GALLANT VENTURE LTD. GALLANT VENTURE LTD
Registration Number: 200303179Z
3 HarbourFront Place
#16-01 HarbourFront Tower Two
Singapore 099254
Tel +65 63893535 Fax +65 63967758www.gallantventure.com
DIFFERENCES BETWEEN UNAUDITED AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021
The Board of Directors of Gallant Venture Ltd. ("Company") refers to the unaudited full year results announcement for the financial year ended 31 December 2021 released via the SGXNet on 25 February 2022 (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 13 April 2022
Appendix A
Extract of Consolidated Statement of Comprehensive Income for the year ended 31 December 2021
Group
Audited | Unaudited | Variance | Notes | |
FY 2021 | FY 2021 | FY 2021 | ||
$'000 | $'000 | $'000 | ||
Revenue | 145,105 | 145,111 | (6) | |
Cost of sales | (112,090) | (111,300) | (790) | 1 |
Gross profit | 33,015 | 33,811 | (796) | |
Other expenses | (1,392) | (827) | (565) | 2 |
General and administrative expenses | (15,598) | (15,597) | (1) | |
Other operating expenses | (24,319) | (25,749) | 1,430 | 3 |
Share of associate companies' results | (16,747) | (18,684) | 1,937 | 4 |
Finance costs | (19,772) | (19,774) | 2 | |
Loss from continuing operations, before tax | (44,813) | (46,820) | 2,007 | |
Taxation | (13,743) | (13,682) | (61) | |
Loss from continuing operations, net of tax | (58,556) | (60,502) | 1,946 | |
Other comprehensive income after taxation | 51,965 | 37,171 | 14,794 | 5 |
Total comprehensive loss after taxation | (6,591) | (23,331) | 16,740 | |
From continuing operations | ||||
Loss attributable to:- | ||||
- Equity holders of the Company | (55,575) | (57,521) | 1,946 | |
- Non-controlling interests | (2,981) | (2,981) | - | |
(58,556) | (60,502) | 1,946 | ||
Total comprehensive loss attributable to:- | ||||
- Equity holders of the Company | (3,628) | (20,367) | 16,739 | |
- Non-controlling interests | (2,963) | (2,964) | 1 | |
(6,591) | (23,331) | 16,740 | ||
Notes: |
1. Due to the reclassification of other operating expenses to cost of sales and elimination of inter-companies expenses.
2. Due to the reclassification of other operating expenses to other expenses.
3. Due to the reclassification of other operating expenses to cost of sales.
4. Due to the adjustment of PT IMAS's results.
5. Due to the adjustment of translation loss of S$12,000 and PT IMAS's other comprehensive income of S$14,806,000.
Extract of Consolidated Statements of Financial Position as at 31 December 2021
Group
Audited | Notes | |||
FY 2021 | ||||
$'000 | ||||
Non-Current Assets | ||||
Property, plant and equipment | 134,843 | 134,884 | (41) | |
Right-of-use assets | 3,272 | 3,269 | 3 | |
Associates | 389,347 | 372,570 | 16,777 | 1 |
Deferred tax assets | 1,627 | 1,624 | 3 | |
Trade and other receivables | 93 | - | 93 | 2 |
Other non-current assets | 2,402 | 2,245 | 157 | 3 |
Current Assets | ||||
Trade and other receivables | 43,912 | 44,084 | (172) | 2 |
Non-Current Liabilities | ||||
Other non-current liabilities | 28,089 | 29,281 | (1,192) | 4 |
Lease liabilities | 2,883 | 3,004 | (121) | 5 |
Contract liabilities | 21,442 | 17,446 | 3,996 | 5 |
Current Liabilities | ||||
Lease liabilities | 1,114 | 981 | 133 | 5 |
Trade and other payables | 119,687 | 122,838 | (3,151) | 4, 5 |
Contract liabilities | 3,391 | 3,010 | 381 | 5 |
Equity | ||||
Accumulated losses | (1,262,906) | (1,264,852) | 1,946 | 6 |
Reserves | 113,363 | 98,536 | 14,827 | 7 |
Non-controlling interests | 7,206 | 7,205 | 1 | |
Notes: |
Unaudited Variance FY 2021 FY 2021 $'000 $'000
1. Due to the adjustment of PT IMAS's results, other comprehensive income and reserves.
2. Due to the adjustment for elimination of inter-company accrued expenses and reclassification of current and non-current trade and other receivables.
3. Due to the reclassification from trade and other receivables.
4. Due to the reclassification to trade and other payable.
5. Due to the reclassification of current and non-current for contract liabilities and lease liabilities.
6. Due to adjustment of loss attributable to the equity holders of the Company.
7. Due to adjustment of translation loss and PT IMAS's other comprehensive income and reserves.
Extract of Consolidated Statement of Cash Flows for the for the year ended 31 December 2021
Group
Audited Unaudited Variance Notes FY 2021 FY 2021 FY 2021 $'000 $'000 $'000
Net cash generated from operating activities | 5,009 | 6,003 | (994) | 1 |
Net cash used in investing activities | (18,426) | (19,427) | 1,001 | 1 |
Net cash generated from financing activities | 40,662 | 40,669 | (7) | 2 |
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.
1. Due to the reclassification of payment made on property, plant and equipment and proceeds from the disposal.
2. Due to the reclassification of principal paid on lease liabilities.
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Gallant Venture Ltd. published this content on 13 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2022 23:54:04 UTC.
