Sheng Siong : Q4 2021 Financial Statement

SHENG SIONG GROUP LTD

Condensed Interim Financial Statements

For the 6 Months and Full Year Ended 31 December 2021

Contents
A. Interim Consolidated Statement of Profit or Loss and Other Comprehensive
Income	2
B. Interim Statements of Financial Position	4
C. Interim Statements of Changes in Equity	5
D. Interim Consolidated Statement of Cash Flows	7
E. Notes to the Condensed Interim Financial Statements	8
F. Other Information Required by Listing Rule Appendix 7.2	20

1

SHENG SIONG GROUP LTD

Condensed Interim Financial Statements

For the 6 Months and Full Year Ended 31 December 2021

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

				The Group
		6 months ended		12 months ended
		31 Dec	31 Dec		31 Dec	31 Dec
		2021	2020	Change	2021	2020	Change
	Note	S$'000	S$'000	+/ (-)	S$'000	S$'000	+/ (-)
Revenue	5	688,085	646,598	6.4%	1,369,760	1,393,998	(1.7%)
Cost of sales		(487,309)	(471,079)	3.4%	(976,468)	(1,012,140)	(3.5%)
Gross profit		200,776	175,519	14.4%	393,292	381,858	3.0%
Other income	6	4,564	21,298	(78.6%)	12,110	41,243	(70.6%)
Selling and
distribution
expenses		(4,016)	(2,451)	63.9%	(7,576)	(7,222)	4.9%
Administrative
expenses		(116,883)	(115,939)	0.8%	(230,237)	(245,159)	(6.1%)
Other expenses		(2,636)	(2,429)	8.5%	(5,358)	(4,580)	17.0%
Results from
operating
activities		81,805	75,998	7.6%	162,231	166,140	(2.4%)
Finance income	6	631	416	51.7%	1,115	984	13.3%
Finance expenses	6	(1,286)	(958)	34.2%	(2,364)	(2,016)	17.3%
Profit before tax	6	81,150	75,456	7.5%	160,982	165,108	(2.5%)
Tax expense	7	(14,133)	(11,547)	22.4%	(27,874)	(25,975)	7.3%
Profit for the year		67,017	63,909	4.9%	133,108	139,133	(4.3%)
Profit attributable
to:
Owners of the
company		66,899	63,834	4.8%	132,833	138,650	(4.2%)
Non-controlling
interest		118	75	57.3%	275	483	(43.1%)
Profit after tax		67,017	63,909	4.9%	133,108	139,133	(4.3%)

2

SHENG SIONG GROUP LTD

Condensed Interim Financial Statements

For the 6 Months and Full Year Ended 31 December 2021

The Group

Note

Other comprehensive income

Item that is or may be reclassified subsequently to profit or loss:

Foreign currency translation differences - foreign entities

Total comprehensive income for the period / year Total

comprehensive income attributable to:

Owners of the company Non-controlling

interest

Total comprehensive income for the

period / year

Earnings per share

Basic and diluted

(cents)8

	6 months ended			12 months ended
31 Dec	31 Dec		31 Dec	31 Dec
2021	2020	Change	2021	2020	Change
S$'000	S$'000	+/ (-)	S$'000	S$'000	+/ (-)

22

198

n.m

(169)

293

n.m

67,039

64,107

4.6%

132,939

139,426

(4.7%)

66,912	63,953	4.6%	132,732	138,826	(4.4%)
127	154	(17.5%)	207	600	(65.5%)
67,039	64,107	4.6%	132,939	139,426	(4.7%)

4.45

4.25

8.83

9.22

n.m denotes not meaningful

3

SHENG SIONG GROUP LTD

Condensed Interim Financial Statements

For the 6 Months and Full Year Ended 31 December 2021

1. Interim Statements of Financial Position

		The Group		The Company
		31 Dec	31 Dec		31 Dec	31 Dec
		2021	2020	2021	2020
	Note	S$'000	S$'000		S$'000	S$'000
Assets
Property, plant and
equipment	12	302,883	291,588	-	-
Right-of-use assets	12	79,505	48,711	-	-
Investment in subsidiaries		-	-		82,261	82,261
Non-current assets		382,388	340,299		82,261	82,261
Inventories		98,383	77,911	-	-
Trade and other receivables		11,604	19,949	200,721	199,300
Cash and cash equivalents		246,642	253,901		308	274
Current assets		356,629	351,761		201,029	199,574
Total assets		739,017	692,060	283,290	281,835
Equity
Share capital	10	235,373	235,373	235,373	235,373
Merger reserve		(68,234)	(68,234)	-	-
Foreign currency translation
reserve		(98)	3	-	-
Accumulated profits		246,365	205,248		47,551	46,083
Equity attributable to owners of the		413,406	372,390	282,924	281,456
Company
Non-controlling interest		2,916	2,709		-	-
Total equity		416,322	375,099	282,924	281,456
Liabilities
Deferred tax liabilities		3,229	3,615	-	-
Term loan	14	-	15,000	-	-
Lease liabilities	15	48,945	23,129		-	-
Non-current liabilities		52,174	41,744		-	-
Trade and other payables		212,391	208,089	361	379
Current tax payable		25,381	29,754	5	-
Term loan	14	5,000	15,000	-	-
Lease liabilities	15	27,749	22,374		-	-
Current liabilities		270,521	275,217		366	379
Total liabilities		322,695	316,961		366	379
Total equity and liabilities		739,017	692,060	283,290	281,835

4

SHENG SIONG GROUP LTD

Condensed Interim Financial Statements

For the 6 Months and Full Year Ended 31 December 2021

1. Interim Statements of Changes in Equity

			Attributable to owners of the Company
				Foreign
				currency			Non-
		Share	Merger	translation	Accumulated		Controlling	Total
Group	capital	reserve	reserve	profits	Total	interest	equity
		S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
At 1 January 2021	235,373	(68,234)	3	205,248	372,390	2,709	375,099
Total comprehensive
income for the year
Profit for the year	-	-	-	132,833	132,833	275	133,108
Other comprehensive
Income
Foreign currency
translation differences	-	-	(101)	-	(101)	(68)	(169)
Total comprehensive
income for the year	-	-	(101)	132,833	132,732	207	132,939
Transaction with
owners, recognised
directly in equity
Distribution to owners
of the Company
Dividends paid (Note 9)	-	-	-	(91,716)	(91,716)	-	(91,716)
Total transaction with
Owners	-	-	-	(91,716)	(91,716)	-	(91,716)
At 31 December 2021	235,373	(68,234)	(98)	246,365	413,406	2,916	416,322
At 1 January 2020	235,373	(68,234)	(173)	146,285	313,251	2,109	315,360
Total comprehensive
income for the year
Profit for the year	-	-	-	138,650	138,650	483	139,133
Other comprehensive
Income
Foreign currency
translation differences	-	-	176	-	176	117	293
Total comprehensive
income for the year	-	-	176	138,650	138,826	600	139,426
Transaction with
owners, recognised
directly in equity
Distribution to owners
of the Company
Dividends paid (Note 9)	-	-	-	(79,687)	(79,687)	-	(79,687)
Total transaction with
Owners	-	-	-	(79,687)	(79,687)	-	(79,687)
At 31 December 2020		235,373	(68,234)	3	205,248	372,390	2,709	375,099

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