PENTON INTERNATIONAL LTD
(Company Registration No: 200003044C)
__________________________________________________________________________________
(I) ANNOUNCEMENT OF REVERSE TAKE OVER
(II) WITHDRAWAL FROM PLUS MARKETS, LONDON
(III) PROPOSED DISPOSAL OF SUBSIDIARY
(IV) FULL YEAR FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE YEAR ENDED
31 DECEMBER 2007
(I) ANNOUNCEMENT OF REVERSE TAKE OVER (RTO)
The Board is pleased to announce that the Company has signed a Memorandum of
Understanding with Inhwa Enterprise Pte Ltd, a company incorporated in
Singapore (hereinafter referred to as "Inhwa") which states the following:
1. Penton currently has no operating business and intends to acquire the
following subsidiaries from Inhwa:
i. Inhwa Marketing Pte Ltd
ii. Inhwa Manufacturing (S) Pte Ltd
iii. Inhwa Marketing Sdn Bhd
iv. Inhwa Trading Sdn Bhd
v. Imasin Sdn Bhd
2. Inhwa intends to sell its shareholding in all its Singapore and Malaysia
subsidiaries listed above to Penton. The above subsidiaries have estimated
combined pretax profit of at least S$10 million for the last 2 years,
therefore, meeting the quantitative criteria for SGX Main Board listing.
3. Penton shall appoint the RTO team of professionals to conduct due diligence
on Inhwa's subsidiaries in Singapore and Malaysia. The RTO team shall be
responsible for helping Penton to prepare the RTO circular for submission to
SGX and its shareholders to obtain the necessary approvals for re-listing of
Penton.
4. Inhwa or its nominees shall provide a S$900,000.00 convertible loan to
Penton to fund the expenses relating to the appointment of the RTO team of
professionals and the staff costs relating to the existing 2 Penton staffs.
This loan shall be converted, at the earlier of obtaining SGX eligibility
letter to re-list or 12 months from the date of drawdown, at 0.5 cents per
new Penton share. The interest coupon of the loan shall be 6% per annum but
in case of conversion, the interest shall be waived.
5. Inhwa shall house the existing 2 staffs of Penton for better co-ordination
and control during the execution period of RTO acquisition. Inhwa shall
obtain the agreement of its key management executives to enter into service
agreement with the re-listed Penton for an initial period of 3 years on
such terms as mutually agreed between the key executives and the company to
ensure continuity of Inhwa's management at the re-listed Penton.
Details of the Proposed RTO
a. The Parties have discussed and intend to enter into a sale and purchase
agreement to undertake the RTO acquisition via a share swap as follows:
i. Penton will issue about 6.5 billion new shares, at 1.5 Singapore cents per
share, as purchase consideration to acquire Inhwa's subsidiaries which
shall be valued at 15 times of each of their Net Profit After Tax ("NPAT")
for 2007, i.e. the combined NPAT estimated at S$6.5 million, therefore,
valuation of Inhwa's subsidiaries is estimated at S$97.5 million. The
actual number of shares to be issued to Inhwa shall be based on the audited
financials of each of the subsidiaries for 2007when it becomes available.
ii. In case of successful re-listing of Penton, Penton will issue 70 million
new shares to One Tree Capital Ltd as commission for bringing together the
Parties to facilitate the RTO acquisition. In addition, Penton will also
issue 50 million new shares to certain executives namely Ms Geraldine Goo
(10 million), Mr R Kalaichelvan (10 million), Mr Christopher Beneyto (10
million), Mr Rasheed Thaiyar ( 9.5 million), Ms Loke Oi Lin (10 million)
and Mrs Shanthi Radhakrishnan ( 0.5 million) for assisting in the
restructuring of Penton and also about 4.7 million new shares for services
of its previous Chief Financial Officer.
iii. After re-listing of Penton, if the company's NPAT for 2008 exceeds NPAT
for 2007, Penton shall, within 1 month after release of its audited
results, issue additional new shares as future consideration shares to
Inhwa calculated using the following formula - 13.5 times of (NPAT 2008
minus NPAT 2007) divide by 0.015.
a. The Parties agree that Penton shall seek all the necessary approvals,
including from Penton's Independent Shareholders in respect of their rights
to receive a mandatory offer from Inhwa following the issue and allotment
of the purchase consideration shares ("Whitewash Waiver") to Inhwa. An
Independent Financial Adviser to the Independent Directors of Penton shall
be appointed in connection with the Whitewash Waiver.
b. The Parties agree to obtain an irrevocable undertaking from Regional
Capital, being the majority shareholder of Penton, to vote in favour of the
RTO acquisition at extraordinary meeting of shareholders to be convened in
due course.
c. The Parties shall use their best endeavors to ensure that the public float
requirement of SGX are met following the RTO acquisition, including to
engage brokers to undertake a placement of new Penton shares ("Compliance
Placement") to meet the shareholding spread and distribution requirement of
SGX.
d. The Parties are targeting to complete the RTO acquisition by the end of
2008 and this MOU shall be valid for an initial period of 3 months, from
the date hereof, to facilitate the preparation, negotiation and execution
of the RTO acquisition. Sale and Purchase Agreement and further extensions
shall be subject to the agreement of the Parties.
Background Information about Inhwa Group of Companies
Inhwa Enterprise and Inhwa Marketing were set up in 1979 by Mr Mardjoeki
Atmadiredja and his elder cousin, the late Mr Ong Tjoe Soe, to distribute
"TOTO" brand bathroom fixtures for Singapore market. They also set up Inhwa
Manufacturing in 1980 to make press steel enameled bathroom and kitchen
equipment in Singapore, taking advantage of investment incentives offered by
the Economic Development Board.
They expanded its distribution of "TOTO" brand bathroom fixtures to dealers
Malaysia in 1994 with the setting up of Inhwa Marketing Sdn Bhd and then Imasin
Sdn Bhd in 1995 to market "TOTO" brand sanitary wares and fittings and hotel
equipment in Malaysia. Further in 1997, Inhwa Trading Sdn Bhd was set up to
undertake project sales of "TOTO" brand sanitary wares and fittings in Malaysia
and Superspace Boutique was set up in 2001 for retailing "TOTO" brand sanitary
wares and fittings in Johore Bahru.
This year, Inhwa Group will start a new line of business to sell "TOTO" brand
modular kitchen set and it has also secured a new agency to market the well
known "Stiebel Eltron" German brand water heaters for Indonesia, Singapore and
Malaysia market.
Mr Mardjoeki and the late Mr Ong also secured the agency to distribute "TOTO"
sanitary wares and fittings for the Indonesian market in 1968. They also formed
a joint venture company with TOTO of Japan to manufacture ceramic sanitary
wares under "TOTO" brand in Indonesia in 1977 and then took this company for
public listing on Jakarta Stock Exchange in 1990.
(II) WITHDRAWAL FROM PLUS MARKETS. LONDON
The Board of Directors wish to inform that Penton International Ltd intends to
withdraw its securities from the Plus market.
Information required under Rule 55 and Appendix 7 of the Rules for Issuers:
(a) the reasons for the withdrawal
Penton International Ltd has entered into a Memorandum of Understanding
Agreement with Inhwa Enterprise Pte Ltd, for the Reverse Take Over of Penton
International Ltd by Inhwa Enterprise Pte Ltd. As such, both parties have
mutually agreed that there is now no necessity for the listing of Penton shares
on PLUSmarket.
(b) any alternative arrangements for dealings in the issuer's securities
The depositary interests will be cancelled. Arrangement will be made for the
transfer of the shares to the Singapore Share Registrar.
(c) any other information reasonably required to assess the circumstances
surrounding the
proposal, and:
No other informationrequiredother than this announcement.
(d) unless paragraph (e), (f) or (g) applies, the following statement,
prominently and in bold:
"Under the PLUS rules, Penton International Limited is required to give
shareholders a period of 10 business days to object to the intended withdrawal
of its securities from the PLUS Market. Any shareholder wishing to raise an
objection should contact PLUS in confidence by 10 Mar 2008".
Where, after the period of 10 business days, legitimate objections have been
raised to a proposed withdrawal, such withdrawal must be made conditional on
the consent of 75% of votes cast by its shareholders at a general meeting,
unless in the particular circumstances PLUS agrees that the objections are not
material.
Penton International Ltd hereby gives the necessary 10 business days notice to
shareholdersnotwithstanding the underlying shares are listed in the Singapore
Stock Exchange and an application is being made for lifting of the suspension
on the Singapore Stock Market together with the RTO.
(III) PROPOSED DISPOSAL OF SUBSIDIARY
The Board of Directors of Penton International Ltd wish to announce that the
Company, had on 25 February 2008, entered into a share sale agreement with KCA
Secretaries Ltd (" the purchaser") to dispose its entire shareholding of
450,000 Ordinary shares of £1 each in Penton Resources UK Ltd, a wholly owned
subsidiary, for a nominal consideration of £1 given that the purchaser will
take over the lease obligations of Penton Resources UK Ltd as at 31 December
2007 and all cash other than amounts set aside for payments to the UK Auditor
and Computershare has been returned to the Company.
The rationale for the proposed disposal is that a leaner Group Structure is a
requirement for a Reverse Take Over ("RTO") of the Company. The Company has
signed a Memorandum of Understanding with Inhwa Enterprise Pte Ltd to undertake
the RTO acquisition.
Upon the completion of the proposed disposal, Penton Resources UK Ltd will
cease to be a subsidiary of the Company.
The proposed disposal will not have an material impact on the Group's Net
Tangible Asset and Earnings per Share for the financial year ended 31 December
2008.
(IV) FULL YEAR FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE YEAR ENDED
31 DECEMBER 2007
PENTON INTERNATIONAL LTD
(Company Registration No: 200003044C)
Unaudited Full Year Financial Statement and Dividend Announcement for the Year
Ended
31 December 2007
PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3),
HALF-YEAR AND FULL YEAR RESULTS
1 (a)(i) An income statement (for the Group) together with a comparative
statement for the corresponding period of the immediately preceding financial
year.
Group Group Group
Continuing Discontinued Total Consolidated
Operations Operations
FY 2007 FY 2006 FY 2007 FY 2006 FY 2007 FY 2006 Increase/
(Decrease)
S$ S$ S$ S$ S$ S$ %
Revenue - - - 356,988 - 356,988 (100.0)
Cost of sales - - - (201,463) - (201,463) (100.0)
Gross profit - - - 155,525 - 155,525 (100.0)
Other income 111,446 75,214 - 2,276 111,446 77,490 43.8
Depreciation and (11,784) (38,340) - (14,918) (11,784) (53,258) (77.9)
Impairment loss
Administrative (943,955) (346,756) - (269,586) (943,955) (616,342) 53.1
expenses
Other operating - (289,537) - (224,092) - (513,629) (100.0)
expenses
Investment in - - - (247,847) - (247,847) (100.0)
deconsolidated
subsidiary written
off
Amount due from - - - (314,637) - (314,637) (100.0)
deconsolidated
subsidiary written
off
Loss before (844,293) (599,419) - (913,279) (844,293) (1,512,698) (44.2)
taxation
Taxation - - - - - - N/M
Loss for the year (844,293) (599,419) - (913,279) (844,293) (1,512,698) (44.2)
Attributable to :
Equity holders of (844,293) (599,419) - (862,259) (844,293) (1,461,678) (42.2)
the parent
Minority interest - - - (51,020) - (51,020) (100.0)
(844,293) (599,419) - (913,279) (844,293) (1,512,698) (44.2)
Note:
FY-Financial Year ended 31 December
1(a)(ii) Notes to the Income Statement
Group Group Increase/
(Decrease)
FY 2007 FY 2006 %
(i) Other income comprises the following:
Income from liquidation of a former 96,875 - N/M
subsidiary
Rental income - 44,040 (100.0)
Interest income 13,132 19,854 (33.8)
Foreign exchange gain 1,316 - N/M
Sundry income 123 13,596 (99.1)
111,446 77,490 43.8
(ii) Loss is arrived at after charging
the following:
Loss on disposal of fixed assets 12,172 - N/M
Operating lease expense 81,708 112,452 (27.3)
N/M: Not meaningful
1 (b)(i) A balance sheet (for the issuer and group), together with a
comparative statement as at the end of the immediately preceding financial
year.
Group Company
31 Dec 07 31 Dec 06 31 Dec 07 31 Dec 06
S$ S$ S$ S$
Assets
Non-current assets
Property, plant and 7,215 31,654 - 18,520
equipment
Investment in subsidiary - - 27,477 888,807
Total non-current assets 7,215 31,654 27,477 907,327
Current assets
Trade and other 32,456 46,327 - 13,367
receivables
Cash and bank balances 139,056 922,548 83,137 75,912
171,512 968,875 83,137 89,279
Non-current asset held - 5,000,000 - 5,000,000
for sale
Loan note payable - (5,000,000) - (5,000,000)
attached to
non-current asset held
for sale
- - - -
Total current assets 171,512 968,875 83,137 89,279
Total assets 178,727 1,000,529 110,614 996,606
Equity
Share capital 11,576,502 11,576,502 11,576,502 11,576,502
Reserves (11,537,884) (10,660,857) (11,573,874) (10,660,857)
Total equity 38,618 915,645 2,628 915,645
Current liabilities
Trade and other payables 140,109 84,884 107,986 72,545
Amount due to subsidiary - - - 8,416
Total current liabilities 140,109 84,884 107,986 80,961
Total liabilities 140,109 84,884 107,986 80,961
Total equity and 178,727 1,000,529 110,614 996,606
liabilities
1(b)(ii)Aggregate amount of group's borrowings and debt securities.
Amount repayable in one year or less, or on demand
Not applicable.
Amount repayable after one year
Not applicable.
Details of any collateral
Not applicable.
1 (c) A cash flow statement (for the Group), together with a comparative
statement for the corresponding period of the immediately preceding financial
year.
Group
FY 2007 FY 2006
S$ S$
Cash flows from operating activities
Loss before taxation (844,293) (1,512,698)
Adjustments for:
Interest Income (13,132) (19,854)
Depreciation 11,784 38,340
Loss on disposal of fixed assets 12,172 -
Currency translation difference (32,251) 9,383
Reversal of excess provision for liabilities - (130,675)
Loss from discontinued operation - 913,279
Operating cash flow before working capital changes (865,720) (702,225)
Changes in working capital;
Trade and other receivables 13,871 (15,980)
Trade and other payables 55,225 (381,393)
Net cash used in operations (796,624) (1,099,598)
Income Taxes paid - (95,881)
Net cash used in operating activities (796,624) (1,195,479)
Cash flows from investing activities
Interest received 13,132 19,854
Payment to acquire plant and equipment - (15,882)
Advances to subsidiaries disposed of and - (50,755)
deconsolidated
Net cash outflow arising from deconsolidation and - (155,585)
disposal of Subsidiaries (See Note (a) below)
Net cash generated from/(used in) investing 13,132 (202,368)
activities
Net decrease in cash and cash equivalents (783,492) (1,397,847)
Cash and cash equivalents at beginning of year 922,548 2,320,395
Cash and cash equivalents at end of year 139,056 922,548
Notes to Consolidated Cash flow Statement
Note (a)
The effects on the Group's cash flows arising from the deconsolidation and
disposal of subsidiaries are shown in the statement of cash flow as a single
item. The fair values of the assets and liabilities deconsolidated and disposed
of are set out below:
S$
Investment in deconsolidated subsidiary 1,021,746
Property, plant and equipment (1,092,047)
Marble Quarry (5,000,000)
Coal mine Concession (746,101)
Employee receivable (12,751)
Receivable from shareholders (107,386)
Deferred tax assets (49,695)
Inventory (148,569)
Amount due from related party (89,572)
Other receivables and prepayments (125,729)
Cash and bank balances (155,585)
Other payables and accruals 111,594
Obligations under lease 17,066
Local taxes payable 49,748
Loan note payable 5,000,000
Other payables-long term 1,132,576
Employee benefits obligation 19,760
Minority 277,855
Coal mine Concession -written off-Fair value adjustment (618,830)
Negative good will on acquisition-Fair value adjustment 764,589
Current year loss- from subsidiaries sold and deconsolidated (350,795)
(102,126)
Transfer of translation difference on deconsolidation (49,671)
Net Loss on deconsolidation and disposal of subsidiaries (151,797)
Cash consideration received -
Less: Cash and cash equivalents in deconsolidated (155,585)
subsidiaries
Net cash used in deconsolidation and disposal of (155,585)
subsidiaries
1(d)(i) A statement (for the issuer and group) showing either (i) all changes
in equity or (ii) changes in equity other than those arising from
capitalization issues and distributions to shareholders, together with a
comparative statement for the corresponding period of the immediately preceding
financial year.
Group Share Share Translation Accumulated Attributable Minority Total
to
Capital Premium Reserve Losses Interest
Equity
Holders
of the
Company
S$ S$ S$ S$ S$ S$ S$
1 January 2006 3,648,974 7,927,528 (57,112) (9,049,324) 2,470,066 328,875 2,798,941
Transfer pursuant to 7,927,528 (7,927,528) - - - - -
Companies' Act Amendment
Net loss for year ended - - 9,383 (1,461,678) (1,452,295) (51,020) (1,503,315)
31 December 2006
Net loss on - - 49,671 (151,797) (102,126) (277,855) (379,981)
deconsolidation
At 31 December 2006 11,576,502 - 1,942 (10,662,799) 915,645 - 915,645
Translation differences - - (32,734) - (32,734) - (32,734)
relating to Financial
Statements of foreign
subsidiaries
Net loss for year ended - - - (844,293) (844,293) - (844,293)
31 December 2007
At 31 December 2007 11,576,502 - (30,792) (11,507,092) 38,618 - 38,618
Company Share Share Accumulated Total
Capital Premium Losses Equity
S$ S$ S$ S$
1 January 2006 3,648,974 7,927,528 (9,302,614) 2,273,888
Transfer pursuant to Companies' 7,927,528 (7,927,528) - -
Act Amendment
Net Loss for year ended 31 - - (1,358,243) (1,358,243)
December 2006
At 31 December 2006 11,576,502 - (10,660,857) 915,645
Net Loss for year ended 31 - - (913,017) (913,017)
December 2007
At 31 December 2007 11,576,502 - (11,573,874) 2,628
1(d)(ii) Details of any changes in the company's share capital arising from
rights issue, bonus issue, share buy-backs, exercise of share options or
warrants, conversion of other issues of equity securities, issue of shares for
cash or as consideration for acquisition or for any other purpose since the end
of the previous period reported on. State also the number of shares that may be
issued on conversion of all the outstanding convertibles as at the end of the
current financial period reported on and as at the end of the corresponding
period of the immediately preceding financial year
There were no changes in the Company's share capital since 31 December 2006.
* Whether the figures have been audited, or reviewed and in accordance with
which auditing standard or practice.
The figures have not been audited or reviewed.
* Where the figures have been audited or reviewed, the auditors' report
(including any qualifications or emphasis of matter).
Not applicable.
* Whether the same accounting policies and methods of computation as in the
issuer's most recently audited annual financial statements have been
applied.
The accounting policies and methods of computation applied in the financial
statements for the current reporting period are consistent with those disclosed
in the audited financial statements for the year ended 31 December 2006.
* If there are any changes in the accounting policies and methods of
computation, including any required by an accounting standard, what has
changed, as well as reasons for, and the effect of, the change.
Not applicable.
* Earnings per ordinary share of the group for the current period reported on
and the corresponding period of the immediately preceding financial year,
after deducting any provision for preference dividends.
Group
Loss per share (cents) 2007 2006
Based on weighted average number of ordinary (0.12) (0.20)
shares in issue
On fully diluted basis (0.12) (0.20)
The above is computed based on the weighted average number of shares in issue
during the year of 729,794,588 (Dec 2006 -729,794,588).
The Group does not have equity instruments which are dilutive in nature.
Accordingly, there was no potential dilution of ordinary shares during the
year.
* Net asset value (for the issuer and Group) per ordinary share based on
issued share capital of the issuer at the end of the (a) current period
reported on and (b) immediately preceding financial year.
Net Asset value per share (cents) 31.12.07 31.12.06
- Group 0.005 0.13
- Company 0.000 * 0.13
* Not Meaningful
* A review of the performance of the group, to the extent necessary for a
reasonable understanding of the group's business. It must include a
discussion of the following:-
*
a. Any significant factors that affected the turnover, costs, and earnings
of the group for the current financial period reported on, including
(where applicable) seasonal or cyclical factors; and
The Group reduced the loss from the S$1.5 million recorded in the previous
year to S$0.8 million for the year ended 31 December 2007. The higher loss
in 2006 was mainly attributable to the disposal of the loss making
subsidiaries in 2006 whereby S$0.9 million loss arising from discontinued
operations was charged in that year.
After the disposal of the coal mine and marble quarry business in 2006, the
Management decided that the best way to enhance shareholders' value is to
undertake a Reverse Take Over (`RTO") by the injection of a profitable and
sustainable business into the Group. As such, during the year, the
management was actively seeking business investors and partners who may be
interested to invest in the Group via the RTO route.
As the efforts of the Group are directed towards RTO related activities,
the Group did not undertake business activities during the year and thus
there was no revenue generated. The Group's administrative expenses of
approximately S$0.9 million were mainly for director's salary, professional
and consultancy fees, and travelling expenses incurred on RTO related and
corporate office activities.
b. Any material factors that affected the cash flows, working capital,
assets or liabilities of the group during the current financial period
reported on.
Significant changes in the Group's balance sheet since 31 December 2006
included the following:
(i) Cash at bank decreased by approximately S$0.8 million mainly due to the
higher director's salary, professional and consultancy fees incurred for
RTO related and corporate office activities.
(ii) Fixed assets decreased by approximately S$24,000 mainly due to the
disposal of fixed assets on relocation of the Company's corporate office in
Singapore.
+ Where a forecast, or a prospect statement, has been previously
disclosed to shareholders, any variance between it and the actual
results.
Not applicable, as no forecast or prospect statement has been previously
disclosed.
+ A commentary at the date of the announcement of the competitive
conditions of the industry in which the group operates and any known
factors or events that may affect the company in the next reporting
period and the next 12 months.
The Company is now engaging in discussions with potential candidates to
undertake a RTO. The Company will make appropriate announcements at the
relevant time should there be any material development arising from the
discussions.
In the event of a RTO, the settlement of professional fees rendered in
relation to the execution and completion of RTO will be by way of the
issuance of new shares in the Company. Thus the Company shall propose to
allot and issue up to an aggregate of 50 million new shares in the Company
to several parties. The allotment and issuance shall be subject to the
completion of the RTO and obtaining the necessary approvals from the
various authorities in Singapore. The parties involved are not related to
any director or shareholder of the Company.
+ Dividend
a. Current Financial Period Reported on - Any dividend declared for the
current financial period reported on?
None.
b. Corresponding Period of the immediately Preceding Financial Year - Any
dividend declared for the corresponding period of the immediately
preceding financial year?
None.
c. Date payable
Not applicable.
d. Books closure date
Not applicable.
+ If no dividend has been declared/recommended, a statement to that
effect
No dividends have been declared or recommended for the year.
PART II - ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT
(This part is not applicable to Q1, Q2, Q3 or Half Year Results)
13. Segmented revenue and results for business or geographical segments (of
the group) in the form presented in the issuer's most recently audited
annual financial statements, with comparative information for the
immediately preceding year
Primary reporting format - Business Segment
For the year ended 31 December 2007
Discontinued Operations Continuing
Operations
Coal Marble Others Total Others Total
Mine Quarry
S$ S$ S$ S$ S$ S$
Revenue - - - - - -
Results
Operating - - - - - -
profit
Expenses - - - - (955,739) (955,739)
Interest income - - - - 13,132 13,132
Rental income - - - - - -
Other income - - - - 98,314 98,314
Net loss - - - - (844,293) (844,293)
Other
information
Segment assets
Non- current - - - - 7,215 7,215
Current - - - - 171,512 171,512
Consolidated - - - - 178,727 178,727
assets
Segment
Liabilities
Other current - - - - 140,109 140,109
liabilities
Consolidated - - - - 140,109 140,109
liabilities
Capital - - - - - -
expenditure
Depreciation - - - - 11,784 11,784
Segment Reporting (Continued)
For the year ended 31 December 2006
Discontinued Operations Continuing
Operations
Coal Marble Others Total Others Total
Mine Quarry
S$ S$ S$ S$ S$ S$
Revenue - 356,988 - 356,988 - 356,988
Results
Operating - 155,525 - 155,525 - 155,525
profit
Expenses (614,762) (248,285) (208,033) (1,071,080) (674,633) (1,745,713)
Interest - 2,007 - 2,007 19,854 21,861
income
Rental income - - - - 44,040 44,040
Other income - 269 - 269 11,320 11,589
Net loss (614,762) (90,484) (208,033) (913,279) (599,419) (1,512,698)
Other
information
Segment assets
Non- current - - - - 31,654 31,654
Current - - - - 968,875 968,875
Consolidated - - - - 1,000,529 1,000,529
assets
Segment
Liabilities
Other current - - - - 84,884 84,884
liabilities
Consolidated - - - - 84,884 84,884
liabilities
Capital - - - - 15,882 15,882
expenditure
Depreciation - - - - 38,340 38,340
Secondary reporting format - Geographical Segments
The following table shows the distribution of the Group's consolidated
sales by geographical market regardless of where the products were
manufactured:
Turnover by Geographical
market
FY 2007 FY 2006
S$ S$
Indonesia-Discontinued operation - 356,988
14. In the review of performance, the factors leading to any material
changes in contributions to turnover and earnings by the business or
geographical segments.
Please refer to paragraph 8.
15. A breakdown of sales.
Group
FY 2007 FY 2006 Increase/
S$ S$ (Decrease)
%
(a) Sales reported for first half - 192,063 (100.0)
year
(b) Loss reported for first half (461,887) (396,953) 16.4
year
(c) Sales reported for second half - 164,925 (100.0)
year
(d) Loss reported for second half (382,406) (1,115,745) (65.7)
year
16. A breakdown of the total annual dividend (in dollar value) for the
issuer's latest full year and its previous full year.
Total Annual Dividend (Refer to Para 16 of Appendix 7.2 for the required
details)
Latest Full Previous Full
Year year
Ordinary - -
Preference - -
Total - -
BY ORDER OF THE BOARD
AKM Ismail
Managing Director
25 February 2008
18