CSC : Announcement On Discrepancies Between Unaudited And Audited Accounts

Financial Statements and Related Announcement::Discrepancies between unaudited a...

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Financial Statements and Related Announcement::Discrepancies between unaudited and audited accounts Issuer & Securities

Issuer/ Manager CSC HOLDINGS LIMITED Securities CSC HOLDINGS LTD - SG1F84861094 - C06 Stapled Security No

Announcement Details

Announcement Title Financial Statements and Related Announcement Date & Time of Broadcast 23-Jun-2017 17:27:32 Status New Announcement Sub Title Discrepancies between unaudited and audited accounts Announcement Reference SG170623OTHRMHQP Submitted By (Co./ Ind. Name) Lee Quang Loong Designation Company Secretary Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format)

Please refer to the attachment.

Additional Details

For Financial Period Ended 31/03/2017 Attachments

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http://infopub.sgx.com/Apps?A=COW_CorpAnnouncement_Content&B=Announcem...

23/6/2017

MATERIAL VARIANCES BETWEEN UNAUDITED FINANCIAL STATEMENTS AND REVISED UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2017

The Board of Directors (the "Board") of CSC Holdings Limited (the "Company" and together with its subsidiaries, the "Group") refers to the Company's previous announcement made on 30 May 2017 in relation to its unaudited full year financial statements for the financial year ended 31 March 2017 ("FY17") (the "Unaudited Results").

The Board wishes to announce and clarify material differences between the unaudited financial statements and the revised unaudited financial statements for FY17 (the "Revised Unaudited Results"). The material differences and the reason therefor are set out below.

Consolidated Statement of Profit or Loss for FY17

Group
12 months ended		Variance
31-Mar-17 Revised Unaudited Results	31-Mar-17 Unaudited Results
Loss before tax	$'000	$'000	$'00	0
	(22,412)	(23,285)	873
Tax expense	(2,313)	(2,116)	(197)
Loss for the yea r
Attributable to:
Owners of the Company	(25,282)	(25,598)	316
Non-controlling interests	557	197	360
Loss for the year	(24,725)	(25,401)	676
Basic loss per share (cents)	(1.16)	(1.17)	0.01
Diluted loss per share (cents)	(1.16)	(1.17)	0.01

Statement of Financial Position as at 31 March 2017

Group
31-Mar-17 Revised Unaudited Results	31-Mar-17 Unaudited Results	Variance
Current assets	$'000	$'000	$'000
	181,076	180,236	840
Equity
Equity attributable to:
Owners of the Company	144,944	144,640	304
Non-controlling interests	25,900	25,553	347
Equity	170,844	170,193	651
Non-current liabilities	23,358	23,169	189
Net Asset Value per share (cents)	7.8	7.8	-

The above differences are due to the Group's successful efforts in recovering a long outstanding debt amounting to $873,000 (the "Debt"). The Debt has been outstanding for more than a year. On a prudent basis, a full provision was made and reflected in the Unaudited Results of the Group. As a result of the Group's successful recovery of the Debt, the Group has reversed the provision made previously and has recorded a corresponding decrease to its loss for the current financial year.

Please refer to ANNEX A for the detailed variances.

BY ORDER OF THE BOARD

Lee Quang Loong Company Secretary

23 June 2017

ANNEX A Comparison of the Revised Unaudited Results and the Unaudited Results for FY17 are set out as follows: Consolidated Statement of Profit or Loss for the 12 months ended 31 March 2017

Revenue	Group
	12 months ended		Variance
	31-Mar-17 Revised Unaudited	31-Mar-17 Unaudited
	$'000	$'000	$'00	0
	252,360	252,360	-
Cost of sales	(244,114)	(244,114)	-
Gross profit	8,246	8,246	-
Other income	2,306	2,306	-
Distribution expenses	(526)	(526)	-
Administrative expenses	(25,711)	(25,711)	-
Other operating expenses	(1,843)	(2,716)	873
Write-down of plant and equipment	(1,007)	(1,007)	-
Results from operating activities	(18,535)	(19,408)	873
Finance income	213	213	-
Finance expenses	(3,843)	(3,843)	-
Net finance expenses	(3,630)	(3,630)	-
Share of loss of joint ventures	(247)	(247)	-
(net of tax)
Loss before tax	(22,412)	(23,285)	873
Tax expense	(2,313)	(2,116)	(197)
Loss for the year	(24,725)	(25,401)	676
Attributable to:	(25,282)	(25,598)	316
Owners of the Company
Non-controlling interests	557	197	360
Loss for the year	(24,725)	(25,401)	676
Loss per share	(1.16)	(1.17)	0.01
Basic loss per share (cents)
Diluted loss per share (cents)	(1.16)	(1.17)	0.01