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Thursday 28 June, 2018

New Trend Lifestyle

Final Results for the year ended 31 December 2017

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 TREND 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

2017

31 December

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

2017

31 December 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

31 December

2017

Year ended
31 December 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 capital

Share premium

Accumulated deficit

Other reserves

Group reorganisation reserve

Currency translation reserve

Total

 

 

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 reserve

Effect on equity of the group reorganisation. See Note 2.

Accumulated surplus

Cumulative surplus of the Group attributable 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 Chairman

+44 (0) 7830 182501

SPARK Advisory Partners Limited (NOMAD)

Mark Brady/Neil Baldwin

+44 (0) 20 3368 3551

SI Capital Ltd (Broker)

Nick Emerson

+44 (0)1483 413500

 


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