TRITECH GROUP LIMITED — Interim / Quarterly Report 2025

May 30, 2025

TriTech

TRITECH GROUP LIMITED

(Company Registration No: 200809330R) (Incorporated in the Republic of Singapore on 13 May 2008)

Unaudited Condensed Interim Financial Statements for the fourth quarter and full year ended 31 March 2025

The Company is required under Catalist Rule 705(2) to report its financial statements quarterly.

This announcement has been reviewed by the Company’s Sponsor, UOB Kay Hian Private Limited (the “Sponsor”).

This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (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 Mr. Lance Tan, Senior Vice President, at 8 Anthony Road, #01-01, Singapore 229957, telephone: (65) 6590 6881.

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TABLE OF CONTENTS	TABLE OF CONTENTS	Page
A.	Condensed interim consolidated statement of profit or loss
	and other comprehensive income	3
B.	Condensed interim statements of financial position	4
C.	Condensed interim statements of changes in equity	5
D.	Condensed interim consolidated statement of cash flows	7
E.	Notes to the condensed interim consolidated financial statements	8
F.	Other information required by Appendix 7C of the Catalist Rules	27

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(A) Condensed interim consolidated statement of profit or loss and other comprehensive income

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Fourth Quarter ended 31 March 12 months ended 31 March
2025 2024 Change 2025 2024 Change
(Unaudited) (Unaudited) (Unaudited) (Audited)
Note $’000 $’000 % $’000 $’000 %
Revenue 4 5,422 7,367 (26.4) 24,765 27,333 (9.4)
Cost of sales (3,723) (4,658) (20.1) (17,423) (18,963) (8.1)
Gross profit 1,699 2,709 (37.3) 7,342 8,370 (12.3)
Other (loss)/income (93) 4,552 (102.0) 1,388 5,044 (72.5)
-
Distribution expenses (72) (85) (15.3) (310) (359) (13.6)
Administrative expenses (964) (1,842) (47.7) (4,381) (6,259) (30.0)
Other expenses (736) (598) 23.1 (3,063) (3,547) (13.6)
Finance costs (192) (228) (15.8) (907) (784) 15.7
Impairment losses on financial assets - (5,172) n.m. - (5,172) n.m.
Share of results of associate - - * n.m. - - * n.m.
Profit/(Loss) before taxation 5 (358) (664) (46.1) 69 (2,707) n.m.
Income tax credit 6 - 386 n.m. - 389 n.m.
Profit/(Loss) for the financial year (358) (278) 28.8 69 (2,318) n.m.
Other comprehensive income/(loss):
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operation - (1) n.m. 2 (1) n.m.
Total comprehensive income/(loss) for the financial year (358) (279) 28.3 71 (2,319) n.m.
Profit/(Loss) attributable to:
Owners of the Company (358) (275) 30.2 72 (2,321) n.m.
Non-controlling interest - (3) n.m (3) 3 n.m.
Total profit/(loss) for the financial year (358) (278) 28.8 69 (2,318) n.m.
Total comprehensive income/(loss) attributable to:
Owners of the Company (358) (276) 29.7 74 (2,322) n.m.
Non-controlling interest - (3) n.m (3) 3 n.m.
Total comprehensive income/(loss) for the financial year (358) (279) 28.3 71 (2,319) n.m.
Loss per share attributable to owners of the Company (SGD cents)
Basic (0.03) (0.02) 0.01 (0.20)
Diluted (0.03) (0.02) 0.01 (0.20)
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n.m. not meaningful * Amount is less than S$1,000

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(B) Condensed interim statements of financial position

Note Non-current assets Property, plant and equipment 9 Investments in subsidiaries Right-of-use asset Intangible assets 10 Current assets Inventories Trade and other receivables 11 Contract assets Tax recoverable Prepayments Investment securities Cash and short term deposits Assets held for sale 13 Less: Current liabilities Trade and other payables 12 Contract liabilities Bank borrowings 14 Lease liabilities 14 Provision for taxation Net current liabilities Non-current liabilities Other payable 12 Bank borrowings 14 Loan from a shareholder 14 Lease liabilities 14 Deferred tax liabilities Net assets Equity Share capital 15 Reserves Total equity attributable to owners of the Company Non-controlling interests Total equity	Company Group
	As at As at As at As at 31/3/2025 31/3/2024 31/3/2025 31/3/2024
	(Unaudited) (Audited) (Unaudited) (Audited)
	$’000 $’000 $’000 $’000
	3,261 3,698 28 39 - - 17,535 17,535 1,475 2,872 - - 5,511 5,965 - -
	10,247 12,535 17,563 17,574
	30 57 - - 3,045 2,574 5,510 5,135 6,928 5,822 - - - * - - 310 333 9 17 25 50 25 50 1,519 4,749 19 21
	11,857 13,585 5,563 5,223 - 1,340 - 1,340
	11,857 14,925 5,563 6,563
	11,312 10,664 10,718 8,103 1,113 1,143 - - 1,039 3,867 36 1,737 741 956 - - 6 6 6 6
	14,211 16,636 10,760 9,846
	(2,354) (1,711) (5,197) (3,283)
	- 1,375 - 1,375 160 361 - 36 4,290 4,418 4,290 4,418 1,153 2,451 - - 261 261 246 245
	5,864 8,866 4,536 6,074
	2,029 1,958 7,830 8,217
	85,270 85,270 85,270 85,270 (83,301) (83,375) (77,440) (77,053)
	1,969 1,895 7,830 8,217 60 63 - -
	2,029 1,958 7,830 8,217 ~~f~~

• Amount less than $1,000

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(C) Condensed interim statements of changes in equity

Group (Unaudited) At 1 April 2024 Profit for the year Other comprehensive income Exchange differences arising from translation of foreign operation Total comprehensive income for the year At 31 March 2025 Group (Audited) At 1 April 2023 Loss for the year Other comprehensive loss Exchange differences arising from translation of foreign operation Total comprehensive loss for the year At 31 March 2024	Attributable to owne	Accumulated losses Equity attributable to the owners of the Company Non- controlling interests Total equity rs of the Company
	Share capital Gains on disposals to non- controlling interests Foreign currency translation reserve
	$’000 $’000 $’000	$’000 $’000 $’000 $’000
	85,270 34,944 (274) (118,045) 1,895 63 1,958
	- - - 72 72 (3) 69 - - 2 - 2 - 2
	- - 2 72 74 (3) 71
	85,270 34,944 (272) (117,973) 1,969 60 2,029
	85,270 34,944 (273) (115,724) 4,217 60 4,277
	- - - (2,321) (2,321) 3 (2,318) - - (1) - (1) - (1)
	- -(1) (2,321) (2,322) 3 (2,319)
	85,270 34,944 (274) (118,045) 1,895 63 1,958

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(C) Condensed interim statements of changes in equity (cont'd)

Company (Unaudited) At 1 April 2024 Loss for the year Total comprehensive loss for the year At 31 March 2025 Company (Audited) At 1 April 2023 Loss for the year Total comprehensive loss for the year At 31 March 2024	Share capital Accumulated losses Total equity
	$’000 $’000 $’000
	85,270 (77,053) 8,217
	- (387) (387)
	- (387) (387)
	85,270 (77,440) 7,830
	85,270 (74,323) 10,947
	- (2,730) (2,730)
	- (2,730) (2,730)
	85,270 (77,053) 8,217

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(D) Condensed interim consolidated statement of cash flows

Fair value loss on investment securities Gain on disposal of invesment property Gain on lease modification Cash and cash equivalents at beginning of financial year Bank overdraft Cash and cash equivalents at end of financial year Cash and cash equivalents comprise: Interest paid Net change in cash and cash equivalents Repayments of bank borrowings Repayment of lease liability Net cash used in financing activities Purchase of plant and equipment Addition of intangible assets Fixed deposit pledged Cash and cash equivalents in the consolidated cash flow statement Cash and cash equivalents Cash and bank balances Fixed deposit Decrease in short-term deposits pledged Proceeds from bank borrowings Net cash generated from/(used in) investing activities Cash flows from financing activities Proceeds from disposal of investment property Effect of exchange rate changes on cash and cash equivalents Proceeds from disposal of plant and equipment Income taxes refunded Interest received Net cash (used in)/generated from operating activities Cash flows from investing activities Interest paid Trade and other receivables Prepayments Trade and other payables Cash (used in)/generated from operations Contract assets Contract liabilities Inventories Interest income Interest expense Write-off of plant and equipment Share of results of associate Operating cash flow before working capital changes Working capital changes: Write-back of impairment loss on financial assets Contract assets written off Unrealised foreign exchange gain/(loss) Depreciation of right-of-use asset Depreciation of investment property Deemed interest income on non-current payable Cash flows from operating activities Net gain on disposal of plant and equipment Profit/(Loss) before tax Adjustments for: Depreciation of property, plant and equipment Fair value gain on contingent consideration Amortisation of intangible assets Impairment loss on financial assets

31/3/2025 31/3/2024 (Unaudited) (Audited) $’000 $’000 69 (2,707) 454 454 1,044 1,114 8 37 742 862 (130) 158 - 5,172 - (3,324) - (155) 25 75 - (23) 2 1 (718) - (111) - (32) (279) 907 784 - 104 - (904) - - 2,260 1,369 27 20 (451) 3,351 (1,106) (809) 23 60 (1,051) (206) (31) (2,311) (329) 1,474 1 5 (109) (88) 12 15 (425) 1,406 (320) (1,515) - - - 25 2,050 - 1,730 (1,490) 1,425 - 1,100 1,800 (2,794) (932) (937) (843) (570) (440) (1,776) (415) (471) (499) 1,850 2,350 2 (1) 1,381 1,850 223 1,643 1,296 3,106 1,519 4,749 - (1,336) (138) (1,563) 1,381 1,850 12 months ended

• Amount is less than S$1,000

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(E) Notes to the condensed interim consolidated financial statements

1. Corporate information

Tritech Group Limited (the “ Company ”) is a limited liability company, which is incorporated and domiciled in Singapore and is listed on the Catalist Board of Singapore Exchange Securities Trading Limited (“ SGX-ST ”). These condensed interim consolidated financial statements as at and for the twelve months ended 31 March 2025 comprise the Company and its subsidiaries (collectively, the Group).

The principal activities of the Group are:

• (a) One-stop integrated service provider for smart urban development, covering urban planning, site investigation, design and consultancy, engineering survey, instrumentation and monitoring, project management, construction supervision, data collection, big data analytics, artificial intelligence and cloud computing digital platform;

• (b) One-stop product-technology-design-build-operation service provider for water treatment & environmental protection projects, covering membrane products, smart technologies, engineering solutions, design and consultancy, construction, operation and maintenance;

• (c) Producing Vavie Alkaline drinking water, Vavie Alkaline water dispenser, Vavie CWS (Clean, Wash, Sanitize); and

• (d) Investment holding company.

2. Basis of preparation

The condensed interim financial statements for the twelve months ended 31 March 2025 have been prepared in accordance with SFRS(I) 1-34 Interim Financial Reporting issued by the Accounting Standards Council Singapore. The condensed interim financial statements do not include all the information required for a complete set of financial statements. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance of the Group since the last interim financial statements for the period ended 31 December 2024.

The accounting policies adopted are consistent with those of the previous financial year which were prepared in accordance with SFRS(I)s, except for the adoption of new and amended standards as set out in Note 2.1.

The condensed interim financial statements are presented in Singapore dollar which is the Company’s functional currency.

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

2. Basis of preparation (cont’d)

2.1 New and amended standards adopted by the Group

There has been no change in the accounting policies and methods of computation adopted by the Group for the current reporting period compared with the audited financial statements for the year ended 31 March 2024, except for the adoption of new or revised SFRS(I) and Interpretations of SFRS(I) (“INT SFRS(I)”) that are mandatory for the financial year beginning on or after 1 April 2024. The adoption of these SFRS(I) and INT SFRS(I) has no significant impact on the Group.

2.2 Use of judgements and estimates

In preparing the condensed interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

The significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same of those that applied to the consolidated financial statements as at and for the year ended 31 March 2024.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected.

Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements:

(i) Taxes

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next interim period are included in the following notes:

• (i) Accounting for construction revenue (Note 4)

• (ii) Impairment test of intangibles assets: key assumptions underlying recoverable amounts (Note 10)

• (iii) Provision for expected credit losses of trade receivables and contract assets

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

3. Seasonal operations

The Group’s business are not affected significantly by seasonal or cyclical factors during the financial year.

4. Segment and revenue information

The Group is organised into the following main business segments:

• i) Smart Urban Development segment, which comprises one-stop integrated service provider for smart urban development, covering urban planning, site investigation, design and consultancy, engineering survey, instrumentation and monitoring, project management, construction supervision, data collection, big data analytics, artificial intelligence and cloud computing digital platform;

• ii) Water and Environment segment, which comprises one-stop product-technology-design-buildoperation service provider for water treatment & environmental protection projects, covering membrane products, smart technologies, engineering solutions, design and consultancy, construction, operation and maintenance; and

• iii) Corporate business, which comprises Group-level corporate services and treasury functions.

These operating segments are reported in a manner consistent with internal reporting provided to the management who are responsible for allocating resources and assessing performance of the operating segments.

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

4. Segment and revenue information (cont’d)

4.1 Reportable segments

1 January 2025 to 31 March 2025 Revenue: Sales to external customers Inter-segment sales Total revenue Results: Segment results Finance cost Interest income Profit/(Loss) before taxation Income tax credit Loss for the period Significant non-cash items: Depreciation and amortisation expenses Adjustment on gain on lease modification Foreign exchange gain As at 31 March 2025 Capital expenditure: Plant and equipment Asset and liabilities: Assets Liabilities*	Smart urban development business S$'000 5,421 261 5,682 239 (110) 2 131 61 235 (1) 67 19,000 10,199	Water and environmental business S$'000 1 1 2 (180) - - (180) 25 - - - 1,008 873	Corporate S$'000 - 210 210 (291) (82) 6 (367) 2 - (5) - 2,096 9,003	Adjustments S$'000 - (472) (472) - - - - - - - - - -	Per consolidated financial statements S$'000
					5,422 -
					5,422
					(232) (192) 8
					(416) -
					(416)
					88 235 (6)
					67
					22,104
					20,075

• Inter-segment revenues are eliminated on consolidation

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

4. Segment and revenue information (cont’d)

4.1 Reportable segments (cont’d)

1 January 2024 to 31 March 2024 Revenue: Sales to external customers Inter-segment sales Total revenue Results: Segment results Finance cost Interest income Share of results of associates Profit/(Loss) before taxation Income tax credit Loss for the period Significant non-cash items: Fair value gain on contingent consideration Fair value gain on other payables Writeback of impairment loss on financial assets Gain on disposal of plant and equipment Contract assets written off Fair value loss on investment securities Foreign exchange loss Property, plant and equipment written off Depreciation and amortisation expenses Impairment loss on financial assets Capital expenditure: Intangible assets As at 31 March 2024 Asset and liabilities: Assets Liabilities*	Smart urban development business S$'000 7,361 187 7,548 1,386 (103) 4 - 1,287 - - 175 (25) 105 - 6 - 455 2 3,014 22,321 13,019	Water and environmental business S$'000 6 5 11 (164) - 1 - (163) - - 24 - - - - 1 (69) - - 1,673 874	Corporate S$'000 - 210 210 (1,698) (125) 35 - (1,788) (3,324) (155) 14 - - 198 144 (17) 49 5,170 - 3,466 11,609	Adjustments S$'000 - (402) (402) - - - - - - - - - - - - - - - - - -	Per consolidated financial statements S$'000 7,367 - 7,367 (476) (228) 40 -# (664) 386 (278) (3,324) (155) 213 (25) 105 198 150 (16) 435 5,172 3,014 27,460 25,502

• Inter-segment revenues are eliminated on consolidation

Amount is less than $1000

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E) Notes to the condensed interim consolidated financial statements (cont’d)

4. Segment and revenue information (cont’d)

4.1 Reportable segments (cont’d)

FY2025 Revenue: Sales to external customers Inter-segment sales Total revenue Results: Segment results Finance cost Interest income Profit/(Loss) before taxation Income tax credit Profit for the year Significant non-cash items: Depreciation and amortisation expenses Property, plant and equipment written off Gain on disposal of invesment property Gain on lease modification Loss on fair value of investment securities Foreign exchange gain Capital expenditure: Plant and equipment As at 31 March 2025 Asset and liabilities: Assets Liabilities*	Smart urban development business Water and environmental business Corporate Adjustments S$'000 S$'000 S$'000 S$'000	Per consolidated financial statements S$'000
	24,765 - - - 1,385 2 840 (2,227)	24,765 –
	26,150 2 840 (2,227)	24,765
	1,822 (230) (648) - (510) - (397) - 10 2 20 -	944 (907) 32
	1,322 (228) (1,025) - 2,127 102 19 - 2 - - - - - (718) - (111) - - - - - 25 - (2) - (128) -	69 -
		69
		2,248 2 (718) (111) 25 (130)
	599 11 - –	610
	19,000 1,008 2,096 -	22,104
	10,199 873 9,003 -	20,075

*** Inter-segment revenues are eliminated on consolidation**

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

4. Segment and revenue information (cont’d)

4.1 Reportable segments (cont’d)

FY2024 Revenue: Sales to external customers Inter-segment sales Total revenue Results: Segment results Finance cost Interest income Share of results of associates Profit/(Loss) before taxation Income tax credit Loss for the year Significant non-cash items: Depreciation and amortisation expenses Fair value gain on contingent consideration Deemed interest income on non-current payable Fair value loss on investment securities Gain on disposal of plant and equipment Impairment loss on financial assets Property, plant and equipment written off Foreign exchange loss Write-back of impairment loss on financial assets Contract assets written off Capital expenditure: Plant and equipment Intangible assets As at 31 March 2024 Asset and liabilities: Assets Liabilities*	Smart urban development business Water and environmental business Corporate Adjustments S$'000 S$'000 S$'000 S$'000	Per consolidated financial statements S$'000 27,333 – 27,333 (2,202) (784) 279 -# (2,707) 389 (2,318) 2,467 (3,324) (155) 75 (23) 5,172 1 156 (505) 105 1,801 3,014 27,460 25,502
	27,305 28 - - 1,274 8 840 (2,122)
	28,579 36 840 (2,122)
	2,420 (1,047) (3,575) - (317) - (467) - 13 2 264 - - - - -
	2,116 (1,045) (3,778) - 2,361 57 49 - - - (3,324) - - - (155) - - - 75 - (23) - - - 2 - 5,170 - 1 - - - 11 1 144 - 175 24 (704) - 105 - - -
	1,800 1 - – 3,014 - - -
	22,321 1,673 3,466 -
	13,019 874 11,609 -

• Inter-segment revenues are eliminated on consolidation

Amount is less than $1000

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

4. Segment and revenue information (cont’d)

4.2 Disaggregation of revenue

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Sale of goods Services rendered Total revenue
Fourth quarter ended 31 March Fourth quarter ended 31 March Fourth quarter ended 31 March
2025 2024 2025 2024 2025 2024
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
Primary geographical market
Singapore - 13 5,422 7,354 5,422 7,367
Major product or service line
Smart urban development business - - 5,422 7,354 5,422 7,354
Water and environmental business - 13 - - - 13
- 13 5,422 7,354 5,422 7,367
Timing of transfer of goods or services
At a point in time - 13 - - - 13
Over time - - 5,422 7,354 5,422 7,354
- 13 5,422 7,354 5,422 7,367
Sale of goods Services rendered Total revenue
12 months ended 31 March 12 months ended 31 March 12 months ended 31 March
2025 2024 2025 2024 2025 2024
S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
Primary geographical market
Singapore - 28 24,765 27,305 24,765 27,333
- 28 24,765 27,305 24,765 27,333
Major product or service line
Smart urban development business - - 24,765 27,305 24,765 27,305
Water and environmental business - 28 - - - 28
- 28 24,765 27,305 24,765 27,333
Timing of transfer of goods or services
At a point in time - 28 - - - 28
Over time - - 24,765 27,305 24,765 27,305
- 28 24,765 27,305 24,765 27,333
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(E) Notes to the condensed interim consolidated financial statements (cont’d)

4. Segment and revenue information (cont’d)

• 4.2 Disaggregation of revenue (cont’d)

A breakdown of sales as follows:

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Group
FY2025 FY2024 Change
(Unaudited) (Audited)
$’000 $’000 %
Sales reported for first half-year 12,911 13,146 (1.8)
Loss for first half-year (123) (1,928) (93.6)
Sales reported for second half-year 11,854 14,187 (16.4)
Profit/(Loss) for second half-year 192 (390) n.m
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Geographical location of revenue and non-current assets

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Revenue Non-current assets
FY2025 FY2024 FY2025 FY2024
(Unaudited) (Audited) (Unaudited) (Audited)
$’000 $’000 $’000 $’000
Singapore 24,765 27,333 10,247 12,535
24,765 27,333 10,247 12,535
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(E) Notes to the condensed interim consolidated financial statements (cont’d)

5. Profit/(Loss) before taxation

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5.1 Significant items
Fourth Quarter ended 31 March 12 months ended 31 March
2025 2024 2025 2024
(Unaudited) (Unaudited) (Unaudited) (Audited)
$’000 $’000 $’000 $’000
Other income
Gain on disposal of investment property - - 718 -
Gain on disposal of plant and equipment - 23 - 23
(Adjustment)/Gain on lease modification (235) - 111 -
Interest income 8 40 32 280
Rental income 37 39 64 129
Insurance claim - 23 68 68
Writeback of impairment loss on financial asset - 904 - 904
Government grant 22 6 115 121
Sundry income - 18 18 18
Fair value gain on contingent consideration - 3,324 - 3,324
Deemed interest income on non-current
payable - 155 - 155
Net foreign exchange gain 6 - 130 -
Liability written back 50 - 113 -
Others 19 20 19 22
Expenses
Amortisation of intangible assets (114) (114) (454) (454)
Depreciation of property, plant and equipment 90 (116) (1,044) (1,114)
Depreciation of investment property - (9) (8) (37)
Depreciation of right-of-use asset (64) (216) (742) (862)
Loss on fair value of investment securities - (75) (25) (75)
Foreign exchange loss, net - (408) - (155)
Property, plant and equipment written off - - (2) (1)
Impairment loss on financial assets - (5,172) - (5,172)
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(E) Notes to the condensed interim consolidated financial statements (cont’d)

5. Profit/(Loss) before taxation (cont’d)

5.2 Related party transactions

• (a) Sales and purchase of services

In addition to the related party information disclosed elsewhere in the interim condensed financial statements, the following significant transactions between the Group and related parties took place at terms agreed between the parties during the financial period:

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The Group Company
12 months ended 31 March 12 months ended 31 March
2025 2024 2025 2024
(Unaudited) (Audited) (Unaudited) (Audited)
S$'000 S$'000 S$'000 S$'000
With shareholders
Consultancy fees charged by shareholders 149 388 149 388
With a director
Consultancy fees charged by a director of a subsidiary - 155 - -
With associate
Interest income charged to an associate - 244 - 244
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• (b) Compensation of key management personnel

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The Group Company
12 months ended 31 March 12 months ended 31 March
2025 2024 2025 2024
(Unaudited) (Audited) (Unaudited) (Audited)
S$'000 S$'000 S$'000 S$'000
Directos' fees 222 214 222 214
Short-term benefits 1,898 1,888 551 588
Contributions to the defined contribution plans 131 120 24 21
Total compensation paid to key management
personnel 2,251 2,222 797 823
Comprise amount paid to :
- Directors of the Company 798 823 797 823
- Directors of subsidiaries 1,302 1,247 - -
- Other key management personnel 151 152 - -
2,251 2,222 797 823
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(E) Notes to the condensed interim consolidated financial statements (cont’d)

6. Income tax credit

The Group calculates the period income tax expenses using the tax rate that would be applicable to the expected total annual earnings. The major components of income tax expense in the condensed interim consolidated statement of profit or loss are:

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Fourth quarter ended 31 March 12 months ended 31 March
2025 2024 2025 2024
(Unaudited) (Unaudited) (Unaudited) (Audited)
$’000 $’000 $’000 $’000
Current income tax
-Current income taxation - 1 - 1
-Under provision in respect of previous years - (413) - (413)
Deferred income tax expense relating to
-Origination and reversal of temporary differences - 5 - 5
- Under provision in respect of previous years - 21 - 18
- (386) - (389)
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7. Net asset value

Net asset value per ordinary share based on issued share capital (SGD cents)	Group Company 31.03.2025 31.03.2024 31.03.2025 31.03.2024 (Unaudited) (Audited) (Unaudited) (Audited)
	0.17 0.17 0.66 0.70

The net asset value per ordinary share of the Group and the Company as at 31 March 2025 were calculated based on the total issued number of ordinary shares (excluding treasury shares) of 1,181,534,398 (31 March 2024: 1,181,534,398).

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

8. Financial Instruments

8.1 Financial assets and financial liabilities

Set out below is an overview of the financial assets and financial liabilities of the Group and the Company as at 31 March 2025 and 31 March 2024:

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The Group The Company
As at As at As at As at
31/3/2025 31/3/2024 31/3/2025 31/3/2024
(Unaudited) (Audited) (Unaudited) (Audited)
S$'000 S$'000 S$'000 S$'000
Financial Assets
Financial assets at amortised cost 4,543 7,286 5,528 5,145
Financial assets at fair value through profit or loss 25 50 25 50
4,568 7,336 5,553 5,195
Financial Liabilities
Financial liabilities at amortised cost 18,255 23,609 15,044 15,670
18,255 23,609 15,044 15,670
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8.2 Fair value of financial assets and financial liabilities

• (a) Fair value hierarchy

The Group categorises fair value measurement using a fair value hierarchy that is dependent on the valuation inputs used as follows:

• Level 1 – Quoted prices (unadjusted) in active market for identical assets or liabilities that the Group can access at the measurement date;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, and

• Level 3 – Unobservable inputs for the asset or liability.

Fair value measurements that use inputs of different hierarchy levels are categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

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• (E) Notes to the condensed interim consolidated financial statements (cont’d)

8. Financial Instruments (cont’d)

  - **8.2 Fair value of financial assets and financial liabilities (cont’d)**

     - **(b) Assets and liabilities measured at fair value**

Group and Company 31 March 2025 Assets Financial assets at FVTPL Investment securities Group and Company 31 March 2024 Assets Financial assets at FVTPL Investment securities	Fair value measurements using Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 25 – – 25
	50 – – 50

9. Property, plant and equipment

During the twelve months ended 31 March 2025, the Group acquired assets amounting to $610,000 (31 March 2024: $1,801,000) and disposed and written off of assets with net book value of $Nil and $2,000 (31 March 2024: $67,000 and $1,000) respectively.

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

10. Intangible assets

Group	Goodwill Transferable club membership Intellectual property right Development expenditures Software Total S$'000 S$'000 S$'000 S$'000 S$'000 S$'000
At 31 March 2024 Cost	454 31 3,213 4,859 823 9,380
Accumulated amortisation and impairment loss Net carrying amount	(454) - (145) (1,993) (823) (3,415)
	- 31 3,068 2,866 - 5,965
12 months ended 31 March 2025 Opening net carrying amount Amortisation charge Closing net carrying amount At 31 March 2025 Cost Accumulated amortisation and impairment loss Net carrying amount	- 31 3,068 2,866 - 5,965 - - (10) (444) - (454)
	- 31 3,058 2,422 - 5,511
	454 31 3,213 4,859 823 9,380 (454) - (155) (2,437) (823) (3,869)
	- 31 3,058 2,422 - 5,511

The carrying amount of intangible assets are tested for impairment annually, or more frequently if the events and circumstances indicate that the carrying value may be impaired. The recoverable amount of the cash generating unit (“CGU”) which goodwill have been allocated to are determined based on value-in-use calculations, using cash flow projections from financial budgets approved by management covering a five year period. The recoverable amount is most sensitive to the weighted average cost of capital and terminal value used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes.

For the purpose of this condensed interim financial statements for year ended 31 March 2025, management has reviewed and considered the cash flows projections for the CGU. As there were no impairment indicators as at 31 March 2025, no impairment testing was performed.

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

11. Trade and other receivables

Non-current assets Other receivables Loans due from associate Less: Expected credit losses Net carrying amount Current assets Trade receivables Trade receivables from third parties Amounts due from subsidiaries Less: Expected credit losses Net carrying amount Other receivables GST refundable Other receivables from third parties Less: Expected credit losses Net carrying amount Amounts due from subsidiaries Amounts due from associate Less: Expected credit losses - Subsidiaries - Associate Advances to employees Advances payment Deposits Interest receivable Total trade and other receivables	Group Company
	As at As at As at As at 31 March 2025 31 March 2024 31 March 2025 31 March 2024 (Unaudited) (Audited) (Unaudited) (Audited)
	$’000 $’000 $’000 $’000
	- 2,009 - 2,009 - (2,009) - (2,009)
	- - - -
	1,914 1,492 - - - - 908 581
	1,914 1,492 908 581 (214) (285) (386) (386)
	1,700 1,207 522 195
	11 21 1 11 494 489 260 240 (468) (448) (260) (240)
	37 62 1 11
	- - 8,082 8,045 3,747 3,766 3,747 3,766 - - (3,136) (3,136) (3,747) (3,766) (3,747) (3,766)
	- - 4,946 4,909 - 6 - - 10 10 - - 1,298 1,277 41 20 - 12 - -
	1,308 1,305 4,987 4,929
	3,045 2,574 5,510 5,135

Trade receivables are non-interest bearing and generally on 30 to 90 (2024: 30 to 90) days’ credit terms.

The loans due from associate bear an effective interest rate of nil (31 March 2024: 6.5%) per annum.

The amounts due from associate mainly comprise of expenses recharged and advances which are unsecured, non-interest bearing and repayable on demand.

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

12. Trade and other payables

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Group Company
As at As at As at As at
31 March 2025 31 March 2024 31 March 2025 31 March 2024
(Unaudited) (Audited) (Unaudited) (Audited)
$’000 $’000 $’000 $’000
Current liabilities
Trade payables
Trade payables to third parties 2,277 2,258 - -
2,277 2,258 - -
Other payables
Goods and Services Tax (“GST”) payable 440 485 - -
Accrued operating expenses 4,713 4,086 1,402 1,277
Accrued unutilised leave 186 220 - -
Deposits received 3 50 - 48
Other payables 2,429 2,529 1,760 1,425
Interest payable 1,264 1,036 1,264 1,036
Amounts due to subsidiaries - - 6,292 4,317
11,312 10,664 10,718 8,103
Non-current liabilities
Other payable - 1,375 - 1,375
Total trade and other payables 11,312 12,039 10,718 9,478
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13. Assets held for sale

The Group’s investment property consist of factory building held for long-term rental yields and is leased to a third party under operating lease. As at 31 March 2024, the Group has reclassified the investment property as assets held for sale given the Group’s plan to dispose the investment property within the next 12 months.

Cost Cost, representing net carrying amount Disposal	Group and Company As at As at 31 March 2025 31 March 2024 S$'000 S$'000 1,340 1,340 (1,340) -
	- 1,340

On 21 June 2024, the disposal of the investment property was completed in accordance with the terms and conditions of the Sale and Purchase Agreement. For further details, please refer to the announcement dated 21 June 2024.

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

14. Borrowings and loans

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As at 31 March 2025 As at 31 March 2024
Secured Unsecured Secured Unsecured
(Unaudited) (Unaudited) (Audited) (Audited)
$’000 $’000 $’000 $’000
Amount repayable within one year 184 1,039 1,643 2,342
Amount repayable after one year 209 4,450 251 4,779
393 5,489 1,894 7,121
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The borrowings of the Group comprised finance lease obligations (included in lease liabilities), term loans, working capital loans and 4.96% to 10% (31 March 2024: 4.96% to 10%) interest bearing independent shareholder loan of $4.3 million (31 March 2024: $4.4 million). The finance lease obligations are secured by the lessors’ title to the leased assets and corporate guarantee from the Company.

The overdraft and the mortgage loan are secured by 1st legal mortgage over leasehold property located at Food Xchange @ Admiralty, along with an assignment of all rights and benefits from its rental income, and a corporate guarantee provided by the Company.

15. Share capital

Issued and fully paid ordinary shares At beginning of financial year At end of financial year	Group and Company
	As at 31 March 2025 As at 31 March 2024
	Number of shares Number of shares $’000 $’000 $’000 $’000
	1,181,534 85,270 1,181,534 85,270
	1,181,534 85,270 1,181,534 85,270

Treasury shares and subsidiary holdings

The Company did not have any treasury shares or subsidiary holdings as at 31 March 2025 and 31 March 2024.

Outstanding convertibles

As at 31 March 2025, a total of 287,750,000 options were granted to Protocol Capital, entitling it to subscribe for an equivalent number of shares in the Company, representing 24.35% of the current total number of issued shares (excluding treasury shares). Following the Company’s exercise of the put option, the option exercise period has been extended by an additional three months until 9 March 2025, at the request of Protocol Capital. The Company remains in discussions with Protocol Capital to finalise the execution of the investment agreement and will announce any developments promptly .

For further details, please refer to the announcement dated 17 December 2024. As at 31 December 2023, there were a total of 575,500,000 options to selected placees which will entitle them to subscribe for 575,500,000 shares of the Company which represents approximately 48.7% of the total number of issued shares (excluding treasury shares).

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(E) Notes to the condensed interim consolidated financial statements (cont’d)

16. Subsequent events

There are no known subsequent events which have led to adjustments to this set of interim financial statements.

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(F) Other information required by Appendix 7C of the Catalist Rules

1. Review

The condensed consolidated statement of financial position of Tritech Group Limited and its subsidiaries as at 31 March 2025 and the related condensed consolidated profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the twelve-month period then ended and certain explanatory notes have not been audited or reviewed by the Company’s auditors.

2. Review of performance of the Group

Review of condensed interim consolidated statement of profit or loss of the Group

FY2025 compared with FY2024

The Group’s revenue decreased by $2.5 million, from $27.3 million in FY2024 to $24.8 million in FY2025. The revenue decrease was attributed to completion of specific projects within the smart urban development business.

Cost of sales decreased by $1.6 million, from $19.0 million in FY2024 to $17.4 million in FY2025, in line with the decrease in revenue. The reduction was mainly due to lower direct wages and subcontractor costs.

As a result of the above reasons, the Group’s gross profit was $7.3 million in FY2025 as compared to gross profit of $8.4 million in FY2024. The gross profit margin decreased mainly driven by the smart urban development business.

Other income decreased by $3.6 million, from $5.0 million in FY2024 to $1.4 million in FY2025, mainly due to the absence of one-off items recorded in FY2024, including a fair value gain on contingent consideration, a fair value gain on other payables, and the write-back of impairment loss on financial assets.

Distribution expenses decreased by $0.1 million, from $0.4 million in FY2024 to $0.3 million in FY2025, mainly due to lower motor vehicle upkeep costs in the smart urban development business.

Administrative expenses decreased by $1.9 million, from 6.3 million in FY2024 to $4.4 million in FY2025, mainly due to lower consultancy and legal fees related to corporate and water and environmental business activities.

Other expenses decreased by $0.4 million, from $3.5 million in FY2024 to $3.1 million in FY2025, mainly due to the lower employee-related costs and utilities expenses.

Finance costs increased by $0.1 million, from $0.8 million in FY2024 to $0.9 million in FY2025, mainly due to an increase in bank borrowings.

As a result of the above, the Group recorded a profit after tax of $0.1 million in FY2025 as compared to a loss after tax of $2.3 million in FY2024.

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(F) Other information required by Appendix 7C of the Catalist Rules (cont’d)

2. Review of performance of the Group (cont’d)

Review of condensed interim statements of financial position of the Group

Non-current assets of the Group were $10.2 million as at 31 March 2025, a decrease of $2.3 million from $12.5 million as at 31 March 2024. This decrease was mainly due to depreciation charges and amortisation expenses, along with lease modification totalling $2.9 million, partially offset by additional investments of $0.6 million in new plant and equipment.

Current assets were $11.9 million as at 31 March 2025. The decrease of $3.0 million from $14.9 million as at 31 March 2024 was mainly due to decrease of $1.4 million in inventories, prepayments, investment securities, assets held for sale, along with decrease of $3.2 million in cash and short-term deposits. The decrease was partially offset by a $1.6 million increase in trade and other receivables and contract assets.

Current liabilities were $14.2 million as at 31 March 2025. The decrease of $2.4 million from $16.6 million as at 31 March 2024 was mainly due to decrease of $3.0 million in lease liabilities and bank borrowings resulted from the settlement of the bank overdraft, mortgage loan, and repayment of bank borrowings. The decrease was partially offset by a $0.6 million increase in trade and other payables.

Non-current liabilities were $5.9 million as at 31 March 2025. The decrease of $3 million from $8.9 million as at 31 March 2024 was driven by reductions in other payable, bank borrowings and lease liabilities, mainly due to reclassifying portions of these to current liabilities.

The Group had a negative working capital of $2.4 million as at 31 March 2025 as compared to a negative working capital of $1.7 million as at 31 March 2024. To address the negative working capital and cash flow requirements, the Group has taken the following measures:

• Ensuring timely projects completion to achieve the projected positive margin and net cash inflows.

• Maintaining sufficient bank facilities and cash balances to fund the Group’s daily operations.

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(F) Other information required by Appendix 7C of the Catalist Rules (cont’d)

2. Review of performance of the Group (cont’d)

Review of condensed interim consolidated statement of cash flows of the Group

The Group recorded net cash used in operating activities amounted to $0.4 million in FY2025. This was mainly due to an operating cash inflow of $2.3 million before working capital changes and the net cash outflow of $2.7 million from changes in working capital.

Net cash of $1.7 million generated from investing activities in FY2025, was mainly due to a cash inflow of $2.0 million from the disposal of investment property, partially offset by a cash outflow of $0.3 million for the purchase of plant and equipment.

Net cash of $1.8 million used in financing activities in FY2025, was mainly attributed to repayment of bank borrowings, lease liabilities and loan interest totalling $4.3 million. This was partially offset by cash inflow of $2.5 million from the release of pledged fixed deposit and new bank borrowings.

3. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.

The Group’s financial performance for FY2025 is generally in line with the expectation as set out in the third quarter and nine months results announcement released on 14 February 2025.

4. Whether the figures have been audited or reviewed, and in accordance with which auditing standard or practice.

The figures have not been audited or reviewed by the Company’s auditor.

5. Where the figures have been audited or reviewed, the auditors’ report (including any modifications or emphasis of matter).

Not applicable. The figures have not been audited or reviewed by the Company’s auditor .

• 5a. Where the latest financial statements are subject to an adverse opinion, qualified opinion or disclaimer of opinion:-

• (a) Updates on the efforts taken to resolve each outstanding audit issue.

• (b) Confirmation from the Board that the impact of all outstanding audit issues on the financial statements have been adequately disclosed.

Not applicable. This is not required for any audit issue that is a material uncertainty relating to going concern.

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(F) Other information required by Appendix 7C of the Catalist Rules (cont’d)

6. Earnings per ordinary share of the Group for the current period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends.

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Group Group
Fourth Quarter ended 12 months ended
31 March 2025 31 March 2024 31 March 2025 31 March 2024
Profit/(Loss) attributable to the owners of the Group (S$) (358,000) (275,000) 72,000 (2,321,000)
Weighted average number of ordinary shares in issue 1,181,534,398 1,181,534,398 1,181,534,398 1,181,534,398
Basic earnings/(loss) per share (cents) (0.03) (0.02) 0.01 (0.20)
Diluted earnings/(loss) per share (cents) (0.03) (0.02) 0.01 (0.20)
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The diluted loss per share for the fourth quarter and the diluted earnings per share for the financial year ended 31 March 2025 are the same as the basic loss/earnings per share, as there are no potential ordinary shares convertible into ordinary shares.

The diluted loss per share for the fourth quarter and twelve months ended 31 March 2024 presented is the same as the basic loss per share, as the potential ordinary shares to be converted were anti-dilutive.

7. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the Group operates and any known factors or events that may affect the Group in the next reporting period and the next 12 months.

The market for the Group in Singapore remains highly competitive and this has affected the profit margin for the projects that the Group had successfully tendered for. While management expects market conditions to remain tough, the Group has continued to take steps to reduce the cost and enhance the competitiveness to grow its revenue and improve its profit margins. With the steps taken, management is cautiously optimistic that the Group performance will improve moving forward.

8. If a decision regarding dividend has been made:-

• (a) Whether an interim (final) ordinary dividend has been declared (recommended); and Nil

• (b)(i) Amount per share (cents) (Optional) Rate (%) Not applicable

• (b)(ii) Previous corresponding period (cents) (Optional) Rate (%) Not applicable

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(F) Other information required by Appendix 7C of the Catalist Rules (cont’d)

8. If a decision regarding dividend has been made:- (cont’d)

• (c) Whether the dividend is before tax, net of tax or tax exempt. If before tax or net of tax, state the tax rate and the country where the dividend is derived. (If the dividend is not taxable in the hands of shareholders, this must be stated).

  • Not applicable

• (d) The date the dividend is payable.

  • Not applicable

• (e) The date on which Registrable Transfers received by the Company (up to 5.00pm) will be registered before entitlements to the dividend are determined.

  • Not applicable

9. If no dividend has been declared (recommended), a statement to that effect and the reason(s) for the decision.

No dividend has been declared or recommended for the financial year ended 31 March 2025 in view of the Company’s accumulated losses.

10. Interested Person Transactions

If the group has obtained a general mandate from shareholders for IPTs, the aggregate value of such transactions as required under Rule 920(1)(a)(ii). If no IPT mandate has been obtained, a statement to that effect.

The Company has not obtained a general mandate from its shareholders for interested person transactions. The Company did not enter into any disclosable interested person transactions for the financial year ended 31 March 2025.

11. Confirmation pursuant to Rule 720(1) of the Catalist Listing Manual.

The Company has procured undertakings from all its directors and executive officer under Rule 720(1).

12. Confirmation pursuant to Rule 705(5) of the Catalist Listing Manual.

On behalf of the Board of the Company, we, the undersigned, hereby confirms that, to the best of our knowledge, nothing has come to the attention of the Board of Directors of the Company which may render the unaudited condensed interim financial statements of the Company and the Group for the fourth quarter and full year ended 31 March 2025 to be false or misleading in any material aspect.

13. Disclosures on Incorporation, Acquisition and Realisation of Shares pursuant to Rule 706A of the Catalist Rules

There were no acquisition or realisation of shares pursuant to Rule 706A during the financial year ended 31 March 2025.

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(F) Other information required by Appendix 7C of the Catalist Rules (cont’d)

14. A breakdown of the total annual dividend (in dollar value) for the issuer’s latest full year and its previous full year.

Not applicable. There were no dividend declared for FY2025 and FY2024.

15. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the operating segments.

Please refer to Section F item 2.

16. Disclosure of person occupying a managerial position in the issuer or any of its pricipal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(10) in the format below. If there are no such persons, the issuer must make an appropriate negative statement.

Pursuant to Rule 704(10) of the Listing Manual Section B: Rules of Catalist of the SGX-ST, none of the employees occupying managerial positions in Tritech Group Limited (the “Company”) or any of its principal subsidiaries are relatives of the Directors or Chief Executive Officer or Substantial Shareholders of the Company.

BY ORDER OF THE BOARD

Dr Wang Xiaoning Managing Director 30 May 2025

Zhou Xinping Executive Director

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