Samurai 2K Aerosol : 1H FY2022

SAMURAI 2K AEROSOL LIMITED

Company Registration No. 201606168C

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND DIVIDEND

ANNOUNCEMENT FOR THE SIX-MONTH ENDED 30 SEPTEMBER 2021

This announcement has been prepared by Samurai 2K Aerosol Limited (the "Company") and its contents have been reviewed by UOB Kay Hian Private Limited (the "Sponsor") for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist.

This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of the announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.

The contact person for the Sponsor is Mr Lance Tan, Senior Vice President, at 8 Anthony Road, #01-01, Singapore 229957, telephone [phone].

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SAMURAI 2K AEROSOL LIMITED AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME FOR THE SIX-MONTH ENDED 30 SEPTEMBER 2021 ("1H2022") AND 30 SEPTEMBER 2020 ("1H2021")

		Group
		1H2022	1H2021	Increase/
	Note	RM'000	RM'000	(Decrease)
		(Unaudited)	(Unaudited)	%
Revenue	5	44,065	44,133	(0.15)
Cost of sales		(25,542)	(22,280)	14.64
Gross Profit		18,523	21,853	(15.24)
Other income	7	801	838	(4.42)
Administrative expenses		(11,105)	(5,602)	98.23
Marketing and distribution expenses		(2,362)	(7,115)	(66.80)
Finance costs	8	(258)	(189)	36.51
Profit before tax	9	5,599	9,785	(42.78)
Income tax expense	10	(2,280)	(2,134)	6.84
Profit for the period		3,319	7,651	(56.62)
Other comprehensive income:
Items that are or may be reclassified
subsequently to profit or loss
Currency translation difference arising from
consolidation		(37)	56	(166.07)
Total comprehensive income for the
period		3,282	7,707	(57.42)
Profit/(loss) for the period attributable to:
Equity holders of the Company		3,319	7,663	(56.69)
Non-controlling interests		-	(12)	n.m
		3,319	7,651	(56.62)
Total comprehensive income/(loss) for the
period attributable to:
Equity holders of the Company		3,282	7,727	(57.53)
Non-controlling interests		-	(20)	n.m
Earnings per share for profit attributable
to equity holders of the Company (RM sen		3,282	7,707	(57.42)
per share)
Basic		1.00	2.32
Diluted		1.00	2.32

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SAMURAI 2K AEROSOL LIMITED AND ITS SUBSIDIARIES

INTERIM CONDENSED STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2021

		Group	Company
		As at 30.09.21	As at 31.03.21	As at 30.09.21	As at 31.03.21
		RM'000	RM'000	RM'000	RM'000
	Note	(Unaudited)	(Audited)	(Unaudited)	(Audited)
Non-current assets
Property, plant and equipment	14	27,099	26,903	-	-
Intangible assets	15	752	771	-	-
Investment in subsidiaries		-	-	15,965	10,545
Deferred tax assets		686	680	-	-
		28,537	28,354	15,965	10,545
Current assets
Inventories		13,487	13,917	-	-
Trade and other receivables	16	21,025	17,196	48,389	42,901
Cash and bank balances		66,811	76,430	8,831	14,057
		101,323	107,543	57,220	56,958
Total assets		129,860	135,897	73,185	67,503
Non-current liabilities
Borrowings	17	4,116	4,350	-	-
Deferred tax liabilities		1,435	1,435	-	-
Other payables	18	94	93	-	-
Total non-current liabilities		5,645	5,878	-	-
Current liabilities
Trade and other payables	18	12,985	23,816	2,314	3,666
Borrowings	17	20,232	16,067	-	-
Tax payable		951	1,749	183	182
Total current liabilities		34,168	41,632	2,497	3,848
Total liabilities		39,813	47,510	2,497	3,848
Net assets		90,047	88,387	70,688	63,655

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SAMURAI 2K AEROSOL LIMITED AND ITS SUBSIDIARIES

INTERIM CONDENSED STATEMENTS OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2021 (cont'd)

Equity
Share capital	19	58,071	52,653	58,071	52,653
Share option reserve		119	119	119	119
Treasury shares		(64)	-	(64)	-
Retained earnings		41,779	45,436	12,562	10,883
Currency translation reserve		(287)	(250)	-	-
Merger reserve		(9,368)	(9,368)	-	-
Equity attributable to:
Equity holders of the Company		90,250	88,590	70,688	63,655
Non-controlling interest		(203)	(203)	-	-
Total equity		90,047	88,387	70,688	63,655

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SAMURAI 2K AEROSOL LIMITED AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX-MONTH ENDED 30 SEPTEMBER 2021 ("1H2022") AND 30 SEPTEMBER 2020 ("1H2021")

		Group
		1H2022	1H2021
	Note	RM'000	RM'000
		(Unaudited)	(Unaudited)
Cash flow from operating activities
Profit before tax	9	5,599	9,785
Adjustments for:
Depreciation of property, plant and equipment		1,294	1,378
Amortisation of intangible asset	15	104	55
Loss on disposal of property, plant and equipment		3	-
Interest expenses	8	258	189
Interest income	7	(373)	(2)
Unrealised foreign exchange gain		(285)	-
Share based payment expenses		5,418	-
Operating cash flow before working capital changes		12,018	11,405
Working capital changes:
Inventories		430	(1,366)
Trade and other receivables		(3,557)	5,292
Trade and other payables		(10,810)	4,246
Currency translation adjustment		(59)	37
Cash flow (used in)/generated from operations		(1,978)	19,614
Income tax paid		(3,090)	(1,130)
Interest received		373	2
Interest paid		(258)	(189)
Net cash (used in)/generated from operating
activities		(4,953)	18,297
Cash flow from investing activities
Purchase of property, plant and equipment	14	(1,525)	(553)
Purchase of intangible assets	15	(85)	(19)
Proceeds from disposal of property, plant and equipment		35	-
Net cash used in investing activities		(1,575)	(572)
Cash flow from financing activities
Increase in fixed deposits pledged		(45)	-
Drawdown of bank borrowings		4,139	5,006
Repayment of lease liabilities		(207)	(259)
Treasury shares		(64)
Dividend paid (Note 11)		(6,976)	-
Net cash (used in)/generated from financing
activities		(3,153)	4,747

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