BEST WORLD INTERNATIONAL LTD
(Company Registration: 199006030Z)
Incorporated in the Republic of Singapore
Financial Statements
And Related Announcement For the 3 months ended 31 March 2021
BEST WORLD INTERNATIONAL LIMITED
FINANCIAL STATEMENTS ANNOUNCEMENT
FOR THE THREE MONTHS ENDED 31 MARCH 2021
TABLE OF CONTENTS
CONSOLIDATED STATEMENT OF PROFIT OR LOSS | 2 |
STATEMENTS OF FINANCIAL POSITION | 4 |
BORROWINGS AND DEBT SECURITIES | 5 |
CONSOLIDATED STATEMENT OF CASH FLOWS | 6 |
STATEMENTS OF CHANGES IN EQUITY | 7 |
SHARE CAPITAL | 9 |
AUDIT | 10 |
ACCOUNTING POLICIES | 11 |
EARNINGS PER SHARE | 12 |
NET ASSET VALUE PER SHARE | 12 |
REVIEW OF THE PERFORMANCE OF THE GROUP | 13 |
Overview | 13 |
Revenue by Business Segments | 14 |
Revenue by Geographical Locations | 15 |
Financial Position and Cash Flow | 16 |
COMMENTARY ON THE CURRENT PERIOD'S PROSPECTS | 17 |
DIVIDENDS | 18 |
1
CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE THREE MONTHS ENDED 31 MARCH 2021
(Amounts expressed in Singapore dollars)
1(a)(i). An income statement and statement of comprehensive income, or a statement of comprehensive income for the group, together with a comparative statement for the corresponding period of the immediately preceding financial year.
Group | |||
3 months | 3 months | ||
Ended | Ended | ||
31.03.21 | 31.03.20 | Change | |
$'000 | $'000 | % | |
Revenue | 128,460 | 74,550 | 72.3 |
Cost of sales | (29,017) | (22,542) | 28.7 |
Gross profit | 99,443 | 52,008 | 91.2 |
Other items of income | |||
Interest income | 524 | 506 | 3.6 |
Other operating income | 346 | 45 | 668.9 |
Other Items of Expense | |||
Distribution costs | (30,766) | (21,072) | 46.0 |
Administrative expenses | (23,020) | (15,929) | 44.5 |
Finance costs | (76) | (126) | (39.7) |
Other gains, net | 3,014 | 4,775 | (36.9) |
Share of results of a joint venture | 345 | - | NM |
Share of results of an associate | (49) | (54) | (9.3) |
Profit before tax | 49,761 | 20,153 | 146.9 |
Income tax expense | (11,989) | (7,124) | 68.3 |
Profit for the period | 37,772 | 13,029 | 189.9 |
Profit attributable to: | |||
- Owners of the parent company | 37,899 | 13,280 | 185.4 |
- Non-controlling interests | (127) | (251) | (49.4) |
Profit for the period | 37,772 | 13,029 | 189.9 |
Additional notes: | |||
Gross profit margin | 77.4% | 69.8% | |
Net profit margin | 29.5% | 17.8% | |
Earnings per share (cents) | 6.97 | 2.44 |
2
CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE THREE MONTHS ENDED 31 MARCH 2021
Statement of Comprehensive Income for the three months ended 31 March 2021:
Group | |||
3 months | 3 months | ||
Ended | Ended | ||
31.03.21 | 31.03.20 | Change | |
$'000 | $'000 | % | |
Profit for the period, net of tax | 37,772 | 13,029 | 189.9 |
Other comprehensive income | |||
Exchange differences on translating foreign | |||
operations | 1,708 | 1,147 | 48.9 |
Other comprehensive income | |||
for the period, net of tax | 1,708 | 1,147 | 48.9 |
Total comprehensive income for the period | 39,480 | 14,176 | 178.5 |
Attributable to: | |||
Owners of the parent company | 39,526 | 14,393 | 174.6 |
Non-controlling interests | (46) | (217) | (78.8) |
Total comprehensive income for the period | 39,480 | 14,176 | 178.5 |
1(a)(ii). Profit before Income tax is determined after charging (crediting):
Group | ||
3 months ended | ||
31.03.21 | 31.03.20 | |
$'000 | $'000 | |
Depreciation of property, plant and equipment | 602 | 607 |
Depreciation of an investment property | 5 | 5 |
Amortisation of right-of-use assets | 773 | 704 |
Amortisation of intangible assets | 84 | 87 |
Fair value losses on other financial assets | 31 | 257 |
Fair value gains on foreign exchange derivatives | (661) | (1,041) |
Inventories written down | 107 | 141 |
Foreign exchange gains, net | (2,465) | (4,132) |
Gain on disposal of property, plant and equipment | (26) | - |
Government grant income | (288) | - |
Interest income | (524) | (506) |
Interest expense | 76 | 126 |
3
STATEMENTS OF FINANCIAL POSITION AS AT 31 MARCH 2021
(Amounts expressed in Singapore dollars)
1(b). (i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year.
Group | Company | |||||||||
31.03.21 | 31.12.20 | 31.03.21 | 31.12.20 | |||||||
$'000 | $'000 | $'000 | $'000 | |||||||
Assets | ||||||||||
Non-current assets | ||||||||||
Property, plant and equipment | 33,566 | 30,956 | 3,114 | 3,293 | ||||||
Investment property | 1,104 | 1,109 | - | - | ||||||
Right-of-use assets | 8,941 | 9,619 | 3,202 | 3,598 | ||||||
Intangible assets | 1,145 | 1,150 | 49 | 39 | ||||||
Other intangible assets | 7,686 | 7,744 | - | - | ||||||
Investment in subsidiaries | - | - | 80,778 | 73,485 | ||||||
Investment in an associate | 5,126 | 5,175 | - | - | ||||||
Investment in a joint venture | 26,036 | 25,691 | - | - | ||||||
Deferred tax assets | 27,281 | 25,953 | - | - | ||||||
Other financial assets | 536 | 791 | 536 | 791 | ||||||
Total non-current assets | 111,421 | 108,188 | 87,679 | 81,206 | ||||||
Current assets | ||||||||||
Inventories | 98,589 | 102,365 | 23,365 | 27,952 | ||||||
Trade and other receivables | 10,962 | 3,889 | 109,348 | 124,621 | ||||||
Other assets | 22,721 | 17,394 | 10,781 | 8,712 | ||||||
Other financial assets | 14,453 | 12,634 | 14,453 | 12,634 | ||||||
Cash and cash equivalents | 356,196 | 334,032 | 181,450 | 175,104 | ||||||
Total current assets | 502,921 | 470,314 | 339,397 | 349,023 | ||||||
Total assets | 614,342 | 578,502 | 427,076 | 430,229 | ||||||
Equity and liabilities | ||||||||||
Current liabilities | ||||||||||
Income tax payable | 35,141 | 36,673 | 23,107 | 21,746 | ||||||
Trade and other payables | 170,897 | 173,964 | 52,635 | 70,520 | ||||||
Contract liabilities | 7,850 | 6,828 | - | - | ||||||
Other financial liabilities | 139 | 800 | 139 | 800 | ||||||
Lease liabilities | 3,737 | 3,942 | 1,257 | 1,257 | ||||||
Other liabilities | 1,306 | 1,306 | 1,082 | 1,082 | ||||||
Total current liabilities | 219,070 | 223,513 | 78,220 | 95,405 | ||||||
Net current assets | 283,851 | 246,801 | 261,177 | 253,618 | ||||||
Non-current liabilities | ||||||||||
Deferred tax liabilities | 9,195 | 7,850 | 4,900 | 4,900 | ||||||
Lease liabilities | 4,991 | 5,533 | 1,728 | 2,086 | ||||||
Total non-current liabilities | 14,186 | 13,383 | 6,628 | 6,986 | ||||||
Total liabilities | 233,256 | 236,896 | 84,848 | 102,391 | ||||||
Net assets | 381,086 | 341,606 | 342,228 | 327,838 | ||||||
Equity, attributable to owner | ||||||||||
of the company | ||||||||||
Share capital | 10,027 | 10,027 | 10,027 | 10,027 | ||||||
Retained earnings | 366,540 | 328,641 | 331,879 | 317,489 | ||||||
Other reserves | 6,949 | 5,322 | 322 | 322 | ||||||
383,516 | 343,990 | 342,228 | 327,838 | |||||||
Non-controlling interests | (2,430) | (2,384) | - | - | ||||||
Total equity | 381,086 | 341,606 | 342,228 | 327,838 | ||||||
Total equity and liabilities | 614,342 | 578,502 | 427,076 | 430,229 |
4
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Best World International Limited published this content on 10 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2021 13:39:01 UTC.