MM2 ASIA LTD. MM2 ASIA LTD.
Incorporated in the Republic of Singapore
(Company Registration No.: 201424372N)
(the "Company")
MATERIAL ADJUSTMENTS BETWEEN AUDITED FINANCIAL STATEMENTS AND
UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2022
The Board of Directors (the "Board") of the Company, and together with its subsidiaries, (collectively the "Group") refers to its announcement on the unaudited full year financial results ("Unaudited Results") for the financial year ended 31 March 2022 ("FY2022") which was released to the Singapore Exchange Securities Trading Limited (the "SGX-ST") on 30 May 2022 (the "Announcement").
Pursuant to Rule 704(6) of the Listing Manual of the SGX-ST, the Board wishes to announce that subsequent to the release of the Unaudited Results FY2022 and the finalisation of the audit, there were material adjustments between the Audited Financial Statements FY2022 and Unaudited Results FY2022.
Details and clarifications of the material adjustments are set out below:
Extract of Consolidated Statement of Financial Position as at 31 March 2022
Audited | Unaudited | Change | Change | ||
Group | $'000 | $'000 | $'000 | % | Note |
(A) | (B) | (A) - (B) | |||
Current liabilities | |||||
Borrowings | 154,394 | 159,956 | (5,562) | -3.5% | 1 |
Lease liabilities | 28,090 | 28,109 | (19) | -0.07% | * |
Non-current liabilities | |||||
Borrowings | 55,366 | 49,804 | 5,562 | 11.2% | 1 |
Lease liabilities | 23,179 | 23,160 | 19 | 0.08% | * |
Equity | |||||
Accumulated losses attributable to | |||||
equity holders of the Company | (46,677) | (47,447) | 770 | 1.6% | * |
Non-controlling interests | 42,337 | 43,107 | (770) | -1.8% | * |
* changes are not material Notes:
1. Due to reclassification of bank borrowings from current to non-current liabilities.
Extract of Consolidated Statement of Cash flows for the financial year ended 31 March 2022
Audited | Unaudited | Change | Change | ||
Group | $'000 | $'000 | $'000 | % | Note |
(A) | (B) | (A) - (B) | |||
Net cash provided by operating | |||||
activities | 26,220 | 26,958 | (738) | -2.7% | 1 |
Net cash used in investing | |||||
activities | (5,499) | (6,237) | 738 | 11.8% | 1 |
Notes:
1. Mainly due to reclassification of:
- Government grant receipt of $351,000 from Operating activities to Investing activities; and
- Payment for reinstatement cost of $340,000 from investing activities to operating activities
BY ORDER OF THE BOARD
Melvin Ang Wee Chye
Executive Chairman
13 July 2022
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MM2 Asia Ltd. published this content on 13 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2022 16:23:06 UTC.
