ASTI : FY2023 Half Year Results

Company No. 199901514C

ASTI Holdings Limited and its Subsidiaries

Condensed Interim Financial Statements For the Six Months Ended 30 June 2023

ASTI Holdings Limited • Page 2

CONDENSED BALANCE SHEETS

AS AT 30 JUNE 2023

		Group		Company
		30 Jun 23	31 Dec 22		30 Jun 23	31 Dec 22
	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	29,648	32,006	59	71
Right-of-use assets		1,221	1,100	10	30
Subsidiaries	4	-	-	5,162	5,162
Investment in associates	5	16,886	18,100	5,801	5,801
Other receivables		39	39	-	-
Deferred tax assets		28	27		-	-
		47,840	51,290	11,032	11,064
Current Assets
Inventories		3,206	3,582	-	-
Prepayments and advances		513	894	80	35
Due from subsidiaries		-	-	936	823
Due from associates		10,648	9,976	10,634	9,962
Due from related companies		835	-	-	-
Trade receivables		11,187	12,678	-	-
Other receivables		1,094	751	109	99
Cash at bank and on hand		21,042	25,875		126	1,456
		48,525	53,756	11,885	12,375
Current Liabilities
Provisions		100	100	-	-
Loans and borrowings	7	3,563	2,178	-	-
Trade payables and accruals		10,877	11,005	1,829	1,239
Other payables	6	4,667	12,862	657	3,471
Due to subsidiaries		-	-	9,143	6,617
Lease creditors		743	616	10	30
Income tax payable		164	475		-	-
		20,114	27,236		11,639	11,357
Net Current Assets		28,411	26,520	246	1,018
Non-Current Liabilities
Lease creditors		723	751	-	-
Long-term payables		2,516	2,412	-	-
Loans and borrowings	7	8,414	9,767	-	-
Deferred tax liabilities		312	306		-	-
		11,965	13,236	-	-
Net Assets
	64,286	64,574	11,278	12,082
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		(199)	(411)	-	-
Capital reserves		(3,746)	(3,746)	(2,960)	(2,960)
Other reserves		(4,448)	(4,448)	-	-
Accumulated losses		(46,066)	(45,836)		(113,607)	(112,803)
		73,386	73,404	11,278	12,082
Non-controlling interests		(9,100)	(8,830)		-	-
Total Equity		64,286	64,574		11,278	12,082

ASTI Holdings Limited • Page 3

CONDENSED CONSOLIDATED INCOME STATEMENT

FOR THE SIX MONTHS ENDED 30 JUNE 2023

			Group
		6 months ended
		30 Jun 23	30 Jun 22	change
	Note	S$'000	S$'000	%
Revenue	8	28,363	32,440	(12.6)
Cost of sales		(22,014)	(24,309)	(9.4)
Gross profit		6,349	8,131	(21.9)
Other income		1,422	266	>100.0
Other expense
Marketing and distribution		(868)	(768)	13.0
Research and development		(34)	24	NM
Administrative expenses		(5,002)	(4,905)	2.0
Other expenses		(14)	(5)	>100.0
Foreign exchange (loss)/gain		(815)	1,230	NM
Finance costs, net		(249)	(86)	>100.0
Share of results of associates, net of tax		(1,164)	(611)	90.5
(Loss)/profit before tax	9	(375)	3,276	NM
Income tax expense	10	(443)	(718)	(38.3)
(Loss)/profit for the period		(818)	2,558	NM
Attributable to:
Owners of the Company		(230)	3,162	NM
Non-controlling interests		(588)	(604)	(2.6)
Total		(818)	2,558	NM
(Loss)/earnings per share
(cents per share)
Basic and diluted	12	(0.04)	0.48

NM: Not meaningful

ASTI Holdings Limited • Page 4

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2023

(Loss)/profit for the period

Other comprehensive income items

that may be reclassified subsequently profit or loss

Foreign currency translation

Other comprehensive income for the period, net of tax of nil Total comprehensive income for the period

Attributable to:

Owners of the Company

Non-controlling interests

Total

Group 6 months ended

30 Jun 23 30 Jun 22 change

S$'000 S$'000 %

(818) 2,558 NM

1. (525)<100.0

1. (525)<100.0

(288) 2,033 NM

(18)	2,573	NM
(270)	(540)	(50.0)
(288)	2,033	NM

NM: Not meaningful

ASTI Holdings Limited • Page 5

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2023

Group

At 1 January 2023

Loss for the period

Foreign currency translation Other comprehensive income

net of tax of nil

Total comprehensive income/(loss) for the period

At 30 June 2023

At 1 January 2022

Profit/(loss) for the period

Foreign currency translation

Other comprehensive (loss)/income net of tax of nil

Total comprehensive (loss)/income for the period

	Attributable to equity holders of the Company
			Foreign		Equity
			currency		attributable to	Non-
Share	Treasury	Capital	translation	Accumulated	owners of the	controlling	Total
capital	shares	reserve	reserve	losses	Company, Total	interests	equity
	----------------------(Non-distributable)---------------------	(Distributable)
S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000	S$'000
132,617	(4,772)	(8,194)	(411)	(45,836)	73,404	(8,830)	64,574
-	-	-	-	(230)	(230)	(588)	(818)
-	-	-	212	-	212	318	530
-	-	-	212	-	212	318	530
-	-	-	212	(230)	(18)	(270)	(288)
132,617	(4,772)	(8,194)	(199)	(46,066)	73,386	(9,100)	64,286
132,617	(4,772)	(8,194)	615	(48,167)	72,099	(7,749)	64,350
-	-	-	-	3,162	3,162	(604)	2,558
-	-	-	(589)	-	(589)	64	(525)
-	-	-	(589)	-	(589)	64	(525)
-	-	-	(589)	3,162	2,573	(540)	2,033

At 30 June 2022

132,617

(4,772)

(8,194)

26

(45,005)

74,672

(8,289)

66,383