Samudera Shipping Line : FULL YEAR FINANCIAL STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2021

Condensed Interim Financial Statements for the six months and full Year ended 31 December 2021

Samudera Shipping Line Ltd

Company Registration: 199308462C

(Incorporated in the Republic of Singapore)

Samudera Shipping Line Ltd

Company Registration: 199308462C

(Incorporated in the Republic of Singapore)

Table of Contents
A.	Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income	....................... 1
B.	Condensed Interim Statements of Financial Position............................................................................................	3
C.	Condensed Interim Consolidated Statements of Cash Flows ...............................................................................	5
D.	Condensed Interim Statements of Changes of Equity .........................................................................................	7
E.	Notes to the Condensed Interim Consolidated Financial Statements ...................................................................	9
F.	Other Information required under Listing Manual ................................................................................................	19

Samudera Shipping Line Ltd

Company Registration: 199308462C

(Incorporated in the Republic of Singapore)

A. Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income

	Note	Group			Group
		2H 2021	2H 2020	+ / (-)	FY 2021	FY 2020	+ / (-)
		US$'000	US$'000	%	US$'000	US$'000	%
Revenue		317,908	173,065	83.7	526,966	347,895	51.5
Cost of sales		(215,716)	(156,429)	37.9	(380,019)	(318,294)	19.4
Gross profit		102,192	16,636	514.3	146,947	29,601	396.4
Other operating income	(A)	1,893	193	880.8	4,117	893	361.0
Marketing expenses		(3,877)	(3,708)	4.6	(8,734)	(7,641)	14.3
Administrative expenses		(3,460)	(2,830)	22.3	(7,391)	(5,226)	41.4
Other operating expenses	(B)	(4,143)	(10,654)	(61.1)	(4,174)	(10,657)	(60.8)
Profit from operations		92,605	(363)	n.m	130,765	6,970	n.m
Finance income		196	200	(2.0)	325	676	(51.9)
Finance costs		(1,468)	(587)	150.1	(2,791)	(1,610)	73.4
Operating profit		91,333	(750)	n.m	128,299	6,036	n.m
Share of results of associate/ joint venture		984	1,004	(2.0)	2,336	1,765	32.4
Profit before tax		92,317	254	n.m	130,635	7,801	n.m
Income tax expense		(194)	(288)	(32.6)	(582)	(528)	(10.2)
Profit after tax		92,123	(34)	n.m	130,053	7,273	n.m
Attributable to:
Owners of the Company		91,849	74	n.m	128,578	7,230	n.m
Non-controlling interests		274	(108)	(353.7)	1,475	43	n.m
Profit after tax		92,123	(34)	n.m	130,053	7,273	n.m
n.m. = not meaningful
Notes to the Income Statement
		Group			Group
		2H 2021	2H 2020	+ / (-)	FY 2021	FY 2021	+ / (-)
		US$'000	US$'000	%	US$'000	US$'000	%
Profit after tax is arrived at after charging
(crediting) the following:
 Depreciation of property, plant and		2,924	3,952	(26.0)	6,293	8,046	(21.8)
equipment
 Depreciation of right-of-use assets		17,273	3,480	396.4	26,391	5,864	350.1
 Depreciation of investment properties		19	19	-	36	38	(5.3)
 Amortisation of intangible assets		359	165	117.6	589	242	143.4
 (Write back)/Allowance for impairment		(2,064)	43	n.m	(923)	696	(232.6)
on receivables
 Finance costs - interest on borrowings		303	329	(7.9)	663	1,080	(38.6)
 Finance costs - interest on lease		1,165	258	351.6	2,128	530	301.5
liabilities

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Samudera Shipping Line Ltd

Company Registration: 199308462C

(Incorporated in the Republic of Singapore)

Notes to the Income Statement (Continued)
	Group		Group
	2H 2021	2H 2020	+ / (-)	FY 2021	FY 2020	+ / (-)
	US$'000	US$'000	%	US$'000	US$'000	%
(A) Other operating income
 Rental income	128	165	(22.4)	309	347	(11.0)
 Net foreign exchange gains	792	12	n.m	999	497	101.0
 Gain on disposal of plant, property and	-	9	(100.0)	11	10	10.0
equipment, net
 Gain on disposal of assets held for sale	971	-	n.m	971	-	n.m
(Vessel)
 Insurance claim	-	-	n.m	334	-	n.m
 Others	2	7	(71.4)	1,493	39	n.m
	1,893	193	880.8	4,117	893	361.0
				-	-
(B) Other operating expenses
 Impairment of property, plant and	(4,051)	(9,458)	(57.2)	(4,051)	(9,458)	(57.2)
equipment
 Impairment of investment property	-	(149)	(100.0)	-	(149)	(100.0)
 Insurance claims deemed unrecoverable	-	(1,047)	(100.0)	-	(1,047)	(100.0)
 Others	(92)	-	n.m	(123)	(3)	n.m
	(4,143)	(10,654)	(61.1)	(4,174)	(10,657)	(60.8)
Other Comprehensive Income
	Group		Group
	2H 2021	2H 2020		FY 2021	FY 2020
	US$'000	US$'000		US$'000	US$'000
Profit after tax for the period	92,123	(34)		130,053	7,273
Items that will not be reclassified
subsequently to profit or loss
Remeasurement of defined benefit obligation	-	(11)		(5)	(6)
	-	(11)		(5)	(6)
Items that may be reclassified subsequently
to profit or loss
Share of other comprehensive income of	226	418		572	670
associate
Net unrealised loss on revaluation of cash flow	1	(40)		44	(40)
hedges
Exchange differences on translation of foreign	(41)	284		(199)	1
operations
	186	662		417	631
Other comprehensive income for the period,
186	651		412	625
net of tax
Total comprehensive income for the period	92,309	617		130,465	7,898
Total comprehensive income attributable to:
Owners of the Company	92,369	662		129,366	7,842
Non-controlling interests	(60)	(45)		1,099	56
	92,309	617		130,465	7,898

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Samudera Shipping Line Ltd

Company Registration: 199308462C (Incorporated in the Republic of Singapore)

B. Condensed Interim Statements of Financial Position

ASSETS

Current assets

Cash and bank balances Trade receivables - third parties Prepaid operating expenses Other receivables and deposits

Due from immediate holding company (non-trade) Due from immediate holding company (trade) Due from subsidiaries (trade)

Due from subsidiaries (non-trade) Due from related companies (trade)

Due from non-controlling interest of subsidiary (trade) Inventories

Assets classified as held for sale

Non-current assets

Investment properties

Property, plant and equipment

Right-of-use assets

Intangible assets

Subsidiaries

Associate/joint venture

Deferred tax assets

Due from subsidiary (non-trade)

Total assets

Group	Company
31 Dec 21	31 Dec 20	31 Dec 21	31 Dec 20
US$'000	US$'000	US$'000	US$'000
187,193	80,827	146,911	58,443
113,487	53,810	105,744	48,264
19,774	9,040	14,846	5,660
1,837	2,069	152	781
261	261	-	-
4,067	3,981	4,039	3,972
-	-	8,955	3,337
-	-	980	990
17,347	10,375	13,808	5,652
417	229	-	-
1,497	1,650	1,246	1,419
345,880	162,242	296,681	128,518
-	13,230	-	13,230
345,880	175,472	296,681	141,748
968	1,004	529	555
67,013	85,604	51,502	64,254
139,330	63,887	133,172	58,121
686	1,136	686	1,136
-	-	37,062	34,389
17,537	15,677	12,117	12,117
66	63	-	-
-	-	570	818
225,600	167,371	235,638	171,390
571,480	342,843	532,319	313,138

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