Samudera Shipping Line : CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2022

Condensed Interim Financial Statements for the Half Year ended 30 June 2022

Samudera Shipping Line Ltd

Company Registration: 199308462C

(Incorporated in the Republic of Singapore)

Samudera Shipping Line Ltd

Company Registration: 199308462C

(Incorporated in the Republic of Singapore)

Table of Contents
A.	Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income	.... 1
B.	Condensed Interim Statements of Financial Position ..........................................................................	3
C. Condensed Interim Consolidated Statements of Cash Flows...............................................................	5
D.	Condensed Interim Statements of Changes of Equity..........................................................................	7
E.	Notes to the Condensed Interim Consolidated Financial Statements .................................................	9
F.	Other Information required under Listing Manual.............................................................................	18

Samudera Shipping Line Ltd

Company Registration: 199308462C

(Incorporated in the Republic of Singapore)

A. Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income

	Note	Group
		1H2022	1H2021	+ / (-)
		US$'000	US$'000	%
Revenue		476,241	209,058	127.8
Cost of sales		(290,499)	(164,303)	76.8
Gross profit		185,742	44,755	315.0
Other operating income	(A)	108	2,229	(95.2)
Marketing expenses		(5,332)	(4,857)	9.8
Administrative expenses		(4,377)	(3,931)	11.3
Other operating expenses	(B)	(1,624)	(36)	n.m
Profit from operations		174,517	38,160	357.3
Finance income		309	129	139.5
Finance costs		(2,440)	(1,323)	84.4
Operating profit		172,386	36,966	366.3
Share of results of associate/joint venture		724	1,352	(46.4)
Profit before tax		173,110	38,318	351.8
Income tax expense		(725)	(388)	86.9
Profit after tax		172,385	37,930	354.5
Attributable to:
Owners of the Company		171,727	36,729	367.6
Non-controlling interests		658	1,201	(45.2)
Profit after tax		172,385	37,930	354.5
n.m. = not meaningful
Notes to the Income Statement
		Group
		1H2022	1H2021	+ / (-)
		US$'000	US$'000	%
Profit after tax is arrived at after charging (crediting) the
following:
 Depreciation of property, plant and equipment		3,478	3,369	3.2
 Depreciation of right-of-use assets		45,105	9,118	394.7
 Depreciation of investment properties		18	17	5.9
 Amortisation of intangible assets		215	230	(6.5)
 Allowance for impairment on receivables		200	1,141	(82.5)
 Finance costs - interest on borrowings		276	360	(23.3)
 Finance costs - interest on lease liabilities		2,164	963	124.7

Page 1 of 23

Samudera Shipping Line Ltd

Company Registration: 199308462C

(Incorporated in the Republic of Singapore)

Notes to the Income Statement (Continued)
	Group
	1H2022	1H2021	+ / (-)
	US$'000	US$'000	%
(A) Other operating income
 Rental income	101	181	(44.2)
 Net foreign exchange gains	-	207	(100.0)
 Gain on disposal of plant, property and equipment, net	5	11	(54.5)
 Insurance claim	-	339	n.m.
 Others	2	1,491	(99.9)
	108	2,229	(95.2)
B) Other operating expenses
 Net foreign exchange loss	(1,609)	-	n.m
 Property, plant and equipment written off	(1)	-	n.m
 Claims	(2)	-	n.m
 Others	(12)	(36)	(66.7)
	(1,624)	(36)	n.m
Other Comprehensive Income
	Group
	1H2022	1H2021
	US$'000	US$'000

Profit after tax for the period

Items that will not be reclassified subsequently to profit or loss

Remeasurement of defined benefit obligation

Items that may be reclassified subsequently to profit or loss Share of other comprehensive income of associate

Net unrealised loss on revaluation of cash flow hedges Exchange differences on translation of foreign operations

Other comprehensive income for the period, net of tax

Total comprehensive income for the period

Total comprehensive income attributable to:

Owners of the Company

Non-controlling interests

172,385 37,930

• (5)
• (5)

1. 346

1. 43

(1,854)	(158)
(1,116)	231
(1,116)	226
171,269	38,156
170,996	36,997

273 1,159

171,269 38,156

Page 2 of 23

Samudera Shipping Line Ltd

Company Registration: 199308462C

(Incorporated in the Republic of Singapore)

B. Condensed Interim Statements of Financial Position

	Group	Company
	30 Jun 22	31 Dec 21	30 Jun 22	31 Dec 21
	US$'000	US$'000	US$'000	US$'000
ASSETS
Current assets
Cash and bank balances	245,113	187,193	193,247	146,911
Trade receivables - third parties	165,251	113,487	154,403	105,744
Prepaid operating expenses	25,443	19,776	18,431	14,846
Other receivables and deposits	1,642	1,837	133	152
Due from immediate holding company (non-trade)	261	261	-	-
Due from immediate holding company (trade)	4,584	4,067	4,560	4,039
Due from subsidiaries (trade)	-	-	11,277	8,955
Due from subsidiaries (non-trade)	-	-	13,470	980
Due from related companies (trade)	19,996	17,347	16,935	13,808
Due from non-controlling interest of subsidiary (trade)	251	417	-	-
Inventories	2,374	1,497	2,039	1,246
	464,915	345,882	414,495	296,681
Non-current assets
Investment properties	950	968	516	529
Property, plant and equipment	96,504	67,013	51,330	51,502
Right-of-use assets	214,697	139,330	208,119	133,172
Intangible assets	491	686	491	686
Subsidiaries	-	-	46,643	37,062
Associate/joint venture	18,973	17,537	12,117	12,117
Deferred tax assets	298	66	-	-
Due from subsidiary (non-trade)	-	-	519	570
Goodwill	22	-	-	-
	331,935	225,600	319,735	235,638
Total assets	796,850	571,482	734,230	532,319

Page 3 of 23