TIDMNTLG
RNS Number : 7017D
New Trend Lifestyle Group plc
27 June 2019
For immediate release:
27 June 2019
The information communicated in this announcement contains
inside information for the purposes of Article 7 of Regulation
596/2014.
New Trend Lifestyle Group Plc
("NTLG" or the "Company")
Final Results for the year ended 31 December 2018
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 2018.
CHAIRMAN'S & CEO'S STATEMENT, INCLUDING FINANCIAL REVIEW
Background and summary of trading performance
The Group's trading performance showed an improvement in the
year, with the sales and marketing initiatives implemented taking
effect. This, together with the tight control of costs, resulted in
the Group reporting a reduced loss for the year. The trading
conditions in Singapore remained challenging, and the Board remain
cautious about the continued improvement.
Trading
Sales in the year were SGD6,491k (2017 : SGD4,743k), an increase
of 36.85%. The Group loss before tax from continuing operations
showed an improvement on the prior year at SGD390k (2017 :
SGD1,559k), mainly as a result of the increase in sales, but this
also due to the cost reductions and tight control achieved by the
Board during the year.
The Group disposed of Le Queenz Pte. Ltd (a wholly owned
subsidiary of New Trend Lifestyle Pte. Ltd) in the period and is
now focussed solely on its core activities of providing feng shui
products and services.
Costs in the UK were SGD357k (2017 : SGD378k).
Balance sheet
Net inventories increased to SGD723k (2017: SGD689k).
Cash flow
Cash in hand at the year end was SGD1,216k (2017 : SGD2,119k),
and the Group continues to manage its cash within its available
resources.
Current trading and outlook
Unaudited revenue in the first quarter of 2019 has shown
continued improvement compared to 2018, at SGD1,858k (2017 Q1 :
SGD1,645k). This has been as a result of continued success with the
sales and marketing initiatives. The Board continue to focus on
improving sales, whilst maintaining a tight control on costs, such
that trading performance continues to improve.
There has been little progress with the sourcing of a new
acquisition, as the Board has been focussed on the improvement in
trading performance. The Board will continue to update shareholders
as and when there is any significant progress in this regard.
POST BALANCE SHEET EVENTS
In April 2019, New Trend Lifestyle Pte Ltd ("NTLSG") entered
into a business partnership agreement with GDI Capital Corporation
Pte Ltd, who subscribed for 500,000 shares in NTLSG for
SGD100,000.
Gregory Collier Phang Song Hua
CHAIRMAN CHIEF EXECUTIVE
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Notes Year ended Year ended
Continuing operations 31 December 31 December
2018 2017
SGD'000 SGD'000
----------------------------------- ----- ---------------- ---------------
Revenue 5 6,491 4,743
---------------- ---------------
Direct purchases and costs (1,545) (1,398)
Personnel expenses 7 (3,044) (2,656)
Depreciation and amortisation
expenses (310) (239)
Finance expenses 8 (97) (259)
Commission expenses (20) 1
Advertising and promotional
expenses (320) (124)
Bank charges (156) (141)
Operating lease expenses (1,219) (1,208)
Other operating expenses 9 (652) (796)
Loss on Disposal (8) (249)
Other income 6 520 840
Loss before tax (360) (1,486)
Income tax (charges) / credits 10 - -
---------------- ---------------
Profit/(Loss) from continuing
operations (360) (1,486)
---------------- ---------------
Loss from discontinued operations (30) (73)
---------------- ---------------
Profit/(Loss) for the year (390) (1,559)
Other comprehensive income:
Exchange loss arising on
translation of foreign operations - -
---------------- ---------------
Total comprehensive Profit/(loss)
for
the year (390) (1,559)
---------------- ---------------
Attributable to:
- Owners of the parent (390) (1,559)
---------------- ---------------
Basic and diluted loss per
share SGD SGD
From continuing operations 11 (0.002) (0.01)
From discontinued operations 11 (0.00) (0.00)
---------------- ---------------
(0.002) (0.01)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Notes 31 December 31 December
2018 2017
SGD'000 SGD'000
-------------------------------------- ----------- -------------
ASSETS
Non-current assets
Property, plant and equipment 15 1,280 1,396
Investment property 14 1,904 1,959
Intangible Assets 16 - 23
3,184 3,378
----------- -------------
Current assets
Inventories 17 723 689
Trade and other receivables 18 428 500
Cash and cash equivalents 19 1,216 2,119
----------- -------------
2,367 3,309
----------- -------------
Total assets 5,551 6,687
----------- -------------
EQUITY and LIABILITIES
Capital and reserves attributable
to
equity shareholders
Share capital 23 333 243
Share premium 23 3,033 2,221
Other reserves 295 303
Group reorganisation reserve 2,845 2,845
Currency translation reserve (61) (61)
Accumulated deficit (7,027) (6,637)
----------- -------------
Total equity (582) (1,086)
----------- -------------
Non-current liabilities
Restoration costs 22 55 48
Financial Liabilities 21 2,715 2,753
----------- -------------
2,770 2,801
----------- -------------
Current liabilities
Trade and other payables 20 2,427 3,570
Financial Liabilities 21 912 1,357
Restoration costs 22 24 45
----------- -----------
3,363 4,972
----------- -----------
Total equity and liabilities 5,551 6,687
----------- -----------
CONSOLIDATED STATEMENT OF CASH FLOWS
Notes Year ended Year ended
31 December 31 December
2018 2017
SGD'000 SGD'000
--------------------------------------------- ------------ ------------
Cash flows from operating activities
Loss before income tax (360) (1,559)
Adjustments for:
Depreciation and amortisation expense 310 272
Interest expense 97 259
Foreign exchange differences - 196
47 (832)
Changes in working capital:-
Decrease in inventories (34) (6)
Decrease in receivables 73 (155)
Increase/(decrease) in payables (1,054) 946
Hired Purchase (176) -
Cash generated from operations (1,144) (47)
Net cash(outflow)/ inflow from
operating activities (1,144) (47)
------------ ------------
Cash flows from investing activities
Acquisition of property, plant
and equipment 15 (170) (24)
Proceeds from disposal of PPE 15 25 59
Net cash (outflow) from investing
activities (145) 35
------------ ------------
Cash flows from financing activities
Repayment of loan notes 22 483 -
Interest paid (97) (259)
Net cash from financing activities 386 (259)
------------ ------------
Net increase/(decrease) in cash and
cash equivalents (903) (271)
Cash and cash equivalents at start
of year - cash 2,119 2,390
Cash and cash equivalents at end
of year 19 1,216 2,119
------------ ------------
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
2017 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)
Shares issued
in the period - - - - - - -
Convertible
loan notes - - - (2) - - (2)
At 31 December
2017 243 2,221 (6,637) 303 2,845 (61) (1,086)
At 1 January
2018 243 2,221 (6,637) 303 2,845 (61) (1,086)
Comprehensive
income
Profit/(Loss)
for the period - - (390) - - - (390)
Other comprehensive
income
Currency
translation
reserve - - - - - - -
Total comprehensive
income for the
year - - (390) - - - (390)
Shares issued
in the period 90 812 - - - - 902
Convertible
loan notes - - - (8) - - (8)
At 31 December
2018 333 3,033 (7,027) 295 2,845 (61) (582)
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. See
reserve Note 2.
Accumulated surplus Cumulative surplus of the Group attributable to
equity shareholders.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General information
New Trend Lifestyle Group Plc ("the Company") 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. The address of the registered office is given at the
start of the annual report. The nature of the Group's operations
and its principal activities are set out in the Chairman's
Statement on pages 2 to 3.
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 2018 will be posted to shareholders and will be
available on the Company's website:
www.newtrendlifestylegroup.com.
END
For further information:-
New Trend Lifestyle Group Plc
Gregory Collier, Non-Executive Chairman +44 (0) 7830 182501
SPARK Advisory Partners Limited (NOMAD) +44 (0) 20 3368
Mark Brady/Neil Baldwin 3551
SI Capital Ltd (Broker)
Nick Emerson +44 (0)1483 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
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
FR PGUACQUPBGWM
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