Investor Relations: News

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

This being the first set of financial statements presented since incorporation, there are no comparative figures.

(i) Full-year financial statement on consolidated results for the period ended 30 June 2003.

Unaudited Income Statement for the period from 25 March 2002 to 30 June 2003	Group FY2003 S$'000
Revenue	85,788
Cost of sales	(72,423)
Gross profit	13,365

Other operating income	2
Administrative expenses	(4,721)
Other operating expenses	(1,758)
Operating profit	6,888

Finance income	36
Finance costs	(81)
Profit before income tax	6,843

Income tax	(1,937)
Profit attributable to members of the Company	4,906

Note: This being the first set of financial statements presented since incorporation, there are no comparative figures

(ii) Notes to income statement:

		Group FY 2003 S$'000
(A)	Investment income	-
(B)	Other income including interest income	38
(C)	Interest on borrowings	(81)
(D)	Depreciation and amortisation	(2,390)
(E)	Allowance for doubtful debts	(1,556)
(F)	Write-off for stock obsolescence	(367)
(G)	Foreign exchange loss/(gain)	(44)
(H)	Adjustments for under or (over) provision of tax in respect of prior years	-
(I)	Loss on sale of plant and equipment	(158)

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

Unaudited Balance Sheets as at 30 June 2003	Group FY 2003 S$'000	Company FY 2003 S$'000
Non-Current Assets
Property, plant and equipment	10,773	-
Goodwill (negative)	(782)	-
Subsidiary companies	-	20,204
	9,991	20,204

Current Assets
Due from subsidiary companies	-	1,574
Inventories	4,064	-
Trade receivables	13,496	-
Other receivables	1,147	600
Cash and cash equivalents	19,363	5,550
	38,070	7,724

Current Liabilities
Trade payables	9,701	-
Other payables (Note A)	4,962	1,905
Due to subsidiary companies	-	3
Due to related company - trade	14	-
Obligations under hire purchase	48	-
Term loans	2,818	-
Provision for income tax	512	8
	18,055	1,916


Net Current Assets	20,015	5,808

Non-Current Liabilities
Obligations under hire purchase	174	-
	29,832	26,012

Financed by:
Share capital	23,828	23,828
Reserves	6,004	2,184
	29,832	26,012

Note A: Other Payables

	Group	Company
	2003	2003
	S$'000	S$'000

Accrued operating expenses	4,153	1,575
Amounts owing to suppliers of machinery and equipment	35	35
Other creditors	774	295
	4,962	1,905

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

Amount repayable in one year or less, or on demand

As at 30/06/2003

As at

Secured	Unsecured	Secured	Unsecured

S$'000 48	S$'000 2,818	0	0

Amount repayable after one year

As at 30/06/2003

As at

Secured	Unsecured	Secured	Unsecured

S$'000 174	S$'000 -	0	0

Details of any collateral

The secured borrowings relate to obligations under hire purchase and are collaterised by the assets bought under hire purchase.

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 STATEMENT OF CASH FLOWS FOR THE FINANCIAL PERIOD FROM 25 MARCH 2002 TO 30 JUNE 2003

	Period from 25/3/02 to 30/6/03 S$'000
Cash Flows from Operating Activities
Profit before income tax	6,843
Adjustments for:
Depreciation of property, plant and equipment	2,390
Loss on disposal of property, plant and equipment	91
Property, plant and equipment written off	67
Interest expense	81
Interest income	(36)
Operating profit before working capital changes	9,436
Changes in working capital:
Inventories	44
Receivables	(1,538)
Creditors	1,687
Related parties	(1,593)
Cash generated from operating activities	8,036
Income tax paid	(1,937)
Interest paid	(81)
Net cash generated from operating activities	6,018

Cash Flows from Investing Activities
Interest received	36
Purchase of property, plant and equipment	(2,121)
Proceeds from disposal of property, plant and equipment	170
Acquisition of interest in subsidiary, net of cash acquired (Note A)	10,044
Net cash generated from investing activities	8,129

Cash Flows from Financing Activities
Proceeds from issue of shares, net of share issue expenses	5,199
Repayment of hire purchase creditors	(16)
Net cash from financing activities	5,183

Effect of foreign exchange rate changes on consolidation	33
Net increase in cash and cash equivalents	19,363
Cash and cash equivalents at the beginning of the period	-
Cash and cash equivalents at the end of the period (Note A)	19,363

Notes to Consolidated Cash Flow Statement

Note A: Cash and Cash Equivalents

Cash and cash equivalents included in the consolidated statement of cash flows comprise the following balance sheet amounts:

	S$'000
Cash and bank balances	15,926
Fixed deposits	3,437
	19,363

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

GROUP	Share Capital S$'000	Share Premiun S$'000	Other Capital Reserve S$'000	Foreign Currency Translation Reserve S$'000	Retained Profit S$'000	Total
Balance as at 25 March 2002	-	-	-	-	-	-
Issue of new ordinary Shares	23,828	-	-	-	-	23,828
Premium arising on issue of new ordinary Shares	-	2,465	-	-	-	2,465
Share issue expenses	-	(1,400)	-	-	-	(1,400)
Transfer to other capital reserve in accordance with statutory requirements	-	-	333	-	(333)	-
Gains not recognised in the profit and loss accounts - Translation gain	-	-	-	33	-	33
Net profit for the period	-	-	-	-	4,906	4,906
Balance as at 30 June 2003	23,828	1,065	333	33	4,573	29,832

COMPANY	Share Capital S$'000	Share Premium S$'000	Retained Profit S$'000	Total
Balance as at 25 March 2002	-	-	-	-
Issue of new ordinary shares	23,828	-	-	23,828
Premium arising on issue of new ordinary shares	-	2,465	-	2,465
Shares issue expenses	-	(1,400)		(1,400)
Net profit for the period	-	-	1,119	1,119
Balance as at 30 June 2003	23,828	1,065	1,119	26,012

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

Date	Description	Number of Shares '000	Amount S$'000

25 March 2002	Issued and paid-up of 2 ordinary shares of S$1.00 each as at date of incorporation	*	*

12 June 2002	New ordinary shares of S$1.00 each issued pursuant to the cash subscription by Goldtron Electronics Pte Ltd	510	510

12 June 2002	New ordinary shares of S$1.00 each issued pursuant to the Restructuring Exercise and the Share Incentive Plan	19,693	19,693

	Issued and paid-up share capital of S$1.00 each	20,203	20,203

25 April 2003	Sub-division of one ordinary share of S$1.00 each into eight ordinary shares of S$0.125 each	161,624	20,203

12 June 2003	New Shares of $0.125 each issued at S$0.21 each pursuant to the Invitation	29,000	3,625

	Issued and paid-up ordinary shares of S$0.125 each after the Invitation	190,624	23,828

* Amount is less than S$100.

All newly issued and paid-up shares rank pari passu in all respects with the existing ordinary shares of the Company.

Except as disclosed above, there were no other issues of shares by the Company since the date of incorporation.

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)

These figures have not been audited or reviewed.

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

Not applicable. This being the first set of financial statements presented since incorporation.

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

Not applicable.

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

Earnings per share based on profit attributable to Shareholders after deducting any provision for preference dividends:	Period ended 30/06/2003
Based on existing issued share capital:	3.63 cents
Based on fully diluted basis:	3.63 cents

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

Net asset value per ordinary share based on issued share capital:	As at 30/06/2003
For the Company	13.6 cents
For the Group	15.6 cents

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

As this is the first accounting period of the Company (and the Group), no comparative figures are available. This first accounting period covered the period from 25 March 2002 to 30 June 2003 ("FY2003").

For FY2003, the Group recorded a turnover of S$85.8 million. A segmental analysis of turnover is provided in paragraph 13 below. The Group recorded a gross profit margin of 15.6%, while operating profit margin was 8.0% and profit attributable to members of the Company was 5.7% of turnover.

Included in administrative expenses of S$4.7 million were payroll costs, professional fees, travelling costs and other office expenses incurred by our subsidiaries in Shanghai, Shenzhen and Singapore. Other operating expenses comprised mainly provision for doubtful debts of S$1.6 million arising from the deterioration in the aging of trade receivable balances subsequent to the financial year end.

Although our Shanghai subsidiary is subjected to a 15% income tax rate, the Group recorded a higher income tax charge due to certain expenses that were not tax deductible and expenses incurred by our other subsidiaries operating in other jurisdictions that were not available for Group-wide set-off.

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

No forecast has been previously disclosed to shareholders.

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

A new customer of Radiance Shanghai, in the non-satellite communication sector, is presently conducting product qualification. The approval process will be completed shortly and we anticipate commencing shipments in the second quarter of FY2004. We are hopeful of developing this customer into a key account for the Group.

Our new manufacturing plant in Shenzhen, PRC has commenced operations and the first shipment was made in the first quarter of FY2004.

Subsequent to the year-end, the Company has been advised by one of its major customers that they are undergoing a reorganisation, the impact of which is unknown at the date of this statement. Hence, we expect FY2004 to be a challenging year.

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

Not Applicable.

(d) Books closure date

Not Applicable.

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

No dividend has been declared for the period ended 30 June 2003.

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

(a) Primary Reporting Format - Business Segments

The business of the Group is organised into the following products/segments:

Satellite communications ("SC")

Computer peripherals ("CP")

Others - represent investment and management activities

	SC	CP	Others	Elimination	Consolidated
	S$'000	S$'000	S$'000	S$'000	S$'000

External revenue	75,701	9,491	596	-	85,788
Inter-segment revenue	-	-	5,720	(5,720)	-
Total revenue	75,700	9,491	6,317	(5,720)	85,788

Segment results	7,197	795	3,896	(5,000)	6,888

Finance cost					(81)
Finance income					36
Taxation					(1,937)
Net profit for the period					4,906

Depreciation					2,390
Capital expenditure					2,359

Assets and liabilities

Unallocated assets					48,061
Total assets					48,061

Unallocated liabilities					18,229
Total liabilities					18,229

Assets and liabilities of the Group include primarily that of Radiance Shanghai. Assets of the group are utilised interchangeably between the different segments and there is no reasonable basis to allocate liabilities of the Group between the different segments. Accordingly, capital expenditure, assets and liabilities of the Group are disclosed unallocated in the segment report.

(b) Secondary Reporting Format - Geographical Segments

In presenting information on the basis of geographical segments, segment revenue is based on the location of the customers. Segment assets are based on the geographical location of the assets.

30 June 2003	Asean S$'000	North America S$'000	Europe S$'000	Others (principally Hong Kong and China) S$'000	Elimination S$'000	Consolidated S$'000
Total revenue from external customers	622	60,620	24,546	-	-	85,788
Total assets	7,399	-	-	40,662	-	48,061
Capital expenditure	298	-	-	2,061	-	2,359

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

Not applicable as there are no comparsion figures.

15. A breakdown of sales

Not applicable as the Company was admitted to the Official List of the Stock Exchange of Singapore Dealing and Automated Quotation System (SGX-SESDAQ) on 12 June 2003.

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	0	0
Preference	0	0
Total:	0	0

BY ORDER OF THE BOARD

Foo Soon Soo and Lim Ka Bee
Company Secretaries
30/09/2003

Full Year Financial Statement And Dividend Announcement