Financial Statements and Related Announcement::Discrepancies between unaudited and audited accounts
June 29, 2021 at 11:07 am
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JAPAN FOODS HOLDING LTD.
(Incorporated in the Republic of Singapore on 3 December 2007) (Company Registration No. 200722314M)
VARIANCES BETWEEN THE UNAUDITED FULL YEAR FINANCIAL RESULTS ANNOUNCEMENT AND AUDITED FINANCIAL STATEMENTS IN RESPECT OF THE FINANCIAL YEAR ENDED
31 MARCH 2021
The board of directors of Japan Foods Holding Ltd. (the "Company" and together with its subsidiaries, the "Group") refers to the Company's unaudited full year financial results announcement for the financial year ended 31 March 2021 ("FY2021") released by the Company on 25 May 2021 (the "Unaudited Full Year Financial Results").
Pursuant to Rule 704(5) of the Singapore Exchange Securities Trading Limited Section B: Rules of Catalist, the Company wishes to announce that, subsequent to the release of the Unaudited Full Year Financial Results, certain items were reclassified in the Consolidated Statement of Cash Flows.
The reclassification did not affect the Group's consolidated statement of comprehensive income for FY2021 and balance sheets as at 31 March 2021. There was no impact on the Group's earnings per share for FY2021 and the net asset value per share of the Company and the Group as at 31 March 2021 as previously reported in the Unaudited Full Year Financial Results.
Details and clarification of the variances are summarised below.
Consolidated Statement of Cash Flows for FY2021
Unaudited
Audited
Variance
S$'000
S$'000
S$'000
Explanation for the variance
Cash flows from operating activities
- Rental concessions
-
(6,395)
(6,395)
Reclassification of rental
concessions from repayment of
lease liabilities
- Amortisation of other investments
-
11
11
Reclassification from purchase of
at amortised cost
other investments at amortised
costs
Cash flows from operating activities
28,134
21,752
(6,382)
Result of the above adjustments
before working capital changes
and rounding differences
Net cash provided by operating
25,853
19,471
(6,382)
Result of the above adjustments
activities
and rounding differences
Unaudited
Audited
Variance
S$'000
S$'000
S$'000
Explanation for the variance
Cash flows from investing activities
Purchase of other investments at
amortised cost
1,068
1,079
11
Reclassification of amortization
wrongly offset from the purchase
cost
Net cash used in investing activities
(2,234)
(2,246)
12
Result of the above adjustments
and rounding differences
Cash flows from financing activities
- Principal repayment of lease
(18,138)
(11,743)
(6,395)
Reclassification of rental
liabilities
concessions to non-cash
adjustment
Net cash used in investing activities
(20,646)
(14,252)
(6,394)
Result of the above adjustment
and rounding differences
BY ORDER OF THE BOARD
TAKAHASHI KENICHI
Executive Chairman and CEO
29 June 2021
This announcement has been reviewed by the Company's sponsor, CIMB Bank Berhad, Singapore Branch ("Sponsor") in accordance with Rule 226(2)(b) of the Singapore Exchange Securities Trading Limited ("SGX-ST") Listing Manual Section B: Rules of Catalist. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the correctness of any of the statements or opinions made or reports contained in this announcement. The contact person for the Sponsor is Ms Tan Cher Ting, Director, Investment Banking, CIMB Bank Berhad, Singapore Branch, at 50 Raffles Place, #09-01 Singapore Land Tower, Singapore 048623, Telephone: +65 6337 5115.
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Japan Foods Holding Ltd. published this content on 29 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 June 2021 15:06:05 UTC.
Japan Foods Holding Ltd. is a Singapore-based investment holding company. The Company's principal business is the operating of restaurants and trading and management of franchisees and sub-franchisees. The Companyâs segments include Restaurant sales and others. In Singapore, the Company operates a chain of more than 60 restaurants serving authentic Japanese fare under various franchises, as well as self-developed brands. Its franchised brands include AFURI, Ajisen Ramen, Akimitsu, Extra Virgin Pizza, Konjiki Hototogisu, Menya Musashi, Menzo Butao, Nakiryu, New ManLee Bak Kut Teh, Osaka Ohsho and Yonehachi. In addition, the Company has developed its own brands, including Fruit Paradise, Pizzakaya, Yakiniku Shokudo and Tokyo Shokudo. The Company also has its own production facility located at its central kitchen in Kampong Ampat, Singapore.