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    Y45   SG1T17929525

SMI VANTAGE LIMITED

(Y45)
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Financial Statements and Related Announcement::Discrepancies between unaudited and audited accounts

11/30/2021 | 10:51am EST

SMI VANTAGE LIMITED

(Registration No. 200505764Z)

(Incorporated in Singapore)

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

The Board of Directors of SMI Vantage Limited (the "Company") and together with its subsidiaries (the "Group") refers to the unaudited full year results announcements for the financial year ended 31 March 2021 ("FY2020") released on 15 September 2021 (the "Unaudited Full Year Results").

Pursuant to Rule 704(6) 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 completion of the audit. Details and clarifications of the differences are set out as follows.

(In US$'000)

Group

Impact

Previously

Description

Audited

Announced

Variance

Loss, net of tax

Statement of Comprehensive

Income

(5,272)

(4,464)

808

1

Total assets

Statement of Financial Position

34,945

35,981

(1,036)

2

Total liabilities

Statement of Financial Position

(25,251)

(25,449)

198 3

Cash and cash

Consolidated Statement of Cash

equivalents,

Flows

ending balance

(386)

(3,785)

3,399

4

Explanatory Notes:

The variances due mainly to:

  1. An impairment of US$0.8 million was reversed during the year based on Myanmar auditor's assessment. After management's reassessment, the impairment amount was adjusted back.
  2. Impairment on Trade Receivable balances as stated in point 1 above and a reclassification of US$0.3 million foreign exchange gain on bank loans which was classified under cash and cash equivalents in previous announcement.
  3. A late adjustment to reverse US$0.2 million interest over accrued for bank loan denominated in Kyat.
  4. A reclassification of US$4.5 million bank overdraft to bank. Net off by the US$ 0.8 million impairment which increased the loss before tax as mentioned in point 1 above.

By Order of the Board

Mark Francis Bedingham

Executive Director, President and CEO

30 November 2021

Disclaimer

SMI Vantage Ltd. published this content on 30 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2021 15:50:07 UTC.


ę Publicnow 2021
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Financials (USD)
Sales 2021 0,34 M - -
Net income 2021 -5,38 M - -
Net Debt 2021 15,6 M - -
P/E ratio 2021 -0,61x
Yield 2021 -
Capitalization 25,9 M 25,9 M -
EV / Sales 2020 0,93x
EV / Sales 2021 56,5x
Nbr of Employees 1 000
Free-Float 18,6%
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Mark Francis Bedingham President, CEO & Executive Director
Kwok Wai Ho Non-Executive Chairman
Yen Siang Wong Lead Independent Director
Sung Leng Wee Independent Director
Sing Chak Fong Independent Director
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