Acesian Partners 5FW
SGD 0.024
+0.00% +0.00 Updated 23 Oct 2026, 17:16 SGT
Financials
ANNUAL REPORT 2025
Explore the statements
9 tablesConsolidated Statement of Comprehensive Income (Group)
21 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| RevenueSGD | 6,203,422 | 7,836,481 | PDF p. 63 |
| Cost of salesSGD | (4,814,929) | (4,548,495) | PDF p. 63 |
| Gross profitSGD | 1,388,493 | 3,287,986 | PDF p. 63 |
| Other operating incomeSGD | 82,216 | 108,021 | PDF p. 63 |
| Administrative expensesSGD | (3,202,463) | (2,656,064) | PDF p. 63 |
| Other expensesSGD | (1,066,149) | (754,413) | PDF p. 63 |
| Finance incomeSGD | 291,484 | 579,097 | PDF p. 63 |
| Finance costsSGD | (82,550) | (49,621) | PDF p. 63 |
| (Loss)/Profit before taxSGD | (2,588,969) | 515,006 | PDF p. 63 |
| Income tax credit/(expense)SGD | 24,342 | (8,212) | PDF p. 63 |
| (Loss)/Profit for the yearSGD | (2,564,627) | 506,794 | PDF p. 63 |
| Other comprehensive income | |||
| Foreign exchange differences on translation of foreign operationsSGD | 147,166 | 136,353 | PDF p. 63 |
| Total comprehensive (loss)/income for the year, net of taxSGD | (2,417,461) | 643,147 | PDF p. 63 |
| (Loss)/Profit attributable to | |||
| Owners of the CompanySGD | (2,560,150) | 504,982 | PDF p. 63 |
| Non-controlling interestsSGD | (4,477) | 1,812 | PDF p. 63 |
| SubtotalSGD | (2,564,627) | 506,794 | PDF p. 63 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the CompanySGD | (2,425,068) | 644,024 | PDF p. 63 |
| Non-controlling interestsSGD | 7,607 | (877) | PDF p. 63 |
| SubtotalSGD | (2,417,461) | 643,147 | PDF p. 63 |
| (Loss)/earnings per share (cents per share) | |||
| - Basiccents per share | (0.54) | 0.11 | PDF p. 63 |
| - Dilutedcents per share | (0.54) | 0.11 | PDF p. 63 |
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Definitions & sources
Original report: PDF p. 63 ↗
Amounts in $ (Singapore dollars) as printed; EPS in cents per share. Financial year ended 31 December 2025.
Statements of Financial Position (Group and Company)
27 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | 2025Company | 2024Company | Source |
|---|---|---|---|---|---|
| Non-current assets | |||||
| Property, plant and equipmentSGD | 3,732,841 | 2,475,403 | 782,735 | 619,369 | PDF p. 64 |
| Investment in subsidiariesSGD | – | – | 1,268,563 | 1,268,563 | PDF p. 64 |
| SubtotalSGD | 3,732,841 | 2,475,403 | 2,051,298 | 1,887,932 | PDF p. 64 |
| Current assets | |||||
| InventoriesSGD | 2,896,788 | 2,998,130 | – | – | PDF p. 64 |
| Trade and other receivablesSGD | 1,457,820 | 1,787,486 | 2,793,386 | 2,647,663 | PDF p. 64 |
| Contract assetsSGD | – | 101,926 | – | – | PDF p. 64 |
| Prepaid operating expensesSGD | 202,518 | 95,051 | 62,768 | 48,057 | PDF p. 64 |
| Fixed deposits pledgedSGD | 67,546 | 63,251 | – | – | PDF p. 64 |
| Cash and cash equivalentsSGD | 16,358,256 | 18,388,708 | 14,621,363 | 15,608,203 | PDF p. 64 |
| SubtotalSGD | 20,982,928 | 23,434,552 | 17,477,517 | 18,303,923 | PDF p. 64 |
| Assets | |||||
| Total assetsSGD | 24,715,769 | 25,909,955 | 19,528,815 | 20,191,855 | PDF p. 64 |
| Current liabilities | |||||
| Trade and other payablesSGD | 1,619,777 | 1,138,287 | 963,892 | 955,854 | PDF p. 64 |
| Contract liabilitiesSGD | 414,820 | 286,263 | – | – | PDF p. 64 |
| Income tax payableSGD | – | 29,913 | – | 28,715 | PDF p. 64 |
| Lease liabilitiesSGD | 457,421 | 264,128 | 97,180 | 92,703 | PDF p. 64 |
| SubtotalSGD | 2,492,018 | 1,718,591 | 1,061,072 | 1,077,272 | PDF p. 64 |
| Non-current liability | |||||
| Lease liabilitiesSGD | 1,619,828 | 1,169,980 | 422,508 | 519,345 | PDF p. 64 |
| SubtotalSGD | 1,619,828 | 1,169,980 | 422,508 | 519,345 | PDF p. 64 |
| Liabilities | |||||
| Total liabilitiesSGD | 4,111,846 | 2,888,571 | 1,483,580 | 1,596,617 | PDF p. 64 |
| Equity | |||||
| Share capitalSGD | 20,321,774 | 20,321,774 | 20,321,774 | 20,321,774 | PDF p. 64 |
| Treasury sharesSGD | (1,177,042) | (1,177,042) | (1,177,042) | (1,177,042) | PDF p. 64 |
| Retained earnings/ (Accumulated losses)SGD | 2,387,426 | 4,947,576 | (1,099,497) | (549,494) | PDF p. 64 |
| Foreign currency translation reserveSGD | (1,177,398) | (1,312,480) | – | – | PDF p. 64 |
| Attributable to owners of the CompanySGD | 20,354,760 | 22,779,828 | 18,045,235 | 18,595,238 | PDF p. 64 |
| Non-controlling interestsSGD | 249,163 | 241,556 | – | – | PDF p. 64 |
| Total equitySGD | 20,603,923 | 23,021,384 | 18,045,235 | 18,595,238 | PDF p. 64 |
| Equity and liabilities | |||||
| Total equity and liabilitiesSGD | 24,715,769 | 25,909,955 | 19,528,815 | 20,191,855 | PDF p. 64 |
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Definitions & sources
Original report: PDF p. 64 ↗
Amounts in $ (Singapore dollars) as printed. As at 31 December 2025.
Consolidated Statement of Comprehensive Income
19 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Income | |||
| Revenue$ | 6,203,422 | 7,836,481 | PDF p. 63 |
| Cost of sales$ | (4,814,929) | (4,548,495) | PDF p. 63 |
| Gross profit$ | 1,388,493 | 3,287,986 | PDF p. 63 |
| Other operating income$ | 82,216 | 108,021 | PDF p. 63 |
| Administrative expenses$ | (3,202,463) | (2,656,064) | PDF p. 63 |
| Other expenses$ | (1,066,149) | (754,413) | PDF p. 63 |
| Finance income$ | 291,484 | 579,097 | PDF p. 63 |
| Finance costs$ | (82,550) | (49,621) | PDF p. 63 |
| (Loss)/Profit before tax$ | (2,588,969) | 515,006 | PDF p. 63 |
| Income tax credit/(expense)$ | 24,342 | (8,212) | PDF p. 63 |
| (Loss)/Profit for the year$ | (2,564,627) | 506,794 | PDF p. 63 |
| Other comprehensive income - item that may be reclassified subsequently to profit or loss | |||
| Foreign exchange differences on translation of foreign operations$ | 147,166 | 136,353 | PDF p. 63 |
| Other comprehensive income | |||
| Total comprehensive (loss)/income for the year, net of tax$ | (2,417,461) | 643,147 | PDF p. 63 |
| (Loss)/Profit attributable to | |||
| Owners of the Company$ | (2,560,150) | 504,982 | PDF p. 63 |
| Non-controlling interests$ | (4,477) | 1,812 | PDF p. 63 |
| Total comprehensive (loss)/income attributable to | |||
| Owners of the Company$ | (2,425,068) | 644,024 | PDF p. 63 |
| Non-controlling interests$ | 7,607 | (877) | PDF p. 63 |
| (Loss)/earnings per share attributable to owners of the Company (cents per share) | |||
| - Basiccents per share | (0.54) | 0.11 | PDF p. 63 |
| - Dilutedcents per share | (0.54) | 0.11 | PDF p. 63 |
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Definitions & sources
Original report: PDF p. 63 ↗
Units in $ as printed. Loss attributable and total comprehensive income attribution subsections shown. No Company statement of comprehensive income is presented.
Consolidated Statement of Cash Flows
28 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Operating activities | |||
| (Loss)/Profit before tax$ | (2,588,969) | 515,006 | PDF p. 67 |
| Operating activities - Adjustments for | |||
| Depreciation of property, plant and equipment$ | 720,793 | 534,938 | PDF p. 67 |
| Impairment loss on trade receivables written back$ | – | (4,640) | PDF p. 67 |
| Interest expense$ | 82,550 | 49,621 | PDF p. 67 |
| Interest income$ | (291,484) | (579,097) | PDF p. 67 |
| Loss on disposal and written off of property, plant and equipment$ | 1,950 | 12,217 | PDF p. 67 |
| Inventories written (back)/down, net$ | (20,600) | 52,025 | PDF p. 67 |
| Share-based payment$ | – | 30,086 | PDF p. 67 |
| Unrealised exchange differences$ | 85,314 | 129,791 | PDF p. 67 |
| Operating activities | |||
| Operating cash flows before changes in working capital$ | (2,010,446) | 739,947 | PDF p. 67 |
| Operating activities - Changes in working capital | |||
| Inventories$ | 121,942 | 704,276 | PDF p. 67 |
| Trade and other receivables, contract assets and prepaid operating expenses$ | (201,723) | 2,388,980 | PDF p. 67 |
| Trade and other payables and contract liabilities$ | 610,047 | (3,750,003) | PDF p. 67 |
| Operating activities | |||
| Cash flows (used in)/generated from operations$ | (1,480,180) | 83,200 | PDF p. 67 |
| Interest received$ | 291,484 | 579,097 | PDF p. 67 |
| Income taxes paid$ | (5,571) | (683,911) | PDF p. 67 |
| Net cash flows used in operating activities$ | (1,194,267) | (21,614) | PDF p. 67 |
| Investing activities | |||
| Purchase of property, plant and equipment$ | (439,035) | (245,735) | PDF p. 67 |
| Net cash flows used in investing activities$ | (439,035) | (245,735) | PDF p. 67 |
| Financing activities | |||
| (Increase)/decrease in fixed deposits pledged$ | (4,295) | 24,834 | PDF p. 67 |
| Repayment of lease liabilities$ | (330,097) | (317,060) | PDF p. 67 |
| Purchase of treasury shares$ | – | (258,200) | PDF p. 67 |
| Interest paid$ | (82,550) | (49,621) | PDF p. 67 |
| Net cash flows used in financing activities$ | (416,942) | (600,047) | PDF p. 67 |
| Cash and cash equivalents | |||
| Net decrease in cash and cash equivalents$ | (2,050,244) | (867,396) | PDF p. 67 |
| Effects of currency translation on cash and cash equivalents$ | 19,792 | 18,596 | PDF p. 67 |
| Cash and cash equivalents at the beginning of the year$ | 18,388,708 | 19,237,508 | PDF p. 67 |
| Cash and cash equivalents at the end of the year$ | 16,358,256 | 18,388,708 | PDF p. 67 |
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Definitions & sources
Original report: PDF p. 67 ↗
Units in $ as printed. Note: Additions to property, plant and equipment recognised during the financial year amounted to $964,883 (2024: $245,735). This includes the capitalisation of an advance payment of $525,848 made to suppliers in 2024 for machinery and a motor vehicle that were delivered during the current year. This amount was previously recognised as deposits under other receivables as disclosed in Note 14 and does not represent a cash outflow in the current financial year. Cash payments made during the year for the acquisition of property, plant and equipment amounted to $439,035 (2024: $245,735).
No Company cash flow statement is presented.
Statement of Changes in Equity - The Group
12 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group - Share capital | 2025Group - Treasury shares | 2025Group - Share-based payment reserve | 2025Group - Retained earnings | 2025Group - Foreign currency translation reserve | 2025Group - Total attributable to owners of the Company | 2025Group - Non-controlling interests | 2025Group - Total | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2024 | |||||||||
| Balance at 1 January 2024$ | 20,321,774 | (998,999) | 50,071 | 4,442,594 | (1,451,522) | 22,363,918 | 242,433 | 22,606,351 | PDF p. 65 |
| Profit for the year$ | – | – | – | 504,982 | – | 504,982 | 1,812 | 506,794 | PDF p. 65 |
| 2024 Other comprehensive income | |||||||||
| Exchange difference on translation of foreign operations, net of tax$ | – | – | – | – | 139,042 | 139,042 | (2,689) | 136,353 | PDF p. 65 |
| 2024 | |||||||||
| Total comprehensive income/(loss) for the year$ | – | – | – | 504,982 | 139,042 | 644,024 | (877) | 643,147 | PDF p. 65 |
| 2024 Transactions with owners, recognised directly in equity | |||||||||
| Purchase of treasury shares$ | – | (258,200) | – | – | – | (258,200) | – | (258,200) | PDF p. 65 |
| Equity-settled share-based payment$ | – | – | 30,086 | – | – | 30,086 | – | 30,086 | PDF p. 65 |
| 2024 | |||||||||
| Balance at 31 December 2024$ | 20,321,774 | (1,177,042) | – | 4,947,576 | (1,312,480) | 22,779,828 | 241,556 | 23,021,384 | PDF p. 65 |
| 2025 | |||||||||
| Balance at 1 January 2025$ | 20,321,774 | (1,177,042) | – | 4,947,576 | (1,312,480) | 22,779,828 | 241,556 | 23,021,384 | PDF p. 65 |
| Loss for the year$ | – | – | – | (2,560,150) | – | (2,560,150) | (4,477) | (2,564,627) | PDF p. 65 |
| 2025 Other comprehensive income | |||||||||
| Exchange difference on translation of foreign operations, net of tax$ | – | – | – | – | 135,082 | 135,082 | 12,084 | 147,166 | PDF p. 65 |
| 2025 | |||||||||
| Total comprehensive (loss)/income for the year$ | – | – | – | (2,560,150) | 135,082 | (2,425,068) | 7,607 | (2,417,461) | PDF p. 65 |
| Balance at 31 December 2025$ | 20,321,774 | (1,177,042) | – | 2,387,426 | (1,177,398) | 20,354,760 | 249,163 | 20,603,923 | PDF p. 65 |
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Definitions & sources
Original report: PDF p. 65 ↗
Units in $ as printed. Rows cover movements for 2024 and 2025 (dated by row label); all columns are the Group equity components. The treasury-shares re-issue row prints only seven cells after the note reference; the final cell is not printed in the source text.
Statement of Changes in Equity - The Company
9 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Company - Share capital | 2025Company - Treasury shares | 2025Company - Share-based payment reserve | 2025Company - Accumulated losses | 2025Company - Total | Source |
|---|---|---|---|---|---|---|
| 2024 | ||||||
| Balance at 1 January 2024$ | 20,321,774 | (998,999) | 50,071 | (3,903,807) | 15,469,039 | PDF p. 66 |
| Profit for the year representing total comprehensive income for the year$ | – | – | – | 3,354,313 | 3,354,313 | PDF p. 66 |
| 2024 Transactions recognised directly in equity | ||||||
| Purchase of treasury shares$ | – | (258,200) | – | – | (258,200) | PDF p. 66 |
| Equity-settled share-based payment$ | – | – | 30,086 | – | 30,086 | PDF p. 66 |
| 2024 Transactions - Performance bonus shares | ||||||
| -Treasury shares re-issued$ | – | 80,157 | (80,157) | – | – | PDF p. 66 |
| 2024 | ||||||
| Balance at 31 December 2024$ | 20,321,774 | (1,177,042) | – | (549,494) | 18,595,238 | PDF p. 66 |
| 2025 | ||||||
| Balance at 1 January 2025$ | 20,321,774 | (1,177,042) | – | (549,494) | 18,595,238 | PDF p. 66 |
| Loss for the year representing total comprehensive loss for the year$ | – | – | – | (550,003) | (550,003) | PDF p. 66 |
| Balance at 31 December 2025$ | 20,321,774 | (1,177,042) | – | (1,099,497) | 18,045,235 | PDF p. 66 |
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Definitions & sources
Original report: PDF p. 66 ↗
Units in $ as printed. Rows cover 2024 and 2025 movements (dated by row label).
Economic performance – financial summary (Revenue and PATMI)
2 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | Source |
|---|---|---|---|
| Economic Performance and Contribution to Society | |||
| Revenue$'000 | 6,203 | 7,836 | PDF p. 14 |
| Profit attributable to shareholders (PATMI)$'000 | (2,561) | 505 | PDF p. 14 |
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Definitions & sources
Original report: PDF p. 14 ↗
Targets note: All targets for medium-term is 3 years and long-term is 5 years unless otherwise stated.
Economic performance – NTA per share and cash
1 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group FY2025 | 2024Group FY2024 | Source |
|---|---|---|---|
| Economic Performance and Contribution to Society | |||
| Net Tangible Assets per Share (cents)cents (per share) | 4.31 | 4.82 | PDF p. 14 |
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Definitions & sources
Original report: PDF p. 14 ↗
The table header printed as 'Year ($ ‘000)'; the NTA per share row is labelled in cents.
Note 10 Earnings per share (Group)
3 metricsUnits appear below each metric. Scroll to compare years
| Metric / unit | 2025Group | 2024Group | Source |
|---|---|---|---|
| Note 10 Earnings per share | |||
| Net (loss)/profit attributable to owners of the Company$ | (2,560,150) | 504,982 | PDF p. 86 |
| Weighted average number of ordinary shares during the year (excluding treasury shares)Number of shares | 472,651,776 | 473,134,944 | PDF p. 86 |
| (Loss)/Earnings per share (cents)cents | (0.54) | 0.11 | PDF p. 86 |
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Definitions & sources
Original report: PDF p. 86 ↗
The basic and diluted earnings per share are calculated by dividing the profit for the year attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial year (excluding treasury shares).
Weighted average row label wraps across two lines: 'Weighted average number of ordinary shares during the year' / '(excluding treasury shares)'.
Where the money comes from
Segment information
By business
Business segments 11 lines
| Item / unit | 2025Critical airflow design and supply, $ | 2025Engineering services, $ | 2025Corporate, $ | 2025Total, $ | 2024Critical airflow design and supply, $ | 2024Engineering services, $ | 2024Corporate, $ | 2024Total, $ | Source |
|---|---|---|---|---|---|---|---|---|---|
| REVENUE | |||||||||
| Total segment$ | 9,793,423 | 21,070 | 1,411,442 | 11,225,935 | 11,389,957 | 82,837 | 4,609,883 | 16,082,677 | PDF p. 107PDF p. 108 |
| Less: Inter-segment$ | (3,611,071) | – | (1,411,442) | (5,022,513) | (3,636,313) | – | (4,609,883) | (8,246,196) | PDF p. 107PDF p. 108 |
| External sales$ | 6,182,352 | 21,070 | – | 6,203,422 | 7,753,644 | 82,837 | – | 7,836,481 | PDF p. 107PDF p. 108 |
| RESULTS | |||||||||
| Segment results$ | (2,002,113) | (13,121) | (573,735) | (2,588,969) | 127,463 | 25,140 | 362,403 | 515,006 | PDF p. 107PDF p. 108 |
| ASSETS | |||||||||
| Segment assets$ | 9,081,336 | 70,145 | 15,564,288 | 24,715,769 | 9,209,554 | 82,775 | 16,617,626 | 25,909,955 | PDF p. 107PDF p. 108 |
| LIABILITIES | |||||||||
| Segment liabilities$ | 3,062,753 | 165,512 | 883,581 | 4,111,846 | 1,716,676 | 175,279 | 996,616 | 2,888,571 | PDF p. 107PDF p. 108 |
| OTHER INFORMATION | |||||||||
| Capital expenditure$ | 664,255 | – | 300,628 | 964,883 | 236,885 | – | 8,850 | 245,735 | PDF p. 107PDF p. 108 |
| Depreciation$ | 583,531 | – | 137,262 | 720,793 | 425,160 | – | 109,778 | 534,938 | PDF p. 107PDF p. 108 |
| Reversal of inventories written down, net$ | (20,600) | – | – | (20,600) | PDF p. 107 | ||||
| Impairment loss on trade receivables written back$ | (4,640) | – | – | (4,640) | PDF p. 108 | ||||
| Inventories written down, net$ | 52,025 | – | – | 52,025 | PDF p. 108 | ||||
Notes
Net profit attributable to owners row label wraps over two lines; Reversal of inventories label wraps over two lines. Income tax credit, non-controlling interest and net profit are printed only in the Total column.
Labels for net profit and impairment rows wrap over two lines. Tax, NCI and net profit printed only in Total column.
By geography
Geographical segments - Revenue 3 lines
| Item / unit | 2025$ | 2024$ | Source |
|---|---|---|---|
| Revenue | |||
| Asia$ | 6,112,978 | 6,952,006 | PDF p. 109 |
| Others$ | 90,444 | 884,475 | PDF p. 109 |
| Total revenue (unlabelled total)$ | 6,203,422 | 7,836,481 | PDF p. 109 |
Notes
Total row has no printed label.
Geographical segments - Non-current assets 3 lines
| Item / unit | 2025$ | 2024$ | Source |
|---|---|---|---|
| Total non-current assets | |||
| Singapore$ | 1,316,284 | 667,054 | PDF p. 109 |
| Malaysia$ | 2,416,557 | 1,808,349 | PDF p. 109 |
| Total non-current assets (unlabelled total)$ | 3,732,841 | 2,475,403 | PDF p. 109 |
Notes
Non-current assets by geographical area as at reporting date. Total row has no printed label.
Debt
Borrowings
Borrowing notes 1 tables
Lease liabilities (current and non-current)
| Item / unit | 2025The Group | 2024The Group | 2025The Company | 2024The Company | Source |
|---|---|---|---|---|---|
| Current | |||||
| Lease liabilities (Note 22(b))$ | 457,421 | 264,128 | 97,180 | 92,703 | PDF p. 93 |
| Non-current | |||||
| Lease liabilities (Note 22(b))$ | 1,619,828 | 1,169,980 | 422,508 | 519,345 | PDF p. 93 |
| Total | |||||
| Total lease liabilities (unlabelled total line)$ | 2,077,249 | 1,434,108 | 519,688 | 612,048 | PDF p. 93 |
Notes
Total row has no printed label; sum line under Non-current.
No bank borrowings reported; Note 25.3 states the Group has no financial instruments bearing variable interest rates.
Payout
Dividends & distributions
Dividend policy
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed policy on payment of dividends. Instead, the issue of the payment of dividends is deliberated seriously and at length by the Board annually having regard to various factors. Where dividends are not paid, the Company discloses the reasons. | Company, FY2025 | PDF p. 48 |
Dividends declared and proposed
| Item | Value | Period / scope | Source |
|---|---|---|---|
| No dividend declared or recommended | No dividend has been declared or recommended for the twelve months ended 31 December 2025 as the Company has accumulated losses as at 31 December 2025. | Company, twelve months ended 31 December 2025 | PDF p. 48 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
Auditor’s report
Audit & risk signals
Audit opinion
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | PKF-CAP LLP | Group | PDF p. 62 |
| Engagement partner | Tang Hui Lin | Group | PDF p. 62 |
| Opinion | properly drawn up in accordance with the provisions of the Companies Act 1967 | Group and Company · As at 2025-12-31 | PDF p. 57 |
Key audit matters
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Valuation of inventories at the lower of cost and net realisable value | The write down to net realisable value for slow-moving and obsolete inventories is considered a key audit matter as it requires management to exercise judgement in identifying slow-moving and obsolete inventories and making estimates of the net realisable value to determine the appropriate level of write-down required. | Group | PDF p. 58 |
| Impairment assessment of the Company’s investment in subsidiaries | We identified this as a key audit matter as the estimation of the recoverable amount involved significant judgement and estimation. | Company | PDF p. 59 |
| Impairment assessment of property, plant and equipment, including right-of-use assets | We identified this as a key audit matter as the estimation of the recoverable amount involved significant judgement and estimation. | Group | PDF p. 60 |
Extracted from ANNUAL REPORT 2025 and checked against the cited pages; see the original report for full context.
How to read these figures
Group and parent company or bank figures are labelled separately. Parentheses indicate negative amounts; a dash and NA retain the report’s notation.
Comparative figures follow ANNUAL REPORT 2025, including retrospective adjustments. Adjusted and reported earnings may have different definitions; refer to each statement’s notes.
These tables show the available extracted figures. The original annual report contains the full statements, notes and definitions.