Salcon Berhad

Revenue, profit and operating cash营业额、盈利与营运现金

Assets, borrowings and equity资产、借款与权益

20232023 年

Operating activities generated net cash of RM2.0 million. Net cash used in investing activities was RM0.7 million, with RM4.0 million used for purchase of property, plant and equipment, RM30.6 million for acquisition of other investments, and RM4.0 million for placement in other investment, offset by redemption of preference shares of RM10.0 million, receipts from joint ventures of RM9.5 million, receipts from associates of RM5.8 million, and proceeds from disposal of other investments of RM6.6 million. Net cash from financing activities was RM15.5 million, including drawdown from borrowings of RM37.0 million, repayment of borrowings of RM12.3 million, and repurchase of treasury shares of RM4.1 million (20,200,000 shares). An interim share dividend distributed 24,677,276 treasury shares (RM4,840,265). The report states that the lower loss before tax of RM38.4 million compared to RM51.6 million was mainly due to RM24.9 million impairment losses on intangible assets and property, plant and equipment; in the statements, net impairment of financial instruments and contract assets fell from (32,267) (RM32.3m) to (10,998) (RM11.0m) while the RM24.9m impairments were new charges in 2023. The report also states a net gearing ratio of 0.16 times compared to 0.06 in the previous year; this 0.16 represents gross borrowings plus leases over equity of 63.9/396.6, whereas the capital management note nets cash to arrive at net debt of -RM91.9m and states no ratio.营运活动产生现金净额 RM2.0 million。投资活动所用现金净额为 RM0.7 million，其中购买物业、厂房及设备支出 RM4.0 million，收购其他投资 RM30.6 million，存入其他投资 RM4.0 million；赎回优先股收回 RM10.0 million，合营公司款项 RM9.5 million，联营公司款项 RM5.8 million，脱售其他投资所得 RM6.6 million。融资活动所得现金净额为 RM15.5 million，包括提取借款 RM37.0 million，偿还借款 RM12.3 million，回购库存股 RM4.1 million（20,200,000 股）。中期股息派发了 24,677,276 股库存股（RM4,840,265）。年报称税前亏损由 RM51.6 million 减少至 RM38.4 million 主要是因为无形资产及物业、厂房与设备减值损失 RM24.9 million；但在财务报表中，金融工具及合同资产减值净额从 (32,267)（RM32.3m）降至 (10,998)（RM11.0m），而 RM24.9m 的减值是 2023 年的新增费用。年报亦列出净负债比率为 0.16 倍（上年为 0.06）；该 0.16 为总借款加租赁除以权益 63.9/396.6，而资本管理附注抵销现金后得出净债务为 -RM91.9m 且未列出比率。

Source: annual report 2023, pages 36, 37, 120, 129, 135, 136, 168, 205.出处：2023 年年报第 36、37、120、129、135、136、168、205 页。

20242024 年

Operating activities used net cash of RM11.3 million. Net cash from investing activities was RM4.7 million, with RM10.7 million used for purchase of property, plant and equipment, RM7.9 million for acquisition of subsidiaries, and RM9.5 million for acquisition of other investments, offset by proceeds from disposal of other investments of RM16.0 million and joint venture receipts of RM8.0 million. Net cash from financing activities was RM0.3 million, including RM6.9 million from warrants exercised, borrowings drawn of RM2.6 million, repayment of finance lease liabilities of RM3.3 million, and repayment of borrowings of RM1.4 million. No dividend was paid. Total borrowings increased to RM63.5 million, with RM5.2 million added from acquiring subsidiaries. The report notes rebuilding profitability with profit before tax of RM17.26m; the statements show this included a net fair value gain on other investments of RM22.20m ((22,203)), without which profit before tax was a loss of about RM4.94m. Cash and cash equivalents of RM143.7 million are described as strengthening the financial position, but statements show cash fell 7.8% from RM155.8m to RM143.7m (143,669 compared to 155,793). Net gearing ratio is reported as 0.15 times, reflecting gross borrowings over equity (63.5/420.6), while the note nets cash and shows nil. The directors' report states there were no changes in issued share capital, but the statement of changes in equity records RM6.908m from warrant exercise.营运活动所用现金净额为 RM11.3 million。投资活动所得现金净额为 RM4.7 million，其中购买物业、厂房及设备支出 RM10.7 million，收购子公司 RM7.9 million，收购其他投资 RM9.5 million；脱售其他投资收回 RM16.0 million，合营公司款项 RM8.0 million。融资活动所得现金净额为 RM0.3 million，包括行使凭单所得 RM6.9 million，提取借款 RM2.6 million，偿还融资租赁负债 RM3.3 million，偿还借款 RM1.4 million。未派发股息。总借款增至 RM63.5 million，其中收购子公司增加了 RM5.2 million。年报称税前盈利录得 RM17.26m，重建了盈利能力；财务报表显示这包含其他投资公允价值收益 RM22.20m（(22,203)），若扣除此项则税前亏损约 RM4.94m。年报指现金与现金等价物 RM143.7 million 增强了财务状况，但财务报表显示现金在年内从 RM155.8m 减少 7.8% 至 RM143.7m（143,669 对比 155,793）。净负债比率列为 0.15 倍，反映总借款除以权益（63.5/420.6），而附注抵销现金后显示为零。董事报告称年内已发行股本无变动，但权益变动表记录了行使凭单发行的 RM6.908m 新股。

Source: annual report 2024, pages 10, 32, 33, 132, 135, 140, 142, 143, 144, 216.出处：2024 年年报第 10、32、33、132、135、140、142、143、144、216 页。

20252025 年

Operating activities generated net cash of RM26.1 million. Net cash used in investing activities was RM16.6 million, including RM24.5 million for purchase of property, plant and equipment, RM8.2 million for intangible assets, and RM5.6 million for acquisition of subsidiaries, offset by joint venture receipts of RM8.6 million, interest received of RM7.4 million, and fund redemptions of RM3.9 million. Net cash used in financing activities was RM13.7 million, with RM35.1 million used to repay borrowings (including RM31.2 million of revolving credits), RM6.3 million to repay finance lease liabilities, RM4.0 million to repay lease liabilities, and RM2.1 million of interest paid, offset by RM30.0 million from warrants exercised and RM3.4 million from share subscriptions by non-controlling interests. The report attributes operating cash improvement to better working capital management and stronger collections, while the cash flow statement shows operating inflow rested on a RM103.0m (102,970) fall in inventories from disposing land held for development while receivables rose RM86.1m. The review states shareholders' equity increased to RM455.8 million supported by earnings and owners' equity increased by 9.1% to RM449.04 million mainly due to landowner's entitlement gains, but of the RM35.3m equity rise (and RM37.6m owners' equity rise), RM30.0m (30,044) came from warrant exercise while profit for the year was RM0.8m (with RM12.1m for owners). The report states no proceeds were raised from corporate proposals, while note 17.4 records RM30.0m from issuing 100,148,304 shares via warrants at RM0.30 per share. The Shariah table lists conventional borrowings of RM187.3m (187,331) including interest-bearing advances of RM172.3m, while the borrowings note reports borrowings of RM28.9m (28,912).营运活动产生现金净额 RM26.1 million。投资活动所用现金净额为 RM16.6 million，包括购买物业、厂房及设备 RM24.5 million，无形资产 RM8.2 million，收购子公司 RM5.6 million；合营公司款项 RM8.6 million，收到利息 RM7.4 million，基金赎回 RM3.9 million。融资活动所用现金净额为 RM13.7 million，包括偿还借款 RM35.1 million（含偿还循环信贷 RM31.2 million），偿还融资租赁负债 RM6.3 million，偿还租赁负债 RM4.0 million，支付利息 RM2.1 million；行使凭单所得 RM30.0 million，非控股权益认购股份 RM3.4 million。年报将营运现金改善归因于更好的营运资金管理及更强的收款，而现金流量表显示营运流入主要依靠脱售持作开发土地使存货减少 RM103.0m（102,970），同时应收账款增加了 RM86.1m。回顾称股东权益增至 RM455.8 million 受到盈利支持，主权权益增长 9.1% 至 RM449.04 million 主要由于地主权益收益，但总权益增加的 RM35.3m（及主权权益增加的 RM37.6m）中，RM30.0m（30,044）来自凭单行使，而全年度盈利为 RM0.8m（属于主权部分的盈利为 RM12.1m）。年报称未从任何企业提案中募集资金，但附注 17.4 记录了以每股 RM0.30 行使 100,148,304 股凭单募得 RM30.0m。符合伊斯兰教义分析表列出常规借款 RM187.3m（187,331），包括计息预付款 RM172.3m，而借款附注列明总借款为 RM28.9m（28,912）。

Source: annual report 2025, pages 36, 37, 38, 148, 151, 156, 164, 167, 168, 208.出处：2025 年年报第 36、37、38、148、151、156、164、167、168、208 页。

Across the three years三年合看

A subsidiary became entitled to a landowner's entitlement of RM140,000,000 for contributing two parcels of Johor Bahru land to a joint venture. Impairment losses of RM26.1 million on intangible assets, property, plant and equipment and right-of-use assets were recorded in 2023. Borrowings dropped from RM58.3 million in 2023 to RM28.9 million in 2025 as revolving credits of RM31.2 million were repaid. Warrant holders exercised 23,026,903 warrants in 2024 and 100,148,304 warrants in 2025, raising RM6,908,000 and RM30.0 million at RM0.30 per share before the remaining 213,391,436 unexercised warrants expired on 19 July 2025.一家子公司以注入两块新山土地参与合营项目，有权获得 RM140,000,000 的地主权益。2023 年就无形资产、物业、厂房及设备与使用权资产计提 RM26.1 million 减值损失。随着偿还 RM31.2 million 的循环信贷，借款由 2023 年的 RM58.3 million 降至 2025 年的 RM28.9 million。凭单持有者在 2024 年行使了 23,026,903 份凭单，在 2025 年行使了 100,148,304 份凭单，按每股 RM0.30 分别筹集 RM6,908,000 和 RM30.0 million，其余 213,391,436 份未行使凭单已于 2025 年 7 月 19 日失效。

Source: annual report 2023, pages 36, 40; annual report 2024, pages 179, 180; annual report 2025, pages 36, 148, 151, 155, 156, 208, 252.出处：2023 年年报第 36、40 页；2024 年年报第 179、180 页；2025 年年报第 36、148、151、155、156、208、252 页。

Still to be spent尚未支出的承诺

Restricted cash held in escrow for contingent consideration of acquisitions was RM5,464,000 at end 2025 (2024: RM3,000,000). The group agreed to pay selling shareholders contingent consideration in 2 years of RM924,000 for Tria Dental if cumulative profit after tax exceeds RM1,320,000, and RM1,540,000 for WS Dental if cumulative profit after tax exceeds RM2,200,000. In 2024, contingent consideration of RM3,000,000 was agreed for SPH if cumulative profit after tax over two years exceeds RM2,600,000. Proceeds from warrant exercises are designated for general corporate purposes, including capital expenditure and working capital.截至 2025 年底，存放在代管账户用于支付收购或有对价的受限资金为 RM5,464,000（2024 年：RM3,000,000）。集团同意在 2 年内支付卖方或有对价：若 Tria Dental 累计税后盈利超过 RM1,320,000，则支付 RM924,000；若 WS Dental 累计税后盈利超过 RM2,200,000，则支付 RM1,540,000。2024 年，若 SPH 两年累计税后盈利超过 RM2,600,000，则同意支付或有对价 RM3,000,000。行使凭单募集的资金指定用于一般企业用途，包括资本支出与营运资金。

Source: annual report 2024, pages 176, 220; annual report 2025, pages 156, 203, 248, 249.出处：2024 年年报第 176、220 页；2025 年年报第 156、203、248、249 页。

Four years of figures四年数字

Group figures, in RM thousand (×1,000), as printed in the statements.集团数字，单位千令吉（×1,000），照财务报表所印。

On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。

Said and done说过的与做到的

What the reports leave open年报留下待看的事

• Healthcare Division performance: the division recorded a loss before tax of RM17.1 million in 2025 across 83 clinics, with management expecting losses to narrow as utilization improves and outlets mature.医疗保健部门的表现：该部门在 2025 年旗下 83 家诊所共录得税前亏损 RM17.1 million，管理层预计随着使用率提高及网点成熟，亏损将收窄。

  Source: annual report 2025, pages 40, 41, 66.出处：2025 年年报第 40、41、66 页。

• Construction order book delivery: outstanding order book was RM405.7 million at end 2025, including the Sungai Selangor Dam small hydro plant (11.40% completed, scheduled for May 2026) and the Melaka raw water pipeline and treatment plant (15.3% completed, scheduled for Oct 2027).建筑订单交付进度：截至 2025 年底未完成订单额为 RM405.7 million，包括雪兰莪河水坝小型水力发电厂（完成度 11.40%，预计 2026 年 5 月）及马六甲原水管道与水处理厂（完成度 15.3%，预计 2027 年 10 月）。

  Source: annual report 2025, page 48.出处：2025 年年报第 48 页。

• Receivables recovery: trade receivables overdue by more than 90 days were RM34.0 million with impairment allowance of RM5.9 million, while Customer B accounted for RM128.7 million of revenue.应收账款回收：逾期超过 90 天的贸易应收账款为 RM34.0 million，计提减值 RM5.9 million，同时客户 B 贡献了 RM128.7 million 营业额。

  Source: annual report 2025, pages 227, 231, 232.出处：2025 年年报第 227、231、232 页。

• Litigation status: claims related to breach of contract of RM174.0 million remain pending case management hearing.诉讼进展：涉及违约索赔 RM174.0 million 的案件仍处于案件管理聆讯阶段。

  Source: annual report 2025, page 245.出处：2025 年年报第 245 页。