Full Year Financial Statement And Dividend Announcement For The Period Ended 31 December 2003

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.

Consolidated Profit and loss accounts for the period ended 31 December 2003



	Proforma 2002	Actual 2003	Change
	S$000	S$000	%
Turnover	60,837	53,477	(12.1)
Cost of Sales	(44,635)	(38,597)	(13.5)
Gross Profit	16,202	14,880	(8.2)
Other Income	525	1,005	91.4
Cost and expenses
Selling & marketing expenses	(157)	(382)	143.3
Bad & doubtful debts	53	(70)	(232.1)
Depreciation expenses	(326)	(440)	34.9
Provision for diminution value of in investments	-	(100)	n/m
Rental of premises	(757)	(1,097)	44.9
Rental of equipment & vehicles	(471)	(227)	(51.8)
Directors' remuneration and fees	(2,313)	(2,572)	11.2
Staff Costs	(6,450)	(6,747)	4.6
Stock Obsolescence	(28)	(4)	(85.7)
Exchange loss	(54)	(104)	92.6
General & administrative expenses	(2,132)	(2,044)	4.1
Total Operating Expenses	(12,635)	(13,787)	9.1
Profit from Operating activities	4,092	2,098	(48.7)
Financial expenses	(61)	(76)	24.6
Financial income	218	104	(52.3)
Profit before Taxation	4,249	2,126	(50.0)
Taxation	(801)	(547)	(31.7)
Profit after taxation	3,448	1,579	(54.2)
Minority Interest	(146)	(51)	(65.1)
Net Profit for the year/period	3,302	1,528	(53.7)

n/m = Not Meaningful

Explanatory Notes:

The proforma Group results for the financial year ended 31 December 2002 was prepared on the assumption that the Group structure resulting from the Group restructuring exercise as described in the Prospectus of the Company dated 9 September 2003 had been in place throughout the relevant periods for the purpose of the Prospectus and in this case, from 1 January 2002.

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.

Balance Sheet as at 31 December 2003

	Proforma 2002 Group	Actual 2003 Group	Actual 2003 Company
	S$000	S$000	S$000
NON-CURRENT ASSETS
Property, plant and equipment	2,101	2,252	113
Investment in subsidiaries	-	-	5,519
Other investments	481	381	381
Total Non-Current Assets	2,582	2,633	6,013
CURRENT ASSETS
Inventories	19	2	-
Contract work-in-progress	1,324	1,541	-
Trade receivables	17,701	21,756	46
Other receivables & prepayments	416	555	130
Amount owing by related parties	4,851	1,076	542
Amount owing by subsidiaries	-	-	4,248
Dividend receivable	-	-	1,290
Cash on hand and at bank	3,945	5,464	161
Total Current Assets	28,256	30,394	6,417
TOTAL ASSETS	30,838	33,027	12,430
CAPITAL AND RESERVES
Share capital	6,000	7,500	7,500
Share premium	-	3,252	3,252
Retained earnings	-	1,528	772
Foreign currency translation reserve	-	(9)	-
	6,000	12,271	11,524
Minority Interest	449	496	-
	6,449	12,767	11,524
NON-CURRENT LIABILITIES
Interest-bearing loans and borrowings	364	308	-
Deferred taxation	50	103	-
Total Non-Current Liabilities	414	411	-
CURRENT LIABILITIES
Progress billings in excess of WIP	2,630	1,760	-
Trade payables	12,203	10,550	-
Other payables & accruals	3,953	3,593	333
Deferred income	26	1,145	-
Amount owing to related parties	3,689	972	346
Amount owing to subsidiaries	-	-	227
Interest-bearing loans and borrowings	229	1,218	-
Provision for taxation	1,245	611	-
Total Current Liabilities	23,975	19,849	906
TOTAL EQUITY AND LIABILITIES	30,838	33,027	12,430

The Company was incorporated on 16 December 2002. Since we are presenting the financial performance of the Company for the period from 16 December 2002 to 31 December 2003, and the financial position of the Company on 31 December 2003, no balance sheet comparatives of the Company are presented.

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

Amount repayable in one year or less, or on demand



As at 31/12/03

As at 31/12/02

Secured	Unsecured	Secured	Unsecured
1,218	0	229	0



Amount repayable after one year



As at 31/12/03

As at 31/12/02

Secured	Unsecured	Secured	Unsecured
308	0	364	0



Details of any collateral


The bank term loan of the Group is secured by way of a first legal charge over the Group's leasehold building in Malaysia, and the joint and several guarantees of certain directors of the Company and its subsidiaries.

The bank overdraft and banking facilities are secured by a charge over the leasehold building of a subsidiary in Malaysia; joint and several guarantee from certain directors of the Company and its subsidiaries and a pledge of fixed deposits of S$200,000.

1(c) A cash flow statement (for the group), together with a comparative statement for

the corresponding period of the immediately preceding financial year.

Consolidated Cash Flow Statement for the period ended 31 December 2003

	Proforma 2002 S$000	Actual 2003 S$000
Profit before Taxation	4,249	2,126
Adjustment for:
Depreciation expenses	326	440
Currency realignment	(129)	(8)
Gain/(loss) on disposal of fixed assets	3	(14)
Interest income	(218)	(104)
Interest expenses	61	76
Provision for diminution in value of investments	-	100
Operating Profit before working capital changes	4,292	2,616
Increase in trade and other receivables	(6,289)	(419)
Decrease in inventories	53	17
(Decrease)/Increase in work-in-progess (net)	2,966	(1,087)
(Decrease)/Increase in trade and other payables	2,087	(3,611)
Cash generated from/(used in) operations	3,109	(2,484)
Interest paid	(61)	(76)
Interest received	218	104
Tax paid	(319)	(1,128)
Net cash from/(used in) operating activities	2,947	(3,584)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from disposal of fixed assets	1	27
Acquisition of property, plant and equipments	(1,738)	(610)
Acquisition of subsidiaries	-	3,609
Net cash flows (used in)/from investing activities	(1,737)	3,026
CASH FLOWS FROM FINANCING ACTIVITIES
Placement of fixed deposit (pledged)	-	(27)
Proceeds from issuance of ordinary shares	-	6,000
Payment of share issue expenses	-	(1,248)
Repayment of finance lease obligations	(12)	(13)
Repayment of long term borrowings	(82)	(47)
Net cash flows (used in)/from financing activities	(94)	4,665
Net increase in cash and cash equivalents	1,116	4,107
Proforma adjustment	243	-
Cash and cash equivalents at the beginning of the year/period	2,250	-
Cash and cash equivalents at end of year/period	3,609	4,107

(A)
During the financial period, the Company aquired its subsidiaries as part of group restructuring and the cash flow effect of the acquisition was as follows:-



	Actual 2003 S$000
Property, plant and equipment	2,101
Trade and other receivables	22,968
Inventories	19
Work-in-progess (net)	(1,306)
Trade and other payables	(19,871)
Provision for taxation/deferred taxation	(1,295)
Borrowings	(430)
Fixed deposit (pledged)	173
Cash and cash equivalents	3,609
Minority interest	(449)
Total consideration	5,519
Less : Share issue, at fair value	(5,519)
Add: Cash and cash equivalents of subsidiaries acquired	3,609
Net cash inflow arising from acquisition of subsidiaries	3,609

(B)
Cash and cash equivalents included in the cash flow statement comprise the following:-

	Proforma 2002 S$000	Actual 2003 S$000
Cash and bank balances	2,944	1,664
Fixed deposits	1,001	3,800
Bank overdraft (secured)	(163)	(1,157)
	3,782	4,307
Less : fixed deposits pledged	(173)	(200)
Net cash and cash equivalents	3,609	4,107

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.

Proforma 2002 The Group	Share Capital S$000	Share Premium S$000	Revenue Reserves S$000	Translation Reserves S$000	Total S$000
As at 1 January 2002	3,736	-	3,685	62	7,483
Net profit for the year	-	-	3,302	-	3,302
Foreign currency translation adjustment	-	-	-	(38)	(38)
Proforma adjustment	-	-	(4,747)	-	(4,747)
As at 31 December 2002	3,736	-	2,240	24	6,000

Actual 2003 The Group	Share Capital S$000	Share Premium S$000	Revenue Reserves S$000	Translation Reserves S$000	Total S$000
As at 16 December 2002 # 2 ordinary shares of S$1 each	#	-	-	-	#
Issue of new ordinary shares upon the completion of the restructuring exercise	6,000	-	-	-	6,000
Issue of new ordinary shares pursuant to initial public offering	1,500	4,500	-	-	6,000
Issuance cost	-	(1,248)	-	-	(1,248)
Net profit for the period	-	-	1,528	-	1,528
Foreign currency translation adjustment	-	-	-	(9)	(9)
As at 31 December 2003	7,500	3,252	1,528	(9)	12,271

Actual 2003 The Company	Share Capital S$000	Share Premium S$000	Revenue Reserves S$000	Translation Reserves S$000	Total S$000
As at 16 December 2002 # 2 ordinary shares of S$1 each	#	-	-	-	#
Issue of new ordinary shares upon the completion of the restructuring exercise	6,000	-	-	-	6,000
Issue of new ordinary shares pursuant to initial public offering	1,500	4,500	-	-	6,000
Issuance cost	-	(1,248)	-	-	(1,248)
Net profit for the period	-	-	772	-	772
As at 31 December 2003	7,500	3,252	772	-	11,524

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.

Issue share capital	Number of Shares(000)	S$000
Issued and fully paid 2 ordinary shares of S$1 each	#	#
Issue of 5,9999,998 shares of S$1 each pursuant to the Restructuring Exercise	6,000	6,000
Pre-invitation share capital before sub-division of shares	6,000	6,000
Share consolidation of 6,000,000 ordinary shares of S$1 each into 1,000,000 ordinary shares of S$6 each	1,000	6,000
Sub-division of 1,000,000 ordinary share of S$6 each to 80,000,000 ordinary shares of S$0.075 each	80,000	6,000
Issue of 20,000,000 new ordinary shares of S$0.075 each pursuant to initial public offering	20,000	1,500
Balance as at 31 December 2003	100,000	7,500

During the financial period, 20,000,000 new shares were issued at S$0.30 per share to the members of the public in Singapore for cash. The net proceeds from the issue of new shares are intended for use in the following manner:-

(a) for carrying out our regional expansion plans;
(b) for acquiring new machines, equipment and systems for our production facilities in Singapore and Malaysia;
(c) for working capital purposes.

2. Whether the figures have been audited or reviewed and in accordance with

which auditing standard or practice.

The figures have neither been audited nor reviewed by the auditors.

3. Where the figures have been audited or reviewed, the auditors' report (including

any qualifications or emphasis of a matter).

Not applicable.

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 financial statements have been prepared in accordance with Singapore Financial Reporting Standards (FRS) as required by the Companies Act. In previous years, the financial statments were prepared in accordance with Singapore Statements of Acccounting Standard (SAS). The transition from SAS to FRS did not result in any significant change in accounting policies.

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.

No.

6. Earnings per ordinary share of the group for the current financial period reported

on and the corresponding period of the immediately preceding financial year,
after deducting any provision for preference dividends.

	2002 Proforma Group	2003 Actual Group
Net Profit for the period (S$000)	3,302	1,528
Weighted average number of ordinary shares of S$0.075 each in issue (In thousands)	80,000	85,753
Earnings per share based on weighted average number of ordinary shares in issue (cents)	4.13	1.78

Weighted average number of shares is calculated based on the pre-invitation share capital of 80,000,000 and issue of 20,000,000 new shares pursuant to the initial public offering in September 2003.

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 financial period reported on; and
(b) immediately preceding financial year.

	Proforma 2002 Group	Actual 2003 Group	Actual 2003 Company
Net tangible Assets (S$000)	6,000	12,271	11,524
Number of ordinary Shares (In thousands)	80,000	100,000	100,000
Net assets value per share (cents)	7.50	12.27	11.52

8. 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

(b) any material factors that affected the cash flow, working capital, assets or
liabilities of the group during the current financial period reported on.

Revenue
Revenue for FY2003 decreased by S$7.3 million or by 12.1% from S$60.8 million in FY2002 to S$53.5 million. This was mainly due to the decrease in revenue from our Exhibitions and Museums, and Interior divisions in FY2003.

Due to the threat of terrorism and the SARS epidemic in the second quarter of FY2003, coupled with the threat of an outbreak of war and terrorist action, some exhibitions and events and interior projects were postponed or cancelled. This has resulted in the decrease in revenue in the first half of FY2003.

Despite the adverse conditions affecting us for the first half of FY2003, we were able to recover rapidly during the second half. Turnover for the second half of FY2003 doubled that of the first half of FY2003 as we managed to secure and complete several major projects such as The Body World exhibition, Ford motorshows, the National Day Parade, Christmas lightup at Orchard Road, interior fit-outs for numerous DFS shops, branded retail outlets at Paragon Shopping Centre and fitting-out of UOB branch outlets which contributed a total of approximately S$16.5 million to our group turnover for the second half of FY2003. As a result, more than 66% of our revenues for FY2003 were derived from the second half of FY2003.

Gross profit
Our gross profit decreased by S$1.3 million from S$16.2 million in FY2002 to S$14.9 million in FY2003. However, our overall GP margin has improved slightly from 26.6% to 27.8%.

Other income
Other income has increased from S$0.5 million in FY2002 to S$1.0 million mainly due to an increase of S$0.2 million in corporate fees billed to the Kingsmen affiliates, and sublet income in FY2003 of S$0.3 million.

Operating expenses
Our operating expenses increased by S$1.2 million from S$12.6 million in FY2002 to S$13.8 million in FY2003 mainly due to the following:-
i) increase in payroll cost from S$8.8 million to S$9.3 million;
ii) increase in selling and marketing expenses from S$0.2 million to S$0.4 million;
iii) provision for doubtful debts of S$70,000 in FY2003 as compared with a write-back of S$53,000 in FY2002;
iv) increase in rental expenses of S$0.3 million, which correspond to the sublet income of S$0.3 million in FY2003;
v) provision for diminution in value of investment of S$0.1 million

Profit before taxation
Profit before taxation has decreased from S$4.1 million in FY2002 to S$2.1 million in FY2003. The slowdown of the economy and the SARS epidemic has adversely affected our results for the first half of FY2003. Of the profits of S$2.1 million in FY2003, more than 85% accrues to the operations of the second half where we see a recovery of the economy and turnaround in our operations.

Amount owing by related parties
Included in the amount owing by related parties as at 31/12/02 is an amount of S$4.5 million which is non-trade related. This amount has been fully settled during FY2003.

Amount owing to related parties
The amount of S$3.7 million as at 31/12/02 relates to payable to Kingsmen International Pte Ltd for the share of dividends declared by Kingsmen Exhibits Pte Ltd and Kingsmen Projects Pte Ltd in FY2002. Kingsmen International Pte Ltd was the holding company of Kingsmen Exhibits Pte Ltd and Kingsmen Projects Pte Ltd prior to the restructuring exercise as described in the prospectus of the Company. The amount has been fully settled during FY2003.

9. Where a forecast, or a prospect statement, has been previously disclosed to

shareholders, any variance between it and the actual results.

The results are in line with that stated in our Prospectus dated 9 September 2003.

10. A commentary at the date of the announcement of the significant trends and

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.

With the SARS epidemic behind us, and a gradual recovery in the economic climate, we are upbeat about the prospects for the current year. The bi-annual Asian Aerospace event provided a good start to our FY2004's operations as averagely, we achieve up to S$5 million of turnover for this event alone.

We also expect that the trend of increasing museums and visitor centre projects arising from Malaysia and Singapore to provide strong opportunities of growth for the group. As at to-date, we already have five such projects on hand. Furthermore, with the continuing expansion and upgrading of airports in the Asia Pacific and Middle East regions, we expect growth in the demand for our services in fitting-out of duty free retail outlets.

11. Dividend

(a) Current Financial Period Reported On

Any dividend recommended for the current financial period reported on? Yes



Name of Dividend	First & Final
Dividend Type	Cash
Dividend Amount per Share (in cents)	0.75 cents per ordinary share (tax exempt)
Optional:- Dividend Rate (in %)
Par value of shares	S$0.075
Tax Rate	N/A



(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

The date payable is to be determined.


(d) Books closure date

The books closure date is to be determined.

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

Not applicable.

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.

Proforma 2002	Exhibitions and Museums S$000	Interiors S$000	Research and Design S$000	IMC S$000	Elimination S$000	Consolidated S$000
Segmental revenue
Sales to external customers	24,812	32,720	2,085	1,220	-	60,837
Inter-segment sales	1,033	169	956	-	(2,158)	-
	25,845	32,889	3,041	1,220	(2,158)	60,837
Segment result	1,398	2,663	265	98	-	4,424
Unallocated expenses						(332)
Profit from Operation						4,092

Actual 2003	Exhibitions and Museums S$000	Interiors S$000	Research and Design S$000	IMC S$000	Elimination S$000	Consolidated S$000
Segmental revenue
Sales to external customers	21,431	29,169	2,006	871	-	53,477
Inter-segment sales	1,744	1,975	10	32	(3,761)	-
	23,175	31,144	2,016	903	(3,761)	53,477
Segment result	1,326	1,287	71	31	-	2,715
Unallocated expenses						(617)
Profit from Operation						2,098


Segmental results by Geographical Regions
We have segmented our revenue based on the location of our clients except for site orders of booth accessories placed by customers for official trade shows which are based on location of the show.



	Proforma 2002		Actual 2003
Revenue	S$000	%	S$000	%
Singapore	47,219	77.6	38,590	72.2
Malaysia	3,286	5.4	4,307	8.0
Asia	4,532	7.4	4,016	7.5
Europe	4,049	6.7	2,069	3.9
US	1,224	2.0	4,349	8.1
Others	527	0.9	146	0.3
	60,837	100.0	53,477	100.0

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.

Revenue
Revenue for FY2003 decreased by S$7.3 million or by 12.1% from S$60.8 million FY2002 to S$53.5 million in FY2003. This was mainly due to the decrease in revenue from our Exhibitions and Museums, and Interior divisions in FY2003.

Profit from Operations
Our combined gross profit margin for the four divisions have remained relatively stable. The decrease in our revenue for FY2003 has resulted in a corresponding decrease in our gross and operating profits for all the divisions.

15. A breakdown of sales.

	Proforma 2002	Actual 2003	Change
	S$000	S$000	%
Sales reported for first half year	23,591	17,761	(24.7)
Operating profit after tax for first half year	568	163	(71.3)
Sales reported for second half year	37,246	35,716	(4.1)
Operating profit after tax for second half year	2,880	1,416	(50.8)

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 (S$000)	Previous Full Year (S$000)
Ordinary	750	0
Preference	0	0
Total:	750	0

BY ORDER OF THE BOARD

Soh Siak Poh Benedict
Group Managing Director
25/02/2004