Unimech : Interim Financial Report For The First Quarter Ended 31 March 2023

UNIMECH GROUP BERHAD [199601035227 (407580-X)]

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2023

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2023

	As at	As at
	31-Mar-23	31-Dec-22
	(Unaudited)	(Audited)
ASSETS	RM'000	RM'000
Non-current assets
Property, plant and equipment ("PPE")	108,679	98,526
Investment properties	7,850	7,877
Right of use assets ("ROU")	26,734	27,502
Investment in associates	23,934	22,820
Investment securities	2,238	1,851
Intangible assets	544	144
Other receivables	678	678
Deferred tax assets	886	831
	171,543	160,229
Current assets
Inventories	194,850	196,129
Trade and other receivables	102,695	99,699
Tax recoverable	665	806
Cash and bank balances	52,585	51,355
	350,795	347,989
TOTAL ASSETS	522,338	508,218
EQUITY AND LIABILITIES
Equity
Share capital	99,588	99,588
Treasury shares	(3,891)	(3,766)
Reserves	4,588	(3,373)
Retained earnings	225,301	218,485
Equity attributable to owners of the parent	325,586	310,934
Non-controlling interests	54,739	52,830
Total equity	380,325	363,764
Liabilities
Non-Current Liabilities
Bank borrowings	17,963	16,324
Lease liabilities	4,202	4,163
Deferred tax liabilities	561	501
	22,726	20,988
Current liabilities
Trade and other payables	49,913	49,736
Bank borrowings	64,376	68,321
Lease liabilities	1,724	2,403
Tax payable	3,274	3,006
	119,287	123,466
Total liabilities	142,013	144,454
TOTAL EQUITY AND LIABILITIES	522,338	508,218

The condensed consolidated statement of financial position should be read in conjunction with the audited financial statements for the year ended 31 December 2022 and the accompanying explanatory notes attached to the interim financial statements.

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UNIMECH GROUP BERHAD [199601035227 (407580-X)]

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2023

CONDENSED CONSOLIDATED INCOME STATEMENTS

FOR THE THREE MONTHS ENDED 31 MARCH 2023 (UNAUDITED)

	Current quarter	Cumulative quarter
	3 months ended	3 months ended
	31 March	31 March
	2023	2022	2023	2022
	RM '000	RM '000	RM '000	RM '000
Revenue	78,959	75,381	78,959	75,381
Operating expenses	(67,611)	(64,480)	(67,611)	(64,480)
Other income	676	500	676	500
Operating profit	12,024	11,401	12,024	11,401
Interest expense	(1,616)	(1,431)	(1,616)	(1,431)
Interest income	103	64	103	64
Share of results of associates	872	600	872	600
Profit before tax	11,383	10,634	11,383	10,634
Taxation	(2,961)	(3,081)	(2,961)	(3,081)
Profit for the period	8,422	7,553	8,422	7,553
Profit attributable to:
Owners of the parent	6,816	6,052	6,816	6,052
Non-controlling interests	1,606	1,501	1,606	1,501
Profit for the period	8,422	7,553	8,422	7,553
Earnings per share ("EPS") attributable to owners
of the parent (sen):
Basic EPS	4.62	4.10	4.62	4.10
Diluted EPS	N/A	N/A	N/A	N/A

The condensed consolidated income statements should be read in conjunction with the audited financial statements for the year ended 31 December 2022 and the accompanying explanatory notes attached to the interim financial statements.

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UNIMECH GROUP BERHAD [199601035227 (407580-X)]

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2023

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED 31 MARCH 2023 (UNAUDITED)

Profit for the period

Other comprehensive income/(expenses), net of tax:

Currency translation differences arising from consolidation

Fair value movements on available for sale investments

Total comprehensive income for the period

Current quarter	Cumulative quarter
3 months ended	3 months ended
31 March	31 March
2023	2022	2023	2022
RM '000	RM '000	RM '000	RM '000
8,422	7,553	8,422	7,553

8,225	4,005	8,225	4,005
(264)	(361)	(264)	(361)
16,383	11,197	16,383	11,197

Total comprehensive income attributable to:
Owners of the parent	14,777	9,696	14,777	9,696
Non-controlling interests	1,606	1,501	1,606	1,501
	16,383	11,197	16,383	11,197

The condensed consolidated statement of comprehensive income should be read in conjunction with the audited financial statements for the year ended 31 December 2022 and the accompanying explanatory notes attached to the interim financial statements.

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UNIMECH GROUP BERHAD [199601035227 (407580-X)]

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2023

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THREE MONTHS ENDED 31 MARCH 2023 (UNAUDITED)

	Cumulative quarter
	3 months ended
	31 March
	2023	2022
	RM'000	RM'000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax	11,383	10,634
Adjustments for:
Depreciation and amortisation	1,868	1,825
Other non-cash items and non-operating items	4,446	700
Operating profit before working capital changes	17,697	13,159
Inventories	779	(4,328)
Receivables	(2,996)	(3,035)
Payables	177	1,326
Cash generated from operating activities	15,657	7,122
Interest paid	(1,616)	(1,431)
Net of tax paid	(2,404)	(2,880)
Net cash from operating activities	11,637	2,811
CASH FLOWS FROM INVESTING ACTIVITIES
Dividend received	4	5
Interest received	103	64
Net of changes of investment in subsidiaries and associates	329	-
Net of purchase and disposal of investment securities	7	565
Net of purchase and disposal of PPE and ROU	(11,226)	(2,590)
Net cash used in investing activities	(10,783)	(1,956)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid to non-controlling interests	(26)	-
Net of repurchase of treasury shares	(125)	(54)
Net changes in bank borrowings	(2,306)	(1,078)
Net changes in lease liabilities	(640)	(1,293)
Net cash used in financing activities	(3,097)	(2,425)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(2,243)	(1,570)
CASH AND CASH EQUIVALENTS AT BEGINNING OF	52,717	46,631
FINANCIAL PERIOD
Effect of foreign exchange rates changes	1,689	7,656
CASH AND CASH EQUIVALENTS AT END OF FINANCIAL PERIOD	52,163	52,717
CASH AND CASH EQUIVALENTS COMPRISED THE FOLLOWING:
Cash and bank balances	52,585	53,885
Overdrafts	(422)	(1,168)
	52,163	52,717

The condensed consolidated cash flow statements should be read in conjunction with the audited financial statements for the year ended 31 December 2022 and the accompanying explanatory notes attached to the interim financial statements.

Page 4 of 15

UNIMECH GROUP BERHAD [199601035227 (407580-X)]

INTERIM FINANCIAL REPORT FOR THE FIRST QUARTER ENDED 31 MARCH 2023

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THREE MONTHS ENDED 31 MARCH 2023 (UNAUDITED)

(RM'000)

Balance as at 1 January 2022 Purchase of treasury shares

Total comprehensive income/(loss) for the period

Balance as at 31 March 2022

|-----------------------------------	Non-Distributable---------------------------------	| Distributable
|----------------------------	Attributable to owners of the parent ---------------------------------	|
			Currencies				Non-
	Treasury	Capital	translation	Fair value	Retained		controlling
Share capital	shares	reserve	reserve	reserve	earnings	Total	interests	Total equity
99,588	(3,654)	892	1,363	(4,366)	194,670	288,493	49,051	337,544
-	(54)	-	-	-	-	(54)	-	(54)
-	-	-	4,005	(361)	6,052	9,696	1,501	11,197
99,588	(3,708)	892	5,368	(4,727)	200,722	298,135	50,552	348,687

Balance as at 1 January 2023 Purchase of treasury shares Changes in equity

Dividend paid

Total comprehensive income/(loss) for the period

Balance as at 31 March 2023

99,588	(3,766)	892	278	(4,543)	218,485	310,934	52,830	363,764
-	(125)	-	-	-	-	(125)	-	(125)
-	-	-	-	-	-	-	329	329
-	-	-	-	-	-	-	(26)	(26)
-	-	-	8,225	(264)	6,816	14,777	1,606	16,383
99,588	(3,891)	892	8,503	(4,807)	225,301	325,586	54,739	380,325

The condensed consolidated statements of changes in equity should be read in conjunction with the audited financial statements for the year ended 31 December 2022 and the accompanying explanatory notes attached to the interim financial statements.

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