CONDENSED INTERIM FINANCIAL STATEMENTS

for the six months ended 30 June 2024

Table of contents

Condensed interim consolidated statement of profit or loss and other comprehensive income 3

Condensed interim statements of financial position 4

Condensed interim consolidated statement of cash flows 5

Condensed interim statements of changes in equity 6

Notes to the condensed interim consolidated financial statements 7

Other Information Required by Listing Rule Appendix 7.2 16

 Condensed interim financial statements for the six months ended 30 June 2024
Condensed interim consolidated statement of profit or loss and other comprehensive income

Consolidated Income Statement

Group
6 months ended
Note 30-06-24 30-06-23 Change
SGD'000 SGD'000 %
Revenue 4 161,769 141,446 14.4
Cost of sales (143,790) (124,324) 15.7
Gross profit 17,979 17,122 5.0

Other income 1,959 2,800 (30.0)

Distribution expenses (2,930) (2,604) 12.5
Administrative expenses (8,924) (8,935) (0.1)
Net foreign exchange (loss)/gain (206) 333 n.m.
Other operating expenses (524) (288) 81.9
Operating profit 7,354 8,428 (12.7)

Finance income 160 229 (30.1)

Finance costs (426) (390) 9.2
Net finance costs (266) (161) 65.2

Share of loss of equity-accounted investees (net of tax) (231) (269) (14.1)

Profit before tax 6 6,857 7,998 (14.3)

Income tax expense 8 (1,623) (1,844) (12.0)

Profit for the period 5,234 6,154 (14.9)

Attributable to :
Owners of the Company 4,908 5,867 (16.3)
Non-controlling interests 326 287 13.6
Profit for the period 5,234 6,154 (14.9)

Statement of Comprehensive Income

Group
6 months ended
30-06-24 30-06-23 Change
SGD'000 SGD'000 %
Profit for the period 5,234 6,154 (14.9)
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss :
Foreign currency translation - foreign operations 2,254 941 139.5
Other comprehensive income
for the period, net of tax 2,254 941 139.5
Total comprehensive income for the period 7,488 7,095 5.5

Attributable to :
Owners of the Company 6,720 6,998 (4.0)
Non-controlling interests 768 97 691.8
Total comprehensive income for the period 7,488 7,095 5.5

Group
6 months ended
30-06-24 30-06-23
SGD'000 SGD'000
Earnings per share for the period
attributable to the owners of the Company:
(a) Based on the weighted average number of ordinary shares 1.12 cts 1.34 cts
(b) On a fully diluted basis 1.12 cts 1.34 cts

Basic EPS and fully diluted EPS have been calculated based on weighted average number of ordinary shares of 439,250,660 shares
(2023: 439,424,603 shares).

3
 Condensed interim statements of financial position

Group Company
Note 30-06-24 31-12-23 30-06-24 31-12-23
SGD'000 SGD'000 SGD'000 SGD'000
Non-current assets
1 Property, plant and equipment 12 74,709 70,893 274 368
Right-of-use assets 12 9,341 9,324 102 166
3 Intangible assets and goodwill 22,450 22,652 - -
Investment properties 2,583 2,638 - -
Subsidiaries - - 116,935 116,616
2 Joint ventures 9,905 9,057 - -
Investment securities 783 788 730 730
Other investments 1,271 1,265 693 693
4 Deferred tax assets 1,190 1,184 - -
Trade and other receivables 13 1,012 525 8,582 8,360
123,244 118,326 127,316 126,933
Current assets
5 Inventories 34,370 37,128 - -
6 Trade and other receivables 13 69,514 63,882 8,021 9,807
7 Cash and bank balances 29,219 30,446 7,424 7,665
Contract assets 3,262 3,819 - -
136,365 135,275 15,445 17,472

Total assets 259,609 253,601 142,761 144,405

Current liabilities
8 Trade and other payables 14 54,982 55,378 16,076 15,425
9 Loans and borrowings 15 3,348 331 - -
Lease liabilities 1,619 1,530 99 139
10 Current tax liabilities 1,638 1,191 65 64
61,587 58,430 16,240 15,628

Non-current liabilities
Trade and other payables 14 807 797 - -
9 Lease liabilities 8,777 8,827 10 45
Deferred tax liabilities 1,224 1,250 11 11
10,808 10,874 21 56

Total liabilities 72,395 69,304 16,261 15,684

Net assets 187,214 184,297 126,500 128,721

Equity attributable to owners

of the Company
Share capital 16 132,102 132,102 132,102 132,102
Treasury shares 16 (137) - (137) -
Reserves (9,827) (11,619) 77 77
Retained earnings 29,259 28,745 (5,542) (3,458)
151,397 149,228 126,500 128,721
Non-controlling interests 35,817 35,069 - -
Total equity 187,214 184,297 126,500 128,721

Total equity and liabilities 259,609 253,601 142,761 144,405

4
Condensed interim consolidated statement of cash flows

6 months ended
30-06-24 30-06-23
SGD'000 SGD'000
Operating activities
Profit before tax 6,857 7,998
Adjustments for :
Amortisation of other investments 2 3
Depreciation and amortisation 6,625 6,806
Net change in fair value of equity securities 5 2
Dividend income from quoted securities (6) (1)
Gain on disposal of property, plant and equipment (29) (10)
Impairment loss on trade/non-trade receivables - 70
Finance income (160) (229)
Finance costs 426 390
Allowance for inventory obsolescence 369 182
Property, plant and equipment written-off 8 12
Share of loss of equity-accounted investees (net of tax) 231 269
Unrealised loss on foreign exchange differences 1,900 884
Operating profit before working capital changes 16,228 16,376
Changes in working capital :
Inventories 2,393 4,288
Contract assets 544 (1,163)
Trade and other receivables (6,463) (3,867)
Trade and other payables (247) 2,793
Employee benefits (180) (109)
Cash flows from operations 12,275 18,318

Income taxes paid (1,633) (1,709)

Cash flows from operating activities 10,642 16,609

Investing activities
Dividends received from quoted securities 6 1
Capital contribution to equity-accounted investees (1,050) -
Interest received 160 229
Acquisition of property, plant and equipment (8,737) (8,811)
Proceeds from disposal of property, plant and equipment 117 20
Placement of deposit with maturity periods more than 3 months (3,313) 273
Cash flows used in investing activities (12,817) (8,288)

Financing activities
Dividends paid to owners of the Company (4,394) (3,955)
Dividends paid to non-controlling shareholders - (189)
Interest paid (426) (390)
Payment of lease liabilities (721) (814)
Proceeds from bank borrowings 5,164 1,853
Repayments of bank borrowings (2,118) (2,356)
Purchase of treasury shares (137) -
Cash flows used in financing activities (2,632) (5,851)

Net (decrease)/increase in cash and cash equivalents (4,807) 2,470

Cash and cash equivalents at beginning of period 25,095 22,843

Effect of exchange rate fluctuations on cash held 267 (255)
Cash and cash equivalents at end of period 20,555 25,058

Short-term deposits 8,664 10,420

Cash and bank balances 20,555 20,017
29,219 30,437
Placement of deposit with maturity periods more than 3 months (8,664) (5,379)
20,555 25,058

5
Condensed interim statements of changes in equity

Other reserves
Non-
Share Treasury Capital Other Translation Retained controlling Total
Note capital shares reserve reserve reserve earnings Total interests equity
SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000
Group

At 1 January 2023 132,102 - 874 382 (10,777) 23,954 146,535 36,146 182,681
Profit for the period - - - - - 5,867 5,867 287 6,154
Other comprehensive income
Foreign currency translation differences - - - - 1,131 - 1,131 (190) 941
Other comprehensive income for the period - - - - 1,131 - 1,131 (190) 941
Total comprehensive income for the period - - - - 1,131 5,867 6,998 97 7,095
Contributions by and distributions to owners
Dividends paid 9 - - - - - (3,955) (3,955) - (3,955)
Dividends paid to non-controlling interests - - - - - - - (189) (189)
Total contributions by and distributions to owners - - - - - (3,955) (3,955) (189) (4,144)
Others
Change in development reserve fund - - - (4) - - (4) (4) (8)
- - - (4) - - (4) (4) (8)

At 30 June 2023 132,102 - 874 378 (9,646) 25,866 149,574 36,050 185,624

At 1 January 2024 132,102 - 874 506 (12,999) 28,745 149,228 35,069 184,297
Profit for the period - - - - - 4,908 4,908 326 5,234
Other comprehensive income
Foreign currency translation differences - - - 1,812 - 1,812 442 2,254
Other comprehensive income for the period - - - - 1,812 - 1,812 442 2,254
Total comprehensive income for the period - - - - 1,812 4,908 6,720 768 7,488
Contributions by and distributions to owners
Purchase of treasury shares 16 - (137) - - - - (137) - (137)
Dividends paid 9 - - - - - (4,394) (4,394) - (4,394)
Total contributions by and distributions to owners - (137) - - - (4,394) (4,531) - (4,531)
Others
Change in development reserve fund - - - (20) - - (20) (20) (40)
- - - (20) - - (20) (20) (40)

At 30 June 2024 132,102 (137) 874 486 (11,187) 29,259 151,397 35,817 187,214

Company

At 1 January 2023 132,102 - - 77 - (4,090) 128,089 - 128,089

Total comprehensive income for the period - - - - - 1,999 1,999 - 1,999
Dividends paid 9 - - - - - (3,955) (3,955) - (3,955)
At 30 June 2023 132,102 - - 77 - (6,046) 126,133 - 126,133

At 1 January 2024 132,102 - - 77 - (3,458) 128,721 - 128,721

Total comprehensive income for the period - - - - - 2,310 2,310 - 2,310
Contributions by and distributions to owners
Purchase of treasury shares 16 - (137) - - - - (137) - (137)
Dividends paid 9 - - - - - (4,394) (4,394) - (4,394)
Total contributions by and distributions to owners - (137) - - - (4,394) (4,531) - (4,531)
At 30 June 2024 132,102 (137) - 77 - (5,542) 126,500 - 126,500

6
Notes to the condensed interim consolidated financial statements
1 Corporate information

New Toyo International Holdings Ltd (the "Company") is a limited liability company incorporated and domiciled in Singapore and is
listed on the Singapore Exchange Securities Trading Limited (“SGX – ST”).

These condensed interim consolidated financial statements as at and for the six months ended 30 June 2024 comprise the
Company and its subsidaries (collectively, the ''Group'').

The principal activity of the Company is that of an investment holding company. The principal activities of the Group are (i) the
production and supply of specialty packaging materials including coated and laminated papers and boards for packaging industries;
(ii) the production and supply of gravure and offset printed materials for fast moving consumer goods; (iii) the trading business
including the sale and purchase of tissue paper materials and products and (iv) the food and beverage business.

2 Summary of material accounting policy information

2.1 Basis of preparation
The condensed interim consolidated financial statements for the six months ended 30 June 2024 have been prepared in
accordance with Singapore Financial Reporting Standards (International) ("SFRS(I)") 1-34 Interim Financial Reporting issued by the
Accounting Standards Council Singapore. The condensed interim consolidated financial statements do not include all the
information required for a complete set of financial statements. However, selected explanatory notes are included to explain events
and transactions that are significant to an understanding of the changes in the Group’s financial position and performance of the
Group since the last annual financial statements for the year ended 31 December 2023.

The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with
SFRS(I)s, except for the adoption of new and amended standards as set out in Note 2.2.

The condensed interim consolidated financial statements are presented in Singapore dollar ("SGD" or "$") which is the Company's
functional currency and all values are rounded to the nearest thousand (SGD'000) except when otherwise indicated.

2.2 The accounting policies adopted by the Group in the preparation of the condensed interim consolidated financial statements are
consistent with those followed in the preparation of the Group's audited financial statements for the financial year ended 31
December 2023, except for the adoption of new and revised standards effective as of 1 January 2024.

The adoption of these new or amended SFRS(I)s, SFRS (I) Interpretations and amendments to SFRS(I)s did not have any
significant impact on the condensed interim consolidated financial statements of the Group.

2.3 Use of judgements and estimates

The preparation of the condensed interim consolidated financial statements in conformity with SFRS(I) requires management to
made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expense. Actual results may differ from these estimates.

In the process of applying the Group's accounting policies, management is of the opinion that there is no significant judgement
made in applying accounting policies. The key sources of estimation uncertainty were the same as those that applied to the
consolidated financial statements as at and for the year ended 31 December 2023.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised and in any future periods affected.

3 Seasonal operations

The Group’s businesses are not affected significantly by seasonal or cyclical factors during the financial period.

7
4 Segment and revenue information

The Group is organised into business segments based on their products and services, and has five reportable segments as follows:

• Specialty papers: The manufacture and sale of coated and laminated paper products and other packaging products.
• Printed cartons and labels: The printing and sale of paper packaging materials.
• Trading: The sale of raw materials, paper products, equipment and tissue paper related products. Tissue paper segment is included in
Trading segment.
• Food and beverage: The operation and management of restaurants.
• Investment holding: Investing activities, including investment in investment properties.

Other segment includes corrugated containers business. This is not included within the reportable operating segments. The results of the operation is
included in “other segment”.

These operating segments are reported in a manner consistent with internal reporting provided to Group's CEO and senior management who are
responsible for allocating resources and assessing performance of the operating segments.

4.1 Reportable segments

6 months ended 30 June 2024

Printed
Specialty Cartons Food and Investment
Papers and Labels Trading Beverage Holding Total
SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000
Revenue and Expenses

Total revenue from external customers 52,786 36,708 68,891 96 - 158,481

Inter-segment revenue 8,829 11,429 2,420 - - 22,678
Total revenue 61,615 48,137 71,311 96 - 181,159

Segment results 5,883 1,958 140 (433) 698 8,246

Share of loss of equity-accounted investees - - - - (231) (231)

Other material non-cash items :

- Amortisation 2 201 - - - 203
- Depreciation 915 4,898 63 238 231 6,345
- Change in fair value of equity shares 5 - - - - 5
Capital expenditure 1,949 4,091 239 2,450 - 8,729
Investment in equity-accounted investees - - - - 9,905 9,905
Reportable segment assets 70,354 128,851 28,003 3,459 3,489 234,156
Reportable segment liabilities 22,122 23,757 20,673 1,156 94 67,802

6 months ended 30 June 2023

Printed
Specialty Cartons Food and Investment
Papers and Labels Trading Beverage Holding Total
SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000
Revenue and Expenses

Total revenue from external customers 51,624 36,454 50,450 - - 138,528

Inter-segment revenue 11,147 17,509 130 - - 28,786
Total revenue 62,771 53,963 50,580 - - 167,314

Segment results 6,354 1,705 560 - 830 9,449

Share of loss of equity-accounted investees - - - - (269) (269)

Other material non-cash items :

- Amortisation 3 204 - - - 207
- Depreciation 1,075 5,237 9 - 221 6,542
- Change in fair value of equity shares 2 - - - - 2
- Impairment loss on trade receivables 70 - - - - 70
Capital expenditure 524 8,119 - - 22 8,665
Investment in equity-accounted investees - - - - 9,268 9,268
Reportable segment assets 73,067 128,032 24,700 - 4,481 230,280
Reportable segment liabilities 23,262 23,888 15,542 - 94 62,786

8
4.1 Reportable segments (Cont'd)

Reconciliations of reportable segment revenues, profit or loss

6 months 6 months
ended ended
30-06-24 30-06-23
SGD'000 SGD'000
Revenue
Total revenue of reportable segments 181,159 167,314
Other revenue 3,288 2,918
Elimination of inter-segment revenue (22,678) (28,786)
Consolidated revenue 161,769 141,446

Profit or loss
Total profit for reportable segments 8,246 9,449
Other profit or loss 129 31
8,375 9,480
Elimination of inter-segment profits 1,153 1,366
Share of loss of equity-accounted investees (231) (269)
Unallocated amounts :
- Other corporate expenses (2,440) (2,579)
Consolidated profit before income tax 6,857 7,998

Depreciation
Total depreciation of reportable segments 6,345 6,542
Others 79 60
Consolidated depreciation 6,424 6,602

Capital expenditure
Total capital expenditure of reportable segments 8,729 8,665
Others 8 146
Consolidated capital expenditure 8,737 8,811

Assets
Total assets for reportable segments 234,156 230,280
Other assets 3,904 4,105
Investment in equity-accounted investees 9,905 9,268
Unallocated amounts
- Other corporate assets 10,048 8,355
- Income tax assets 1,596 1,188
Consolidated total assets 259,609 253,196

Liabilities
Total liabilities for reportable segments 67,802 62,786
Other liabilities 983 1,200
Unallocated amounts
- Other corporate liabilities 748 878
- Income tax liabilities 2,862 2,708
Consolidated total liabilities 72,395 67,572
4.2 Disaggregation of Revenue

In the following table, revenue from contracts with customers is disaggregated by primary geographical location of business operations. The table also includes a
reconciliation of the disaggregated revenue with the Group’s reportable segments (see Note 4.1).

Specialty Papers Printed Cartons and Labels Trading Food and Beverage Total
30-06-24 30-06-23 30-06-24 30-06-23 30-06-24 30-06-23 30-06-24 30-06-23 30-06-24 30-06-23
SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000
Primary geographical location of business operations
Hong Kong - - 14,274 17,739 57,008 38,868 - - 71,282 56,607
Vietnam 21,101 18,226 4,928 3,507 - - - - 26,029 21,733
Malaysia 11,882 11,975 - - 313 977 96 - 12,291 12,952
Indonesia - - 11,022 9,959 - - - - 11,022 9,959
Singapore 12,712 16,123 - - 11,570 10,605 - - 24,282 26,728
Dubai 7,091 5,300 6,484 5,249 - - - - 13,575 10,549
External revenues 52,786 51,624 36,708 36,454 68,891 50,450 96 - 158,481 138,528

Timing of revenue recognition

At a point in time 52,786 50,974 - - 68,891 50,450 96 - 121,773 101,424
Overtime - 650 36,708 36,454 - - - - 36,708 37,104
External revenues 52,786 51,624 36,708 36,454 68,891 50,450 96 - 158,481 138,528

9
5 Financial assets and financial liabilities

Set out below is an overview of the financial assets and financial liabilities as at 30 June 2024 and 31 December 2023:

Group Company
Note 30-06-24 31-12-23 30-06-24 31-12-23
SGD'000 SGD'000 SGD'000 SGD'000

Financial assets
Equity instruments at FVTPL 11 783 788 730 730
Trade and other receivables* 65,194 60,054 16,543 18,109
Cash and bank balances 29,219 30,446 7,424 7,665
Contract assets 3,262 3,819 - -
Total undiscounted financial assets 98,458 95,107 24,697 26,504

Non-derivative financial liabilities

Trade and other payables** (54,681) (55,283) (16,037) (15,386)
Loans and borrowings (3,348) (331) - -
Total undiscounted financial liabilities (58,029) (55,614) (16,037) (15,386)

Total net undiscounted financial assets 40,429 39,493 8,660 11,118

* Excludes prepayments, tax recoverable, deferred cost, GST/VAT input tax and certain non-current other receivables
** Excludes employee benefits, deferred income and GST/VAT output tax

6 Profit before tax

The following significant items have been included in arriving at profit before tax:
Group Group
6 months ended 6 months ended
30-06-24 30-06-23 30-06-24 30-06-23
SGD'000 SGD'000 SGD'000 SGD'000
Other income, including finance income 29 4,921 2,090 3,019
Interest on borrowings 426 (441) (426) (390)
Allowance for inventory obsolescence 369 (82) (369) (182)
Depreciation and amortisation 6,627 (6,372) (6,627) (6,809)
Gain on disposal of property, plant and equipment (29) 66 29 10
Impairment loss on trade/non-trade receivables - (432) - (70)
Net change in fair value of equity securities 4 (39) (5) (2)
Inventory write-back #REF! - 70 -
Property, plant and equipment written off 8 (285) (8) (12)

7 Related party transactions

For the purposes of these interim financial statements, parties are considered to be related to the Group, if the Group has the ability,
directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or
vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be
individuals or other entities.

The following significant transactions took place between the Group and related parties at terms agreed between the parties:

Group Group
6 months ended 6 months ended
30-06-24 30-06-23 30-06-24 30-06-23
SGD'000 SGD'000 SGD'000 SGD'000
With companies in which certain directors and
substantial shareholders have significant influence
Sale of raw materials/finished goods - 7,058 2,547 3,378
Purchase of raw materials/finished goods - (30) (1) -
Sale of scrap 277 (78) 200 624
Rental paid/payable - (57) (57) (28)
Rental received/receivable - 23 49 47
Purchase of tissue papers (2) - (2) (4)
Recharge of utilities paid/payable (18) -
Sale of plant and equipment - 6 31 -

10
7 Related party transactions (cont'd)

Group
6 months ended
30-06-24 30-06-23
SGD'000 SGD'000

With companies in which certain directors have

significant influence
Professional fees paid/payable - (3) (3) (3)

With companies in which certain directors of

subsidiaries have significant influence
Sale of raw materials/finished goods - 85 57 76
Purchase of raw materials/finished goods - (73) (47) (1)
Processing fee received/receivable - 10 10 9
Rental received/receivable - 25 24 24

With joint ventures

Sale of raw materials/finished goods - - 8 -
Purchase of plant and equipment - (7) - (3,218)
Rental received/receivable - 42 - 293

8 Taxation

The Group calculates the period income tax expense using the tax rate that would be applicable to the expected total annual
earnings. The major components of income tax expense in the condensed interim consolidated statement of profit or loss are:

Group Group
6 months ended 6 months ended
30-06-24 30-06-23 30-06-24 30-06-23
SGD'000 SGD'000 SGD'000 SGD'000
Current income tax
- Current period (1,687) 1,495 1,687 1,691
- (Over)/under provision in respect of previous period 24 (32) (24) 48

Deferred tax
- Origination and reversal of temporary differences 41 (5) (40) 99
- Under provision in respect of previous period - (25) - 6
(1,622) 1,433 1,623 1,844

9 Dividends
Group and Company Group and Company
6 months ended 6 months ended
30-06-24 30-06-23 30-06-24 30-06-23
SGD'000 SGD'000 SGD'000 SGD'000
Ordinary dividends paid:
Tax-exempt (one-tier) final dividend of 1.00 cents per - - 4,394 3,955
ordinary share for the year 2023 (2022: 0.90 cents)
- - 4,394 3,955

Dividend per share (net of tax) in cents - - 1.00 0.90

11
10 Net asset value
Group Company
As at As at As at As at
30-06-24 31-12-23 30-06-24 31-12-23

Net asset value per ordinary share (excluding treasury

shares) 34.50 cts 33.96 cts 28.82 cts 29.29 cts

The net asset value per ordinary share has been calculated based on the total number of issued shares excluding treasury shares
as at the end of the period/year.

11 Fair value of financial assets and liabilities

The fair value of a financial instrument is the amount at which the instrument could be exchanged or settled between
knowledgeable and willing parties in an arm’s length transaction, other than in a forced or liquidation sale.

The Group categorises fair value measurements using a fair value hierarchy that is dependent on the valuation inputs used as
follows:
- Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group can access at the
measurement date,
- Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or
indirectly, and
- Level 3: Unobservable inputs for the asset and liability
The carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy are
as follows.

Fair Value
Level 1 Level 2 Level 3 Total
SGD'000 SGD'000 SGD'000 SGD'000
Group
Financial Assets
At 30 June 2024
Equity investments at FVTPL
Quoted equity securities 53 - - 53
Unquoted equity securities - - 730 730
53 - 730 783

Group
Financial Assets
At 31 December 2023
Equity investments at FVTPL
Quoted equity securities 58 - - 58
Unquoted equity securities - - 730 730
58 - 730 788

The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments of the
Group and Company.
Equity investments – at FVTPL
The fair value of quoted securities is determined by reference to their quoted prices (unadjusted) in active markets for identical assets.
Unquoted equity securities
The fair value of unquoted equity securities is determined based on the net tangible assets, which approximate fair value, of the
investees. The net intangible assets are then adjusted for the fair value of the property held which is based on independent
valuations obtained by property valuers on an open market value basis.

The fair value of unquoted equity securities based on significant unobservable inputs (Level 3) will be measured by every end of the
financial year.
Investment properties
Investment properties are measured at cost less accumulated depreciation and accumulated impairment losses. Fair value of
investment properties will be measured and disclosed by every end of financial year based on independent valuations by property
valuers on an open market value basis. The valuers used direct comparison and capitalisation methods. The market value has
been categorised as a Level 3 valuation method.
Other financial assets and liabilities
The carrying amounts of financial assets and liabilities with a maturity of or reprice within one year (including trade and other
receivables, cash and cash equivalents, financial liabilities and trade and other payables) are assumed to approximate their fair
values because of the short period to maturity or repricing.

12
12 Property, plant and equipment and right-of-use assets

During the period ended 30 June 2024, the Group acquired property, plant and equipment, and right-of-use assets amounting to
$8,737,000 (31 December 2023: $17,320,000) and $743,000 (31 December 2023: $3,132,000) respectively. Cash payment of
$8,737,000 (31 December 2023: $17,320,000) were made to purchase property, plant and equipment. Property, plant and
equipment, and right-of-use assets disposed/written off during the period ended 30 June 2024 amounted to $96,000 (31 December
2023: $2,231,000) and $Nil (31 December 2023: $80,000) respectively.

13 Trade and other receivables

Group Company
30-06-24 31-12-23 30-06-24 31-12-23
SGD'000 SGD'000 SGD'000 SGD'000

Non-current
Amount due from subsidiaries
- trade - - 276 276
- non-trade - - 8,306 8,084
Other receivables 1,012 525 - -
1,012 525 8,582 8,360

Current
Trade receivables 57,943 52,445 - -
Impairment losses (667) (664) - -
57,276 51,781 - -
Deposits 804 1,156 30 33
Tax recoverable 405 20 - -
Consideration receivables 1,262 1,229 - -
GST/VAT input tax 799 560 5 10
Other receivables 2,562 1,598 5 -
Amounts due from subsidiaries, net
- trade - - 1,119 921
- non-trade - - 909 550

Amounts due from joint ventures

- trade 3 - - -

Amounts due from other related corporations*

- trade 2,939 3,955 - -
- non-trade 348 335 - -
Loans to subsidiaries - - 5,898 8,245
66,398 60,634 7,966 9,759
Deferred cost 24 18 - -
Prepayments 3,092 3,230 55 48
69,514 63,882 8,021 9,807
Total trade and other receivables 70,526 64,407 16,603 18,167

* The amounts due from other related corporations also include amounts receivables from entities which are partially-owned by a
substantial shareholder.

13
14 Trade and other payables

Group Company
30-06-24 31-12-23 30-06-24 31-12-23
SGD'000 SGD'000 SGD'000 SGD'000

Non-current
Employee benefits 654 642 - -
Other payables 153 155 - -
807 797 - -

Current
Trade payables 45,954 43,585 - -
Loans from subsidiaries - - 7,163 7,016
Amounts due to subsidiaries
- non-trade - - 8,275 7,616
Amounts due to joint venture
- non-trade 2,152 2,094 - -
Amounts due to other related corporations
- trade 171 28 - -
Accrued operating expenses 3,626 3,816 595 720
Employee benefits 143 136 39 39
GST/VAT output tax 311 114 - -
Other payables 2,625 5,605 4 34
54,982 55,378 16,076 15,425
Total trade and other payables 55,789 56,175 16,076 15,425

15 Loans and borrowings

Group Company
30-06-24 31-12-23 30-06-24 31-12-23
SGD'000 SGD'000 SGD'000 SGD'000

Amount repayable in one year or less, or on demand

Secured 1,366 - - -
Unsecured 1,982 331 - -

Amount repayable after one year

Secured - - - -
Unsecured - - - -

Details of any collateral

Secured borrowings are bank loans secured on inventories and by a charge over the assets and finance lease liabilities secured
by rights to the leased assets.

14
16 Share capital and treasury shares

(a) Share capital

Group and Company

30-06-24 31-12-23
No. of shares No. of shares
'000 SGD'000 '000 SGD'000

Issued and fully paid ordinary shares

At beginning/end of the period 439,425 132,102 439,425 132,102

All issued ordinary shares are fully paid. There is no par value for these ordinary shares. Fully paid ordinary shares (except
treasury shares) carry one vote per share and carry a right to dividends as and when declared by the Company.

The Company's issued and fully paid-up shares as at 30 June 2024 comprised 438,888,803 (31 December 2023:
439,424,603) ordinary shares with voting rights and 535,800 (31 December 2023: Nil) treasury shares with no voting rights.

(b) Treasury shares

Group and Company

30-06-24 31-12-23
No. of shares No. of shares
'000 SGD'000 '000 SGD'000

At beginning of the period - - - -

Acquired during the period 536 137 - -
At end of the period 536 137 - -

Treasury shares relate to ordinary shares of the Company that are held by the Company. During the period, the Company
acquired 535,800 (31 December 2023: Nil) of its ordinary shares by way of on-market purchases. The treasury shares held
by the Company represented 0.12% (31 December 2023: Nil%) of the total number of issued shares.

(c) There were no outstanding convertibles and subsidiary holdings as at 30 June 2024 and 31 December 2023.

17 Capital commitments
Group
6 months ended
30-06-24 30-06-23
SGD'000 SGD'000
Contracted but not provided for
- Property, plant and equipment 846 2,299

18 Changes in contingent liabilities

There were no material changes to contingent liabilities disclosed in the last audited financial statements as at 31 December 2023.

19 Items of unusual nature

There were no unusual items affecting assets, liabilities, equity, net income or cash flows during the financial period.

20 Subsequent events
There are no known subsequent events which have led to adjustments to this set of interim financial statements.

15
Other Information Required by Listing Rule Appendix 7.2
1 Review
The condensed statements of financial position of New Toyo International Holdings Ltd and its subsidiaries as at 30 June 2024
and the related condensed interim consolidated profit or loss and other comprehensive income, condensed interim consolidated
statement of cash flows and condensed interim statements of changes in equity for the six months period then ended and certain
explanatory notes have not been audited or reviewed by the Company's auditors.

2 Review of performance of the Group

Consolidated Statement of Profit or Loss

1H 2024 vs 1H 2023

The overall revenue registered in 1H 2024 of S$161.77 million was higher by S$20.32 million or 14.4% than its corresponding
period in 2023, mainly attributable to higher revenue from Trading, Printed Cartons and Labels (''PCL'') and Specialty Papers
(''SP'') divisions. Increase in Trading division was due to higher demand of raw materials offset by lower sale of virgin pulp and
jumbo reels to Vietnam. Higher PCL revenue contribution was mainly due to higher demand from Indonesia and Middle East
operations. Higher SP revenue due to higher demand from customers in Vietnam and Middle East.

Gross profit for 1H 2024 increased by S$0.86 million to S$17.98 million compared to S$17.12 million in 1H 2023. Gross profit
margin down slightly to 11.1% in 1H 2024 from 12.1% in its corresponding period in 2023, primarily due to higher Trading sales
which yielded lower margin.

Other income decreased by S$0.84 million to S$1.96 million in 1H 2024 compared to S$2.80 million in 1H 2023 mainly due to
lower freight income and scrap sales in 1H 2024. Distribution expenses increased by S$0.33 million mainly due to higher sales
commission paid to agents tandem in line with higher revenue. Other operating expenses increased in 1H 2024 mainly due to
depreciation of fixed assets and right-of-use assets of our newly opened restaurant in Malaysia amounting to S$0.24 million in 1H
2024.

Net foreign exchange loss in 1H 2024 of S$0.2 million was mainly due to unfavourable foreign currency exchange rates.

Higher finance costs in 1H 2024 mainly due to higher loans and borrowings. Tax expenses was lower in 1H 2024 due to lower
taxable profits.

The Group posted a profit before tax of S$6.86 million in 1H 2024 (1H 2023: S$8.00 million).

Overall, the Group reported a profit after tax attributable to owners of the Company of S$4.91 million in 1H 2024 (1H 2023:
S$5.87 million).

Consolidated Statement of Financial Position

Total assets (Group) as at 30 June 2024 were S$259.61 million, increased by $6.01 million from $253.60 million as at 31
December 2023.

The increase in total assets were due to:

- increase in property, plant and equipment by S$3.82 million due to additions of leasehold improvement, plant and machineries
offset by depreciation charge during the period. The capital expenditures include leasehold improvement of our newly opened
restaurant in Malaysia.

- increase in trade and other receivables by S$6.11 million attributable to more sales towards end of 1H 2024.

The above was partially offset by:

- decrease in cash and bank balances by S$1.23 million.

- decrease in inventories by S$2.76 million as a result of utilising stocked up raw materials.

Total liabilities (Group) as at 30 June 2024 were S$72.40 million, increased by $3.09 million from $69.30 million as at 31
December 2023.

The increase in total liabilities was mainly due to proceeds from bank borrowings of S$5.16 million and offset by repayment of
borrowings of S$2.12 million.

16
2 Review of performance of the Group (Cont'd)

Consolidated Statement of Cash Flows

Lower cash flows from operating activities in 1H 2024 as compared to the corresponding period in 2023 was mainly due to
changes in working capital.

Negative cash flows from investing activities in 1H 2024 was mainly due to higher placement of deposit and capital contribution to
our joint ventures.

Lower cash flows used in financing activities in 1H 2024 was mainly higher bank borrowings drawdown.

3 Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and
the actual results.

Not applicable. The Group did not make any forecast previously.

4 A commentary at the date of the announcement of the significant trend and competitive conditions of the industry in
which the Group operates and any known factors or events that may affect the Group in the next reporting period and
the next 12 months.

The global economy remains challenging in view of the volatility in the geopolitical and macroeconomic landscape. The Group will
continue to evaluate and adapt its strategy to enhance resilience and ensure sustainable growth in a dynamic global environment.
While optimizing production capabilities and efficiency to strengthen its core business, the Group is committed to sustainability
practices and will also build on its strong relationships with existing clienteles and develop new markets and business
opportunities.

5 Dividend information
(a) Current Financial Period Reported On

2024
Ordinary
Name of Dividend : Interim
Dividend Type : Cash
Dividend per share : 0.90 cts per ordinary share
Tax Rate : Tax exempt (one-tier)

(b) Corresponding Period of the Immediately Preceding Financial Year

2023
Ordinary
Name of Dividend : Interim
Dividend Type : Cash
Dividend per share : 0.90 cts per ordinary share
Tax Rate : Tax exempt (one-tier)

(c) Date payable

To be advised

(d) Books closure date

To be advised

6 If no dividend has been declared/recommended, a statement to that effect and the reason(s) for the decision.
Not applicable

17
7 If the Group has obtained a general mandate from shareholders for IPTs, the aggregate value of such transactions are
required under Rule 920(1)(a)(ii). If no IPT mandate has been obtained, a statement to that effect.
The Group has obtained a general mandate from shareholders of the Company for Interested Person Transactions. The
disclosures of the IPTs conducted for the period ended 30 June 2024 are presented as follows:
4

Aggregate value of all

interested person
transactions during the financial Aggregate value of all
period under review interested person
(excluding transactions transactions conducted
less than $100,000 and under shareholders'
transactions conducted mandate pursuant
under shareholders' to Rule 920 (excluding
Name of interested person and description of interested person mandate pursuant to Rule transactions less than
transactions 920) $100,000)

SGD'000 SGD'000

New Toyo Pulppy (Vietnam) Co., Ltd. ("NTPVN'')

I Sale of jumbo reels by a Group entity to NTPVN - 124

II Sale of chipboard, duplex board and core by a Group entity to 127 -

NTPVN

III Sale of virgin pulp by a Group entity to NTPVN - 675

New Toyo Pulppy (Hong Kong) Ltd ("NTPHK")

IV Leasing of warehouse to NTPHK 200 -

Note: NTPVN and NTPHK are associates of Mr Yen Wen Hwa, the Executive Chairman and controlling shareholder of the Company.

8 Negative confirmation pursuant to Rule 705(5).

The Directors of New Toyo International Holdings Ltd (the “Company”), do hereby confirm that, to the best of our knowledge,
nothing has come to the attention of the Board of Directors of the Company which may render the unaudited financial results of
the period ended 30 June 2024 to be false or misleading in any material aspect.

9 Confirmation pursuant to Rule 720(1).

The Company has procured undertakings from all its directors and executive officers under Rule 720(1) of the Listing Manual.

BY ORDER OF THE BOARD

Lee Wei Hsiung

Company Secretary
13 August 2024

18