GYP Properties : Full Year Results

GYP PROPERTIES LIMITED

(Co. Reg. No. 200304719G)

AND ITS SUBSIDIARIES

Unaudited condensed interim financial statements For the six months and full year ended 30 June 2021

1. Condensed interim consolidated statement of profit or loss and other comprehensive income

		6 months		6 months		12 months		12 months
		ended		ended		ended		ended
		30 June 2021		30 June 2020		30 June 2021		30 June 2020
		("2HFY2021")		("2HFY2020") Change ("12MFY2021")		("12MFY2020") Change
		S$'000		S$'000	%	S$'000		S$'000	%
Revenue	4,531	4,110	10.2	46,927	8,645	N.M.
Other income	1,687	1,511	11.6	3,321	2,792	18.9
Other gains	(614)	11	N.M.	1,887	77	N.M.
Other losses
-	Net impairment of trade	(22)	(807)	(97.3)	(144)	(807)	(82.2)
	and other receivables
-	Others	(2,726)	(8,492)	(67.9)	(2,726)	(8,549)	(68.1)
Development costs	(156)		-	100	(36,111)		-	100
Professional fees	(342)		(458)	(25.3)	(785)		(853)	(8.0)
Property related and maintenance	(1,626)		(1,399)	16.2	(3,180)		(2,852)	11.5
expenses
Marketing, advertising and	(205)		(150)	36.7	(1,282)		(293)	N.M.
promotion expenses
Staff costs	(1,295)		(1,084)	19.5	(2,510)		(2,233)	12.4
Depreciation	(418)		(420)	(0.5)	(836)		(848)	(1.4)
Finance expenses	(918)		(883)	4.0	(1,817)		(1,767)	2.8
Other expenses	(282)		(311)	(9.3)	(647)		(804)	(19.5)
Total expenses	(5,242)	(4,705)	11.4	(47,168)	(9,650)	N.M.
(Loss)/profit before income tax	(2,386)	(8,372)	(71.5)	2,097	(7,492)	N.M.
Income tax credit/(expenses)	274		392	(30.1)	(139)		354	N.M.
(Loss)/profit	(2,112)	(7,980)	(73.5)	1,958	(7,138)	N.M.
Other comprehensive income:
Items that may be reclassified
subsequently to profit or loss:
Currency translation differences
arising from consolidation
-	Net (losses)/gains	(546)	(543)	0.6	1,735	(567)	N.M.
Cash flow hedges
-	Net fair value	(18)	(865)	(97.9)	(27)	(909)	(97.0)
	(losses)/gains
-	Reclassification	291		143	N.M.	577		143	N.M.
Other comprehensive	(273)	(1,265)	(78.4)	2,285	(1,333)	N.M.
(loss)/income, net of tax
Total comprehensive	(2,385)	(9,245)	(74.2)	4,243	(8,471)	N.M.
(loss)/income

1

1. Condensed interim consolidated statement of profit or loss and other comprehensive income (continued)

		2HFY2021		2HFY2020	Change	12MFY2021		12MFY2020	Change
		S$'000		S$'000	%	S$'000		S$'000	%
(Loss)/profit attributable to:
- Equity holders of the	(2,112)	(8,047)	(73.8)	1,959	(7,155)	N.M.
	Company
-	Non-controlling interests	-		67	(100)	(1)		17	N.M.
		(2,112)	(7,980)	(73.5)	1,958	(7,138)	N.M.
Total comprehensive (loss)/income attributable to
- Equity holders of the	(2,385)	(9,312)	(74.4)	4,244	(8,488)	N.M.
	Company
-	Non-controlling interests	-		67	(100)	(1)		17	N.M
		(2,385)	(9,245)	(74.2)	4,243	(8,471)	N.M

N.M. - Not meaningful

Profit before taxation is arrived at after accounting for:

	2HFY2021	2HFY2020	Change	12MFY2021	12MFY2020	Change
	S$'000	S$'000	%	S$'000	S$'000	%
Finance income	156	124	25.8	374	241	55.2
Finance expenses	(918)	(883)	4.0	(1,817)	(1,767)	2.8
Net impairment of trade and
other receivables	(22)	(807)	(97.3)	(144)	(807)	(82.2)
Bad debts recovered	-	38	(100)	-	52	(100)
Net foreign exchange
(losses)/gains	(637)	(415)	53.5	1,864	(472)	N.M.
Net over/(under) provision
of prior years' taxation	-	293	(100)	(2)	293	N.M.
Fair value losses on
investment properties	(2,726)	(7,342)	(62.9)	(2,726)	(7,342)	(62.9)
Impairment of other non-
current assets	-	(735)	(100)	-	(735)	(100)
Net gain on disposal of
intellectual property rights	-	65	(100)	-	65	(100)
Bargain purchase gain on
acquisition of a subsidiary	23	-	100	23	-	100

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B. Condensed interim statements of financial position

Note

ASSETS

Current assets

Group		Company
30 June 2021	30 June 2020		30 June 2021	30 June 2020
S$'000	S$'000		S$'000	S$'000

Cash and cash equivalents

Term deposits

Restricted cash

Trade and other receivables

Development properties

Other current assets

Income tax recoverables

Non-current assets

Restricted cash

Other receivables

Other non-current assets

Investments in subsidiaries

Property, plant and equipment

Investment properties	11
Deferred income tax assets
Financial assets, at FVOCI	8
Intangible assets	9
Due from subsidiaries
Total assets
LIABILITIES
Current liabilities

3,842	7,824
4,701	-
436	-
2,368	3,140
76,769	98,847
838	1,232
44	-
88,998	111,043
-	406
3,627	5,427
475	267
-	-
5,931	6,688
81,413	80,138
188	444
-	-
-	-
-	-
91,634	93,370
180,632	204,413

628	5,337
-	-
-	-
1,937	2,096
-	-
87	80
-	-
2,652	7,513
-	-
3,627	5,427
-	-
2,894	2,894
5,859	6,639
-	-
-	-
-	-
-	-
83,517	81,259
95,897	96,219
98,549	103,732

Trade and other payables
Contract liabilities
Advance receipts and billings
Borrowings
Current income tax liabilities
Derivative financial instruments
Non-current liabilities
Trade and other payables
Borrowings
Derivative financial instruments
Deferred income tax liabilities
Due to subsidiaries
Total liabilities
NET ASSETS
SHAREHOLDERS' EQUITY
Share capital	12
Treasury shares	12
Other reserves

Accumulated losses

Capital and reserves attributable to equity holders of the Company

Non-controlling interests

Total equity

2,737	5,265
2,700	2,552
371	349
91,823	44,707
11	6
353	-
97,995	52,879
309	622
10,256	82,078
-	1,063
440	382
-	-
11,005	84,145
109,000	137,024
71,632	67,389
92,702	92,702

1. (960)
   (7,944) (14,049)

(12,166) (10,308)

71,632	67,385
-	4
71,632	67,389

1,246	1,341
-	-
90	102
3,433	7,433
-	-
-	-
4,769	8,876
73	243
10,256	13,581
-	-

201142

11,683 10,652

22,213 24,618

26,982 33,494

71,567 70,238

92,702 92,702

1. (960)
   (4,678) (4,621)

(15,497) (16,883)

71,567	70,238
-	-
71,567	70,238

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1. Condensed interim statements of financial position (continued)
   Aggregate amount of group's borrowings and debt securities

Amount repayable in one year or less (S$'000)

As at 30 June 2021		As at 30 June 2020
Secured	Unsecured		Secured	Unsecured
90,382	1,441		39,254	5,453

Amount repayable after one year (S$'000)

As at 30 June 2021		As at 30 June 2020
Secured	Unsecured		Secured	Unsecured
6,556	3,700		77,286	4,792

As at 30 June 2021, borrowings amounting to S$102.1 million comprised loans of S$13.7 million taken by the Company and loans of S$88.4 million taken by foreign subsidiaries.

Loans of S$8.8 million taken by the Company are secured over the Company's leasehold property with fixed repayment schedules.

Loans of S$88.2 million undertaken by the foreign subsidiaries are secured over the subsidiaries' freehold properties.

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