General announcement:: VARIANCES BETWEEN AUDITED Y / E 31MAR2021 FINANCIAL STATEMENTS AND ANNUAL PRELIMINARY RESULTS

TT INTERNATIONAL LIMITED

Company registration number 198403771D

(Incorporated in Singapore)

ANNOUNCEMENT

GAP BETWEEN THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021 AND THE PRELIMINARY ANNUAL RESULTS ANNOUNCEMENT

The Board of Directors (the “Board”) of TT International Limited (the “Company”) refers to the previous announcement of the Company’s results as of August 31, 2021 for the fiscal year ended March 31, 2021.

In accordance with Rule 704 (6) of the Listing Manual, the Board wishes to announce material adjustments resulting from differences between the audited financial statements and the unaudited financial statements announced on August 31, 2021.

The details of the deviations are as follows:

Consolidated income statement – Group

Announcement

Checked

Variance

S $ ‘000

S $ ‘000

S $ ‘000

Loss for the year

92,501

74,434

(18,067)

1

Remarks:

  • The decrease in the loss is mainly due to the following adjustments: –
    1. Being an additional provision for recognized inventory obsolescence of $ 381,000
    2. Being interest of S $ 830,000 accrued during the current fiscal year (pursuant to a court order) on the amount owed to a creditor of a 51% owned subsidiary.
    3. Being an underestimation of the depreciation of property, plant and equipment and right-of-use assets of $ 151,000
    4. Overestimation of the fair value loss on investment property of $ 166,000
    5. The reduction in loss on disposal of the property located at 1 Venture Avenue, Singapore 608521 (“the Property”) amounting to $ 19,263,000 was due to the adjustment made to the carrying value of the property during the current year, resulting in a lower loss on disposal of the Property (compared to the selling price of the Property).

Consolidated balance sheet – Group

Announcement

Checked

Variance

S $ ‘000

S $ ‘000

S $ ‘000

Non-current assets

Tangible fixed assets

25,308

15,467

(9,841)

2a

Rights to use assets

5 185

13,774

8,589

2a

Investment property

3,603

3,769

166

2b

Current assets

Inventories

7,572

7,191

(381)

3a

Customers and other debtors

14 597

14,847

250

3b

Equity

Revaluation reserves

(41 651)

(41,213)

438

4a

Currency translation reserves

24 816

6 635

(18,181)

4b

Accumulated losses

626,064

554,503

(71,561)

4c

Non-majority interests

89 656

179,052

89,396

4d

698 885

698,977

92

Non-current liabilities

Deferred tax liabilities

(4,679)

(4,055)

624

5

Current liabilities

Suppliers and other creditors

(158,606)

(148,104)

10,502

6a

Provisions

(50)

(10,050)

(10,000)

6b

Tax payable

(584)

(584)

0

1

TT INTERNATIONAL LIMITED

Company registration number 198403771D

(Incorporated in Singapore)

ANNOUNCEMENT

GAP BETWEEN THE AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2021 AND THE PRELIMINARY ANNUAL RESULTS ANNOUNCEMENT

Remarks:

2a The decrease is due to the reclassification of certain leased assets from “tangible fixed assets” to “right-of-use assets” as well as the adjustment made to reduce the book value of real estate abroad held by a subsidiary abroad at the time of its sale.

2b Underestimation of the loss in fair value on investment properties of $ 166,000

3a Being an additional provision for recognized inventory obsolescence of $ 381,000

3b Underestimation of advance payments of $ 250,000

4a Being adjustment on the transfer of the revaluation reserve to the cumulative losses on disposal of tangible fixed assets

4b Being audit adjustments on translation differences of previous years resulting from (a) translation differences of foreign entities (which have ceased their activities) whose national functional currency is different from the presentation currency of the Group that have not been reversed in the consolidated statement of comprehensive income; and (b) translation adjustments on the assets and liabilities of overseas entities denominated in currencies (other than functional national currencies) of those overseas entities.

4c Being the cumulative effects on adjustments 4a, 4b and 4d

4d Regarding an adjustment to take back a consolidation adjustment made on the share of minority interests in the net assets of subsidiaries not wholly owned by the Group.

  • The decrease in deferred tax liabilities of S $ 624,000 is due to the write-off of the fair value of real estate sold abroad.

6a The decrease in trade and other payables is due to the reclassification of the reclassification costs of goods in provision of S $ 10,000,000, the reduction in contractors’ costs payable and the revaluation of S $ 1,331,000 and offset by the increase in accrued interest of S $ 830,000.

6b The increase in the provision is due to the reclassification of S $ 10,000,000 from trade and other payables to the provision for the cost of reclamation of the property.

By order of the Council

Tong Jia Pi Julia

Executive Director

December 10, 2021

2

Warning

TT International Limited published this content on December 10, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on December 10, 2021 02:41:06 PM UTC.

Public now 2021

All news from TT INTERNATIONAL LIMITED
Sales 2021 44.2 million
32.4 million
32.4 million
Net income 2021 -41.6 million
-30.5 million
-30.5 million
Net debt 2021 401 million
294 million
294 million
PER 2021 ratio -0.35x
Yield 2021
Capitalization 14.7 million
10.3 million
10.8 million
VE / Sales 2020 12.9x
VE / Sales 2021 9.41x
Number of employees
Free float 53.7%

Chart TT INTERNATIONAL LIMITED
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Period :

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Evolution of the income statement


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