Financial Statements and Related Announcement::First Quarter Results

Renaissance United Limited

(Incorporated in Singapore. Registration Number. 199202747M)

Condensed Interim Financial Statements and Dividend Annoucement Annoucement

For the Three Months ended 31 July 2021 ("1QFY22").

Table of Contents

Page

1. Condensed interim consolidated statement of profit or loss and

	other comprehensive income	2
B.	Condensed interim statements of financial position	3
C.	Condensed interim statements of changes in equity	4
D.	Condensed interim consolidated statement of cash flows	5
E.	Notes to the condensed interim consolidated financial statements	6
F.	Other information required by Listing Rule Appendix 7.2	18

RENAISSANCE UNITED LIMITED

(Registration No. 199202747M)

Condensed Interim Financial Statements and Dividend Announcement

for the Three Months ended 31 July 2021 ("1QFY22").

A. Condensed interim consolidated statement of profit or loss and other comprehensive income

			Group
		3 Months	3 Months	%
		to 31/07/21	to 31/07/20	Increase/
	Note	S$'000	S$'000	(Decrease)
Revenue
Sale of goods	4	4,160	4,470	(6.9)
Sale of land lots		-	-	-
Natural gas installation, connection, delivery and usage	4	10,186	9,179	11.0
		14,346	13,649	5.1
Other items of income
Fair value gain of financial assets, at fair value through profit or loss		-	7	nm
Interest income		7	36	(80.6)
Other income		393	178	nm
Total revenue		400	221	81.0
Operating expenses
Changes in inventories		986	(103)	nm
Raw materials and consumables used		(11,309)	(8,902)	27.0
Amortisation of intangible assets		(329)	(346)	(4.9)
Depreciation of property, plant and equipment		(939)	(920)	2.1
Fair value loss of financial assets, at fair value through profit or loss		(3)	-	nm
Impairment loss of trade and other receivables and convertible loan		(18)	(80)	(77.5)
Foreign exchange loss, net		-	(769)	nm
Employee benefits expenses		(1,501)	(1,363)	10.1
Finance Costs		(263)	(246)	6.9
Lease expenses		(3)	(13)	(76.9)
Other expenses		(732)	(959)	(23.7)
Total expenses		(14,111)	(13,701)	3.0
Profit before income tax	5	635	169	nm
Income tax expense	6	(158)	(82)	92.7
Profit for the financial period		477	87	nm
Other comprehensive income/(loss) :
Items that may be reclassified subsequently to profit or loss :
Exchange differences on translation of foreign operations arising from consolidation		847	(263)	nm
Items that will not be reclassified subsequently to profit or loss :
Exchange differences on translation of foreign operations arising from consolidation		4	(1)	nm
Other comprehensive income/(loss) for the financial period, net of tax		851	(264)	nm
Total comprehensive income/(loss) for the financial period		1,328	(177)	nm
Profit/(loss) attributable to :
Equity holders of the Company		286	(270)	nm
Non-controlling interests		191	357	(46.5)
		477	87	nm
Total comprehensive income/(loss) attributable to :
Equity holders of the Company		1,133	(533)	nm
Non-controlling interests		195	356	(45.2)
		1,328	(177)	nm
Earnings/(loss) per share for loss attributable to equity holders of the Company
Basic and diluted (in cents)		0.005	(0.004)
nm-not meaningful

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RENAISSANCE UNITED LIMITED

(Registration No. 199202747M)

Condensed Interim Financial Statements and Dividend Announcement

for the Three Months ended 31 July 2021 ("1QFY22").

B. Condensed interim statements of financial position

		Group	Group	Company	Company
		As at	As at	As at	As at
		31/07/21	30/04/21	31/07/21	30/04/21
	Note	S$'000	S$'000	S$'000	S$'000
Non-current assets
Intangible assets	7	13,113	13,193	-	-
Property, plant and equipment	8	78,964	76,945	14	15
Investment in subsidiaries		-	-	48,508	48,508
Trade and other receivables		2,850	2,794	-	-
Deferred tax assets		467	459	-	-
		95,394	93,391	48,522	48,523
Current assets
Inventories		2,636	1,651	-	-
Development property	9	4,264	4,209	-	-
Trade and other receivables		13,313	13,744	49	51
Financial assets, at fair value through profit or loss		549	553	501	502
Cash and cash equivalents	10	18,142	18,203	1,115	1,258
		38,904	38,360	1,665	1,811
Total Assets		134,298	131,751	50,187	50,334
Current liabilities
Trade and other payables		17,155	16,746	6,786	6,778
Provisions		59	71	6	6
Current income tax payable		957	953	-	-
Borrowings	11	12,563	13,340	4	4
Contract liabilities	12	21,817	19,536	-	-
		52,551	50,646	6,796	6,788
Net current liabilities		(13,647)	(12,286)	(5,131)	(4,977)
Non-current liabilities
Borrowings	11	8,760	9,503	8	9
Deferred tax liabilities		3,024	2,967	-	-
		11,784	12,470	8	9
Total Liabilities		64,335	63,116	6,804	6,797
NET ASSETS		69,963	68,635	43,383	43,537
Equity
Share capital	13	265,811	265,811	265,811	265,811
Other reserves	14	(17,962)	(18,809)	1,961	1,961
Accumulated losses		(194,226)	(194,512)	(224,389)	(224,235)
Equity attributable to equity holders of the Company		53,623	52,490	43,383	43,537
Non-controlling interests		16,340	16,145	-	-
TOTAL EQUITY		69,963	68,635	43,383	43,537

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RENAISSANCE UNITED LIMITED

(Registration No. 199202747M)

Condensed Interim Financial Statements and Dividend Announcement

for the Three Months ended 31 July 2021 ("1QFY22").

C. Condensed interim statements of changes in equity

						Equity
						attributable
		Foreign				to equity
		exchange	Capital	Equity -	Accumulat	holders	Non-
	Share	translation	reduction	Non-	ed	of the	controlling	Total
	capital	reserve	reserve	controlling	losses	Company	interests	equity
Group	S$'000	S$'000	S$'000	interests	S$'000	S$'000	S$'000	S$'000
Balance at 1 May 2021	265,811	(15,519)	1,961	(5,251)	(194,512)	52,490	16,145	68,635
Profit for the financial period	-	-	-	-	286	286	191	477
Other comprehensive income
for the financial period:
Exchange differences on
translation of foreign operations	-	847	-	-	-	847	4	851
Total comprehensive income
for the financial period	-	847	-	-	286	1,133	195	1,328
Balance at 31 July 2021	265,811	(14,672)	1,961	(5,251)	(194,226)	53,623	16,340	69,963
Balance at 1 May 2020	265,811	(17,088)	1,961	(5,251)	(189,110)	56,323	15,277	71,600
(Loss)/profit for the financial
period	-	-	-	-	(270)	(270)	357	87
Other comprehensive loss for
the financial period :
Exchange differences on
translation of foreign operations	-	(263)	-	-	-	(263)	(1)	(264)
Total comprehensive
(loss)/income for the financial
period	-	(263)	-	-	(270)	(533)	356	(177)
Transactions with non-
controlling interests	-	-	-	98	-	98	(98)	-
Balance at 31 July 2020	265,811	(17,351)	1,961	(5,153)	(189,380)	55,888	15,535	71,423
	Share	Capital reduction	Accumulated	Total
	capital	reserve	losses	equity
Company	S$'000	S$'000	S$'000	S$'000
Balance at 1 May 2021		265,811		1,961		(224,235)		43,537
Loss and total comprehensive
income for the financial period		-		-		(154)		(154)
Balance at 31 July 2021		265,811		1,961		(224,389)		43,383
Balance at 1 May 2020		265,811		1,961		(224,902)		42,870
Loss and total comprehensive
income for the financial period		-		-		(30)		(30)
Balance at 31 July 2020		265,811		1,961		(224,932)		42,840

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RENAISSANCE UNITED LIMITED

(Registration No. 199202747M)

Condensed Interim Financial Statements and Dividend Announcement

for the Three Months ended 31 July 2021 ("1QFY22").

D. Condensed interim consolidated statement of cash flows

	3 Months	3 Months
	to 31/07/21	to 31/07/20
	S$'000	S$'000
Cash flows from operating activities
Profit before income tax	635	169
Adjustments for:
Impairment loss of trade and other receivables and convertible loan, net	18	80
Amortisation of intangible assets	329	346
Depreciation of property, plant and equipment	939	920
Interest expenses	180	213
Interest income	(7)	(36)
Interest expenses on lease liabilities	11	12
Provisions made during the financial period	10	3
Fair value gain/(loss) on financial assets, at fair value through profit or loss	3	(7)
Unrealised foreign exchange (gain)/loss	(353)	755
Operating cash flows before working capital changes	1,765	2,455
Changes in working capital :
Inventories	(982)	(1,018)
Development property	(4)	(20)
Trade and other receivables	436	(1,185)
Trade and other payables and contract liabilities	1,864	3,181
Provisions	(22)	(40)
Cash generated from operations	3,057	3,373
Interest received	7	15
Interest paid on bank overdrafts	(22)	(13)
Net income tax paid	(158)	(228)
Net cash generated from operating activities	2,884	3,147
Cash flows from investing activities
Purchase of property, plant and equipment	(766)	(1,064)
Net cash used in investing activities	(766)	(1,064)
Cash flows from financing activities
Proceeds from borrowings	-	611
Repayments of borrowings	(1,781)	(4,178)
Repayment of lease liabilities	(2)	(98)
Interest paid on borrowings	(147)	(200)
Interest paid on lease liabilities	(95)	(12)
Net cash used in financing activities	(2,025)	(3,877)
Net increase/(decrease) in cash and cash equivalents	93	(1,794)
Cash and cash equivalents at beginning of financial period	12,872	8,933
Effects of exchange rate changes in cash and cash equivalents	196	(120)
Cash and cash equivalents at end of the financial period	13,161	7,019

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