Singapore Kitchen Equipment : Half Yearly Results

SINGAPORE KITCHEN EQUIPMENT LIMITED

Incorporated in the Republic of Singapore

(Registration No. 201312671M)

*Half Year Financial Statement And Dividend Announcement For The Period Ended 30 June 2021

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF- YEAR AND FULL YEAR RESULTS

1(a) An income statement and statement of comprehensive income for the group together with a comparative statement for the corresponding period of the immediately preceding financial period.

					Group
	Condensed Interim Consolidated Statement of		Note	1H2021	1H2020	Increase/
	Profit or Loss and Other Comprehensive Income		(Unaudited)	(Restated)1	(Decrease)
				S$'000	S$'000	%
	Revenue			12,687	8,320	52.49
	Cost of sales			(8,498)	(6,348)	33.87
	Gross profit			4,189	1,972	112.42
	Other items of income
	Interest income			7	31	(77.42)
	Other income			330	824	(59.95)
	Other items of expense
	Distribution costs			(1,353)	(1,857)	(27.14)
	Administrative expenses			(2,350)	(1,846)	27.30
	Other expenses			(22)	(95)	(76.84)
	Finance costs			(126)	(127)	(0.79)
	Profit/(loss) before income tax	6	675	(1,098)	n.m.
	Income tax expense	7	(200)	(11)	n.m.
	Profit/(loss) for the financial period			475	(1,109)	n.m.
	Other comprehensive income:
	Items that may be reclassified subsequently to profit
	or loss:
	Exchange loss arising from translation of foreign			-	(1)	n.m.
	operations
	Other comprehensive income/(loss) for the			-	(1)	n.m.
	financial period, net of tax
	Total comprehensive income/(loss) for the			475	(1,110)	n.m.
	financial period
	Profit/(loss) attributable to:
	Owners of the parent			475	(1,107)	n.m.
	Non-controlling interest			-	(2)	n.m.
				475	(1,109)	n.m.
	Total comprehensive income/(loss) attributable to:
	Owners of the parent			475	(1,108)	n.m.
	Non-controlling interest			-	(2)	n.m.
				475	(1,110)	n.m.

Remarks:

1: 1H2020 consolidated statement of profit or loss and other comprehensive income has been restated due to prior year adjustments

"1H2021" denotes the half-year financial ended 30 June 2021 "1H2020" denotes the half-year financial ended 30 June 2020 "n.m." denotes not meaningful

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SINGAPORE KITCHEN EQUIPMENT LIMITED

Incorporated in the Republic of Singapore

(Registration No. 201312671M)

1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of immediately preceding financial year.

						Group	Company
	Condensed Interim Statement					As at		As at
	of Financial Position			Note		30/06/2021		31/12/2020	30/06/2021	31/12/2020
						(Unaudited)		(Audited)	(Unaudited)	(Audited)
						S$'000		S$'000	S$'000	S$'000
	NON-CURRENT ASSETS
	Property, plant and equipment	9		965		1,057	5	6
	Right-of-use asset	10		1,204		1,539	-	-
	Intangible assets	11		34		42	-	-
	Investment in subsidiaries				-		-	10	10
						2,203		2,638	15	16
	CURRENT ASSETS
	Inventories				3,298		3,642	-	-
	Trade and other receivables	12		8,067		10,225	3,789	4,024
	Prepayments				81		134	10	3
	Income tax recoverable				64		49	-	-
	Cash and cash equivalents				17,988		15,508	1,102	1,104
						29,498		29,558	4,901	5,131
	Less:
	CURRENT LIABILITIES
	Contract liabilities				1,859		1,295	-	-
	Lease liabilities	13		677		812	-	-
	Trade and other payables	14		4,048		4,954	501	257
	Borrowings	15		3,427		3,237	-	-
	Income tax payable				473		442	-	-
						10,484		10,740	501	257
	NET CURRENT ASSETS				19,014		18,818	4,400	4,874
	Less:
	NON-CURRENT LIABILITIES
	Lease liabilities	13		1,037		1,181	-	-
	Borrowings	15		3,313		3,883	-	-
	Deferred tax liabilities				23		23	-	-
						4,373		5,087	-	-
	NET ASSETS				16,844		16,369	4,415	4,890
	CAPITAL AND RESERVES
	Share capital	16		5,125		5,125	5,125	5,125
	Other reserves				1,217		1,217	-	-
	Retained earnings				10,502		10,027	(710)	(235)
						16,844		16,369	4,415	4,890
	Non-controlling interests				-		-	-	-
	TOTAL EQUITY				16,844		16,369	4,415	4,890

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SINGAPORE KITCHEN EQUIPMENT LIMITED

Incorporated in the Republic of Singapore

(Registration No. 201312671M)

1(b)(ii) Aggregate amount of group's borrowings and debt securities

Please refer to Notes 15 of Notes to the Condensed Interim Consolidated Financial Statements

1(c)(i) A statement of cash flows (for the group), together with a comparative statement for the corresponding period of immediately preceding financial year.

			Group
	Condensed Interim Consolidated Statement of Cash Flows		1H2021	1H2020
			(Unaudited)	(Restated)1
			S$'000	S$'000
	Operating activities
	Profit/(loss) before income tax expense	675	(1,098)
	Adjustments for:
	Depreciation of property, plant and equipment	126	130
	Gain from disposal of property, plant and equipment	-	(1)
	Amortisation for intangible assets	13	11
	Amortisation of right-of-use assets	557	666
	Write back of inventories	(66)	-
	Finance cost	126	127
	Interest income	(7)	(31)
	Operating cash flows before working capital changes	1,424	(196)
	Working capital changes:
	Inventories	391	(746)
	Trade receivables and other receivables	2,153	3,472
	Prepayments	53	10
	Contract liabilities	563	350
	Trade payables and other payables	(887)	(3,421)
	Cash from/(used in) operations	3,697	(531)
	Income tax paid	(184)	(30)
	Net cash from/(used in) operating activities	3,513	(561)
	Investing activities
	Purchase of intangible assets	(5)	-
	Purchase of property, plant and equipment and right-of-use assets	(32)	(182)
	Interest received	7	31
	Net cash used in investing activities	(30)	(151)
	Financing activities
	Decrease in pledged bank deposits	-	478
	Proceeds from borrowings	4,323	4,058
	Repayment of borrowings	(4,704)	(5,188)
	Interest paid	(126)	(127)
	Repayment of lease liabilities	(494)	(677)
	Net cash used in financing activities	(1,001)	(1,456)
	Net change in cash and cash equivalents	2,482	(2,168)
	Cash and cash equivalents at beginning of financial period	14,630	9,567
	Effect of exchange rate changes on cash and cash equivalents	(2)	(5)
	Cash and cash equivalents at end of financial period	17,110	7,394
	Cash and cash equivalents comprised
	Cash on hand and at bank	14,863	5,176
	Fixed deposits with banks		3,125	3,096
	Cash and cash equivalents as per consolidated statement of financial	17,988	8,272
	position
	Less: fixed deposits pledged		(878)	(878)
	Cash and cash equivalents as per consolidated statement of cash flows	17,110	7,394

Remarks:

1: 1H2020 consolidated statement of cash flows has been restated due to prior year adjustments

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SINGAPORE KITCHEN EQUIPMENT LIMITED

Incorporated in the Republic of Singapore

(Registration No. 201312671M)

1(d)(i) A statement for (the issuer and the group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalization issues and distributions to shareholders, together with a comparative statement for the corresponding period of immediately preceding financial year.

Condensed Interim Consolidated Statement of Changes in Equity for the period ended 30 June

Group

(Unaudited)

Balance as at

01 January 2021

Profit for the financial period Other Comprehensive income: Exchange differences on translating foreign operations

Total comprehensive

income for the financial period

Balance as at

30 June 2021

		Foreign
		Currency			Non-
Share	Merger	Translation	Retained		controlling	Total
Capital	Reserve	Account	Earnings	Total	interest	Equity
(S$'000)	(S$'000)	(S$'000)	(S$'000)	($S'000)	(S$'000)	(S$'000)
5,125	1,311	(94)	10,027	16,369	-	16,369
-	-	-	475	475	-	475
-	-	-	-	-	-	-
-	-	-	475	475	-	475
5,125	1,311	(94)	10,502	16,844	-	16,844

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SINGAPORE KITCHEN EQUIPMENT LIMITED

Incorporated in the Republic of Singapore

(Registration No. 201312671M)

			Foreign
			Currency			Non-
	Share	Merger	Translation	Retained		Controlling	Total
	Capital	Reserve	Account	Earnings	Total	interest	Equity
	(S$'000)	(S$'000)	(S$'000)	(S$'000)	(S$'000)	(S$'000)	(S$'000)
Group
(Restated)1
Balance as at
01 January 2020	5,125	1,312	(93)	9,075	15,419	(14)	15,405

Loss for the financial period Other comprehensive income: Exchange differences on translating foreign operations

Total comprehensive

income for the financial period

Transaction with owners of the Parent

-	-	-	(1,107)	(1,107)	(2)	(1,109)
-	-	(1)	-	(1)	-	(1)
-	-	(1)	(1,107)	(1,108)	(2)	(1,110)

Acquisition of subsidiary with non-	-	(1)	-	(15)	(16)	16	-
controlling interest
Total transaction with
owners of the parent	-	(1)	-	(15)	(16)	16	-
Balance as at
30 June 2020	5,125	1,311	(94)	7,953	14,295	-	14,295

Remarks:

1: 1H2020 consolidated statement of changes in equity has been restated due to prior year adjustments

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