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Vibrant : MATERIAL VARIANCES BETWEEN UNAUDITED FINANCIAL STATEMENTS AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 APRIL 2019

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08/14/2019 | 09:52pm EDT

VIBRANT GROUP LIMITED

Company Registration Number: 198600061G

MATERIAL VARIANCES BETWEEN UNAUDITED FINANCIAL STATEMENTS AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 APRIL 2019

The Board of Directors (the "Board") of Vibrant Group Limited (the "Company" and together with its subsidiaries, the "Group") refers to its audited financial statements for the financial year ended 30 April 2019 in the Group's Annual Report 2019 (the "Audited Financial Statements") and the announcement on the unaudited financial statements for the financial year ended 30 April 2019 on 27 June 2019 (the "Unaudited Financial Statements").

Pursuant to Rule 704(6) of the listing Manual of the Singapore Exchange Trading Limited (the "SGX- ST"), the Board wishes to highlight that there are certain reclassifications and material differences between the Audited Financial Statements and the Unaudited Financial Statements following the finalisation of the audited financial statements of financial year ended 30 April 2019.

A summary of the differences between the Audited Financial Statements and Unaudited Financial Statements with the relevant explanatory notes for significance variances are as follows:-

Consolidated Income Statement

Note

Audited Financial

Unaudited

Variance

Statements

Financial

Statements

S$'000

S$'000

S$'000

Continuing operations

Revenue

281,737

281,737

-

Cost of sales

(214,698)

(214,698)

-

Gross profit

67,039

67,039

-

Other income

(a)

10,647

10,634

13

Administrative expenses

(37,814)

(37,815)

1

Impairment loss on trade and other receivables

(a)

(1,202)

-

(1,202)

Other operating expenses

(a)

(8,236)

(9,425)

1,189

Profit from operations

30,434

30,433

1

Finance income

1,947

1,947

-

Finance costs

(16,306)

(16,306)

-

Net finance costs

(14,359)

(14,359)

-

Impairment loss on investment in associate

(b)

(1,217)

(375)

(842)

Share of profit of associates, net of tax

(c)

11,115

270

10,845

Profit before income tax

25,973

15,969

10,004

Income tax expense

(d)

(8,324)

(6,001)

(2,323)

Profit from continuing operations

17,649

9,968

7,681

Discontinued operations

Profit from discontinued operations (net of tax)

3,031

3,031

-

Profit for the year

20,680

12,999

7,681

Attributable to:

Owners of the Company

7,690

5,610

2,080

Non-controlling interests

(e)

12,990

7,389

5,601

Profit for the year

20,680

12,999

7,681

Consolidated Statement of Comprehensive Income

Profit for the year

Other comprehensive income

Items that may be reclassified subsequently to profit or loss:

Foreign currency translation differences for foreign operations

Share of reserves of associates

Items that will not be reclassified subsequently to profit or loss:

Net changes in fair value of financial assets at fair value through other comprehensive income (FVOCI)

Other comprehensive income for the year, net of tax

Total comprehensive income for the year

Total comprehensive income attributable to: Owners of the Company

Non-controlling interests

Total comprehensive income for the year

Audited

Unaudited

Variance

Financial

Financial

Statements

Statements

S$'000

S$'000

S$'000

20,680

12,999

7,681

(5,001)

(5,022)

21

(1,079)

(1,059)

(20)

(6,080)

(6,081)

(1)

(748)

(748)

-

(6,828)

(6,829)

1

13,852

6,170

7,682

3,546

1,468

2,078

10,306

4,702

5,604

13,852

6,170

7,682

Statement of Financial Position

Group

Company

Note

Audited

Unaudited

Variance

Audited

Unaudited

Variance

Financial

Financial

Financial

Financial

Statements

Statements

Statements

Statements

S$'000

S$'000

S$'000

S$'000

S$'000

S$'000

Assets

Property, plant and equipment

127,730

127,730

-

283

283

-

Intangible assets

472

472

-

-

-

-

Investment properties

147,539

147,539

-

-

-

-

Subsidiaries

-

-

-

17,752

17,752

-

Associates

(b,c)

88,625

78,628

9,997

25,033

25,875

(842)

Other investments

121

121

-

-

-

-

Deferred tax assets

4,080

4,080

-

-

-

-

Trade and other receivables

1,543

1,543

-

314,116

314,110

6

Non-current assets

370,110

360,113

9,997

357,184

358,020

(836)

Other investments

59,077

59,077

-

33,498

33,498

-

Inventories

410

410

-

-

-

-

Trade and other receivables

(f)

113,823

115,439

(1,616)

8,552

8,558

(6)

Cash and cash equivalents

44,195

44,195

-

271

271

-

217,505

219,121

(1,616)

42,321

42,327

(6)

Assets held for sale

143,943

143,943

-

-

-

-

Current assets

361,448

363,064

(1,616)

42,321

42,327

(6)

Total assets

731,558

723,177

8,381

399,505

400,347

(842)

Equity

Share capital

174,337

174,337

-

174,337

174,337

-

Other reserves

4,924

4,926

(2)

5,102

5,102

-

Accumulated profits

25,820

23,740

2,080

2,890

3,732

(842)

Equity attributable to owners

of the Company

205,081

203,003

2,078

182,329

183,171

(842)

Non-controlling interests

(e)

72,258

66,654

5,604

-

-

-

Total equity

277,339

269,657

7,682

182,329

183,171

(842)

Liabilities

Loans and borrowings

57,632

57,632

-

-

-

-

Notes payable

65,753

65,753

-

65,753

65,753

-

Trade and other payables

19,053

19,053

-

62,504

62,504

-

Provisions

1,716

1,716

-

-

-

-

Deferred tax liabilities

(d)

10,637

8,322

2,315

-

-

-

Non-current liabilities

154,791

152,476

2,315

128,257

128,257

-

Loans and borrowings

181,689

181,689

-

72,840

72,840

-

Notes payable

25,159

25,159

-

-

-

-

Current tax payables

8,299

8,299

-

96

96

-

Trade and other payables

(f)

74,162

75,778

(1,616)

15,983

15,983

-

Provisions

141

141

-

-

-

-

289,450

291,066

(1,616)

88,919

88,919

-

Liabilities directly associated

with the assets held for sale

9,978

9,978

-

-

-

-

Current liabilities

299,428

301,044

(1,616)

88,919

88,919

-

Total liabilities

454,219

453,520

699

217,176

217,176

-

Total equity and liabilities

731,558

723,177

8,381

399,505

400,347

(842)

Consolidated Statement of Cash Flows

Note

Audited

Unaudited

Variance

Financial

Financial

Statements

Statements

S$'000

S$'000

$'000

Cash flows from operating activities

Profit for the year

20,680

12,999

7,681

Adjustments for:

Depreciation of property, plant and equipment

10,949

10,949

-

Dividend income from FVOCI

(1,263)

(1,263)

-

Fair value gain on foreign exchange forward contracts

(556)

(556)

-

Fair value gain on investment properties

(8,300)

(8,300)

-

Fair value gain on securities designated at fair value through profit or

loss

(205)

(205)

-

Finance costs

16,306

16,306

-

Finance income

(1,980)

(1,980)

-

Foreign exchange loss

5,336

5,336

-

Gain on disposal of subsidiaries

(757)

(757)

-

Loss on disposal of an associate

89

89

-

Loss on disposal of property, plant and equipment

195

195

-

Impairment loss on investment in associates

(b)

1,217

375

842

Impairment loss on redeemable cumulative convertible preference

shares in an associate

(a)

-

62

(62)

Impairment loss on trade and other receivables, net

(a)

-

955

(955)

Impairment loss on trade and other receivables (including RCCPS in an

associate), net

(a)

1,202

-

1,202

Loss on disposal of securities designated at fair value through profit or

loss

2

2

-

Property, plant and equipment written off

43

43

-

Share of profits of associates

(c)

(11,115)

(270)

(10,845)

Tax expense

(d)

8,969

6,646

2,323

40,812

40,626

186

Changes in working capital:

Development properties

83,060

83,060

-

Inventories

62

62

-

Trade and other receivables

(f)

(28,211)

(29,643)

1,432

Trade and other payables

(f)

(68,546)

(66,929)

(1,617)

Cash generated from operations

27,177

27,176

1

Income taxes refunded

679

679

-

Income taxes paid

(2,208)

(2,208)

-

Net cash from operating activities

25,648

25,647

1

Cash flows from investing activities

Acquisition of shares in associates

(203)

(203)

-

Capital expenditure on investment properties

(15,676)

(15,676)

-

Cash contribution paid by non-controlling interest

952

952

-

Dividends received:

-

- associates

613

613

-

- FVOCI

1,317

1,317

-

Finance income received

1,833

1,833

-

Loans to associates

(4,010)

(4,010)

-

Loan to non-controlling interest

(2,873)

(2,873)

-

Loans to third parties

(3,842)

(3,842)

-

Proceeds from disposal of an associate

5

5

-

Proceeds from disposal of subsidiaries, net of cash disposed

25,556

25,556

-

Proceeds from sale of other investments

57

56

1

Proceeds from sale of property, plant and equipment

5,851

5,852

(1)

Purchase of property, plant and equipment

(1,929)

(1,929)

-

Repayment of loan by an associate

592

592

-

Repayment of loans by third parties

32,755

32,755

-

Net cash from investing activities

40,998

40,998

-

Consolidated Statement of Cash Flows (continued)

Note

Audited

Unaudited

Variance

Financial

Financial

Statements

Statements

S$'000

S$'000

$'000

Cash flows from financing activities

Deposits pledged

11,394

11,394

-

Dividend paid to non-controlling interests of a subsidiary

(6,223)

(6,223)

-

Finance costs paid

(16,379)

(16,379)

-

Proceeds from borrowings

10,946

10,946

-

Proceeds from loan from a related party

4,750

4,750

-

Proceeds from loan from non-controlling interest

2,084

2,084

-

Proceeds from loan from third parties

1,006

1,006

-

Purchase of treasury shares

(45)

(45)

-

Redemption of notes payable

(1,720)

(1,720)

-

Repayment of borrowings

(22,609)

(22,609)

-

Repayment of finance lease liabilities

(1,801)

(1,801)

-

Repayment of loan to a director

(10,000)

(10,000)

-

Repayment of loans to non-controlling interests

(6,345)

(6,345)

-

Repayment of loans to third parties

(35,557)

(35,557)

-

Net cash used in financing activities

(70,499)

(70,499)

-

Net decrease in cash and cash equivalents

(3,853)

(3,854)

1

Cash and cash equivalents at beginning of year

54,335

54,335

-

Effect of exchange rate fluctuations on cash and cash equivalents

(1,159)

(1,158)

(1)

Cash and cash equivalents at end of year

49,323

49,323

-

Notes:

  1. The variance was due to reclassification from Other Income and Other Operating Expenses to Impairment loss on trade and other receivables.
  2. The variance is due to additional impairment loss on investment in associate, China Southwest Energy Corporation Ltd.
  3. The variance is due to share of profit of associate, Ececil Pte Ltd ("Ececil") as a result of the fair value gain on investment property held by Ececil. The profit was partially offset by the share of loss from China Southwest Energy Corporation Ltd as a result of the impairment loss on receivables.
  4. The variance was due to deferred tax liabilities from the temporary differences recognised by subsidiaries.
  5. The variance was due to share of profit of associate, Ececil held by a non-wholly owned subsidiary.
  6. The variance on trade and other receivables, payables was due to reclassification of the balances between receivables and payables.

BY ORDER OF THE BOARD

Vibrant Group Limited

Eric Khua

Executive Director & CEO

15 August 2019

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Vibrant Group Limited published this content on 15 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2019 01:51:03 UTC

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