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Financial Statements and Related Announcement::Discrepancies between unaudited and audited accounts

Issuer & Securities

Issuer/ Manager

ASTI HOLDINGS LIMITED

Securities

ASTI HOLDINGS LIMITED - SG1G77872271 - 575

Stapled Security

No

Announcement Details

Announcement Title

Financial Statements and Related Announcement

Date & Time of Broadcast

11-Apr-2016 17:32:25

Status

New

Announcement Sub Title

Discrepancies between unaudited and audited accounts

Announcement Reference

SG160411OTHRRCT0

Submitted By (Co./ Ind. Name)

Dato Michael Loh Soon Gnee

Designation

Executive Chairman & CEO

Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)

The Board of Directors of ASTI Holdings Limited refers to its audited financial statements for the financial year ended 31 December 2015 in its Annual Report 2015 and the announcement on the unaudited financial statements for the financial year ended 31 December 2015 on 26 February 2016.

Pursuant to Rule 704(6) of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Board wishes to announce and clarify the material differences between the Audited Financial Statements and the Unaudited Financial Statements after the completion of the financial audit by the external auditor of the Company.

Additional Details

For Financial Period Ended 31/12/2015

Attachments

ASTI_Reclassification_Material_Variance_btw_Audited_and_Unaudited_FS_For FY2015.pdf

Total size =252K

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http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=Announcem...

4/11/2016

(Company Registration No. 199901514C) (Incorporated in the Republic of Singapore) MATERIAL VARIANCES BETWEEN UNAUDITED FINANCIAL STATEMENTS AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015

The Board of Directors (the "Board") of ASTI Holdings Limited (the "Company", and together with its subsidiaries, the "Group") refers to its audited financial statements for the financial year ended 31 December 2015 in the Group's Annual Report 2015 (the "Audited Financial Statements") and the announcement on the unaudited financial statements for the financial year ended 31 December 2015 on 26 February 2016 (the "Unaudited Financial Statements").

Pursuant to Rule 704(6) of the Listing Manual of the Singapore Exchange Securities Trading Limited (the "SGX-ST"), the Board wishes to announce and clarify the material differences between the Audited Financial Statements and the Unaudited Financial Statements after the completion of the financial audit by the Company's external auditor.

Balance sheet of the Group as at 31 December 2015

The reason for the variance in the balance sheet of the Group is due to the proposed disposal of a property owned by the Group's subsidiary, ASA Multiplate (M) Sdn. Bhd. ("ASA"). This property had been previously classified as Property, plant and equipment in the Unaudited Financial Statements. However, as ASA has since received the letter of consent from the relevant authority to dispose this property on 22 March 2016, it has been reclassified as Non-current assets held for sale in the Audited Financial Statements.

The material variance between the Group's Audited Financial Statements and the Unaudited Financial Statements is set out below:

Audited Financial Statements

Unaudited Financial Statements

Difference

$'000

$'000

$'000

Property, plant and equipment

20,666

22,570

(1,904)

Non-current assets held for sale

1,904

-

1,904

Balance sheet of the Company as at 31 December 2015

The reason for the variance in the balance sheet of the Company is due to adjustments to correctly reflect the amounts due to and due from a Company's subsidiary in the Audited Financial Statements. There is no impact on the losses in the Company's Audited Financial Statements.

The material variance between the Company's balance sheet in the Audited Financial Statements and the Unaudited Financial Statement is set out below:

Audited Financial Statements

Unaudited Financial Statements

Difference

$'000

$'000

$'000

Amount due from subsidiaries

8,525

7,325

1,200

Amount due to subsidiaries

1,740

540

1,200

By Order of the Board

Dato' Michael Loh Soon Gnee

Executive Chairman & Chief Executive Officer ASTI Holdings Limited

11 April 2016

ASTI Holdings Limited published this content on 11 April 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 05 May 2016 07:04:02 UTC.

Original documenthttp://www.astigp.com/pdf/2016/20160411_ASTI_Discrepancies btw Audited & Unaudited FS for FY2015.pdf

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