Tiong Seng : Condensed Interim Financial Statements For the six months ended 30 June 2021

Tiong Seng Holdings Limited

and its subsidiaries

Registration Number: 200807295Z

Condensed Interim Financial Statements

For the six months ended 30 June 2021

Contents

	Page
Condensed interim consolidated statement of comprehensive income	1
Condensed interim statements of financial position	3
Condensed interim consolidated statement of changes in equity	4
Condensed interim consolidated statement of cash flows	7
Notes to the condensed consolidated interim financial statement	9

Other information
-	Audit	29
-	Auditors' Report	29
-	Review of Group Performance	29
-	Forecast or prospect statement	33
-	Outlook	34
-	Dividend	35
-	Interested Person Transactions	36
-	Confirmation that the issuer has procured undertakings from	36
	all its directors and executive officers (in the format set out in
	Appendix 7.7) under Rule 720(1)
-	Confirmation by Directors pursuant to Rule 705(5) of the	37
	listing manual of SGX-ST

Tiong Seng Holdings Limited

and its subsidiaries

Condensed Interim Financial Statements

For the six months ended 30 June 2021

Condensed interim consolidated statement of comprehensive income
		6 months ended	6 months ended
	Note	30 June 2021	30 June 2020	Change
		$'000	$'000	%
Revenue
Revenue from construction contracts and
engineering solutions	4	156,399	88,574	77%
Revenue from sales of development properties	4	22,333	13,694	63%
Rental income	4	2	26	-92%
		178,734	102,294	75%
Other income		3,445	9,508	-64%
Costs of construction contracts and engineering
solutions		(144,945)	(89,807)	61%
Costs of sales of development properties		(16,071)	(9,262)	74%
Depreciation and amortisation		(3,755)	(3,587)	5%
Selling expenses		(837)	(562)	49%
Staff costs		(8,601)	(9,136)	-6%
Other expenses		(3,953)	(4,030)	-2%
		(178,162)	(116,384)	53%
Profit/(Loss) from operating activities		4,017	(4,582)	N.M.
Finance income		509	301	69%
Finance costs		(1,528)	(2,312)	-34%
Net finance costs		(1,019)	(2,011)	-49%
Share of profit/(loss) of joint ventures, net of tax		393	(611)	N.M.
Profit/(Loss) before tax	5	3,391	(7,204)	N.M.
Tax expense	7	(2,121)	(2,071)	2%
Profit/(Loss) for the period		1,270	(9,275)	N.M.

The accompanying notes form an integral part of these interim financial statements.

1

Tiong Seng Holdings Limited

and its subsidiaries

Condensed Interim Financial Statements

For the six months ended 30 June 2021

Condensed interim consolidated statement of comprehensive income (cont'd)

	6 months ended	6 months ended
Note	30 June 2021	30 June 2020	Change
	$'000	$'000	%
Other comprehensive income
Items that are or may be reclassified
subsequently to profit or loss:
Translation differences relating to financial
statements of foreign subsidiaries	2,246	2,320	-3%
Exchange differences on monetary items forming
part of net investment in a foreign operation	1,275	1,261	1%
Realisation of translation difference from disposal of
subsidiaries	-	95	-100%
Other comprehensive income for the period, net
of tax	3,521	3,676	-4%
Total comprehensive income for the period	4,791	(5,599)	N.M.
Profit/(Loss) attributable to:
Owners of the Company	1,376	(9,186)	N.M.
Non-controlling interests	(106)	(89)	19%
Profit/(Loss) for the period	1,270	(9,275)	N.M.
Total comprehensive income attributable to:
Owners of the Company	4,490	(5,994)	N.M.
Non-controlling interests	301	395	-24%
Total comprehensive income for the period	4,791	(5,599)	N.M.
Earnings per share
- Basic and diluted (cents)1	0.31	(2.07)	N.M.

1The earnings per share net of non-controlling interests has been calculated based on 441,419,549 (2020: 443,564,427) weighted average number of shares excluding treasury shares.

The accompanying notes form an integral part of these interim financial statements.

2

Tiong Seng Holdings Limited

and its subsidiaries

Condensed Interim Financial Statements

For the six months ended 30 June 2021

Condensed interim statements of financial position

		Group	Company
			31 December		31 December
	Note	30 June 2021	2020	30 June 2021	2020
		$'000	$'000	$'000	$'000
Non-current assets
Property, plant and equipment	11	96,040	100,716	-	-
Intangible assets		224	238	-	-
Investment properties		3,801	3,779	-	-
Right-of-use assets		4,011	4,545	-	-
Subsidiaries		-	-	59,624	59,624
Associates and joint ventures		41,416	39,154	-	-
Trade and other receivables		9,434	5,829	-	-
Amount due from related parties		4,424	4,303	-	-
Other investments		1,149	1,145	-	-
Deferred tax assets		2,271	2,250	-	-
		162,770	161,959	59,624	59,624
Current assets
Inventories		6,330	12,599	-	-
Contract costs		780	903	-	-
Contract assets	12	78,074	63,231	-	-
Development properties	13	191,419	199,484	-	-
Trade and other receivables		61,243	51,850	441	363
Amounts due from related parties		13,162	13,697	104,286	104,436
Cash and cash equivalents		55,536	43,435	116	101
		406,544	385,199	104,843	104,900
Total assets		569,314	547,158	164,467	164,524
Equity attributable to owners of the
Company
Share capital		181,947	181,947	181,947	181,947
Treasury shares		(4,873)	(4,873)	(4,873)	(4,873)
Reserves		(81,058)	(84,172)	(45,850)	(45,850)
Retained earnings/(Accumulated losses)		143,541	143,269	(29,523)	(27,887)
		239,557	236,171	101,701	103,337
Non-controlling interests		5,137	4,836	-	-
Total equity		244,694	241,007	101,701	103,337
Non-current liabilities
Trade and other payables		6,700	5,579	-	-
Loans and borrowings	15	26,473	28,899	-	-
Deferred tax liabilities		848	929	-	-
		34,021	35,407	-	-
Current liabilities
Contract liabilities	12	51,634	65,917	-	-
Trade and other payables	14	158,828	140,369	243	219
Amounts due to related parties		15,671	18,243	62,523	60,968
Loans and borrowings	15	56,690	39,505	-	-
Current tax payable		7,776	6,710	-	-
		290,599	270,744	62,766	61,187
Total liabilities		324,620	306,151	62,766	61,187
Total equity and liabilities		569,314	547,158	164,467	164,524

The accompanying notes form an integral part of these interim financial statements.

3

Tiong Seng Holdings Limited and its subsidiaries

Condensed Interim Financial Statements

For the six months ended 30 June 2021

Condensed interim consolidated statement of changes in equity

					Attributable to owners of the Company
								Foreign
								currency			Non-
		Share	Treasury	Merger	Capital	Statutory	Fair value	translation	Retained		controlling	Total
The Group	Note	capital	shares	Reserve	reserve	reserve	reserve	reserve	earnings	Total	interests	equity
		$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000	$'000
At 1 January 2021		181,947	(4,873)	(77,720)	(9,345)	1,909	209	775	143,269	236,171	4,836	241,007
Total comprehensive income for the period
Profit/(loss) for the period		-	-	-	-	-	-	-	1,376	1,376	(106)	1,270
Other comprehensive income
Translation differences relating to financial statements of
foreign subsidiaries		-	-	-	-	-	-	1,839	-	1,839	407	2,246
Exchange differences on monetary items forming part of net
investment in foreign operations		-	-	-	-	-	-	1,275	-	1,275	-	1,275
Total other comprehensive income		-	-	-	-	-	-	3,114	-	3,114	407	3,521
Total comprehensive income for the period		-	-	-	-	-	-	3,114	1,376	4,490	301	4,791
Transaction with owners, recognised directly in equity
Contributions by and distributions to owners
Dividends paid	8	-	-	-	-	-	-	-	(1,104)	(1,104)	-	(1,104)
Total transactions with owners of the Company								-	(1,104)	(1,104)	-	(1,104)
At 30 June 2021		181,947	(4,873)	(77,720)	(9,345)	1,909	209	3,889	143,541	239,557	5,137	244,694

The accompanying notes form an integral part of these interim financial statements.

4