Q & M Dental Singapore : Financial Statement (698 KB)

Q & M Dental Group (Singapore) Limited

(Incorporated in the Republic of Singapore)

(Company Registration No: 200800507R)

Condensed Financial Statement Announcement For The Third Quarter Ended 30 September 2022 ("3Q22")

1(a) Condensed Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income

						Group
		Third Quarter				Year-To-Date
		Q3 2022	Q3 2021		Change		30/09/2022		30/09/2021	Change
	Note	$'000	$'000		%		$'000		$'000	%
Revenue
Dental and Medical Clinics		39,217	39,320		-		117,713		116,616	1
Medical Laboratory and Dental Equipment & Supplies		3,304	18,414		(82)		15,718		35,689	(56)
Total Revenue	3	42,521	57,734		(26)		133,431		152,305	(12)
Other Items of Income
Interest Income		-	2		NM		9		5	80
Other Items of Expense
Consumables and Supplies Used in Dental & Medical
Clinics		(3,492)	(3,687)		(5)		(10,143)		(10,591)	(4)
Cost of Sales - Medical Laboratory and Dental
Equipment & Supplies		(2,346)	(5,607)		(58)		(8,430)		(12,025)	(30)
Employee Benefits Expense		(24,526)	(24,659)		(1)		(74,884)		(72,781)	3
Depreciation and Amortisation Expense		(1,211)	(1,104)		10		(3,516)		(3,025)	16
Depreciation of Right-Of-Use Assets		(2,961)	(2,912)		2		(8,940)		(7,826)	14
Other Expenses		(2,864)	(2,588)		11		(8,263)		(7,842)	5
Finance Costs	5	(1,170)	(685)		71		(2,701)		(2,249)	20
Other (Losses) Gains - Net	4	(9)	(129)		(93)		(56)		3,909	NM
Share of Profit (Loss) from Equity-Accounted
Associate		138	313		(56)		(362)		(108)	235
Profit Before Tax from Continuing Operations		4,080	16,678		(76)		16,145		39,772	(59)
Income Tax Expense	6	(559)	(2,740)		(80)		(2,083)		(4,357)	(52)
Profit From Continuing Operations, Net of Tax		3,521	13,938		(75)		14,062		35,415	(60)
Other Comprehensive (Loss) Income:
Exchange Differences on Translating Foreign
Operations, Net of Tax		(621)	159		NM		(1,295)		748	NM
Other Comprehensive Income for the Period, Net
of Tax		(621)	159		NM		(1,295)		748	NM
Total Comprehensive Income for the Period		2,900	14,097		(79)		12,767		36,163	(65)
Profit Attributable to:
Owners of the Parent, Net of Tax		3,610	9,512		(62)		13,459		27,306	(51)
Non-Controlling Interests, Net of Tax		(89)	4,426		NM		603		8,109	(93)
Profit, Net of Tax		3,521	13,938		(75)		14,062		35,415	(60)
Total Comprehensive Income Attributable to:
Owners of the Parent		3,015	9,667		(69)		12,218		28,063	(56)
Non-Controlling Interests		(115)	4,430		NM		549		8,100	(93)
Total Comprehensive Income		2,900	14,097		(79)		12,767		36,163	(65)

NM: Not Meaningful

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Q & M Dental Group (Singapore) Limited

(Incorporated in the Republic of Singapore)

(Company Registration No: 200800507R)

						Group
		Third Quarter			Year-To-Date
		Q3 2022	Q3 2021	Change		30/09/2022	30/09/2021	Change
	Note	$'000	$'000		%		$'000	$'000	%
EBITDA		9,422	21,377		(56)		31,293	52,867	(41)
Earnings Per Share
Based on the Weighted Average Number of Ordinary(a)
Shares on Issue - Cents		0.38	1.01				1.43	2.89
Fully Diluted Basis - Cents		0.38	1.01				1.43	2.89

1. The basic EPS for the period ended 30 September 2022 and 30 September 2021 are based on the profit attributable to equity holders of parent, net of tax and weighted average number of ordinary shares of 939,442,940 and 944,770,340 shares respectively.

						Group
		Third Quarter			Year-To-Date
		Q3 2022	Q3 2021	Change		30/09/2022	30/09/2021	Change
	Note	$'000	$'000		%		$'000	$'000	%
Core Healthcare Business(b):
Revenue		42,203	41,399		2		125,932	122,455	3
PATMI (c) (d)		4,257	5,147		(17)		13,691	14,220	(4)
EBITDA		10,065	10,513		(4)		30,418	29,108	5

1. Core Healthcare Business excludes contributions from the Group's medical laboratory, share of profit from associate, Aidite and expenses incurred on the development of the Group's digital Artificial Intelligence (AI) guided clinical decision support system as well as rental rebates received from the Singapore Government.
2. PATMI refers to profit after tax and minority interest (aka Profit attributable to the Parent)
3. Profit for 3Q2022 was lower due to increase in borrowing cost, higher manpower cost, 24 new clinics in Singapore and Malaysia still in their gestation period, as well as lower share of profit from associate, Aoxin Q & M.

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Q & M Dental Group (Singapore) Limited

(Incorporated in the Republic of Singapore)

(Company Registration No: 200800507R)

1(b) Condensed Interim Statements of Financial Position

		Group	Company
		As at		As at
		30/09/2022		31/12/2021	30/09/2022		31/12/2021
	Note	$'000		$'000	$'000		$'000
ASSETS
Non-Current Assets
Property, Plant and Equipment	8	36,752		32,604	903		918
Right-Of-Use Assets		50,908		51,716	1,132		1,295
Investment in Subsidiaries		-		-	62,043		61,943
Investment in Associates	9	25,859		27,044	33,383		33,383
Goodwill	10	56,586		56,597	-		-
Other Intangible Assets	11	4,497		3,580	-		-
Other Receivables		2,275		2,401	1,915		2,068
Other Assets		6,481		7,080	3,654		3,777
Total Non-Current Assets		183,358		181,022	103,030		103,384
Current Assets
Inventories		17,515		15,892	-		-
Trade and Other Receivables		23,882		27,823	80,627		89,739
Other Assets		3,801		3,833	1,447		1,494
Cash and Cash Equivalents		36,455		47,611	5,939		2,661
Total Current Assets		81,653		95,159	88,013		93,894
Total Assets		265,011		276,181	191,043		197,278
EQUITY AND LIABILITIES
Equity Attributable to Owners of the Parent
Share Capital	12	86,758		86,758	86,758		86,758
Treasury Shares	12	(13,950)		(13,950)	(13,950)		(13,950)
Retained Earnings		26,313		26,006	7,449		11,961
Other Reserves, Total		(2,206)		(965)	-		-
Equity Attributable to Owners of the Parent, Total		96,915		97,849	80,257		84,769
Non-Controlling Interests		5,834		5,397	-		-
Total Equity		102,749		103,246	80,257		84,769
Non-Current Liabilities
Provisions		776		776	-		-
Deferred Tax Liabilities		2,365		2,393	-		-
Lease Liabilities Arising from Right-Of-Use Assets		44,375		44,296	977		1,131
Other Financial Liabilities	13	84,985		80,176	81,042		78,408
Total Non-Current Liabilities		132,501		127,641	82,019		79,539
Current Liabilities
Income Tax Payable		1,340		5,595	-		-
Trade and Other Payables		17,325		26,239	28,189		29,536
Lease Liabilities Arising from Right-Of-Use Assets		9,502		9,908	189		189
Other Financial Liabilities	13	1,594		3,552	389		3,245
Total Current Liabilities		29,761		45,294	28,767		32,970
Total Liabilities		162,262		172,935	110,786		112,509
Total Equity and Liabilities		265,011		276,181	191,043		197,278
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Q & M Dental Group (Singapore) Limited

(Incorporated in the Republic of Singapore)

(Company Registration No: 200800507R)

1(c)	Condensed Interim Consolidated Statement of Cash Flows
				Group
		Third Quarter	Year-To-Date
		Q3 2022	Q3 2021	30/09/2022	30/09/2021
		$'000	$'000	$'000	$'000
Cash Flows From Operating Activities
Profit Before Tax	4,080	16,678	16,145	39,772
Adjustments for:
Interest Income	-	(2)	(9)	(5)
Interest Expense	1,170	685	2,701	2,249
Gain on Disposal of Plant and Equipment	-	(5)	(24)	(10)
Plant and Equipment Written Off	60	37	93	106
Share of (Profit) Loss from Equity - Associated Associates	(138)	(313)	362	108
Gain on Disposal of interest in Associates	-	-	-	(4,373)
Impairment of Plant and Equipment (Reversal)	(27)	(17)	(27)	(17)
Depreciation of Property, Plant and Equipment and Amortisation
Expense	1,211	1,104	3,516	3,025
Depreciation of Right-Of-Use Assets	2,961	2,912	8,940	7,826
Foreign Currency Translation Reserve	(125)	89	(284)	136
Provision	-	34	-	(74)
Operating Cash Flows Before Changes in Working Capital	9,192	21,202	31,413	48,743
Inventories	(1,707)	(338)	(1,623)	(1,444)
Trade and Other Receivables	379	(3,035)	4,555	(17,616)
Other non-financial assets	13	(251)	(55)	(453)
Trade and Other Payables	(152)	4,368	(5,767)	5,598
Net Cash Flows From Operating Activities Before Interest and Tax	7,725	21,946	28,523	34,828
Income Taxes Paid	(2,945)	(1,308)	(6,354)	(3,303)
Net Cash Flows From Operating Activities	4,780	20,638	22,169	31,525
Cash Flows (Used in) From Investing Activities
Purchase of Property Plant and Equipment	(1,810)	(2,537)	(7,711)	(4,986)
Purchase of Intangible Assets	(648)	(539)	(1,251)	(1,089)
Disposal of Plant and Equipment	5	82	153	144
Other non-financial assets	570	(509)	686	(950)
Trade and Other Receivables	(165)	-	(614)	375
Increase in Investment in Associate	-	-	-	(420)
Proceeds from Disposal of associate, Net of Tax and Redemption
of Preference Shares	-	-	-	17,002
Other Receivables, Non-Current	(110)	68	126	83
Interest Received	-	2	9	5
Net Cash Flows (Used in) From Investing Activities	(2,158)	(3,433)	(8,602)	10,164
Cash Flows Used in Financing Activities
Lease Liabilities - Principal Portion Paid	(2,851)	(2,980)	(8,459)	(7,504)
Lease Liabilities - Interest Paid	(541)	(355)	(1,417)	(1,177)
Finance Lease Repayment	(3)	(6)	(26)	(15)
Proceeds from Finance Lease	-	-	-	75
Proceeds from Placement Shares	1,750	-	1,750	-
Repayment of Bank Loans	(64)	(65)	(286)	(1,369)
Proceeds from Term Loan	-	-	2,400	10,000
Bill Payables	923	83	763	(480)
Interest Paid	(629)	(330)	(1,284)	(1,072)
Dividends Paid to Non-Controlling Interest*	-	-	(5,012)	-
Dividends Paid to Equity Owners	-	(7,873)	(13,152)	(39,365)
Net Cash Flows Used In Financing Activities	(1,415)	(11,526)	(24,723)	(40,907)
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Q & M Dental Group (Singapore) Limited

(Incorporated in the Republic of Singapore)

(Company Registration No: 200800507R)

			Group
	Third Quarter	Year-To-Date
	Q3 2022	Q3 2021	30/09/2022	30/09/2021
	$'000	$'000	$'000	$'000
Net Increase (Decrease) in Cash and Cash Equivalents	1,207	5,679	(11,156)	782
Cash and Cash Equivalents, Statement of Cash Flows, Beginning
Balance of the Period	35,248	43,875	47,611	48,772
Cash and Cash Equivalents, Statement of Cash Flows, Ending
Balance of the Period	36,455	49,554	36,455	49,554
Cash and Cash Equivalents at End of Period includes the
following:
Cash and Bank Balances	36,455	49,554	36,455	49,554
Cash and Cash Equivalents at End of Period	36,455	49,554	36,455	49,554

• Mainly the payment of accrued dividends to Aoxin Q&M, an associate of the Group and the 49% owner of Acumen Diagnostics Pte. Ltd. of which the Group has 51% ownership.

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