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HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U)

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HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE THIRD QUARTER ENDED 30 SEPTEMBER 2020 (The figures have not been audited) Quarter ended Year to date ended 30 Sept 30 Sept 2020 2019 % 2020 2019 % Note RM'000 RM'000 +/(-) RM'000 RM'000 +/(-) Revenue B1 42,044 36,125 16.4 124,877 108,088 15.5 Direct costs (29,673) (25,714) (88,671) (80,790) Gross profit 12,371 10,411 18.8 36,206 27,298 32.6 Other operating income 289 426 948 1,361 Administrative expenses (4,949) (5,156) (14,865) (15,566) Other operating expenses (2,126) (2,607) (6,501) (8,195) Profit for the year from operations 5,585 3,074 81.7 15,788 4,898 222.3 Finance costs (1,203) (1,761) (4,004) (5,563) Share of results of associates 3 76 158 211 Profit/(Loss) before taxation 4,385 1,389 215.7 11,942 (454) 2,730.4 Taxation B4 (1,598) (515) (4,224) (1,147) Profit/(Loss) for the financial period 2,787 874 218.9 7,718 (1,601) 582.1 Other comprehensive (loss)/income: Item that may be reclassified subsequently to profit or loss Foreign currency translation (loss)/gain (4) (4) (11) 3 Total comprehensive income/(loss) for the financial period 2,783 870 219.9 7,707 (1,598) 582.3 Profit/(Loss) for the financial period attributable to:- Owners of the Company 2,787 874 218.9 7,718 (1,601) 582.1 Total comprehensive income/(loss) attributable to:- Owners of the Company 2,783 870 219.9 7,707 (1,598) 582.3 Earnings/(loss) per share (sen) - Basic B11 0.56 0.18 211.1 1.56 (0.32) 587.5 - Diluted B11 0.56 0.18 211.1 1.56 (0.32) 587.5 1 | P a g e HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2020 (The figures have not been audited) Unaudited as at Audited as at 30.09.2020 31.12.2019 RM'000 RM'000 ASSETS Note NON-CURRENT ASSETS Property, plant and equipment 4,126 4,718 Intangible assets 6,354 8,997 Goodwill 162,677 162,677 Right-of-use assets 1,199 3,350 Investments in associates 2,085 1,927 Deferred tax assets 202 122 176,643 181,791 CURRENT ASSETS Trade receivables 38,416 41,138 Contract assets 78,120 66,548 Other receivables, deposits and prepayments 3,376 2,980 Tax recoverable 1,160 3,427 Short term deposits with licensed banks 46,416 46,193 Cash and bank balances 3,960 3,782 171,448 164,068 TOTAL ASSETS 348,091 345,859 EQUITY AND LIABILITIES EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY Share capital 254,291 254,291 Warrants reserve 29,196 29,196 Foreign currency translation reserve 227 238 Accumulated losses (61,926) (69,644) TOTAL EQUITY 221,788 214,081 2 | P a g e HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2020 (cont’d) (The figures have not been audited) Unaudited as at Audited as at 30.09.2020 31.12.2019 RM'000 RM'000 NON-CURRENT LIABILITIES Note Retirement benefit obligations 65 61 Deferred tax liabilities 1,427 2,057 Lease liabilities 216 458 Other payable 8,742 8,368 Term loans B8 49,068 53,694 Hire purchase payables B8 105 60 59,623 64,698 CURRENT LIABILITIES Trade payables 28,471 19,994 Contract liabilities 7,639 7,734 Other payables, accruals and provisions 8,761 7,360 Amount due to an associate 173 3 Term loans B8 11,549 13,397 Hire purchase payables B8 136 557 Lease liabilities 1,043 2,993 Taxation 817 4 Bank overdrafts (secured) B8 8,091 15,038 66,680 67,080 TOTAL LIABILITIES 126,303 131,778 TOTAL EQUITY AND LIABILITIES 348,091 345,859 Net assets per share (RM) 0.45 0.43 3 | P a g e HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR YEAR TO DATE ENDED 30 SEPTEMBER 2020 (The figures have not been audited) Non-Distributable Distributable Foreign Currency Share Warrants Translation Accumulated Capital Reserve Reserve losses Total RM'000 RM'000 RM'000 RM'000 RM'000 As at 1 January 2020 254,291 29,196 238 (69,644) 214,081 Other comprehensive (loss)/income: - Foreign currency translation loss - - (11) - (11) Profit for the financial period - - - 7,718 7,718 Total comprehensive income for the financial period - - (11) 7,718 7,707 As at 30 September 2020 254,291 29,196 227 (61,926) 221,788 4 | P a g e HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR YEAR TO DATE ENDED 30 SEPTEMBER 2020 (cont’d) (The figures have not been audited) Non-Distributable Distributable Foreign Currency Share Warrants Translation Accumulated Capital Reserve Reserve losses Total RM'000 RM'000 RM'000 RM'000 RM'000 As at 1 January 2019 254,291 29,196 252 (70,820) 212,919 Other comprehensive income/(loss): - Foreign currency translation gain - - 3 - 3 Loss for the financial period - - - (1,601) (1,601) Total comprehensive loss for the financial period - - 3 (1,601) (1,598) As at 30 September 2019 254,291 29,196 255 (72,421) 211,321 5 | P a g e HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR YEAR TO DATE ENDED 30 SEPTEMBER 2020 (The figures have not been audited) Year to date ended 30 Sept 30 Sept 2020 2019 RM'000 RM'000 CASH FLOWS FROM OPERATING ACTIVITIES Profit/(Loss) before taxation 11,942 (454) Adjustments for: Depreciation of property, plant and equipment 3,354 3,371 Amortisation of intangible assets 2,749 3,156 Property, plant and equipment written off 1 131 Allowance for impairment losses on trade receivables 182 380 Reversal of allowance for impairment losses (371) (341) Interest expenses 16 166 Interest on hire purchase 22 62 Interest on bank overdrafts 526 812 Interest on lease liabilities 99 214 Interest on term loan 2,968 3,957 Interest on deferred cash consideration 373 352 Net movement in provision for compensated absences 509 185 Share of results of associates (158) (211) Interest income from short term deposits (784) (1,248) Defined benefit cost 13 13 Loss on disposal of property, plant and equipment 2 - Operating profit before working capital changes 21,443 10,545 Changes in working capital: Decrease in trade receivables 2,911 30,437 Increase in contract assets (11,572) (11,238) Increase in Right-of-use assets - (5,973) Increase in other receivables, deposits and prepayments (396) (27) Increase/(Decrease) in trade payables 8,477 (7,778) Decrease in contract liabilities (95) (909) Increase in other payables, accruals and provisions 893 359 Decrease in amount due to an associate 154 (11,958) Decrease in retirement benefit obligations (9) (9) Cash generated from operations 21,806 3,449 Tax refunded - 6 Tax paid (1,855) (7,944) Net cash from/(used in) operating activities 19,951 (4,489) 6 | P a g e HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR YEAR TO DATE ENDED 30 SEPTEMBER 2020 (cont’d) (The figures have not been audited) Year to date ended 30 Sept 30 Sept 2020 2019 RM'000 RM'000 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (455) (209) Purchase of intangible assets (106) (52) Proceeds from disposal of property, plant and equipment 10 14 Interest received on short term deposits 784 1,248 Net cash from investing activities 233 1,001 CASH FLOWS FROM FINANCING ACTIVITIES Payment on hire purchase financing (476) (559) Placement of fixed deposits and bank balances pledged (2,078) (2,350) Repayment of term loan (6,832) (11,724) Lease liabilities (2,263) 3,799 Interest paid on hire purchase (22) (62) Interest paid on bank overdrafts (526) (812) Interest paid on lease liabilities (99) (214) Interest paid on term loan (2,611) (3,558) Net cash used in financing activities (14,907) (15,480) Net increase/(decrease) in cash and cash equivalents during financial period 5,277 (18,968) Effect of exchange rate changes on cash and cash equivalents (7) 10 Cash and cash equivalents at beginning of financial period 22,100 34,386 Cash and cash equivalents at end of financial period 27,370 15,428 7 | P a g e HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR YEAR TO DATE ENDED 30 SEPTEMBER 2020 (cont’d) (The figures have not been audited) Components of cash and cash equivalents as at 30 Sept 2020 is as follows: 30 Sept 30 Sept 2020 2019 RM'000 RM'000 Cash and bank balances 3,960 3,664 Short term deposits with licensed banks 46,416 41,225 Bank overdrafts (secured) (8,091) (18,031) 42,285 26,858 Less: short term deposits and bank balances pledged with licensed banks (14,915) (11,430) 27,370 15,428 [THE REST OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 8 | P a g e HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) NOTES TO THE INTERIM FINANCIAL REPORT FOR THE THIRD (3RD) QUARTER ENDED 30 SEPTEMBER 2020 A.
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