SHENG SIONG GROUP LTD.

Business Update for the Third Quarter ended 30 September 2022

  1. Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income

The Group

The Group

3 months ended

9 months ended

30 Sep

30 Sep

30 Sep

30 Sep

2022

2021

Change

2022

2021

Change

S$'000

S$'000

+/ (-)

S$'000

S$'000

+/ (-)

Revenue

333,498

348,099

(4.2%)

1,010,249

1,029,774

(1.9%)

Cost of sales

(235,359)

(247,158)

(4.8%)

(713,041)

(736,317)

(3.2%)

Gross profit

98,139

100,941

(2.8%)

297,208

293,457

1.3%

Other income

2,625

2,496

5.2%

8,108

10,042

(19.3%)

Selling and distribution expenses

(2,072)

(2,178)

(4.9%)

(6,006)

(5,738)

4.7%

Administrative expenses

(58,926)

(58,194)

1.3%

(174,865)

(171,548)

1.9%

Other expenses

(1,341)

(1,365)

(1.8%)

(3,940)

(4,087)

(3.6%)

Results from operating activities

38,425

41,700

(7.9%)

120,505

122,126

(1.3%)

Finance income

991

331

199.4%

1,784

815

118.9%

Finance expenses

(729)

(589)

23.8%

(2,197)

(1,667)

31.8%

Profit before tax

38,687

41,442

(6.6%)

120,092

121,274

(1.0%)

Tax expense

(5,800)

(7,019)

(17.4%)

(19,703)

(20,760)

(5.1%)

Profit for the period

32,887

34,423

(4.5%)

100,389

100,514

(0.1%)

Other comprehensive income

Item that is or may be reclassified

subsequently to profit or loss:

Foreign currency translation

differences - foreign operations

(235)

(46)

410.9%

(516)

(237)

117.7%

Total comprehensive income for

the period

32,652

34,377

(5.0%)

99,873

100,277

(0.4%)

1

SHENG SIONG GROUP LTD.

Business Update for the Third Quarter ended 30 September 2022

The Group

The Group

3 months ended

9 months ended

30 Sep

30 Sep

30 Sep

30 Sep

2022

2021

Change

2022

2021

Change

S$'000

S$'000

+/ (-)

S$'000

S$'000

+/ (-)

Profit net of tax for the period

attributable to:

Owners of the Company

32,767

34,364

(4.6%)

100,140

100,298

(0.2%)

Non-controlling interest

120

59

103.4%

249

216

15.3%

Profit after tax

32,887

34,423

(4.5%)

100,389

100,514

(0.1%)

Total comprehensive income for

the period attributable to:

Owners of the Company

32,626

34,233

(4.7%)

99,831

100,052

(0.2%)

Non-controlling interest

26

144

(81.9%)

42

225

(81.3%)

Total comprehensive income

32,652

34,377

(5.0%)

99,873

100,277

(0.4%)

Earnings per share

Basic and diluted (cents)

2.18

2.29

6.66

6.67

2

SHENG SIONG GROUP LTD.

Business Update for the Third Quarter ended 30 September 2022

  1. Interim Statements of Financial Position

The Group

The Company

30 Sep

31 Dec

30 Sep

31 Dec

2022

2021

2022

2021

S$'000

S$'000

S$'000

S$'000

Assets

Property, plant and equipment

294,277

302,883

-

-

Right-of-use assets

77,007

79,505

-

-

Investment in subsidiaries

-

-

82,261

82,261

Non-current assets

371,284

382,388

82,261

82,261

Inventories

85,619

98,383

-

-

Trade and other receivables

11,889

11,604

154,026

200,721

Cash and cash equivalents

228,606

246,642

185

308

Current assets

326,114

356,629

154,211

201,029

Total assets

697,398

739,017

236,472

283,290

Equity

Share capital

235,373

235,373

235,373

235,373

Merger reserve

(68,234)

(68,234)

-

-

Foreign currency translation reserve

(408)

(98)

-

-

Accumulated profits

252,535

246,365

802

47,551

Equity attributable to owners of the

Company

419,266

413,406

236,175

282,924

Non-controlling interest

2,958

2,916

-

-

Total equity

422,224

416,322

236,175

282,924

Liabilities

Lease liabilities

43,820

48,945

-

-

Deferred tax liabilities

2,585

3,229

-

-

Non-current liabilities

46,405

52,174

-

-

Trade and other payables

170,865

212,391

299

361

Current tax payable

26,324

25,381

(2)

5

Term loan

-

5,000

-

-

Lease liabilities

31,580

27,749

-

-

Current liabilities

228,769

270,521

297

366

Total liabilities

275,174

322,695

297

366

Total equity and liabilities

697,398

739,017

236,472

283,290

3

SHENG SIONG GROUP LTD.

Business Update for the Third Quarter ended 30 September 2022

  1. Interim Consolidated Statement of Cash Flows

Operating activities

Profit for the period

Adjustments for:

Depreciation of:

  • property, plant and equipment
  • right-of-useassets

Gain on disposal of property, plant and equipment Unrealised exchange (gain)/loss

Interest income Interest expense Tax expense

Changes in:

  • inventories
  • trade and other receivables
  • trade and other payables

Cash generated from operations Taxes paid

Cash flows from operating activities

The Group

The Group

3 months ended

9 months ended

30 Sep

30 Sep

30 Sep

30 Sep

2022

2021

2022

2021

S$'000

S$'000

S$'000

S$'000

32,887

34,423

100,389

100,514

4,862

5,157

14,861

15,246

8,550

7,589

24,798

22,812

(16)

(82)

(15)

(154)

(375)

(12)

(893)

20

(991)

(331)

(1,784)

(815)

729

589

2,197

1,667

5,800

7,019

19,703

20,760

51,446

54,352

159,256

160,050

(1,887)

(3,921)

12,764

(982)

(2,506)

(1,231)

(285)

9,202

10,523

7,020

(41,526)

(22,786)

57,576

56,220

130,209

145,484

(6,846)

(10,460)

(19,404)

(29,326)

50,730

45,760

110,805

116,158

Investing activities

Proceeds from disposal of property, plant and equipment

42

83

132

185

Purchase of property, plant and equipment

(1,451)

(3,926)

(6,614)

(9,340)

Interest received

991

331

1,784

815

Cash flows used in investing activities

(418)

(3,512)

(4,698)

(8,340)

Financing activities

Dividends paid

(47,361)

(46,610)

(93,971)

(91,716)

Repayment of term loan

-

-

(5,000)

(10,000)

Payment of lease liabilities

(8,186)

(7,547)

(23,697)

(22,739)

Interest paid on lease liabilities

(678)

(539)

(2,041)

(1,510)

Cash flows used in financing activities

(56,225)

(54,696)

(124,709)

(125,965)

Net decrease in cash and cash equivalents

(5,913)

(12,448)

(18,602)

(18,147)

Cash and cash equivalents at beginning of the period

234,270

247,980

246,642

253,901

Effect of exchange rate changes on balances held in

foreign currencies

249

(34)

566

(256)

Cash and cash equivalents at end of the period

228,606

235,498

228,606

235,498

4

SHENG SIONG GROUP LTD.

Business Update for the Third Quarter ended 30 September 2022

  1. Notes to the Consolidated Financial Statements

1. Significant items

Note

Depreciation of property, plant and

equipment

Depreciation of right-of-use assets

Exchange gain, net

Gain on disposal of property, plant

and equipment

Staff costs

Contribution to defined contribution

plans, included in staff costs

Interest income

Interest expense

Finance (income)/ expense, net

Other income:

Operating lease income

1.1

Sale of scrap materials

Government grants

1.2

Miscellaneous income

1.3

Note

The Group

The Group

3 months ended

9 months ended

30 Sep

30 Sep

30 Sep

30 Sep

2022

2021

2022

2021

S$'000

S$'000

S$'000

S$'000

4,862

5,157

14,861

15,246

8,550

7,589

24,798

22,812

(128)

(154)

(621)

(423)

(16)

(82)

(15)

(154)

47,686

48,484

141,160

144,476

2,183

1,916

6,348

5,457

(991)

(331)

(1,784)

(815)

729

589

2,197

1,667

(262)

258

413

852

831

818

2,186

2,306

729

887

2,359

2,050

584

762

2,007

4,418

481

29

1,556

1,268

2,625

2,496

8,108

10,042

  1. We lease excess retail spaces to external parties and Interested Persons, the latter accounted for 24.1% of the 3Q FY 2022 rental income.
  2. In view of improved COVID-19 situation, the Government reduced its grants and support in Year 2022.
  3. Miscellaneous income consists of IT consultancy services rendered to a third party to automate its warehousing system via an Interested Person. We invoiced the interested person $210,000 for the work done.

5

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Sheng Siong Group Ltd. published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 06:02:03 UTC.