payable		-	-
Amount owing to associates		896	1,992
Taxation		4,284	5,458
Lease liabilities		1,466	2,579
Short term borrowings	21	132,789	132,832
Bank overdrafts	21	30,714	29,636
		469,260	415,770
Total Liabilities		581,016	538,987
TOTAL EQUITY AND LIABILITIES		958,078	877,243
		-	-
Net assets per share (RM)		0.70	0.63

(The Condensed Consolidated Statement of Financial Position should be read in conjunction with the audited financial statements for the year ended 31 December 2020 and the accompanying explanatory notes attached to the interim financial statements )

Page 3 of 6

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN

EQUITY FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

	Treasury	Share	Foreign		Fair Value		Attributable to		Non-
Share Capital	Translation	Capital Reserve	Retained Profits	Owner of the		controlling	Total Equity
Shares	Premium	Reserve
	Reserve			Company		Interest
RM' 000	RM'000	RM' 000	RM' 000	RM' 000	RM' 000	RM' 000	RM' 000		RM' 000	RM' 000

At 1 January 2020		249,437	(3,118)	-	(10,135)	8,875	(30)	85,585	330,614	24,635	355,249
Loss after taxation for the financial period		-	-	-	-	-	-	(25,233)	(25,233)	18,207	(7,026)
Other comprehensive income for the financial period:
- foreign currency translation		-	-	-	(647)	-	-	-	(647)	-	(647)
Total comprehensive income/(expense)
for the financial period		-	-	-	(647)	-	-	(25,233)	(25,880)	18,207	(7,673)
Contributions by and distributions to owners of	the
Company:
- Treasury shares acquired		-	(634)	-	-	-	-	-	(634)	-	(634)
- Dividends:
- by the Company		-	-	-	-	-	-	-	-	-	-
- by subsidiaries to non-controlling interests		-	-	-	-	-	-	-	-	(8,940)	(8,940)
Total transaction with the owners of the Company	-	(634)	-	-	-	-	-	(634)	(8,940)	(9,574)
- Changes in subsidiaries' ownership interests
that do not result in a loss of control		-	-	-	-	-	-	16	16	238	254
At 31 December 2020		249,437	(3,752)	-	(10,782)	8,875	(30)	60,368	304,116	34,140	338,256
At 1 January 2021		249,437	(3,752)	-	(10,782)	8,875	(30)	60,368	304,116	34,140	338,256
Profit after taxation for the financial period		-	-	-	-	-	-	16,227	16,227	21,693	37,920
Other comprehensive income for the financial period:
- foreign currency translation		-	-	-	15,227	-	-	-	15,227	-	15,227
Total comprehensive income for the financial period	-	-	-	15,227	-	-	16,227	31,454	21,693	53,147
Contributions by and distributions to owners of	the
Company:
- Disposal of investment in subsidiaries		-	-	-	-	-	-	40	40	194	234
- Dividends:
- by the Company		-	-	-	-	-	-	-	-	-	-
- by subsidiaries to non-controlling interests		-	-	-	-	-	-	-	-	(14,575)	(14,575)
Total transaction with the owners of the Company	-	-	-	-	-	-	40	40	(14,381)	(14,341)
At 31 December 2021		249,437	(3,752)	-	4,445	8,875	(30)	76,635	335,610	41,452	377,062

(The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the audited financial statements for the year ended 31 December 2020 and the accompanying explanatory notes attached to the interim financial statements)

Page 4 of 6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

	Unaudited		Audited
	For the Financial		For the Financial
	Year Ended		year Ended
	31.12.2021	31.12.2020
	RM' 000		RM' 000
CASH FLOWS FOR OPERATING ACTIVITIES
Profit before taxation	53,497	14,551
Adjustments for:
Bad debts written off	-	64
Depreciation of investment properties	1,823	1,823
Depreciation of property, plant and equipment	12,650	10,487
Depreciation of right-of-use assets	2,573	3,276
Allowance for Impairment losses on:
- trade receivables	10,190	22,526
- other receivables	-	1,609
Interest expense	9,903	19,192
Property, plant and equipment written off	-	26
Property development written off		8,068
Share of profit in associates	(2,739)	(2,711)
Interest income	(1,318)	(1,252)
Income from short-term investments	(107)	(574)
Gain on disposal of property, plant and equipment	(279)	(193)
Reversal of impairment losses on:
- Trade receivables	(6,982)	(5,092)
- Other receivables	-		(1,077)
Operating profit before working capital changes	79,211	70,723
Decrease/(Increase) in inventories	(1,851)	13,086
Decrease/(Increase) in contract assets	11,693	230,076
Increase in contract costs	(216)	534
Increase in receivables	(153,656)	25,900
Increase in payables	55,838	(49,250)
Increase/(Decrease) in amount owing by associates	(1,414)	(181)
Increase/(Decrease) in amount owing to associates	-		15
CASH FOR OPERATIONS	(10,395)	290,903
Interest paid	(1,865)	(2,659)
Income tax paid	(21,479)		(15,961)
NET CASH USED OPERATING ACTIVITIES	(33,739)	272,283
CARRIED FORWARD

Page 5 of 6