NAIM HOLDINGS BERHAD
Registration No.: 200201017804 (585467-M)
QUARTERLY REPORT - FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2021
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the fourth quarter and twelve months ended 31 December 2021
(The figures have not been audited)
CURRENT QUARTER | CUMULATIVE QUARTER | ||||
3 months ended | 12 months ended | ||||
31 December | 31 December | ||||
2021 | 2020 | 2021 | 2020 | ||
RM'000 | RM'000 | RM'000 | RM'000 | ||
Revenue | 169,223 | 402,900 | 427,816 | 589,295 | |
Cost of sales | (147,000) | (260,926) | (386,352) | (437,301) | |
Gross profit | 22,223 | 141,974 | 41,464 | 151,994 | |
Other operating income | 2,802 | 122 | 6,482 | 19,410 | |
Selling and promotional expenses | (1,013) | (1,199) | (3,909) | (4,746) | |
Administrative expenses | (5,401) | (3,418) | (18,993) | (24,268) | |
Other operating expenses | (2,343) | (20,999) | (10,435) | (26,339) | |
Results from operating activities | 16,268 | 116,480 | 14,609 | 116,051 | |
Finance income | 2,607 | 2,990 | 9,758 | 9,422 | |
Finance costs | (3,190) | (4,334) | (12,151) | (20,928) | |
Net finance costs | (583) | (1,344) | (2,393) | (11,506) | |
Other non-operating expense | (37) | (101) | (2,004) | (7,701) | |
Share of results (net of tax) of equity-accounted: | |||||
- associates | (77,633) | (1,629) | (79,619) | 3,475 | |
- joint ventures | 127 | 306 | 777 | 873 | |
(Loss)/Profit before tax | Note 21 | (61,858) | 113,712 | (68,630) | 101,192 |
Tax expense | Note 18 | (5,138) | (47,336) | (5,598) | (51,571) |
(Loss)/Profit for the period/year | (66,996) | 66,376 | (74,228) | 49,621 | |
Other comprehensive income/(expenses), net of tax | |||||
Items that will not be reclassified subsequently to | |||||
profit or loss | |||||
Change in fair value of equity investments designated at fair value | |||||
through other comprehensive income | (43) | (8) | (43) | (8) | |
Items that are or may be reclassified subsequently to | |||||
profit or loss | |||||
Foreign currency translation differences for foreign operations | (105) | (24) | (5) | (46) | |
Realisation of reserves to profit or loss arising from deemed | |||||
disposal of equity interest in an associate | - | - | (1,344) | - | |
Share of other comprehensive (expenses)/income of associates | (651) | (7,464) | 7,839 | (3,718) | |
Other comprehensive (expenses)/income for the period/year | (799) | (7,496) | 6,447 | (3,772) | |
Total comprehensive (expenses)/income for the period/year | (67,795) | 58,880 | (67,781) | 45,849 | |
(Loss)/Profit attributable to: | |||||
Owners of the Company | (68,543) | 70,103 | (75,958) | 53,537 | |
Non-controlling interests | 1,547 | (3,727) | 1,730 | (3,916) | |
(Loss)/Profit for the period/year | (66,996) | 66,376 | (74,228) | 49,621 | |
Total comprehensive (expenses)/income attributable to: | |||||
Owners of the Company | (69,342) | 62,607 | (69,511) | 49,765 | |
Non-controlling interests | 1,547 | (3,727) | 1,730 | (3,916) | |
Total comprehensive (expenses)/income for the period/year | (67,795) | 58,880 | (67,781) | 45,849 | |
Basic (loss)/earnings per ordinary share (EPS) attributable | |||||
to owners of the Company (sen) | Note 9 | (13.69) | 14.00 | (15.17) | 10.69 |
The notes set out on pages 5 to 24 form an integral part of, and should be read in conjunction with, these condensed consolidated interim financial statements.
The consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the audited financial statements for the year ended 31 December 2020.
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NAIM HOLDINGS BERHAD
Registration No.: 200201017804 (585467-M)
QUARTERLY REPORT - FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2021
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2021
(The figures have not been audited) | Unaudited | Audited |
31 December | 31 December | |
2021 | 2020 | |
RM'000 | RM'000 | |
ASSETS | ||
Property, plant and equipment | 124,879 | 132,892 |
Interests in associates | 396,062 | 475,395 |
Interests in joint ventures | 1,904 | 2,412 |
Inventory - Land held for property development | 172,242 | 172,242 |
Investment properties | 76,086 | 78,152 |
Intangible assets | 794 | 1,475 |
Deferred tax assets | 2,396 | 4,433 |
Other investments | 3,028 | 3,071 |
Trade and other receivables | 46,268 | 60,463 |
Total non-current assets | 823,659 | 930,535 |
Inventories | 549,053 | 589,771 |
Contract costs | 4,883 | 4,938 |
Contract assets | 46,127 | 39,580 |
Trade and other receivables | 126,996 | 133,253 |
Deposits and prepayments | 8,179 | 6,855 |
Current tax recoverable | 1,103 | 1,279 |
Cash and cash equivalents | 290,172 | 353,313 |
1,026,513 | 1,128,989 | |
Assets classified as held for sale | 82 | 82 |
Total current assets | 1,026,595 | 1,129,071 |
Total assets | 1,850,254 | 2,059,606 |
EQUITY |
Share capital
Treasury shares
Reserves
Total equity attributable to owners of the Company
Non-controlling interests
Total equity | |
LIABILITIES | |
Loans and borrowings | Note 8 |
Deferred tax liabilities | |
Total non-current liabilities | |
Loans and borrowings | Note 8 |
Trade and other payables | |
Contract liabilities | |
Provisions | |
Current tax payable | |
Total current liabilities | |
Total liabilities | |
Total equity and liabilities | |
Net assets (NA) per ordinary share attributable to owners of the | |
Company (RM), based on total paid up share capital |
454,802 | 454,802 |
(34,748) | (34,748) |
813,478 | 928,680 |
1,233,532 | 1,348,734 |
21,768 | 15,906 |
1,255,300 | 1,364,640 |
68,459 | 95,752 |
22,097 | 23,037 |
90,556 | 118,789 |
200,358 | 218,117 |
292,326 | 324,295 |
5,566 | 15,940 |
3,472 | 3,539 |
2,676 | 14,286 |
504,398 | 576,177 |
594,954 | 694,966 |
1,850,254 | 2,059,606 |
2.402.63
The notes set out on pages 5 to 24 form an integral part of, and should be read in conjunction with, these condensed consolidated interim financial statements. The consolidated statement of financial position should be read in conjunction with the audited financial statements for the year ended 31 December 2020.
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NAIM HOLDINGS BERHAD
Registration No.: 200201017804 (585467-M)
QUARTERLY REPORT - FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2021
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the fourth quarter and twelve months ended 31 December 2021
(The figures have not been audited)
Total equity attributable to owners of the Company
Non-Distributable | Distributable | |||||||
Foreign | ||||||||
currency | ||||||||
Share | translation | Treasury | Other | Retained | Non-controlling | Total | ||
capital | reserve | shares | reserve | earnings | Sub-total | interests | equity | |
RM '000 | RM '000 | RM '000 | RM '000 | RM '000 | RM '000 | RM '000 | RM '000 |
For the 12 months ended 31 December 2020 (Audited)
At 1 January 2020 | 454,802 |
Foreign currency translation differences for foreign operations | - |
Change in fair value of equity investments designated at FVOCI | - |
Share of other comprehensive income of associates | - |
Total other comprehensive expense for the year | - |
Profit/(Loss) for the year | - |
Total comprehensive (expenses)/income for the year | - |
Distributions to the owners of the Company | |
- Dividends paid to the owners of the Company | - |
At 31 December 2020 | 454,802 |
For the 12 months ended 31 December 2021 (Unaudited) | |
At 1 January 2021 | 454,802 |
Foreign currency translation differences for foreign operations | - |
Realisation of reserves to profit or loss arising from deemed disposal | |
of equity interest in an associate | - |
Change in fair value of equity investments designated at FVOCI | - |
Share of other comprehensive income of associates | - |
Total other comprehensive income/(expenses) for the year | - |
(Loss)/Profit for the year | - |
Total comprehensive income/(expenses) for the year | - |
Changes in ownership interests in a subisidiary | - |
Distributions to the owners | |
- Dividends paid to the owners of the Company | - |
- Dividends paid to non-controlling interests | - |
At 31 December 2021 | 454,802 |
9,936 | (34,748) | 174 | 918,379 | 1,348,543 | 19,822 | 1,368,365 |
(46) | - | - | - | (46) | - | (46) |
- | - | (8) | - | (8) | - | (8) |
(3,718) | - | - | - | (3,718) | - | (3,718) |
(3,764) | - | (8) | - | (3,772) | - | (3,772) |
- | - | - | 53,537 | 53,537 | (3,916) | 49,621 |
(3,764) | - | (8) | 53,537 | 49,765 | (3,916) | 45,849 |
- | - | - | (49,574) | (49,574) | - | (49,574) |
6,172 | (34,748) | 166 | 922,342 | 1,348,734 | 15,906 | 1,364,640 |
6,172 | (34,748) | 166 | 922,342 | 1,348,734 | 15,906 | 1,364,640 |
(5) | - | - | - | (5) | - | (5) |
(1,344) | - | - | - | (1,344) | - | (1,344) |
- | - | (43) | - | (43) | - | (43) |
7,839 | - | - | - | 7,839 | - | 7,839 |
6,490 | - | (43) | - | 6,447 | - | 6,447 |
- | - | - | (75,958) | (75,958) | 1,730 | (74,228) |
6,490 | - | (43) | (75,958) | (69,511) | 1,730 | (67,781) |
- | - | - | (6,132) | (6,132) | 6,132 | - |
- | - | - | (39,559) | (39,559) | - | (39,559) |
- | - | - | - | - | (2,000) | (2,000) |
12,662 | (34,748) | 123 | 800,693 | 1,233,532 | 21,768 | 1,255,300 |
The notes set out on pages 5 to 24 form an integral part of, and should be read in conjunction with, these condensed consolidated interim financial statements. The consolidated statement of changes in equity should be read in conjunction with the audited financial statements for the year ended 31 December 2020.
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NAIM HOLDINGS BERHAD
Registration No.: 200201017804 (585467-M)
QUARTERLY REPORT - FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2021
CONSOLIDATED STATEMENT OF CASH FLOWS
For the fourth quarter and twelve months ended 31 December 2021
(The figures have not been audited) | Unaudited | Audited |
31 December | 31 December | |
2021 | 2020 | |
RM'000 | RM'000 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
(Loss)/Profit before tax | (68,630) | 101,192 |
Adjustments for: | ||
Amortisation of: | ||
- intangible asset | 680 | 680 |
- investment properties | 2,126 | 2,125 |
Change in fair value of equity investments designated at FVOCI | 43 | 8 |
Depreciation of property, plant and equipment | 9,399 | 9,038 |
Dividend income from unquoted shares | (42) | (249) |
Finance income | (9,758) | (9,422) |
Finance costs | 12,151 | 20,928 |
(Gain)/Loss on disposal of: | ||
- associate | - | (8) |
- property, plant and equipment | (511) | (4,057) |
- investment properties | - | 66 |
- assets held for sale | - | (9,729) |
- deemed disposal of associates | 2,004 | 7,701 |
Property, plant and equipment written off | 4 | 32 |
Net change in impairment loss on financial assets and contract assets | 1,348 | 6,658 |
Impairment loss on: | ||
- property, plant and equipment | - | 3,323 |
- intangible asset | - | 1,361 |
Inventories written down | - | 554 |
Share of results of equity-accounted: | ||
- associates | 79,619 | (3,475) |
- joint ventures | (777) | (873) |
Unrealised foreign exchange gain | (159) | (129) |
Operating profit before changes in working capital | 27,497 | 125,724 |
Changes in working capital: | ||
Inventories | 41,004 | 219,847 |
Contract assets/liabilities | (16,922) | 66,275 |
Contract cost | 105 | (340) |
Trade and other receivables, deposits and prepayments | 17,616 | (20,072) |
Trade and other payables | (31,602) | (12,865) |
Provisions | (67) | (75) |
Cash generated from operations | 37,631 | 378,494 |
Net income taxes paid | (16,179) | (31,332) |
Net cash from operating activities | 21,452 | 347,162 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of: | ||
- property, plant and equipment | (1,014) | (1,385) |
- investment properties | (59) | - |
Proceeds from disposal of: | ||
- property, plant and equipment | 512 | 7,664 |
- assets held for sale | - | 3,341 |
- an associate | - | 15 |
Changes in pledged deposits | (58) | (176) |
Distribution of profit received from a joint venture | 1,530 | 1,020 |
Dividends received | 4,247 | 249 |
Interest received | 9,922 | 9,829 |
Net cash from investing activities | 15,080 | 20,557 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Dividend paid to the: | ||
- owners of the Company | (39,559) | (49,574) |
- non-controlling interests | (2,000) | - |
Net repayments of loans and borrowings | (45,779) | (169,684) |
Net repayment of finance lease liabilities | (28) | (16) |
Interest paid | (12,524) | (21,808) |
Net cash used in financing activities | (99,890) | (241,082) |
Net (decrease)/increase in cash and cash equivalents | (63,358) | 126,637 |
Effects of exchange rate changes on cash and cash equivalents | 159 | (83) |
Cash and cash equivalents at beginning of year | 337,950 | 211,396 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 274,751 | 337,950 |
Representing by: | ||
Deposits with licensed banks with maturities less than three months, net of deposits pledged | 227,067 | 289,228 |
Cash in hand and at banks | 47,684 | 48,722 |
Total cash and cash equivalents as shown in statement of cash flows | 274,751 | 337,950 |
The notes set out on pages 5 to 24 form an integral part of, and should be read in conjunction with, these condensed consolidated interim financial statements. The consolidated statement of cash flows should be read in conjunction with the audited financial statements for the year ended 31 December 2020.
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NAIM HOLDINGS BERHAD
Registration No.: 200201017804 (585467-M)
QUARTERLY REPORT - FOR THE FOURTH QUARTER ENDED 31 DECEMBER 2021
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Naim Holdings Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of Bursa Malaysia Securities Berhad ("Bursa Securities").
The condensed consolidated interim financial statements of the Group as at and for the year ended 31 December 2021 comprise the Company and its subsidiaries (together referred to as the "Group" and individually referred to as "Group entities") and the Group's interests in associates and joint ventures.
-
Basis of preparation
These condensed consolidated interim financial statements have been prepared in accordance with the applicable disclosure provisions of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, MFRS 134, Interim Financial Reporting in Malaysia and IAS 134, Interim Financial Reporting.
The condensed consolidated interim financial statements do not include all of the information required for a complete annual financial statements, and should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2020. The explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual consolidated financial statements as at and for the year ended 31 December 2020.
The annual financial statements of the Group as at and for the year ended 31 December 2020 are available upon request from the Company's registered office at 9th floor, Wisma Naim, 2 ½ Mile, Rock Road, 93200 Kuching, Sarawak, Malaysia. - Significant accounting policies
The accounting policies adopted by the Group in preparing the condensed consolidated interim financial statements are consistent with those adopted in the annual financial statements for the year ended 31 December 2020, except as explained below.
During the current year under review, the Group has adopted the following accounting standards and amendments which are effective for annual periods beginning on and after 1 June 2020 and 1 January 2021: - Amendments to MFRS 16, Leases - Covid-19-Related Rent Concessions
- Amendments to MFRS 9, Financial Instruments, MFRS 139, Financial Instruments: Recognition and Measurement, MFRS 7, Financial Instruments: Disclosures, MFRS 4, Insurance Contracts and MFRS 16, Leases - Interest Rate Benchmark Reform - Phase 2
The adoption of the above MFRS standards and associated amendments did not have any material financial impact on the financial statements of the Group.
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Naim Holdings Berhad published this content on 25 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2022 02:11:03 UTC.