TRS Investments Interim Half Yearly Report (Unaudited)

TRS INVESTMENTS LTD


TRS Investments Ltd
Incorporated in New Zealand








Half Year Report 30 September
2017

Page 1


PRELIMINARY RESULTS FOR HALF YEAR
ENDED 30 SEPTEMBER 2017


Reporting Period 6 months to 30 September 2017
Previous Reporting Period 6 months to 30 September 2016

Amount NZ$’000 Percentage Change
%
Revenue From Ordinary Activities 1 (98.7%)
Loss From Ordinary Activities After Tax (39) (29.1%)
Net Loss Attributable to Security Holders (39) (29.1%)

Interim/Final Dividend Amount Per Security Imputed Amount Per Security
Nil - It is not proposed to pay a
dividend
N/A N/A

Record Date N/A
Dividend Payment Date N/A

Comments
Net Loss Attributable to Security Holders
TRS Investments Limited reports an unaudited net loss
attributable to security holders of $39,000 for the half
year ended 30 September 2017. This is a decreased loss
compared with a loss of $55,000 for the same period last
year.

Revenue from Ordinary Activities
Revenue from ordinary activities was $1,000 compared to
$76,000 for the same six month period last year. This
decrease was mainly due to a large item of $74,000
recognised in the previous period. That item resulted
from the transactions approved by shareholders at the
special meeting held on 13 July 2016. As part of those
transactions TRS settled a shareholder debt of $94,000
with a payment of $20,000 and as a result $74,000 was
recognised as income. The $1,000 income in the current
year was solely interest received.

Loss from Ordinary Activities
The loss from ordinary activities after tax of $39,000 is a
decrease loss of 29% from the same period last year.

Outlook
As communicated in the Annual Report dated 29 June
2017, TRS expects to enter into a term sheet to introduce
a business into TRS in the short term. TRS expects to be
in a position to update the market shortly.

Page 2
PRELIMINARY HALF YEAR REPORT ANNOUNCEMENT
TRS Investments Limited
For the Half Year Ended 30 September 2017
Preliminary half year report on consolidated results (including the results for the previous corresponding
half year) in accordance with Listing Rule 10.4.2.
This report has been prepared in a manner which complies with generally accepted accounting practice and gives a true
financial statements. If the report is based on audited financial statements, any qualification made by the auditor is
to be attached.
The Listed Issuer has a formally constituted Audit Committee of the Board of Directors.
[PLEASE REFER TO ATTACHED NOTES WHEN COMPLETING THIS FORM]
Previous
1CONSOLIDATED STATEMENT OF COMPREHENSIVE CurrentUp/(Down)corresponding
INCOMEHalf Year%Half Year
$NZ'000$NZ'000
1.1
(a)Trading Revenue00.0%0
(b)Other Revenue1(98.7%)76
(c)Total Operating Revenue1(98.7%)76
1.2(39)(29.1%)(55)
(a)Less taxation on operating result00
1.3(39)(29.1%)(55)
(a)Extraordinary Items after Tax [detail in Item 3]00
(b)Unrealised net change in value of investment properties00
1.4(39)(29.1%)(55)
(a)Net *Surplus (Deficit) attributable to minority interests00
1.5
(39)(29.1%)(55)
2CurrentPrevious
Half Yearcorresponding
$NZ'000Half Year
$NZ'000
2.1
(a)Interest revenue included in Item 1.1(b)12
(b)# Unusual items for separate disclosure (gain/loss) (detail - Item 3)nilnil
(c)Equity earnings (gain/loss) (detail - Item 16)nilnil
(d)Interest expense included in Item 1.2 (include all forms of interest, etc)nilnil
(e)Leasing and renting expensesnilnil
(f)Depreciationnilnil
(g)Diminution in the value of assets (other than depreciation)nilnil
(h)Amortisation of goodwillnilnil
(i)Amortisation of other intangible assetsnilnil
(j)Impairment of goodwillnilnil
(k)Impairment of other intangible assetsnilnil
Previous
Currentcorresponding
Half YearHalf year
2.2$NZ'000$NZ'000
(a)# Interest costs excluded from Item 2.1(d) and capitalisednilnil
(b)# Outlays (other than those arising from the acquisition of an existing
business) capitalised in intangiblesnilnil
(c)Unrecognised differences between the carrying value and market value
of publicly traded investmentsnilnil
#Items marked in this way need to be shown only there their inclusion as revenue
or exclusion from expenses has had a material effect on reported *surplus (deficit)
3
OperatingOperating
RevenueSurplus
DETAILS AND COMMENTS$NZ'000$NZ'000
Discontinued Activities:nilnil
(Disclose Operating Revenue and Operating Surplus)
TOTAL DISCONTINUED ACTIVITIES
Material Unusual (including Non Recurring) Items (included in 1.2)nilnil
Description:
TOTAL MATERIAL NON RECURRING ITEMS
Extraordinary Items (Ref. Item 1.3(a))nilnil
Description:
TOTAL EXTRAORDINARY ITEMSnilnil
OPERATING REVENUE
OPERATING *SURPLUS (DEFICIT) AFTER TAX
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUES/
TOTAL COMPREHENSIVE INCOME
EXTRAORDINARY ITEMS OF THE GROUP
NET *SURPLUS (DEFICIT) FOR THE PERIOD
INCLUDED IN CONSOLIDATED STATEMENT OF COMPREHENSIVE
Comprehensive Income
(referred to in this report as the "half year")
and fair view of the matters to which the report relates and is based on unaudited
Consolidated Statement of
Comprehensive Income
Comprehensive Income
Consolidated Statement of
SUPPLEMENTARY ITEMS
DISCONTINUED, UNUSUAL (INCLUDING NON RECURRING), AND
(Name of Listed Issuer)
Group - Current *Half
Year/Full Year
*Consolidated Statement of
EXPENSES FOR HALF YEAR
FOR THE PERIOD
OPERATING *SURPLUS (DEFICIT) BEFORE TAXATION
INCOME

Page 3

Previous
4Currentcorresponding
Half YearHalf Year
$NZ'000$NZ'000
4.1(39)(55)
(a)*Net Surplus (Deficit) attributable to minority interest
4.2OTHER RECOGNISED REVENUE AND EXPENSES
(a)*Increases (decreases) in revaluation reserves00
(b)Current Translation Differences
(c)Minority interest in other recognised revenue and expenses
4.3TOTAL RECOGNISED REVENUES AND EXPENSES
(39)(55)
4.4OTHER MOVEMENTS
(a)Contributions by Owners
00
(b)Distributions to Owners
00
(c)Other
00
4.5EQUITY AT BEGINNING OF HALF YEAR
(340)(77)
4.6EQUITY AT END OF HALF YEAR
(379)(132)
5Previous
Currentcorresponding
Half YearHalf Year
$NZ'000$NZ'000
(a)Basic EPS(0.0000322) (0.0000449)
(b)Diluted EPS (if materially different from (a))
6
(a)Name of subsidiary or group of subsidiariesN/A
(b)Percentage of ownership acquired
(c)Contribution to consolidated net *Surplus (Deficit) (Item 1.4)$
(d)Date from which such contribution has been calculated
$
7
(a)Name of subsidiary or group of subsidiariesN/A
(b)Contribution to consolidated net *Surplus (Deficit) (Item 1.4)$
(c)Date from which such contribution has been calculated
(d)Contribution to consolidated net *Surplus (Deficit) (Item 1.4) for the
previous corresponding half year/full year
(e)Contribution to consolidated net *Surplus (Deficit) (Item 1.4) from sale
of subsidiary$
8
−Operating revenue:
* Sales to customers outside the group
* Intersegment sales
* Unallocated revenue
−Total revenue [consolidated total equal to Item 1.1(c) above]
−Segment result
−Unallocated expenses
−Operating surplus (Deficit) after tax (Item 1.3)
−Segment assets
−Unallocated assets
−Total assets (Equal to Item 9.3)
−Operating revenue:
* Sales to customers outside the group
* Intersegment sales
* Unallocated revenue
−Total revenue [consolidated total equal to Item 1.1(c) above]
−Segment result
−Unallocated expenses
−Operating surplus (Deficit) after tax (Item 1.3)
−Segment assets
−Unallocated assets
−Total assets (Equal to Item 9.3)
MATERIAL ACQUISITIONS OF SUBSIDIARIES (See Note (VII) attached):
In Equity
Calculation of basic and fully diluted, EPS in accordance with IAS33: Earnings
SEGMENTS
/full year in accordance with the provisions of SSAP:23: Financial Reporting for Segments. Because of the
differing nature and extent of segments among Listed Issuers, no complete proforma is provided, and the segment
information should be completed separately and attached to this report. However, the following shows a suitable
Statement of Changes
year/full year report:
Information on the industry and geographical segments of the Listed Issuer is to be reported for the *half year/
EARNINGS PER SECURITY
STATEMENT OF CHANGES IN EQUITY
Earnings Per Security
REPORTS FOR INDUSTRY AND GEOGRAPHICAL SEGMENTS
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (LOSS FOR THE PERIOD)
list of items for presentation and indicates which amounts should agree with items included elsewhere in the *half
Per Share
MATERIAL DISPOSALS OF SUBSIDIARIES (See Note (VII) attached)
Industry
Geographical

Page 4
At end ofAs shown inIf half yearly
currentlastas shown in last
9CURRENT ASSETS:Half Year
Annual Report half yearly report
$NZ'000$NZ'000$NZ'000
9CURRENT ASSETS:
(a) Cash15 1 27
(b) Trade receivables1 1 6
(c) Investments75 75 75
(d) Inventories
(e) Other assets, current19 6 37
TOTAL CURRENT ASSETS110 83 145
9.1NON-CURRENT ASSETS
(a) Trade receivables
(b) Investments
(c) Inventories
(d) Property, plant and equipment
(e)Goodwill
(f)Deferred Taxation Assets
(g)Other Intangible Assets
(h)Other assets, non current
9.2
9.3TOTAL ASSETS110 83 145
9.4CURRENT LIABILITIES
(a)Trade Creditors128 151 117
(b)Income in advance, current
(c)Secured loans
(d)Unsecured loans360 272 160
(e)Provisions, current-
(f)Other liabilities, current
TOTAL CURRENT LIABILITIES488 423 277
9.5NON-CURRENT LIABILITIES
(a)Accounts payable, non-current
(b)Secured loans
(c) Unsecured loans
(d)Provisions, non-current
(e)Deferred Taxation Liability, non-current
(f)Other liabilities, non-current
9.6
9.7TOTAL LIABILITIES488 423 277
9.8NET ASSETS(378) (340) (132)
9.9EQUITY
(a) Share capital (optional)15,805 15,806 15,716
(b) Reserves (optional) (i) Revaluation reserve
(ii) Other reserves
(c) Accumulated Losses (optional)(16,183) (16,146) (15,848)
9.10(378) (340) (132)
(a)Minority equity interests in subsidiaries
9.11(378) (340) (132)
(a)Returns on Assets (%) (EBIT divided by Total Assets)(35.5%)(63.9%)(37.9%)
(b)Return on Equity (%) (Net Income divided by Shareholders'10.3%15.6%41.7%
Equity)
(c) Debt to Equity Ratio (%) (Total Liabilities divided by(129.1%)(124.4%)(209.9%)
Shareholders' Equity)
CurrentCorresponding
10CASH FLOWS RELATING TO OPERATING ACTIVITIESHalf YearHalf Year
$NZ'000$NZ'000
(a) Receipts from customers00
(b) Interest received12
(c) Dividends received00
(d) Payments to suppliers and employees(74)(79)
(e) Interest paid00
(f) Income taxes paid00
(g) Other cash flows relating to operating activities074
NET OPERATING FLOWS(73)(3)
(See Note (IX) attached )
11CASH FLOWS RELATING TO INVESTING ACTIVITIES
(a) Cash proceeds from sale of property, plant and equipment00
(b) Cash proceeds from sale of equity investments00
(c) Loans repaid by other entities00
(d) Cash paid for purchases of property, plant and equipment00
(e) Interest paid - capitalised00
(f) Cash paid for purchases of equity investments00
(g) Loans to other entities00
(h) Other cash flows relating to investing activities00
NET INVESTING CASH FLOWS00
(See Note (IX) attached )
12CASH FLOWS RELATED TO FINANCING ACTIVITIES
(a) Cash proceeds from issue of shares, options, etc.00
(b) Borrowings100140
(c) Repayment of borrowings(13)(134)
(d) Dividends paid00
(e) Other cash flows relating to financing activities00
NET FINANCING CASH FLOWS876
TOTAL NON-CURRENT LIABILITIES
Consolidated Statement
Full Year
(See Note (IX) attached )
Consolidated Statement of Financial Position
OF THE LISTED ISSUER
(Note (VIII) attached has particular relevance for the preparation
TOTAL EQUITY ATTRIBUTABLE TO SHAREHOLDERS
TOTAL NON-CURRENT ASSETS
TOTAL EQUITY

Page 5
(See Note (IX) attached )
13NET INCREASE (DECREASE IN CASH HELD)143
(a) Cash at beginning of period 124
(b) Exchange rate adjustments to Item 12.3(a) above
(c) CASH AT END OF PERIOD1527
14NON-CASH FINANCING AND INVESTING ACTIVITIES
and liabilities but did not involve cash flows:N/A
15Previous
CurrentCorresponding
Half YearHalf Year
NZ$'000NZ$'000
Cash at the end of the half year as shown in the statement of cash flows is
1527
half Year (Item 13(c) above)
16
16.1
Equity Earnings
Previous
CurrentCorresponding
Half YearHalf Year
NZ$'000NZ$'000
(a)OPERATING (DEFICIT) BEFORE TAXN/AN/A
(b)Less tax
(c)OPERATING *SURPLUS (DEFICIT) AFTER TAX
(i) Extraordinary items
(d)NET *SURPLUS (DEFICIT) AND EXTRAORDINARY ITEMS AFTER TAX
16.2
(a)The group has a material (from group's viewpoint) interest in the following corporations:
Percentage of ordinaryContribution to net
Name*surplus (deficit)
Half Year(Item 1.5)
Equity Accounted PreviousPrevious
AssociatesCurrentCorrespondingCurrentCorresponding
Half YearHalf YearHalf YearHalf Year
NZ$'000NZ$'000
Equity Accounted in current year
0.0%
N/A
Other Material Interests
Not Equity Accounted in current year
N/A
(b)Investments in AssociatesPrevious
CurrentCorresponding
Half YearHalf Year
$NZ'000$NZ'000
Carrying value of investments in associates beginning of half year/
full yearN/AN/A
Share of changes in associates' post acquisition surpluses/and reserves:
- Retained surplus
- Reserves
Net goodwill amortisation and impairment adjustments in the period
Less Dividends received in the period
Equity carrying value of investments at the end of half year/full year
Amount of goodwill included in carrying value at end of that half year/full year
Other (provide details eg Term Deposits
MATERIAL INTERESTS IN CORPORATIONS NOT BEING SUBSIDIARIES
shares held at end of
GROUP SHARE OF RESULTS OF ASSOCIATES
reconciled to the related items in the financial statements as follows:
For the purposes of the above Statement of cash flows, cash includes:
RECONCILIATION OF CASH
EQUITY ACCOUNTED INVESTMENTS IN ASSOCIATES
Provide details of financing and investing transactions which have had a material effect on group assets and
Cash on hand and at bank
Information attributable to the reporting group's share of investments in associates and other material interests
is to be disclosed by way of separate note below (refer FRS-38 Accounting for Investments in Associates).
Deposits at call
Bank overdraft

Page 6
17
Number NumberPaid-Up Value
Category of Securities IssuedQuoted(If not fully paid)
PREFERENCE SHARES:
# (Description)N/AN/A
Issued during current *half year/full year
ORDINARY SHARES:
On issue at 30/09/171,212,710,4841,212,710,484fully paid
Issued during current *half year/full year
00fully paid
CONVERTIBLE NOTES
# (Description)N/AN/A
Issued during current *half year/full year
OPTIONS:
On issue NilNil
Issued during current *half year/full year
0
DEBENTURES - Totals only:$
UNSECURED NOTES - Totals only:$
OTHER SECURITIES$
18
If no report in any section, state NIL. If insufficient space below, provide details in the form of notes to be attached
(a)Material factors affecting the revenues and expenses of the group for the current full year
NIL
(b)Significant trends or events since end of current full year
NIL
(c)Changes in accounting policies since last Annual Report and/or last Half Yearly to be disclosed
NIL
(d)Critical Accounting Policies - Management believes the following to be critical accounting policies. That is they
are both important to the portrayal of the Issuer's financial condition and results, as they require management to
make judgments and estimates about matters that they are inherently uncertain
NIL
(e)Management's discussion and analysis of financial condition, result and/or operations (optional) - this section
should contain forward looking statements that should outline where these involve risk and uncertainty
NIL
(f)Other comments
NIL
19
(a)Dividend Yield as at balance date (%) (Annual dividend per share divided by price per share )
N/A
(b)Tax Adjusted Dividend Yield as at balance date (%) (Annual net dividend per share divided by price per share)
N/A
20
(a) To be held at
N/A
(b) DateDateTime
(c) Approximate date of availability of Annual Report
(signed by) Authorised Officer of Listed Issuer
*Delete as required
(date)
ISSUED AND QUOTED SECURITIES AT END OF CURRENT HALF YEAR
# Description includes rate of dividend or interest and any redemption or conversion rights together with the prices and dates thereof.
DIVIDEND
ANNUAL MEETING (if full year report)
29 November 2017
If this *half year/full year report was approved by resolution of the Board of Directors, please indicate date of meeting:
COMMENTS BY DIRECTORS
to this report.