AMOS : Condensed Interim Financial Statements For The Six Months Ended 30 September 2022

AMOS GROUP LIMITED

(Company Registration Number: 201004068M)

CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022

• CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

		Group		Group
		2nd Half Year Ended	Incr/	6 Months Ended	Incr/
		30/09/2022	30/09/2021	(decr)	30/09/2022	30/09/2021	(decr)
Note	S$'000	S$'000	%	S$'000	S$'000	%
Revenue	4	50,904	61,874	(17.7)	48,526	49,368	(1.7)
Cost of sales		(42,797)	(53,981)	(20.7)	(38,822)	(38,351)	1.2
Gross profit		8,107	7,893	2.7	9,704	11,017	(11.9)
Distribution costs		(4,589)	(5,484)	(16.3)	(5,106)	(4,660)	9.6
Administrative expenses		(11,725)	(13,050)	(10.2)	(10,665)	(11,151)	(4.4)
Other operating income		1,352	10,275	(86.8)	401	1,302	(69.2)
Other operating expenses		(4,130)	(3,584)	15.2	(655)	(1,311)	(50.0)
Finance cost		(780)	(1,007)	(22.5)	(618)	(714)	(13.4)
Loss before income tax	6	(11,765)	(4,957)	137.3	(6,939)	(5,517)	25.8
Income tax credit	7	(370)	63	NM	48	46	4.3
Loss for the period		(12,135)	(4,894)	148.0	(6,891)	(5,471)	26.0
Other comprehensive income
Items that will not be reclassified to profit or loss:
Revaluation of Property, plant and equipment		-	-	NM	-	6,212	(100.0)
Items that are or may be reclassified subsequently to profit or loss:
Translation (loss) / gain arising on consolidation		65	(259)	NM	(325)	38	NM
Other comprehensive income for the		65	(259)	NM	(325)	6,250	NM
period, net of tax
Total comprehensive (loss) / income for		(12,070)	(5,153)	134.2	(7,216)	779	NM
the period
Loss attributable to:
Owners of the Company		(12,086)	(4,840)	149.7	(6,891)	(5,402)	27.6
Non-controlling interests		(50)	(54)	(7.4)	-	(69)	(100.0)
		(12,136)	(4,894)	148.0	(6,891)	(5,471)	26.0
Total comprehensive income attributable to:
Owners of the Company		(12,022)	(5,101)	135.7	(7,216)	849	NM
Non-controlling interests		(50)	(52)	(3.8)	-	(70)	(100.0)
		(12,072)	(5,153)	134.3	(7,216)	779	NM
Gross profit margin		15.9%	12.8%	24.8	20.0%	22.3%	(10.4)
Net loss margin		-23.8%	-7.9%	201.4	-14.2%	-11.1%	28.1
EBITDA(1) (S$'000)		(3,263)	(4,399)	(25.8)	(1,912)	(396)	382.8
EBITDA margin		-6.4%	-7.1%	(9.8)	-3.9%	-0.8%	391.2

1. : Denotes earnings before finance cost, taxes, other operating (expenses) income, provision for inventory adjustment to market price, depreciation and amortisation

NM: Not meaningful

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• CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION

		Group	Company
		30/09/2022	31/03/2022	30/09/2022	31/03/2022
		S$'000	S$'000	S$'000	S$'000
ASSETS	Note
Current assets
Cash and bank balances		6,122	7,278	63	1,246
Trade receivables		25,047	25,002	3,922	2,830
Contract assets		1,234	2,627	1,612	1,628
Other receivables		4,260	3,545	220	336
Income tax receivables		56	-	-	-
Inventories		35,664	35,462	-	-
Total current assets		72,383	73,914	5,817	6,040
Non-current assets
Property, plant and equipment ("PPE")	11	64,041	67,409	20	30
Right of use assets		6,182	6,584	73	94
Intangible assets	10	2,636	2,961	2,636	2,961
Deferred tax assets		43	19	-	-
Subsidiary		-	-	171,112	170,311
Associates		42	42	-	-
Total non-current assets		72,944	77,015	173,841	173,396
Total assets		145,327	150,929	179,658	179,436
LIABILITIES AND EQUITY
Current liabilities
Trade payables		16,984	13,166	-	-
Contract liabilities		2,112	1,447	-	-
Other payables		7,327	6,973	2,290	2,017
Current portion of bank borrowings	12	8,276	8,523	-	-
Current portion of lease liabilities	12	2,224	2,899	727	1,169
Income tax payable		-	13	-	-
Total current liabilities		36,923	33,021	3,017	3,186
Non-current liabilities
Bank borrowings	12	13,129	15,076	-	-
Lease liabilities	12	5,191	5,532	144	381
Total non-current liabilities		18,320	20,608	144	381
Total liabilities		55,243	53,629	3,161	3,567
Net assets		90,084	97,300	176,497	175,869

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• CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (continued)

		Group	Company
		30/09/2022	31/03/2022	30/09/2022	31/03/2022
		S$'000	S$'000	S$'000	S$'000
	Note
Capital, reserves and non-controlling interests
Share capital	13	179,230	179,230	179,230	179,230
Accumulated losses		(97,382)	(90,491)	(2,733)	(3,361)
Translation reserve		794	1,119	-	-
Other reserve		7,442	7,442	-	-
Equity attributable to owners of the Company		90,084	97,300	176,497	175,869
Non-controlling interests		-	-	-	-
Total equity		90,084	97,300	176,497	175,869
Total liabilities and equity		145,327	150,929	179,658	179,436

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• CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

	Group	Group
	2nd Half Year Ended	6 Months Ended
	30/09/2022	30/09/2021	30/09/2022	30/09/2021
	S$'000	S$'000	S$'000	S$'000
Operating activities
Loss before income tax	(11,766)	(4,957)	(6,939)	(5,517)
Adjustments for :
Interest expense	780	1,007	617	714
Interest income	(13)	(22)	(1)	(2)
Depreciation of property, plant and equipment	3,415	3,691	2,972	3,174
Depreciation - right of use assets	1,132	755	775	816
Amortization of intangible assets	397	97	408	408
(Reversal) / impairment loss on trade receivables	605	1,551	(13)	108
Doubtful trade receivables recovered	(422)	(39)	(84)	(209)
Trade receivables written off	(6)	253	16	23
Other receivables written off	(1,589)		-	22
(Gain) Loss on disposal of plant and equipment	(31)	42	(117)	(196)
Loss on modification of ROU	179	6	-	9
Loss on disposal of club membership			-	27
Trade payables written off	-	-	(3)	(579)
Net foreign exchange gain- unrealized	279	120	(78)	(69)
Operating cash flows before movements in working capital	(5,840)	(5,498)	(2,447)	(1,271)
Trade receivables	62	921	216	2,809
Other receivables and prepayments	2,248	(870)	(840)	171
Contract assets	(1,202)	986	1,395	(1,030)
Inventories	5,861	(943)	(15)	2,091
Trade payables	(4,131)	2,385	4,467	(3,985)
Other payables	3,021	(1,222)	283	(2,128)
Contract liabilities	2,490	212	684	(1,639)
Bank bills payable	-	(67)	(862)	-
Cash from / (used in) operations	2,509	(4,096)	2,881	(4,982)
Interest paid for bank bills	-	(1)	(5)	-
Interest received	13	22	1	2
Income tax paid	(16)	(94)	(61)	56
Net cash generated from / (used) in operating activities	2,506	(4,169)	2,816	(4,924)

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• CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

	Group	Group
	2nd Half Year Ended	6 Months Ended
	30/09/2022	30/09/2021	30/09/2022	30/09/2021
	S$'000	S$'000	S$'000	S$'000
Investing activities
Proceeds from disposal of plant and equipment	219	130	240	551
Purchase of plant and equipment	(939)	(2,848)	(259)	(319)
Additions to intangible asset	(205)	60	(83)	(1)
Fixed deposits placement	(10)	835	-	48
Net cash (used in) / generated from investing activities	1,436	13,058	(102)	279
Financing activities
Interest paid for other borrowings	(796)	(1,021)	(577)	(626)
Repayment of obligations under lease liabilities	(2,112)	(1,066)	(1,355)	(1,426)
New bank loans obtained	-	18,000	-	1,178
Repayment of bank loans	(3,865)	(24,125)	(1,911)	(473)
Proceeds from issue of shares of the Company	-	-	-	13,149
Payment of share issue expenses	-	-	-	(175)
Restricted cash at bank	265	874	628	11
Net cash (used in) / generated from financing activities	(6,508)	(7,588)	(3,215)	11,638
Net decrease in cash and cash equivalents	(2,566)	1,301	(501)	6,993
Effect of exchange rate changes on cash and cash equivalents	9	81	(26)	29
Cash and cash equivalents at beginning of the period	8,835	12,596	5,505	6,278
Cash and cash equivalents at end of the period	6,278	13,978	4,978	13,300
Cash and cash equivalents comprise the following:
Cash and bank balances	6,122	18,881	6,122	14,303
Fixed deposit	(9)	(58)	(9)	(10)
Restricted cash at bank	(1,135)	(1,685)	(1,135)	(993)
	4,978	13,978	4,978	13,300

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