Tuas : Appendix 4D and Interim Financial Report

For personal use only

24 March 2022

The Manager

Market Announcements Office

Australian Stock Exchange

ELECTRONIC LODGEMENT

Dear Sir or Madam

Tuas Limited releases Appendix 4D and Interim Financial Report

In accordance with the Listing Rules of the Australian Securities Exchange, Tuas Limited (ASX: TUA) encloses for immediate release the Appendix 4D and Interim Financial Report for the period 1 August 2021 to 31 January 2022.

Authorised for release by the Board of Tuas Limited.

Contact:

Tony Moffatt Company Secretary Tuas Limited [e-mail]

Suite 49, 61-65 Glencoe Street,

Sutherland, NSW 2232, Australia

www.tuas.com.au

ABN: 70 639 685 975

Tuas Limited

For personal use only

Tuas Limited
ABN 70 639 685 975
and its controlled entities
ASX Appendix 4D and
Interim Financial Report
for the half year ended 31 January 2022
Lodged with the ASX under Listing Rule 4.2A
Contents	Page
Results for announcement to the market....................................................................................................	2
Directors' Report ..........................................................................................................................................	3
Lead Auditor's Independence Declaration...................................................................................................	6
Consolidated statement of comprehensive income ....................................................................................	7
Consolidated statement of financial position ..............................................................................................	8
Consolidated statement of changes in equity..............................................................................................	9
Consolidated statement of cash flows .......................................................................................................	10
Condensed notes to the consolidated financial statements......................................................................	11
Directors' declaration.................................................................................................................................	18
Independent Auditor's Review Report.......................................................................................................	19

1

For personal use only

Tuas Limited and its controlled entities

ASX Appendix 4D

For the half year ended 31 January 2022

Results for announcement to the market

Reported results

	01-Aug-21	11-Mar-20	Percentage
	to	to	increase/
	31-Jan-22	04-Sep-20	(decrease)
	S$000*	S$000*
Revenue	S$25,569	S$4,292	496%
Loss for the period	(S$13,390)	(S$3,452)	(288%)
Loss for the period attributable to owners of the Company	(S$13,390)	(S$3,452)	(288%)
Loss per share attributable to owners of the Company	(2.89 cents)	(1.87 cents)	54%
Profit/(loss) before interest, tax, depreciation and amortisation	S$6,261	(S$1,869)	n.m.

• All figures included in this report are in Singapore dollars, being the functional and reporting currency of Tuas Limited.

This report is based on the consolidated interim financial statements which have been reviewed by the

auditor. The review report, which was unqualified, is included within the Company's Interim Financial Report for the half year ended 31 January 2022 which accompanies this appendix 4D.

Prior Corresponding Period

The prior corresponding period, represents the first 6 months period of Tuas Limited from the date of its incorporation, being 11 March 2020 to 4 September 2020. This prior corresponding period does not align on a calendar basis to the current 6 months period owing to the fact that Tuas Limited elected to have its first full financial period of approximately 17 months, being 11 March 2020 to 31 July 2021, as allowed by the Corporations Act and ASX rules. It should be noted that the prior corresponding period included only 2 full months of the trading results of TPG Telecom Pte Ltd which was acquired by Tuas Limited on 26 June 2020 and is its main operating subsidiary.

Dividends

Tuas Limited has not paid or declared any dividends during the half year ended 31 January 2022.

Net Tangible Assets

31-Jan-2231-Jul-21

Net tangible assets per security

S$0.69

S$0.77

Details of entities over which control has been gained or lost during the period

Tuas Limited did not gain or lose control of any entities during the half year ended 31 January 2022.

Commentary on results

The Company has provided a brief commentary on the results in the Directors' Report which forms part of the Interim Financial Report.

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For personal use only

Tuas Limited and its controlled entities

Interim Financial Report for the half year ended 31 January 2022

Directors' Report

The Directors of the Company at any time during or since the end of the period, up to the date of this report are:

Directors	Period of directorship
David Teoh	Director since incorporation on 11 March 2020
Executive Chairman
Robert Millner	Director since 14 May 2020
Non-Executive Director
Jack Teoh	Director since 14 May 2020
Non-Executive Director
Sarah Kenny	Director since 14 May 2020
Independent Non-Executive Director
Alan Latimer	Director since 14 May 2020

Independent Non-Executive Director

Consolidated entity overview

Tuas Limited and its controlled entities consists of Tuas Limited (Tuas, ASX: TUA) and its wholly owned subsidiaries TPG Telecom Pte Limited ("TPG Singapore") (incorporated in Singapore, July 2016) and Tuas Solutions Sdn Bhd (incorporated in Malaysia, May 2020).

TPG Singapore owns and operates a modern, national mobile network in Singapore and it is the latest mobile network operator to enter the Singapore telecommunications market. TPG Singapore first acquired a portfolio of wireless spectrum at the New Entrant Spectrum Auction in December 2016 (paired 10MHz of 900MHz spectrum and 40 MHz of 2.3GHz spectrum) with subsequent additions in 2017 of one 10 MHz lot of 2.5 GHz spectrum and allocation of 800 MHz 5G mmWave spectrum in 2020. TPG Singapore further acquired 2 lots of 5G 2.1 GHz spectrum in December 2021.

The group's primary operations are those of TPG Singapore with some IT development provided by Tuas Solutions Sdn Bhd. This interim report includes the 6 months' results of the operations of the Tuas Group for the half year period 1 August 2021 to 31 January 2022.

Review of Operations

a) Mobile network rollout

TPG Singapore has established its 4G mobile network, having commenced building in 2017.

Four network quality conditions were set by the Infocomm Media Development Authority of Singapore (IMDA) at the time TPG Singapore was issued its facilities-based operator licence (FBO Licence). TPG Singapore has met all of those conditions, being outdoor coverage, in-building coverage, coverage in road tunnels and coverage in rail tunnels.

With the acquisition of 5G 2.1GHz spectrum, TPG Singapore intends to rollout on a commercial basis 5G coverage post completion of ongoing mid-band 5G trials and finalisation of 5G upgrade plans.

3

For personal use only

Tuas Limited and its controlled entities

Interim Financial Report for the half year ended 31 January 2022

b) Subscriber performance

When giving its full year financial report for the period from 11 March 2020 to 31 July 2021, Tuas announced that TPG Singapore:

• had launched commercial services on 31 March 2020; and
• had paid subscriptions as at 31 July 2021 of about 392,000.

By 31 January 2022, 6 months later, TPG Singapore's paid monthly subscriptions has increased to 487,000.

Reported Financial Results

Revenue for this half year period totalled S$25.6m. Revenue from the core business of providing mobile phone services to end users comprised S$25.1m.

Operational costs of S$19.3m resulted in profit before interest, tax, depreciation and amortisation ("EBITDA") of S$6.3m with depreciation and amortisation of $20.2m. The loss from operating activities was S$13.9m. Finance expenses of S$0.8m and an income tax benefit of S$1.3m resulted in a comprehensive loss for the period of S$13.4m.

Cashflow and Capital Expenditure

The following table shows the cash utilisation during the reporting period.

The $21.5m of plant and equipment was for mobile base station equipment and installation costs. The $31m on intangibles is primarily related to the acquisition in December 2021 of 10 MHz of 5G spectrum in the 2.1 GHz band.

Dividends

Tuas Limited has not paid or declared any dividends during the period from 1 August 2021 to 31 January 2022.

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