Company No. 199901514C
ASTI Holdings Limited and its Subsidiaries
Condensed Interim Financial Statements
For the Fourth Quarter and Full Year Ended 31 December 2024
Pursuant to Rule 705(2C) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Mainboard ("Mainboard Rules"), the Company is required to announce its quarterly financial statements in view of the disclaimer of opinion issued by the auditors on the Company's audited financial statements for the financial year ended 31 December 2022 ("FY2022") dated 11 September 2024. The Company has recently published its audited financial statements for the financial year ended 31 December 2023 ("FY2023") on 13 February 2025. For FY2023 financial statements, the auditors have issued a qualified opinion.
ASTI Holdings Limited • Page 2
CONDENSED BALANCE SHEETS
AS AT 31 DECEMBER 2024
Group | Company | ||||
Note | 31 Dec 2024 | 31 Dec 2023 | 31 Dec 2024 | 31 Dec 2023 | |
S$'000 | S$'000 | S$'000 | S$'000 | ||
(unaudited) | (audited) | (unaudited) | (audited) | ||
ASSETS | |||||
Non-current assets | |||||
Intangible assets | - | 18 | - | - | |
Property, plant and equipment | 3 | 17,456 | 27,024 | 208 | 122 |
Investments in subsidiaries | 5 | - | - | 5,436 | 5,436 |
Investments in associates | 6 | - | 563 | - | 5,801 |
Deferred tax assets | 43 | 39 | - | - | |
Other receivables | 2 | 37 | - | - | |
Amounts due from associates | - | 1,923 | - | 1,923 | |
Total non-current assets | 17,501 | 29,604 | 5,644 | 13,282 | |
Current assets | |||||
Inventories | 2,137 | 3,431 | - | - | |
Prepayments and advances | 675 | 891 | 56 | 80 | |
Trade receivables | 6,128 | 8,094 | - | - | |
Other receivables | 3,371 | 1,140 | 2,617 | 41 | |
Amounts due from associates | - | 1,088 | - | 951 | |
Amount due from subsidiaries | - | - | 374 | 940 | |
Cash at bank and on hand | 23,058 | 20,709 | 3,116 | 587 | |
Total currents assets | 35,369 | 35,353 | 6,163 | 2,599 | |
Total assets | 52,870 | 64,957 | 11,807 | 15,881 | |
EQUITY AND LIABILITIES | |||||
Equity | |||||
Share capital | 132,617 | 132,617 | 132,617 | 132,617 | |
Treasury shares | (4,772) | (4,772) | (4,772) | (4,772) | |
Capital reserves | (2,964) | (8,194) | (2,960) | (2,960) | |
Foreign currency translation reserve | (11,810) | (2,345) | - | - | |
Accumulated losses | (72,862) | (62,658) | (126,132) | (121,274) | |
Equity attributable to owners of the | |||||
Company | 40,209 | 54,648 | (1,247) | 3,611 | |
Non-controlling interests | (5,824) | (18,496) | - | - | |
Total equity | 34,385 | 36,152 | (1,247) | 3,611 | |
Non-current liabilities | |||||
Deferred tax liabilities | 395 | 392 | - | - | |
Long term payables | 2,141 | 1,995 | - | - | |
Loans and borrowings | 9 | - | 5,922 | - | - |
Lease liabilities | 406 | 806 | 32 | 35 | |
Provisions | 843 | 715 | - | - | |
Total non-current liabilities | 3,785 | 9,830 | 32 | 35 | |
Current liabilities | |||||
Loans and borrowings | 9 | 8,592 | 5,465 | - | - |
Lease liabilities | 544 | 634 | 91 | 44 | |
Provisions | - | 88 | - | - | |
Trade payables and accruals | 7 | 4,376 | 8,505 | 992 | 1,250 |
Other payables | 8 | 992 | 4,078 | 461 | 791 |
Amount due to subsidiaries | - | - | 11,478 | 10,150 | |
Income tax payable | 196 | 205 | - | - | |
Total current liabilities | 14,700 | 18,975 | 13,022 | 12,235 | |
Total liabilities | 18,485 | 28,805 | 13,054 | 12,270 | |
Total equity and liabilities | 52,870 | 64,957 | 11,807 | 15,881 |
ASTI Holdings Limited • Page 3
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE FOURTH QUARTER AND FULL YEAR ENDED 31 DECEMBER 2024
Group | |||||||
Fourth Quarter ended | Full Year ended | ||||||
Note | 31 Dec 24 | 31 Dec 23 | Change | 31 Dec 24 | 31 Dec 23 | Change | |
S$'000 | S$'000 | % | S$'000 | S$'000 | % | ||
(unaudited) | (restated)* | (unaudited) | (restated)* | ||||
Continuing operations: | |||||||
Revenue | 10 | 8,262 | 9,336 | (11.5) | 32,963 | 47,968 | (31.3) |
Cost of sales | (7,459) | (8,107) | (8.0) | (29,171) | (38,981) | (25.2) | |
Gross profit | 803 | 1,229 | (34.7) | 3,792 | 8,987 | (57.8) | |
Other income | 11 | 182 | 431 | (57.8) | 832 | 833 | (0.1) |
Other expense | |||||||
- Marketing and distribution | (85) | (69) | 23.2 | (522) | (1,278) | (59.2) | |
- Research and development | (10) | (17) | (41.2) | (47) | (68) | (30.9) | |
- Administrative expenses | (2,116) | (1,963) | 7.8 | (9,836) | (9,643) | 2.0 | |
- Other losses, net | (2,752) | (952) | >100 | (2,038) | (256) | >100 | |
- Finance costs, net | (82) | (110) | (25.5) | (466) | (473) | (1.5) |
- Share of results of associates,
net of tax | - | (782) | NM | - | (1,044) | NM | |||
Total other expenses | (5,045) | (3,893) | 29.6 | (12,909) | (12,762) | 1.1 | |||
Loss before income tax from | |||||||||
continuing operations | 12 | (4,060) | (2,233) | 81.8 | (8,285) | (2,942) | >100 | ||
Income tax (expense)/credit | 13 | (57) | 8 | NM | (190) | (487) | (61.0) | ||
Loss for the year from | |||||||||
continuing operations, net of | |||||||||
tax | (4,117) | (2,225) | 85.0 | (8,475) | (3,429) | >100 | |||
Discontinued operations: | |||||||||
Loss | from | discontinued | |||||||
operations, net of tax | - | (140) | NM | (600) | (1,524) | (60.6) | |||
Loss for the year | (4,117) | (2,365) | 74.1 | (9,075) | (4,953) | 83.2 |
Other comprehensive income items that may be reclassified subsequently to profit or loss
Foreign currency translation | (843) | 2,114 | NM | (1,747) | (1,070) | 63.3 | ||
Realisation | of | translation | ||||||
reserve on | derecognition | of | ||||||
subsidiaries | - | - | NM | 5,139 | - | NM | ||
Other comprehensive | ||||||||
(loss)/income for the year, | 3,392 | (1,070) | ||||||
net of tax of nil | (843) | 2,114 | NM | NM | ||||
Total comprehensive | ||||||||
loss for the year | (4,960) | (251) | >100 | (5,683) | (6,023) | (5.6) |
*Restatement of the consolidated statement of comprehensive income for FY2023 due to the liquidation of a subsidiary in FY2024.
NM: Not meaningful
ASTI Holdings Limited • Page 4
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE FOURTH QUARTER AND FULL YEAR ENDED 31 DECEMBER 2024
Group | |||||
Fourth Quarter ended | Full Year ended | ||||
Note 31 Dec 24 | 31 Dec 23 | Change | 31 Dec 24 | 31 Dec 23 | Change |
S$'000 | S$'000 | % | S$'000 | S$'000 | % |
(unaudited) | (restated)* | (unaudited) | (restated)* |
Profit/(Loss) attributable to: | |||||||
Owners of the Company | (4,134) | (2,174) | 90.2 | ||||
Non-controlling interests | 17 | (191) | NM | ||||
Loss for the year | (4,117) | (2,365) | 74.1 | ||||
Total | comprehensive | loss | |||||
attributable to: | |||||||
Owners of the Company | (4,961) | 37 | NM | ||||
Non-controlling interests | 1 | (288) | NM | ||||
Total comprehensive loss for | |||||||
the year | (4,960) | (251) | >100 | ||||
Attributable to: | |||||||
Owners of the Company | |||||||
Loss | from | continuing | |||||
operations, net of tax | (4,134) | (2,117) | 95.3 | ||||
Loss | from | discontinued | |||||
operations, net of tax | - | (57) | NM | ||||
Loss for the year attributable | |||||||
to owners of the Company | (4,134) | (2,174) | 90.2 | ||||
Non-controlling interests | |||||||
Profit/(loss) | from | continuing | |||||
operations, net of tax | 17 | (108) | NM | ||||
Loss | from | discontinued | |||||
operations, net of tax | - | (83) | NM | ||||
Profit/(loss) | for | the | year | ||||
attributable | to | non- | |||||
controlling interests | 17 | (191) | NM | ||||
(4,117) | (2,365) | 74.1 | |||||
Loss per share attributable to | |||||||
owners | of | the | Company | ||||
(cents per share) | |||||||
Basic and diluted | |||||||
- from continuing operations | (0.63) | (0.32) | 96.9 | ||||
- from discontinued operations | - | (0.01) | NM | ||||
(0.63) | (0.33) | 90.9 |
(9,572) | (4,210) | >100 |
497 | (743) | NM |
(9,075) | (4,953) | 83.2 |
(9,263) | (5,951) | 55.7 |
3,580 | (72) | NM |
(5,683) | (6,023) | (5.6) |
(9,326) | (3,600) | >100 |
(246) | (610) | (80.5) |
(9,572) | (4,210) | >100 |
851 | 171 | (20.8) |
(354) | (914) | (61.3) |
497 | (743) | NM |
(9,075) | (4,953) | 83.2 |
(1.42) | (0.55) | >100 |
(0.04) | (0.09) | (78.9) |
(1.46) | (0.64) | >100 |
*Restatement of the consolidated statement of comprehensive income for FY2023 due to the liquidation of a subsidiary in FY2024.
NM: Not meaningful
ASTI Holdings Limited • Page 5
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FULL YEAR ENDED 31 DECEMBER 2024
Attributable to equity holders of the Company | ||||||||
Equity | ||||||||
attributable | ||||||||
Foreign | to owners of | |||||||
currency | the | Non- | ||||||
Share | Treasury | Capital | translation | Accumulated | Company, | controlling | Total | |
capital | shares | reserve | reserve | losses | Total | interests | equity | |
-----------(Non-distributable)------------ | (Distributable) | |||||||
S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | |
Group | ||||||||
Balance at 1 January 2024 | 132,617 | (4,772) | (8,194) | (2,345) | (62,658) | 54,648 | (18,496) | 36,152 |
Loss for the year | - | - | - | - | (9,572) | (9,572) | 497 | (9,075) |
Other comprehensive loss: | ||||||||
Foreign currency translation reserve | - | - | - | (1,747) | - | (1,747) | - | (1,747) |
Total comprehensive loss for the year | - | - | - | (1,747) | (9,572) | (11,319) | 497 | (10,822) |
Transactions with owners, recognised directly in | ||||||||
equity: | ||||||||
De-recognition of subsidiaries upon loss of | ||||||||
control | - | - | 5,230 | (7,718) | (632) | (3,120) | 12,175 | 9,055 |
Total | - | - | 5,230 | (7,718) | (632) | (3,120) | 12,175 | 9,055 |
Balance at 31 December 2024 | 132,617 | (4,772) | (2,964) | (11,810) | (72,862) | 40,209 | (5,824) | 34,385 |
Balance at 1 January 2023 | 132,617 | (4,772) | (8,194) | (604) | (55,502) | 63,545 | (18,424) | 45,121 |
Loss for the year | - | - | - | - | (4,210) | (4,210) | (743) | (4,953) |
Other comprehensive loss: | ||||||||
Foreign currency translation reserve | - | - | - | (1,741) | - | (1,741) | 671 | (1,070) |
Total comprehensive loss for the year | - | - | - | (1,741) | (4,210) | (5,951) | (72) | (6,023) |
Contributions by and distributions to owners: | ||||||||
Dividends on ordinary shares | - | - | - | - | (2,946) | (2,946) | - | (2,946) |
Total contributions by and distributions to owners | - | - | - | - | (2,946) | (2,946) | - | (2,946) |
Balance at 31 December 2023 | 132,617 | (4,772) | (8,194) | (2,345) | (62,658) | 54,648 | (18,496) | 36,152 |
ASTI Holdings Limited • Page 6
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE FULL YEAR ENDED 31 DECEMBER 2024
Share | Treasury | Capital | Accumulated | Total | |
Company | capital | shares | reserve | losses | equity |
S$'000 | S$'000 | S$'000 | S$'000 | S$'000 | |
Balance at 1 January 2024 | 132,617 | (4,772) | (2,960) | (121,274) | 3,611 |
Loss for the year | - | - | - | (4,858) | (4,858) |
Total comprehensive loss for the year | - | - | - | (4,858) | (4,858) |
Balance at 31 December 2024 | 132,617 | (4,772) | (2,960) | (126,132) | (1,247) |
Balance at 1 January 2023 | 132,617 | (4,772) | (2,960) | (116,444) | 8,441 |
Loss for the year | - | - | - | (1,884) | (1,884) |
Total comprehensive loss for the year | - | - | - | (1,884) | (1,884) |
Contributions by and distributions to owners: | |||||
Dividends on ordinary shares | - | - | - | (2,946) | (2,946) |
Total contributions by and distributions to owners | - | - | - | (2,946) | (2,946) |
Balance at 31 December 2023 | 132,617 | (4,772) | (2,960) | (121,274) | 3,611 |
ASTI Holdings Limited • Page 7
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE FULL YEAR ENDED 31 DECEMBER 2024
Group | 31 Dec 24 | 31 Dec 23 |
S$'000 | S$'000 | |
(restated) | ||
OPERATING ACTIVITIES | ||
Loss before tax - continuing operations | (8,285) | (2,942) |
Loss before tax - discontinued operations | (580) | (1,547) |
Add/(less) for non cash items: | ||
- Depreciation of property, plant and equipment | 7,870 | 9,013 |
- Impairment loss on property, plant and equipment | 2,465 | 40 |
- Allowance of stock obsolescence, net | 258 | 17 |
- Allowance on amounts due from associates | - | 1,056 |
- Reversal of allowance on other receivables | (602) | - |
- Loss/(gain) on disposal of property, plant and equipment | 151 | (4) |
- Gain on written off payable | - | (234) |
- Interest income | (529) | (665) |
- Interest expense | 975 | 1,116 |
- Share of results of associates | - | 1,044 |
- Effects of exchange gain | (430) | (554) |
- Loss on de-recognition of subsidiaries upon loss of control | 1,292 | - |
- Gain on disposal of investment in associate | (804) | - |
Operating cash flows before changes in working capital | 1,781 | 6,340 |
Changes in working capital: | ||
(Increase)/decrease in: | ||
- Inventories | 985 | 124 |
- Prepayment and advances | 216 | (8) |
- Trade receivables | 1,862 | 4,956 |
- Other receivables | (1,599) | 62 |
- Amounts due from associates | 2,731 | (126) |
Increase/(decrease) in: | ||
- Long term payables | 72 | 12 |
- Trade and other payables | (1,295) | (2,337) |
- Provisions | 126 | 249 |
Cash flows generated from operations | 4,879 | 9,272 |
Interest paid | (126) | (115) |
Interest received | 60 | 72 |
Income tax paid | (191) | (990) |
Net cash flows generated from operating activities | 4,622 | 8,239 |
ASTI Holdings Limited • Page 8
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
FOR THE FULL YEAR ENDED 31 DECEMBER 2024
Group | 31 Dec 24 | 31 Dec 23 |
S$'000 | S$'000 | |
INVESTING ACTIVITIES | ||
Proceeds from disposal of property, plant and equipment | 285 | 629 |
Purchase of property, plant and equipment (Note A) | (370) | (3,002) |
Payment for property, plant and equipment acquired in prior year | (125) | (5,266) |
Proceeds from disposal of investment in associate | 1,367 | - |
Net cash flows generated from/(used in) from investing activities | 1,157 | (7,639) |
FINANCING ACTIVITIES | ||
Payment of principal portion of lease liabilities | (1,079) | (1,102) |
Proceeds from bank borrowings | - | - |
Repayments of bank borrowings | (2,417) | (1,311) |
Proceeds from loan repayment by former associate | 1,000 | - |
Dividends paid on ordinary shares by the Company | - | (2,946) |
Net cash flows used in from financing activities | (2,496) | (5,359) |
Net increase/(decrease) in cash and cash equivalents | 3,283 | (4,759) |
Cash and cash equivalents at beginning of the financial year | 20,709 | 25,875 |
Effects of exchange rate changes on cash and cash equivalents | (934) | (407) |
Cash and cash equivalents at end of the financial year | 23,058 | 20,709 |
A.Purchase of property, plant and equipment | ||
Property, plant and equipment were acquired by means of: | ||
Group | 31 Dec 24 | 31 Dec 23 |
S$'000 | S$'000 | |
Cash payments | 370 | 3,002 |
Leases | 90 | 907 |
Other payables (Note 8) | 46 | 125 |
506 | 4,034 |
ASTI Holdings Limited • Page 9
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE FOURTH QUARTER AND FULL YEAR ENDED 31 DECEMBER 2024
- CORPORATION INFORMATION
ASTI Holdings Limited (the "Company") was incorporated in the Republic of Singapore on 27 March 1999 as a public company limited by shares. The Company is domiciled in the Republic of Singapore and was admitted to the Official List of the Stock Exchange of Singapore Dealing and Automated Quotation System ("SGX-SESDAQ") on 8 July 1999. Effective 28 April 2005, the listing and quotation of the Company's shares was transferred to the official list of the SGX Mainboard. These condensed interim consolidated financial statements as at and for the fourth quarter and full year ended 31 December 2024 comprise the Company and its subsidiaries (collectively, the "Group").
On 6 June 2022, the Company received a delisting notification from SGX-ST and trading in the Company's securities was ceased on 9am, 5 July 2022 and trading will remain suspended until the completion of an exit offer.
The registered office of the Company and the principal place of the business is located at 33 Ubi Avenue 3, Vertex #06- 72 Singapore 408868.
The principal activities of the Company are those of investment holding and acting as corporate manager and advisor in connection with the administration and organisation of the businesses of its subsidiaries. The principal activities of the subsidiaries and associates are disclosed in Note 5 and Note 6 respectively.
The current Board of Directors as at the date of this report was reconstituted on 16 January 2024. Accordingly, none of the current directors was involved in any of the business and financial affairs of the Company and the Group prior to their appointments and in the course of the financial year ended 31 December 2023 ("FY2023")*. Further, as set out in its announcement dated 24 January 2024, the Company is in the process of reviewing the corporate and business dealings and transactions of the Group under the previous Board of Directors, and there may be a possibility that findings from such review may be inconsistent with the contents of this report.
* Mr Soh Pock Kheng was an independent contractor pursuant to a service agreement dated 7 September 2022 for a period of 12 months. His service ended on 23 September 2023.- BASIS OF PREPARATION
The unaudited condensed interim consolidated financial statements for the full year ended 31 December 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 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.
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 2.1.
The unaudited condensed interim financial statements are presented in Singapore Dollars (SGD or S$) and all values in the tables are rounded to the nearest thousand (S$'000), except when otherwise indicated.
-
New and amended standards adopted by the Group
The accounting policies adopted are consistent with those of the previous financial year except in the current financial year, the Group has adopted all the new and revised standards which are mandatorily effective for annual financial periods beginning on or after 1 January 2024. The adoption of these new SFRS(I), amendments and interpretations of SFRS(I) is not expected to have a material impact on the Group's unaudited condensed interim consolidated financial statements for current and prior financial years. - Use of judgement and estimates
In preparing the unaudited condensed interim consolidated financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the unaudited consolidated financial statements as at and for the year ended 31 December 2023.
Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.
ASTI Holdings Limited • Page 10
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
FOR THE FOURTH QUARTER AND FULL YEAR ENDED 31 DECEMBER 2024
-
PROPERTY, PLANT AND EQUIPMENT
Included in freehold land and buildings is a freehold land at cost of S$1,372,000 (2023: S$1,398,000). Freehold land and
buildings with carrying value of S$4,880,000 (2023: S$4,252,000) are pledged for bank borrowings as at end of the reporting period as disclosed in Note 9. - SEASONAL OPERATIONS
The Group's businesses are generally not affected significantly by seasonal or cyclical factors during the financial period. The Group's results may however vary from time to time depending on the demand from customers in the Semiconductor industry. - SUBSIDIARIES
Company | 31 Dec 24 | 31 Dec 23 |
S$'000 | S$'000 | |
Quoted shares, at cost | - | 37,914 |
Unquoted shares, at cost | 21,325 | 21,325 |
Less: Dividend income declared from subsidiary's pre-acquisition reserve | (294) | (294) |
21,031 | 58,945 | |
Impairment loss on quoted shares | - | (37,914) |
Impairment loss on unquoted shares | (15,595) | (15,595) |
5,436 | 5,436 | |
Allowance for impairment: | ||
Balance at beginning of the year | 53,509 | 53,509 |
Current year allowance | - | - |
De-recognition of subsidiaries during the year | (37,914) | - |
Balance at end of the year | 15,595 | 53,509 |
- The Group has the following significant investments in subsidiaries:
Proportion of | |||
ownership interest | |||
Name of subsidiaries | Principal activities | held by the Group | |
(Country of incorporation) | 31 Dec | 31 Dec | |
2024 | 2023 | ||
% | % | ||
Held by the Company | |||
Telford Industries Pte Ltd | Provision of semiconductor manufacturing services for | 100 | 100 |
(Singapore) | surface mount technology components | ||
Telford SVC. Phils., Inc. | Provision of semiconductor manufacturing services for | 100 | 100 |
(Philippines) | surface mount technology components | ||
Reel Service Limited | Investment holding, manufacturing and distribution of | 100 | 100 |
(United Kingdom) | carrier tapes and plastic reels and provision of | ||
semiconductor manufacturing | |||
Reel Service (Philippines), Inc. | Manufacturing and distribution of carrier tapes and | 100 | 100 |
(Philippines) | plastic reels and provision of semiconductor | ||
manufacturing services for surface mount technology | |||
components |