ASTI : FY2022 Half Year Results

Company No. 199901514C

ASTI Holdings Limited and its Subsidiaries

Condensed Interim Financial Statements For the Six Months Ended 30 June 2022

ASTI Holdings Limited • Page 2

CONDENSED BALANCE SHEETS

AS AT 30 JUNE 2022

		Group		Company
		30 Jun 22	31 Dec 21		30 Jun 22	31 Dec 21
	Note	S$'000	S$'000		S$'000	S$'000
		(unaudited)	(unaudited)		(unaudited)	(unaudited)
Non-Current Assets
Intangible assets		18	18	-	-
Property, plant and equipment	3	33,350	21,301	71	100
Right-of-use assets		1,504	1,902	50	70
Subsidiaries	4	-	-	5,162	7,910
Associates	5	6,294	6,880	5,801	5,801
Other receivables		40	43	-	-
Deferred tax assets		36	35		-	-
		41,242	30,179	11,084	13,881
Current Assets
Inventories		3,478	3,524	-	-
Prepayments and advances		411	863	20	38
Due from subsidiaries		-	-	174	77
Due from associates		9,603	9,513	9,588	9,497
Due from related companies		2,492	2,435	-	-
Trade receivables		12,181	11,027	-	-
Other receivables		723	853	23	10
Cash at bank and on hand		22,791	23,849		2,826	1,390
		51,679	52,064	12,631	11,012
Current Liabilities
Provisions		5	5	-	-
Loans and borrowings	7	2,460	2,628	-	-
Trade payables and accruals		11,035	12,489	1,919	3,173
Other payables	6	16,103	5,638	520	356
Due to subsidiaries		-	-	10,130	9,700
Lease creditors		981	1,197	40	40
Income tax payable		840	756		-	-
		31,424	22,713		12,609	13,269
Net Current Assets / (Liabilities)		20,255	29,351	22	(2,257)
Non-Current Liabilities
Lease creditors		1,121	1,251	11	30
Long term payables		2,633	2,530	-	-
Loans and borrowings	7	396	425	-	-
Deferred tax liabilities		184	194		-	-
		4,334	4,400	11	30
Net Assets
	57,163	55,130	11,095	11,594
Equity attributable to owners of the Company
Share capital	13	132,617	132,617	132,617	132,617
Treasury shares	14	(4,772)	(4,772)	(4,772)	(4,772)
Translation reserve		(14)	575	-	-
Capital reserves		(3,746)	(3,746)	(2,960)	(2,960)
Other reserves		(4,448)	(4,448)	-	-
Accumulated losses		(48,003)	(51,165)		(113,790)	(113,291)
		71,634	69,061	11,095	11,594
Non-controlling interests		(14,471)	(13,931)		-	-
Total Equity		57,163	55,130	11,095	11,594

ASTI Holdings Limited • Page 3

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2022

			Group
		6 months ended
		30 Jun 22	30 Jun 21	change
	Note	S$'000	S$'000	%
Revenue	8	32,440	26,200	23.8
Cost of sales		(24,309)	(18,870)	28.8
Gross Profit		8,131	7,330	10.9
Other income		266	749	(64.5)
Other expense
Marketing and distribution		(768)	(848)	(9.4)
Research and development		24	(43)	NM
Administrative expenses		(4,905)	(6,700)	(26.8)
Other expenses		(5)	(46)	(89.1)
Foreign exchange gain		1,230	891	38.0
Finance costs, net		(86)	(85)	1.2
Share of results of associates, net of tax		(611)	(1,293)	(52.7)
Profit/(loss) before tax	9	3,276	(45)	NM
Income tax expense	10	(718)	(534)	34.5
Profit/(loss) for the period		2,558	(579)	NM
Attributable to:
Owners of the Company		3,162	831	>100.0
Non-controlling interests		(604)	(1,410)	(57.2)
Total		2,558	(579)	NM
Earnings per share (cents per share)
Basic and diluted	12	0.48	0.13

NM: Not meaningful

ASTI Holdings Limited • Page 4

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2022

		Group
	6 months ended
	30 Jun 22	30 Jun 21	change
	S$'000	S$'000	%
Profit/(loss) for the period	2,558	(579)	NM
Other comprehensive income items that may be
reclassified subsequently profit or loss
Foreign currency translation	(519)	97	NM
Other comprehensive income for the period, net of tax of nil	(519)	97	NM
Total comprehensive income for the period	2,039	(482)	NM
Attributable to:
Owners of the Company	2,579	1,099	>100.0
Non-controlling interests	(540)	(1,581)	(65.8)
Total	2,039	(482)	NM

NM: Not meaningful

ASTI Holdings Limited • Page 5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2022

Attributable to equity holders of the Company

						Equity
				Foreign		attributable to
				currency		owners of the	Non-
	Share	Treasury	Capital	translation	Accumulated	Company,	controlling	Total
Group	capital	shares	reserve	reserve	losses	Total	interests	equity
		----------------------(Non-distributable)---------------------	(Distributable)
	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
At 1 January 2022	132,617	(4,772)	(8,194)	575	(51,165)	69,061	(13,931)	55,130
Profit/(loss) for the period	-	-	-	-	3,162	3,162	(604)	2,558
Foreign currency translation	-	-	-	(589)	-	(589)	64	(525)
Other comprehensive income	-	-	-	(589)	-	(589)	64	(525)
net of tax of nil
Total comprehensive income	-	-	-	(589)	3,162	2,573	(540)	2,033
for the period
At 30 June 2022	132,617	(4,772)	(8,194)	(14)	(48,003)	71,634	(14,471)	57,163
At 1 January 2021	132,617	(4,772)	(8,194)	338	(44,218)	75,771	(3,223)	72,548
Profit/(loss) for the period	-	-	-	-	831	831	(1,410)	(579)
Foreign currency translation	-	-	-	268	-	268	(171)	97
Other comprehensive income
net of tax of nil	-	-	-	268	-	268	(171)	97
Total comprehensive income
for the period	-	-	-	268	831	1,099	(1,581)	(482)
At 30 June 2021	132,617	(4,772)	(8,194)	606	(43,387)	76,870	(4,804)	72,066