ACCRELIST LTD. (亚联盛控股公司)
(the "Company")
(Company Registration No. 198600445D) (Incorporated in the Republic of Singapore)
VARIANCES BETWEEN AUDITED AND UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL
YEAR ENDED 31 MARCH 2021
The Board of Directors (the "Board") of Accrelist Ltd. (the "Company" and together with its subsidiaries, the "Group") refers to the Company's announcement dated 30 May 2021 in relation to the unaudited full year financial results announcement (the "Unaudited Financial Statements") for financial year ended 31 March 2021 ("FY2021").
Pursuant to Rule 704(5) of the Listing Manual Section B: Rules of Catalist ("Catalist Rules") of the Singapore Exchange Securities Trading Limited ("SGX-ST"), the Board wishes to announce that subsequent to the release of the Unaudited Financial Statement, there are certain reclassifications and adjustments were made to the Unaudited Financial Statements, following the finalisation of audit.
The detailed explanations with corresponding line items are set out as follows:
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | |||||
Group | |||||
FY2021 | FY2021 | ||||
Audited | Unaudited | Variance | |||
Results | Results | ||||
S$'000 | |||||
S$'000 | |||||
Revenue | 151,265 | 151,733 | (468) | Note (a) | |
Cost of sales | (139,597) | (139,081) | (516) | Note (b) | |
Gross Profit | 11,668 | 12,652 | |||
Other gains/(losses) | |||||
- Impairment loss on financial assets | (770) | (786) | 16 | ||
- Others | 2,510 | 2,089 | 421 | Note (c) | |
13,408 | 13,955 | ||||
Expenses | |||||
Marketing and distribution expenses | (695) | (695) | - | ||
Administration expenses | (12,538) | (12,471) | (67) | ||
Finance costs | (903) | (1,000) | 97 | ||
Share of loss of associate company | (350) | (425) | 75 | ||
Loss before tax | (1,078) | (636) | |||
Income tax expenses | (98) | (119) | 21 | ||
Net loss | (1,176) | (755) | |||
Other comprehensive loss after tax: | ||||
Exchange differences on translating foreign | (525) | (678) | 153 | |
operations | ||||
Reclassification due to deemed disposal of | (174) | - | (174) | |
associated company | ||||
Share of associated company's fair value | 194 | - | 194 | |
losses on financial assets, at FVOCI | ||||
Reclassification due to deemed disposal of | (131) | - | (131) | |
associated company | ||||
Remeasurement of defined benefits obligation | (89) | - | (89) | |
Fair value loss on financial assets, at FVOCI | 507 | 663 | (156) | |
(equity instruments) | ||||
(218) | (15) | |||
Total comprehensive loss for the financial | (1,394) | (770) | ||
year | ||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | ||||
Group | ||||
FY2021 | FY2021 | |||
Audited | Unaudited | Variance | ||
Results | Results | |||
S$'000 | ||||
S$'000 | ||||
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 15,600 | 15,704 | (104) | |
Intangible assets | 11,965 | 11,937 | 28 | |
Trade and other receivables | 52 | - | 52 | |
Financial assets, at FVOCI | 47 | 47 | - | |
Total non-current assets | 27,664 | 27,688 | ||
Current assets | ||||
Other assets | 1,334 | 937 | 397 | |
Trade and other receivables | 23,966 | 21,875 | 2,091 | Note (d) |
Inventories | 15,406 | 15,405 | 1 | |
Financial assets, at FVPL | 9,263 | 9,263 | - | |
Contract assets | 28 | - | 28 | |
Cash and cash equivalents | 8,843 | 8,127 | 716 | Note (e) |
Total current assets | 58,840 | 55,607 | ||
Total assets | 86,504 | 83,295 | ||
EQUITY AND LIABILITIES
Equity attributable to equity holders of the
Company
Share capital | 72,491 | 72,491 | - | |
Accumulated losses | (47,426) | (46,885) | (541) | |
Other reserves | 2,563 | 2,653 | (90) | |
27,628 | 28,259 | |||
Non-controlling interest | 13,231 | 13,224 | 7 | |
Total equity | 40,859 | 41,483 | ||
Non-current liabilities | ||||
Deferred income tax liabilities | 998 | 1,018 | (20) | |
Borrowings | 4,680 | 4,407 | 273 | Note (e) |
Total non-current liabilities | 5,678 | 5,425 | ||
Current Liabilities | ||||
Borrowings | 7,930 | 8,356 | (426) | Note (e) |
Trade and other payables | 29,937 | 26,485 | 3,452 | Note (d) (e) |
Contract liabilities | 1,343 | 772 | 571 | Note (a) |
Income tax payable | 757 | 774 | (17) | |
Total current liabilities | 39,967 | 36,387 | ||
Total liabilities | 45,645 | 41,812 | ||
Total equity and liabilities | 86,504 | 83,295 | ||
CONSOLIDATED STATEMENT OF CASHFLOW
Group | |||
FY2021 | FY2021 | ||
Audited | Unaudited | Variance | |
Results | Results | ||
S$'000 | |||
S$'000 | |||
Net cash flows provided by operating activities | 7,020 | 5,557 | 1,463 | Note (f) |
Net cash flows provided by investing activities | 1,198 | 1,089 | 109 | |
Net cash flows used in financing activities | (8,994) | (6,425) | (2,569) | Note (g) |
Explanatory Notes
- Over-recognitionof revenue and under-recognition of contract liabilities. Please refer to Note 4 of the Notes to the Financial Statement in the Company's FY2021 Annual Report for more details.
- The variance was due mainly to unrecorded purchases in relation to the overseas subsidiaries - WE Total Engineering Sdn Bhd and PT Honfoong Plastic Industries.
- The variance was mainly attributable to a gain on disposal of property, plant and equipment of $382,000.
- The variance was attributable to the amount due to/from the same legal entity which the Group has the enforcement right to offset and intended to settle on a net basis of the balance due to the entity.
- Reclassification of bank overdraft and letters of credit to Borrowings and Trade and Other Payables respectively.
- The variance was mainly due to the cumulative impact on net loss and working capital adjustments between the announcement and audited figures.
- The variance was mainly due to repayment of borrowings and lease liabilities, and short-term bank deposits pledged.
BY ORDER OF THE BOARD
Terence Tea Yeok Kian
Executive Chairman and Managing Director 15 July 2021
______________________________________________________________________________________
This announcement has been prepared by the Company and its contents have been reviewed by the Company's Sponsor, RHT Capital Pte. Ltd. (the "Sponsor") for compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST"). The Sponsor has not independently verified the contents of this announcement.
This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr Shervyn Essex - Registered Professional, 6 Raffles Quay, #24-02, Singapore 048580, sponsor@rhtgoc.com