Investor Relations

Full Year Financial Statement And Dividend Announcement

PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF-YEAR AND FULL YEAR RESULTS

1(a) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding financial year

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




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

Amount repayable in one year or less, or on demand



As at 31/12/2002

As at 31/12/2001

Secured	Unsecured	Secured	Unsecured
$679,000	$1,181,000	$372,000	$660,000



Amount repayable after one year



As at 31/12/2002

As at 31/12/2001

Secured	Unsecured	Secured	Unsecured
$2,041,000	$517,000	$2,096,000	$504,000



Details of any collateral

1. Mortgage of No. 20, Bukit Batok Crescent #11-05, 06, 07, 08, 09
TechPark 21, Singapore 658080

2. Kitchen equipment and furnitures under finance leases


1(c) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year







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 capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year







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 or 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




2. Whether the figures have been audited, or reviewed and in accordance with which standard (e.g. the Singapore Standard on Auditing 910 (Engagements to Review Financial Statements), or an equivalent standard)

The figures have not been audited or reviewed by our auditors.


3. Where the figures have been audited or reviewed, the auditors' report (including any qualifications or emphasis of matter)

NA


4. Whether the same accounting policies and methods of computation as in the issuer's most recently audited annual financial statements have been applied

The same accounting policies and methods of computation have been applied as in our most recently audited annual financial statements as at 31 December 2001.


5. 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 the reasons for, and the effect of, the change

There were no changes in the accounting policies and methods of computation


6. 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




7. 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




8. A review of the performance of the group, to the extent necessary for a reasonable understanding of the group's business. The review must discuss 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. It must also discuss any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on
The economic slowdown continued throughout the year under review. Consequently, this dampened consumer confidence and affected our operations. During the year, the Group entered into an agreement with Copilot Developments Ltd to purchase the remaining 405,000 ordinary shares for $80,000. Following the purchase, Club Asiana Pte Ltd became a wholly owned subsidiary of the Group. The Group also opened a restaurant-cum-entertainment outlet in Ngee Ann City in May, 2002, called Imperium Fine Dining & Entertainment Pte Ltd, a 50/50 joint venture. In October 2002, the Group also opened My Humble House, a fine dining outlet at the newly-opened Esplanade, Theatres on the Bay, which has proven to be very popular.

Compared to the previous year, the revenue of the Group rose by 9.9% from $58.6m to $64.4m, with the increase due mainly to outlets which opened from late 2001, and the new outlets of 2002.

During the year under review, the Group's share of losses from its joint-ventures (including Club Asiana Pte Ltd in the first half of 2002) was $2.1m. This, combined with $2.9m of provisions for impairment of assets and goodwill (as stipulated in SAS 36, Impairment of Assets) of the loss-making outlets, led to a net loss after tax and minority interest of $4.0m, compared to a corresponding net loss of $1.5m in year 2001.

Had it not been for the provisions for impairment and the share of losses from its joint-ventures, the Group would have posted a net profit after tax and minority interest of $1.0m ( i.e. loss of $4.0m add back $2.1m share of loss from joint-ventures and $2.9m of impairment provisions), compared with a net loss after tax and minority interest of $0.7m in 2001 (i.e. $1.5m minus $$0.8m of share of loss from joint-ventures).



9. Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results

NIL


10. 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 group in the next reporting period and the next 12 months
In order to improve the bottom line, without incurring additional capital expenditure and affecting cashflow, the Group has adopted the strategy of entering into management contracts with companies in Singapore and abroad. This strategy allows us to build an additional stream of steady income with minimal risk. Also, the Group will continue to focus on developing economies of scale among its various outlets, such as cross-referrals, loyalty programmes, improving overall customer service, and creating menus to cater to changing customer needs. In addition, the Group is considering expanding its manufacturing activities beyond festive products to include sauces and pre-mixes.

Barring unforeseen circumstances, the directors expect improvement for the financial year ending 2003.



11. 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

NA.


(d) Books closure date

Registrable Transfers received by the company up to 5.00 pm on <Enter the date here> will be registered before entitlements to the dividend are determined.

[Give a negative statement if not applicable]


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

NA

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

The Group operates in Singapore and in one main line of business, being that of restaurant business. Therefore the requirement on the disclosure of the information relating to the product or business activity and geographical segments of the operations is not applicable.


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


N.A.


15. A breakdown of sales

b). Disclosure of Interested Person Transactions Conducted Under A Shareholder Mandate

Name of interested person	Aggregate value of all interested person transactions during the financial year under review (excluding transactions less than $100,000 and transactions concluded under shareholders' mandate pursuant to Rule 920)	Aggregate value of all interested person transactions conducted under shareholders' mandate pursuant to Rule 920 (excluding transactions less than $100,000)
Nil	Nil	Nil

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 Year ()	Previous Full Year ()
Ordinary
Preference	0	0
Total:

BY ORDER OF THE BOARD

Tjioe Ka Men
Managing Director
12/03/2003