CORTINA HOLDINGS LIMITED (Company Registration No. 197201771W)
UNAUDITED FULL YEAR FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021
Part 1 - Information required for announcements of quarterly (Q1, Q2 & Q3), half-year and full year results
1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year
Consolidated Income Statement | Group | Group | ||||
6 mths | 6 mths | |||||
ended 2021 ended 2020 | Change | 2021 | 2020 | Change | ||
S$'000 | S$'000 | % | S$'000 | S$'000 | % | |
Revenue | 262,882 | 256,782 | 2 | 436,715 | 513,813 | (15) |
Other Items of Income | ||||||
Interest income | 155 | 568 | (73) | 419 | 921 | (54) |
Other gains | 2,503 | 135 | >100 | 9,158 | 370 | >100 |
Other Items of Expense | ||||||
Change in inventories of finished goods | 80,655 | (10,341) | N.M | 71,104 | (19,429) | N.M |
Purchase of goods and consumables | (265,779) | (175,609) | 51 | (380,735) | (354,754) | 7 |
Employee benefits expense | (18,946) | (17,795) | 6 | (33,068) | (34,661) | (5) |
Rental expense | (1,728) | (1,988) | (13) | (2,594) | (3,670) | (29) |
Depreciation expense | (13,886) | (14,499) | (4) | (27,724) | (28,988) | (4) |
Other expenses | (10,886) | (8,507) | 28 | (17,164) | (18,334) | (6) |
Finance costs | (902) | (965) | (7) | (1,714) | (2,200) | (22) |
Share of (loss)/profit of equity-accounted associates | (48) | 62 | >100 | (54) | 63 | N.M |
Profit before tax | 34,020 | 27,843 | 22 | 54,343 | 53,131 | 2 |
Income tax expense | (7,213) | (6,254) | 15 | (11,526) | (11,450) | 1 |
Profit for the period/year | 26,807 | 21,589 | 24 | 42,817 | 41,681 | 3 |
Profit Attributable to : | ||||||
Owners of the parent, Net of Tax | 24,983 | 20,355 | 23 | 39,552 | 39,297 | 1 |
Non-Controlling Interests, Net of Tax | 1,824 | 1,234 | 48 | 3,265 | 2,384 | 37 |
26,807 | 21,589 | 24 | 42,817 | 41,681 | 3 | |
Statement of Comprehensive Income | ||||||
Profit for the period/year | 26,807 | 21,589 | 24 | 42,817 | 41,681 | 3 |
Other Comprehensive Income: | ||||||
Exchange differences on translating of foreign | ||||||
operations, net of tax | (1,471) | 1,712 | N.M | (2,293) | 2,234 | N.M |
Total Comprehensive Income For The Year | 25,336 | 23,301 | 9 | 40,524 | 43,915 | (8) |
The Comprehensive Income Attributable to: | ||||||
Owners of the Parent, Net of Tax | 23,663 | 21,583 | 10 | 37,443 | 41,499 | (10) |
Non-Controlling Interests, Net of Tax | 1,673 | 1,718 | (3) | 3,081 | 2,416 | 28 |
25,336 | 23,301 | 9 | 40,524 | 43,915 | (8) | |
Profit before tax after charging / (crediting) the following : | ||||||
Interest income | 155 | 568 | (73) | 419 | 921 | (54) |
Interest expense | (902) | (965) | (7) | (1,714) | (2,200) | (22) |
Other income from government grants and rental rebate | 2,012 | - | >100 | 8,667 | - | >100 |
Depreciation expenses | (13,885) | (14,499) | (4) | (27,723) | (28,988) | (4) |
Foreign exchange adjustment gain | 467 | 121 | >100 | 346 | 134 | 158 |
Gain on disposal of plant and equipment and ROU | ||||||
assets | 144 | 14 | >100 | 144 | 236 | (39) |
Plant and equipment written off | (1,132) | (41) | >100 | (1,132) | (48) | >100 |
Inventory written off | - | (87) | N.M | (760) | (699) | 9 |
Reversal on allowance/(allowance) for inventories | 1,701 | (1,805) | N.M | 1,669 | (2,389) | N.M |
Note : N.M - not meaningful
1
CORTINA HOLDINGS LIMITED (Company Registration No. 197201771W)
UNAUDITED FULL YEAR FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021
1(b)(i) Statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year
Statements of Financial Position | Group | Company | ||
As At | As At | As At | As At | |
31.03.2021 | 31.03.2020 | 31.03.2021 | 31.03.2020 | |
ASSETS | S$'000 | S$'000 | S$'000 | S$'000 |
Current Assets | ||||
Cash and bank balances | 130,026 | 114,389 | 13,523 | 180 |
Trade and other receivables | 15,221 | 9,184 | 6,912 | 9,322 |
Inventories | 214,439 | 143,335 | - | - |
Other assets, current | 5,605 | 1,406 | 23 | 24 |
Total Current Assets | 365,291 | 268,314 | 20,458 | 9,526 |
Non-Current Assets | ||||
Investments in associates | 3,474 | 2,593 | 1,000 | 1,000 |
Investments in subsidiaries | - | - | 141,487 | 56,792 |
Property, plant and equipment | 14,647 | 13,760 | 520 | 645 |
Investment property | 4,174 | 4,262 | 4,174 | 4,262 |
Goodwill | 952 | - | - | - |
Deferred tax assets | 3,425 | 1,245 | - | - |
Other assets, non-current | 7,921 | 6,347 | - | - |
Rights-of-use assets | 96,408 | 43,078 | - | - |
Total Non-Current Assets | 131,001 | 71,285 | 147,181 | 62,699 |
Total Assets | 496,292 | 339,599 | 167,639 | 72,225 |
LIABILITIES | ||||
Current Liabilities | ||||
Trade and other payables | 61,607 | 27,547 | 91,569 | 8,748 |
Income tax payable | 9,124 | 7,482 | 348 | 408 |
Lease liabilities, current | 27,843 | 17,576 | 64 | 96 |
Other liabilities, current | 11,828 | 9,960 | - | - |
Other finance liabilities, current | 37,934 | 4,961 | - | - |
Total Current Liabilities | 148,336 | 67,526 | 91,981 | 9,252 |
Non-Current Liabilities | ||||
Provisions, non-current | 5,579 | 2,330 | - | - |
Lease liabilities, non-current | 70,452 | 27,452 | 12 | 75 |
Other liabilities, non-current | 2,213 | 700 | - | - |
Total Non-Current Liabilities | 78,244 | 30,482 | 12 | 75 |
Total Liabilities | 226,580 | 98,008 | 91,993 | 9,327 |
Net Assets | 269,712 | 241,591 | 75,646 | 62,898 |
EQUITY | ||||
Equity Attributable To Owners Of The Parent | ||||
Share capital | 35,481 | 35,481 | 35,481 | 35,481 |
Other reserve | 2,440 | 3,704 | - | - |
Retained earnings | 220,529 | 192,585 | 40,165 | 27,417 |
Equity attributable to owners of the parent, total | 258,450 | 231,770 | 75,646 | 62,898 |
Non-controlling interests | 11,262 | 9,821 | - | - |
Total Equity | 269,712 | 241,591 | 75,646 | 62,898 |
2
CORTINA HOLDINGS LIMITED (Company Registration No. 197201771W)
UNAUDITED FULL YEAR FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021 1(b)(ii) Aggregate amount of group's borrowings and debt securities
Amount repayable in one year or less, or on demand
As at 31.3.2021 | As at 31.3.2020 | ||
Secured | Unsecured | Secured | Unsecured |
17,092,714 | 21,127,564 | 371,342 | 4,960,416 |
Amount repayable after one year | |||
Secured | Unsecured | Secured | Unsecured |
387,851 | 0 | 757,116 | 0 |
The finance lease liabilities are secured as the rights to the plant and equipment of the Group revert to the lessor in the event of default by the Group.
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CORTINA HOLDINGS LIMITED (Company Registration No. 197201771W)
UNAUDITED FULL YEAR FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021
1(c)(i) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year
Group | Group | |||
6 mths | 6 mths | |||
ended 2021 ended 2020 | 2021 | 2020 | ||
S$'000 | S$'000 | S$'000 | S$'000 | |
Cash flows from operating activities: | ||||
Profit before tax | 34,020 | 27,843 | 54,343 | 53,131 |
Adjustments for: | ||||
Depreciation of property, plant and equipment and investment property | 2,355 | 2,640 | 4,737 | 5,404 |
Depreciation of right-of-use assets | 11,530 | 11,859 | 22,986 | 23,584 |
Interest income | (155) | (568) | (419) | (921) |
Interest expense | 902 | 965 | 1,714 | 2,200 |
Share of the (profit) / loss from equity-accounted associates | 48 | (62) | 54 | (63) |
Gains on disposal of right-of-use assets | (31) | - | (31) | - |
Gains on disposal of plant and equipment | (113) | (14) | (113) | (236) |
Property, plant and equipment written off | 1,132 | 41 | 1,132 | 48 |
Provisions, non-current | 131 | 392 | 131 | 392 |
Operating profit before changes in working capital | 49,819 | 43,096 | 84,534 | 83,539 |
Trade and other receivables | 8,914 | 11,431 | (2,741) | 1,318 |
Inventories | 13,722 | 10,706 | 22,942 | 20,912 |
Other assets | (372) | (6) | (1,517) | (869) |
Trade and other payables | 6,262 | 371 | 2,394 | (3,514) |
Other liabilities | 3,731 | (2,056) | 3,163 | (4,227) |
Net cash flows from Operations | 82,076 | 63,542 | 108,775 | 97,159 |
Income taxes paid | (6,193) | (5,775) | (10,201) | (10,007) |
Net cash flows generated from operating activities | 75,883 | 57,767 | 98,574 | 87,152 |
Cash flows from investing activities: | ||||
Purchase of plant and equipment | (2,311) | (1,781) | (2,797) | (2,942) |
Interest received | 153 | 567 | 419 | 921 |
Disposal of property, plant and equipment | 191 | 198 | 191 | 444 |
Acquisition of subsidiaries (Note 1) | (54,310) | - | (54,310) | - |
Net cash flows used in investing activities | (56,277) | (1,016) | (56,497) | (1,577) |
Cash flows from financing activities: | ||||
Principal element of lease payments | (10,974) | (11,559) | (22,459) | (22,771) |
Interest element of lease payments | (1,021) | (871) | (1,442) | (1,615) |
Decrease in other financial liabilities | 2,162 | (10,364) | 12,074 | (18,778) |
Decrease in finance leases | (267) | (185) | (454) | (398) |
Dividends paid to a non-controlling interest of a subsidiary | (976) | 9 | (1,640) | (664) |
Interest paid | 119 | (94) | (272) | (585) |
Dividends paid | - | - | (10,763) | (9,107) |
Net cash flows used in financing activities | (10,957) | (23,064) | (24,956) | (53,918) |
Net increase in cash and cash equivalents | 8,649 | 33,687 | 17,121 | 31,657 |
Cash and cash equivalents, Statement of Cash Flows, at beginning of year | 122,285 | 79,929 | 114,390 | 81,288 |
Effect of foreign exchange rate adjustments | (908) | 773 | (1,485) | 1,444 |
Cash and cash equivalents, Statement of Cash Flows, at end of year | 130,026 | 114,389 | 130,026 | 114,389 |
Note 1: Analysis of acquisition of subsidiaries | ||||
Net assets acquired: | ||||
Non-current assets | 37,600 | - | 37,600 | - |
Current assets | 104,223 | - | 104,223 | - |
Non-current liabilities | (22,386) | - | (22,386) | - |
Current liabilities | (61,693) | - | (61,693) | - |
Cash and bank balances | 25,999 | - | 25,999 | - |
83,743 | - | 83,743 | - | |
Provisional goodwill | 952 | - | 952 | - |
Consideration paid | 84,695 | - | 84,695 | - |
Less: Retained sum payable | (4,386) | - | (4,386) | - |
Cash and bank balances acquired | (25,999) | - | (25,999) | - |
Net cash outflow on acquisition of subsidiaries | 54,310 | - | 54,310 | - |
4
CORTINA HOLDINGS LIMITED (Company Registration No. 197201771W)
UNAUDITED FULL YEAR FINANCIAL STATEMENTS ANNOUNCEMENT FOR THE YEAR ENDED 31 MARCH 2021
1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalising issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year
Non-controlling | ||||||
Total equity | Attributable to the Parent | Interests | ||||
Share | Other | Retained | ||||
Sub-total | Capital | reserves | earnings | |||
The Group | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 |
Balance at 1 April 2020 | 241,591 | 231,770 | 35,481 | 3,704 | 192,585 | 9,821 |
Movements in equity: | ||||||
Total comprehensive income for the period | 40,524 | 37,443 | - | (2,109) | 39,552 | 3,081 |
Transferred (from)/to retained earnings | - | - | - | 845 | (845) | - |
Dividends paid | (12,403) | (10,763) | - | - | (10,763) | (1,640) |
Balance at 31 March 2021 | 269,712 | 258,450 | 35,481 | 2,440 | 220,529 | 11,262 |
Balance at 1 April 2019 | 207,447 | 199,378 | 35,481 | 980 | 162,917 | 8,069 |
Movements in equity: | ||||||
Total comprehensive income for the period | 43,915 | 41,499 | - | 2,724 | 38,775 | 2,416 |
Dividends paid | (9,771) | (9,107) | - | - | (9,107) | (664) |
Balance at 31 March 2020 | 241,591 | 231,770 | 35,481 | 3,704 | 192,585 | 9,821 |
Retained | ||||||
Total equity | Share Capital | earnings | ||||
S$'000 | S$'000 | S$'000 | ||||
The Company | ||||||
Balance at 1 April 2020 | 62,898 | 35,481 | 27,417 | |||
Movements in equity: | ||||||
Total comprehensive income for the year | 23,511 | - | 23,511 | |||
Dividends paid | (10,763) | - | (10,763) | |||
Balance at 31 March 2021 | 75,646 | 35,481 | 40,165 | |||
Balance at 1 April 2019 | 67,055 | 35,481 | 31,574 | |||
Movements in equity: | ||||||
Total comprehensive income for the year | 4,950 | - | 4,950 | |||
Dividends paid | (9,107) | - | (9,107) | |||
Balance at 31 March 2020 | 62,898 | 35,481 | 27,417 |
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Cortina Holdings Limited published this content on 28 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2021 20:29:03 UTC.