Multi Chem : Full Yearly Results

Multi-Chem Limited

(Incorporated in Singapore. Registration Number: 198500318Z)

Full Year Financial Statements and Dividend Announcement

For the financial year ended 31 December 2020

Multi-Chem Limited

Registration No. 198500318Z

Full Year Financial Statements and Dividend Announcement

For the financial year ended 31 December 2020

CONSOLIDATED INCOME STATEMENT

Group	6 months ended			12 months ended
	31-12-2020	31-12-2019	Change	31-12-2020	31-12-2019	Change
	$'000	$'000	%	$'000	$'000	%
Revenue	253,667	256,858	(1)	479,714	455,795	5
Cost of sales	(215,417)	(221,377)	(3)	(408,072)	(389,888)	5
Gross profit	38,250	35,481	8	71,642	65,907	9
Other items of income
- Interest income	515	349	48	884	613	44
- Other income	3,799	(138)	(2,853)	6,269	2,844	120
Other items of expense
- Selling and distribution costs	(13,990)	(13,993)	-	(27,908)	(28,088)	(1)
- Administrative and other expenses	(11,444)	(10,816)	6	(22,703)	(23,397)	(3)
- Loss allowance on third party
trade receivables	(2,051)	(2,821)	(27)	(1,972)	(2,396)	(18)
- Finance costs	(199)	(532)	(63)	(388)	(923)	(58)
Profit before income tax	14,880	7,530	98	25,824	14,560	77
Income tax expense	(3,674)	(2,606)	41	(6,256)	(4,808)	30
Profit for the financial
period/year	11,206	4,924	128	19,568	9,752	101
Profit attributable to:
Owners of the parent	10,456	3,852	171	17,776	7,836	127
Non-controlling interests	750	1,072	(30)		1,792	1,916	(6)
	11,206	4,924	128	19,568	9,752	101
Earnings per share for profit attributable
to owners of the parent during the
financial period/year
(expressed in cents per share)
Basic	11.61 cents	4.28 cents			19.73 cents	8.70 cents
Diluted	11.61 cents	4.28 cents			19.73 cents	8.70 cents

Multi-Chem Limited, Page 2 of 28

Multi-Chem Limited

Registration No. 198500318Z

Full Year Financial Statements and Dividend Announcement

For the financial year ended 31 December 2020

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Group	6 months ended			12 months ended
	31-12-2020	31-12-2019	Change	31-12-2020	31-12-2019	Change
	$'000	$'000	%	$'000	$'000	%
Profit for the financial period/year	11,206	4,924	128	19,568	9,752	101
Other comprehensive income for the
financial period/year
Items that may be reclassified subsequently to
profit or loss
Foreign currency differences
on translation of foreign operations	(3,688)	(520)	609		(1,224)	(1,101)	11
Fair value change in financial asset, at FVOCI	194	-	100		77	-	100
	(3,494)	(520)	572	(1,147)	(1,101)	4
Items that will not be reclassified subsequently to
profit or loss
Remeasurements of post-employee benefits	(45)	(37)	22		(45)	(37)	22
Other comprehensive income for the
financial period/year, net of tax	(3,539)	(557)	535	(1,192)	(1,138)	5
Total comprehensive income for the
financial period/year	7,667	4,367	76	18,376	8,614	113
				-
Total comprehensive income attributable to:
Owners of the parent	7,594	3,370	125	16,857	6,851	146
Non-controlling interests	73	997	(93)	1,519	1,763	(14)
	7,667	4,367	76	18,376	8,614	113

Multi-Chem Limited, Page 3 of 28

Multi-Chem Limited

Registration No. 198500318Z

Full Year Financial Statements and Dividend Announcement

For the financial year ended 31 December 2020

NOTES TO CONSOLIDATED INCOME STATEMENT

The profit before income tax is arrived at after (charging)/crediting:

Group	6 months ended			12 months ended
	31-12-202031-12-2019	Change	31-12-202031-12-2019	Change
	$'000	$'000	%	$'000	$'000	%
Other gains	1,819	291	525	4,021	1,091	269
Interest income	515	349	48	884	613	44
Interest expense	(199)	(532)	(63)	(388)	(923)	(58)
Amortisation of club memberships	(5)	(7)	(29)	(10)	(19)	(47)
Depreciation of property, plant and equipment	(681)	(646)	5	(1,424)	(1,621)	(12)
Depreciation of right-of-use assets	(675)	(645)	5	(1,342)	(1,137)	18
Loss allowance on third party trade receivables	(2,051)	(2,821)	(27)	(1,972)	(2,396)	(18)
Third party trade receivables written off	(183)	(23)	696	(196)	(29)	576
Allowance made for inventory obsolescence	(2,079)	(1,531)	36	(3,441)	(2,187)	57
Inventories written off	(23)	(23)	-	(75)	(51)	47
Foreign exchange gain/(loss), net	1,898	(490)	487	2,047	80	2,459
Loss on disposal of club membership	-	(56)	(100)	-	(56)	(100)
Gain/(loss) on disposal of plant and equipment	7	(17)	141	65	1,077	(94)
Plant and equipment written off	-	(6)	(100)	-	(17)	(100)
Reversal of impairment loss of plant and equipment	-	-	-	-	460	(100)
Fair value change in financial asset, at FVPL	75	76	(1)	136	134	1
Fair value change in derivative financial instruments	25	2	1,150	(7)	2	(450)

Multi-Chem Limited, Page 4 of 28