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
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END
FR PGURCQUPRGQM
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