General Announcement::VARIANCES BETWEEN AUDITED FINANCIAL STATEMENTS Y/E 31MAR2021 AND ANNOUNCED PRELIM FULL YEAR RESULTS

TT INTERNATIONAL LIMITED

Company Registration Number 198403771D

(Incorporated in Singapore)

ANNOUNCEMENT

VARIANCES BETWEEN AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 AND THE PRELIMINARY FULL YEAR RESULTS ANNOUNCEMENT

The Board of Directors (the "Board") of TT International Limited (the "Company") refers to the Company's earlier result announcement dated 31 August 2021 for the full-year ended 31 March 2021.

Pursuant to Rule 704(6) of the Listing Manual, the Board would like to announce the material adjustments arising from the variances between the audited financial statements and the unaudited financial statements announced on 31 August 2021.

Details of the variances are as follows:
Consolidated Income Statement - Group
	Announced	Audited	Variance
	S$'000	S$'000	S$'000
Loss for the year	92,501	74,434	(18,067)	1

Notes:

• The decrease in loss is mainly due to the following adjustments: -
• 1. Being additonal provision for stock obsolescence recognised of $381,000
  2. Being interests of S$ 830,000 accrued in the current financial year (pursuant to Court Order) for amount owing to a creditor of 51% owned subsidiary.
  3. Being understatement of depreciation of property, plant and equipment and right-of-use assets of $151,000
  4. Being overstatment of fair value loss on investment property of $166,000
  5. The reduction in loss on disposal of the Property at 1 Venture Avenue, Singapore 608521 ("Property") amounting to S$19,263,000 was due to the adjustment made to the carrying amount of the Property in the current financial year, which lead to lower loss on disposal of the Property (when compared against the Property sale price).

Consolidated Balance Sheet - Group
	Announced	Audited	Variance
	S$'000	S$'000	S$'000
Non-current assets
Property, plant and equipment	25,308	15,467	(9,841)	2a
Rights of Use Assets	5,185	13,774	8,589	2a
Investment properties	3,603	3,769	166	2b
Current assets
Inventories	7,572	7,191	(381)	3a
Trade and other receivables	14,597	14,847	250	3b
Equity
Revaluation reserves	(41,651)	(41,213)	438	4a
Foreign currency translation reserves	24,816	6,635	(18,181)	4b
Accumulated losses	626,064	554,503	(71,561)	4c
Non-controlling interests	89,656	179,052	89,396	4d
	698,885	698,977	92
Non-current liabilities
Deferred tax liabilities	(4,679)	(4,055)	624	5
Current liabilities
Trade and other payables	(158,606)	(148,104)	10,502	6a
Provisions	(50)	(10,050)	(10,000)	6b
Current tax payable	(584)	(584)	0

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TT INTERNATIONAL LIMITED

Company Registration Number 198403771D

(Incorporated in Singapore)

ANNOUNCEMENT

VARIANCES BETWEEN AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 AND THE PRELIMINARY FULL YEAR RESULTS ANNOUNCEMENT

Notes:

2a The decrease is due to reclassification of certain leased assets from "property, plant and equipment" to "right of use assets" as well as adjustment made to reduce the carrying amount of an overseas property held by an overseas subsidiary on disposal.

2b Being understatment of fair value loss on investment property of $166,000

3a Being additonal provision for stock obsolescence recognised of $381,000

3b Being understatement of prepayments of $250,000

4a Being adjustment on the transfer of revaluation reserve to accumulated losses on disposal of property, plant and equipment

4b Being audit adjustments on prior years translation differences arising from (a) translation differences of overseas entities (that had ceased operations) whose functional domestic currency is different from the reporting currency of the Group that were not reversed to the consolidated statement of comprehensive income; and (b) translation differences on the assets and liabilities of the overseas entities denominated in currencies (other than the functional domestic currencies) of these overseas entities.

4c Being the cumulative effects on adjustments 4a, 4b and 4d

4d Being adjustment to reverse an consolidation adjustment made on the non-controlling interests' share of the net assets of the subsidiaries, not wholly owned by the Group.

• The decrease in Deferred tax liabilities S$624,000 is due to reversal of fair value of disposed overseas property.

6a The decrease in Trade and other payables is due to reclassification of accrued reinstatement cost of property to Provisions S$10,000,000, reduction in accrued contractors cost and revaluation S$1,331,000 and offset by increase in accrue interest expense S$830,000.

6b The increase in Provision is due to reclassfication of S$ 10,000,000 from Trade and other payables to provison for accrued reinstatement cost of property.

By Order of the Board

Tong Jia Pi Julia

Executive Director

10 December 2021

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