Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and the Singapore Exchange Securities Trading Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
LHN LIMITED
賢能集團有限公司*
(Incorporated in the Republic of Singapore with limited liability)
(Hong Kong stock code : 1730) (Singapore stock code : 41O)
ANNOUNCEMENT OF INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 MARCH 2021
FINANCIAL HIGHLIGHTS
For the six months ended | ||||
31 March | ||||
2021 | 2020 | Change | ||
S$'000 | S$'000 | % | ||
Revenue | 64,478 | 51,619 | 24.9 | |
Gross Profit | 35,183 | 21,916 | 60.5 | |
Profit for the period and attributable to owners of the Company | 14,809 | 3,176 | 366.3 | |
Basic earnings per share (Singapore cents) | 3.68 | 0.79 | 365.8 | |
- For identification purpose only
INTERIM RESULTS
The board (the "Board") of directors (the "Directors") of LHN Limited (the "Company") hereby announces the interim condensed consolidated results of the Company and its subsidiaries (collectively referred to as the "Group") for the six months ended 31 March 2021, together with the comparative figures for the six months ended 31 March 2020. The Group's interim results for the six months ended 31 March 2021 are unaudited, but have been reviewed by the audit committee of the Company (the "Audit Committee").
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 31 MARCH 2021
Note | 2021 | 2020 | |
(unaudited) | (unaudited) | ||
S$'000 | S$'000 | ||
Revenue | 6 | 64,478 | 51,619 |
Cost of sales | 9 | (29,295) | (29,703) |
Gross profit | 35,183 | 21,916 | |
Other income | 7 | 5,963 | 2,757 |
Other operating expenses | |||
- Impairment loss on trade, other and lease receivables | (1,050) | (197) | |
- Others | 8 | (1,062) | (444) |
Selling and distribution expenses | 9 | (843) | (751) |
Administrative expenses | 9 | (15,612) | (13,185) |
Finance cost | 10 | (2,508) | (2,576) |
Share of results of associates and joint ventures, net of tax | 925 | 579 | |
Fair value losses on investment properties | (2,720) | (4,317) | |
Profit before income tax | |||
18,276 | 3,782 | ||
Income tax expense | 11 | (3,012) | (315) |
Profit for the period | 15,264 | 3,467 | |
Other comprehensive (loss)/income | |||
Item that will not be reclassified subsequently to profit or loss | |||
Currency translation differences arising from consolidation | (6) | (26) | |
Financial assets, at FVOCI | |||
- Fair value gain - equity investment | - | 13 | |
Share of other comprehensive income of joint venture | 5 | 4 | |
Other comprehensive loss | (1) | (9) | |
Total comprehensive income for the period | 15,263 | 3,458 | |
Profit attributable to: | |||
Equity holders of the Company | 14,809 | 3,176 | |
Non-controlling interests | 455 | 291 | |
Profit for the period | 15,264 | 3,467 | |
Total comprehensive income attributable to: | |||
Equity holders of the Company | 14,814 | 3,184 | |
Non-controlling interests | 449 | 274 | |
Total comprehensive income for the period | 15,263 | 3,458 | |
Earnings per share for profit attributable to equity holders of | |||
the Company | |||
Basic and diluted (cents) | 13 | 3.68 | 0.79 |
Page 2 of 24
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021
31 March | 30 September | ||
2021 | 2020 | ||
Note | (unaudited) | (audited) | |
S$'000 | S$'000 | ||
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 42,460 | 40,363 | |
Right-of-use assets | 44,387 | 35,184 | |
Investment properties | 140,230 | 115,578 | |
Intangible assets | 6 | 40 | |
Investment in associates | 250 | 178 | |
Investment in joint ventures | 17,816 | 17,186 | |
Deferred tax assets | 149 | 77 | |
Long-term prepayments | 142 | 116 | |
Lease receivables | 21,585 | 26,149 | |
267,025 | 234,871 | ||
Current assets | |||
Inventories | 91 | 75 | |
Trade and other receivables | 14 | 36,306 | 43,366 |
Grant receivables | 494 | 1,058 | |
Loans to joint ventures and associates | 6,598 | 4,959 | |
Prepayments | 1,778 | 1,823 | |
Lease receivables | 18,596 | 17,104 | |
Cash and bank balances | 36,348 | 38,446 | |
Fixed deposits | 1,379 | 2,046 | |
101,590 | 108,877 | ||
TOTAL ASSETS | 368,615 | 343,748 | |
EQUITY | |||
Capital and Reserves | |||
Share capital | 15 | 63,407 | 63,407 |
Reserves | 69,045 | 58,234 | |
132,452 | 121,641 | ||
Non-controlling interests | 2,388 | 1,939 | |
TOTAL EQUITY | 134,840 | 123,580 | |
LIABILITIES | |||
Non-current liabilities | |||
Deferred tax liabilities | 3,568 | 3,573 | |
Other payables | 16 | 21 | 21 |
Provisions | 781 | 212 | |
Bank borrowings | 68,767 | 55,997 | |
Lease liabilities | 72,276 | 66,182 | |
145,413 | 125,985 | ||
Current liabilities | |||
Trade and other payables | 16 | 33,363 | 43,701 |
Deferred grant income | 885 | 927 | |
Provisions | 287 | 1,106 | |
Bank borrowings | 10,263 | 10,725 | |
Lease liabilities | 37,960 | 33,193 | |
Current income tax liabilities | 5,604 | 4,531 | |
88,362 | 94,183 | ||
TOTAL LIABILITIES | 233,775 | 220,168 | |
TOTAL EQUITY AND LIABILITIES | 368,615 | 343,748 |
Page 3 of 24
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE SIX MONTHS ENDED 31 MARCH 2021
2021 | 2020 | |
(unaudited) | (unaudited) | |
S$'000 | S$'000 | |
Cash flows from operating activities: | ||
Profit before income tax | 18,276 | 3,782 |
Share of results of associates and joint ventures, net of tax | (925) | (579) |
Adjustments for: | ||
Amortisation of intangible assets | 34 | 34 |
Depreciation of property, plant and equipment | 3,175 | 4,246 |
Depreciation of Right-of-use assets | 7,102 | 5,964 |
(Gain)/loss on disposal of property, plant and equipment | (26) | 39 |
Property, plant and equipment written off | 13 | 39 |
Fair value losses on investment properties | 2,720 | 4,317 |
Gain from net investment in subleases | (1,880) | (433) |
Gain from termination of lease | (2) | - |
Lease modification losses | 698 | - |
Impairment loss on trade, other and lease receivables | 1,050 | 197 |
Provision for losses from onerous contract | - | 270 |
Finance income | (714) | (759) |
Finance cost | 2,508 | 2,576 |
Operating profit before working capital changes | 32,029 | 19,693 |
Changes in working capital: | ||
- Inventories | (16) | (44) |
- Trade and other receivables | 5,091 | (388) |
- Trade and other payables | (10,246) | (1,683) |
Cash generated from operations | 26,858 | 17,578 |
Interest expenses paid | (28) | - |
Income tax paid | (2,072) | (414) |
Income tax refunded | 62 | 825 |
Net cash generated from operating activities | 24,820 | 17,989 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (5,596) | (19,602) |
Additions to investment properties | (17,238) | (21) |
Purchase of financial assets, at FVOCI | (115) | - |
Additions to other asset | - | (128) |
Cash outflow on acquisition of joint venture | - | (500) |
Proceeds from disposal of property, plant and equipment | 81 | 253 |
Disposal of financial assets, at FVOCI | - | 330 |
Loans to joint ventures and associates, net | (1,591) | (3,525) |
Receipts from lease receivables | 9,931 | 7,472 |
Interest received from lease receivables | 609 | 658 |
Cash outflow on incorporation of associate | (80) | - |
Dividend from associate | 309 | 264 |
Interest received | 50 | 213 |
Net cash used in investing activities | (13,640) | (14,586) |
Cash flows from financing activities: | ||
Decrease in fixed deposits - pledged | - | 4,710 |
Proceeds from bank borrowings | 18,377 | 17,761 |
Repayment of bank borrowings | (5,998) | (3,729) |
Repayment of lease liabilities | (19,850) | (16,858) |
Refund of capital to non-controlling shareholder | - | (1) |
Interest expenses paid | (2,451) | (2,612) |
Dividend paid | (4,003) | (2,043) |
Dividend paid to non-controlling shareholder | - | (120) |
Net cash used in financing activities | (13,925) | (2,892) |
Net (decrease)/increase in cash and cash equivalents | (2,745) | 511 |
Cash and cash equivalents at beginning of period | 39,127 | 21,300 |
Effect of currency translation on cash and cash equivalents | (20) | (23) |
Cash and cash equivalents at end of period | ||
36,362 | 21,788 | |
Page 4 of 24
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
FOR THE SIX MONTHS ENDED 31 MARCH 2021
2021 | 2020 | ||
(unaudited) | (unaudited) | ||
S$'000 | S$'000 | ||
Consolidated cash and cash equivalents are represented by: | |||
Cash and bank balances | 36,348 | 18,140 | |
Fixed deposits | 1,379 | 4,991 | |
37,727 | 23,131 | ||
Less: Pledged fixed deposits | (1,365) | (1,343) | |
Cash and cash equivalents as per consolidated statement of cash flows | |||
36,362 | 21,788 | ||
Page 5 of 24
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LHN Ltd. published this content on 12 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 14:33:03 UTC.