TIDMNTLG

RNS Number : 8221S

New Trend Lifestyle Group plc

28 June 2018

For immediate release

Final results

28 June 2018

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).

NEW TR LIFESTYLE GROUP PLC

("New Trend" or "the Group" or "the Company")

Final Results for the year ended 31 December 2017

New Trend Lifestyle Group plc (AIM: NTLG), the Singapore-based Feng Shui products and services group, today announces its audited final results for the year ended 31 December 2017.

CHAIRMAN'S & CEO'S STATEMENT, INCLUDING FINANCIAL REVIEW

Background and summary of trading performance

The results for the year have been below the prior year, as expected. The trading conditions in Singapore have remained tough, and this has continued to negatively impact our business during the period under review.

Following the decision to cease all operations in China in 2015, the Group has now disposed of its now dormant Hong Kong subsidiary, New Trend Lifestyle (HK) Limited.

Trading

Sales in the year were SGD4,898k (2016: SGD5,512k), a decline of 11.1%. The Group loss before tax from continuing operations was SGD1,559k (2016: SGD1,821k), mainly as a result of the decline in sales, but this loss was mitigated to a degree by the cost reductions achieved by the Board during the year.

Costs in the UK were SGD378k (2016: SGD370k).

Balance sheet

Net inventories remained in line with the prior year at SGD689k (2016: SGD683k).

Cash flow

Cash in hand at the year end was SGD2,119k (2016: SGD2,390k), and the Group continues to manage its cash within its available resources.

Current trading and outlook

Revenues in the first quarter of 2018 have shown significant improvement compared to 2017, at SGD1,805k (2017Q1: SGD1,291k). This has been as a result of improved service revenue, as the sales and marketing initiatives developed and implemented have started to have a positive impact. The trading conditions in Singapore have started to show signs of improvement, although it is too early to assess the anticipated effect on the Group yet.

Over the last 12 months, in line with our stated strategy, the Board has evaluated several potential acquisition targets, however, to date, none of these have been suitable for the company to take forward. The Directors are escalating their efforts on sourcing a suitable acquisition and will update shareholders with progress as and when appropriate.

POST BALANCE SHEET EVENTS

The Group disposed of its interest in Le Queenz Pte. Ltd on 26 June 2018, for SGD1,000.

   Gregory Collier         Phang Song Hua 
   CHAIRMAN                CHIEF EXECUTIVE 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 
                                  Year ended   Year ended 
 Continuing operations           31 December  31 December 
                                        2017         2016 
                                     SGD'000      SGD'000 
------------------------------   -----------  ----------- 
 
Revenue                                4,898        5,512 
                                 -----------  ----------- 
 
Direct purchases and 
 costs                               (1,445)      (1,611) 
Personnel expenses                   (2,749)      (3,120) 
Depreciation and amortisation 
 expenses                              (272)        (443) 
Finance expenses                       (259)        (137) 
Advertising and promotional 
 expenses                              (126)        (167) 
Bank charges                           (145)        (166) 
Operating lease expenses             (1,241)      (1,354) 
Other operating expenses               (838)        (991) 
Loss on Disposal                       (249) 
Other income                             867          656 
Loss before tax                      (1,559)      (1,821) 
Income tax (charges) 
 / credits                                 -          (2) 
                                 -----------  ----------- 
Loss from continuing 
 operations                          (1,559)      (1,823) 
                                 -----------  ----------- 
Loss from discontinued 
 operations                                -        (344) 
                                 -----------  ----------- 
Loss for the year                    (1,559)      (2,167) 
Other comprehensive 
 income: 
Exchange loss arising 
 on translation of foreign 
 operations                                -          (1) 
                                 -----------  ----------- 
Total comprehensive 
 loss for 
 the year                            (1,559)      (2,168) 
                                 -----------  ----------- 
Attributable to: 
 - Owners of the parent              (1,559)      (2,168) 
                                 -----------  ----------- 
 
Basic and diluted loss 
 per share                               SGD          SGD 
From continuing operations            (0.01)       (0.02) 
From discontinued operations          (0.00)       (0.00) 
                                 -----------  ----------- 
                                      (0.01)       (0.02) 
 
 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 
                                 31 December  31 December 
                                        2017         2016 
                                     SGD'000      SGD'000 
-------------------------------  -----------  ----------- 
ASSETS 
Non-current assets 
Property, plant and equipment          1,396        1,619 
Investment property                    1,959        2,015 
Intangible Assets                         23           51 
                                       3,378        3,685 
                                 -----------  ----------- 
Current assets 
Inventories                              689          683 
Trade and other receivables              501          346 
Cash and cash equivalents              2,119        2,390 
                                 -----------  ----------- 
                                       3,309        3,419 
                                 -----------  ----------- 
Total assets                           6,687        7,104 
                                 -----------  ----------- 
 
EQUITY and LIABILITIES 
Capital and reserves 
 attributable to 
 equity shareholders 
Share capital                            243          243 
Share premium                          2,221        2,221 
Other reserves                           303          305 
Group reorganisation 
 reserve                               2,845        2,845 
Currency translation 
 reserve                                (61)        (259) 
Accumulated deficit                  (6,637)      (5,078) 
                                 -----------  ----------- 
Total equity                         (1,086)          277 
                                 -----------  ----------- 
 
Non-current liabilities 
Restoration costs                         48           89 
Borrowings                             2,753        3,171 
                                 -----------  ----------- 
                                       2,801        3,260 
 
Current liabilities 
Trade and other payables               3,570        2,205 
Borrowings                             1,357        1,354 
Restoration costs                         45            8 
                                 -----------  ----------- 
                                       4,972        3,567 
                                 -----------  ----------- 
Total equity and liabilities           6,687        7,104 
                                 -----------  ----------- 
 

CONSOLIDATED STATEMENT OF CASH FLOWS

 
                                           Year ended    Year ended 
                                          31 December   31 December 
                                                 2017          2016 
                                              SGD'000       SGD'000 
---------------------------------------  ------------  ------------ 
Cash flows from operating 
 activities 
Loss before income tax                        (1,559)       (2,167) 
Adjustments for: 
Depreciation and amortisation 
 expense                                          272           443 
Fixed assets written off                            -            71 
Interest expense                                  259            91 
Interest income                                     -          (11) 
Impairment loss on trading 
 securities                                         -            15 
Reversal of provision for 
 restoration costs                                  -          (68) 
Foreign exchange differences                      196            81 
                                                (832)       (1,541) 
Changes in working capital 
Decrease in inventories                           (6)           174 
Decrease in receivables                         (155)           419 
Increase/(decrease) in 
 payables                                         946           846 
Deferred revenue                                    -            23 
                                         ------------  ------------ 
Cash generated from operations                   (47)          (79) 
Income tax paid                                     -           (2) 
Net cash(outflow)/ inflow 
 from operating activities                       (47)          (81) 
                                         ------------  ------------ 
 
Cash flows from investing 
 activities 
Acquisition of property, 
 plant and equipment                             (24)         (595) 
Proceeds from disposal 
 of PPE                                            59             - 
Net cash (outflow) from 
 investing activities                              35         (595) 
                                         ------------  ------------ 
 
Cash flows from financing 
 activities 
Proceeds from bank borrowings 
 (net)                                              -           252 
Repayment of bank loans                             -         (428) 
Interest paid                                   (259)          (91) 
Net proceeds from share 
 issue                                              -           479 
                                         ------------  ------------ 
Net cash from financing 
 activities                                     (259)           212 
                                         ------------  ------------ 
 
 
Net increase/(decrease) in 
 cash and cash equivalents                      (271)         (464) 
Cash and cash equivalents 
 at start of year - cash                        2,390         2,854 
Cash and cash equivalents 
 at end of year                    19           2,119         2,390 
                                         ------------  ------------ 
 
 
 

Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank and other short-term highly liquid investments with maturity of three months or less, as adjusted for any bank overdrafts.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 
                                            Attributable to equity shareholders of the Company 
                            Share      Share   Accumulated       Other             Group       Currency     Total 
                          capital    premium       deficit    reserves    reorganisation    translation 
                                                                                 reserve        reserve 
                          SGD'000    SGD'000       SGD'000     SGD'000           SGD'000        SGD'000   SGD'000 
---------------------   ---------  ---------  ------------  ----------  ----------------  -------------  -------- 
 At 1 January 
  2016                        199      1,731       (2,911)         360             2,845          (258)     1,966 
 Comprehensive 
  income 
 Loss for 
  the period                    -          -       (2,167)           -                 -              -   (2,167) 
 Other comprehensive 
  income 
 Currency 
  translation 
  Reserve                       -          -             -           -                 -            (1)       (1) 
                        ---------  ---------  ------------  ----------  ----------------  -------------  -------- 
 Total comprehensive 
  income for 
  the year                      -          -       (2,167)           -                 -            (1)   (2,168) 
 Shares issued 
  in the period                44        490             -           -                 -              -       534 
 Convertible 
  loan notes                    -          -             -        (55)                 -              -      (55) 
 At 31 December 
  2016                        243      2,221       (5,078)         305             2,845          (259)       277 
                        ---------  ---------  ------------  ----------  ----------------  -------------  -------- 
 
 At 1 January 
  2016                        243      2,221       (5,078)         305             2,845          (259)       277 
 Comprehensive 
  income 
 Loss for 
  the period                    -          -       (1,559)           -                 -              -   (1,559) 
 Other comprehensive 
  income 
 Currency 
  translation 
  Reserve                       -          -             -           -                 -            198       198 
                        ---------  ---------  ------------  ----------  ----------------  -------------  -------- 
 Total comprehensive 
  income for 
  the year                      -          -       (1,559)           -                 -            198   (1,361) 
 Convertible 
  loan notes                    -          -             -         (2)                 -              -       (2) 
 At 31 December 
  2017                        243      2,221       (6,637)         303             2,845           (61)   (1,086) 
                        ---------  ---------  ------------  ----------  ----------------  -------------  -------- 
 
 
 Share capital          Amount subscribed for shares at nominal 
                         value. 
 Share premium          Amount subscribed for share capital 
                         in excess of nominal value. 
 Other reserves         Cumulative amounts charged in respect 
                         of share based payments for unsettled 
                         warrants issued and the equity portion 
                         of convertible loans issued. 
 Group reorganisation   Effect on equity of the group reorganisation. 
  reserve                See Note 2. 
 Accumulated            Cumulative surplus of the Group attributable 
  surplus                to equity shareholders. 
 

NOTES:

   1.   General information 

New Trend Lifestyle Group Plc is a company incorporated in England on 21 March 2012 under the Companies Act 2006 but domiciled in Singapore. It was listed on the AIM market on 28 June 2012.

   2.   Basis of preparation and significant accounting policies 

The consolidated financial statements of New Trend Lifestyle Group Plc have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS's as adopted by the EU), IFRS Interpretations Committee and the Companies Act 2006 applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention, available-for-sale financial assets, and financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3.

   3.   Notes to the Consolidated Financial Statements 

The notes to the consolidated financial statements, which are an integral part of these consolidated financial statements, are contained in the full Report and Accounts for New Trend Lifestyle Group Plc.

   4.   Availability of the Report and Accounts 

A copy of the Company's Report and Accounts for the year ended 31 December 2017 will be posted to shareholders and will be available on the Company's website: www.newtrendlifestylegroup.com.

END

For further information, please contact:-

 
  New Trend Lifestyle Group Plc 
   Gregory Collier, Non-Executive    +44 (0) 7830 
   Chairman                                182501 
 SPARK Advisory Partners Limited 
  (NOMAD)                              +44 (0) 20 
  Mark Brady/Neil Baldwin               3368 3551 
 SI Capital Ltd (Broker)              +44 (0)1483 
  Nick Emerson                             413500 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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