Dutch Lady Milk Industries : First Quarter Report 2023

DUTCH LADY MILK INDUSTRIES BERHAD (5063-V)

(Incorporated in Malaysia)

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

For the financial quarter ended 31 March 2023

	INDIVIDUAL QUARTER	CUMULATIVE QUARTER
	CURRENT	COMPARATIVE	3 months		3 months
	QUARTER		QUARTER	TO DATE		TO DATE
	31/03/23	31/03/22		31/03/23	31/03/22
	(Unaudited)		(Unaudited)	(Unaudited)		(Unaudited)
	RM'000		RM'000	RM'000		RM'000
Revenue	354,314	299,865		354,314	299,865
Cost of Sales	(266,958)		(198,019)		(266,958)		(198,019)
Gross Profit	87,356	101,846		87,356	101,846
	-
Other Income	(2,401)	(1,032)		(2,401)	(1,032)
	-
Distribution Expenses	(45,027)	(41,820)		(45,027)	(41,820)
	-
Administrative Expenses	(9,374)	(7,866)		(9,374)	(7,866)
	-
Other Operating Expenses	(17,762)	(23,295)		(17,762)	(23,295)
Results from Operating Activities	12,792	27,833		12,792	27,833
Interest Income	267	429		267	429
Finance Costs	(1,074)	(836)		(1,074)	(836)
Profit Before Taxation	11,985	27,426		11,985	27,426
Income Tax Expenses	(3,466)	(6,857)		(3,466)	(6,857)
Profit After Taxation	8,519	20,569		8,519	20,569
Other Comprehensive Income	-	-		-	-
Changes in fair value of
cash flow hedge
Deferred tax on fair value of
cash flow hedge
Profit for the period/Total comprehensive
income for the period	8,519	20,569		8,519	20,569
Profit Attributable to:
Equity holders of the Company	8,519	20,569		8,519	20,569
Non-controlling interest	-	-		-	-
	8,519	20,569		8,519	20,569
EARNINGS PER SHARE
- Basic earnings per share (sen)	13.30	32.10		13.30	32.10
(Based on 64,000,000 ordinary shares)

(The Condensed Statement of Comprehensive Income should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2022)

Page 1

DUTCH LADY MILK INDUSTRIES BERHAD (5063-V)

(Incorporated in Malaysia)

CONDENSED STATEMENT OF FINANCIAL POSITION

For the financial quarter ended 31 March 2023

ASSETS

Property, plant and equipment

Right-of-use assets

Intangible assets

TOTAL NON-CURRENT ASSETS

Inventories

Trade and other receivables

Prepayments

Current tax receivable

Cash and cash equivalents

Derivatives financial assets

Deferred tax assets

CURRENT ASSETS

Assets classified as held for sale

TOTAL CURRENT ASSETS TOTAL ASSETS

AS AT

31/03/23

RM'000

(Unaudited)

361,565

2,114

15,321

379,000

220,415

117,016

3,373

7,860

123,726

3,711

476,101

-

476,101

855,101

AS AT

31/12/22

RM'000

(Audited)

344,202

3,046

13,181

360,429

228,882

97,708

45,887

6,327

104,941

-

483,745

-

483,745

844,174

EQUITY
Share capital
64,000
Retained profits	341,370
Attributable to equity holders of the Company
405,370
Non-controlling interest	-
TOTAL EQUITY
405,370
LIABILITIES
Lease Liabilities
561
Deferred tax liabilities	1,879
Provision	9,201
TOTAL NON-CURRENT LIABILITIES
11,641
Trade and other payables
422,912
Provision	8,725
Current tax liabilities	-
Bank overdraft	-
Lease Liabilities	6,071
Derivatives financial liabilities	382
CURRENT LIABILITIES
438,090
TOTAL LIABILITIES	449,731
TOTAL EQUITY AND LIABILITIES	855,101
Net assets per share attributable to ordinary	6.33

equity holders of the Company (RM)

64,000

332,851

396,851

-

396,851

2,093

2,322

9,201

13,616

413,688

8,710

-

-

6,498

4,811

433,707

447,323

844,174

6.20

(The Condensed Statement of Financial Position should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2022)

Page 2

DUTCH LADY MILK INDUSTRIES BERHAD (5063-V)

(Incorporated in Malaysia)

CONDENSED STATEMENT OF CHANGES IN EQUITY

For the financial quarter ended 31 March 2023

(The figures have not been audited)

					Attributable
			Distributable		to equity		Non-
	Share		Retained		holders of		Controlling
	Capital		profits		the Company		Interest		Total
3 months	RM'000		RM'000		RM'000		RM'000		RM'000
ended 31 March 2023
Balance at
beginning of period	64,000	332,851	396,851	-	396,851
Movements
during the period	-	8,519	8,519	-	8,519
Dividend payable	-	-	-	-	-
Dividends paid	-	-	-	-	-
Balance at
end of period	64,000	341,370	405,370	-	405,370
3 months					TRUE
ended 31 March 2022
Balance at
beginning of period	64,000	318,580	382,580	-	382,580
Movements
during the period	-	20,569	20,569	-	20,569
Dividend payable	-	-	-	-	-
Dividends paid	-	-	-	-	-
Balance at
end of period	64,000	339,149	403,149	-	403,149

(The Condensed Statement of Changes in Equity should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2022)

Page 3

DUTCH LADY MILK INDUSTRIES BERHAD (5063-V)

(Incorporated in Malaysia)

CONDENSED STATEMENT OF CASH FLOW

For the financial quarter ended 31 March 2023

	3 months		3 months
	TO DATE		TO DATE
	31/03/23	31/03/22
	(Unaudited)		(Audited)
	RM'000		RM'000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash receipts from customers and other receivables	331,298	1,138,597
Cash paid to suppliers and employees	(277,162)	(1,126,132)
Cash generated from operations	54,136	12,465
Income tax paid	(5,443)	(27,288)
Net cash generated from/(used in) operating activities	48,693	(14,823)
CASH FLOWS FROM INVESTING ACTIVITIES
Additions of property, plant and equipment	(24,917)	(53,922)
Additions of intangible assets	(2,217)	(7,770)
Proceeds from disposal of property, plant and equipment	-	194,001
Proceeds from disposal of asset classified as held for sale	-	0
Interest received	267	1,417
Net cash (used in)/generated from investing activities	(26,867)	133,726
CASH FLOWS FROM FINANCING ACTIVITIES
Interest paid	(819)	(2,853)
Dividends paid	-	(32,000)
Payment of principal portion of lease liabilities	(2,221)	(4,650)
Net cash used in financing activities	(3,040)	(39,503)
Net increase/(decrease) in cash and cash equivalents	18,786	79,400
Cash and cash equivalents brought forward	104,941	38,900
Cash and cash equivalents carried forward	123,727	118,300
Cash and cash equivalents consist of:
Cash and bank balances	123,726	118,300
Bank overdraft	-	0
Deposits placed with licensed banks	-	-
	123,726	118,300

(The Condensed Statement of Cash Flows should be read in conjunction with the Audited Financial Statements for the year ended 31 December 2022)

Page 4

DUTCH LADY MILK INDUSTRIES BERHAD (5063-V)

(Incorporated in Malaysia)

NOTES

1. Basis of Preparation
   The interim financial report is unaudited and has been prepared in accordance with the applicable disclosure provisions of the Listing Requirements of the Bursa Malaysia
   Securities Berhad and MFRS 134, 'Interim Financial Reporting' in Malaysia and with IAS 34 'Interim Financial Reporting'. They do not include all of the information required for full annual financial statements and should be read in conjunction with the most recent audited financial statements of the Company as at and for the year ended 31 December 2022.
   The accounting policies and methods of computation are consistent with those adopted in the most recent audited financial statements for the year ended 31 December 2022.
2. Auditors' Report of Preceding Annual Financial Statements
   The auditors' report of the Company in respect of the annual audited financial statements for the year ended 31 December 2022 was not subject to any audit qualification.
3. Seasonal and Cyclical Factors
   The dairy and dairy related business can be influenced by the weather and major festivals.
4. Unusual Items affecting Assets, Liabilities, Equity, Net Income or Cash Flows
   There were no unusual items affecting assets, liabilities, equity, net income or cash flows during the financial period under review.
5. Changes in Estimates
   Pursuant to the Company's announced investment in our future manufacturing activities,
   DLMI has identified assets in its Petaling Jaya factory that will not be transitioned to the new site. In light of this, DLMI has implemented accelerated depreciation for the mentioned assets at the start of 2021 financial year, continuing into 2022 and 2023.
   Other than the aforementioned, there were no other changes in estimates of amounts reported in the current quarter or changes in estimates of amounts reported in prior financial years that have a material effect in the current quarter.
6. Changes in Debt and Equity
   There were no issuances and repayment of debt and equity securities, share buy-backs, share cancellations, shares held as treasury shares and resale of treasury shares for the financial period under review.

Notes to the Financial Statements - Pg. 5