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    5OI   SG1X84942272

JAPAN FOODS HOLDING LTD.

(5OI)
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Financial Statements and Related Announcement::Discrepancies between unaudited and audited accounts

06/29/2021 | 11:07am EDT

JAPAN FOODS HOLDING LTD.

(Incorporated in the Republic of Singapore on 3 December 2007) (Company Registration No. 200722314M)

VARIANCES BETWEEN THE UNAUDITED FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT AND AUDITED FINANCIAL STATEMENTS IN RESPECT OF THE FINANCIAL YEAR ENDED

31 MARCH 2021

The board of directors of Japan Foods Holding Ltd. (the "Company" and together with its subsidiaries, the "Group") refers to the Company's unaudited full year financial results announcement for the financial year ended 31 March 2021 ("FY2021") released by the Company on 25 May 2021 (the "Unaudited Full Year Financial Results").

Pursuant to Rule 704(5) of the Singapore Exchange Securities Trading Limited Section B: Rules of Catalist, the Company wishes to announce that, subsequent to the release of the Unaudited Full Year Financial Results, certain items were reclassified in the Consolidated Statement of Cash Flows.

The reclassification did not affect the Group's consolidated statement of comprehensive income for FY2021 and balance sheets as at 31 March 2021. There was no impact on the Group's earnings per share for FY2021 and the net asset value per share of the Company and the Group as at 31 March 2021 as previously reported in the Unaudited Full Year Financial Results.

Details and clarification of the variances are summarised below.

Consolidated Statement of Cash Flows for FY2021

Unaudited

Audited

Variance

S$'000

S$'000

S$'000

Explanation for the variance

Cash flows from operating activities

- Rental concessions

-

(6,395)

(6,395)

Reclassification of rental

concessions from repayment of

lease liabilities

- Amortisation of other investments

-

11

11

Reclassification from purchase of

at amortised cost

other investments at amortised

costs

Cash flows from operating activities

28,134

21,752

(6,382)

Result of the above adjustments

before working capital changes

and rounding differences

Net cash provided by operating

25,853

19,471

(6,382)

Result of the above adjustments

activities

and rounding differences

Unaudited

Audited

Variance

S$'000

S$'000

S$'000

Explanation for the variance

Cash flows from investing activities

Purchase of other investments at

amortised cost

1,068

1,079

11

Reclassification of amortization

wrongly offset from the purchase

cost

Net cash used in investing activities

(2,234)

(2,246)

12

Result of the above adjustments

and rounding differences

Cash flows from financing activities

- Principal repayment of lease

(18,138)

(11,743)

(6,395)

Reclassification of rental

liabilities

concessions to non-cash

adjustment

Net cash used in investing activities

(20,646)

(14,252)

(6,394)

Result of the above adjustment

and rounding differences

BY ORDER OF THE BOARD

TAKAHASHI KENICHI

Executive Chairman and CEO

29 June 2021

This announcement has been reviewed by the Company's sponsor, CIMB Bank Berhad, Singapore Branch ("Sponsor") in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement. The contact person for the Sponsor is Ms Tan Cher Ting, Director, Investment Banking, CIMB Bank Berhad, Singapore Branch, at 50 Raffles Place, #09-01 Singapore Land Tower, Singapore 048623, Telephone: +65 6337 5115.

2

Disclaimer

Japan Foods Holding Ltd. published this content on 29 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2021 15:06:05 UTC.


ę Publicnow 2021
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Number of Analysts 2
Last Close Price 0,42 SGD
Average target price 0,58 SGD
Spread / Average Target 36,9%
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Kenichi Takahashi Executive Chairman & Chief Executive Officer
Kian Er Liew Chief Financial Officer
Chau Mui Chan Chief Operating Officer
Lye Huat Tan Independent Non-Executive Director
Sok Koon Lee Lead Independent Non-Executive Director
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