VICOM : Condensed Financial Statements for the second half and full year ended 31 December 2022 and Dividend Announcement

VICOM LTD

Company Registration Number : 198100320K

Condensed Financial Statements for the second half and

full year ended 31 December 2022 and Dividend Announcement

CONTENTS

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

									Page 1 of 20
A	GROUP INCOME STATEMENT
			2nd Half	2nd Half	Incr/			Incr/
			2022	1	2021	1	(Decr)	FY 2022	FY 2021	(Decr)
		Note	$'000	$'000	%	$'000	$'000	%
	Revenue	5	54,973	51,732	6.3	108,304	100,892	7.3
	Staff costs		(25,175)	(22,803)	10.4	(49,895)	(45,362)	10.0
	Depreciation and amortisation		(3,696)	(3,814)	(3.1)	(7,268)	(7,249)	0.3
	Utilities and communication costs		(1,697)	(1,046)	62.2	(3,227)	(1,795)	79.8
	Materials and consumables		(1,595)	(1,530)	4.2	(3,168)	(2,831)	11.9
	Contract services		(1,391)	(1,601)	(13.1)	(2,851)	(2,928)	(2.6)
	Premises costs		(930)	(1,052)	(11.6)	(1,894)	(1,923)	(1.5)
	Repairs and maintenance costs		(934)	(893)	4.6	(1,787)	(1,772)	0.8
	Other operating costs		(3,429)	(2,957)	16.0	(5,564)	(6,056)	(8.1)
	Total operating costs		(38,847)	(35,696)	8.8	(75,654)	(69,916)	8.2
	Operating Profit		16,126	16,036	0.6	32,650	30,976	5.4
	Finance costs		(422)	(432)	(2.3)	(848)	(871)	(2.6)
	Interest income		586	123	376.4	749	269	178.4
	Profit before Taxation	7	16,290	15,727	3.6	32,551	30,374	7.2
	Taxation	8	(3,027)	(2,732)	10.8	(5,990)	(5,138)	16.6
	Profit after Taxation		13,263	12,995	2.1	26,561	25,236	5.3
	Attributable to:
	Shareholders of the Company		13,078	12,775	2.4	26,184	24,776	5.7
	Non-Controlling Interests		185	220	(15.9)	377	460	(18.0)
			13,263	12,995	2.1	26,561	25,236	5.3
	Operating Profit before COVID-19
	Government reliefs		16,091	15,455	4.1	32,411	29,174	11.1
	COVID-19 Government reliefs			35	581	(94.0)	239	1,802	(86.7)
	Operating Profit after COVID-19
	Government reliefs		16,126	16,036	0.6	32,650	30,976	5.4

1 Unaudited

						Page 2 of 20
B	GROUP COMPREHENSIVE INCOME STATEMENT
					Group
		2nd Half	2nd Half
		2022	1	2021	1	FY 2022	FY 2021
		$'000	$'000	$'000	$'000
	Profit after taxation	13,263	12,995	26,561	25,236
	Items that may be reclassified subsequently to profit or loss
	Exchange differences arising on translation
	of foreign operations		(57)		32	(91)	16
	Items that will not be reclassified subsequently to profit or loss
	Fair value adjustment on equity investments	(144)	1,024	(78)	1,043
	Other comprehensive income for the year	(201)	1,056	(169)	1,059
	Total comprehensive income for the year	13,062	14,051	26,392	26,295
	Total comprehensive income attributable to:
	Shareholders of the Company	12,877	13,831	26,015	25,835
	Non-controlling interests		185		220	377	460
		13,062	14,051	26,392	26,295
	Earnings per share for profit for the period attributable to the
	owners of the Company during the period :
	Basic and diluted (in cents)	3.69	3.60	7.38	6.99

1 Unaudited

							Page 3 of 20
C	STATEMENTS OF FINANCIAL POSITION
			Group		Company
			31 Dec		31 Dec		31 Dec		31 Dec
			2022	2021	2022	2021
		Note	$'000	$'000	$'000	$'000
	ASSETS
	Current assets
	Cash and cash equivalents		60,491	75,360	56,374	71,057
	Trade receivables		12,161	11,268	2,264	1,946
	Other receivables and prepayments		1,522	1,037	542	285
	Inventories		10		21		-		-
	Total current assets		74,184	87,686	59,180	73,288
	Non-current assets
	Prepayments		1,955	-	-	-
	Subsidiaries		-	-	25,941	25,941
	Associate		25	25	-	-
	Financial assets at fair value through	11
	other comprehensive income	3,217	3,295	3,217	3,295
	Vehicles, premises and equipment	13	96,259	97,434	32,722	34,260
	Goodwill	12	11,325	11,325	-	-
	Deferred tax assets		-		-		20		-
	Total non-current assets		112,781		112,079		61,900		63,496
	Total assets		186,965	199,765	121,080	136,784
	LIABILITIES AND EQUITY
	Current liabilities
	Trade and other payables		24,130	29,755	6,951	7,826
	Due to subsidiaries		-	-	30,595	38,786
	Provision for relocation costs		306	2,462	-	-
	Lease liabilities	14	944	1,062	624	597
	Income tax payable		5,425		5,851		3,113		3,074
	Total current liabilities		30,805	39,130	41,283	50,283
	Non-current liabilities
	Other payables		720	720	-	-
	Deferred tax liabilities		1,396	999	-	28
	Lease liabilities	14	30,216		30,702		23,929		24,299
	Total non-current liabilities		32,332		32,421		23,929		24,327
	Total liabilities		63,137	71,551	65,212	74,610
	Capital, reserves and
	non-controlling interests
	Share capital	15	36,284	36,284	36,284	36,284
	Other reserves		4,008	4,086	4,008	4,086
	Foreign currency translation reserve		(91)	-	-	-
	Accumulated profits		82,716	86,883	15,576	21,804
	Equity attributable to
	shareholders of the Company		122,917	127,253	55,868	62,174
	Non-controlling interests		911		961		-		-
	Total equity		123,828		128,214		55,868		62,174
	Total liabilities and equity		186,965	199,765	121,080	136,784

			Page 4 of 20
D	GROUP CASH FLOW STATEMENT
			Group
			FY 2022		FY 2021
		Note	$'000	$'000
	Operating activities
	Profit before taxation		32,551	30,374
	Adjustments for:
	Depreciation of vehicles, premises and equipment owned and
	right-of-use assets		7,268	7,249
	Interest expense		848	871
	Interest income		(749)	(269)
	Loss (Gain) on disposal of vehicles, premises and equipment		846	(4)
	(Write-back of) Allowance for expected credit losses		(664)		552
	Operating cash flows before movements in working capital		40,100	38,773
	Trade receivables		(229)	(1,315)
	Other receivables and prepayments		(2,210)	723
	Inventories		11	(19)
	Trade and other payables and provision for relocation costs		(5,414)		(1,025)
	Cash generated from operations		32,258	37,137
	Interest paid		(848)	(871)
	Income tax paid		(6,019)		(6,603)
	Net cash from operating activities		25,391	29,663
	Investing activities
	Purchase of vehicles, premises and equipment	13	(8,909)	(12,282)
	Proceeds from disposal of vehicles, premises and equipment		46	35
	Purchases of unquoted equity instruments held at fair value
	through other comprehensive income		-	(925)
	Interest received		519		273
	Net cash used in investing activities		(8,344)	(12,899)
	Financing activities
	Payments to non-controlling interests		(427)	(700)
	Repayment of lease liabilities		(1,087)	(1,093)
	Dividends paid	9	(30,351)		(32,833)
	Net cash used in financing activities		(31,865)	(34,626)
	Net effect of foreign exchange rate in consolidating
	subsidiaries		(51)		26
	Net decrease in cash and cash equivalents		(14,869)	(17,836)
	Cash and cash equivalents at beginning of year		75,360		93,196
	Cash and cash equivalents at end of year		60,491	75,360