INFINITYL&T：FINALRESULTSFORTHEYEARENDED31DECEMBER2022.pdf

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1、 1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in rel

2、iance upon the whole or any part of the contents of this announcement.INFINITY LOGISTICS AND TRANSPORT VENTURES LIMITED(Incorporated in the Cayman Islands with limited liability)(Stock Code:1442)FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022The board(the“Board”)of directors(the“Directors”)of Infi

3、nity Logistics and Transport Ventures Limited(the“Company”)is pleased to announce the audited consolidated results of the Company and its subsidiaries(the“Group”)for the year ended 31 December 2022 as follows:CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEYear ended 31 Decemb

4、er 202220222021NotesRM000RM000Revenue5356,870275,561Cost of services and goods sold(280,234)(205,519)Gross profit76,63670,042Other income63,4731,574Administrative and other operating expenses(36,530)(19,186)(Provision for)Reversal of loss allowance of trade receivables,net(922)596Finance costs7(8,80

5、0)(4,418)Share of results of associates1658Profit before tax733,87348,666Income tax credit(expenses)82,009(6,150)Profit for the year35,88242,516 2 20222021NotesRM000RM000Other comprehensive incomeItem that will not be reclassified to profit or loss:Exchange differences on translation of the Companys

6、 financial statements to presentation currency6,331484Item that may be reclassified subsequently to profit or loss:Exchange differences on consolidation343770Other comprehensive income for the year6,6741,254Total comprehensive income for the year42,55643,770Profit(Loss)for the year attributable to:O

7、wners of the Company36,01842,516Non-controlling interests(136)35,88242,516Total comprehensive income(loss)for the year attributable to:Owners of the Company42,69243,770Non-controlling interests(136)42,55643,770Earnings per share attributable to equity holders of the CompanyBasic and diluted91.75 RM

8、sen2.10 RM sen 3 CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAt 31 December 202220222021NotesRM000RM000Non-current assetsProperty,plant and equipment362,890220,197Club membership9090GoodwillInterest in associates575559Deposits paid for acquisition of property,plant and equipment4,3616,576367,916227,

9、422Current assetsInventories21,19315,741Trade and other receivables11130,584114,067Income tax recoverable3,6092,085Restricted bank balances4035Bank balances and cash39,57253,684194,998185,612Current liabilitiesTrade and other payables1250,88845,036Bank overdrafts14,77612,674Interest-bearing borrowin

10、gs10,6465,037Lease liabilities18,1665,53794,47668,284Net current assets100,522117,328Total assets less current liabilities468,438344,750Non-current liabilitiesInterest-bearing borrowings72,47440,650Lease liabilities87,47133,438Deferred tax liabilities1805,163160,12579,251NET ASSETS308,313265,499 4 C

11、ONSOLIDATED STATEMENT OF FINANCIAL POSITIONAt 31 December 202220222021NotesRM000RM000Capital and reservesShare capital1310,86610,866Reserves297,325254,633Equity attributable to equity holders of the Company308,191265,499Non-controlling interests122TOTAL EQUITY308,313265,499 5 1.CORPORATE INFORMATION

12、 AND BASIS OF PREPARATIONInfinity Logistics and Transport Ventures Limited(the“Company”,together with its subsidiaries are collectively referred to as the“Group”)was incorporated as an exempted company with limited liability in the Cayman Islands on 7 March 2019.The Companys shares were listed on th

13、e Main Board of The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)on 21 January 2020(the“Listing”).In the opinion of the directors of the Company,the immediate and ultimate holding company is 2926 Holdings Limited(“2926 Holdings”),which is incorporated in the British Virgin Islands(the“BVI

14、”).The ultimate controlling parties of the Group are Dato Seri Chan Kong Yew and Dato Kwan Siew Deeg(collectively referred to as the“Ultimate Controlling Parties”).The registered office of the Company is situated at Windward 3,Regatta Office Park,P.O.Box 1350,Grand Cayman,KY1-1108,Cayman Islands.The

15、 Companys principal place of business is situated at Room 1910,19th Floor,C C Wu Building,302-308 Hennessy Road,Wan Chai,Hong Kong and the Groups headquarter is situated at No.2,Jalan Kasuarina 8,Bandar Botanic,41200 Klang,Selangor Darul Ehsan,Malaysia.The principal activity of the Company is invest

16、ment holding and the subsidiaries of the Company are principally engaged in the provision of(i)integrated freight forwarding services;(ii)logistics centre and related services;(iii)land transportation services;(iv)flexitank solution and related services;and(v)fourth-party Logistics(“4PL”)services.2.

17、STATEMENT OF COMPLIANCEThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards(“IFRSs”)issued by the International Accounting Standards Board(the“IASB”),which collective term includes all applicable individual IFRSs,International Accoun

18、ting Standards(“IASs”)and Interpretations issued by the IASB and the disclosure requirements of the Hong Kong Companies Ordinance.The consolidated financial statements also comply with the applicable disclosure requirements of the Rules Governing the Listing of Securities on the Stock Exchange(the“L

19、isting Rules”).The consolidated financial statements are presented in Malaysian Ringgit(“RM”)and all amounts have been rounded to the nearest thousand(“RM000”),unless otherwise indicated.The consolidated financial statements have been prepared on a basis consistent with the accounting policies adopt

20、ed in the 2021 consolidated financial statements except for the adoption of the new/revised IFRSs that are relevant to the Group and effective from the current year as set out below.6 Adoption of new/revised IFRSsThe Group has applied,for the first time,the following new/revised IFRSs:Amendments to

21、IFRS 16Covid-19-Related Rent Concessions Beyond 30 June 2021Amendments to IAS 16Proceeds before Intended UseAmendments to IAS 37Cost of Fulfilling a ContractAmendments to IFRS 3Reference to the Conceptual FrameworkAnnual Improvements to IFRSs2018-2020 CycleAmendments to IFRS 16:Covid-19-Related Rent

22、 Concessions Beyond 30 June 2021The amendments exempt lessees from having to consider individual lease contracts to determine whether rent concessions occurring as a direct consequence of the covid-19 pandemic are lease modifications and allow lessees to account for such rent concessions as if they

23、were not lease modifications.It applies to covid-19-related rent concessions that reduce lease payments due on or before 30 June 2022.The amendments do not affect lessors.Amendments to IAS 16:Proceeds before Intended UseThe amendments clarify the accounting requirements for proceeds received by an e

24、ntity from selling items produced while testing an item of property,plant or equipment before it is used for its intended purpose.An entity recognises the proceeds from selling any such items,and the cost of those items,in profit or loss and measures the cost of those items applying the measurement

25、requirements of IAS 2.Amendments to IAS 37:Cost of Fulfilling a ContractThe amendments clarify that for the purpose of assessing whether a contract is onerous under IAS 37,the cost of fulfilling the contract comprises the costs that relate directly to the contract.Costs that relate directly to a con

26、tract include both the incremental costs of fulfilling that contract(for example,direct labour and materials)and an allocation of other costs that relate directly to fulfilling contracts(for example,an allocation of the depreciation charge for an item of property,plant and equipment used in fulfilli

27、ng the contract).Amendments to IFRS 3:Reference to the Conceptual FrameworkThe amendments update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting issued in 2018.The amendments also add to IFRS 3 an exception to its requirement for an entity to refer to the Conceptual Framewo

28、rk to determine what constitutes an asset or a liability.The exception specifies that,for some types of liabilities and contingent liabilities,an entity applying IFRS 3 should instead refer to IAS 37.The exception has been added to avoid an unintended consequence of updating the reference.7 Annual I

29、mprovements Project 2018-2020 CycleIFRS 1:Subsidiary as a First-time AdopterThis amendment simplifies the application of IFRS 1 for a subsidiary that becomes a first-time adopter of IFRSs later than its parent i.e if a subsidiary adopts IFRSs later than its parent and applies IFRS 1.D16(a),then a su

30、bsidiary may elect to measure cumulative translation differences for all foreign operations at amounts included in the consolidated financial statements of the parent,based on the parents date of transition to IFRSs.IFRS 9:Fees in the“10 per cent”Test for Derecognition of Financial LiabilitiesThis a

31、mendment clarifies that for the purpose of performing the“10 per cent test”for derecognition of financial liabilities in determining those fees paid net of fees received,a borrower includes only fees paid or received between the borrower and the lender,including fees paid or received by either the b

32、orrower or lender on the others behalf.IFRS 16:Lease IncentivesThe amendment removes the illustration of payments from the lessor relating to leasehold improvements.As currently drafted,Example 13 is not clear as to why such payments are not a lease incentive.The adoption of the above new/revised IF

33、RSs that are relevant to the Group and effective from the current year had no significant effects on the results and financial position of the Group for the current and prior years.3.FUTURE CHANGES IN IFRSsAt the date of authorisation of these consolidated financial statements,the IASB has issued th

34、e following new/revised IFRSs that are not yet effective for the current year,which the Group has not early adopted:Amendments to IAS 1Disclosure of Accounting Policies1Amendments to IAS 8Definition of Accounting Estimates1Amendments to IAS 12Deferred Tax related to Assets and Liabilities arising fr

35、om a Single Transaction1IFRS 17Insurance Contracts1Amendment to IFRS 17Initial Application of IFRS 17 and IFRS 9 Comparative Information1Amendments to IAS 1Classification of Liabilities as Current or Non-current2Amendments to IAS 1Non-current Liabilities with Covenants2Amendments to IFRS 16Lease Lia

36、bility in a Sale and Leaseback2Amendments to IFRS 10 and IAS 28Sale or Contribution of Assets between an Investor and its Associate or Joint Venture31 Effective for annual periods beginning on or after 1 January 20232 Effective for annual periods beginning on or after 1 January 20243 The effective d

37、ate to be determinedThe directors of the Company do not anticipate that the adoption of the new/revised IFRSs in future periods will have any material impact on the Groups consolidated financial statements.8 4.SEGMENT INFORMATIONInformation reported to the executive directors of the Company,being id

38、entified as the chief operating decision makers(“CODM”),for the purposes of resource allocation and assessment of segment performance focuses on types of goods delivered or services rendered.No operating segments identified by the CODM have been aggregated in arriving at the reportable segments of t

39、he Group.Specifically,the Groups reportable and operating segments are as follows:1)Integrated freight forwarding services segment:provision of non-vessel operating common carriers(“NVOCC”)and freight forwarding services;2)Logistics centre and related services segment:provision of warehousing and co

40、ntainer depot services;3)Land transportation services segment:provision of land transportation services;4)Flexitank solution and related services segment:provision of flexitank solution and related services;and5)4PL services segment:provision of 4PL services and 4PL handling services.Segment revenue

41、 and resultsSegment revenue represents revenue derived from provision of(i)integrated freight forwarding services;(ii)logistics centre and related services;(iii)land transportation services;(iv)flexitank solution and related services;and(v)4PL services.Segment results represent the gross profit incu

42、rred by each segment without allocation of other income,administrative and other operating expenses,reversal of loss allowance of trade receivables,finance costs,share of results of associates and income tax expenses.This is the measure reported to the CODM of the Group for the purposes of resource

43、allocation and performance assessment.No analysis of the Groups assets and liabilities by operating segments is presented as it is not regularly provided to the CODM for review.In addition,the Groups place of domicile is Malaysia,where the central management and control is located.9 The followings a

44、re analysis of the Groups revenue and results by reportable and operating segments:IntegratedfreightforwardingservicesLogisticscentre andrelatedservicesLandtransportationservicesFlexitanksolution andrelatedservices4PLservicesTotalRM000RM000RM000RM000RM000RM000Year ended 31 December 2022Revenue from

45、contracts with customers within IFRS 15109,06863,58762,94093,69020,374349,659Revenue from other source7,2117,211109,06870,79862,94093,69020,374356,870Segment results16,84015,4676,56023,78913,98076,636Unallocated income and expensesOther income3,473Administrative and other operating expenses(36,530)P

46、rovision for loss allowance of trade receivables,net(922)Finance costs(8,800)Share of results of associates16Profit before tax33,873Income tax credit2,009Profit for the year35,882Other information:Depreciation(Note i)87312,1563,61485817,501Provision for leakage claims824824Additions to property,plan

47、t and equipment(Note ii)131,21625,811993158,020Payments made on behalf of a customer in respect of 4PL services(Note 11(b)50,77450,774 10 Integrated freightforwarding servicesLogistics centre and related servicesLandtransportation servicesFlexitank solution and related services4PL servicesTotalRM000

48、RM000RM000RM000RM000RM000Year ended 31 December 2021Revenue from contracts with customers within IFRS 1585,77239,03747,12784,8809,566266,382Revenue from other source9,1799,17985,77248,21647,12784,8809,566275,561Segment results17,18317,2766,09022,4217,07270,042Unallocated income and expensesOther inc

49、ome1,574Administrative and other operating expenses(19,186)Reversal of loss allowance of trade receivables,net596Finance costs(4,418)Share of results of associates58Profit before tax48,666Income tax expenses(6,150)Profit for the year42,516Other information:Depreciation(Note i)1,3205,8021,7244489,294

50、Provision for leakage claims643643Additions to property,plant and equipment(Note ii)21,98510,0031,47433,462Payments made on behalf of a customer in respect of 4PL services(Note 11(b)47,18447,184 11 Notes:(i)Depreciation not included in the measure of segment results during the year ended 31 December

51、 2022 amounted to approximately RM3,075,000(2021:RM5,203,000).(ii)Additions to property,plant and equipment not allocated to the segments during the year ended 31 December 2022 amounted to approximately RM7,131,000(2021:RM47,109,000).Geographical informationThe following table sets out information a

52、bout the geographical location of the Groups revenue from external customers which are based on the location of customers.20222021RM000RM000Revenue from external customers:China3691,715Indonesia27,49219,275Malaysia208,826157,190Netherlands3,9673,173Singapore65,47646,302South Korea4,0107,259Thailand2

53、3,86022,334Vietnam2,9902,319Others19,88015,994356,870275,561No geographical analysis on segment assets is provided as substantially all of the Groups assets were located at Malaysia.Information about major customersNo external customers individually contributing 10%or more of the total revenue durin

54、g the years ended 31 December 2022 and 2021.12 5.REVENUE20222021RM000RM000Revenue from contracts with customers within IFRS 15Integrated freight forwarding services businessAir freight services income3,1452,802Ocean freight services income49,10930,256Forwarding services income20,02316,015NVOCC servi

55、ces income36,79136,699109,06885,772Logistics centre and related services businessWarehousing and container depot services income63,58739,037Land transportation services businessIncome from land transportation47,42634,624Landbridge transportation services income8,9018,786Landfeeder transportation ser

56、vices income6,6133,71762,94047,127Flexitank solution and related services businessIncome from flexitank solution93,69084,8804PL services business4PL handling income1,0651,4954PL services income19,3098,07120,3749,566349,659266,382Revenue from other sourceLogistics centre and related services business

57、Rental income from warehouses7,2119,179356,870275,561 13 In addition to the information shown in segment disclosures,the revenue from contracts with customers within IFRS 15 is disaggregated as follows:20222021RM000RM000Timing of revenue recognition:at a point in timeIncome from flexitank solution93

58、,69084,8804PL handling income1,0651,49594,75586,375 over timeAir freight services income3,1452,802Ocean freight services income49,10930,256Forwarding services income20,02316,015NVOCC services income36,79136,699Warehousing and container depot services income63,58739,037Income from land transportation

59、47,42634,624Landbridge transportation services income8,9018,786Landfeeder transportation services income6,6133,7174PL services income19,3098,071254,904180,007349,659266,3826.OTHER INCOME20222021RM000RM000Bank interest income34292Gain on disposal of property,plant and equipment,net1,627417Gain on ear

60、ly termination of a lease191Gain on lease modification847Sundry income9656743,4731,574 14 7.PROFIT BEFORE TAXThis is stated after charging(crediting):20222021RM000RM000Finance costsInterest on bank overdrafts70875Interest on interest-bearing borrowings1,9751,636Interest on lease liabilities6,1173,49

61、8Total borrowing costs8,8005,209Less:Borrowings costs capitalised into construction-in-progress(Note(a)(791)8,8004,418Staff costs(including directors emoluments)Salaries,allowances,bonus and other benefits in kinds43,49827,691Contributions to defined contribution plans4,6493,251Total staff costs(cha

62、rged to“cost of services and goods sold”and“administrative and other operating expenses”and included in“inventories”,as appropriate)48,14730,942Other itemsAuditors remuneration Audit services534443 Non-audit services129177Cost of inventories69,90162,493Depreciation(charged to“cost of services and go

63、ods sold”and“administrative and other operating expenses”,as appropriate)20,57614,497Exchange loss,net2,320559Expenses recognised under short-term leases(charged to “cost of services and goods sold”and“administrative and other operating expenses”,as appropriate)(Note(b)2,2522,004Expenses recognised

64、under leases of low-value assets(charged to“cost of services and goods sold”and“administrative and other operating expenses”,as appropriate)(Note(b)308471Write-off of property,plant and equipment264Legal and professional fees for a potential acquisition of a company1,043Provision for leakage claims8

65、24643 15 Notes:(a)During the year ended 31 December 2021,the weighted average capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation is approximately 3.52%.(b)The Group does not recognise right-of-use assets and corresponding lease liabilities under short ter

66、m lease and lease of low-value assets during the years ended 31 December 2022 and 2021.8.INCOME TAX(CREDIT)EXPENSES20222021RM000RM000Current taxMalaysia CITCurrent year3,1523,366Over-provision in prior years(70)(532)3,0822,834Labuan CITCurrent year20Over-provision in prior years(108)(152)(108)(132)D

67、eferred taxChanges in temporary differences(4,983)3,448(2,009)6,150The group entities established in the Cayman Islands and the BVI are exempted from corporate income tax(“CIT”)of those jurisdictions.Hong Kong Profits Tax has not been provided as the Group had no assessable profits in Hong Kong for

68、the years ended 31 December 2022 and 2021.Malaysia CIT is calculated at the rate of 24%(the“standard rate”in Malaysia)of the Groups estimated assessable profits arising from Malaysia(except for Labuan)during the years ended 31 December 2022 and 2021.16 During the years ended 31 December 2022 and 202

69、1,Malaysian(except for Labuan)subsidiaries participating in a promoted activity or of producing a promoted product and intending that a factory be constructed,or where the factory is already in existence,be occupied in Malaysia for that purpose,are eligible to make application for pioneer status and

70、 investment tax allowance(the“ITA”).Malaysian(except for Labuan)subsidiaries under pioneer status were granted tax exemption on 70%of the statutory income for 5 years.The balance 30%of the statutory income will be taxed at the standard rate as detailed above.Malaysian(except for Labuan)subsidiaries

71、under ITA were granted an allowance of 60%on its qualifying capital expenditures incurred within five years from the date the first qualifying capital expenditure is incurred and such allowance is allowed to offset against 70%of the statutory income until the allowance is fully utilised.Upon the tim

72、e of the allowance is utilised,the balance 30%of the statutory income will be taxed at the standard rate as detailed above.During the years ended 31 December 2022 and 2021,Infinity Bulk Logistics Sdn.Bhd.(MY)(“Infinity Bulk Logistics(MY)”)obtained the pioneer status effective from 5 January 2018.A p

73、ioneers status company is eligible for exemption from Malaysia CIT on eligible activities and products for 5 years since the effective date.Infinity Logistics&Transport Sdn.Bhd.(MY)(“Infinity L&T(MY)”)has obtained the ITA effective from 9 September 2021.An ITA company is eligible for offset the allo

74、wance from the qualifying capital expenditures with 70%of the statutory income since the effective date until the allowance is fully utilised.CIT has not been provided for group entities incorporated in Labuan of Malaysia which had no chargeable profits for the year ended 31 December 2022(2021:CIT w

75、as charged at 3%on the chargeable profits).Singapore CIT is calculated at 17%of the assessable profits in Singapore for the years ended 31 December 2022 and 2021.The Groups entities incorporated in Singapore can also enjoy 75%tax exemption on the first Singapore Dollars(“SGD”)10,000 of normal charge

76、able income and a further 50%tax exemption on the next SGD190,000 of normal chargeable income for the years ended 31 December 2022 and 2021.Singapore CIT has not been provided as the Group had no assessable profits in Singapore for the years ended 31 December 2022 and 2021.17 Reconciliation of incom

77、e tax(credit)expenses20222021RM000RM000Profit before tax33,87348,666Income tax at applicable tax rate9,07911,763Non-deductible expenses4,7122,522Tax exempt revenue(314)(289)Tax incentive(15,308)(7,162)Over-provision in prior years(178)(684)Income tax(credit)expenses(2,009)6,1509.EARNINGS PER SHARETh

78、e calculation of basic and diluted earnings per share attributable to owners of the Company is based on the following information:20222021RM000RM000Profit for the year attributable to the owners of the Company,used in basic and diluted earnings per share calculation36,01842,516Number of shares202220

79、21Weighted average number of ordinary shares for basic and diluted earnings per share calculation(Note)2,064,000,0002,026,301,370Note:The weighted average number of ordinary shares of 2,026,301,370 for the year ended 31 December 2021 is derived after taking into account the effect of placing of shar

80、es under general mandate on 3 August 2021(Note 13(i).Diluted earnings per share are the same as the basic earnings per share as there are no dilutive potential ordinary shares in existence during the years ended 31 December 2022 and 2021.18 10.DIVIDENDSThe directors of the Company do not recommend t

81、he payment of a final dividend for the year ended 31 December 2022(2021:Nil).11.TRADE AND OTHER RECEIVABLES20222021NotesRM000RM000Trade receivablesFrom third parties70,84059,066From related companies1452570,98559,091Less:Loss allowance(1,400)(478)11(a)69,58558,613Other receivablesDeposits paid2,5212

82、,496Payments made on behalf of a customer in respect of 4PL services11(b)50,77447,184Other receivables2,1221,445Prepayments5,5824,32960,99955,454130,584114,067All of the trade and other receivables that are classified as current assets are expected to be recovered or recognised as expense within one

83、 year.19 11(a)Trade receivablesThe trade receivables from related parties are unsecured,interest-free and with credit period ranged from 30 to 60 days.The Group grants credit period ranged from 7 to 60 days from the date of issuance of invoices to its customers.The ageing analysis of trade receivabl

84、es based on invoice date at the end of each reporting period is as follows:20222021RM000RM000Within 30 days32,28928,98731 to 60 days10,11812,43461 to 90 days6,5696,441Over 90 days22,00911,22970,98559,091Less:Loss allowance(1,400)(478)69,58558,61311(b)Payments made on behalf of a customer in respect

85、of 4PL servicesAt 31 December 2022 and 2021,the amounts represented the payments specifically made on behalf of a customer under 4PL services business for the purchase of certain commodities by the customer in the ordinary course of 4PL services business.The amounts are repayable from the customer w

86、ithin the credit period of 14 days and are collateralised and secured by the commodities with market value which is not materially different from the payments made on behalf of a customer.In the opinion of the management of the Group,the Group did not entitle to the commodities as the Group solely a

87、cts as an agent on behalf of the customer and has no rights of direction to the commodities.The management of the Group expected the credit risk in respect of the payments is minimal after taking into account the value of collaterals held.In the event of default,the Group retrieves the collaterals.B

88、esides,the management of the Group closely monitors the payments and considers no forward-looking factors that give rise to significant default risk on the payments at the end of the reporting period.Save as aforementioned,the management of the Group estimates that any ECL against for these amounts

89、is considered to be insignificant at the end of the reporting period.20 The management of the Group assessed that the payments contain no significant financing component which the customer is provided with no significant benefit of financing the transfer of goods and services provided.As of the peri

90、od of financing is less than one year and the payment is collateralised and secured,the Group applies the practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.12.TRADE AND OTHER PAYABLES20222021NotesRM

91、000RM000Trade payablesTo third parties25,09430,736To related companies14828412(a)25,24231,020Other payablesAccruals and other payables Salary and other benefit payable1,883210 Bonus payable6,537968 Other accruals and other payable5,3663,779Other payables for acquisition of property,plant and equipme

92、nt11,0048,534Provision for leakage claims12(b)85652525,64614,01650,88845,036 21 12(a)Trade payablesThe trade payables to third parties are interest free with normal credit terms up to 30 days.The trade payables to related parties are unsecured,interest-free and with credit period of 30 days.At the e

93、nd of each reporting period,the ageing analysis of the trade payables based on invoice date is as follows:20222021RM000RM000Within 30 days19,75221,84831 to 60 days2,9944,04961 to 90 days4391,630Over 90 days2,0573,49325,24231,02012(b)Provision for leakage claims20222021RM000RM000At the beginning of t

94、he reporting period525152Provision824643Utilisation(493)(270)At the end of the reporting period856525In the ordinary course of business,the Group will rectify any defects arising within two years from the date of provision of flexitank solution and related services.Provision is therefore made for th

95、e best estimate of the expected settlement under these agreements in respect of provision of flexitank solution and related services made within two years prior to the end of the each reporting period.The amount of provision takes into account the Groups recent claims experience.22 13.SHARE CAPITALN

96、oteNumber ofsharesHK$Equivalent toRMOrdinary share of HK$0.01 eachAuthorised:At 1 January 2021,31 December 2021 and 31 December 202215,000,000,000150,000,00080,213,900Issued and fully paid:At 1 January 20212,000,000,00020,000,00010,518,000Placing of shares under general mandate(i)64,000,000640,00034

97、7,975At 31 December 2021 and 31 December 20222,064,000,00020,640,00010,865,975Note:(i)On 29 June 2021,the Company entered into four subscription agreements(the“Subscription Agreements”)with four independent third parties to subscribe for 64,000,000 subscription shares at the subscriptions price of H

98、K$1.38 per subscribed share(the“Subscription”).The new shares were issued under the general mandate granted to the directors of the Company pursuant to an ordinary resolution of the Company passed at the annual general meeting held on 23 April 2021.All the conditions precedent to the Subscription Ag

99、reements have been fulfilled and completion of the Subscriptions took place on 3 August 2021.The gross proceeds from the subscription amounted to HK$88,320,000(equivalent to approximately RM48,020,000).The premium on the issue and allotment of 64,000,000 subscription shares with par value of HK$0.01

100、 per share of approximately HK$87,357,000(equivalent to approximately RM47,497,000),net of shares issue expenses of approximately HK$323,000(equivalent to approximately RM175,000),was credited to the Companys share premium accounts.23 MANAGEMENT DISCUSSION AND ANALYSISFINANCIAL OVERVIEWThe Group is

101、pleased to report the results for the year ended 31 December 2022.During the year ended 31 December 2022,the Group recorded a revenue of approximately RM356,870,000(2021:approximately RM275,561,000),representing an increase of approximately 29.5%over the same period last year.The Group recorded a gr

102、oss profit of approximately RM76,636,000 for the year ended 31 December 2022(2021:approximately RM70,042,000),representing an increase of approximately 9.4%over the same period last year.The gross profit margin of the Group decreased from approximately 25.4%for the year ended 31 December 2021 to app

103、roximately 21.5%for the year ended 31 December 2022.The Group recorded a net profit of approximately RM35,882,000 for the year ended 31 December 2022(2021:approximately RM42,516,000).BUSINESS OVERVIEWThe Group generated revenue from the provision of(i)integrated freight forwarding services;(ii)logis

104、tics centre and related services;(iii)land transportation services(renamed from railroad transportation services);(iv)flexitank solution and related services;and(v)4PL services.The sustained performance of the Group is attributable to strategic portfolios of integrated logistics services offered to

105、varied customers and industries across Malaysia and neighboring countries.Revenue from integrated freight forwarding services increased by approximately 27.2%to approximately RM109,068,000 for the year ended 31 December 2022,mainly driven by revenue generated from freight forwarding activities.The g

106、ross profit contribution from this segment decreased by approximately 2.0%to approximately RM16,840,000 for the year ended 31 December 2022.The decrease in gross profit is due to Chinas container shipping and foreign trade activities truly recovering as the freight rate begins to return to normality

107、 whilst there has been a decline as COVID-19 restrictions in China ease.Revenue from logistics centre and related services increased by approximately 46.8%to approximately RM70,798,000 for the year ended 31 December 2022,primarily due to an increase in revenue from warehouse and ancillary services.H

108、owever,the gross profit contribution from this segment decreased by approximately 10.5%to approximately RM15,467,000 for the year ended 31 December 2022,due to higher depreciation in year 2022.Revenue from land transportation services increased by approximately 33.6%to approximately RM62,940,000 for

109、 the year ended 31 December 2022,primarily due to the consolidation of result from a newly acquired subsidiary in February 2022 and the purchase of new fleets during the year.However,the gross profit contribution from this segment only increased slightly by approximately 7.7%to approximately RM6,560

110、,000 for the year ended 31 December 2022,mainly due to an increase in depreciation and staff costs.24 Revenue from flexitank solution and related services increased by approximately 10.4%to approximately RM93,690,000 for the year ended 31 December 2022.This increase was mainly attributable to the st

111、rengthening of the United States Dollars in year 2022 compared to year 2021.The gross profit contribution from this segment also increased by approximately 6.1%to approximately RM23,789,000 for the year ended 31 December 2022.4PL services,which started operations since July 2021,contributed a revenu

112、e of approximately RM20,374,000 for the year ended 31 December 2022.The gross profit contribution from 4PL services for the year ended 31 December 2022 is approximately RM13,980,000.The Groups operational costs totalled approximately RM280,234,000 for the year ended 31 December 2022,representing an

113、increase of approximately RM74,715,000 or 36.4%as compared to the same period last year.The Groups other income amounted to approximately RM3,473,000 for the year ended 31 December 2022,representing an increase of approximately RM1,899,000 or 120.6%as compared to the same period last year.Such incre

114、ase is mainly attributable to an increase in net gain on disposal of warehouse and gain on lease modification.COMPANY PROSPECTIn line with our commitment towards ESG practices,we the coming year will see the Groups move towards a more comprehensive approach towards the adoption and application of th

115、e following:Automation to increase work efficiency and productivity Digitalization and embrace new technologies to improve customer experience.Investments in human capital by increasing headcount as part of business expansion.Embracing solar technology by investing in solar rooftops to reduce carbon

116、 emission.The coming year will be an important year for the Group to show its commitment to achieve its goals and aspirations,including taking on new challenges to grow and expand the business whilst enhancing its core principles.25 LIQUIDITY,FINANCIAL RESOURCES AND CAPITAL STRUCTUREThe Group held b

117、ank balances and cash of approximately RM39,572,000 at 31 December 2022(2021:approximately RM53,684,000).The Group leases various properties,lands,containers and motor vehicles with lease liabilities of approximately RM105,637,000(2021:approximately RM38,975,000)with rental contracts typically made

118、for fixed periods of two to thirty-two years(2021:two to thirty years).The Group had interest-bearing borrowings from various banks of approximately RM83,120,000(2021:approximately RM45,687,000)which are repayable ranging from within one year to over five years(2021:within one year to over five year

119、s)since inception.Also,the Group had other bank overdrafts of approximately RM14,776,000 at 31 December 2022(2021:approximately RM12,674,000).At 31 December 2022,the weighted average effective interest rate on interest-bearing borrowings was approximately 3.66%(2021:approximately 3.52%)per annum.The

120、 carrying amounts of interest-bearing borrowings were denominated in Ringgit Malaysia.The Groups gearing ratio at 31 December 2022,calculated based on the total borrowings to the equity attributable to owners of the Company,was approximately 0.66(2021:approximately 0.37).The Directors believe that t

121、he Groups cash position,liquid asset value,future revenue and available banking facilities will be sufficient to fulfill the working capital requirements of the Group.There has been no material change in the capital structure of the Company during the year ended 31 December 2022.The capital of the C

122、ompany comprises the shares and other reserves.Treasury policiesThe Group has adopted a prudent financial and surplus funds management approach towards its treasury policies and thus maintained a healthy liquidity position throughout the year ended 31 December 2022.The Group strives to reduce exposu

123、re to credit risk by performing ongoing credit assessments and evaluations of the financial status of its customers.To manage liquidity risk,the Board closely monitors the Groups liquidity position to ensure that sufficient financial resources are available to meet its funding requirements and commi

124、tment timely.Hedging and exchange rate exposureThe majority of the transactions,assets and liabilities on the Group was denominated in RM,United State Dollars and Hong Kong Dollars.During the year ended 31 December 2022,no financial instruments were used for hedging purposes,and the Group did not co

125、mmit to any financial instruments to hedge its exposure to exchange rate risk,as the expected exchange rate risk is not significant.The Directors and senior management will continue to monitor the foreign exchange exposure and will consider applicable derivatives when necessary.The Group did not hav

126、e any derivatives for hedging against the foreign exchange rate risk at 31 December 2022.26 Capital expenditureDuring the year ended 31 December 2022,the Groups total capital expenditure amounted to approximately RM165,151,000(2021:approximately RM80,571,000).Charge on group assetsAt 31 December 202

127、2,the Groups leasehold lands,and buildings with a total carrying amount of approximately RM113,089,000(2021:approximately RM69,113,000)were pledged to secure bank facilities granted to the Group.Contingent liabilitiesAt 31 December 2022,the Group did not have any significant contingent liabilities.M

128、aterial acquisitions or disposalsThe Group did not have any material acquisition or disposals of subsidiaries or associated companies for the year ended 31 December 2022.Significant events after the reporting dateThere are no significant events affecting the Group which have occurred after the end o

129、f the reporting period and up to the date of this announcement.EmployeesAt 31 December 2022,the Group had a total of 657 employees(2021:574)in Malaysia.Staff costs(including directors emoluments)for the year ended 31 December 2022 amounted to approximately RM48,147,000(2021:approximately RM30,942,00

130、0).The Group ensures that the pay levels of its employees are competitive and according to market trends and its employees are rewarded on a performance related basis and within the general framework of the Groups salary and bonus system.DIVIDENDThe Board does not recommend the payment of a final di

131、vidend for the year ended 31 December 2022(2021:Nil).ANNUAL GENERAL MEETINGAs of the date of this announcement,the Company had not fixed a date for its forthcoming annual general meeting.When such date is fixed,a circular containing the notice of annual general meeting,together with the proxy form a

132、nd annual report of the Company for the year ended 31 December 2022,will be despatched to the shareholders of the Company in due course.27 USE OF PROCEEDSThe shares of the Company were listed on the Stock Exchange on 21 January 2020 with net proceeds received by the Company from the share offer in t

133、he amount of approximately RM62.7 million after deducting underwriting commissions and other related expenses(the“Net Proceeds”).At 31 December 2022,the Net Proceeds had been utilised as follows:Net ProceedsAmountutilisedAmountunutilisedExpected timelinefor utilising the unutilised Net ProceedsRM mi

134、llionRM millionRM millionConstruction of warehouse in Westport Free Zone in Port Klang46.046.0Fully utilisedPurchase of haulage prime movers&trailers8.08.0Fully utilisedReplaced aged and acquire additional forklifts3.03.0Fully utilisedUpgrade of IT System2.02.0Fully utilisedGeneral working capital p

135、urpose3.73.7Fully utilised62.762.7COMPLIANCE WITH THE CODE ON CORPORATE GOVERNANCE PRACTICESThe Company is dedicated to maintaining and ensuring high standards of corporate governance practices and the corporate governance principles of the Company are adopted in the interest of the Company and its

136、shareholders(the“Shareholders”).Pursuant to code provision C.5.1 of the CG Code,the board of the directors of the Company(the“Board”)should meet regularly and board meeting should be held at least four times a year at approximately quarterly intervals.During the Reporting Period,only two regular boa

137、rd meetings were held to review and discuss various matters,including the annual results for the year ended 31 December 2021 and the interim results for the six months ended 30 June 2022.The Company does not announce its quarterly results and hence does not consider the holding of quarterly meetings

138、 as necessary.Pursuant to code provision C.6.1 of the CG Code,the Company can engage an external service provider as its company secretary,provided that the Company should disclose the identity of a person with sufficient seniority at the Company whom the external provider can contact.Mr.Lau Wai Piu

139、 Patrick(“Mr.Lau”)does not act as an individual employee of the Company,but as an external service provider in respect of the appointment of Mr.Lau as the company secretary of the Company.In this respect,the Company has nominated Dato Seri Chan as its contact point for Mr.Lau.28 While the Company is

140、 well aware of the importance of the company secretary in supporting the Board on governance matters,the Company,after having considered Mr.Laus employment at Ascent Corporate Services Limited,which provides corporate advisory and company secretarial services,both the Company and Mr.Lau are of the v

141、iew that there will be sufficient time,resources and supporting for fulfilment of the company secretary requirements of the Company.In view of Mr.Laus experience in accounting and company secretarial functions and with stock exchange rules and regulations,the Directors believe that Mr.Lau has the ap

142、propriate accounting and company secretarial expertise for the purposes of Rule 8.17 of the Listing Rules.Except for the above,the Company has adopted the applicable code provisions in the Corporate Governance Code as set out in Part 2 of Appendix 14 to the Listing Rules during the year ended 31 Dec

143、ember 2022.DIRECTORS SECURITIES TRANSACTIONSThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)set out in Appendix 10 to the Listing Rules as its own code of conduct regarding securities transactions by the Directors of the Company.Havin

144、g made specific enquiry of all Directors,each of the Directors has confirmed that he/she has complied with the Model Code during the year ended 31 December 2022.PURCHASE,SALE OR REDEMPTION OF THE COMPANYS SECURITIESDuring the year ended 31 December 2022 and up to the date of this announcement,neithe

145、r the Company nor any of its subsidiaries had purchased,sold or redeemed any of the Companys listed securities.REVIEW BY THE AUDIT COMMITTEEThe audit committee of the Company has reviewed the audited consolidated financial statements of the Group for the year ended 31 December 2022.29 SCOPE OF WORK

146、OF THE COMPANYS JOINT AUDITORS ON THE RESULTS ANNOUNCEMENTThe figures in respect of the consolidated financial statements of the Group and the related notes thereto for the year ended 31 December 2022 as set out in this announcement have been agreed by the Companys joint auditors,Mazars CPA Limited,

147、Certified Public Accountants,Hong Kong and Mazars LLP,Public Accountants and Chartered Accountants,Singapore to the amounts set out in the audited consolidated financial statements of the Group for the year ended 31 December 2022.The work performed by the Companys joint auditors in this respect did

148、not constitute an assurance engagement performed in accordance with Hong Kong Standards on Auditing,Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no assurance has been expre

149、ssed by the Companys joint auditors on this announcement.ACKNOWLEDGEMENTOn behalf of the Board,I would like to offer my gratitude to our business partners and Shareholders for their continuous support.The management team and all staff members should also be lauded for their tireless efforts and dedi

150、cation to the Group.By Order of the BoardInfinity Logistics and Transport Ventures LimitedTan Sri Datuk Tan Jyh YaongChairman and non-executive DirectorHong Kong,30 March 2023As at the date of this announcement,the Company has four Executive Directors,namely Dato Seri Chan Kong Yew,Dato Kwan Siew Deeg,Datin Seri Lo Shing Ping and Mr.Yap Sheng Feng,one Non-executive Director,namely,Tan Sri Datuk Tan Jyh Yaong(Chairman),and three Independent Non-Executive Directors,namely Mr.Li Chi Keung,Mr.Tan Poay Teik and Ms.Yeung Hoi Yan Monica.