Financial Statements and Related Announcement::Full Yearly Results

RENAISSANCE UNITED LIMITED

FOR THE YEAR ENDED 30 APRIL 2021

These figures have not been audited

1(a)(i)	A statement of comprehensive income for the group together with a comparative statement for the corresponding
	period of the immediately preceding financial year
			Group
	CONSOLIDATED STATEMENT OF PROFIT OR LOSS	12 Months	12 Months	%
	AND OTHER COMPREHENSIVE INCOME
	to 30/04/21	to 30/04/20	Increase/
		S$'000	S$'000	(decrease)
	Revenue
	Sale of goods	17,104	13,130	30.3
	Sale of development property	11,757	-	nm
	Natural gas installation, connection, delivery and usage	43,702	39,348	11.1
		72,563	52,478	38.3
	Other items of income
	Financial assets, at fair value through profit or loss
	- fair value gain	35	-	nm
	Other income	686	3,434	(80.0)
		721	3,434	(79.0)
	Total revenue	73,284	55,912	31.1
	Operating expenses
	Changes in inventories	(1,009)	(1,118)	(9.7)
	Raw materials and consumables used	(44,152)	(36,372)	21.4
	Development costs	(7,334)	-	nm
	Amortisation of intangible assets	(1,342)	(1,413)	(5.0)
	Depreciation of property, plant and equipment	(4,062)	(4,600)	(11.7)
	Fair value loss of financial assets, at fair value through profit or loss	-	(3)	nm
	Impairment loss of trade and other receivables	(153)	-	nm
	Impairment loss of convertible loan	(81)	(81)	nm
	Foreign exchange loss, net	(2,988)	-	nm
	Employee benefits expenses	(6,226)	(6,437)	(3.3)
	Finance costs	(1,502)	(1,326)	13.3
	Lease expenses	(39)	(203)	(80.8)
	Other expenses	(3,609)	(3,554)	1.5
	Total expenses	(72,497)	(55,107)	31.6
	Profit before income tax	787	805	(2.2)
	Income tax expense	(335)	(644)	(48.0)
	Profit for the financial year	452	161	nm
	Other comprehensive income/(loss) :
	Items that may be reclassified subsequently to profit or loss :
	Exchange differences on translating foreign operations arising from consolidation	1,569	(1,429)	nm
	Items that will not be reclassified subsequently to profit or loss :
	Exchange differences on translation of foreign operations arising from consolidation	305	(10)	nm
	Other comprehensive income/(loss) for the financial year	1,874	(1,439)	nm
	Total comprehensive income/(loss) for the financial year	2,326	(1,278)	nm
	(Loss)/Profit attributable to :
	Equity holders of the Company	(111)	(131)	(15.3)
	Non-controlling interests	563	292	92.8
		452	161	nm
	Total comprehensive income/(loss) attributable to :
	Equity holders of the Company	1,458	(1,560)	nm
	Non-controlling interests	868	282	nm
		2,326	(1,278)	nm
	nm-not meaningful

Page 1

RENAISSANCE UNITED LIMITED

FOR THE YEAR ENDED 30 APRIL 2021

These figures have not been audited

1(a)(ii)	ADDITIONAL INFORMATION ON THE INCOME STATEMENT
			Group
		12 Months	12 Months	%
		to 30/04/21	to 30/04/20	Increase/
		S$'000	S$'000	(decrease)
	Other Income
	Write back of other payables	11	-	nm
	Interest income	112	176	(36.4)
	Job Support Scheme	356	586	(39.2)
	Government grants, levy and rental rebates	64	32	nm
	Foreign exchange gain, net	-	2,357	nm
	Gain on disposal of property, plant and equipment	-	2	nm
	Commission income	-	13	nm
	Rental income	-	138	nm
	Reversal of impairment loss for doubtful trade and other receivables	-	27	nm
	Sundry income	143	103	38.8
		686	3,434	(80.0)
	nm-not meaningful

Page 2

RENAISSANCE UNITED LIMITED

FOR THE YEAR ENDED 30 APRIL 2021

These figures have not been audited

1(b)(i)	A statement of financial position (for the issuer and group), together with a comparative statement as at the end of the
	immediately preceding financial year
		Group	Group	Company	Company
	STATEMENT OF FINANCIAL POSITION	As at	As at	As at	As at
	30/04/21	30/04/20	30/04/21	30/04/20
		S$'000	S$'000	S$'000	S$'000
	Non-current assets
	Intangible assets	20,249	22,774	-	-
	Property, plant and equipment	76,945	74,890	15	2
	Investment in subsidiaries	-	-	48,508	48,508
	Trade and other receivables	24	410	-	-
	Deferred tax assets	458	465	-	-
		97,676	98,539	48,523	48,510
	Current assets
	Inventories	1,651	1,541	-	-
	Development property	4,209	11,880	-	-
	Trade and other receivables	16,379	7,584	51	494
	Financial assets, at fair value through profit or loss	553	518	502	502
	Cash and cash equivalents ** Refer to breakdown below	18,203	13,273	1,258	6
		40,995	34,796	1,811	1,002
	Current liabilities
	Trade and other payables	16,611	15,781	6,778	6,614
	Deferred income	-	10	-	10
	Provisions	71	141	6	18
	Current income tax payable	953	702	-	-
	Borrowings	13,340	11,240	4	-
	Contract liabilities	19,536	14,018	-	-
		50,511	41,892	6,788	6,642
	Net current liabilities	9,516	7,096	4,977	5,640
	Non-current liabilities
	Borrowings	9,503	14,150	9	-
	Deferred tax liabilities	4,731	5,693	-	-
		14,234	19,843	9	-
	NET ASSETS	73,926	71,600	43,537	42,870
	Equity
	Share capital	265,811	265,811	265,811	265,811
	Other reserves	(18,809)	(20,378)	1,961	1,961
	Accumulated losses	(189,221)	(189,110)	(224,235)	(224,902)
	Equity attributable to equity holders of the Company	57,781	56,323	43,537	42,870
	Non-controlling interests	16,145	15,277	-	-
	TOTAL EQUITY	73,926	71,600	43,537	42,870
	** Breakdown as follows:
	Cash and cash equivalents	18,203	13,273
	Less:
	Bank overdrafts	(2,731)	(1,740)
	Cash pledged for bank facilities	(2,600)	(2,600)
	As per Consolidated Statement of Cash Flows	12,872	8,933

Page 3

RENAISSANCE UNITED LIMITED

FOR THE YEAR ENDED 30 APRIL 2021

These figures have not been audited

1(b)(ii) In relation to the aggregate amount of the group's borrowings and debt securities, specify the following as at the end of the current financial period reported on with comparative figures as at the end of the immediately preceding financial year:

1. the amount repayable in one year or less, or on demand;
2. the amount repayable after one year;
3. whether the amounts are secured or unsecured; and
4. details of any collaterals.

		As at	As at	As at	As at
	Group Borrowings and Debt Securities	30/04/21	30/04/21	30/04/20	30/04/20
	Secured	Unsecured	Secured	Unsecured
		S$'000	S$'000	S$'000	S$'000
	Amount repayable in one year or less, or on demand	12,460	880	10,350	890
	Amount repayable after one year	9,159	344	13,462	688
	Details of any collaterals

a Short-Term Borrowings

1. The current year's secured short-term borrowings of S$12.460 million and previous year's borrowings of S$10.350 million comprise :
2. 1. short term bank borrowings of S$9.725 million in current year as compared to S$6.608 million in previous year which are secured by property, plant and equipment. Interest is charged at 4.35% to 7.00%.
   2. the remaining bank borrowings of S$2.731 million in current year and S$1.740 million in previous year, are secured by cash pledged for bank facilities. Interest is charged at 5% per annum.
   3. a loan of S$2.002 million in previous year from a Key Management Personnel of a China subsidiary, secured by 100% shareholding in Dawu Jiaxu Natural Gas Company Limited. Interest is charged at 15% per annum.
   4. finance lease liabilities of S$0.004 million in current year which are secured by leased assets which will revert to the lessors in the event of default. Effective interest rate is at 7.2123% per annum

1. The unsecured short term borrowings of S$0.880 million and S$0.890 million in current and previous year respectively, comprise :
2. 1. S$0.537 million and S$0.570 million loans in current and previous year respectively from business associates which are unsecured, interest free and repayable on demand.
   2. S$0.343 million and S$0.320 million lease liabilities in current and previous year respectively.

1. Long-TermBorrowings
2. 1. 
      The current year's secured long term borrowings of S$9.159 million as compared to previous year's secured long term borrowings of S$13.462 million comprise :
   2. current year and previous year bank borrowings of S$9.149 million and S$13.462 million respectively secured by property, plant and equipment. Interest is charged at 4.35% to 7.00% per annum and
   3. lease liabilities of S$0.010 million in current year which are secured by leased assets which will revert to the lessors in the event of default. Effective interest rate is at 7.2123% per annum.

The unsecured long term borrowings of S$0.344 million and S$0.688 million in current and previous year respectively, are lease liabilities.

Page 4

RENAISSANCE UNITED LIMITED

FOR THE YEAR ENDED 30 APRIL 2021

These figures have not been audited

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

	CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE	12 Months	12 Months
	to 30/04/21	to 30/04/20
	YEAR ENDED 30 APRIL 2021
	S$'000	S$'000
	Cash flows from operating activities
	Profit before income tax	787	805
	Adjustments for:
	Impairment loss of trade and other receivables and convertible loan, net	234	54
	Write back of other payables	(11)	-
	Other receivables written off	-	140
	Property, plant and equipment written off	-	400
	Amortisation of intangible assets	1,342	1,413
	Depreciation of property, plant and equipment	4,062	4,600
	Gain on disposal of property, plant and equipment	-	(2)
	Interest expenses	1,457	1,212
	Interest income	(112)	(176)
	Interest expenses on lease liabilities	43	57
	Provisions made during the financial period	71	141
	Fair value (gain)/loss on financial assets, at fair value through profit or loss	(35)	3
	Unrealised foreign exchange loss/(gain)	2,920	(2,025)
	Operating cashflow before working capital changes	10,758	6,622
	Changes in working capital :
	Inventories	(106)	56
	Development property	7,149	(943)
	Trade and other receivables and deferred income	(9,132)	3,749
	Trade and other payables and contract liabilities	5,558	845
	Provisions	(142)	(248)
	Cash generated from operations	14,085	10,081
	Interest received	31	95
	Interest paid on bank overdrafts	(79)	(63)
	Net income tax paid	(929)	(1,242)
	Net cash generated from operating activities	13,108	8,871
	Cash flows from investing activities
	Purchase of property, plant and equipment	(3,858)	(10,111)
	Proceeds from disposals of property, plant and equipment	2	723
	Net cash used in investing activities	(3,856)	(9,388)
	Cashflows from financing activities
	Proceeds from borrowings	8,074	7,690
	Proceeds from finance lease	13	-
	Dividend paid to non-controlling interests of a subsidiary	-	(122)
	Repayments of borrowings	(11,708)	(2,660)
	Repayment of lease liabilities/finance leases	(343)	(319)
	Interest paid on borrowings	(1,335)	(1,149)
	Interest paid on lease liabilities	(43)	(57)
	Net cash (used in)/generated from financing activities	(5,342)	3,383
	Net increase in cash and cash equivalents	3,910	2,866
	Cash and cash equivalents at beginning of financial year	8,933	5,980
	Effects of exchange rate changes in cash and cash equivalents	29	87
	Cash and cash equivalents at end of the financial year	12,872	8,933

Page 5