Crescendo : 1st Quarter Report 2024

CRESCENDO CORPORATION BERHAD

199501030544 (359750-D)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	INDIVIDUAL QUARTER	CUMULATIVE QUARTER
	CURRENT	PRECEDING YEAR	CURRENT	PRECEDING YEAR
	YEAR	CORRESPONDING	YEAR	CORRESPONDING
	QUARTER		QUARTER	TO-DATE		PERIOD
	30.4.2023	30.4.2022		30.4.2023	30.4.2022
	RM'000		RM'000	RM'000		RM'000
Revenue	58,336	59,843		58,336	59,843
Cost of sales	(32,386)	(32,165)		(32,386)	(32,165)
Gross profit	25,950		27,678		25,950		27,678
Other income	4,462	3,807		4,462	3,807
Administration expenses	(8,717)	(8,450)		(8,717)	(8,450)
Finance costs	(2,880)	(3,034)		(2,880)	(3,034)
Profit before tax	18,815		20,001		18,815		20,001
Tax expenses	(5,327)	(5,764)		(5,327)	(5,764)
Profit for the period	13,488		14,237		13,488		14,237
Other comprehensive income,
net of tax
Net movement on cash flow hedges	12	158		12	158
Tax relating to cash flow hedges	(3)	(38)		(3)	(38)
Total other comprehensive income
for the period, net of tax	9	120		9	120
Total comprehensive income
for the period	13,497	14,357		13,497	14,357
Profit attributable to:
Owners of the Company	13,203	13,201		13,203	13,201
Non-controlling interests	285	1,036		285	1,036
	13,488		14,237		13,488		14,237
Total comprehensive income
attributable to:
Owners of the Company	13,212	13,321		13,212	13,321
Non-controlling interests	285	1,036		285	1,036
	13,497		14,357		13,497		14,357
Earnings per share attributable to
owners of the Company:
Basic (sen)	4.73	4.72		4.73	4.72

The Unaudited Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the Annual Financial Statements for the financial year ended 31 January 2023 and the accompanying explanatory notes attached to the interim financial statements.

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CRESCENDO CORPORATION BERHAD

199501030544 (359750-D)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	AS AT		AS AT
	30.4.2023	31.1.2023
	RM'000		RM'000
ASSETS
Non-current assets
Property, plant and equipment	130,198	130,679
Right-of-use assets	4,002	4,081
Bearer plants	4,732	4,802
Investment properties	291,584	289,866
Inventories	658,219	658,248
Deferred tax assets	40,070	39,561
	1,128,805		1,127,237
Current assets
Inventories	118,506	115,530
Receivables	57,555	43,170
Contract assets	6,892	5,196
Prepaid operating expenditure	12,339	11,738
Tax recoverable	737	3,310
Short term funds	-	504
Cash and bank balances	81,274	86,249
	277,303		265,697
TOTAL ASSETS	1,406,108		1,392,934
EQUITY AND LIABILITIES
Equity attributable to owners of the Company
Share capital	299,572	299,572
Treasury shares	(3,115)	(3,115)
Other reserves	(31)	(40)
Retained earnings	645,827	632,624
	942,253		929,041
Non-controlling interests	52,775	52,490
Total equity	995,028		981,531
Non-current liabilities
Loans and borrowings	209,710	215,891
Deferred tax liabilities	31,491	31,598
Derivative financial liabilities	41	52
	241,242		247,541
Current liabilities
Trade and other payables	68,678	74,319
Contract liabilities	21,407	17,571
Loans and borrowings	76,750	69,181
Tax payable	3,003	2,791
	169,838		163,862
Total liabilities	411,080		411,403
TOTAL EQUITY AND LIABILITIES	1,406,108		1,392,934
Net assets per share (RM)	3.37	3.32

The Unaudited Condensed Consolidated Statement of Financial Position should be read in conjunction with the Annual Financial Statements for the financial year ended 31 January 2023 and the accompanying explanatory notes attached to the interim financial statements.

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CRESCENDO CORPORATION BERHAD 199501030544 (359750-D)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
			Attributable to owners of the Company
			Non-distributable	Distributable
							Non-
	Total		Share	Other	Retained	Treasury	Controlling
	Equity	Total	Capital	Reserves	Earnings	Shares	Interests
	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000	RM'000
3 months ended 30 April 2023
Balance as at 1 February 2023	981,531	929,041	299,572	(40)	632,624	(3,115)	52,490
Total comprehensive income	13,497	13,212	-	9	13,203	-	285
Balance as at 30 April 2023
995,028	942,253	299,572	(31)	645,827	(3,115)	52,775
3 months ended 30 April 2022
Balance as at 1 February 2022	970,827	918,229	299,572	(298)	622,070	(3,115)	52,598
Total comprehensive income	14,357	13,321	-	120	13,201	-	1,036
Balance as at 30 April 2022
985,184	931,550	299,572	(178)	635,271	(3,115)	53,634

The Unaudited Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Annual Financial Statements for the financial year ended 31 January 2023 and the accompanying explanatory notes attached to the interim financial statements.

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CRESCENDO CORPORATION BERHAD 199501030544 (359750-D)

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
	3 MONTHS ENDED
	30.4.2023	30.4.2022
	RM'000		RM'000
Cash flows from operating activities
Cash received from customers	53,725	54,314
Cash paid to suppliers and employees	(47,270)	(37,332)
Cash generated from operations
6,455		16,982
Deposit interest received	503	413
Interest paid	(3,035)	(3,172)
Tax paid	(3,161)	(2,502)
Net cash from operating activities
762		11,721
Cash flows from investing activities
Acquisition of bearer plants, right-of-use assets, investment
properties and property, plant and equipment	(7,822)	(1,429)
Pledge of time deposits	(15)	(6)
Net withdrawal from short term funds	506	2,500
Proceeds from disposal of property, plant and equipment	191	39
Net cash (used)/from in investing activities
(7,140)		1,104
Cash flows from financing activities
Proceeds from loans and borrowings	11,900	-
Repayment of loans and borrowings	(13,230)	(12,930)
Net cash used in financing activities
(1,330)		(12,930)
Net decrease in cash and cash equivalents	(7,708)	(105)
Cash and cash equivalents at the beginning of the financial period	78,750	102,014
Cash and cash equivalents at the end of the financial period
71,042		101,909
Cash and cash equivalents at the end of the financial period
Deposits with licensed banks and other financial institution	38,807	71,648
Cash and bank balances	42,467	37,616
Bank overdrafts	(7,578)	(4,752)
	73,696		104,512
Time deposits pledged	(2,654)	(2,603)
	71,042		101,909

The Unaudited Condensed Consolidated Cash Flow Statement should be read in conjunction with the Annual Financial Statements for the financial year ended 31 January 2023 and the accompanying explanatory notes attached to the interim financial statements.

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CRESCENDO CORPORATION BERHAD

199501030544 (359750-D)

PART A - EXPLANATORY NOTES

A1 Basis of preparation

The interim financial report is unaudited and has been prepared in accordance with Malaysian Financial Reporting Standard ("MFRS") 134: Interim Financial Reporting issued by the Malaysian Accounting Standards Board ("MASB") and paragraph 9.22 of the Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities").

The interim financial statements should be read in conjunction with the audited financial statements for the financial year ended 31 January 2023. These explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are significant to the understanding of the changes in the financial position and performance of the Group since the financial year ended 31 January 2023.

The accounting policies and methods of computation adopted by the Group in this interim financial statements are consistent with those of the annual financial statements for the year ended 31 January 2023 except for the adoption of the following new and amended MFRSs and Issues Committee ("IC") Interpretations relevant to the current operations of the Group:

Amendments to MFRS 101 Amendments to MFRS 101 Amendments to MFRS 108 Amendments to MFRS 112

Classification of Liabilities as Current or Non-current Disclosure of Accounting Policies

Definition of Accounting Estimates

Deferred Tax related to Assets and Liabilities arising from a Single Transaction

The Group has not elected for early adoption of the following new and amended MFRSs relevant to the current operations of the Group, which were issued but not yet effective:

Amendments to MFRS 16 Amendments to MFRS 101 Amendments to MFRS 10

and MFRS128

	Effective for
	financial periods
	beginning on or after
Lease Liability in a Sale and Leaseback	1 Jan 2024
Non-current Liabilities with Covenants	1 Jan 2024
Sale or Contribution of Assets between an Investor	Deferred
and its Associate or Joint Venture

These new and amended MFRSs are not expected to have any significant impact on the financial statements of the Group upon their initial application.

A2 Audit qualification

The auditor's report of the preceding annual financial statements of the Group did not contain any qualification.

A3 Seasonal or cyclical factors

There were no significant seasonal factors affecting the operations of the Group. However, the economic cyclical factors will have an impact on property development and construction sector.

A4 Unusual items

There were no unusual items that have material effects on the assets, liabilities, equity, net income or cash flows for the current financial year-to-date.

A5 Material changes in estimates

There were no changes in estimates that have had a material effect in the current quarter results.

A6 Debt and equity securities

There were no issuances, cancellations, repurchases, resale and repayments of debt and equity securities for the three months ended 30 April 2023.

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