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HSSEB Quarter 1 2020.Pdf HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE FIRST QUARTER ENDED 31 MARCH 2020 (The figures have not been audited) Quarter ended Year to date ended 31 Mar 31 Mar 2020 2019 % 2020 2019 % Note RM'000 RM'000 +/(-) RM'000 RM'000 +/(-) Revenue B1 42,025 36,502 15.1 42,025 36,502 15.1 Direct costs (29,922) (27,060) (29,922) (27,060) Gross profit 12,103 9,442 28.2 12,103 9,442 28.2 Other operating income 437 384 437 384 Administrative expenses (5,262) (5,186) (5,262) (5,186) Other operating expenses (2,208) (1,780) (2,208) (1,780) Profit for the year from operations 5,070 2,860 77.3 5,070 2,860 77.3 Finance costs (1,499) (1,866) (1,499) (1,866) Share of results of associates 90 200 90 200 Profit before taxation 3,661 1,194 206.6 3,661 1,194 206.6 Taxation B4 (1,381) (855) (1,381) (855) Profit for the financial period 2,280 339 572.6 2,280 339 572.6 Other comprehensive (loss)/income: Item that may be reclassified subsequently to profit or loss Foreign currency translation (loss)/gain (32) 4 (32) 4 Total comprehensive income for the financial period 2,248 343 555.4 2,248 343 555.4 Profit for the financial period attributable to:- Owners of the Company 2,280 339 572.6 2,280 339 572.6 Total comprehensive income attributable to:- Owners of the Company 2,248 343 555.4 2,248 343 555.4 Earnings per share (sen) - Basic B11 0.46 0.07 557.1 0.46 0.07 557.1 - Diluted B11 0.46 0.07 557.1 0.46 0.07 557.1 1 | P a g e HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2020 (The figures have not been audited) Unaudited as at Audited as at 31.03.2020 31.12.2019 RM'000 RM'000 ASSETS Note NON-CURRENT ASSETS Property, plant and equipment 4,782 4,718 Intangible assets 8,090 8,997 Goodwill 162,677 162,677 Right-of-use assets 2,631 3,350 Investments in associates 2,017 1,927 Deferred tax assets 120 122 180,317 181,791 CURRENT ASSETS Trade receivables 41,068 41,138 Contract assets 75,559 66,548 Other receivables, deposits and prepayments 3,707 2,980 Tax recoverable 3,305 3,427 Short term deposits with licensed banks 39,788 46,193 Cash and bank balances 4,366 3,782 167,793 164,068 TOTAL ASSETS 348,110 345,859 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 206 238 Accumulated losses (67,364) (69,644) TOTAL EQUITY 216,329 214,081 2 | P a g e HSS ENGINEERS BERHAD Company No: 201501003232 (1128564-U) UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2020 (cont’d) (The figures have not been audited) Unaudited as at Audited as at 31.03.2020 31.12.2019 RM'000 RM'000 NON-CURRENT LIABILITIES Note Retirement benefit obligations 65 61 Deferred tax liabilities 1,847 2,057 Lease liabilities 2 458 Other payable 8,491 8,368 Term loans B8 46,366 53,694 Hire purchase payables B8 123 60 56,894 64,698 CURRENT LIABILITIES Trade payables 23,959 19,994 Contract liabilities 7,172 7,734 Other payables, accruals and provisions 8,953 7,360 Amount due to an associate 140 3 Term loans B8 14,447 13,397 Hire purchase payables B8 427 557 Lease liabilities 2,724 2,993 Taxation 67 4 Bank overdrafts (secured) B8 16,998 15,038 74,887 67,080 TOTAL LIABILITIES 131,781 131,778 TOTAL EQUITY AND LIABILITIES 348,110 345,859 Net assets per share (RM) 0.44 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 31 MARCH 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 income/(loss): - Foreign currency translation loss - - (32) - (32) Profit for the financial period - - - 2,280 2,280 Total comprehensive income for the financial period - - (32) 2,280 2,248 As at 31 March 2020 254,291 29,196 206 (67,364) 216,329 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 31 MARCH 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 loss: - Foreign currency translation loss - - 4 - 4 Profit for the financial period - - - 339 339 Total comprehensive loss for the financial period - - 4 339 343 As at 31 March 2019 254,291 29,196 256 (70,481) 213,262 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 31 MARCH 2020 (The figures have not been audited) Year to date ended 31 Mar 31 Mar 2020 2019 RM'000 RM'000 CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation 3,661 1,194 Adjustments for: Depreciation of property, plant and equipment and Right-of-use assets 1,105 1,129 Amortisation of intangible assets 921 54 Property, plant and equipment written off - 1 Reversal of allowance for impairment losses - (69) Interest expenses 12 - Interest on hire purchase 10 24 Interest on bank overdrafts 198 243 Interest on lease liability 43 82 Interest on term loan 1,113 1,401 Interest on deferred cash consideration 123 116 Net movement in provision for compensated absences 236 156 Share of results of associates (90) (200) Interest income from short term deposits (336) (372) Defined benefit cost 4 4 Loss on disposal of property, plant and equipment 2 115 Operating profit before working capital changes 7,002 3,878 Changes in working capital: Decrease in trade receivables 70 15,441 Increase in contract assets (9,011) (2,571) Increase in Right-of-use assets - (5,972) Increase in other receivables, deposits and prepayments (727) (215) Increase/(Decrease) in trade payables 3,965 (6,379) Decrease in contract liabilities (562) (164) Increase in other payables, accruals and provisions 1,357 3,188 Decrease in amount due to an associate 125 (5,808) Cash generated from operations 2,219 1,398 Tax refunded - - Tax paid (1,404) (1,935) Net cash from/(used in) operating activities 815 (537) 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 31 MARCH 2020 (cont’d) (The figures have not been audited) Year to date ended 31 Mar 31 Mar 2020 2019 RM'000 RM'000 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (364) (60) Purchase of intangible assets (14) (46) Proceeds from disposal of property, plant and equipment 10 14 Interest received on short term deposits 336 372 Net cash (used in)/from investing activities (32) 280 CASH FLOWS FROM FINANCING ACTIVITIES Payment on hire purchase financing (167) (188) Placement of fixed deposits and bank balances pledged (539) (794) Repayment of term loan (6,386) (5,325) Lease liabilities (725) 5,259 Interest paid on hire purchase (10) (24) Interest paid on bank overdrafts (198) (243) Interest paid on lease liabilities (43) (82) Interest paid on term loan (1,006) (1,239) Net cash (used in) financing activities (9,074) (2,636) Net decrease in cash and cash equivalents during financial period (8,291) (2,893) Effect of exchange rate changes on cash and cash equivalents (29) 14 Cash and cash equivalents at beginning of financial period 22,100 34,386 Cash and cash equivalents at end of financial period 13,780 31,507 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 31 MARCH 2020 (cont’d) (The figures have not been audited) Components of cash and cash equivalents as at 31 March 2020 is as follows: 31 Mar 31 Mar 2020 2019 RM'000 RM'000 Cash and bank balances 4,366 916 Short term deposits with licensed banks 39,788 57,227 Bank overdrafts (secured) (16,998) (16,762) 27,156 41,381 Less: short term deposits and bank balances pledged with licensed banks (13,376) (9,874) 13,780 31,507 [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 FIRST (1ST) QUARTER ENDED 31 MARCH 2020 A. EXPLANATORY NOTES PURSUANT TO MALAYSIAN FINANCIAL REPORTING STANDARDS (“MFRS”) 134: INTERIM FINANCIAL REPORT A1. Basis of preparation The interim financial report of HSS Engineers Berhad (“HEB’’ or the “Company”) and its subsidiaries (“the Group’’) are unaudited and have been prepared in accordance with the requirements of Malaysian Financial Reporting Standards (“MFRS”) No.
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