Sheng Siong : 1H FY 2021 Performance

SHENG SIONG GROUP LTD

Interim Financial Statements as At and For the Half Year ended 30 June 2021

Contents
	A. Consolidated Statement of Profit or Loss and Other
	Comprehensive Income	2
	B. Statements of Financial Position	4
	C. Statements of Changes in Equity	5
	D. Consolidated Statement of Cash Flows	6
	E. Notes to the Consolidated Financial Statements	7
		1
	Other Information Required by Listing Rule Appendix 7.2	3

1

SHENG SIONG GROUP LTD

Interim Financial Statements as At and For the Half Year ended 30 June 2021

1. Consolidated Statement of Profit or Loss and Other Comprehensive Income

			The Group
		6 months ended 30 June
		2021	2020
	Note	S$'000	S$'000	+/ (-)
					%
Revenue	5	681,675	747,400		(8.8%)
Cost of sales		(489,159)	(541,061)		(9.6%)
Gross profit		192,516	206,339		(6.7%)
Other income	6	7,546	19,945		(62.2%)
Distribution expenses		(3,560)	(4,771)		(25.4%)
Administrative expenses		(113,354)	(129,220)		(12.3%)
Other expenses		(2,722)	(2,151)		26.5%
Results from operating activities		80,426	90,142		(10.8%)
Finance income		484	568		(14.8%)
Finance expense		(1,078)	(1,058)		1.9%
Profit before tax	6	79,832	89,652		(11.0%)
Tax expense	7	(13,741)	(14,428)		(4.8%)
Profit for the period		66,091	75,224		(12.1%)
Other comprehensive income
Item that may be reclassified
subsequently to profit or loss:
Foreign currency translation
differences arising on consolidation
of foreign entity		(191)	95		n.m
Total comprehensive income for the
	65,900	75,319		(12.5%)
period
	2

SHENG SIONG GROUP LTD

Interim Financial Statements as At and For the Half Year ended 30 June 2021

Profit net of tax for the period attributable to:

Owners of the company		65,934	74,816	(11.9%)
Non-controlling interest		157	408	(61.5%)
		66,091	75,224	(12.1%)
Total comprehensive income attributable to:
Owners of the company		65,819	74,873	(12.1%)
Non-controlling interest		81	446	(81.8%)
		65,900	75,319	(12.5%)
Earnings per share
Basic and diluted (cents)	8	4.39	4.98

n.m denotes not meaningful

1. Statements of Financial Position

3

SHENG SIONG GROUP LTD

Interim Financial Statements as At and For the Half Year ended 30 June 2021

		The Group		The Company
		30 Jun	31 Dec		30 Jun	31 Dec
		2021	2020		2021	2020
	Note	S$'000	S$'000		S$'000	S$'000
Non-current assets
Property, plant and
equipment	11	340,923	340,299		-	-
Investment in subsidiaries		-	-		82,261	82,261
		340,923	340,299		82,261	82,261
Current assets
Inventories		74,972	77,911		-	-
Trade and other receivables		9,516	19,949		200,719	199,300
Cash and cash equivalents		247,980	253,901		153	274
		332,468	351,761		200,872	199,574
Total assets		673,391	692,060		283,133	281,835
Equity
Share capital	13	235,373	235,373		235,373	235,373
Merger reserve		(68,234)	(68,234)		-	-
Foreign currency translation
reserve		(112)	3		-	-
Accumulated profits		226,076	205,248		47,551	46,083
Equity attributable to
	393,103	372,390		282,924	281,456
owners of the Company
Non-controlling interest		2,790	2,709		-	-
Total equity		395,893	375,099		282,924	281,456
Non-current liabilities
Lease liabilities		28,657	23,129		-	-
		4

SHENG SIONG GROUP LTD

Interim Financial Statements as At and For the Half Year ended 30 June 2021

Term loan	12	7,500	15,000		-	-
Deferred tax liabilities		4,161	3,615		-	-
		40,318	41,744		-	-
Current liabilities
Trade and other payables		178,283	208,089		192	379
Current tax payable		24,084	29,754		17	-
Term loan	12	12,500	15,000		-	-
Lease liabilities		22,313	22,374		-	-
		237,180	275,217		209	379
Total liabilities		277,498	316,961		209	379
Total equity and liabilities		673,391	692,060		283,133	281,835

1. Statements of Changes in Equity

		Attributable to owners of the Company
				Foreign
				currency		Non-
The Group	Share	Merger	Accumulate	translatio		Controllin	Total
capital	reserve	d profits	n reserve	Total	g interest	equity
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
At 1 January 2021		(68,234			372,39		375,09
235,373	)	205,248	3	0	2,709	9
Total comprehensive
income for the
period
Profit for the period	-	-	65,934	-	65,934	157	66,091
Other comprehensive
income
Foreign currency
translation
differences for
foreign entity	-	-	-	(115)	(115)	(76)	(191)
Total comprehensive
income for the	-	-	65,934	(115)	65,819	81	65,900
period
Transactions with
owners, recorded
directly in equity:

5