Financial Performance - Revenue for the six months ended June 30, 2024, was SGD 45.432 million, a decrease of 1.45% compared to SGD 46.101 million in the same period of 2023[11] - Gross profit for the same period was SGD 6.070 million, with a gross margin of approximately 13.36%[11] - The operating profit for the six months was SGD 2.206 million, reflecting a significant improvement from a loss of SGD 4.896 million in the previous year[11] - Net profit attributable to equity holders for the period was SGD 2,000, representing a recovery from a loss of SGD 750,000 in the prior year[11] - The company reported a total comprehensive income of SGD 806,000 for the period, compared to SGD 1.136 million in the same period last year[12] - Basic earnings per share for the period was SGD 0.0002, down from SGD 0.04 in the previous year[12] - The company recognized other comprehensive income of SGD 589,000, significantly higher than SGD 120,000 in the prior year[12] - The company recorded a net profit of approximately 0.2 million SGD for the six months ended June 30, 2024, down from approximately 1.0 million SGD for the same period in 2023, a decrease of about 0.8 million SGD[154] Assets and Liabilities - Total assets as of June 30, 2024, amounted to SGD 76.948 million, compared to SGD 79.579 million as of December 31, 2023[13] - Current liabilities decreased to SGD 41.925 million from SGD 47.291 million at the end of 2023, indicating improved liquidity[13] - As of June 30, 2024, total equity increased to 57,103 thousand SGD from 56,297 thousand SGD as of January 1, 2024, reflecting a growth of approximately 1.43%[16] - The company reported a retained earnings balance of 24,906 thousand SGD as of June 30, 2024, slightly up from 24,904 thousand SGD at the beginning of the year[16] - The cash and cash equivalents at the end of the period decreased to 18,447 thousand SGD from 20,772 thousand SGD, indicating a decline of approximately 11.2%[20] - The company’s total assets as of June 30, 2024, were not explicitly stated but can be inferred to have increased given the rise in total equity[16] - The total liabilities for SWG Alliance Pte. Ltd. were 2,999 thousand SGD, comprising current liabilities of 2,605 thousand SGD and non-current liabilities of 395 thousand SGD[60] - The total liabilities, including current and non-current, were 3,057,000 SGD as of June 30, 2024, down from 3,279,000 SGD as of December 31, 2023[100] Cash Flow - The net cash flow from operating activities for the six months ended June 30, 2024, was 6,340 thousand SGD, compared to 5,903 thousand SGD for the same period in 2023, representing an increase of about 7.4%[20] - The company’s investment activities resulted in a net cash outflow of 2,587 thousand SGD for the six months ended June 30, 2024, compared to a net cash outflow of 1,568 thousand SGD in the previous year[20] - The company’s financing activities generated a net cash inflow of 14,939 thousand SGD for the six months ended June 30, 2024, compared to an outflow of 3,838 thousand SGD in the previous year[20] - The company’s cash and cash equivalents stood at 18,447,000 SGD as of June 30, 2024, slightly down from 18,967,000 SGD as of December 31, 2023, a decrease of 2.7%[72] - Cash and cash equivalents decreased from 18,891,000 to 13,073,000 SGD, a reduction of approximately 31%[89] Revenue Sources - Revenue from major clients included Client 1 generating 16,678 thousand SGD, Client 2 generating 8,915 thousand SGD, and Client 3 generating 6,734 thousand SGD, collectively accounting for over 10% of total revenue[27] - The decline in revenue was primarily due to reduced earnings from road milling and resurfacing services during the six months ended June 30, 2024[140] - Contract engineering revenue decreased by approximately 0.2 million SGD, with power cable installation project revenue increasing by approximately 3.9 million SGD, while telecommunications cable installation project revenue decreased by approximately 4.1 million SGD[145] Expenses - Employee benefits expenses totaled 12,874 thousand SGD for the six months ended June 30, 2024, a decrease of 4.41% from 13,468 thousand SGD in the same period of 2023[36] - The total cost of sales for the six months ending June 30, 2024, was 2,556,000 SGD, an increase from 2,451,000 SGD in the same period of 2023[48] - Administrative expenses for the same period were 313,000 SGD, up from 281,000 SGD in 2023[48] - The group's cost of sales increased from approximately 38.9 million SGD to approximately 39.4 million SGD, representing an increase of about 1.3%[146] Investments and Impairments - The investment in SWG was assessed at a recoverable amount of approximately 1,865 thousand SGD, leading to an impairment charge of about 1,050 thousand SGD due to the recoverable amount being lower than the carrying value[58] - The group incurred capital expenditures of approximately SGD 1.6 million for the purchase of property, plant, and equipment during the six months ended June 30, 2024, compared to SGD 2.1 million for the same period in 2023[160] Governance and Compliance - The company has adopted the standard code of conduct for securities transactions as per the listing rules[174] - The company has confirmed compliance with the standard code of conduct and securities trading rules by all directors, except Mr. Huang Lei[174] - The report indicates no known violations of the standard code of conduct during the six months ending June 30, 2024[174] - The company will continue to remind directors of the procedures and requirements for trading the company's securities[174] Future Outlook - The company plans to focus on market expansion and new product development to drive future growth[11] - The group anticipates ongoing challenges in the business environment due to high global interest rates and geopolitical uncertainties[140] - The group will adopt a prudent approach to business operations in light of these challenges[140] - The group has not incurred any retirement benefits for directors related to management services during the six months ended June 30, 2024[133]

Financial Performance - Revenue for the six months ended June 30, 2024, was 45,432 thousand New Taiwan dollars, a decrease of 1.45% compared to 46,101 thousand New Taiwan dollars for the same period in 2023[1] - Gross profit for the same period was 6,070 thousand New Taiwan dollars, down 15.5% from 7,185 thousand New Taiwan dollars year-over-year[1] - Operating profit decreased to 2,206 thousand New Taiwan dollars, a decline of 20.7% compared to 2,779 thousand New Taiwan dollars in the previous year[1] - The company reported a net profit of 217 thousand New Taiwan dollars for the six months ended June 30, 2024, down 78.6% from 1,016 thousand New Taiwan dollars in the same period last year[2] - Basic earnings per share for the period were 0.0002 New Taiwan dollars, compared to 0.04 New Taiwan dollars in the previous year[2] - The company reported a net gain from the sale of properties, plants, and equipment of 67 thousand New Taiwan dollars in 2024, down from 79 thousand New Taiwan dollars in 2023, a decline of 15.19%[13] - The company’s net profit attributable to equity holders for the six months ended June 30, 2024, is 2,000 thousand New Taiwan dollars, compared to 448 thousand New Taiwan dollars for the same period in 2023[20] - The group recorded a net profit of approximately 0.2 million SGD for the six months ending June 30, 2024, down from about 1.0 million SGD for the six months ended June 30, 2023, representing a decrease of approximately 0.8 million SGD[61] Assets and Liabilities - Total assets as of June 30, 2024, were 76,948 thousand New Taiwan dollars, a decrease from 80,529 thousand New Taiwan dollars as of December 31, 2023[3] - The company's total liabilities decreased to 41,925 thousand New Taiwan dollars from 47,291 thousand New Taiwan dollars, reflecting a reduction of 11.2%[3] - Cash and cash equivalents stood at 18,447 thousand New Taiwan dollars, slightly down from 18,967 thousand New Taiwan dollars at the end of 2023[3] - The total trade receivables as of June 30, 2024, amount to 11,247 thousand New Taiwan dollars, an increase from 7,988 thousand New Taiwan dollars as of December 31, 2023[26] - The company’s trade receivables aging analysis shows that 8,585 thousand New Taiwan dollars are less than 30 days overdue as of June 30, 2024, compared to 6,398 thousand New Taiwan dollars as of December 31, 2023[27] - The company’s total borrowings, including bank and non-bank loans, were reported at 26,815,000 New Taiwan Dollars as of June 30, 2024[31] - The debt-to-equity ratio improved to approximately 52.3% as of June 30, 2024, down from 57.2% as of December 31, 2023, due to a reduction in borrowings[66] Revenue Sources and Customer Information - The group reported revenue of 16,678 thousand SGD for Customer 1 in the six months ended June 30, 2024, compared to 10,923 thousand SGD for the same period in 2023, representing a growth of approximately 52%[10] - Customer 2 generated revenue of 8,915 thousand SGD in the six months ended June 30, 2024, while Customer 3 generated 6,734 thousand SGD, both of which were not applicable in the previous year[10] - The group operates primarily in Singapore, focusing on civil engineering projects, with all assets and liabilities located in Singapore[9] - The group’s revenue primarily comes from contract works related to electrical and telecommunications cabling, road milling and resurfacing services, and sales of goods and scrap materials[44] Cost and Expenses - Selling costs increased from approximately 38.9 million SGD to about 39.4 million SGD, reflecting a rise of about 1.3%[52] - Administrative expenses decreased from approximately 4.9 million SGD to about 4.3 million SGD, a reduction of about 12.2%[55] - Employee costs for the six months ended June 30, 2024, totaled approximately 12.9 million SGD, compared to 13.5 million SGD for the same period in 2023[74] Financial Reporting and Governance - The financial statements are prepared in accordance with International Financial Reporting Standards, ensuring consistency with the previous year's annual consolidated financial statements[6] - The group has not adopted any new International Financial Reporting Standards that have been issued but are not yet effective, indicating a stable financial reporting environment[8] - The audit committee reviewed the group's unaudited interim results for the six months ended June 30, 2024, and had no objections[81] - The board of directors includes three executive directors and three independent non-executive directors, indicating a balanced governance structure[83] Market Conditions and Future Outlook - The construction industry in Singapore grew by 3.8% year-on-year in Q2 2024, following a growth rate of 4.1% in the previous quarter, driven by government support and emphasis on infrastructure development[43] - The group plans to adopt a cautious approach to business operations due to ongoing challenges in the post-COVID-19 environment, including high global interest rates and geopolitical tensions[45] - The group anticipates that rising material and energy prices will increase overall construction costs for ongoing projects[45] - The group plans to closely monitor global economic trends and market conditions to enhance operational efficiency[46] - The group aims to prioritize cash conservation and implement cost control measures[46] - The group will actively participate in bidding for new projects to solidify its market position[46] - The group has identified opportunities for business expansion and will proceed with caution[46]

Financial Performance - The group's total revenue for the year ended December 31, 2023, was approximately SGD 101.6 million, a decrease of about SGD 1.1 million compared to SGD 102.7 million for the year ended December 31, 2022[14]. - The gross profit for the year was SGD 14.478 million, compared to SGD 12.198 million in the previous year, reflecting an increase of approximately 18.7%[9]. - The company reported a profit attributable to equity holders of SGD 768,000 for the year, down from SGD 2.173 million in 2022[9]. - The group's net profit for fiscal year 2023 was approximately SGD 1.3 million, a decrease of about SGD 1.4 million compared to SGD 2.7 million in fiscal year 2022[31]. - Other income and net other gains decreased to approximately SGD 0.8 million in fiscal year 2023 from about SGD 2.0 million in fiscal year 2022, primarily due to the cessation of foreign worker tax rebates by the Singapore government[24]. - The total employee cost for fiscal year 2023 is approximately 27.6 million SGD, an increase from 25.8 million SGD in fiscal year 2022, with a total of 634 full-time employees as of December 31, 2023[44]. - The group's administrative expenses slightly decreased to approximately SGD 9.6 million in fiscal year 2023 from about SGD 9.8 million in fiscal year 2022[25]. - The company did not recommend any final dividend for fiscal year 2023, consistent with fiscal year 2022[32]. Assets and Liabilities - The total assets of the group as of December 31, 2023, were SGD 109.317 million, a decrease from SGD 112.442 million in 2022[11]. - The total liabilities decreased to SGD 53.020 million from SGD 57.350 million in the previous year, indicating improved financial stability[11]. - Total borrowings as of December 31, 2023, amounted to approximately SGD 32.2 million, a decrease from SGD 35.6 million as of December 31, 2022[34]. - The company's debt-to-equity ratio is approximately 57.2%, down from 64.7% as of December 31, 2022, primarily due to a decrease in bank and other borrowings by approximately 3.1 million SGD[35]. - The net debt-to-total capital ratio as of December 31, 2023, is approximately 14.8%, a decrease from 23.9% as of December 31, 2022, attributed to an increase in cash and cash equivalents by approximately 4.1 million SGD and a reduction in borrowings by approximately 3.1 million SGD[36]. Market Environment - The construction industry in Singapore grew by 5.2% in 2023, supported by the expansion of public and private construction projects[12]. - The operating environment for 2024 is expected to remain challenging due to rising interest rates and increased costs of materials, oil, and diesel[14]. - The company will closely monitor the market recovery from COVID-19 and assess its impact on operations[15]. Business Strategy and Opportunities - The company plans to continue prioritizing cash savings and cost control while actively participating in bidding for new projects to strengthen its market position[15]. - The company is exploring potential business opportunities in the construction materials trade in China for 2024[13]. - As of December 31, 2023, the group has 29 ongoing projects with a total contract value of approximately SGD 176.2 million, of which about SGD 82.1 million has been recognized as revenue[16]. Corporate Governance - The company is committed to good corporate governance, focusing on long-term sustainable growth for shareholders[138]. - The board of directors consists of three executive directors and three independent non-executive directors, ensuring a balance of power and independent oversight[141]. - The company has appointed independent non-executive directors with appropriate professional qualifications to ensure compliance with financial reporting standards[145]. - The remuneration committee was established to develop and review the group's remuneration policy, considering the group's operating performance and market practices[102]. - The company has established a risk management policy to ensure effective internal controls and protect shareholder interests[166]. Environmental, Social, and Governance (ESG) Initiatives - The annual environmental, social, and governance (ESG) report covers the company’s performance in these areas for the fiscal year 2023, from January 1 to December 31[179]. - The company has conducted a materiality assessment to identify key issues for the environmental, social, and governance (ESG) report, ensuring that significant topics are prioritized[39]. - The company has implemented a green policy to minimize environmental pollution and optimize waste management and resource efficiency[195]. - The company has established an environmental management system based on ISO 14001:2015 standards to systematically manage environmental issues[195]. - The company has set environmental goals for 2030, aiming to reduce energy consumption density and greenhouse gas emissions density by 5% from the 2022 baseline[197]. Management and Team - The company has a strong financial management team with over 13 years of experience in finance and accounting, ensuring robust financial oversight[57][58]. - The management team is committed to maintaining high standards of internal control and financial reporting[58]. - The management team has a diverse background in investment banking and financial consulting, contributing to strategic decision-making[52][54]. - The company emphasizes the importance of independent opinions from its board members to guide corporate strategy[51][56]. Shareholder Information - The total number of shares available for issuance under the share option scheme is 106,400,000 shares, representing 10% of the company's total issued share capital as of December 31, 2023[116]. - The board of directors and key executives hold significant shares, with Mr. Wu Tian Song and Mr. Wu Tian Hua each owning 542,640,000 shares, representing 51.00% of the issued capital[128]. - The beneficial ownership in WGI (BVI) is distributed among Mr. Wu Tian Song (35%), Mr. Wu Tian Hua (28%), Mr. Wu Tian Qiu (28%), and Ms. Wu Mei Lin (9%)[128]. Risk Management - The company’s risk management and internal control systems are designed to manage rather than eliminate risks associated with achieving business objectives, providing reasonable but not absolute assurance against material misstatements or losses[171]. - The management team is required to submit a risk management report biannually, including updates to the risk register and progress on risk treatment implementation[170]. - The board is responsible for risk governance and determining the level of significant risks the company is willing to accept in achieving its strategic objectives[167].

Financial Performance - Total revenue for the year ended December 31, 2023, was 101,575 thousand SGD, a decrease of 1.1% from 102,725 thousand SGD in 2022[3] - Gross profit increased to 14,478 thousand SGD, up 18.7% from 12,198 thousand SGD in the previous year[3] - Operating profit for the year was 5,816 thousand SGD, representing an increase of 13.2% compared to 5,138 thousand SGD in 2022[3] - Net profit attributable to equity holders was 1,346 thousand SGD, down 49.7% from 2,673 thousand SGD in the previous year[4] - Basic earnings per share decreased to 0.07 SGD from 0.20 SGD in the previous year[4] - Other income decreased significantly to 798 thousand SGD, down 60.9% from 2,041 thousand SGD in 2022[3] - The group reported a net income from other income of 573,000 New Taiwan Dollars in 2023, compared to 1,590,000 New Taiwan Dollars in 2022, indicating a significant decrease[23] - The group recorded a net profit of approximately 1.3 million SGD in FY2023, down from approximately 2.7 million SGD in FY2022, representing a decrease of about 1.4 million SGD[73] Assets and Liabilities - Total assets as of December 31, 2023, amounted to 80,529 thousand New Taiwan Dollars, compared to 80,065 thousand New Taiwan Dollars in 2022, reflecting a growth of 0.58%[6] - Current liabilities decreased from 51,079 thousand New Taiwan Dollars in 2022 to 47,291 thousand New Taiwan Dollars in 2023, a reduction of approximately 7.0%[6] - The net value of current assets increased to 33,238 thousand New Taiwan Dollars in 2023, up from 28,986 thousand New Taiwan Dollars in 2022, representing an increase of about 14.0%[6] - The company's total equity rose to 56,297 thousand New Taiwan Dollars in 2023, compared to 55,092 thousand New Taiwan Dollars in 2022, indicating a growth of approximately 2.2%[7] - The company reported a decrease in total non-current liabilities from 6,271 thousand New Taiwan Dollars in 2022 to 5,729 thousand New Taiwan Dollars in 2023, a reduction of about 8.6%[7] - The company's total liabilities decreased from 51,079 thousand New Taiwan Dollars in 2022 to 47,291 thousand New Taiwan Dollars in 2023, a decrease of about 7.0%[6] - The group’s bank borrowings as of December 31, 2023, totaled SGD 28,423,000, down from SGD 31,256,000 in 2022, reflecting a decrease of approximately 9%[40] - The group's total borrowings as of December 31, 2023, were SGD 28,947,000, compared to SGD 32,047,000 in 2022, indicating a decrease of approximately 9.7%[40] Income and Expenses - Administrative expenses were 9,642 thousand SGD, slightly down from 9,757 thousand SGD in the previous year[3] - The group’s operating expenses included employee benefits amounting to 27,592,000 New Taiwan Dollars, an increase from 25,830,000 New Taiwan Dollars in the previous year[25] - Financial costs rose from approximately 1.3 million SGD in FY2022 to about 1.6 million SGD in FY2023, an increase of approximately 0.3 million SGD due to higher average interest rates[69] - The total employee cost for the fiscal year 2023 is approximately 27.6 million SGD, an increase from 25.8 million SGD in the fiscal year 2022, with a total of 634 full-time employees as of December 31, 2023, compared to 618 in the previous year[88] Market Outlook and Strategy - The company plans to focus on market expansion and new product development in the upcoming year[2] - Future guidance indicates a cautious outlook due to market conditions and competition[2] - The company anticipates challenges due to geopolitical tensions, high interest rates, and increased borrowing costs, which may impact profit margins moving forward[55] - The group plans to continue monitoring the market recovery from COVID-19 and will prioritize cash conservation and cost control measures in its strategy for 2024[58] - The group aims to actively participate in bidding for new projects to solidify its market position[58] Compliance and Reporting - The group has adopted new International Financial Reporting Standards (IFRS) effective from January 1, 2023, including IFRS 17 related to insurance contracts and IFRS 12 regarding international tax reform[13] - The audit committee has reviewed the audited financial performance for the fiscal year 2023 and has no objections to the financial statements[97] - The annual performance announcement and annual report for the fiscal year 2023 will be published on the Hong Kong Stock Exchange website and the company's website[99] Shareholder Information - The company did not recommend any final dividend for the year ending December 31, 2023, compared to no dividend in 2022[52] - The company has adopted a stock option plan as of February 18, 2020, aimed at incentivizing employees, directors, and other stakeholders, with no stock options granted, exercised, canceled, or expired as of December 31, 2023[94] - As of December 31, 2023, the company's controlling shareholders and directors confirmed no interests in any competing businesses directly or indirectly related to the company's operations[95]

Revenue and Profitability - Revenue for the six months ended June 30, 2023, was SGD 46,101,000, a decrease of 12.5% from SGD 52,471,000 in the same period of 2022[5] - Net profit for the period was SGD 1,016,000, down 31.3% from SGD 1,479,000 in the same period last year[5] - Basic and diluted earnings per share decreased to SGD 0.04 from SGD 0.11, representing a decline of 63.6%[8] - The company reported a net profit of SGD 1,220,000 for the six months ended June 30, 2022, which decreased to SGD 448,000 in the same period of 2023, indicating a decline of about 63.2%[14] - The net profit for the six months ended June 30, 2023, was approximately SGD 1.0 million, down from SGD 1.5 million for the same period in 2022, a decrease of about SGD 0.5 million[185] Assets and Liabilities - Total assets as of June 30, 2023, were SGD 77,308,000, down from SGD 80,065,000 at the end of 2022[12] - Current liabilities decreased to SGD 47,028,000 from SGD 51,079,000, reflecting a reduction of 7.9%[12] - The company's equity increased to SGD 56,228,000 from SGD 55,092,000, showing a growth of 2.1%[12] - The company's total liabilities decreased from 48,187,000 SGD as of December 31, 2022, to 42,100,000 SGD as of June 30, 2023, a reduction of approximately 12.6%[84] - The company's net asset value decreased from 8,340,000 SGD at the end of 2022 to 7,452,000 SGD by June 30, 2023, a decline of approximately 10.6%[63] Cash Flow and Investments - For the six months ended June 30, 2023, the net cash generated from operating activities was SGD 12,968,000, compared to a net cash used of SGD 6,338,000 in the same period of 2022, representing a significant turnaround[16] - Cash and cash equivalents rose to SGD 20,772,000 from SGD 16,864,000, an increase of 23.0%[12] - The net cash used in investing activities for the first half of 2023 was SGD 4,748,000, compared to SGD 893,000 in the same period of 2022, indicating increased investment outflows[16] - The company’s financing activities resulted in a net cash outflow of SGD 3,811,000 for the first half of 2023, contrasting with a net inflow of SGD 533,000 in the same period of 2022[16] - Cash and cash equivalents at the end of the period increased to SGD 20,772,000 from SGD 6,484,000, marking a substantial increase of approximately 220.5%[16] Revenue Sources and Performance - Contract engineering income decreased to 37,574 thousand SGD in 2023 from 47,520 thousand SGD in 2022, representing a decline of 21%[25] - Other income for the six months ended June 30, 2023, was 328 thousand SGD, down 70.7% from 1,115 thousand SGD in 2022[29] - The group had 40 ongoing projects with a total contract value of approximately SGD 257.5 million, of which SGD 145.5 million was recognized as revenue by June 30, 2023[168] - Contract revenue from electrical works decreased by approximately SGD 12.0 million, while telecommunications works revenue increased by approximately SGD 2.0 million, reflecting slower project progress[177] Expenses and Costs - Employee benefits expenses totaled 13,468 thousand SGD in 2023, slightly down from 13,573 thousand SGD in 2022, indicating a decrease of 0.8%[35] - The total financial costs for the six months ended June 30, 2023, were 771 thousand SGD, an increase of 46.9% from 525 thousand SGD in 2022[39] - Administrative expenses decreased from approximately SGD 5.2 million to SGD 4.9 million, primarily due to reduced professional fees and employee benefits costs[179] - The total depreciation expense for the six months ended June 30, 2023, was 2,732,000 SGD, slightly higher than the 2,690,000 SGD reported for the same period in 2022[51] Financial Position and Ratios - The capital-to-debt ratio as of June 30, 2023, was approximately 61.1%, down from 64.7% as of December 31, 2022, primarily due to a reduction in borrowings[190] - The net debt-to-total capital ratio was approximately 13.0% as of June 30, 2023, a decrease from 23.9% as of December 31, 2022, attributed to an increase in cash and cash equivalents[191] - The company’s total issued and paid-up shares remained at 1,064,000,000 shares as of June 30, 2023, with a capital of 10,640,000 HKD[130] Market and Industry Context - The construction industry in Singapore grew by 6.8% year-on-year, similar to the previous quarter's growth of 6.9%[164] - The group is actively involved in both private and public sector projects, with revenue mainly derived from contract engineering related to power cable installation, telecommunications cable installation, and drainage works[165] - The group is exploring potential opportunities in the construction materials trade in China[165] Other Notable Information - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the same period in 2022[131] - There were no significant events affecting the group after June 30, 2023, up to the report date[161] - The company has not early adopted any new International Financial Reporting Standards that may impact its financial performance significantly[20]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 Wei Yuan Holdings Limited 偉 源 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1343） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 偉源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈列本公司 及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月之未 經審計中期業績連同二零二二年同期之比較數字如下： 簡明綜合全面收益表 截至六月三十日止六個月 二零二三年 二零二二年 附註 千新元 千新元 （未經審計） （未經審計） 收益 4 46,101 52,471 銷售成本 (38,916) (45,567) 毛利 7,185 6,904 其他收入及其他收益淨額 5 407 1,222 ...

Financial Performance - The group's revenue for the fiscal year ended December 31, 2022, was approximately SGD 102.7 million, representing a 10.2% increase from SGD 93.2 million in the previous year[9]. - The gross profit for the fiscal year 2022 was SGD 12.2 million, down from SGD 13.2 million in the previous year[9]. - Revenue increased from approximately 93.2 million SGD in FY2021 to approximately 102.7 million SGD in FY2022, representing a growth of about 10.2%[19]. - Contract engineering revenue rose by approximately 6.7 million SGD, driven by recovery from COVID-19 impacts and significant progress in power and telecommunications cable installation projects[19]. - Cost of sales increased from approximately 80.0 million SGD in FY2021 to approximately 90.5 million SGD in FY2022, an increase of about 13.1%[20]. - Gross profit decreased from approximately 13.2 million SGD in FY2021 to approximately 12.2 million SGD in FY2022, with the gross profit margin declining from approximately 14.1% to approximately 11.9%[21]. - Other income and net other gains decreased from approximately 2.4 million SGD in FY2021 to approximately 2.0 million SGD in FY2022, mainly due to reduced COVID-19 related government subsidies[22]. - The company recorded a net profit of approximately 2.7 million SGD in FY2022, up from approximately 2.1 million SGD in FY2021, an increase of about 0.6 million SGD[29]. Assets and Liabilities - The total assets as of December 31, 2022, amounted to SGD 112.4 million, while total liabilities were SGD 57.4 million, resulting in total equity of SGD 55.1 million[11]. - As of December 31, 2022, total borrowings amounted to approximately 35.6 million SGD, down from 43.6 million SGD as of December 31, 2021[32]. - The debt-to-equity ratio improved to approximately 64.7% as of December 31, 2022, compared to 82.4% as of December 31, 2021[33]. - The net debt-to-total capital ratio decreased to approximately 23.9% as of December 31, 2022, from 34.6% as of December 31, 2021[34]. Operational Challenges and Strategies - The group anticipates challenges in the upcoming fiscal year due to rising material costs and increased borrowing costs, which may impact overall profitability[13]. - The strategy for 2023 includes prioritizing cash savings, cost control measures, and actively bidding for new projects to strengthen market position[14]. - The group will continue to monitor the recovery speed of the market from COVID-19 and assess its impact on operations[14]. - The group aims to explore business opportunities while being prudent during this period[14]. Employee and Administrative Matters - The total employee cost for fiscal year 2022 was approximately SGD 25.8 million, compared to SGD 24.6 million in fiscal year 2021, reflecting an increase of about 4.9%[42]. - The company employed 618 full-time employees as of December 31, 2022, an increase from 587 employees in the previous year[42]. - Administrative expenses decreased from approximately 10.1 million SGD in FY2021 to approximately 9.8 million SGD in FY2022[23]. - The company has a structured annual audit system to evaluate employee performance, which influences salary increases, bonuses, and promotions[42]. Corporate Governance - The company is committed to good corporate governance and has adopted all code provisions of the Corporate Governance Code[135]. - The board consists of two executive directors and three independent non-executive directors, ensuring compliance with corporate governance standards[141]. - The remuneration committee has reviewed the compensation policies and structures for all directors and senior management, ensuring alignment with market practices[149]. - The nomination committee is responsible for evaluating the board's structure and recommending suitable candidates for board membership[151]. - Independent non-executive directors have confirmed their independence in accordance with listing rules, ensuring compliance with governance standards[141]. Environmental, Social, and Governance (ESG) Matters - The environmental, social, and governance (ESG) report covers the group's performance from January 1, 2022, to December 31, 2022, and is available on the Hong Kong Stock Exchange and the company's website[174]. - The report includes key performance indicators related to environmental and social aspects, with a focus on quantifying data for emissions and energy consumption[177]. - The company adheres to the ESG reporting principles of materiality, quantification, balance, and consistency to ensure accurate and fair representation of its performance[177]. - The board oversees all ESG matters and ensures compliance with relevant laws and regulations[182]. - The group has established an environmental management system based on ISO 14001:2015 to systematically manage environmental issues and improve performance[190]. Market and Customer Relations - The company faces customer concentration risk, with five major customers accounting for approximately 82.2% of total revenue, which poses a risk to business operations if any major customer significantly reduces their projects[75]. - The company's revenue from its largest and five largest customers accounted for approximately 46.9% and 82.2% of total revenue, respectively, compared to 40.0% and 86.0% in the previous year[71]. - The company has maintained a good working relationship with suppliers and subcontractors, with the largest and five largest subcontractors accounting for approximately 11.87% and 33.9% of total procurement, respectively, compared to 7.7% and 25.5% in the previous year[72]. Future Outlook - The company aims to reduce greenhouse gas emissions intensity by 5% by 2030, using fiscal year 2022 as the baseline[193]. - The company is actively exploring new market opportunities and potential acquisitions to drive growth[64]. - The management team is committed to continuous improvement in financial planning and internal control systems[55].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 Wei Yuan Holdings Limited 偉 源 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1343） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 之 全 年 業 績 公 告 偉源控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然呈列本公司 及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度的 經審計綜合業績連同截至二零二一年十二月三十一日止年度的比較數字。 綜合全面收益表 截至十二月三十一日 止年度 二零二二年 二零二一年 附註 千新元 千新元 收益 4 102,725 93,203 銷售成本 (90,527) (80,029) 毛利 12,198 13,174 其他收入及其他收益淨額 5 2,041 2,382 行政開支 (9,757) (10,133) ...

Revenue and Profitability - Revenue for the six months ended June 30, 2022, was SGD 52,471 thousand, an increase of 17.5% compared to SGD 44,445 thousand for the same period in 2021[9] - Gross profit for the same period was SGD 6,904 thousand, up from SGD 5,981 thousand, reflecting a gross margin increase[9] - Operating profit increased to SGD 2,957 thousand, representing a 29.5% growth from SGD 2,284 thousand in the previous year[9] - Net profit for the period was SGD 1,479 thousand, compared to SGD 1,242 thousand in the prior year, marking a 19.1% increase[9] - Basic earnings per share rose to SGD 0.11 from SGD 0.09, indicating a 22.2% increase year-over-year[11] - The total comprehensive income for the six months ended June 30, 2022, was 54,479 thousand SGD, compared to 50,712 thousand SGD for the same period in 2021, representing an increase of approximately 7.3%[19] - Contract revenue increased to 47,520 thousand SGD from 40,345 thousand SGD, representing a growth of 17.9% year-over-year[39] - Other income for the six months ended June 30, 2022, was 1,115 thousand SGD, up from 1,000 thousand SGD in the previous year, reflecting a 11.5% increase[44] Assets and Liabilities - Total assets as of June 30, 2022, were SGD 122,925 thousand, compared to SGD 117,435 thousand as of December 31, 2021[16] - Current liabilities increased to SGD 62,445 thousand from SGD 58,112 thousand, reflecting a rise in trade payables and bank borrowings[16] - The company's equity attributable to owners increased to SGD 54,479 thousand from SGD 52,910 thousand, showing a growth in shareholder value[16] - As of June 30, 2022, the total equity attributable to the owners of the company was 51,929 thousand SGD, an increase from 49,007 thousand SGD as of June 30, 2021, representing a growth of approximately 5.9%[19] - The net asset value as of June 30, 2022, was 9,293 thousand SGD, down from 9,878 thousand SGD as of December 31, 2021[91] - The total financial liabilities as of June 30, 2022, were 60,630,000 SGD, compared to 57,579,000 SGD as of December 31, 2021, indicating a rise of about 3.6%[120] - The total amount of trade payables and retention money as of June 30, 2022, was 15,175,000 SGD, compared to 13,126,000 SGD as of December 31, 2021, indicating an increase of about 15.6%[120] Cash Flow and Investments - The net cash flow from operating activities for the six months ended June 30, 2022, was (6,615) thousand SGD, compared to 3,148 thousand SGD for the same period in 2021, indicating a significant decline[22] - The company reported a net cash outflow from investing activities of (893) thousand SGD for the six months ended June 30, 2022, compared to (2,084) thousand SGD in the previous year, showing an improvement in cash management[22] - Financing activities generated a net cash inflow of 533 thousand SGD in the first half of 2022, a recovery from a net cash outflow of (5,856) thousand SGD in the same period of 2021[22] - The cash and cash equivalents at the end of the period were 6,484 thousand SGD, up from 3,264 thousand SGD at the end of June 30, 2021, reflecting a year-over-year increase of approximately 98%[24] Customer Contributions and Risks - Customer 1 contributed 29,269 thousand SGD to total revenue for the six months ended June 30, 2022, compared to 14,431 thousand SGD in the same period of 2021, marking an increase of approximately 102%[35] - Customer 2's contribution to revenue was 8,396 thousand SGD in the first half of 2022, down from 12,288 thousand SGD in the previous year, indicating a decline of approximately 31%[35] - The company had a total of two customers that accounted for over 10% of total revenue during the reporting period, highlighting a concentration risk in revenue sources[35] Expenses and Costs - Employee benefits expenses, including directors' remuneration, rose to 13,573 thousand SGD from 11,633 thousand SGD, a 16.7% increase[52] - The company reported a tax expense of 659 thousand SGD for the six months ended June 30, 2022, compared to 314 thousand SGD in the previous year, representing a 109.5% increase[59] - The cost of materials and consumables was 6,230 thousand SGD, slightly up from 6,108 thousand SGD, indicating a 2.0% increase[47] - The group reported a cost of sales of 2,394,000 SGD for the six months ended June 30, 2022, compared to 2,246,000 SGD for the same period in 2021[71] Provisions and Depreciation - The provision for holiday pay increased to 633,000 SGD from 258,000 SGD, indicating a significant rise of 145.3%[156] - Non-current provisions rose to 791,000 SGD as of June 30, 2022, compared to 706,000 SGD as of December 31, 2021, marking an increase of 12.1%[160] - The depreciation expense for right-of-use assets was 362,000 SGD for the six months ended June 30, 2022, down from 411,000 SGD for the same period in 2021, a decrease of 11.9%[171] Joint Ventures and Investments - The group’s share of losses from joint ventures for the six months ended June 30, 2022, was 301,000 SGD, compared to 616,000 SGD for the same period in 2021[83] - The group held a 40% equity interest in SWG Alliance Pte. Ltd. and Futurus Construction Pte. Ltd. as of June 30, 2022[84] - The group recognized a fair value gain of 160,000 SGD in the income statement for the year ended December 31, 2021, related to investment properties[76] Market Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[9]

Financial Performance - The group's revenue for the year ended December 31, 2021, was SGD 93.203 million, a significant increase from SGD 57.117 million in 2020, representing a growth of 63.2%[14] - Gross profit for the same period was SGD 13.174 million, compared to SGD 4.386 million in 2020, indicating a gross margin improvement[14] - The net profit attributable to equity holders for the year was SGD 1.547 million, a recovery from a loss of SGD 3.824 million in 2020[14] - The company recorded a net profit of approximately 2.1 million SGD in FY2021, a significant improvement from a loss of about 3.8 million SGD in FY2020, reflecting an increase of approximately 5.9 million SGD[39] - The total sales cost increased from approximately 52.7 million SGD in FY2020 to about 80.0 million SGD in FY2021, representing an increase of approximately 51.8%[29] - Other income decreased from approximately 5.1 million SGD in FY2020 to about 2.4 million SGD in FY2021, primarily due to a reduction in government support related to COVID-19[31] Assets and Liabilities - The total assets of the group increased to SGD 117.435 million in 2021 from SGD 101.289 million in 2020, reflecting a growth of 15.5%[15] - Total liabilities rose to SGD 64.525 million in 2021, up from SGD 50.577 million in 2020, marking an increase of 27.5%[15] - As of December 31, 2021, the total borrowings of the group amounted to approximately SGD 43.6 million, an increase from SGD 35.8 million as of December 31, 2020[42] - The capital debt ratio as of December 31, 2021, was approximately 82.4%, up from 70.5% as of December 31, 2020, primarily due to the acquisition of property at 123 Pioneer Road, Singapore[45] - The net debt to total capital ratio was approximately 34.6% as of December 31, 2021, a slight decrease from 35.2% as of December 31, 2020, attributed to an increase in equity[46] Operational Challenges - The company anticipates challenges in the construction sector due to labor shortages and rising costs associated with foreign worker restrictions[11] - The construction industry is expected to face challenges in 2022 due to labor deployment difficulties and increased costs from compliance with preventive measures[19] - The company highlighted challenges in recruiting and retaining skilled workers due to tightening policies on foreign labor and labor shortages in Singapore, which could impact operations and project timelines[103] Strategic Focus - The company plans to focus on cash conservation, cost control, and expanding market share in response to ongoing challenges[11] - The order book remains robust, supporting the company through the fiscal year 2023, with a focus on contract delivery and selective bidding for new projects[11] - The company plans to continue monitoring the impact of COVID-19 on operations and prioritize cash conservation while actively participating in new project tenders[20] Workforce and Employment - As of December 31, 2021, the group employed 587 full-time employees, a decrease from 609 employees as of December 31, 2020[56] - The total employee costs for fiscal year 2021 amounted to approximately SGD 24.6 million, compared to SGD 20.7 million in fiscal year 2020[56] - Employee recruitment increased to 2,712, up from 2,062 in the previous year, indicating a growth in workforce[62] Market Position and Growth - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[84] - A strategic acquisition of a local competitor is anticipated to enhance operational capabilities and increase market penetration[84] - The company provided guidance for the next fiscal year, projecting a revenue growth of 25% and aiming to reach $187.5 million[84] Customer and Supplier Relationships - The company reported that revenue from its largest and five largest customers accounted for approximately 40.0% and 86.0% of total revenue, respectively, compared to 45.4% and 94.2% in 2020[95] - The company has maintained good relationships with suppliers and subcontractors, with the largest and five largest suppliers accounting for about 6.0% and 16.6% of total procurement, respectively, consistent with the previous year[96] Corporate Governance - The board of directors consists of two executive directors and three independent non-executive directors, ensuring compliance with corporate governance standards[180] - The company has adopted a board diversity policy to enhance efficiency and ensure a balance of skills, experience, and perspectives[190] - Independent non-executive directors have confirmed their independence in accordance with listing rules, ensuring adherence to governance standards[185] Environmental and Social Responsibility - The company is committed to environmental policies and has not faced any significant legal or regulatory issues related to environmental protection during the year[90] - The company has adopted a code of conduct for securities trading by directors and employees, ensuring compliance with relevant regulations[192]