TRS Interim Half Yearly Report

TRS INVESTMENTS LTD


TRS Investments Ltd
Incorporated in New Zealand








Unaudited Half Year Report
30 September 2018

Page 1


UNAUDITED RESULTS FOR THE HALF YEAR
ENDED 30 SEPTEMBER 2018

Reporting Period 6 months to 30 September 2018
Previous Reporting Period 6 months to 30 September 2017

Amount NZ$’000
Percentage Change
%
Revenue From Ordinary Activities 1 (0.0%)
Loss From Ordinary Activities After Tax (105) 169.2%
Net Loss Attributable to Security Holders (105) 169.2%

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

Amount NZ$
Net Tangible Assets per Security for Reporting Period (0.0004)
Net Tangible Assets per Security for Previous Reporting Period (0.0003)

Comments
Net Loss Attributable to Security Holders
TRS Investments Limited reports an unaudited net loss attributable to security holders of
$105,000 for the half year ended 30 September 2018. This is an increased loss
compared with a loss of $39,000 for the same period last year. The increased loss is
due to the costs incurred relating to the previously announced Lida transaction.

Revenue from Ordinary Activities
Revenue from ordinary activities was $1,000 compared to $1,000 for the same six
month period last year. The $1,000 income in the current year was solely interest
received.

Loss from Ordinary Activities
The loss from ordinary activities after tax of $105,000 is an increase loss of 169% from
the same period last year.

Net Tangible Assets per Security
Net Tangible Assets per Security for the reporting period was negative 0.0004 and for
the previous reporting period was negative 0.0003.

Outlook
TRS expects to be in a position to update the market on the previously announced Lida
transaction in the near future.

Page 2
UNAUDITED HALF YEAR REPORT ANNOUNCEMENT
TRS Investments Limited
For the Half Year Ended 30 September 2018
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.
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 Revenue10.0%1
(c)Total Operating Revenue10.0%1
1.2(105)169.2%(39)
(a)Less taxation on operating result00
1.3(105)169.2%(39)
(a)Extraordinary Items after Tax [detail in Item 3]00
(b)Unrealised net change in value of investment properties00
1.4(105)169.2%(39)
(a)Net *Surplus (Deficit) attributable to minority interests00
1.5
(105)169.2%(39)
2CurrentPrevious
Half Yearcorresponding
$NZ'000Half Year
$NZ'000
2.1
(a)Interest revenue included in Item 1.1(b)11
(b)# Unusual items for separate disclosure (gain/loss) (detail - Item 3)nilnil
(c)Equity earnings (gain/loss) (detail - Item 16)nilnil
(d)Interest expense included in Item 1.2 (include all forms of interest, etc)nilnil
(e)Leasing and renting expensesnilnil
(f)Depreciationnilnil
(g)Diminution in the value of assets (other than depreciation)nilnil
(h)Amortisation of goodwillnilnil
(i)Amortisation of other intangible assetsnilnil
(j)Impairment of goodwillnilnil
(k)Impairment of other intangible assetsnilnil
Previous
Currentcorresponding
Half YearHalf year
2.2$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
INCOME
(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
(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
NET *SURPLUS (DEFICIT) FOR THE PERIOD
INCLUDED IN CONSOLIDATED STATEMENT OF COMPREHENSIVE
Comprehensive Income
DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUES/
TOTAL COMPREHENSIVE INCOME
EXTRAORDINARY ITEMS OF THE GROUP
OPERATING REVENUE
OPERATING *SURPLUS (DEFICIT) AFTER TAX

Page 3

Previous
4Currentcorresponding
Half YearHalf Year
$NZ'000$NZ'000
4.1(105)(39)
(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
(105)(39)
4.4OTHER MOVEMENTS
(a)Contributions by Owners
00
(b)Distributions to Owners
00
(c)Other
00
4.5EQUITY AT BEGINNING OF HALF YEAR
(401)(340)
4.6EQUITY AT END OF HALF YEAR
(506)(379)
5Previous
Currentcorresponding
Half YearHalf Year
$NZ'000$NZ'000
(a)Basic EPS(0.0000863) (0.0000322)
(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)
Geographical
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
Industry
EARNINGS PER SECURITY
STATEMENT OF CHANGES IN EQUITY
Earnings Per Security
Information on the industry and geographical segments of the Listed Issuer is to be reported for the *half year/
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:
In Equity
Calculation of basic and fully diluted, EPS in accordance with IAS33: Earnings
MATERIAL ACQUISITIONS OF SUBSIDIARIES

Page 4
At end ofAs shown inIf half yearly
currentlastas shown in last
9CURRENT ASSETS:Half YearAnnual Report half yearly report
$NZ'000$NZ'000$NZ'000
9CURRENT ASSETS:
(a) Cash74 42 15
(b) Trade receivables13 2 1
(c) Investments75 75 75
(d) Inventories
(e) Other assets, current19 6 19
TOTAL CURRENT ASSETS181 125 110
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 ASSETS181 125 110
9.4CURRENT LIABILITIES
(a)Trade Creditors207 86 128
(b)Income in advance, current
(c)Secured loans
(d)Unsecured loans480 440 360
(e)Provisions, current-
(f)Other liabilities, current
TOTAL CURRENT LIABILITIES687 526 488
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 LIABILITIES687 526 488
9.8NET ASSETS(506) (401) (378)
9.9EQUITY
(a) Share capital (optional)15,805 15,806 15,805
(b) Reserves (optional) (i) Revaluation reserve
(ii) Other reserves
(c) Accumulated Losses (optional)(16,311) (16,207) (16,183)
9.10(506) (401) (378)
(a)Minority equity interests in subsidiaries
9.11(506) (401) (378)
(a)Returns on Assets (%) (EBIT divided by Total Assets)(58.0%)(42.4%)(35.5%)
(b)Return on Equity (%) (Net Income divided by Shareholders'20.8%13.2%10.3%
Equity)
(c) Debt to Equity Ratio (%) (Total Liabilities divided by(135.8%)(131.2%)(129.1%)
Shareholders' Equity)
CurrentCorresponding
10CASH FLOWS RELATING TO OPERATING ACTIVITIESHalf YearHalf Year
$NZ'000$NZ'000
(a) Receipts from customers00
(b) Interest received11
(c) Dividends received00
(d) Payments to suppliers and employees(9)(74)
(e) Interest paid00
(f) Income taxes paid00
(g) Other cash flows relating to operating activities00
NET OPERATING FLOWS(8)(73)
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
12CASH FLOWS RELATED TO FINANCING ACTIVITIES
(a) Cash proceeds from issue of shares, options, etc.00
(b) Borrowings40100
(c) Repayment of borrowings0(13)
(d) Dividends paid00
(e) Other cash flows relating to financing activities00
NET FINANCING CASH FLOWS4087
OF THE LISTED ISSUER
(Note (VIII) attached has particular relevance for the preparation
TOTAL EQUITY ATTRIBUTABLE TO SHAREHOLDERS
TOTAL NON-CURRENT ASSETS
TOTAL EQUITY
Consolidated Statement of Financial Position
TOTAL NON-CURRENT LIABILITIES
Consolidated Statement
Full Year

Page 5
13NET INCREASE (DECREASE IN CASH HELD)3214
(a) Cash at beginning of period 421
(b) Exchange rate adjustments to Item 12.3(a) above
(c) CASH AT END OF PERIOD7415
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
7415
16
16.1Equity 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 Equit y Ac c ount ed in c urrent y ear
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
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
Provide details of financing and investing transactions which have had a material effect on group assets and
Cash on hand and at bank
EQUITY ACCOUNTED INVESTMENTS IN 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
Other (provide details eg Term Deposits
MATERIAL INTERESTS IN CORPORATIONS NOT BEING SUBSIDIARIES
shares held at end of
GROUP SHARE OF RESULTS OF ASSOCIATES

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 30/09/181,212,710,4841,212,710,484fully 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
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.
(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)
28 November 2018