NSL LTD

(Reg. no.: 196100107C)

Half Year Financial Statements Announcement

The figures have not been audited

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

1(a)

An income statement (for the group) together with a comparative statement for the

corresponding period of the immediately preceding financial year

THE GROUP

6 months ended 30 June

Note

2021

2020

Change

S$'000

S$'000

%

Sales

125,778

119,464

5

Cost of sales

(109,827)

(110,874)

(1)

Gross profit

(2)

15,951

8,590

86

Other income

- Interest

(3)

952

2,327

(59)

- Others

(3)

1,876

3,630

(48)

Other gains and losses

(4)

(954)

(317)

n/m

Distribution costs

(3,749)

(4,059)

(8)

Administrative expenses

(13,139)

(14,178)

(7)

Write-back of allowance for impairment on financial assets

(5)

262

12

n/m

Finance costs

(6)

(743)

(1,143)

(35)

Share of results of associated companies, net of tax

(7)

(3,496)

(2,136)

64

Loss before income tax

(1)

(3,040)

(7,274)

(58)

Income tax expense

(8)

(1,055)

(988)

7

Total loss for the financial period

(4,095)

(8,262)

(50)

Loss attributable to equity holders of the Company:

(3,651)

(8,007)

(54)

Loss attributable to non-controlling interest:

(444)

(255)

74

Basic and fully diluted earnings per share (cents)

(0.98)

(2.14)

(54)

n/m: not meaningful

1

NSL LTD

(Reg. no.: 196100107C)

Notes to the Group's Income Statement

  1. Loss before income tax is arrived at after crediting / (charging) the following items:

THE GROUP

6 months ended 30 June

Note

2021

2020

S$'000

S$'000

Dividend income Interest income

Amortisation of intangible assets Depreciation of property, plant and equipment Depreciation of right-of-use assets

Write-back / (Allowance) for stock obsolescence, net Write-back of allowance for impairment of trade receivables, net Amortisation of deferred income

-

8

(i)

952

2,327

(ii)

(305)

(393)

(6,120)

(6,509)

(iii)

(1,704)

(2,025)

(iv)

673

(351)

(v)

262

12

10

34

    1. Decrease in 1H-2021 was due to lower interest income recorded by the Company as a result of lower interest rates.
    2. Decrease in 1H-2021 was attributable to precast operations in Malaysia and Singapore.
    3. Decrease in 1H-2021 was mainly attributable to precast operations in Dubai.
    4. Mainly attributable to the precast operations in Malaysia and Dubai.
    5. Mainly attributable to the precast operations in Malaysia and Dubai.
  2. Gross profit
    The increase in gross profit of S$7.5 mil for 1H-2021 was mainly due to higher sales and higher gross profit margin from the PBU operations in Finland, as well as precast operations in Singapore and Malaysia. Environmental services division also contributed to the improvement.
  3. Other income
    The decrease in interest income for 1H-2021 was due to lower interest income recorded by the Company mainly as a result of lower interest rates. The decrease in other income ("Others") for 1H- 2021 was mainly due to lower government support grant received from the government by the Singapore entities of the Group in 1H-2021.
  4. Other gains and losses

THE GROUP

6 months ended 30 June

2021

2020

S$'000

S$'000

Currency exchange loss - net

(303)

(164)

Property, plant and equipment

- Gain on disposal

45

37

Restructuring costs

(659)

(135)

Others

(37)

(55)

(954)

(317)

2

NSL LTD

(Reg. no.: 196100107C)

Notes to the Group's Income Statement (continued)

  1. Write-backof impairment loss on financial assets
    The higher write-back of impairment loss on financial assets in 1H-2021 compared to 1H-20 was mainly due to write-back of impairment of trade receivables recorded in prior period by the precast operations in Malaysia and Dubai.
  2. Finance costs

THE GROUP

6 months ended 30 June

2021

2020

S$'000

S$'000

Interest expense on lease liabilities

(361)

(411)

Interest expense on bank loans

(342)

(562)

Other interest expense

(40)

(170)

(743)

(1,143)

The decrease in finance costs for 1H-2021 was mainly attributable to decrease in bank loans and lease liabilities.

  1. Share of results of associated companies, net of tax
    The higher loss reported for 1H-2021 was attributable to associate company, Salzgitter Maschinenbau AG ("SMAG"), of which the Group owns 25.458% non-controlling equity stake.
  2. Income tax expense

THE GROUP

6 months ended 30 June

Note

2021

2020

S$'000

S$'000

Taxation charge for the financial period comprises:

- Current period taxation

(1,065)

(980)

- Over/(under)provision in respect of prior years

10

(8)

(i)

(1,055)

(988)

  1. The Group incurred a net tax charge in 1H-2021 despite in a loss position due mainly to losses incurred by certain Group companies which could not be set off against the profits earned by other companies in the Group.

3

NSL LTD

(Reg. no.: 196100107C)

Statement of Comprehensive Income for period ended 30 June 2021

THE GROUP

2021 2020

S$'000 S$'000

Total loss for the financial period

Other comprehensive income:

Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations

- (Losses)/gains arising during the period

Share of other comprehensive income of associated companies

Items that will not be reclassified subsequently to profit or loss: Fair value gains arising from financial assets at FVOCI*

Exchange differences on translating foreign operations - Losses arising during the period

Other comprehensive (loss)/gain for the period, net of tax

Total comprehensive loss for the period, net of tax

Total comprehensive income attributable to:

Equity holders of the Company

Non-controlling interests

*Financial assets measured at fair value through other comprehensive income

(4,095) (8,262)

  1. 2,626
    384 70
  1. 2,696
    100 53
  1. (153)
  1. 2,596
    (4,674) (5,666)

(4,166) (5,258)

  1. (408)
    (4,674) (5,666)

4

NSL LTD

(Reg. no.: 196100107C)

1(b)(i) A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year

THE GROUP

THE COMPANY

Note

30.06.21

31.12.20

30.06.21

31.12.20

S$'000

S$'000

S$'000

S$'000

Equity

Share capital

193,839

193,839

193,839

193,839

Reserves

279,064

301,617

131,126

149,875

Shareholders' equity

472,903

495,456

324,965

343,714

Non-controlling interests

(1)

(4,190)

(3,682)

-

-

Total equity

468,713

491,774

324,965

343,714

Current Assets

Inventories

50,893

51,168

-

-

Receivables, prepayments and other

85,651

79,796

14,071

13,170

current assets

Other investments at amortised cost

(2)

-

2,006

-

2,006

Tax recoverable

993

2,593

-

-

Cash and bank balances

269,871

300,210

209,584

228,046

407,408

435,773

223,655

243,222

Non-Current Assets

Property, plant and equipment

109,243

112,649

323

371

Right-of-use assets

33,951

35,929

993

1,119

Investments in subsidiaries

-

-

85,232

85,232

Investments in associated companies

43,286

46,838

-

-

Long term receivables and prepayments

462

458

64,301

64,213

Financial assets, at FVOCI*

1,287

1,187

996

896

Intangible assets

9,565

9,866

-

-

Deferred tax assets

2,601

2,614

-

-

Other non-current assets

239

105

-

-

200,634

209,646

151,845

151,831

Total Assets

608,042

645,419

375,500

395,053

Current Liabilities

Borrowings

(13,778)

(14,827)

-

-

Trade, other payables and other

(79,769)

(88,123)

(39,671)

(40,555)

current liabilities

Lease liabilities

(3)

(2,268)

(3,653)

(274)

(266)

Tax Current income tax liabilities

(310)

(2,019)

(185)

-

atio

Deferred income

(29)

(29)

-

-

(96,154)

(108,651)

(40,130)

(40,821)

Non-Current Liabilities

Provision for retirement benefits

(3,657)

(3,451)

-

-

Deferred tax liabilities

(1,966)

(2,119)

(53)

(46)

Borrowings

(20,107)

(21,107)

-

-

Deferred income

(404)

(405)

-

-

Other non-current liabilities

(2,579)

(2,578)

(9,679)

(9,679)

Lease liabilities

(3)

(14,462)

(15,334)

(673)

(793)

(43,175)

(44,994)

(10,405)

(10,518)

Total Liabilities

(139,329)

(153,645)

(50,535)

(51,339)

Net Assets

468,713

491,774

324,965

343,714

*Financial assets measured at fair value through other comprehensive income

5

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NSL Ltd. published this content on 10 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2021 02:35:02 UTC.