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Consolidated statement of comprehensive income

Income Statement

Balance Sheet

Balance Sheet

Review of Performance


The Group's revenue increased from approximately S$20.6 million for the financial period from 1 April 2017 to 30 June 2017 ("1Q2018") to approximately S$22.3 million for the period from 1 April 2018 to 30 June 2018 ("1Q2019"), an increase of approximately S$1.8 million or 8.5%.

Revenue from retail outlets increased by approximately S$1.6 million or 7.9% mainly due to revenue contribution from new outlets and an increase in revenue from existing outlets, partially offset by absence of revenue from closed outlets.

Revenue from other services, such as delivery and catering services, increased by approximately S$159,000 or 55.8% from S$285,000 to S$444,000, mainly due to higher events and catering sales.

As at 30 June 2018, the Group operated a total of 90 outlets in Singapore as compared to 89 outlets as at 30 June 2017.

Cost of sales and gross profit

Cost of sales decreased by approximately S$149,000 or 1.9% mainly due to better food cost management and improved manpower efficiencies arising from automation of production processes for 1Q2019.

The Group's gross profit increased by approximately S$1.9 million or 15.2%. The Group's gross profit margin increased from approximately 60.9% in 1Q2018 to 64.7% in 1Q2019, mainly due to improved manpower efficiencies and food cost management in 1Q2019.

Other income

Other income increased by approximately S$14,000 mainly due to an increase in gain on disposal of motor vehicles of approximately S$44,000, offset by lower special temporary employment credit scheme income and government grant income in 1Q2019.

Operating Expenses

Selling and distribution expenses

Selling and distribution ("S & D") expenses increased by approximately S$739,000 or 8.5% in line with the increase in revenue. S & D expenses as a percentage of revenue for both 1Q2019 and 1Q2018 remained relatively constant at 42.1% of revenue.

Administrative expenses

Administrative expenses increased by approximately S$291,000 or 10.2%. The increase in administrative expenses was mainly due to an increase in head office staff costs, including staff training expenses and recruitment expenses, of approximately S$304,000.

Other expenses

The increase in other expenses of approximately S$201,000 in 1Q2019 was mainly due to an increase in depreciation expenses of approximately S$142,000 arising from depreciation of the new head office at 2 Woodlands Terrace, and foreign exchange loss of S$21,000 in 1Q2019, compared to foreign exchange gain of S$46,000 for the prior period.

As a result of the above, the proportion of total operating expenses compared to revenue increased from 56.8% in 1Q2018 to 57.9% in 1Q2019.

Depreciation and amortisation

The increase in depreciation and amortisation expenses of approximately S$247,000 in 1Q2019 was mainly due to additions of plant and equipment and renovation costs for the completion of the Group's new factory facility in Singapore and new retail outlets.

Finance costs

Finance costs increased by approximately S$13,000 mainly due to higher interest rates on loan taken for the construction and renovation of factory facilities.

Share of results of joint venture

The increase was due to initial operating losses of approximately S$44,000 for the joint venture in the United Kingdom in 1Q2019, compared to start up costs of approximately S$31,000 in 1Q2018.

Profit before tax

The Group's profit before tax increased from approximately S$914,000 in 1Q2018 to approximately S$1.6 million in 1Q2019, an increase of approximately S$660,000 or 72.2%.


The Group's taxation expenses increased by S$80,000 or 32.9% mainly due to an increase in profit for the current financial period, offset by lower non tax deductible items for the period.

Balance Sheet

Non-current assets

The Group's non-current assets decreased by approximately S$117,000 or 0.3% mainly due to the following:

  1. depreciation expenses and fixed assets written off of approximately S$1.4 million partially offset by purchase of motor vehicles, plant and equipment and renovation costs for the Group's new factory facility and outlets in Singapore during 1Q2019; and
  2. share of start-up costs for the joint venture of approximately S$44,000 for 1Q2019.

The decrease in non-current assets was partially offset by:

  1. an increase in investment in unquoted shares of approximately S$186,000 due to fair value adjustment upon the adoption of SFRS(I) 9 – Financial Instruments; and
  2. an increase in long term deposits mainly due to top up of lease deposit for lease renewals, partially offset by reclassification of long term lease deposits to short term lease deposits, in accordance with the respective lease tenures.

Current assets

The Group's current assets increased by approximately S$2.1 million or 12.9% mainly due to:

  1. an increase in cash and bank balances of approximately S$2.5 million mainly due to cash inflow from operating activities, partially offset by purchase of property, plant and equipment during 1Q2019;
  2. an increase in amount due from joint venture mainly due to a working capital loan and product sales to the United Kingdom joint venture of approximately S$282,000; and
  3. an increase in amount due from associates mainly due to product sales of goods to the Malaysian associated company of approximately S$72,000.

The increase in current assets was partially offset by a decrease in inventories due to lower bulk purchase and a decrease in prepayments mainly due to reclassification of equipment from prepayments to property, plant and equipment upon full payment and receipt of the equipment.

Current liabilities

The Group's current liabilities increased by approximately S$915,000 or 7.2% mainly due to the following:

  1. an increase in trade and other payables mainly due to higher accrued rent and staff cost for the period; and
  2. an increase in provision for taxation mainly due to tax expenses provided for the current period.

The increase in current liabilities was offset by a decrease in finance leases due to repayments during the current period.

Non-current liabilities

The Group's non-current liabilities decreased by approximately S$353,000 or 3.2% mainly due to repayment of bank loans and decrease in deferred tax liabilities during 1Q2019 partially offset by an increase in finance leases mainly for the purchase of new motor vehicles.

Net working capital

As at 30 June 2018, the Group had a positive net working capital of approximately S$4.9 million as compared to approximately S$3.7 million as at 31 March 2018.

Cash flow

In 1Q2019, the Group generated an operating profit before working capital changes of approximately S$3.0 million. Net cash generated from operating activities, inclusive of working capital changes, amounted to approximately S$4.1 million in 1Q2019.

In 1Q2019, net cash used in investing activities amounted to approximately S$891,000. This was mainly attributable to additions of plant and equipment and renovation costs for the Group's new retail outlets and factory facility in Singapore.

Net cash used in financing activities amounted to approximately S$697,000 in 1Q2019. This was mainly due to loan to joint venture and repayments of bank loan and finance lease liabilities, including interest paid during the period.


Following the completion of the new factory facilities and the commissioning of new factory equipment, the Group is heartened that its efforts on improving its gross margins and revenues are showing results. These efforts include continued investment in brand positioning, further expanding its product range including seasonal product launches, and increasing the production efficiency of its factories. The Group will continue with its efforts to drive operational efficiencies, and to enhance its brand positioning.

Initial sales results for the Group's first flagship outlet in Covent Garden - London, United Kingdom are encouraging and the Group will continue to fine-tune its product offerings to adapt to the local market.

On the current operations, the Group expects rental, labour and raw material costs to remain high in the next reporting period and the next 12 months, and believes that the labour market will continue to remain tight.