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VARIANCE BETWEEN UNAUDITED FINANCIAL STATEMENTS AND AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 _________________________________________________________________________
The Board of Directors ("Board") of Sin Heng Heavy Machinery Limited ("Company" and together with its subsidiaries, "Group") refers to the announcement on the unaudited full year financial statements for the financial year ended 31 December 2021 ("FY2021") released on 25 February 2022 (the "Unaudited Financial Statements").
Pursuant to Rule 704(6) of the Listing Manual of the Singapore Exchange Securities Trading Limited (the "SGX-ST"), the Board wishes to announce that subsequent to the release of FY2021 Unaudited Financial Statements, certain reclassifications were made following the finalisation of the audit by the independent auditor.
The details and explanation of the variances between the audited financial statements for FY2021 and the Unaudited Financial Statements are set out below.
Consolidated Statement of Cash Flows
Audited | Unaudited | Variance | ||
S$'000 | S$'000 | S$'000 | Notes | |
Operating activities | ||||
Adjustments for: | ||||
Net unrealised foreign exchange loss/(gain) | 907 | 969 | (62) | N.M. |
Bad debts (recovered) | (173) | - | (173) | (i) |
Operating cash flows before movements in working | ||||
capital | 13,341 | 13,573 | (232) | N.M. |
Trade receivables | 14,898 | 14,725 | 173 | N.M. |
Inventories | 12,568 | 12,122 | 446 | N.M. |
Cash generated from operations | 41,154 | 40,769 | 385 | N.M. |
Purchase of property, plant and equipment | (13,705) | - | (13,705) | (ii) |
Net cash from operating activities | 26,984 | 40,283 | (13,299) | |
Investing activities | ||||
Purchase of property, plant and equipment | (68) | (13,775) | 13,707 | (ii) |
Proceeds from disposal of property, plant and | ||||
equipment | 201 | 609 | (408) | (iii) |
Net cash used in investing activities | (1,513) | (14,812) | 13,299 |
(i) (ii)Add back the bad debts recovered.
Reclassification of purchase of property, plant and equipment for rental use as operating activities.
(iii)
Reclassification of proceeds from sales of equipment under "movement in inventories".
N.M. - Not meaningful / not material.
BY ORDER OF THE BOARD
Tan Ah Lye
Executive Director and Chief Executive Officer 7 April 2022
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Sin Heng Heavy Machinery Limited published this content on 07 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 April 2022 12:52:04 UTC.