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Full Year Financial Statement Announcement For The Period Ended 31/12/2003

BackFeb 25, 2004
PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3),

1(a) An income statement (for the group) together with a comparative statement for the
Group
Proforma
FY2003
FY2002*
Increase/
$'000
$'000
(Decrease)
%
Revenue
40,251
34,970
15.1
Cost of sales
(14,095)
(11,750)
20.0
Gross profit
26,156
23,220
12.6
Other operating income
152
-
N.A.
Distribution and selling expenses
(19,006)
(15,348)
23.8
Administrative expenses
(5,584)
(3,175)
75.9
Profit from operations
1,718
4,697
(63.4)
Interest income
27
10
170.0
Interest expenses
(266)
(116)
129.3
Other financial expenses
(51)
(28)
82.1
Profit before tax
1,428
4,563
(68.7)
Tax expense
(401)
(1,160)
(65.4)
Profit after tax
1,027
3,403
(69.8)
Minority Interests
(51)
-
N.A.
Net profit attributable to shareholders
976
3,403
(71.3)
Group
Proforma
FY2003
FY2002
Increase/
$'000
$'000
(Decrease)
%
Depreciation and amortisation
2,689
1,602
67.9
Operating lease expenses
7,927
5,268
50.5
Personnel expenses
11,967
9,573
25.0
Pre-operating expenses written off
502
-
N.A.
Directors' fees
50
-
N.A.
Directors' remuneration
547
571
(4.2)
Provision for impairment of fixed assets
60
-
N.A.
Fixed assets written off
3
50
(94.0)
Foreign exchange loss (net)
61
-
N.A.


1(b)(i) A balance sheet (for the issuer and group), together with a comparative statement

Group
Company
31.12.2003
31.12.2002*
31.12.2003
31.12.2002*
Proforma
$'000
$'000
$'000
$'000
Non-Current Assets
Fixed assets
11,960
9,079
-
-
Investment in subsidiaries
-
-
6,539
500
Intangible assets
728
89
-
-
12,688
9,168
6,539
500
Current Assets
Inventories
799
425
-
-
Trade receivables
1,334
214
-
-
Other receivables, deposits and prepayments
2,766
2,119
14
-
Amount due from subsidiaries, non-trade
-
-
2,174
-
Fixed deposits
4,213
344
2,958
-
Cash on hand and at bank
4,457
2,848
124
-
13,569
5,950
5,270
-
Current Liabilities
Trade payables
3,082
2,539
-
-
Other payables and accrued expenses
4,055
3,609
157
-
Deferred revenue
-
40
-
-
Provision for income tax
118
755
-
-
Term loans (current portion)
1,479
1,300
-
-
Finance lease obligations (current portion)
265
120
-
-
8,999
8,363
157
-
Net Current Assets / (Liabilities)
4,570
(2,413)
5,113
-
Non-Current Liabilities
Term loans (non-current portion)
2,418
435
-
-
Finance lease obligations (non-current portion)
450
366
-
-
Deferred tax
961
626
-
-
3,829
1,427
-
-
Net assets
13,429
5,328
11,652
500
Share capital and reserves
Share capital
6,519
500
6,519
500
Share premium
5,135
-
5,135
-
Accumulated profits/(losses)
1,065
4,828
(2)
-
Translation reserve
(31)
-
-
-
12,688
5,328
11,652
500
Minority interests
741
-
-
-
13,429
5,328
11,652
500



1(b)(ii) Aggregate amount of group's borrowings and debt securities.


1(c) A cash flow statement (for the group), together with a comparative statement for
Group
Proforma
FY2003
FY2002*
$'000
$'000
Cash flows from operating activities
Profit before tax
1,428
4,563
Adjustment for:
Depreciation of fixed assets
2,639
1,600
Amortisation of intangible assets
50
2
Provision for impairment of fixed assets
60
-
Fixed assets written off
3
50
Interest expense and bank charges
317
144
Interest income
(27)
(10)
Operating profit before working capital changes
4,470
6,349
(Increase)/ decrease in:
Inventories
(374)
(214)
Trade receivables
(1,120)
(214)
Other receivables, deposits and prepayments
(647)
(975)
Increase/ (decrease) in:
Trade payables
543
1,340
Other payables and accrued expenses
753
1,777
Deferred revenue
(40)
40
Due to directors
-
(15)
Cash generated from operations
3,585
8,088
Interest expenses and bank charges paid
(317)
(144)
Tax paid
(702)
(407)
Exchange difference
(20)
-
Net cash flow from operating activities
2,546
7,537
Cash flows from investing activities
Interest income
27
10
Purchase of fixed assets
(5,436)
(6,283)
Proceeds from sale of fixed assets
3
-
Investment in intangible assets
(689)
(90)
Net cash flows used in investing activities
(6,095)
(6,363)
Cash flows from financing activities
Increase in fixed deposits pledged
(906)
(154)
Net proceeds from issuance of ordinary shares
6,415
-
Capital injection from minority shareholders of a subsidiary company
690
-
Net financing from term loans
2,162
590
Repayment of finance lease obligations
(240)
(200)
Dividends paid on ordinary shares
-
(300)
Net cash flows from/ (used in) financing activities
8,121
(64)
Net increase in cash and cash equivalents
4,572
1,110
Cash and cash equivalents at beginning of year
2,848
1,738
Cash and cash equivalents at end of year
7,420
2,848
Note: Cash and cash equivalents
Cash on hand and at bank
4,457
2,848
Fixed deposits
4,213
344
8,670
3,192
Less: Fixed deposits pledged
(1,250)
(344)
Cash and cash equivalents
7,420
2,848



1(d)(i) A statement (for the issuer and group) showing either (i) all changes in equity or
Proforma
Share capital
Share premium
Accumulated profits / (loss)
Currency translation reserve
Total
$'000
$'000
$'000
$'000
$'000
Group
As at 1 January 2002 - Proforma adjustments*
500
-
1,725
-
2,225
Net profit for the year
-
-
3,403
-
3,403
Dividend paid by a subsidiary company to then existing shareholders
-
-
(300)
-
(300)
As at 31 December 2002
500
-
4,828
-
5,328
As at 1 January 2003
500
-
4,828
-
5,328
Proforma adjustment to reflect acquisition of subsidiary pursuant to restructuring exercise
4,739
-
(4,739)
-
-
Issue of shares pursuant to IPO
1,280
5,135
-
-
6,415
Translation differences for the year
-
-
-
(31)
(31)
Net profit for the year
-
-
976
-
976
As at 31 December 2003
6,519
5,135
1,065
(31)
12,688
Company
As at 1 January 2002 - Proforma adjustments*
500
-
-
-
500
As at 31 December 2002
500
-
-
-
500
As at 1 January 2003
500
-
-
-
500
Proforma adjustment to reflect acquisition of subsidiary pursuant to restructuring exercise
4,739
-
-
-
4,739
Issue of shares pursuant to IPO
1,280
5,135
-
-
6,415
Net loss for the year
-
-
(2)
-
(2)
As at 31 December 2003
6,519
5,135
(2)
-
11,652


1(d)(ii) Details of any changes in the company's share capital arising from rights issue,

2. Whether the figures have been audited or reviewed and in accordance with

3. Where the figures have been audited or reviewed, the auditors' report (including

4. Whether the same accounting policies and methods of computation as in the

5. If there are any changes in the accounting policies and methods of computation,

6. Earnings per ordinary share of the group for the current financial period reported
Group
FY2003
FY2002*
Earnings per ordinary share for the period:
(a) Based on weighted average number of ordinary shares in issue
0.7 cents
2.6 cents
(b) On a fully diluted basis
0.7 cents
2.6 cents


7. Net asset value (for the issuer and group) per ordinary share based on issued share
Group
Company
31.12.2003
31.12.2002*
31.12.2003
31.12.2002*
Net asset value per ordinary share based on issued share capital as at the end of year reported on
7.8 cents
4.1 cents
7.1 cents
0.4 cents

8. A review of the performance of the group, to the extent necessary for a reasonable

9. Where a forecast, or a prospect statement, has been previously disclosed to

10. A commentary at the date of the announcement of the significant trends and

11. Dividend


12. If no dividend has been declared/recommended, a statement to that effect.



PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT

13. Segmented revenue and results for business or geographical segments (of the
(a) By Business Segments
Proforma
Bakery Operations(1)
Restaurant Operations
Others(2)
Elimination
Group
$'000
$'000
$'000
$'000
$'000
FY2003
Segment Revenue
Sales to external customers
36,834
3,417
-
-
40,251
Profit from operations
1,485
257
(23)
(1)
1,718
Financial expenses, net
(290)
Profit before tax
1,428
Tax expense
(401)
Profit after tax
1,027
Minority interest
(51)
Net profit attributable to shareholders
976
Segment assets
20,452
4,371
12,017
(10,583)
26,257
Segment liabilities
12,526
1,920
374
(1,992)
12,828
Capital expenditure
Fixed assets
3,461
2,137
-
-
5,598
Intangible assets
127
562
-
-
689
3,588
2,699
-
-
6,287
Depreciation & Amortisation
- Depreciation of fixed assets
2,520
119
-
-
2,639
- Amortisation of intangible assets
29
21
-
50
2,549
140
-
-
2,689
FY2002
Segment Revenue
Sales to external customers
34,970
-
-
-
34,970
Profit from operations
4,697
-
-
-
4,697
Financial expenses, net
(134)
Profit before tax
4,563
Tax expense
(1,160)
Profit after tax
3,403
Minority interest
-
Net profit attributable to shareholders
3,403
Segment assets
15,118
-
-
-
15,118
Segment liabilities
9,790
-
-
-
9,790
Capital expenditure
Fixed assets
6,758
-
-
-
6,758
Intangible assets
90
-
-
-
90
6,848
-
-
-
6,848
Depreciation & Amortisation
- Depreciation of fixed assets
1,600
-
-
-
1,600
- Amortisation of intangible assets
2
-
-
2
1,602
-
-
-
1,602

(1) Bakery operations comprise operation of bakery retail outlets as well as that operated through franchising.
(2) The business segment "Others" pertains to investment holding activities.

(b) By Geographical Segments
Singapore
Rest of Asia
Elimination
Group
Proforma
$'000
$'000
$'000
$'000
FY2003
Segment Revenue
Sales to external customers
37,496
2,755
-
40,251
Segment assets
26,207
1,850
(1,800)
26,257
Capital expenditure
Fixed assets
4,671
927
-
5,598
Intangible assets
689
-
-
689
5,360
927
-
6,287
Depreciation & Amortisation
- Depreciation of fixed assets
2,639
-
-
2,639
- Amortisation of intangible assets
50
-
-
50
2,689
-
-
2,689
FY2002
Segment Revenue
Sales to external customers
34,970
-
-
34,970
Segment assets
15,118
-
-
15,118
Capital expenditure
Fixed assets
6,758
-
-
6,758
Intangible assets
90
-
-
90
6,848
-
-
6,848
Depreciation & Amortisation
- Depreciation of fixed assets
1,600
-
-
1,600
- Amortisation of intangible assets
2
-
-
2
1,602
-
-
1,602



14. In the review of performance, the factors leading to any material changes in

15. A breakdown of sales.


Group
2003
2002
Increase/ (decrease)
$'000
$'000
%
(a) Sales reported for first half year
17,261
14,114
22.3
(b) Operating profit after tax before deducting minority interests reported for first half year
304
1,180
(74.2)
(c) Sales reported for second half year
22,990
20,856
10.2
(d) Operating profit after tax before deducting minority interests reported for second half year
723
2,223
(67.5)



16. A breakdown of the total annual dividend (in dollar value) for the issuer's latest

BY ORDER OF THE BOARD

Wang Li-Er, Sherylene (Ms)
Company Secretary
25/02/2004