Asti Holdings LimitedSGX: 575

FY2024 Half Year Results

Sep 27, 2024 at 1:31 AM UTC · MarketScreener

Company No. 199901514C

ASTI Holdings Limited and its Subsidiaries

Condensed Interim Financial Statements For the Six Months Ended 30 June 2024

ASTI Holdings Limited • Page 2

CONDENSED BALANCE SHEETS

AS AT 30 JUNE 2024

				Group		Company
	Note		30 Jun 24	31 Dec 23		30 Jun 24	31 Dec 23
			S$'000	S$'000		S$'000	S$'000
			(unaudited)	(unaudited)		(unaudited)	(unaudited)
ASSETS
Non-current assets
Intangible assets		-	18	-	-
Property, plant and equipment	3	24,605	27,363	270	122
Investments in subsidiaries	5	-	-	5,436	5,436
Investments in associates	6	445	563	5,801	5,801
Deferred tax assets		40	36	-	-
Other receivables		35	37	-	-
Amounts due from associates			2,156	1,922		2,156	1,922
Total non-current assets		27,281	29,939	13,663	13,281
Current assets
Inventories		2,916	3,431	-	-
Prepayments and advances		469	877	37	80
Trade receivables		6,746	8,091	-	-
Other receivables		1,104	1,281	190	170
Amounts due from associates		1,141	1,087	1,030	950
Amount due from subsidiaries		-	-	1,167	801
Cash at bank and on hand			21,693	20,709		1,177	587
Total currents assets			34,069	35,476		3,601	2,588
Total assets		61,350	65,415	17,264	15,869
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		(8,194)	(8,194)	(2,960)	(2,960)
Foreign currency translation reserve		(703)	(1,907)	-	-
Accumulated losses		(67,337)	(63,001)	(121,286)	(121,139)
Equity attributable to owners of the
Company		51,611	54,743	3,599	3,746
Non-controlling interests			(18,123)	(18,562)		-	-
Total equity		33,488	36,181	3,599	3,746
Non-current liabilities
Deferred tax liabilities		401	397	-	-
Long term payables		2,877	2,675	-	-
Loans and borrowings	9	4,753	5,922	-	-
Lease liabilities			947	903		90	35
Total non-current liabilities		8,978	9,897	90	35
Current liabilities
Loans and borrowings	9	5,496	5,465	-	-
Lease liabilities		849	665	134	44
Provisions		89	88	-	-
Trade payables and accruals	7	8,068	8,528	1,400	1,291
Other payables	8	4,177	4,374	550	743
Amount due to subsidiaries		-	-	11,491	10,010
Income tax payable			205	217		-	-
Total current liabilities			18,884	19,337		13,575	12,088
Total liabilities			27,862	29,234		13,665	12,123
Total equity and liabilities			61,350	65,415		17,264	15,869

ASTI Holdings Limited • Page 3

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2024

							Group
					6 months ended			Change
		Note			30 Jun 24		30 Jun 23

					S$'000		S$'000		%
					(unaudited)		(unaudited)
Revenue	10		17,730	28,363		(37.5)
Cost of sales				(15,907)	(22,014)		(27.7)
Gross profit				1,823	6,349		(71.3)
Other income1	11		451	265		70.2
Other expense
- Marketing and distribution				(400)	(868)		(53.9)
- Research and development				(26)	(34)			NM
- Administrative expenses				(5,364)	(5,003)		7.2
- Other gains, net				576	328		75.6
- Finance costs, net				(301)	(249)		20.9
- Share of results of associates, net of tax				(135)	(1,164)			NM
Total other expenses				(5,650)	(6,990)		(19.2)
Loss before income tax	12		(3,376)	(376)			NM
Income tax expense	13		(99)	(443)		(77.7)
Loss for the period				(3,475)	(819)			NM
Loss attributable to:
Owners of the Company				(4,336)	(231)			NM
Non-controlling interests				861	(588)			NM
Loss for the period				(3,475)	(819)			NM
Loss per share attributable to owners of the Company
(cents per share)
Basic and diluted	15		(0.66)	(0.04)

NM: Not meaningful

1Amount of $1,157,000 which was classified as other income in the financial statements announced by the Company on 14 August 2023 for the financial period ended 30 June 2023, has been reclassified to other gains, net for disclosure purposes.

ASTI Holdings Limited • Page 4

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2024

						Group
				6 months ended			Change
	Note			30 Jun 24		30 Jun 23

				S$'000		S$'000		%
				(unaudited)		(unaudited)
Loss for the period	(3,475)	(819)		NM
Other comprehensive income items that
may be reclassified subsequently profit or loss
- Foreign currency translation		782	474	61.4
Other comprehensive income for the period, net of tax		782	474	61.4
Total comprehensive loss for the period	(2,693)	(345)		NM
Attributable to:
Owners of the Company	(3,132)	(338)		NM
Non-controlling interests		439	(7)		NM
Total		(2,693)	(345)		NM

NM: Not meaningful

ASTI Holdings Limited • Page 5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 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 (Loss)/Profit for the period

Other comprehensive loss:

Foreign currency translation reserve

Total comprehensive income/(loss) for the period

Balance at 30 June 2024

132,617	(4,772)	(8,194)	(1,907)	(63,001)	54,743	(18,562)	36,181
-	-	-	-	(4,336)	(4,336)	861	(3,475)

-	-	-	1,204	-	1,204	(422)	782
-	-	-	1,204	(4,336)	(3,132)	439	(2,693)
132,617	(4,772)	(8,194)	(703)	(67,337)	51,611	(18,123)	33,488

Balance at 1 January 2023 (Restated)	132,617	(4,772)	(8,194)	(604)	(55,502)	63,545	(18,424)	45,121
Loss for the period (Restated)	-	-	-	-	(231)	(231)	(588)	(819)
Other comprehensive income:

Foreign currency translation reserve	-	-	-	(107)	-	(107)	581	474
Total comprehensive loss for the period	-	-	-	(107)	(231)	(338)	(7)	(345)
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 30 June 2023 (Restated)		132,617	(4,772)	(8,194)	(711)	(58,679)	60,261	(18,431)	41,830

ASTI Holdings Limited • Page 6

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 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

Loss for the period

Total comprehensive loss for the period

Balance at 30 June 2024

Balance at 1 January 2023 (Restated) Loss for the period

Total comprehensive loss for the period

Contributions by and distributions to owners: Dividends on ordinary shares

Total contributions by and distributions to owners Balance at 30 June 2023 (Restated)

132,617	(4,772)	(2,960)	(121,139)	3,746

-	-	-	(147)	(147)
-	-	-	(147)	(147)
132,617	(4,772)	(2,960)	(121,286)	3,599
132,617	(4,772)	(2,960)	(116,444)	8,441

-	-	-	(452)	(452)
-	-	-	(452)	(452)

-	-	-	(2,946)	(2,946)
-	-	-	(2,946)	(2,946)
132,617	(4,772)	(2,960)	(119,842)	5,043

ASTI Holdings Limited • Page 7

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2024

Group		30 Jun 24	30 Jun 23
		S$'000	S$'000
OPERATING ACTIVITIES
Loss before tax	(3,376)	(376)
Add/(less) for non cash items:
- Depreciation of property, plant and equipment	3,888	4,549
- Allowance of stock obsolescence, net	85	28
- Write-back of amounts due from associates	-	(299)
- Write-back of amounts due from related company	-	(858)
- Allowance on other receivables	10	14
- Gain on disposal of property, plant and equipment	(41)	-
- Impairment loss on property, plant and equipment	30	-
- Interest income	(265)	(335)
- Interest expense	551	570
- Share of results of associates	135	1,164
- Effects of exchange loss/(gain)		17	(386)
Operating cash flows before changes in working capital	1,034	4,071
Changes in working capital:
(Increase)/decrease in:
- Inventories	486	380
- Prepayment and advances	430	381
- Trade receivables	1,513	(263)
- Other receivables	191	1,484
- Amounts due from associates	(188)	613
Increase/(decrease) in:
- Trade and other payables		(742)	(5,225)
Cash flows generated from operations	2,724	1,441
Interest paid	(510)	(529)
Interest received	31	39
Income tax paid		(104)	(840)
Net cash flows generated from operating activities		2,141	111

ASTI Holdings Limited • Page 8

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2024

	Group		30 Jun 24					30 Jun 23
				S$'000					S$'000
	INVESTING ACTIVITIES
	Purchase of property, plant and equipment (Note A)	(224)		(1,662)
	Proceeds from disposal of property, plant and equipment		260				-
	Net cash flows generated from/(used in) investing activities	36		(1,662)
	FINANCING ACTIVITIES
	Payment of principal portion of lease liabilities	(552)		(423)
	Repayments of bank borrowings	(1,029)		(38)
	Dividends paid on ordinary shares by the Company		-				(2,946)
	Net cash flows used in financing activities		(1,581)				(3,407)
	Net increase/(decrease) in cash and cash equivalents	596		(4,958)
	Cash and cash equivalents at beginning of the financial period	20,709		25,875
	Effects of exchange rate changes on cash and cash equivalents		388				125
	Cash and cash equivalents at end of the financial period	21,693		21,042
A.Purchase of property, plant and equipment
Property, plant and equipment were acquired by means of:

		Group	30 Jun 24						30 Jun 23
			S$'000						S$'000
	Cash payments	224		1,662
	Leases	-		-
	Other payables (Note 7)	46			101
			270			1,763

ASTI Holdings Limited • Page 9

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 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 six months ended 30 June 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 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 holdings 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 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.
BASIS OF PREPARATION
The unaudited condensed interim 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 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.
1. 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 period, 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.
2. Use of judgement and estimates
  In preparing the condensed interim 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 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 SIX MONTHS ENDED 30 JUNE 2024

PROPERTY, PLANT AND EQUIPMENT
Included in freehold land and buildings is a freehold land at cost of S$2,495,000 (30 June 2023: S$2,482,000). Freehold
land and buildings with carrying value of S$5,033,000 (30 June 2023: S$4,485,000) are pledged for bank borrowings as at end of the reporting period as disclosed in Note 8.
SEASONAL OPERATIONS
The Group's businesses are not affected significantly by seasonal or cyclical factors during the financial period.
SUBSIDIARIES

Company	30 Jun 24	31 Dec 23
	S$'000	S$'000
Quoted shares, at cost	37,914	37,914
Unquoted shares, at cost	21,365	21,365
Less: Dividend income declared from subsidiary's pre-acquisition reserve	(294)	(294)
	58,985	58,985
Impairment loss on quoted shares	(37,914)	(37,914)
Impairment loss on unquoted shares	(15,635)	(15,635)
	5,436	5,436

Allowance for impairment: Balance at beginning of the period Current period allowance

Balance at end of the period

53,549	53,549
-	-
53,549	53,549

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)		30 Jun	31 Dec
		2024	2023
		%	%
Held by the Company
Telford Industries Pte Ltd	Provision of semiconductor manufacturing services	100	100
(Singapore)	for surface mount technology components
Telford SVC. Phils., Inc.	Provision of semiconductor manufacturing services	100	100
(Philippines)	for surface mount technology components
Reel Service Limited	Investment holding, manufacturing and distribution	100	100
(United Kingdom)	of 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

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