Annual Report 2021
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| Metric / unit | 2021Group, year ended 31 December 2021 | 2020Group, year ended 31 December 2020 (Represented) | Source |
|---|---|---|---|
| Continuing operations | |||
| RevenueS$ | 9,714,725 | – | PDF p. 53 |
| Cost of salesS$ | (6,914,967) | – | PDF p. 53 |
| Gross resultsS$ | 2,799,758 | – | PDF p. 53 |
| Other incomeS$ | 286,258 | 41,162 | PDF p. 53 |
| General and administrative expensesS$ | (8,334,231) | (2,843,520) | PDF p. 53 |
| Other expensesS$ | (305,314) | (144,554) | PDF p. 53 |
| Results from operating activitiesS$ | (5,553,529) | (2,946,912) | PDF p. 53 |
| Finance incomeS$ | 2,568 | 46,709 | PDF p. 53 |
| Finance costS$ | (760,398) | (241,788) | PDF p. 53 |
| Net finance costS$ | (757,830) | (195,079) | PDF p. 53 |
| Loss before income taxS$ | (6,311,359) | (3,141,991) | PDF p. 53 |
| Income taxS$ | 97,937 | – | PDF p. 53 |
| Loss from continuing operationsS$ | (6,213,422) | (3,141,991) | PDF p. 53 |
| Discontinued operations | |||
| Profit/(loss) from discontinued operations, net of taxS$ | 128,365,330 | (11,491,834) | PDF p. 53 |
| Total profit/(loss) for the financial yearS$ | 122,151,908 | (14,633,825) | PDF p. 53 |
| Total profit/(loss) attributable to | |||
| - Equity holders of the CompanyS$ | 122,166,201 | (14,457,791) | PDF p. 53 |
| - Non-controlling interestsS$ | (14,293) | (176,034) | PDF p. 53 |
| Total profit/(loss) attributable to equity holders of the Company relates to | |||
| - Loss from continuing operationsS$ | (6,213,422) | (3,141,991) | PDF p. 53 |
| - Profit/(loss) from discontinued operationsS$ | 128,379,623 | (11,315,800) | PDF p. 53 |
Original report: PDF p. 53 ↗
* With the completion of the share consolidation on 26 March 2021, loss per share for the financial year ended 31 December 2020 were adjusted in accordance with the requirement of SFRS(I)1-33 Earnings per share to reflect the change in number of ordinary shares as a result of share consolidation.
EPS section: Earnings per share (“EPS”) for profit/(loss) from continuing and discontinued operations attributable to equity holders of the Company (cent per share). Subtotal rows with no label: attributable totals 122,151,908 / (14,633,825) not separately extracted.
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| Metric / unit | 2021Group, year ended 31 December 2021 | 2020Group, year ended 31 December 2020 (Represented) | Source |
|---|---|---|---|
| Statement of comprehensive income | |||
| Total profit/(loss) for the financial yearS$ | 122,151,908 | (14,633,825) | PDF p. 54 |
| Other comprehensive loss - Item that may be reclassified subsequently to profit or loss | |||
| Currency translation arising from consolidation of financial statements of foreign operationsS$ | (578,893) | 2,725,745 | PDF p. 54 |
| Other comprehensive loss - Item that will not be reclassified to profit or loss | |||
| Equity investments at FVOCI – net change in fair valueS$ | – | (232,655) | PDF p. 54 |
| Other comprehensive loss | |||
| Other comprehensive loss for the financial year, net of taxS$ | (578,893) | 2,493,090 | PDF p. 54 |
| Total comprehensive income/(loss) for the financial yearS$ | 121,573,015 | (12,140,735) | PDF p. 54 |
| Total comprehensive income/(loss) attributable to | |||
| - Equity holders of the CompanyS$ | 121,587,308 | (11,964,701) | PDF p. 54 |
| - Non-controlling interestsS$ | (14,293) | (176,034) | PDF p. 54 |
Original report: PDF p. 54 ↗
Units appear below each metric. Scroll to compare years
| Metric / unit | 2021Group, 31 December 2021 | 2020Group, 31 December 2020 (Represented) | 2020Group, 1 January 2020 (Represented) | Source |
|---|---|---|---|---|
| Non-current assets | ||||
| Exploration and evaluation assetsS$ | – | – | 99,700,683 | PDF p. 51 |
| Investment propertyS$ | 785,673 | – | – | PDF p. 51 |
| Property, plant and equipmentS$ | 668,035 | 3,161 | 36,098 | PDF p. 51 |
| Intangible assets and goodwillS$ | 11,320,416 | – | – | PDF p. 51 |
| Other investmentsS$ | – | – | – | PDF p. 51 |
| Other receivablesS$ | – | – | 39,293,672 | PDF p. 51 |
| SubtotalS$ | 12,774,124 | 3,161 | 139,030,453 | PDF p. 51 |
| Current assets | ||||
| Trade and other receivablesS$ | 4,567,424 | 88,729 | 3,584,628 | PDF p. 51 |
| Cash and cash equivalentsS$ | 4,499,453 | 226,842 | 3,143,314 | PDF p. 51 |
| SubtotalS$ | 9,066,877 | 315,571 | 6,730,379 | PDF p. 51 |
| Non-current assets held for saleS$ | – | – | 6,668,640 | PDF p. 51 |
| Assets of disposal group classified as held for saleS$ | – | 22,982,658 | – | PDF p. 51 |
| Current assets (total incl. held for sale) | ||||
| SubtotalS$ | 9,066,877 | 23,298,229 | 13,399,019 | PDF p. 51 |
| Assets | ||||
| Total assetsS$ | 21,841,001 | 23,301,390 | 152,429,472 | PDF p. 51 |
| Equity | ||||
| Share capitalS$ | 178,672,533 | 156,099,617 | 156,099,617 | PDF p. 51 |
| Perpetual securitiesS$ | 2,529,237 | 2,591,469 | 2,591,469 | PDF p. 51 |
| ReservesS$ | (2,027,057) | (2,663,501) | (5,156,591) | PDF p. 51 |
| Accumulated lossesS$ | (164,852,937) | (282,648,670) | (268,106,979) | PDF p. 51 |
| Attributable to equity holders of the CompanyS$ | 14,321,776 | (126,621,085) | (114,572,484) | PDF p. 51 |
| Non-controlling interestsS$ | – | (824,320) | (648,286) | PDF p. 51 |
| Total equityS$ | 14,321,776 | (127,445,405) | (115,220,770) | PDF p. 51 |
| Non-current liabilities | ||||
| Provision for restoration costsS$ | – | – | 3,341,056 | PDF p. 51 |
| Trade and other payablesS$ | – | – | 1,131,959 | PDF p. 51 |
| BorrowingsS$ | 135,167 | – | 26,923,589 | PDF p. 51 |
| Deferred income tax liabilitiesS$ | 189,058 | – | – | PDF p. 51 |
| SubtotalS$ | 324,225 | – | 31,396,604 | PDF p. 51 |
| Current liabilities | ||||
| Trade and other payablesS$ | 6,908,856 | 4,625,711 | 111,492,370 | PDF p. 51 |
| BorrowingsS$ | 267,452 | 1,013,934 | 124,761,268 | PDF p. 51 |
| Current income tax liabilitiesS$ | 18,692 | – | – | PDF p. 51 |
| SubtotalS$ | 7,195,000 | 5,639,645 | 236,253,638 | PDF p. 51 |
| Liabilities directly associated with disposal group classified as held for saleS$ | – | 145,107,150 | - | PDF p. 51 |
| Liabilities | ||||
| Total liabilitiesS$ | 7,519,225 | 150,746,795 | 267,650,242 | PDF p. 51 |
| Equity and liabilities | ||||
| Total equity and liabilitiesS$ | 21,841,001 | 23,301,390 | 152,429,472 | PDF p. 51 |
Original report: PDF p. 51 ↗
The Current liabilities total row incl. held-for-sale liabilities (7,195,000 / 150,746,795 / 236,253,638) is printed unlabelled and not separately extracted.
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| Metric / unit | 2021Company, 31 December 2021 | 2020Company, 31 December 2020 (Represented) | 2020Company, 1 January 2020 (Represented) | Source |
|---|---|---|---|---|
| Non-current assets | ||||
| Property, plant and equipmentS$ | 118,073 | 3,161 | – | PDF p. 52 |
| Investments in subsidiary corporationsS$ | 14,998,995 | – | – | PDF p. 52 |
| Other investmentsS$ | – | – | – | PDF p. 52 |
| Other receivablesS$ | – | – | – | PDF p. 52 |
| SubtotalS$ | 15,117,068 | 3,161 | – | PDF p. 52 |
| Current assets | ||||
| Other investmentsS$ | – | – | 2,437 | PDF p. 52 |
| Trade and other receivablesS$ | 3,239,033 | 88,729 | 1,912,028 | PDF p. 52 |
| Cash and cash equivalentsS$ | 2,565,619 | 226,842 | 37,283 | PDF p. 52 |
| SubtotalS$ | 5,804,652 | 315,571 | 1,951,748 | PDF p. 52 |
| Assets | ||||
| Total assetsS$ | 20,921,720 | 318,732 | 1,951,748 | PDF p. 52 |
| Equity | ||||
| Share capitalS$ | 178,672,533 | 156,099,617 | 156,099,617 | PDF p. 52 |
| Perpetual securitiesS$ | 2,529,237 | 2,591,469 | 2,591,469 | PDF p. 52 |
| ReservesS$ | 2,560,037 | 3,608,922 | 3,438,395 | PDF p. 52 |
| Accumulated lossesS$ | (168,647,037) | (167,574,756) | (164,354,061) | PDF p. 52 |
| Total equityS$ | 15,114,770 | (5,274,748) | (2,224,580) | PDF p. 52 |
| Non-current liabilities | ||||
| Trade and other payablesS$ | – | – | – | PDF p. 52 |
| BorrowingsS$ | 19,166 | – | – | PDF p. 52 |
| SubtotalS$ | 19,166 | – | – | PDF p. 52 |
| Current liabilities | ||||
| Trade and other payablesS$ | 5,707,174 | 4,579,546 | 4,176,328 | PDF p. 52 |
| BorrowingsS$ | 80,610 | 1,013,934 | – | PDF p. 52 |
| SubtotalS$ | 5,787,784 | 5,593,480 | 4,176,328 | PDF p. 52 |
| Liabilities | ||||
| Total liabilitiesS$ | 5,806,950 | 5,593,480 | 4,176,328 | PDF p. 52 |
| Equity and liabilities | ||||
| Total equity and liabilitiesS$ | 20,921,720 | 318,732 | 1,951,748 | PDF p. 52 |
Original report: PDF p. 52 ↗
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| Metric / unit | 2021Group, S$ | 2020Group, S$ (Represented) | Source |
|---|---|---|---|
| Profit | |||
| Total profit/(loss) for the financial yearS$ | 122,151,908 | (14,633,825) | PDF p. 54 |
| Other comprehensive loss - items that may be reclassified | |||
| Currency translation arising from consolidation of financial statements of foreign operationsS$ | (578,893) | 2,725,745 | PDF p. 54 |
| Other comprehensive loss - items that will not be reclassified | |||
| Equity investments at FVOCI – net change in fair valueS$ | – | (232,655) | PDF p. 54 |
| Other comprehensive loss | |||
| Other comprehensive loss for the financial year, net of taxS$ | (578,893) | 2,493,090 | PDF p. 54 |
| Total | |||
| Total comprehensive income/(loss) for the financial yearS$ | 121,573,015 | (12,140,735) | PDF p. 54 |
| Total comprehensive income/(loss) attributable to | |||
| - Equity holders of the CompanyS$ | 121,587,308 | (11,964,701) | PDF p. 54 |
| - Non-controlling interestsS$ | (14,293) | (176,034) | PDF p. 54 |
Original report: PDF p. 54 ↗
For the financial year ended 31 December 2021. Statement total line: 121,573,015 / (12,140,735).
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| Metric / unit | 2021Group, S$ | 2020Group, S$ (Represented) | Source |
|---|---|---|---|
| Cash flows from operating activities | |||
| Total profit/(loss) for the financial yearS$ | 122,151,908 | (14,633,825) | PDF p. 57 |
| Adjustments for | |||
| - Amortisation of intangible assetsS$ | 787,043 | – | PDF p. 57 |
| - Bad debt written offS$ | 112,608 | 4,590,993 | PDF p. 57 |
| - Change in fair value of equity investment – at FVPLS$ | (2,190) | 2,492 | PDF p. 57 |
| - Depreciation of property, plant and equipmentS$ | 224,473 | 30,331 | PDF p. 57 |
| - Finance incomeS$ | (2,568) | (46,709) | PDF p. 57 |
| - Finance costS$ | 2,682,911 | 16,224,086 | PDF p. 57 |
| - Gain on disposal of subsidiary corporationsS$ | (129,827,139) | (1,132,706) | PDF p. 57 |
| - Gain on forgiveness of debtsS$ | (848,955) | (5,973,347) | PDF p. 57 |
| - Impairment loss on investment propertyS$ | 625,943 | – | PDF p. 57 |
| - Write-off property, plant and equipmentS$ | 5,893 | – | PDF p. 57 |
| - Write-off intangible assetsS$ | 137,573 | – | PDF p. 57 |
| - Income tax creditS$ | (97,937) | – | PDF p. 57 |
| - Reversal of impairment loss on exploration and evaluation assetsS$ | – | (7,206,363) | PDF p. 57 |
| - Reversal of provision for restoration costsS$ | – | (3,415,704) | PDF p. 57 |
| - Unrealised currency translation (gain)/lossesS$ | (490,012) | 58,610 | PDF p. 57 |
| Cash flows from operating activities | |||
| Operating cash flows before changes in working capitalS$ | (4,540,449) | (11,502,142) | PDF p. 57 |
| Changes in working capital, net of effects from acquisition and disposal of subsidiary corporations | |||
| - Trade and other receivablesS$ | 289,171 | 199,794 | PDF p. 57 |
| - Trade and other payablesS$ | 1,998,764 | 7,103,491 | PDF p. 57 |
| - Income tax payableS$ | 3,157 | – | PDF p. 57 |
| Cash flows from operating activities | |||
| Cash used in operationsS$ | (2,249,357) | (4,198,857) | PDF p. 57 |
| Income tax paidS$ | (49,835) | – | PDF p. 57 |
| Net cash used in operating activitiesS$ | (2,299,192) | (4,198,857) | PDF p. 57 |
| Cash flows from investing activities | |||
| Acquisition of subsidiary corporations, net of cash acquiredS$ | (9,664,650) | – | PDF p. 57 |
| Investment of equity investment – at FVOCIS$ | – | (232,655) | PDF p. 57 |
| Proceeds from disposal of IT businessS$ | – | 711,012 | PDF p. 57 |
| Proceeds from disposal of subsidiary corporations, net of cash disposed ofS$ | 1 | – | PDF p. 57 |
| Proceeds from disposal of financial assets – at FVPLS$ | 266,776 | – | PDF p. 57 |
| Additions to property, plant and equipmentS$ | (279,430) | (3,461) | PDF p. 57 |
| Additions to intangible assetsS$ | (344,117) | – | PDF p. 57 |
| Deposit for exclusive perpetual territorial licenceS$ | (600,000) | – | PDF p. 57 |
| Deposit placed for potential acquisitionS$ | (510,000) | – | PDF p. 57 |
| Loan to a non-related partyS$ | (50,000) | – | PDF p. 57 |
| Repayment of loan by a non-related partyS$ | 50,000 | – | PDF p. 57 |
| Interest receivedS$ | 654 | – | PDF p. 57 |
| Net cash (used in)/provided by investing activitiesS$ | (12,486,112) | 474,896 | PDF p. 57 |
Original report: PDF p. 57 ↗
Page 57 of cash flow statement; continues on page 58 (financing). Rows 'Proceeds from disposal of property, plant and equipment' and 'Addition to investment property' print only one value (2021) with no 2020 cell.
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| Metric / unit | 2021Group, S$ | 2020Group, S$ (Represented) | Source |
|---|---|---|---|
| Cash flows from financing activities | |||
| Interest paidS$ | (604,234) | (726,348) | PDF p. 58 |
| Interest receivedS$ | – | 2 | PDF p. 58 |
| Cash security held for bank guarantee issuedS$ | (250,000) | – | PDF p. 58 |
| Proceeds from loans from a non-related partyS$ | – | 2,262,904 | PDF p. 58 |
| Proceeds from borrowingsS$ | – | 2,270,484 | PDF p. 58 |
| Proceeds from loans from a related partyS$ | 24,000,000 | – | PDF p. 58 |
| Repayment of loans from a non-related partyS$ | (1,000,000) | – | PDF p. 58 |
| Repayment of bank borrowingsS$ | (3,166,107) | (94,013) | PDF p. 58 |
| Principal payment of lease liabilitiesS$ | (171,744) | – | PDF p. 58 |
| Net cash provided by financing activitiesS$ | 18,807,915 | 3,713,029 | PDF p. 58 |
| Net change in cash | |||
| Net change in cash and cash equivalentsS$ | 4,022,611 | (10,932) | PDF p. 58 |
| Cash and cash equivalents at beginning of the financial yearS$ | 226,842 | 257,484 | PDF p. 58 |
| Effects of exchange rate changes on cash and cash equivalentsS$ | – | (19,710) | PDF p. 58 |
| Cash and cash equivalents at end of the financial yearS$ | 4,249,453 | 226,842 | PDF p. 58 |
Original report: PDF p. 58 ↗
Continuation of Consolidated Statement of Cash Flows for the financial year ended 31 December 2021.
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| Metric / unit | 2021Group, Share capital, S$ | 2021Group, Treasury shares, S$ | 2021Group, Share option reserve, S$ | 2021Group, Foreign currency translation reserve, S$ | 2021Group, Fair value reserve, S$ | 2021Group, Perpetual securities, S$ | 2021Group, Other reserve, S$ | 2021Group, Accumulated losses, S$ | 2021Group, Total attributable to equity holders of the Company, S$ | 2021Group, Non-controlling interests, S$ | 2021Group, Total equity, S$ | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | ||||||||||||
| At 31 December 2020S$ | 156,099,617 | (25,055) | 2,662,441 | 4,036,485 | (9,320,576) | 2,591,469 | (16,796) | (282,648,670) | (126,621,085) | (824,320) | (127,445,405) | PDF p. 55 |
| Effect of change in functional currency (Note 3.3)S$ | (3,920,621) | 539 | (61,228) | (988,332) | – | (62,232) | 136 | 5,031,738 | – | – | – | PDF p. 55 |
| At 1 January 2021, as representedS$ | 152,178,996 | (24,516) | 2,601,213 | 3,048,153 | (9,320,576) | 2,529,237 | (16,660) | (277,616,932) | (126,621,085) | (824,320) | (127,445,405) | PDF p. 55 |
| Total comprehensive income/(loss) for the financial year | ||||||||||||
| Total profit/(loss) for the financial yearS$ | – | – | – | – | – | – | – | 122,166,201 | 122,166,201 | (14,293) | 122,151,908 | PDF p. 55 |
| Other comprehensive income/(loss) | ||||||||||||
| Currency translation differences arising from consolidation of financial statements of foreign operationsS$ | – | – | – | (578,893) | – | – | – | – | (578,893) | – | (578,893) | PDF p. 55 |
| Total comprehensive income/(loss) for the financial year | ||||||||||||
| Total comprehensive income/(loss) for the financial yearS$ | – | – | – | (578,893) | – | – | – | 122,166,201 | 121,587,308 | (14,293) | 121,573,015 | PDF p. 55 |
| Transactions with owners, recognised directly in equity | ||||||||||||
| Issuance of ordinary shares pursuant to convertible loan agreement (Note 16)S$ | 24,000,000 | – | – | – | – | – | – | – | 24,000,000 | – | 24,000,000 | PDF p. 55 |
| Issuance of ordinary shares as part purchase considerations for acquisition of subsidiary corporations (Note 16)S$ | 1,773,537 | – | – | – | – | – | – | – | 1,773,537 | – | 1,773,537 | PDF p. 55 |
| Issuance of shares for introducer fee (Note 16)S$ | 720,000 | – | – | – | – | – | – | – | 720,000 | – | 720,000 | PDF p. 55 |
| Accrued perpetual securities distributionsS$ | – | – | – | – | – | – | – | (81,630) | (81,630) | – | (81,630) | PDF p. 55 |
| Disposal of subsidiary corporations (Note 14)S$ | – | – | – | (7,056,354) | 9,320,576 | – | – | (9,320,576) | (7,056,354) | 838,613 | (6,217,741) | PDF p. 55 |
| Total transactions with ownersS$ | 26,493,537 | – | – | (7,056,354) | 9,320,576 | – | – | (9,402,206) | 19,355,553 | 838,613 | 20,194,166 | PDF p. 55 |
| Group | ||||||||||||
| At 31 December 2021S$ | 178,672,533 | (24,516) | 2,601,213 | (4,587,094) | – | 2,529,237 | (16,660) | (164,852,937) | 14,321,776 | – | 14,321,776 | PDF p. 55 |
Original report: PDF p. 55 ↗
For the financial year ended 31 December 2021. Column headings: Share capital; Treasury shares; Share option reserve; Foreign currency translation reserve; Fair value reserve; Perpetual securities; Other reserve; Accumulated losses; Total (attributable to equity holders of the Company); Non-controlling interests; Total equity; all in S$.
Opening balance at 1 January 2021 presented 'as represented' after effect of change in functional currency (Note 3.3).
Units appear below each metric. Scroll to compare years
| Metric / unit | 2020Group, Share capital, S$ | 2020Group, Treasury shares, S$ | 2020Group, Share option reserve, S$ | 2020Group, Foreign currency translation reserve, S$ | 2020Group, Fair value reserve, S$ | 2020Group, Perpetual securities, S$ | 2020Group, Other reserve, S$ | 2020Group, Accumulated losses, S$ | 2020Group, Total attributable to equity holders of the Company, S$ | 2020Group, Non-controlling interests, S$ | 2020Group, Total equity, S$ | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | ||||||||||||
| At 1 January 2020S$ | 156,099,617 | (25,055) | 2,662,441 | 1,310,740 | (9,087,921) | 2,591,469 | (16,796) | (268,106,979) | (114,572,484) | (648,286) | (115,220,770) | PDF p. 56 |
| Total comprehensive loss for the financial year | ||||||||||||
| Total loss for the financial yearS$ | – | – | – | – | – | – | – | (14,457,791) | (14,457,791) | (176,034) | (14,633,825) | PDF p. 56 |
| Other comprehensive loss | ||||||||||||
| Currency translation differences arising from consolidation of financial statements of foreign operationsS$ | – | – | – | 2,725,745 | – | – | – | – | 2,725,745 | – | 2,725,745 | PDF p. 56 |
| Equity investments at FVOCI – net change in fair value (Note 12(a))S$ | – | – | – | – | (232,655) | – | – | – | (232,655) | – | (232,655) | PDF p. 56 |
| Total comprehensive loss for the financial year | ||||||||||||
| Total comprehensive loss for the financial yearS$ | – | – | – | 2,725,745 | (232,655) | – | – | (14,457,791) | (11,964,701) | (176,034) | (12,140,735) | PDF p. 56 |
| Transactions with owners, recognised directly in equity | ||||||||||||
| Accrued perpetual securities distributionsS$ | – | – | – | – | – | – | – | (83,900) | (83,900) | – | (83,900) | PDF p. 56 |
| Total transactions with ownersS$ | – | – | – | – | – | – | – | (83,900) | (83,900) | – | (83,900) | PDF p. 56 |
| Group | ||||||||||||
| At 31 December 2020S$ | 156,099,617 | (25,055) | 2,662,441 | 4,036,485 | (9,320,576) | 2,591,469 | (16,796) | (282,648,670) | (126,621,085) | (824,320) | (127,445,405) | PDF p. 56 |
Original report: PDF p. 56 ↗
For the financial year ended 31 December 2021 report; comparative year 2020 shown on a separate page. Same column headings as the 2021 table, all in S$.
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| Metric / unit | 2021Group, S$ | 2020Group, S$ | Source |
|---|---|---|---|
| Total profit/(loss) attributable to ordinary shareholders | |||
| - Continuing operationsS$ | (6,213,422) | (3,141,991) | PDF p. 119 |
| - Discontinued operationsS$ | 128,379,623 | (11,315,800) | PDF p. 119 |
| Total profit/(loss) attributable to ordinary shareholdersS$ | 122,166,201 | (14,457,791) | PDF p. 119 |
Original report: PDF p. 119 ↗
Basic EPS = profit/(loss) attributable to equity holders divided by weighted average number of ordinary shares outstanding (excluding treasury shares).
* With the completion of the share consolidation on 26 March 2021 as disclosed in Note 16, profit/(loss) per share for the financial years ended 31 December 2020 were adjusted in accordance with the requirement of SFRS(I)1-33 Earnings per share to reflect the change in number of ordinary shares as a result of share consolidation.
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| Metric / unit | 2021Group, number of shares | 2020Group, number of shares (share-consolidation adjusted) | Source |
|---|---|---|---|
| Weighted average number of ordinary shares outstanding | |||
| Outstanding ordinary shares at 1 January (Note 16)shares | 56,384,488 | 2,255,387,331 | PDF p. 119 |
| Effect of shares issuedshares | 101,172,993 | – | PDF p. 119 |
| Share consolidation* (Note 16)shares | – | (2,199,002,843) | PDF p. 119 |
| Weighted-average number of ordinary shares outstanding during the financial yearshares | 157,557,481 | 56,384,488 | PDF p. 119 |
Original report: PDF p. 119 ↗
* With the completion of the share consolidation on 26 March 2021 as disclosed in Note 16, profit/(loss) per share for the financial years ended 31 December 2020 were adjusted in accordance with the requirement of SFRS(I)1-33 Earnings per share to reflect the change in number of ordinary shares as a result of share consolidation.
Diluted loss per share for FY2020 was the same as basic loss per share because share options and convertible capital securities were anti-dilutive.
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| Metric / unit | 2021Group, Continuing operations | 2021Group, Discontinued operations | 2021Group, Total | Source |
|---|---|---|---|---|
| 2021 | ||||
| Net profit attributable to equity holders of the Company (S$’000)S$'000 | (6,213) | 128,380 | 122,166 | PDF p. 119 |
| Weighted-average number of ordinary shares outstanding for basic earnings per share (‘000)'000 shares | 157,557 | 157,557 | 157,557 | PDF p. 119 |
| Diluted earnings per share (in cents)cents | (3.94) | 81.11 | 77.18 | PDF p. 119 |
Original report: PDF p. 119 ↗
1 As the Group incurred loss from continuing operations for the financial year ended on 31 December 2021, share options and convertible capital securities were not included in the computation of diluted loss per share because these potential ordinary shares were anti-dilutive.
2 Exercise price of the share options are higher than the average share price of the Company, so these potential ordinary shares were anti-dilutive.
Diluted weighted-average shares: 157,557 (continuing), 158,288 (discontinued), 158,288 (total), in '000; Add back interest expense on convertible securities is nil.
Where the money comes from
| Item / unit | 2021DTLE | 2021Education | 2021Investment holdings | 2021Exploration and production (Discontinued operations) | 2021Consolidated | Source |
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Total segment revenueS$ | 9,995,975 | – | 12,000 | – | 10,007,975 | PDF p. 129 |
| Inter-segment revenueS$ | (281,250) | – | (12,000) | – | (293,250) | PDF p. 129 |
| Revenue from external partiesS$ | 9,714,725 | – | – | – | 9,714,725 | PDF p. 129 |
| Other income | ||||||
| Gain on disposal of subsidiary corporationsS$ | – | – | – | 129,827,139 | 129,827,139 | PDF p. 129 |
| Gain on forgiveness of debtsS$ | – | – | 184,153 | 664,802 | 848,955 | PDF p. 129 |
| Government grantsS$ | 65,496 | – | 6,440 | – | 71,936 | PDF p. 129 |
| Fair value gain on investments at FVPLS$ | 2,190 | – | – | – | 2,190 | PDF p. 129 |
| Miscellaneous incomeS$ | 11,035 | – | 16,944 | – | 27,979 | PDF p. 129 |
| Total other incomeS$ | 78,721 | – | 207,537 | 130,491,941 | 130,778,199 | PDF p. 129 |
| Revenue | ||||||
| Total revenue and other incomeS$ | 9,793,446 | – | 207,537 | 130,491,941 | 140,492,924 | PDF p. 129 |
| Results | ||||||
| Amortisation of intangible assetsS$ | (787,043) | – | – | – | (787,043) | PDF p. 129 |
| Depreciation of plant and equipmentS$ | (154,264) | – | (70,209) | – | (224,473) | PDF p. 129 |
| Finance incomeS$ | 610 | 1,914 | 44 | – | 2,568 | PDF p. 129 |
| Finance expenseS$ | (74,268) | – | (686,130) | (1,922,513) | (2,682,911) | PDF p. 129 |
| Segment profit/(loss)S$ | (388,478) | 2,893 | (5,925,774) | 128,365,330 | 122,053,971 | PDF p. 129 |
| Assets | ||||||
| Segment assetsS$ | 7,115,241 | 2,304,478 | 12,421,282 | – | 21,841,001 | PDF p. 129 |
| Expenditures for segment non-current assets | ||||||
| - Additions to plant and equipmentS$ | 632,910 | – | 184,542 | – | 817,452 | PDF p. 129 |
| - Additions to intangible assetsS$ | 344,117 | – | – | – | 344,117 | PDF p. 129 |
| Liabilities | ||||||
| Segment liabilitiesS$ | 1,436,045 | 31,412 | 5,844,018 | – | 7,311,475 | PDF p. 129 |
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items mainly comprise corporate assets, liabilities and expenses.
Exploration and production was disposed effective from 25 May 2021 and is shown as discontinued operations.
Reconciling items (profit before tax, income tax, tax liabilities, totals) are printed only in the Consolidated column.
| Item / unit | 2020Investment holdings | 2020Exploration and production (Discontinued operations) | 2020Consolidated | Source |
|---|---|---|---|---|
| Revenue | ||||
| Total segment revenueS$ | 120,055 | – | 120,055 | PDF p. 130 |
| Inter-segment revenueS$ | (120,055) | – | (120,055) | PDF p. 130 |
| Revenue from external partiesS$ | – | – | – | PDF p. 130 |
| Other income | ||||
| Gain on disposal of subsidiary corporations (Note 15(b))S$ | – | 1,132,706 | 1,132,706 | PDF p. 130 |
| Gain on forgiveness of debtsS$ | – | 5,973,347 | 5,973,347 | PDF p. 130 |
| Reversal of impairment loss on explorations and evaluation assets (Note 5)S$ | – | 7,206,363 | 7,206,363 | PDF p. 130 |
| Reversal of provision for restoration costs (Note 20)S$ | – | 3,415,704 | 3,415,704 | PDF p. 130 |
| Government grantsS$ | 36,554 | – | 36,554 | PDF p. 130 |
| Miscellaneous incomeS$ | 4,608 | 164,733 | 169,341 | PDF p. 130 |
| Total other incomeS$ | 41,162 | 17,892,853 | 17,934,015 | PDF p. 130 |
| Revenue | ||||
| Total revenue and other incomeS$ | 41,162 | 17,892,853 | 17,934,015 | PDF p. 130 |
| Results | ||||
| Depreciation of plant and equipmentS$ | (313) | (30,018) | (30,331) | PDF p. 130 |
| Finance incomeS$ | 46,709 | 2 | 46,711 | PDF p. 130 |
| Finance expenseS$ | (241,788) | (15,982,298) | (16,224,086) | PDF p. 130 |
| Segment lossS$ | (3,141,991) | (11,491,834) | (14,633,825) | PDF p. 130 |
| Assets | ||||
| Segment assetsS$ | 318,732 | 22,982,658 | 23,301,390 | PDF p. 130 |
| Expenditures for segment non-current assets | ||||
| - Additions to plant and equipment (Note 7)S$ | 3,461 | – | 3,461 | PDF p. 130 |
| Liabilities | ||||
| Segment liabilitiesS$ | 5,639,645 | 145,107,150 | 150,746,795 | PDF p. 130 |
For FY2020 the Group had only one reportable segment (exploration and production); the whole result was presented as Discontinued Operations.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items mainly comprise corporate assets, liabilities and expenses.
| Item / unit | 2021Singapore | 2021Malaysia | 2021India | 2021Japan | 2021Total | 2020Singapore | 2020Malaysia | 2020India | 2020Japan | 2020Total | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 31 December | |||||||||||
| RevenueS$ | 9,714,725 | – | – | – | 9,714,725 | – | – | – | – | – | PDF p. 131 |
| Non-current assets (1)S$ | 11,861,331 | 65,550 | 16,020 | 831,223 | 11,957,062 | 3,161 | – | – | – | 3,161 | PDF p. 131 |
(1) Non-current assets presented consist of investment property, property, plant and equipment, intangible assets and goodwill.
Segment revenue is based on the geographical location of the customers. Segment assets are based on the geographical location where the assets are recognised.
The printed Total for non-current assets does not equal the sum of the printed country columns; values are reproduced as printed.
Major customers: In 2021, 10 customers in the DTLE segment contribute 87% of the Group's total revenue.
Debt
| Item / unit | 2021Carrying amount, S$ | 2021Contractual cash flows, S$ | 2021Within 1 year, S$ | 2021Within 1 to 5 years, S$ | 2021More than 5 years, S$ | Source |
|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | ||||||
| Lease liabilities (Note 19)S$ | 402,619 | (421,569) | (283,930) | (137,639) | – | PDF p. 123 |
Amounts are gross and undiscounted, include contractual interest payments and exclude netting.
| Item / unit | 2020Carrying amount, S$ | 2020Contractual cash flows, S$ | 2020Within 1 year, S$ | 2020Within 1 to 5 years, S$ | 2020More than 5 years, S$ | Source |
|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | ||||||
| Borrowings1S$ | 32,377,013 | (35,169,280) | (35,169,280) | – | – | PDF p. 123 |
1 Trade and other payables and borrowings include the liabilities directly associated with disposal group classified as held for sale (Note 15(b)(iv))
| Item / unit | 2021Carrying amount, S$ | 2021Contractual cash flows, S$ | 2021Within 1 year, S$ | 2021Within 1 to 5 years, S$ | 2021More than 5 years, S$ | Source |
|---|---|---|---|---|---|---|
| Company 31 December 2021 | ||||||
| Lease liabilities (Note 19)S$ | 99,776 | (103,168) | (82,718) | (20,450) | – | PDF p. 124 |
Company 31 December 2020 Borrowings: carrying 1,013,934; contractual (1,017,386); within 1 year (1,017,386); 1-5 years –; >5 years – (see next table).
| Item / unit | 2020Carrying amount, S$ | 2020Contractual cash flows, S$ | 2020Within 1 year, S$ | 2020Within 1 to 5 years, S$ | 2020More than 5 years, S$ | Source |
|---|---|---|---|---|---|---|
| Non-derivative financial liabilities | ||||||
| BorrowingsS$ | 1,013,934 | (1,017,386) | (1,017,386) | – | – | PDF p. 124 |
| Item / unit | 2021Group, 31 December 2021, S$ | 2020Group, 31 December 2020, S$ | 2021Company, 31 December 2021, S$ | 2020Company, 31 December 2020, S$ | Source |
|---|---|---|---|---|---|
| Non-current | |||||
| Lease liabilitiesS$ | 135,167 | – | 19,166 | – | PDF p. 106 |
| Current | |||||
| Borrowing 1S$ | – | 1,013,934 | – | 1,013,934 | PDF p. 106 |
| Lease liabilitiesS$ | 267,452 | – | 80,610 | – | PDF p. 106 |
| Total | |||||
| TotalS$ | 402,619 | 1,013,934 | 99,776 | 1,013,934 | PDF p. 106 |
Borrowing 1 relates to a loan of S$1 million from DiDi Investments, Inc. at an interest rate of 6% per annum to fund corporate expenses of the Company. The loan was fully repaid on 22 January 2021.
Non-current Lease liabilities subtotal row prints 135,167 – 19,166 – ; current subtotal prints 267,452 1,013,934 80,610 1,013,934.
| Item / unit | 2021MYR, S$ | 2021INR, S$ | 2021USD, S$ | 2021SGD, S$ | 2021Others, S$ | 2021Total, S$ | Source |
|---|---|---|---|---|---|---|---|
| Group 31 December 2021 | |||||||
| BorrowingsS$ | (10,450) | – | – | (355,998) | (36,171) | (402,619) | PDF p. 126 |
Group 31 December 2020 Borrowings: MYR –, INR –, USD (31,363,078), SGD (1,013,934), Others –, Total (32,377,012). Company 2021: SGD (63,605), Others (36,171), Total (99,776); Company 2020: SGD (1,013,934), Total (1,013,934).
| Item / unit | 2020MYR, S$ | 2020INR, S$ | 2020USD, S$ | 2020SGD, S$ | 2020Others, S$ | 2020Total, S$ | Source |
|---|---|---|---|---|---|---|---|
| Group 31 December 2020 | |||||||
| BorrowingsS$ | – | – | (31,363,078) | (1,013,934) | – | (32,377,012) | PDF p. 126 |
| Item / unit | 2021Company 31 December 2021, MYR, S$ | 2021Company 31 December 2021, INR, S$ | 2021Company 31 December 2021, USD, S$ | 2021Company 31 December 2021, SGD, S$ | 2021Company 31 December 2021, Others, S$ | 2021Company 31 December 2021, Total, S$ | 2020Company 31 December 2020, MYR, S$ | 2020Company 31 December 2020, INR, S$ | 2020Company 31 December 2020, USD, S$ | 2020Company 31 December 2020, SGD, S$ | 2020Company 31 December 2020, Others, S$ | 2020Company 31 December 2020, Total, S$ | Source |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Company 31 December | |||||||||||||
| BorrowingsS$ | – | – | – | (63,605) | (36,171) | (99,776) | – | – | – | (1,013,934) | – | (1,013,934) | PDF p. 126 |
Payout
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Dividend policy | The Company does not have a fixed dividend policy. The form, frequency and amount of future dividends on the shares will depend on the Company’s earnings, general financial condition, results of operations, capital requirements, cash flow, general business conditions, development plans and other factors as the Directors may deem appropriate. | Company | PDF p. 32 |
Extracted from Annual Report 2021 and checked against the cited pages; see the original report for full context.
Auditor’s report
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Audit firm | Nexia TS Public Accounting Corporation | Group | PDF p. 50 |
| Engagement director | Ms. Meriana Ang Mei Ling | Group | PDF p. 50 |
| Opinion | Our opinion is not modified in respect of this matter. | Group | PDF p. 45 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Material Uncertainty Related to Going Concern | the above events and conditions indicate the existence of material uncertainties that may cast significant doubt on the Company’s abilities to continue as a going concern | Group | PDF p. 45 |
| 2. GOING CONCERN | the Company incurred a net loss of S$6.02 million | Company | PDF p. 60 |
| Item | Value | Period / scope | Source |
|---|---|---|---|
| Accounting for Business Combination and Purchase Price Allocation (“PPA”) of acquisition of subsidiary corporations, Zionext Pte. Ltd. and its subsidiary corporations (collectively, “Zionext Group”) and Invictus Academy Inc. (“Invictus”) | We focused on this area because such transactions can be complex and judgement is involved in determining whether an acquisition is a business combination or an acquisition of an asset, each of which have different accounting treatment. | Group | PDF p. 46 |
| Impairment assessment of Goodwill on acquisition | We considered the audit of management’s impairment assessment of goodwill to be a key audit matter due to the magnitude of the amount recognised in the financial statements. | Group | PDF p. 47 |
| Revenue recognition | Due to the nature of these revenue sources and being the new revenue streams for the Group, significant audit effort is required to test the occurrence, accuracy and completeness of the revenue recognised. | Group | PDF p. 48 |
Extracted from Annual Report 2021 and checked against the cited pages; see the original report for full context.
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 2021, 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.