亿仕登控股(01656) - 2025 - 中期业绩

Financial Summary In H1 2025, the company's revenue grew by 22.0%, but profit after tax decreased by 33.7% and profit attributable to owners of the Company fell by 66.0% Key Financial Indicators for H1 2025 | Indicator | H1 2025 (S$ thousand) | H1 2024 (S$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 212,895 | 174,573 | +22.0% | | Gross Profit | 50,528 | 44,393 | +13.8% | | Profit after tax | 3,847 | 5,806 | -33.7% | | Profit attributable to owners of the Company | 1,286 | 3,781 | -66.0% | | Basic earnings per share (cents) | 0.29 | 0.85 | -65.9% | - The Board does not recommend an interim dividend for H1 2025, consistent with the prior year[3] Financial Statements Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income H1 2025 revenue grew 22.0%, but profit for the period dropped 33.7% and profit attributable to owners fell 66.0% due to increased costs and foreign exchange losses Key Consolidated Statement of Profit or Loss Data | Item | H1 2025 (S$ thousand) | H1 2024 (S$ thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Revenue | 212,895 | 174,573 | +22.0% | | Gross Profit | 50,528 | 44,393 | +13.8% | | Profit before income tax | 7,475 | 8,515 | -12.2% | | Profit for the period | 3,847 | 5,806 | -33.7% | | Profit attributable to owners of the Company | 1,286 | 3,781 | -66.0% | | Basic earnings per share (cents) | 0.29 | 0.85 | -65.9% | - Other comprehensive loss was primarily driven by a S$5.66 million foreign exchange difference, a significant negative shift from the S$0.44 million gain in the prior year, impacting total comprehensive income[7] Consolidated Statement of Financial Position As of June 30, 2025, total assets slightly increased to S$423 million, driven by higher non-current service concession receivables, while total liabilities rose and total equity slightly decreased to S$245 million Key Consolidated Statement of Financial Position Items (Group) | Item | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | | :--- | :--- | :--- | | Total Assets | 423,366 | 415,905 | | Non-current assets | 189,765 | 169,527 | | Current assets | 233,601 | 246,378 | | Total Liabilities | 178,174 | 168,693 | | Non-current liabilities | 47,253 | 55,519 | | Current liabilities | 130,921 | 113,174 | | Total Equity | 245,192 | 247,212 | - Non-current service concession receivables significantly increased from S$81.65 million to S$102 million, serving as the primary driver for asset growth[9] Interim Condensed Consolidated Statement of Changes in Equity In H1 2025, total equity slightly decreased from S$247 million to S$245 million, as profit for the period was offset by other comprehensive losses, primarily from negative foreign exchange reserve movements - Equity attributable to owners of the Company decreased from S$207 million to S$203 million, mainly due to a total comprehensive loss of S$3.32 million, which included S$1.29 million profit and S$4.61 million foreign exchange reserve loss[11] Interim Condensed Consolidated Statement of Cash Flows Net cash from operating activities significantly decreased to S$7.22 million in H1 2025, primarily due to changes in service concession receivables, leading to a slight reduction in period-end cash and cash equivalents Consolidated Cash Flow Statement Summary (Group) | Item | H1 2025 (S$ thousand) | H1 2024 (S$ thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 7,218 | 15,546 | | Net cash used in investing activities | (5,277) | (3,643) | | Net cash used in financing activities | (2,777) | (10,323) | | Net decrease/increase in cash and cash equivalents | (836) | 1,580 | | Cash and cash equivalents at end of period | 56,071 | 60,071 | - The decline in operating cash flow was primarily due to a S$20.49 million outflow from "changes in receivables from service concession arrangements", significantly higher than the S$0.70 million in the prior year[15] Notes to the Interim Condensed Consolidated Financial Statements 5 Segment Information In H1 2025, renewable energy and other specialized engineering solutions segments saw significant revenue growth, while motion control remained stable, with China as the largest market and Indonesia showing substantial growth External Sales Revenue by Business Segment (S$ thousand) | Business Segment | H1 2025 | H1 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | Engineering Solutions—Motion Control | 131,788 | 131,098 | +0.5% | | Other Specialized Engineering Solutions | 44,541 | 34,805 | +28.0% | | Industrial Computing Solutions | 3,166 | 3,101 | +2.1% | | Renewable Energy | 32,479 | 4,961 | +554.7% | | Total | 212,895 | 174,573 | +22.0% | Revenue from External Customers by Geographical Region (S$ thousand) | Region | H1 2025 | H1 2024 | Year-on-year Change | | :--- | :--- | :--- | :--- | | China | 132,279 | 127,671 | +3.6% | | Indonesia | 32,757 | 5,190 | +531.2% | | Singapore | 17,702 | 15,807 | +12.0% | | Other | 29,157 | 25,905 | +12.6% | 10 Basic Earnings Per Share Basic and diluted earnings per share decreased by 65.9% to 0.29 cents, primarily due to a significant decline in profit attributable to owners of the Company Earnings Per Share Calculation | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit attributable to owners (S$ thousand) | 1,286 | 3,781 | | Weighted average number of ordinary shares | 448,590,125 | 446,000,209 | | Basic and diluted earnings per share (cents) | 0.29 | 0.85 | 15 Trade and Other Receivables Group receivables are mainly service concession and trade receivables, with non-current service concession receivables significantly increasing to S$102 million, and over 90-day trade receivables accounting for 23.9% - Non-current service concession receivables significantly increased, reflecting the long-term contractual nature of the renewable energy business[66] Trade Receivables Ageing Analysis (Group) | Ageing | June 30, 2025 (S$ thousand) | December 31, 2024 (S$ thousand) | | :--- | :--- | :--- | | Within 30 days | 38,624 | 40,337 | | 31 to 90 days | 32,078 | 29,197 | | Over 90 days | 22,185 | 24,264 | | Total | 92,887 | 93,798 | Management Discussion and Analysis Business Review H1 2025 revenue grew 22.0% (27.0% at constant currency) driven by industrial automation and renewable energy construction, but profit attributable to owners declined 66.0% due to unrealized FX losses, though core profit grew 35.1% excluding this impact - Core industrial automation business revenue grew by 6.4% (10.4% at constant currency), accounting for 84.7% of total revenue[88] - Renewable energy business saw significant growth, with S$27.10 million in construction revenue from two small hydropower plants under construction, projected to increase total installed capacity by 81.3% upon 2026 operation[88] - China's industrial automation business revenue increased by 3.7% (9.7% in RMB terms), surpassing China's GDP growth, highlighting its critical role in the economy[86] - Southeast Asia industrial automation business revenue grew by 15.1%, benefiting from global supply chain diversification and regional industrial upgrades, with strong growth in Malaysia, Thailand, and Taiwan[91] Business Outlook The Group maintains cautious optimism, focusing on capability enhancement and market expansion, with strong growth prospects in industrial automation in China and Southeast Asia, and significant opportunities in renewable energy in Indonesia - China market: Government investments in robotics and AI, along with the 15th Five-Year Plan's focus on technological innovation, will create favorable conditions for long-term growth[100][102] - Markets outside China: Strategic expansion in Malaysia, Thailand, and Taiwan has shown initial success, benefiting from enhanced industrial manufacturing capabilities in Southeast and East Asia[104] - Renewable Energy: Indonesia's new Electricity Supply Business Plan (RUPTL) significantly raises renewable energy targets, with hydropower as the second-largest expansion source, promising long-term stable revenue and profit growth[105] Financial Review Revenue growth was driven by renewable energy construction and industrial automation, but overall gross margin decreased to 23.7% due to lower-margin construction revenue, while other operating expenses rose significantly due to S$5.3 million in foreign exchange losses, maintaining a healthy gearing ratio of 34.9% Revenue and Gross Profit Analysis (S$ thousand) | Segment | Revenue (H1 2025) | Gross Profit (H1 2025) | Gross Margin (H1 2025) | Gross Margin (H1 2024) | | :--- | :--- | :--- | :--- | :--- | | Industrial Automation | 180,416 | 43,574 | 24.2% | 23.5% | | Renewable Energy | 32,479 | 6,954 | 21.4% | 91.4% | | - Operations & Financing | 5,352 | 4,944 | 92.4% | 91.4% | | - Construction Revenue | 27,127 | 2,010 | 7.4% | N/A | | Total | 212,895 | 50,528 | 23.7% | 25.4% | - Other operating expenses increased by S$6.4 million, primarily due to a S$5.3 million foreign exchange loss from the revaluation of receivables and payables caused by a weaker USD against SGD and a stronger USD against IDR[115] - As of June 30, 2025, the Group's gearing ratio (total borrowings/shareholders' equity) was 34.9%, slightly higher than 34.0% at the end of 2024[137] Other Information Dividend Information Considering economic and operating uncertainties, the Board decided not to recommend an interim dividend for 2025, aiming to conserve funds for business development - The Board did not declare or recommend an interim dividend for the period ended June 30, 2025[155] Material Acquisitions and Disposals During the period, the Group engaged in capital activities including the proposed acquisition of 51% equity in PT Funda Konstruksi Engineering, establishment of a wholly-owned subsidiary, and completion of 51% acquisition of IFME Works to enhance capabilities in power facility construction, management services, and engineering solutions - On May 15, 2025, the Company completed the acquisition of 51.0% equity in IFME Works Pte. Ltd. for S$2.5 million, making it a subsidiary of the Group[166] - On March 20, 2025, the Company established a wholly-owned subsidiary, Estun (Jiangxi) Management Co., Ltd., with a registered capital of US$15 million, primarily for management services and property holding[165] Corporate Governance The Group adheres to Singapore and Hong Kong corporate governance codes, with an Audit Committee comprising three independent non-executive directors who reviewed the unaudited financial results, confirming compliance with accounting standards and listing rules - The Group has complied with the provisions of the 2018 revised Code of Corporate Governance in Singapore and the Corporate Governance Code in Hong Kong[167] - The Audit Committee, composed of three independent non-executive directors, has reviewed the unaudited consolidated results of the Group for the period[170]