GALLANT VENTURE LTD. GALLANT VENTURE LTD
Registration Number: 200303179Z
3 HarbourFront Place
#16-01 HarbourFront Tower Two Singapore 099254
Tel +65 63893535
Fax +65 63967758 www.gallantventure.com
DIFFERENCES BETWEEN UNAUDITED AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020
The Board of Directors of Gallant Venture Ltd. ("Company") refers to the unaudited full year results announcement for the financial year ended 31 December 2020 released via the SGXNet on 26 February 2021 (the "Unaudited Financial Statements").
Pursuant to Rule 704(6) of the Listing Manual, the Board would like to highlight that subsequent to the release of the Unaudited Financial Statements, certain adjustments and reclassifications were made to the Unaudited Financial Statements following the finalisation of the audit by the Company's external auditors. The details of the differences are set out in the Appendix A of this announcement.
BY ORDER OF THE BOARD
GALLANT VENTURE LTD.
Choo Kok Kiong
Executive Director and Company Secretary
15 April 2021
1
Appendix A
Extract of Consolidated Statement of Comprehensive Income for the year ended 31 December 2020
Group | ||||
Audited | Unaudited | Variance | Notes | |
FY 2020 | FY 2020 | FY 2020 | ||
$'000 | $'000 | $'000 | ||
Revenue | 138,199 | 138,190 | 9 | 1 |
Cost of sales | (113,770) | (113,114) | (656) | 2 |
Gross profit | 24,429 | 25,076 | (647) | |
Other income | 10,532 | 10,530 | 2 | |
General and administrative expenses | (18,245) | (18,245) | - | 3 |
Other operating expenses | (24,251) | (24,777) | 526 | |
Share of associate companies results | (19,641) | (6,160) | (13,481) | 4 |
Finance costs | (21,934) | (21,933) | (1) | |
Loss from continuing operations, before tax | (49,110) | (35,509) | (13,601) | |
Taxation | (12,816) | (12,815) | (1) | |
Loss from continuing operations, net of tax | (61,926) | (48,324) | (13,602) | |
Loss from discontinued operations, net of tax | (642,735) | (642,735) | - | |
Loss for the year | (704,661) | (691,059) | (13,602) |
Attributable to:-
Equity holders of the Company
- Loss from continued operations, net of tax
- Loss from discontinued operations, net of tax
Non-controlling interest
- Loss from continued operations, net of tax
- Loss from discontinued operations, net of tax
Loss for the year
Other Comprehensive income
Total comprehensive loss attributable to:
Equity holders of the Company
- Total comprehensive loss from continuing operations, net of tax
- Total comprehensive loss from discontinued operations, net of tax
Non-controlling interest
- Total comprehensive loss from continuing operations, net of tax
- Total comprehensive loss from discontinued operations, net of tax
Total comprehensive loss for the year
Notes:
1. Due to the elimination of inter-companies revenue.
(59,057) | (45,455) | (13,602) |
(628,389) | (628,389) | - |
(687,446) | (673,844) | (13,602) |
(2,869) | (2,869) | - |
(14,346) | (14,346) | - |
(17,215) | (17,215) | - |
(704,661) | (691,059) | (13,602) |
2,741 | 2,741 | - |
(73,911) | (60,309) | (13,602) |
(361,447) | (361,447) | - |
(435,358) | (421,756) | (13,602) |
(2,907) | (2,907) | - |
(263,655) | (263,655) | - |
(266,562) | (266,562) | - |
(701,920) | (688,318) | (13,602) |
2
Extract of Consolidated Statement of Comprehensive Income for the year ended 31 December 2020 (Cont'd)
Notes:
- Due to the reclassification of other operating expenses to cost of sales and elimination of inter-companies expenses.
- Due to the reclassification of other operating expenses to cost of sales.
- Due to the adjustment of the Group's share of PT IMAS's results.
Extract of Consolidated Statements of Financial Position as at 31 December 2020
Group | ||||
Audited | Unaudited | Variance | Notes | |
FY 2020 | FY 2020 | FY 2020 | ||
Assets | $'000 | $'000 | $'000 | |
Non-Current | 1 | |||
Associates | 355,097 | 368,578 | (13,481) | |
Current | 2 | |||
Trade and other receivables | 70,740 | 70,654 | 86 | |
Equity and liabilities | ||||
Equity | 3 | |||
Accumulated losses | (1,207,331) | (1,193,729) | (13,602) | |
Liabilities | ||||
Non-Current | 4 | |||
Lease liabilities | 3,448 | 3,494 | (46) | |
Current | 4 | |||
Lease liabilities | 1,047 | 953 | 94 | |
Trade and other payables | 145,905 | 145,746 | 159 | 5 |
Notes:
- Due to the adjustment of the Group's share of PT IMAS's results.
- Due to the reclassification from other payables.
- Due to adjustment of consolidated statement of comprehensive loss.
- Due to the adjustment of lease liabilities as result of modification to the leases of the Company's premises.
- Due to the adjustment for elimination of inter-company accrued expenses and reclassification to other receivables.
3
Extract of Consolidated Statement of Cash Flows for the for the year ended 31 December 2020
Group | Notes | |||
Audited | Unaudited | Variance | ||
FY 2020 | FY 2020 | FY 2020 | ||
$'000 | $'000 | $'000 | ||
Net cash generated from operating activities | 38,316 | 28,884 | 9,432 | 1 |
Net cash used in investing activities | (303,440) | (303,425) | (15) | 2 |
Net cash generated from financing activities | 128,057 | 137,474 | (9,417) | 1 |
Notes:
As a result of the changes to the Consolidated Statements of Financial Position and Consolidated Statement of Comprehensive Income, correspondence changes have been made to the Consolidated Statement of Cash Flows.
- Due to the reclassification of principal paid on lease liabiltiies.
- Due to the adjustment on the acquisition and proceeds from disposal of property, plant and equipment.
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Gallant Venture Ltd. published this content on 15 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 April 2021 00:02:04 UTC.
