Financial Statements and Related Announcement::Half Yearly Results

NICO STEEL HOLDINGS LIMITED

UEN: 200104166D

SGX Stock Code: 5GF

Condensed Interim Financial Statements For the six months ended 31 August 2021

Table of Contents
A. Condensed interim consolidated statement of profit or loss and
other comprehensive income ...............................................................................	1
B. Condensed interim statements of financial position .............................................	3
C. Condensed interim statements of changes in equity ............................................	4
D. Condensed interim consolidated statements of cash flows ..................................	5
E. Notes to the condensed interim consolidated financial statements ......................	6
F. Other information required pursuant by Listing Rule Appendix 7.2......................	17

Nico Steel Holdings Limited

Condensed interim financial statements for the six months ended 31 August 2021

1. Condensed interim consolidated statement of profit or loss and other comprehensive income for six months ended 31 August 2021 ("HY2022")

			HY2022	HY2021
	Note		USD'000	USD'000
Revenue	4	9,966	8,215	21%
Cost of sales		(8,100)	(6,301)	29%
Gross profit		1,866	1,914	(3%)
Interest income from banks	6	1	6	(83%)
Other income		58	100	(42%)
Distribution expenses		(221)	(208)	6%
Administrative expenses		(1,332)	(1,352)	(2%)
Other expenses		(15)	(41)	(63%)
Finance costs		(86)	(62)	39%
Profit before tax	6	271	357	(24%)
Tax expense	7	(115)	(63)	83%
Profit for the period		156	294	(47%)
Other comprehensive (loss)/income, net of tax
Items that are or may be reclassified subsequently
to profit or loss:
Currency translation differences arising on consolidation		(75)	199		N.M.
Items that will not be reclassified subsequently
to profit or loss:
Currency translation differences arising on consolidation		-	(10)		N.M.
Other comprehensive (loss)/income for the
period, net of tax		(75)	189
						N.M.
Total comprehensive income for the period		81	483	(83%)

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Nico Steel Holdings Limited

Condensed interim financial statements for the six months ended 31 August 2021

1. Condensed interim consolidated statement of profit or loss and other comprehensive income for six months ended 31 August 2021 ("HY2022") (cont'd)

	HY2022	HY2021
Note	USD'000	USD'000
Profit/(loss) attributable to:
Equity holders of the Company	159	260	(39%)
Non-controlling interests	(3)	34	N.M.
Profit for the financial year	156	294	(47%)
Total comprehensive income/(loss) attributable to:
Equity holders of the Company	84	459	(82%)
Non-controlling interests	(3)	24	N.M.
Total comprehensive income for the period	81	483	(83%)
Earnings per share for profit attributable to
equity holders of the Company (cents per share)
Basic and diluted	0.01	0.01

N.M. - not meaningful

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Nico Steel Holdings Limited

Condensed interim financial statements for the six months ended 31 August 2021

B. Condensed interim statements of financial position

		Group				Company
		As at	As at				As at			As at
		31/08/2021		28/02/2021	31/08/2021	28/02/2021
	Note	USD'000	USD'000				USD'000			USD'000
Non-current assets
Property, plant and equipment	10	3,364		3,455	-	-
Intangible assets	9	2		2	-	-
Investment in subsidiaries		-		-		7,597		7,597
		3,366		3,457	7,597	7,597
Current assets
Inventories		7,685		7,266	-	-
Trade and other receivables	11	5,679		6,160	3,236	3,771
Contract assets		842		650	-	-
Cash and cash equivalents		4,324		3,836	62	15
Tax recoverable		12		8
		18,542		17,920			3,298			3,786
Total assets		21,908		21,377	10,895	11,383
Equity
Share capital	12	15,851		15,851	15,851	15,851
Reserves		(1,455)		(1,380)	-	-
Accumulated profits/(losses)		2,743		2,584	(5,102)	(4,742)
Equity attributable to equity holders
of the Company, total		17,139		17,055	10,749	11,109
Non-controlling interests		(474)		(471)		-		-
Total equity		16,665		16,584	10,749	11,109
Non-current liabilities
Borrowing	13	1,029		328					-
Deferred tax liabilities		10		10		-		-
Total non-current liabilities		1,039		338	-	-
Current liabilities
Borrowings	13	2,494		2,926	-	-
Trade and other payables	14	1,710		1,377	146	273
Provisions		-		111	-	-
Contract liabilities		-		20	-	-
Current tax payable		-		21			-			1
		4,204		4,455			146			274
Total liabilities		5,243		4,793		146		274
Total equity and liabilities		21,908		21,377	10,895	11,383

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