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    CGN   SG1DG3000004

BEST WORLD INTERNATIONAL LIMITED

(CGN)
  Report
Delayed Singapore Stock Exchange  -  03:13 2019-05-09 am EDT
1.360 SGD   -16.05%
08/11Best World International Limited Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
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07/25REPLACE - ANNUAL GENERAL MEETING : : Voluntary
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07/11Best World International to Submit Resumption Proposal to Singapore Exchange Regulation
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Financial Statements And Related Announcement :: Discrepancies Between Unaudited And Audited Accounts

07/08/2022 | 11:54am EDT

BEST WORLD INTERNATIONAL LIMITED

Company Registration No. 199006030Z

MATERIAL DIFFERENCES BETWEEN THE AUDITED FINANCIAL STATEMENTS AND THE UNAUDITED FINANCIAL RESULTS ANNOUNCEMENT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021

The Board of Directors (the "Board") of Best World International Limited (the "Company") and together with its subsidiaries (the "Group") refers to the unaudited full year results announcement for the financial year ended 31 December 2021 ("FY2021") released on 1 March 2022 (the "Unaudited Full Year Results").

Pursuant to Rule 704(5) of the Listing Manual of the Singapore Exchange Securities Trading Limited, the Board wishes to highlight that there were certain material differences between the audited financial statements and the Unaudited Full Year Results in respect of FY2021 following the finalisation of the audit. Details and clarifications of the differences are set out as follows.

1) Consolidated Statements of Profit or Loss for the Year Ended 31 December 2021

Group

Unaudited

Audited

Differences

Note

S$'000

S$'000

S$'000

Revenue

580,036

580,036

-

Cost of sales

(125,120)

(124,977)

143

Gross profit

454,916

455,059

143

Interest income

4,559

4,559

-

Other operating income

9,054

9,019

(35)

Distribution costs

(173,690)

(173,701)

(11)

Administrative expenses

(90,349)

(90,190)

159

(Other losses) other gains, net

6,028

7,537

1,509

1

Finance costs

(431)

(420)

11

Share of results of a joint venture

646

646

-

Share of results of an associate

(179)

(183)

(4)

Profit before income tax

210,554

212,326

1,772

Income tax expense

(60,457)

(58,373)

2,084

2

Net profit for the period

150,097

153,953

3,856

Profit net of tax attributable to: Owners of the Company Non-controlling interests

Earnings per share:

Basic (cents)

Diluted (cents)

149,838

153,694

3,856

259

259

-

150,097

153,953

3,856

27.54

28.25

0.71

27.54

28.25

0.71

  1. Statements of Financial Position of the Group and Company as at 31 December 2021

Group

Unaudited Audited DifferencesNote

S$'000 S$'000 S$'000

Company

Unaudited Audited DifferencesNote

S$'000 S$'000 S$'000

Assets

Non-current assets

Property, plant and equipment

63,693

63,714

21

2,347

2,347

-

Investment property

1,091

1,091

-

-

-

-

Other Intangible assets

7,872

7,871

(1)

-

-

-

Intangible assets

1,150

1,149

(1)

51

51

-

Right-of-use assets

14,962

14,988

26

2,493

2,493

-

5

Investment in subsidiaries

-

-

-

113,303

104,803

(8,500)

Investment in a joint venture

38,372

38,335

(37)

-

-

-

Investment in an associate

4,994

4,990

(4)

-

-

-

Deferred tax assets

22,144

22,144

-

-

-

-

Other financial assets

5,241

5,931

690

1

269

269

-

159,519

160,213

694

118,463

109,963

(8,500)

Current assets

Inventories

88,152

88,281

129

26,902

26,902

-

6,7

Trade and other receivables

6,140

6,308

168

18,329

19,724

1,395

Other assets

20,647

20,657

10

10,073

10,073

-

Other financial assets

14,470

14,469

(1)

14,470

14,469

(1)

Cash and bank balances

474,827

474,828

1

298,149

298,149

-

604,236

604,543

307

367,923

369,317

1,394

Total assets

763,755

764,756

1,001

486,386

479,280

(7,106)

Equity and liabilities

Current liabilities

Trade and other payables

149,663

148,848

(815)

3

56,124

58,798

2,674

7

Contract liabilities

626

1,686

1,060

3

-

-

-

Lease liabilities

5,085

3,746

(1,339)

4

1,367

1,367

-

Other financial liabilities

-

-

-

-

-

-

Other liabilities

37,056

36,862

(194)

1,082

1,082

-

2

Income tax payable

28,495

26,408

(2,087)

2

11,773

9,959

(1,814)

220,925

217,550

(3,375)

70,346

71,206

860

Net current assets

383,311

386,993

3,682

297,577

298,111

534

Non-current liabilities

Deferred tax liabilities

12,347

12,346

(1)

6,125

6,125

-

Lease liabilities

8,948

10,316

1,368

4

1,021

1,021

-

Other financial liabilities

19,632

18,796

(836)

1

-

-

-

40,927

41,458

531

7,146

7,146

-

Total liabilities

261,852

259,008

(2,844)

77,492

78,352

860

Net assets

501,903

505,748

3,845

408,894

400,928

(7,966)

Equity attributable to owners

of the Company

Share capital

10,027

10,027

-

10,027

10,027

-

Retained earnings

456,996

460,852

3,856

398,545

390,579

(7,966)

Other reserves

37,531

37,522

(9)

322

322

-

504,554

508,401

3,847

408,894

400,928

(7,966)

Non-controlling interests

(2,651)

(2,653)

(2)

-

-

-

Total equity

501,903

505,748

3,845

408,894

400,928

(7,966)

Total equity and liabilities

763,755

764,756

1,001

486,386

479,280

(7,106)

3) Consolidated Statement of Cash Flows for FY2021

Group

Unaudited

Audited

Difference

Note

S$'000

S$'000

S$'000

Operating activities

Profit before income tax

210,554

212,326

1,772

Depreciation of right-of-use assets

3,248

4,543

1,295

8

Fair value gain in call option - Pedal Pulses Ltd.

(235)

(934)

(699)

1

Fair value gain in put option - Pedal Pulses Ltd.

(14,436)

(15,283)

(847)

1

Financing activities

Decrease (increase) in cash restricted in use

190

(1,313)

(1,503)

9

Note

  1. Increase in fair value gain of call options of $0.7 million (corresponding impact on non-current other financial asset) and increase in fair value gain in put options of $0.8 million (corresponding impact on non-current other financial liabilities) based on professional valuation report on options.
  2. A difference of $2.1 million was mainly due to over-provision of income tax expenses in prior year as a result of finalisation of income tax expenses in previous year of assessment (corresponding impact on income tax payable).
  3. Reclassification of contract liabilities of $1.0 million from trade and other payable was mainly due to deposits received from distributors.
  4. Reclassification of current and non-current portion of lease liabilities of $1.3 million.
  5. A decrease in investment in subsidiary corporation by $8.5 million was due to allowance for impairment loss as its recoverable amount is lower than its carrying value.
  6. Expected credit loss on non-trade receivable from a subsidiary of $1.4 million as its recoverable amount is lower than its carrying value.
  7. Reclassification of credit balances of $2.7 million from other receivables due from related companies to other payables due to related companies of the Company.
  8. Reclassification of administrative expenses relating to rental expenses to depreciation expenses for right-of-use assets.
  9. Increase in restricted cash in use relating to fixed deposit of $1.5 million pledged for unutilised bank facilities of the Company.

For and on behalf of

Best World International Limited

Huang Ban Chin

Director and Chief Operating Officer

8 July 2022

Disclaimer

Best World International Limited published this content on 08 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 July 2022 15:53:01 UTC.


© Publicnow 2022
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Financials
Sales 2021 580 M 406 M 406 M
Net income 2021 154 M 108 M 108 M
Net cash 2021 475 M 333 M 333 M
P/E ratio 2021 4,81x
Yield 2021 -
Capitalization 740 M 549 M 518 M
EV / Sales 2020 0,74x
EV / Sales 2021 0,46x
Nbr of Employees -
Free-Float 31,9%
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Beng Mui Hoan Co-Chairman, Group Chief Executive Officer & MD
Nee Moi Tan Co-Chairman & President
Sugiharto Husin Senior Group Manager-Information Systems
Ban Chin Huang Marketing Manager
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