TIMH RESO : Appendix 4E Preliminary Final Report FY2021

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Appendix 4E (Preliminary Final Report - Unaudited)

Timah Resources Limited (ABN 69 123 981 537) and Controlled Entities

APPENDIX 4E - PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2021

Results for Announcement to the Market

Key Information	31 Dec 2021	31 Dec 2020
	RM'000	RM'000	% Change
Revenue from ordinary activities	8,774	9,930	-12%
Profit/(Loss) after tax from ordinary activities attributable to	358	(176)	304%
members
Net profit/(loss) attributable to members	358	(176)	304%

Explanation of Key Information

An explanation of the above figures is contained in the Review of Operations included within the attached directors' report.

Net Tangible Assets per share	31 Dec 2021	31 Dec 2020
	RM/Share	RM/Share
Net tangible assets per share	0.29	0.28

Dividend Reinvestment Plans

The Group does not have any dividend reinvestment plans in operation.

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DIRECTORS' REPORT

Your directors submit the financial report of the consolidated group for the year ended 31 December 2021.

Directors

The names of directors who held office during or since the end of the year:

Tan Sri Dr Mah King Thian

Dato Seri' Mah King Seng

Mr. Soong Swee Koon

Mr. Jack Tian Hock Tan

Mr. Lee Chong Hoe

Mr. Derrick De Souza

Dr. Jordina Siu Yi Mah (Alternate Director to Tan Sri Dr Mah King Thian)

Ms. Li-Na Mah (Alternate Director to Dato' Seri Mah King Seng)

Review of Operations for the year ended 31 December 2021

The impact of Covid-19 continues to be felt in all corners of the world. It presented significant challenges to TML's operations during the financial year.

We have successfully maintained strict Safety Operating Procedures at our workplace to reduce the risk of Covid- 19 spread.

Travel restrictions, lockdowns and global logistic challenges in 2021 have significantly disrupted our supply chain. Late delivery of essential spare parts and late provision of engineering support services due to Covid-19 have significantly delayed our engine maintenance and repair, thereby reducing our operating capacity.

Hence, for this financial year the Biogas Plant only generated and exported 18,791 MWh of renewable energy, which was 12% lower than the preceding year 2020 (21,267 MWh). However, the Group is able to record a higher net profit after taxation of RM358,254 after enjoying the finance cost saving from the debt restructuring exercise completed in 2020.

Rounding of Amounts

The consolidated group has applied the relief available to it under ASIC Corporation Instrument 2016/191 and accordingly certain amounts in the financial report and the directors' report have been rounded off to the nearest RM1,000.

Status of Audit

The 31 December 2021 financial statements and accompanying notes for Timah Resources Limited are in the process of being audited.

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Consolidated Statement of Profit or Loss

and Other Comprehensive Income for the period

ended 31 December 2021

		Note	Consolidated Group
			31 Dec 2021	31 Dec 2020
			RM'000	RM'000
Revenue	4	8,774	9,930
Cost of sales		(7,065)	(7,184)
Gross profit		1,709	2,746
	Other income	4	851	434
	Administrative expenses		(736)	(946)
	Finance costs		(1,155)	(1,943)
Profit before income tax	5	669	291
Income tax expenses	6	(311)	(467)
(Loss)/Profit for the period		358	(176)
Other comprehensive income:
Exchange differences on translation of foreign operations		(62)	280
Total comprehensive income for the period		296	104
Earnings per share
-	basic earnings per share (cents)	24	0.40	(0.19)
-	diluted earnings per share (cents)	24	0.40	(0.19)

The accompanying notes form part of these financial statements.

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Consolidated Statement of Financial Position

as at 31 December 2021

	Note	Consolidated Group
		31 Dec 2021	31 Dec 2020
		RM'000	RM'000
ASSETS
CURRENT ASSETS
Cash and cash equivalents	7	6,194	6,352
Trade and other receivables	8	2,637	2,832
Other assets	8	1,494	140
Inventories	9	66	136
TOTAL CURRENT ASSETS		10,391	9,460
NON-CURRENT ASSETS
Trade and other receivables	8	-	-
Right of use	10	308	330
Deferred tax assets	12	13,906	13,926
Property, plant and equipment	11	39,186	43,075
TOTAL NON-CURRENT ASSETS		53,400	57,331
TOTAL ASSETS		63,791	66,791
LIABILITIES
CURRENT LIABILITIES
Trade and other payables	13	674	1,386
Lease liabilities	14	11	10
Borrowings	15	-	-
TOTAL CURRENT LIABILITIES		685	1,396
NON-CURRENT LIABILITIES
Borrowings	15	29,477	32,119
Lease liabilities	14	336	346
Deferred tax liabilities	12	7,399	7,106
TOTAL NON-CURRENT LIABILITIES		37,212	39,571
TOTAL LIABILITIES		37,897	40,967
NET ASSETS		25,894	25,824
EQUITY
Issued capital	16	47,104	47,330
Foreign currency translation reserve	19	(70)	(8)
Retained earnings		(21,140)	(21,498)
TOTAL EQUITY		25,894	25,824

The accompanying notes form part of these financial statements.

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For personal use only

Consolidated Statement of Changes In Equity

for the period ended 31 December 2021

			Foreign
	Ordinary		Currency
	Share	Retained	Translation
Consolidated Group	Capital	Earnings	Reserve	Total
	RM'000	RM'000	RM'000	RM'000
Balance at 1 January 2020	31,711	(21,322)	(288)	10,101
Comprehensive income
Debt capitalisation	15,803	-	-	15,803
Share buy-back	(184)	-	-	(184)
Profit for the period	-	(176)	-	(176)
Foreign exchange translation difference	-	-	280	280
Balance at 31 December 2020	47,330	(21,498)	(8)	25,824
Balance at 1 January 2021	47,330	(21,498)	(8)	25,824
Comprehensive income
Share buy-back	(226)	-	-	(226)
Profit for the period	-	358	-	358
Foreign exchange translation difference	-	-	(62)	(62)
Balance at 31 December 2021	47,104	(21,140)	(70)	25,894

The accompanying notes form part of these financial statements.

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