VICOM : 1H2023 Financial Statements and Dividend Statement

VICOM LTD

Company Registration Number : 198100320K

Unaudited Condensed Interim Consolidated Financial Statements for the

Half year ended 30 June 2023 and Dividend Announcement

CONTENTS

	Page
A. CONDENSED INTERIM GROUP INCOME STATEMENT	1
B. CONDENSED INTERIM GROUP COMPREHENSIVE INCOME STATEMENT	2
C. CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION	3
D. CONDENSED INTERIM GROUP CASH FLOW STATEMENT	4
E. CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY	5
F. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL	7
STATEMENTS
G. OTHER INFORMATION REQUIRED BY LISTING RULE APPENDIX 7.2	14

A CONDENSED INTERIM GROUP INCOME STATEMENT

	Note
Revenue	5
Staff costs
Depreciation and amortisation
Contract services
Materials and consumables
Premises costs
Repairs and maintenance costs
Utilities and communication costs
Other operating costs
Total operating costs
Operating Profit
Finance costs
Interest income
Profit before Taxation
Taxation	7
Profit after Taxation	8
Attributable to:
Shareholders of the Company
Non-Controlling Interests

Page 1 of 16

1st Half	1st Half	Incr/
2023	2022	(Decr)
$'000	$'000	%
55,880	53,331	4.8
(26,602)	(24,720)	7.6
(3,724)	(3,572)	4.3
(1,156)	(1,460)	(20.8)
(1,766)	(1,573)	12.3
(985)	(964)	2.2
(977)	(853)	14.5
(1,432)	(1,530)	(6.4)
(2,661)	(2,135)	24.6
(39,303)	(36,807)	6.8
16,577	16,524	0.3
(428)	(426)	0.5
978	163	500.0
17,127	16,261	5.3
(2,981)	(2,963)	0.6
14,146	13,298	6.4
13,932	13,106	6.3
214	192	11.5
14,146	13,298	6.4

		Page 2 of 16
B	CONDENSED INTERIM GROUP COMPREHENSIVE INCOME STATEMENT
		Group
		1st Half	1st Half
		2023	2022
		$'000	$'000
	Profit after taxation	14,146	13,298
	Items that may be reclassified subsequently to profit or loss
	Exchange differences arising on translation
	of foreign operations	(68)	(34)
	Items that will not be reclassified subsequently to profit or loss
	Fair value adjustment on equity investments	862	66
	Other comprehensive income for the period	794	32
	Total comprehensive income for the period	14,940	13,330
	Total comprehensive income attributable to:
	Shareholders of the Company	14,726	13,138
	Non-controlling interests	214	192
		14,940	13,330
	Earnings per share for profit for the period attributable to the owners of the
	Company during the year :
	Basic and diluted (in cents)	3.93	3.70

Page 3 of 16

C CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

ASSETS

Current assets

Cash and cash equivalents Trade receivables

Other receivables and prepayments Inventories

Total current assets

Non-current assets Prepayments Subsidiaries Associate

Financial assets at fair value through other comprehensive income

Vehicles, premises and equipment Goodwill

Deferred tax assets* Total non-current assets

Total assets

LIABILITIES AND EQUITY

	Group		Company
	30 Jun		31 Dec		30 Jun		31 Dec
	2023		2022		2023		2022
Note	$'000	$'000	$'000	$'000
			(Restated)				(Restated)
	50,042	60,491	46,793	56,374
	13,929	12,161	2,354	2,264
	2,807	1,522	5,225	542
	46		10		-		-
	66,824		74,184		54,372		59,180
	-	1,955	-	-
	-	-	25,941	25,941
	25	25	-	-
11	6,434	3,217	6,434	3,217
13	103,317	96,259	32,631	32,722
12	11,325	11,325	-	-
	-		-		1,269		1,260
	121,101		112,781		66,275		63,140
	187,925		186,965		120,647		122,320

Current liabilities
Trade and other payables		21,342	24,130	6,078	6,951
Due to subsidiaries		-	-	19,098	30,595
Provision for relocation costs		306	306	-	-
Lease liabilities	14	1,098	944	641	624
Income tax payable		5,780		5,425		3,263		3,113
Total current liabilities		28,526	30,805	29,080	41,283
Non-current liabilities
Other payables		720	720	-	-
Deferred tax liabilities*		151	93	-	-
Lease liabilities	14	30,229		30,216		24,006		23,929
Total non-current liabilities		31,100		31,029		24,006		23,929
Total liabilities		59,626	61,834	53,086	65,212
Capital, reserves and
non-controlling interests
Share capital	15	36,284	36,284	36,284	36,284
Other reserves		4,870	4,008	4,870	4,008
Foreign currency translation reserve		(159)	(91)	-	-
Accumulated profits*		86,176	84,016	26,407	16,816
Equity attributable to
shareholders of the Company		127,171	124,217	67,561	57,108
Non-controlling interests*		1,128		914		-		-
Total equity		128,299		125,131		67,561		57,108
Total liabilities and equity		187,925		186,965		120,647		122,320

*Following the amendment of SFRS(I) 1-12 effective from 1 Jan 2023, deferred tax assets, deferred tax liabilities, accumulated profits and non-controlling interests have been restated retrospectively. Please refer to paragraph 2 for further details.

Page 4 of 16

D	CONDENSED INTERIM GROUP CASH FLOW STATEMENT
			Group
			1st Half		1st Half
			2023	2022
		Note	$'000	$'000
	Operating activities
	Profit before taxation		17,127	16,261
	Adjustments for:
	Depreciation of property, plant and equipment		3,724	3,572
	Interest expense		428	426
	Interest income		(978)	(163)
	(Gain) Loss on disposal of vehicles, premises and equipment		(26)	11
	Write-back of allowance for expected credit losses		(175)		(607)
	Operating cash flows before movements in working capital		20,100	19,500
	Trade receivables		(1,593)	(1,011)
	Other receivables and prepayments		(1,320)	(818)
	Inventories		(36)	2
	Trade and other payables		(2,955)		(2,134)
	Cash generated from operations		14,196	15,539
	Interest paid		(428)	(426)
	Income tax paid		(2,568)		(2,886)
	Net cash from operating activities		11,200	12,227
	Investing activities
	Purchase of vehicles, premises and equipment	13	(2,686)	(2,669)
	Purchases of unquoted equity instruments held at FVTOCI		(2,355)	-
	Proceeds from disposal of vehicles, premises and equipment		26	37
	Interest received		1,013		137
	Net cash used in investing activities		(4,002)	(2,495)
	Financing activities
	Payments to non-controlling interests		-	(240)
	Payment of lease liabilities		(5,835)	(536)
	Dividends paid	9	(11,772)		(18,579)
	Net cash used in financing activities		(17,607)	(19,355)
	Net effect of exchange rate changes in consolidating
	subsidiaries		(40)		(18)
	Net decrease in cash and cash equivalents		(10,449)	(9,641)
	Cash and cash equivalents at beginning of period		60,491		75,360
	Cash and cash equivalents at end of period		50,042	65,719