TIDMNTLG
RNS Number : 1531N
New Trend Lifestyle Group plc
20 September 2019
New Trend Lifestyle Group Plc
("NTLG" or the "Company")
Unaudited Interim results for the six months ended 30 June
2019
New Trend Lifestyle Group (AIM: NTLG), the Singapore-based Feng
Shui products and services group, announces its interim results for
the six months to 30 June 2019.
The Directors of the issuer accept responsibility for this announcement.
This announcement contains inside information which is disclosed
in accordance with the Market Abuse Regulation which came into
effect on 3 July 2016.
For further information please contact:
New Trend Lifestyle Group Plc +44 (0) 7830 182501
Gregory Collier, Non-Executive Chairman
SPARK Advisory Partners Limited (NOMAD) +44 (0) 20 3368 3551
Mark Brady/Neil Baldwin
SI Capital Limited (Broker) +44 (0) 1483 413500
Nick Emerson
Or visit our Website : www.newtrendlifestylegroup.com
Chairman's Statement
Results for the period
We are pleased to report that revenue continued to show
improvement against the corresponding period last year at SGD
3,091k (1H-2018: SGD 2,543k). The trading conditions in Singapore
remain challenging, however, the Board are hopeful that the
improvement in sales that we have seen will continue throughout the
remainder of the year.
The total comprehensive loss of for the period was SGD298k
(1H-2018: SGD1,061k loss) which is a significant improvement on the
prior year period. The Board continues to keep tight control of
costs, continuing to make reductions, where possible, on an ongoing
basis.
Cash at bank at the period end was lower than at the same date
last year at SGD 187k (1H-2018: SGD659k). The Board continue to
manage our cash with available resources and continue to seek cost
reductions without compromising our ability to develop the business
and increase revenue.
On 26 July 2019, the Company issued 50,000,000 new ordinary
shares of 0.1p each to Zishange Capital Management Pte Ltd (ZSG) as
part of settlement of debt owed to ZSG by New Trend Lifestyle Pte
Ltd.
Update on acquisition strategy
The Board have not made any progress with the acquisition
strategy as the main focus has been the continued improvement in
sales performance. We continue to look for suitable, complementary
businesses and will update shareholders with any progress as and
when appropriate.
Outlook
The Board are very encouraged by the continued improved
performance in the business against the prior year. However, we
also continue to adopt a cautious view on the short-term outlook
given the economic conditions in our local market. It is difficult
to ascertain whether this improvement will continue, however, the
Board believe that the Group's results for the current year will
show an improvement over the prior year.
Gregory Collier
Chairman
New Trend Lifestyle Group Plc
Consolidated Comprehensive Income Statement
For the period to 30 June 2019
Notes Six months Six months Year ended
to 30 June to 31 December
2019 Unaudited 30 June 2018
2018 Audited
Unaudited
SGD'000 SGD'000 SGD'000
Revenue 3,091 2,543 6,491
Cost of Sales (906) (730) (1,545)
------------ ------------ ------------
Gross Profit 2,185 1,813 4,946
------------ ------------ ------------
Administrative expenses (2,717) (3,011) (5,729)
Other income 298 246 520
------------ ------------ ------------
Operating Loss 4 (234) (952) (263)
Finance expense (80) (109) (97)
------------ ------------ ------------
Loss before tax (314) (1,061) (360)
Income tax charges - - -
------------ ------------ ------------
Loss for the year (314) (1,061) (360)
Loss from discontinuing operations - - (30)
Other comprehensive income/(loss) - - -
for the period
------------ ------------ ------------
Total comprehensive loss for
the
period (314) (1,061) (390)
Attributable to:
- Non-controlling Interest (16) - -
- Owners of the parent (298) (1,061) (390)
Loss per share
From continuing operations:-
Basic and diluted loss per
share 6 (0.002) (0.008) (0.002)
New Trend Lifestyle Group Plc
Consolidated Statement of Financial Position as at 30 June
2019
Notes As at As at As at
30 June 2019 30 June 31 December
Unaudited 2018 2018
Unaudited Audited
SGD'000 SGD'000 SGD'000
Assets
Non-current assets
Property, plant and equipment 1,166 1,254 1,280
Investment property 1,876 1,931 1,904
Intangible assets - 11 -
------------ ------------ ------------
3,042 3,196 3,184
------------ ------------ ------------
Current assets
Cash and cash equivalents 8 187 659 1,216
Trade and other receivables 489 929 428
Inventories 713 717 723
------------ ------------ ------------
1,389 2,305 2,367
------------ ------------ ------------
Total assets 4,431 5,501 5,551
Equity and liabilities
Capital and reserves
Issued capital 7 333 243 333
Share premium 3,033 2,221 3,033
Other reserves 379 303 295
Group reorganisation reserve 2,845 2,845 2,845
Currency translation reserve (61) (61) (61)
Accumulated surplus (7,325) (7,698) (7,027)
------------ ------------ ------------
Total equity (796) (2,147) (582)
------------ ------------ ------------
Non-current Liabilities
Restoration costs 74 - 55
Borrowings 2,740 - 2,715
------------ ------------ ------------
2,814 - 2,770
------------ ------------ ------------
Current liabilities
Trade and other payables 1,895 4,889 2,427
Short term borrowings 513 2,759 912
Restoration costs 5 - 24
------------ ------------ ------------
2,413 7,648 3,363
------------ ------------ ------------
Total equity and liabilities 4,431 5,501 5,551
New Trend Lifestyle Group Plc
Consolidated Statement of Cash Flows
For the six months to 30 June 2019
6 Months 6 Months Year to
to to
30 June 2019 30 June 2018 31 Dec 2018
Notes Unaudited Unaudited Audited
SGD'000 SGD'000 SGD'000
Cash flows from operating
activities
Loss before income tax (314) (1,061) (360)
Adjustments for:
Depreciation and amortisation
expense 149 172 310
Interest expense 80 109 97
------------ ------------ ------------
(85) (780) 47
Changes in working capital:-
Inventories 10 (28) (34)
Trade and other receivables (62) (428) 73
Trade and other payables (382) 1,598 (1,054)
Hire Purchase - - (176)
------------ ------------ ------------
Cash consumed in operations (519) 362 (1,144)
Income tax paid - - -
------------ ------------ ------------
Net cash consumed in
operating activities (519) 362 (1,144)
------------ ------------ ------------
Cash flows from investing
activities
Purchase of plant and
equipment (7) (26) (170)
Proceeds from disposal
of PPE - - 25
------------ ------------ ------------
Net cash consumed in
investing activities (7) (26) (145)
------------ ------------ ------------
Cash flows from financing
activities
Issue of convertible 728 - -
loan notes
(Repayment) of bank loans (1,251) (1,687) 483
Interest paid (80) (109) (97)
Net proceeds from share 100 - -
issue
------------ ------------ ------------
Net cash from/(consumed
in) financing activities (503) (1,796) 386
------------ ------------ ------------
Net change in cash and
cash equivalents (1,029) (1,460) (903)
Cash and cash equivalents
at beginning of year 1,216 2,119 2,119
------------ ------------ ------------
Cash and cash equivalents
at end of year 187 659 1,216
New Trend Lifestyle Group Plc
Consolidated statement of changes in equity
For six months to 30 June 2019
Share Share Other Group Currency Total
capital premium reserves reorganisation translation
Retained reserve reserve
profits
SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000 SGD'000
Balance at 1
January 2018 243 2,221 (6,637) 303 2,845 (61) (1,086)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Loss for the
period - - (1,061) - - - (1,061)
Convertible loan - - - - - - -
notes
Currency - - - - - - -
translation
------------ ------------ ------------ ------------ ------------ ------------ ------------
Balance at 30
June
2018 243 2,221 (7,698) 303 2,845 (61) (2,147)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Profit for the
period - - 671 - - - 671
Convertible Loan
note - - - (8) - - (8)
Share issued
in the period 90 812 - - - - 902
Balance at 31
December 2018 333 3,033 (7,027) 295 2,845 (61) (582)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Loss for the
period - - (298) - - - (298)
Non-Controlling
Interest - - - 84 - - 84
Balance at 30
June 2019 333 3,033 (7,325) 379 2,845 (61) (796)
New Trend Lifestyle Group Plc
Notes to the Interim Financial Information
1. General Information
New Trend Lifestyle Group Plc ("NTLG" or "Group") is a public
limited company incorporated in England and Wales with company
number 8000104 and is quoted on the AIM market of the London Stock
Exchange Plc.
2. Basis of Preparation
This interim report, which incorporates the financial
information of the Company, has been prepared using the historical
cost convention, on a going concern basis and in accordance with
International Financial Reporting Standards ("IFRS") as adopted by
the European Union, using accounting policies which are consistent
with those set out in the financial statements for the year ended
31 December 2018.
Taxes
Taxes on income in the interim periods are accrued using the tax
rate that would be applicable to expected total annual
earnings.
Standards and Interpretations adopted with no material effect on
financial statements
In the current year, the Group, for the first time, has applied
IFRS 16 Leases. IFRS 16 introduces new or amended requirements with
respect to lease accounting. It introduces significant changes to
the lessee accounting by removing the distinction between operating
and finance leases and requiring the recognition of a right-of-use
asset and a lease liability at the lease commencement for all
leases, except for short-term leases and leases of low value
assets. In contrast to lessee accounting, the requirements for
lessor accounting have remained largely unchanged. The impact of
the adoption of IFRS 16 on the Group's consolidated financial
statements is described below. The Group has applied IFRS 16 using
the Modified retrospective approach.
There are no other IFRS or IFRIC interpretations that are not
yet effective that would be expected to have material impact on the
Group.
New Trend Lifestyle Group Plc
Notes to the Interim Financial Information
3. Segmental Analysis
Segmental reporting
In the opinion of the Directors the Group has one class of
business, being the provider of Feng Shui products and services in
Singapore and mainland China.
The Group's primary reporting format is determined by the
geographical segment according to the location of its
establishments. There are currently two geographic reporting
segments: Singapore and China.
6 months to 30 June 2019
----------
Singapore China and Total
HK UK
Unaudited Unaudited Unaudited Unaudited
SGD'000 SGD'000 SGD'000 SGD'000
------------------------ ---------- ---------- ---------- ----------
Income Statement
Revenue 3,091 - - 3,091
Other income 298 - - 298
Direct and operating
costs (3,557) - (130) (3,687)
Group loss before tax (168) - (130) (298)
------------------------ ---------- ---------- ---------- ----------
Assets and Liabilities
Segment Assets 4,430 - 1 4,431
Segment Liabilities (5,111) - (116) (5,227)
(681) - (115) (796)
------------------------ ---------- ---------- ---------- ----------
6 months to 30 June 2018
---------------------------------- ----------
Singapore China and Total
HK UK
Unaudited Unaudited Unaudited Unaudited
SGD'000 SGD'000 SGD'000 SGD'000
------------------------ ---------- ---------- ---------- ----------
Income Statement
Revenue 2,543 - - 2,543
Other income 246 - - 246
Direct and operating
costs (3,607) - (243) (3,850)
Group profit/(loss)
before tax (818) - (243) (1,061)
------------------------ ---------- ---------- ---------- ----------
Assets and Liabilities
Segment Assets 5,491 - 10 5,501
Segment Liabilities (7,331) - (317) (7,648)
------------------------ ---------- ---------- ----------
(1,840) - (307) (2,147)
------------------------ ---------- ---------- ---------- ----------
Year to 31 December 2018
-------------------------------- --------
Singapore China and Total
HK UK
Audited Audited Audited Audited
SGD'000 SGD'000 SGD'000 SGD'000
------------------------ ---------- ---------- -------- --------
Income Statement
Revenue 6,491 - - 6,491
Other income 550 - - 550
Direct and operating
costs (7,213) - (218) (7,431)
Group profit/(loss)
before tax (172) - (218) (390)
------------------------ ---------- ---------- -------- --------
Assets and Liabilities
Segment Assets 5,541 - 10 5,551
Segment Liabilities (6,007) - (126) (6,133)
------------------------ ---------- ---------- -------- --------
(49) - (533) (582)
------------------------ ---------- ---------- -------- --------
New Trend Lifestyle Group Plc
Notes to the Interim Financial Information
4. Operating loss for the period is stated after charging
6 Months 6 Months Year to
to to 31 December
30 June 30 June 2018 2018
2019 Unaudited Audited
Unaudited
SGD'000 SGD'000 SGD'000
Depreciation 149 172 328
5. Directors' emoluments
6 Months 6 Months Year to
to to 31 December
30 June 30 June 2018 2018
2019 Unaudited Audited
Unaudited
NTLG Total NTL
SGD'000 SGD'000 SGD'000
Hillary Phang Song Hua 283 283 610
Ajay Kumar Rajpal 48 44 85
Gregory Collier 13 14 27
Leung Chi Chiu 1 12 13
Leung Bo Ye Nancy - - 18
6. Loss per share
6 Months 6 Months Year to
to to 31 December
30 June 2019 30 June 2018 2018
Unaudited Unaudited Audited
Loss per ordinary share
- SGD
Basic (0.002) (0.008) (0.002)
Diluted (0.002) (0.008) (0.002)
Earnings per share has been calculated on the net basis on the
loss after tax of SGD314.000 (31 December 2018 - loss SGD390,000;
30 June 2018 - loss SGD1,061,000) using the weighted average number
of ordinary shares in issue of 175,000,000 (31 December 2018 -
175,000,000; 30 June 2018 - 125,000,000)
The weighted average number of ordinary shares in issue if fully
diluted is 175,000,000 (31 December 2018 - 175,000,000; 30 June
2018 - 125,000,000).
New Trend Lifestyle Group Plc
Notes to the Interim Financial Information
7. Called up Share Capital
The issued share capital as at 30 June 2019 was 175,000,000
Ordinary Shares of 0.1p each.
8. Cash and cash equivalents
As at As at As at
30 June 2019 30 June 31 December
Unaudited 2018 2018
Unaudited Audited
SGD'000 SGD'000 SGD'000
Cash and bank balance 187 659 1,216
Fixed deposits - - -
------------ ------------ ------------
Cash and bank balances
as presented in the
statement of financial
position 187 659 1,216
Less: Pledge fixed deposits - - -
------------ ------------ ------------
Cash and cash equivalents
as presented in the
statement of cash flow 187 659 1,216
9. Events subsequent to 30 June 2019
50,000,000 new ordinary shares of 0.1p each have been issued on
26 July 2019 to Zishange Capital Management Pte Ltd (ZSG) as part
of settlement of debt owed to ZSG.
10. The unaudited results for period ended 30 June 2019 do not
constitute statutory accounts within the meaning of Section 435 of
the Companies Act 2006. The comparative figures for the year ended
31 December 2018 for NTLG extracted from the audited financial
statements which contained an unqualified audit report and did not
contain statements under Sections 498 to 502 of the Companies Act
2006.
11. This interim financial statement will be, in accordance with
the AIM Rules for Companies, available shortly on the Company's
website at www.newtrendlifestylegroup.com.
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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