Brahim Berhad : Quarterly rpt on consolidated results for the financial period ended 31 Dec 2020

Brahim's Holdings Berhad

(Company No. 198201002985 [82731-A])

(Incorporated in Malaysia)

Interim Financial Report

31 December 2020

Brahim's Holdings Berhad

(Company No. 198201002985 [82731-A])

(Incorporated in Malaysia)

Unaudited Condensed Consolidated Statement Of Comprehensive Income For The Quarter Ended 31 December 2020

	Individual Quarter		Cumulative Quarters
	3 months ended			12 months ended
	31-Dec			31-Dec
	2020	2019	Changes	2020	2019	Changes
	RM'000		RM'000	%		RM'000		RM'000	%
Continuing Operations
Revenue	7,860	83,905	-90.63%	82,389	308,702	-73.31%
Cost of Sales	(5,264)	(35,202)		(38,673)	(128,568)
Gross Profit	2,596	48,703		43,716	180,134
Other income	1,147	261		2,047	3,469
Administrative expenses	(14,366)	(41,323)		(123,305)	(164,959)
Other expenses	(119,810)	(14,101)		(130,942)	(21,907)
(Loss)/Profit from operations	(130,433)	(6,460)	1919.09%	(208,484)	(3,263)	6289.33%
Finance costs	(1,310)	(1,408)		(5,985)	(5,665)
Share of results of jointly
controlled entities	-		(2,144)			-		(1,222)
(Loss)/Profit before taxation	(131,743)	(10,012)	1215.85%	(214,469)	(10,150)	-2013.00%
Income tax expense	(17,995)	(1,155)		(18,165)	(2,173)
Zakat	-		(182)			-		(182)
(Loss)/Profit after taxation	(149,738)	(11,349)	1219.39%	(232,634)	(12,505)	-1760.33%
(Loss)/Profit attributable to:
- Owners of the Company	(120,534)	(13,843)	770.72%	(153,209)	(14,028)	-992.17%
- Non Controlling Interests	(29,204)		2,494	-1270.97%		(79,425)		1,523	-5315.04%
	(149,738)	(11,349)	1219.39%	(232,634)	(12,505)	-1760.33%
Total comprehensive (loss)/income attributable to:-
- Owners of the Company	(120,534)	(13,843)		(153,209)	(14,028)
- Non Controlling Interest	(29,204)		2,494			(79,425)		1,523
	(149,738)	(11,349)		(232,634)	(12,505)
Loss per share (RM) attributable to the owners of the Company
Basic	(44.93)	(5.16)		(57.11)	(5.23)
Diluted	N/A		N/A			N/A		N/A

The Condensed Consolidated Statement of Comprehensive Income should be read in conjunction with the Annual Financial Report for the year ended 31 December 2019.

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Brahim's Holdings Berhad

(Company No. 198201002985 [82731-A])

(Incorporated in Malaysia)

Condensed Consolidated Statement Of Financial Position As At 31 December 2020

		As At	As At
		31.12.2020	31.12.2019
		RM'000	RM'000
		(Unaudited)	(Audited)
ASSETS
Non Current Assets
Property, plant and equipment		36,948	66,982
Goodwill on consolidation		84	102,354
Deferred tax assets		-	9,704
		37,032	179,040
Current Assets
Inventories		3,304	8,096
Trade receivables		19,346	57,216
Other receivables, deposits and prepayments		-	6,647
Tax recoverable		799	2,872
Amount owing by related companies		20	87
Fixed deposits with a licensed bank		2,989	17,643
Cash and bank balances		8,387	27,082
		34,845	119,643
TOTAL ASSETS		71,877	298,683
EQUITY & LIABILITIES
Equity attributable to equity holders
Share capital		268,266	268,266
Accumulated losses		(401,090)	(247,881)
Shareholders' Equity		(132,824)	20,385
Non Controlling Interest		11,404	90,830
Total Equity		(121,420)	111,215
Non-Current Liabilities
Other payables		-	1,353
Long-term borrowings		2,432	3,792
Deferred tax liabilities		8,244	-
		10,676	5,145
Current Liabilities
Trade payables		45,149	36,063
Other payables and accruals		51,147	32,844
Short-term borrowings		78,047	92,190
Amount due to related company		827	865
Advances from a Director		6,889	6,889
Tax liabilities		-	8
Provision for zakat		562	564
Provision for Contigent Liabilities		-	12,900
		182,621	182,323
Total Liabilities		193,297	187,468
TOTAL EQUITY AND LIABILITIES		71,877	298,683
Net assets per share attribulate to ordinary
equity holders of the Company (RM)	-	0.50	0.08

The Condensed Consolidated Statement of Financial Position should be read in conjunction with the Annual Financial Report for the year ended 31 December 2019.

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Brahim's Holdings Berhad

(Company No. 198201002985 [82731-A])

(Incorporated in Malaysia)

Unaudited Condensed Consolidated Statement Of Changes In Equity For The Year Ended 31 December 2020

			Accumulated				Non-Controlling
	Share Capital		losses		Total		Interest		Total
	RM'000		RM'000		RM'000		RM'000		RM'000
At 1 January 2020	268,266		(247,881)	20,385	90,830		111,215
Total comprehensive loss	-		(153,210)	(153,210)	(79,425)		(232,635)
At 31 December 2020	268,266	-	401,091	-	132,825	11,405	-	121,420
At 1 January 2019	268,266		(232,528)	35,738	88,977		124,715
Total comprehensive loss	-		(15,353)	(15,353)	1,853		(13,500)
At 31 December 2019	268,266	-	247,881		20,385	90,830		111,215
	-
At 1 January 2018
- as previously stated	268,266		(169,454)	98,812	144,542		243,354
- impact from adoption of MFRS 9	-		(1,493)	(1,493)	(1,153)		(2,646)
- as restated	268,266	-	170,947		97,319	143,389		240,708
Total comprehensive loss	-		(104,999)	(104,999)	(10,994)		(115,993)
Effect of retrospective adjustment	-		43,418		43,418	(43,418)		-
At 31 December 2018	268,266	-	232,528		35,738	88,977		124,715

The Condensed Consolidated Statement of Changes in Equity should be read in conjunction with the Annual Financial Report for the year ended 31 December 2019.

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Brahim's Holdings Berhad

(Company No. 198201002985 [82731-A])

(Incorporated in Malaysia)

Unaudited Condensed Consolidated Statement Of Cash Flows For The Financial Year Ended 31 December 2020

	12 months ended
	As at		As at
	31.12.2020	31.12.2019
	(Unaudited)		(Audited)
	RM'000		RM'000
Operating activities
Profit/(Loss) before tax	(214,469)	(7,907)
Adjustment for:-
Impairment losses on:
- investment in a joint venture	-	10,237
- goodwill	102,270	-
- trade and other receivables	-	333
- property, plant and equipment	9,809	13
Amortisation and depreciation	31,563	28,585
Interest expense	4,365	8,390
Interest income	(183)	(852)
Tax Expense	489	-
Share of results in joint ventures	-	(903)
Reversal of payables and accruals	-	(3,730)
Operating profit before working capital changes	(66,156)		34,125
(Increase)/Decrease in inventories	4,792	(645)
(Increase)/Decrease in receivables	51,968	(8,926)
Increase/(Decrease) in intercompany balances	29	-
Increase/(Decrease) in payables	5,059	9,344
Cash generated from/(used in) operations	(4,308)		33,898
Interest paid	579	(2,477)
Tax refund/(paid)	1,982	8,706
Net cash generated from/(used to) operating activities	(1,747)		40,127
Investing activities
Repayment from/(advance to) a joint venture	-	34
Interest income	183	-
Dividends from JV	-	2,190
Withdrawal/(Placement) of deposits pledged with licensed banks	4,717	(711)
Proceeds from disposal of interest in joint venture	-	7,987
Purchase of plant and equipment	(11,338)	(4,855)
Net cash used in investing activities	(6,438)		4,645
Financing activities
Repayment of term loans	(3,500)	-
Repayment of lease and hire-purchase	(16,947)	(20,813)
Advance from a Director	-	843
Net cash (used to)/generated from financing activities	(20,447)		(19,970)
Net increase in cash and cash equivalents	(28,632)	24,802
Cash and cash equivalents at the beginning of financial year	37,019	12,217
Cash and cash equivalents at the end of financial period	8,387		37,019
Cash, bank balances and fixed deposits with licensed banks	11,376	44,725
Deposits pledged to licensed banks	(2,989)	(7,706)
	8,387		37,019

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