GSTechnologies : GST Financial Report Year Ended 31 March 2021

GSTECHNOLOGIES LTD

ANNUAL REPORT

For the financial year ended 31 March 2021

GSTECHNOLOGIES LTD

ANNUAL REPORT

For the financial year ended 31 March 2021

CONTENTS	PAGE
Board of Directors	1
Director's Report	2
Chairman's Statement	4
Financial Review	5
Consolidated Statement of Profit or loss and	7
Comprehensive Income
Consolidated Statement of Financial Position	8
Consolidated Statement of Cash Flows	9
Consolidated Statement of Changes in Equity	10
Notes to the Consolidated Financial Statements	11 - 30
Directors' Remuneration Report	31
Parent Company Statement of Financial Position	32
Parent Company Statement of Changes in Equity	33
Auditor's Report	34

GSTECHNOLOGIES LTD.

DIRECTORS' STATEMENT

For the financial year ended 31 March 2021

Board of Directors

Tone Goh, Executive Chairman, holds a Bachelor of Science degree and an MBA in International Business from the University of San Francisco. He has more than 25 years' experience in corporate real estate advisory, asset management, finance and development and has held executive positions on the boards of a number of international companies specialising in mergers and acquisitions and the private equity industry.

Raphael Teo, Executive Director. holds a Diploma in Computer Science and Programming and has over 32 years of experience in the Information & Communications Technology (ICT) industry. He provides IT infrastructure & turnkey solutions in various sectors of the industry. He has experience in design and implementation of IT network infrastructure; wireless system; security access control & surveillance cameras solutions; and energy efficiency solutions. Mr Teo is also an experienced sales & project manager. Prior to joining the board of the Company, Mr Teo was the Chairman & Chief Executive Officer of EMS Wiring Systems Pte Ltd.

Jack Bai, Executive Director, has over 30 years' experience in software development for the financial and telecommunication industries. He is a successful technology entrepreneur, who has successfully built and exited multiple companies, including in fintech and payment solutions. He is a co- founder of, and leads the development of, the Coalculus blockchain technology, which enables enterprise-readyblockchain-as-a-service to financial institutions and enterprises. He until recently held the role of Non-executive Director at iSentric Ltd (now IOUpay), an ASX-listed company.

Shayne Tan, Executive Director, holds a Bachelor of Business Management Degree from Singapore Management University and has more than five years of sales, operations and management experience, primarily involving distributed ledger technology in growth stage companies. He is Chief Marketing Officer for, and a co-founder of, the Coalculus blockchain platform.

Malcolm Groat, Non-executive Director, is a Chartered Accountant and has a wide range of experience in corporate life, with roles as Chairman, Non- Executive Director, Chair of Audit, CEO, COO and CFO for several companies. He is an adviser on compliance and governance, strategy, and operational improvement, and managing the risks of rapid change.

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GSTECHNOLOGIES LTD.

DIRECTORS' STATEMENT

For the financial year ended 31 March 2021

Directors' Report

The Directors present their Annual Report on the affairs of GSTechnologies Ltd ("the Company" or "GST") and its subsidiaries collectively referred to as "the Group"), together with the financial statements and auditor's report, for the year ending 31 March 2021.

Principal Activities

GST remains focussed on its corporate strategy of operating a profitable information and communications technology ("ICT") business, serving some of the most respected governmental and private organisations worldwide. This strategy includes seeking to enable and enhance the current Internet of Things ("IoT") and ICT offerings through the application of new highly scalable disruptive technologies, in particular enterprise blockchain solutions and services.

GST, through its operating subsidiary, EMS Wiring Systems, based in Singapore, provides optimal wireless, electronic cabling, security, and other solutions to clients operating in the infrastructure development space. EMS Wiring Systems has been supplying governments and large private organisations with intelligent building solutions for the last 30 years. GST's strategy is to develop solutions to meet the needs of the ICT industry, acting on the surging opportunities in the technology and innovation sectors, in particular data centres, intelligent buildings, smart cities and IoT, targeting emerging markets where the demand for ICT infrastructure is increasing rapidly.

Whilst the Company remains focussed on developing the existing business of EMS Wiring Systems, the Company's goal is to also focus on new higher growth synergistic business areas focussed on blockchain technology, particularly those applicable in the banking and wider financial services sector. The board believes that pioneering next-generation digital money solutions based on blockchain technology will provide the Company with the opportunity to enhance its current offering and enable it to offer differentiated cutting edge technology solutions to a bigger client base. In order to facilitate this, new subsidiaries in the UK and Singapore, GS Fintech Ltd and GS Fintech PTE Ltd, have been established.

Business Review

A review of the business during the period and to date, including comments on future developments, is contained in the Chairman's Statement.

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GSTECHNOLOGIES LTD.

DIRECTORS' STATEMENT

For the financial year ended 31 March 2021

Dividends

The Board believes that the interests of all stakeholders are best served by retaining capital within the Company and maintaining greater flexibility to be able to take advantage of, looking forward, the many attractive investment and business development opportunities open to GST at this time and over the next few years. GST is looking to generate long term value for shareholders in a sustainable manner. As a result, GST's dividend policy for this financial year is not to pay dividends to shareholders, but rather meet their interests by creating value that leads to capital growth.

Subsequent Events

Signing of a Collaboration Agreement with Wise MPay Pte Ltd, the Singaporean blockchain payment solution provider, with a view to Wise MPay providing the Company with software and services to facilitate the Company's plans to develop new higher-growth synergistic business areas focussed on blockchain technology, particularly those applicable in the banking and wider financial services sector. The Agreement builds upon the Memorandum of Understanding between the Company and Wise MPay announced on 21 April 2021.

Financial Instruments

The Group's financial instruments primarily comprise cash, cash equivalents, and other instruments such as trade receivables and payables, which arise directly from its operations. Note 25 to the accounts gives details of the Group's risks and policies regarding financial instruments.

Directors' statement as to disclosure of information to the auditor

The Directors at the date of approval of this report confirm that:

• to the best of their knowledge and belief, there is no relevant audit information of which the Group's auditor is unaware; and
• the Directors have taken all the steps that might reasonably be expected to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Group's auditor is aware of that information.

On behalf of the Board

Tone Goh

Executive Chairman

9 July 2021

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