BSL CORPORATION BERHAD Company No
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BSL CORPORATION BERHAD Company No. 200401012615 (651118-K) Website : www.bslcorp.com.my Email : [email protected] UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE QUARTER ENDED 31 MAY 2021 INDIVIDUAL QUARTER CUMULATIVE QUARTER CURRENT PRECEDING CURRENT PRECEDING YEAR YEAR YEAR YEAR QUARTER QUARTER TO DATE TO DATE 31-May-21 31-May-20 31-May-21 31-May-20 RM'000 RM'000 RM'000 RM'000 Continuing Operations Revenue 43,635 20,017 128,516 93,985 Cost of sales (40,452) (20,636) (117,433) (89,769) Gross profit 3,183 (619) 11,083 4,216 Other income 1,541 522 4,058 1,913 Other expenses (3,208) (2,382) (8,786) (8,021) Results from operating activities 1,516 (2,479) 6,355 (1,892) Interest expense (111) (111) (336) (448) Profit before tax 1,405 (2,590) 6,019 (2,339) Income tax expense (465) 178 (1,503) (21) Profit for the period/year 940 (2,412) 4,516 (2,360) Other comprehensive income: Revaluation gain on property, plant and equipment 3,824 - 3,824 - Exchange differences on translation of foreign operations 6 - 19 (1) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD/YEAR 4,770 (2,412) 8,358 (2,361) Profit/(Loss) attributable to : Equity holders of the company 1,050 (2,305) 4,579 (2,063) Non-controlling interest (110) (107) (63) (298) 940 (2,412) 4,516 (2,360) Total comprehensive profit/(loss) attributable to : Equity holders of the company 4,880 (2,305) 8,421 (2,064) Non-controlling interest (110) (107) (63) (298) 4,770 (2,412) 8,358 (2,361) Basic Earnings Per Share based on the weighted average number of shares in issue (Sen) 1.09 (2.39) 4.74 (2.13) Notes: The Unaudited Condensed Consolidated Statements Of Comprehensive Income should be read in conjunction with the Annual Financial Statements of BSL Corporation Berhad for the financial year ended 31 August 2020. 1 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF 31 MAY 2021 As at As at 31-May-21 31-Aug-20 RM'000 RM'000 ASSETS Non current assets Property, plant and equipment 92,322 90,332 Right to use assets 1,054 1,001 Total non current assets 93,376 91,333 Current assets Inventories 18,068 15,131 Trade receivables 30,640 27,349 Other receivables 3,968 2,421 Contract assets 583 54 Current tax assets - 479 Cash and bank balances 15,183 15,821 Total current assets 68,443 61,255 Total assets 161,819 152,588 Equity and liabilities Capital and reserves Share capital 50,767 50,767 Treasury shares (459) (459) Reserves 65,798 57,394 Equity attributable to equity holders of the parent 116,106 107,702 Non-controlling interest (165) (103) Total equity 115,941 107,599 Non current liabilities Long term borrowings 4,046 6,109 Lease liabilities 927 955 Deferred taxation liabilities 6,954 7,359 Total non current liabilities 11,927 14,423 Current liabilities Trade payables 24,039 23,809 Other payables 5,468 3,099 Contract liabilities 590 132 Short term borrowings 3,251 3,437 Lease liabilities 192 69 Tax liabilities 411 20 Total current liabilities 33,951 30,566 Total liabilities 45,878 44,989 Total equity and liabilities 161,819 152,588 Net Assets per share attributable to ordinary equity holders of the parent (RM) 1.20 1.11 Notes : 2 The Unaudited Condensed Consolidated Statements Of Financial Position should be read in conjunction with the Annual Financial Statements of BSL Corporation Berhad for the financial year ended 31 August 2020. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MAY 2021 Non-distributable Distributable Attributable Share Foreign currency Revaluation Fair value Treasury Retained to Equity Holders Non-controlling Capital translation reserve reserves reserve Shares Profit of the Parent Interest Total RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 Balance as at 1 September 2020 50,767 (1,130) 32,310 (3,152) (459) 29,366 107,702 (103) 107,599 Realisation of revaluation reserves - - (151) - 151 - - - Profit for the year - - - - - 4,578 4,578 (63) 4,516 Other comprehensive income for the year - 2 3,824 - - - 3,826 - 3,826 Total comprehensive income for the year - 2 3,824 - - 4,578 8,405 (63) 8,342 Balance as at 31 May 2021 50,767 (1,128) 35,983 (3,152) (459) 34,094 116,107 (165) 115,941 Non-distributable Distributable Attributable Share Foreign currency Revaluation of Fair value Treasury Retained to Equity Holders Non-controlling Capital translation reserve properties reserve Shares Profit of the Parent Interest Total RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 Balance as at 1 September 2019 50,767 (1,129) 34,049 (3,154) (459) 28,596 108,670 (350) 108,320 Realisation of revaluation reserves - - (150) - - 150 - - - Profit for the year - - - - (2,063) (2,063) (298) (2,360) Other comprehensive loss for the year - (1) - - - - (1) - (1) Total comprehensive (loss)/income for the year - (1) - - (2,063) (2,064) (298) (2,361) Balance as at 31 May 2020 50,767 (1,130) 33,899 (3,154) (459) 26,684 106,606 (648) 105,959 Notes : - The Unaudited Condensed Consolidated Statement of Changes In Equity should be read in conjunction with the Annual Financial Statements of BSL Corporation Berhad for the financial year ended 31 August 2020. 3 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE PERIOD ENDED 31 MAY 2021 31-May-21 31-May-20 RM'000 RM'000 Cash flows from operating activities Profit before tax 6,019 (2,339) Adjustments for: Non-cash items 3,029 2,975 Non-operating items 98 587 Operating profit before working capital changes 9,146 1,223 Decrease/(Increase) in working capital: Inventories (2,937) (2,670) Receivables (5,376) 17,262 Payables 3,059 (4,957) Cash generated from operations 3,892 10,858 Income tax paid (570) (1,007) Net cash generated/(used) from operating activities 3,322 9,851 Cash flows from investing activities Interest received 45 - Proceeds from disposal of property, plant and equipment 190 120 Purchase of property, plant and equipment (1,557) (1,077) Net cash used in investing activities (1,322) (957) Cash flows from financing activities Net decrease in bank borrowings (2,249) (2,132) Interest paid (336) (412) Payment of lease liabilities (61) (28) Net cash used in financing activities (2,646) (2,572) Net increase in cash and cash equivalents (646) 6,321 Effect of changes in foreign currency translation reserves 18 (1) Cash and cash equivalents at 1 September 2020 / 2019 15,250 10,156 Cash and cash equivalents at 31 May 2021 /2020 14,622 16,476 Cash and cash equivalents at end of quarter comprise: Cash and bank balances 11,210 10,494 Deposits in licensed banks 3,973 6,565 Bank overdrafts - (32) 15,183 17,026 Less : Fixed deposit pledged to licensed bank (561) (550) 14,622 16,476 Notes : The Unaudited Condensed Consolidated Statement Of Cash Flow should be read in conjunction with the Annual Financial Statements of BSL Corporation Berhad for the financial year ended 31 August 2020. 4 BSL CORPORATION BERHAD Company No: 200401012615 (651118-K) Notes on the interim financial statements For the third quarter ended 31 May 2021 PART A: NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED 31 MAY 2021 A1. Basis of preparation The unaudited interim financial report has been prepared in accordance with the requirements of the Malaysian Financial Reporting Standard (MFRS) 134 - Interim Financial Reporting and Paragraph 9.22 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”). The interim financial report should be read in conjunction with the audited financial statements of the Group for the financial year ended 31 August 2020. The accounting policies and methods of computation adopted by the Group in this interim financial report are consistent with those adopted in the audited financial statements for the financial year ended 31 August 2020. A2. Qualification of annual financial statements There were no audit qualifications on the financial statements for the year ended 31 August 2020. A3. Seasonal and cyclical factors The Group’s business operation results were not materially affected by any major seasonal or cyclical factors. A4. Unusual nature and amounts of items affecting assets, liabilities, equity, net income or cash flows There were no unusual nature and amounts of items affecting assets, liabilities, equity, net income or cash flows during the current quarter under review. A5. Material changes in estimates There were no material changes in estimates of amounts reported in the current quarter under review. A6. Issuances and repayment of debt and equity securities There were no issuance, cancellations, repurchases, resale and repayment of debt and equity securities for the current quarter under review. A7. Dividend paid There was no dividend paid by the Company during the quarter under review. 5 BSL CORPORATION BERHAD Company No: 200401012615 (651118-K) Notes on the interim financial statements For the third quarter ended 31 May 2021 A8. Segment information Segmental information from continuing operations is presented in respect of the Group’s business segments for the year to date ended 31 May 2021: Precision Printed circuit Investment Renewable Stamping board ("PCB") and Others Eliminations Consolidated Holding Energy and Tooling module assembly RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 External sales - 112,200 12,177 4,510 - (371) 128,516 Inter-segment sales / Dividend - - - - - - - Total revenue - 112,200 12,177 4,510 - (371) 128,516 Results Segment results (421) 5,936 677 181 (72) 10 6,311 Profit from operations 6,311 Interest expense (336) Interest income 44 Profit before tax 6,019 Income tax expense (1,503) Profit for the year 4,516 Attributable to: Equity holders of the parent 4,579 Minority interest (63) 4,516 A9.