GRAND BANKS YACHTS LIMITED Page 1 of 2
GRAND BANKS YACHTS LIMITED
(Company Reg. No.: 197601189E)
DIFFERENCES BETWEEN UNAUDITED AND AUDITED FINANCIAL STATEMENTS FOR THE
FINANCIAL YEAR ENDED 30 JUNE 2021
The Board of Directors ("Board") of Grand Banks Yachts Limited ("Grand Banks" or the "Group") refers to the Group's unaudited financial results announcement for the financial year ended 30 June 2021 ("FY2021") which was released on 27 August 2021 ("Results Announcement").
Further to the completion of the FY2021 audit, adjustments were made to the financial statements. The Board wishes to announce the differences between the Results Announcement and the audited financial statements of the Group for FY2021 (the "Audited Results").
As the differences are re-classification of balance sheet and cash flow items, there is no material variance on the Group's profit between the Results Announcement and Audited Results for FY2021. The differences between the Group's Unaudited and Audited Financial Statements are set out below:
Statements of Financial Position
Group | |||||||||||||
Remarks | |||||||||||||
Unaudited | Audited | Differences | % change | ||||||||||
S$'000 | S$'000 | S$'000 | % | ||||||||||
Non-current assets | 43,016 | 42,771 | (245) | -1% | Note 1 | ||||||||
Current assets | 64,657 | 64,657 | 0 | 0% | |||||||||
Total assets | 107,673 | 107,428 | (245) | 0% | |||||||||
Current liabilities | 43,128 | 42,903 | (225) | -1% | Note 1 & Note 2 | ||||||||
Non-current liabilities | 3,673 | 3,653 | (20) | -1% | Note 2 | ||||||||
Total liabilities | 46,801 | 46,556 | (245) | -1% | |||||||||
Total Equity | 60,872 | 60,872 | 0 | 0% | |||||||||
Note 1 : Reclassification of right-of-use assets and lease liabilities. | |||||||||||||
Note 2 : Reclassification of lease liabilities between current and non-current liabilities. | |||||||||||||
Consolidated Statement of Cash Flows | |||||||||||||
Group | |||||||||||||
Remarks | |||||||||||||
Unaudited | Audited | Differences | % change | ||||||||||
S$'000 | S$'000 | S$'000 | % | ||||||||||
Net cash generated from operating activities | 42,350 | 41,547 | (803) | -2% | Note 3 | ||||||||
Net cash used in investing activities | (5,318) | (4,747) | 571 | -11% | Note 4 | ||||||||
Net cash used in financing activities | (2,136) | (2,433) | (297) | 14% | Note 5 | ||||||||
Effect of exchange rate changes on | (400) | 129 | 529 | -132% | Note 6 | ||||||||
balances held in foreign currency | |||||||||||||
Cash and cash equivalents at end of financial | 45,213 | 45,213 | 0 | 0% | |||||||||
year | |||||||||||||
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Note 3 : Primarily reclassification of Forgiveness of Loan as non-cash, partially offset by reclassification of certain operating activities to financing activities.
Note 4 : Primarily reclassification of funding of certain investing activities as non-cash.
Note 5 : Primarily reclassification of certain operating activities to financing activities.
Note 6 : Net changes of Notes 3 to 5.
For more details on the financial results of the Group for FY2021, please refer to the Group's audited financial statement which will be issued together with its annual report by 12 October 2021.
BY ORDER OF THE BOARD
Mark Richards
Chief Executive Officer
8 October 2021
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Grand Banks Yachts Limited published this content on 08 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 October 2021 09:31:04 UTC.
