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依賴該等內容而引致的任何損失 承擔任何責任。 Raffles Interior Limited （於開曼群島註冊成立的有限公司） （股份代號：1376） 截至2022年12月31日止年度之 年度業績公告 Raffles Interior Limited（「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2022年12月31日止年度的經審核年度業績連同截至2021年12月31日止 年度的比較數字如下： 綜合損益及其他全面收益表 截至2022年12月31日止年度 2022年 2021年 附註 千新加坡元 千新加坡元 收益 4 66,493 79,576 銷售成本 6 (58,765) (73,191) 毛利 7,728 6,385 其他收入 631 1,543 其他收益 — 67 預期信貸虧損模式下之減值虧損（扣除撥回） (473) (480) 行政開支 6 (8,731) (8,125) 經營虧損 (845) ...

Financial Performance - Revenue for the six months ended June 30, 2022, was SGD 30,696 thousand, a slight increase of 0.8% compared to SGD 30,466 thousand for the same period in 2021[8] - Gross profit for the same period was SGD 3,194 thousand, compared to SGD 3,172 thousand in 2021, reflecting a marginal increase[8] - The company reported a net loss attributable to equity holders of SGD 296 thousand for the six months ended June 30, 2022, compared to a loss of SGD 196 thousand in the previous year, indicating a 50.0% increase in losses[8] - Basic and diluted loss per share for the period was SGD (0.03), compared to SGD (0.02) for the same period in 2021[8] - The company reported a net cash inflow from operating activities of SGD 943,000 for the six months ended June 30, 2022, compared to a cash outflow of SGD 438,000 in the same period of 2021[16] - The net loss for the six months ended June 30, 2022, was approximately SGD 0.3 million, compared to a net loss of SGD 0.2 million for the same period in 2021[90] - The net loss attributable to owners for the six months ended June 30, 2022, increased to approximately SGD 0.3 million from approximately SGD 0.2 million for the same period in 2021, mainly due to the cessation of certain COVID-19 related government subsidies[102] Assets and Liabilities - Total assets as of June 30, 2022, were SGD 46,286 thousand, down from SGD 57,602 thousand as of December 31, 2021, representing a decrease of 19.7%[10] - Total liabilities decreased to SGD 34,237 thousand as of June 30, 2022, from SGD 45,252 thousand at the end of 2021, a reduction of 24.4%[10] - The company's total equity as of June 30, 2022, was SGD 12,049 thousand, down from SGD 12,350 thousand at the end of 2021, a decrease of 2.4%[10] - Cash and cash equivalents decreased to SGD 8,498,000 as of June 30, 2022, down from SGD 10,115,000 at the end of 2021[16] - Total borrowings as of June 30, 2022, were SGD 9,290,000, down 22.0% from SGD 11,902,000 as of December 31, 2021[73] - The debt-to-equity ratio as of June 30, 2022, was 81.8%, a decrease from 101.5% as of December 31, 2021[111] Revenue Sources and Customer Dependence - The company has a significant reliance on major customers, with approximately 59.9% of total revenue generated from customers contributing over 10% of total revenue, compared to 29.3% in the previous year[32] - For the six months ended June 30, 2022, the company's revenue increased by 0.8% to approximately SGD 30.7 million compared to SGD 30.5 million for the same period in 2021[88] - The number of projects contributing to revenue increased from 35 in 2021 to 42 in 2022[94] Expenses and Costs - The company incurred finance costs of SGD 218 thousand for the six months ended June 30, 2022, compared to SGD 186 thousand in the previous year, an increase of 17.2%[8] - Total employee costs for the six months ended June 30, 2022, were SGD 5,834,000, down from SGD 7,278,000 in the same period of 2021, indicating a decrease of approximately 20%[42] - Administrative expenses for the six months ended June 30, 2022, were approximately SGD 3.8 million, a decrease from SGD 4.2 million for the same period in 2021, primarily due to cost-saving measures implemented in late 2021 and early 2022[99] - The company's service costs increased to approximately SGD 27.5 million for the six months ended June 30, 2022, from approximately SGD 27.3 million for the same period in 2021[95] Government Grants and Other Income - Government grants received amounted to SGD 427,000 for the six months ended June 30, 2022, compared to SGD 1,052,000 for the same period in 2021, reflecting a decrease of approximately 59%[35] - Other income for the six months ended June 30, 2022, was approximately SGD 0.5 million, down from SGD 1.1 million for the same period in 2021, primarily due to the cessation of certain government subsidies[97] Market and Operational Strategies - The company continues to explore market expansion opportunities and new product development strategies to enhance future performance[8] - The company expects construction demand in Singapore for 2022 to be between SGD 27 billion and SGD 32 billion, with public sector projects accounting for about 60% of total demand[89] - The company plans to expand its service offerings to MEP services, allocating SGD 4.2 million, which represents 32.3% of the total net proceeds[122] Shareholder Information and Corporate Governance - The major shareholders, including Chua Boon Par, hold 75% of the company's shares, indicating significant control[132] - The ultimate shareholders of the company include Lu Li Zhou and others, with respective ownership percentages of 33%, 15%, 12%, and 10%[127] - The company has complied with the corporate governance code during the six months ending June 30, 2022, except for the provision that the roles of chairman and CEO should be held by different individuals[141] Audit and Compliance - The audit committee, composed of three independent non-executive directors, reviewed the unaudited condensed consolidated interim financial statements for the six months ending June 30, 2022, with no objections raised[143] - The company is currently applying for the resumption of trading and will continue to inform shareholders and potential investors of any significant developments regarding its business operations and financial performance[146]

Financial Performance - The group's revenue increased by 23.9% to approximately SGD 79.6 million for the year ended December 31, 2021, compared to approximately SGD 64.2 million for the year ended December 31, 2020[9]. - The gross loss and net loss decreased by 347.3% and 93.0% to a gross profit of approximately SGD 6.4 million and a net loss of SGD 1.1 million, respectively, for the year ended December 31, 2021[9]. - The company's revenue for the year ended December 31, 2021, was approximately SGD 79.6 million, an increase of about SGD 15.4 million or approximately 23.9% from SGD 64.2 million in 2020[15]. - Gross profit for the year ended December 31, 2021, was approximately SGD 6.4 million, a significant improvement from a gross loss of approximately SGD 2.6 million in 2020, representing a change of about 347.3%[17]. - The gross profit margin for 2021 was 8.0%, compared to a negative gross margin of 4.0% in 2020, reflecting improved operational efficiency[17]. - The company's net loss attributable to owners decreased from approximately SGD 15.9 million in 2020 to approximately SGD 1.1 million in 2021, a reduction of about SGD 14.8 million[23]. - Total administrative expenses for the year ended December 31, 2021, were approximately SGD 8.6 million, down from SGD 11.0 million in 2020, primarily due to the absence of listing expenses[20]. - Other income for the year ended December 31, 2021, was approximately SGD 1.5 million, a decrease from SGD 2.3 million in 2020, mainly due to the absence of government subsidies[19]. Project and Market Outlook - The group has 16 projects on hand with a theoretical contract value of approximately SGD 62.5 million, of which approximately SGD 26.8 million has been recognized as revenue by December 31, 2021[11]. - The construction demand in Singapore is estimated to be between SGD 27 billion and SGD 32 billion in 2022, with public sector projects accounting for about 60% of total demand[10]. - The group anticipates business recovery starting from 2022 to 2023, despite project delays due to market uncertainties and disruptions[10]. - The group aims to mitigate the adverse effects of COVID-19 by maintaining close communication with subcontractors and suppliers[6]. - The group continues to monitor the global COVID-19 situation, which remains uncertain and challenging for the construction industry in the short term[10]. Financial Position and Stability - As of December 31, 2021, the company had cash and bank balances totaling approximately SGD 10.7 million, down from SGD 17.1 million as of December 31, 2020[25]. - The company's debt-to-equity ratio as of December 31, 2021, was 101.5%, compared to 110.8% in 2020, indicating improved financial stability[30]. - The company plans to enhance its capital base with a reallocation of SGD 3.0 million to meet project funding needs due to the ongoing impact of COVID-19[41]. - The independent auditor issued a qualified opinion on the consolidated financial statements for the fiscal year 2021, primarily due to limitations in the scope regarding prepaid expenses and fair value measurements[45]. Governance and Management - The company reported a strong performance for the year ending December 31, 2021, with a commitment to high corporate governance standards[68]. - The board of directors is composed of both executive and independent non-executive directors, ensuring a balanced governance structure[76]. - The company has established a corporate governance framework based on the principles outlined in the corporate governance code, enhancing transparency and accountability[69]. - The management team includes experienced professionals with over 28 years of financial and corporate governance experience[62]. - The financial director has over 20 years of experience in accounting and auditing, contributing to the company's financial planning and reporting[64]. - The company has implemented policies and procedures to improve governance and oversight of business operations[70]. - The board regularly reviews the contributions of its members to ensure they are fulfilling their responsibilities[75]. Employee and Compensation Policies - The group has provided competitive compensation and benefits to attract and retain high-quality employees, with regular reviews of its remuneration policies[34]. - As of December 31, 2021, the group employed 387 staff, a decrease from 418 in 2020, with total employee costs amounting to approximately SGD 14.5 million, up from SGD 11.9 million in 2020[34]. - The remuneration of directors and the five highest-paid individuals is reviewed based on company performance, market competitiveness, and individual achievements[191]. Shareholder Engagement and Dividend Policy - The company has adopted a dividend policy with a payout ratio expected to be no less than 35% of retained earnings prior to declaration, subject to financial conditions and operational needs[136]. - The company does not recommend the payment of a final dividend for the year ended December 31, 2021 (2020: zero)[198]. - The company has established multiple communication channels to engage with shareholders and ensure their rights are protected[126]. Risk Management and Internal Controls - The company has established a robust risk management and internal control system to manage operational and financial risks, ensuring the protection of shareholder interests and assets[114]. - The board is responsible for reviewing the effectiveness and adequacy of the risk management and internal control system annually, and it has deemed the system effective as of December 31, 2021[116]. - The company has implemented a whistleblowing policy to allow employees to confidentially report concerns regarding financial reporting and internal controls[115]. Share Structure and Ownership - As of December 31, 2021, the board members and senior management hold a total of 750,000,000 shares, representing 75% of the company's equity[157]. - Chua Boon Par, Chen Minghui, and Liang Weijie each hold 750,000,000 shares, accounting for 75% of the equity through controlled corporations[157]. - The company maintains compliance with the Securities and Futures Ordinance regarding the disclosure of interests[160]. Supplier and Customer Relationships - The largest supplier accounted for approximately 11.0% of total procurement, while the top five suppliers represented about 20.4% of total procurement, compared to 15.0% and 45.9% in 2020 respectively[183]. - The largest customer contributed approximately 14.0% of total revenue, and the top five customers accounted for about 47.7% of total revenue, compared to 14.1% and 49.9% in 2020 respectively[183].

Company Listing and Financial Overview - Raffles Interior Limited successfully listed on the Hong Kong Stock Exchange on May 7, 2020, issuing 250 million shares and raising approximately HKD 70 million net of listing expenses[8]. - For the fiscal year ended December 31, 2020, the group's revenue decreased by 16.3% to approximately SGD 64.2 million from SGD 76.7 million for the year ended December 31, 2019[10]. - The group reported a gross loss of approximately SGD 2.6 million, compared to a gross profit of SGD 16.2 million in the previous year, reflecting a significant decline in gross margin from 21.2% to -4.0%[13]. - The net loss for the year was SGD 15.9 million, a decrease of SGD 20.6 million compared to a net profit of SGD 4.6 million in 2019[13]. - The group's total revenue decreased by approximately 16.2% from about SGD 76.7 million for the year ended December 31, 2019, to about SGD 64.2 million for the year ended December 31, 2020[17]. Impact of COVID-19 - Due to COVID-19, all on-site engineering work was halted from April 7 to June 1, 2020, impacting the construction industry in Singapore[8]. - The group faced operational disruptions due to COVID-19, with all on-site works halted during the circuit breaker period from April 7 to June 1, 2020[10]. - The company expressed confidence in overcoming challenges posed by COVID-19 through consistent management and teamwork[8]. - The construction industry in Singapore is expected to grow to between SGD 23 billion and SGD 28 billion in 2021, as it recovers from the impacts of COVID-19[10]. Revenue Sources and Contributions - The group had 19 nominal contracts valued at approximately SGD 66.3 million as of December 31, 2020, with SGD 25.5 million recognized as revenue[10]. - The group’s revenue contributions from property owners/tenants accounted for 67.4% of total revenue, down from 81.0% in 2019[15]. - Revenue from construction contractors represented 17.0% of total revenue, an increase from 9.6% in the previous year[15]. Financial Performance and Expenses - The cost of sales increased by approximately 10.5% from about SGD 60.4 million for the year ended December 31, 2019, to about SGD 66.8 million for the year ended December 31, 2020[17]. - Other income for the year ended December 31, 2020, was approximately SGD 2.3 million, down from about SGD 21,000 for the year ended December 31, 2019, primarily due to additional subsidies provided by the Singapore government[17]. - Administrative expenses increased to approximately SGD 11.0 million for the year ended December 31, 2020, from SGD 9.8 million for the year ended December 31, 2019[19]. - The financing costs for the year ended December 31, 2020, were approximately SGD 403,000, slightly up from SGD 399,000 for the year ended December 31, 2019[19]. Share Issuance and Utilization of Proceeds - The net proceeds from the share issuance amounted to approximately HKD 69.9 million (around SGD 13.0 million), with 2.9 million SGD already utilized by December 31, 2020[34]. - The allocation of the net proceeds includes SGD 4.2 million (32.3%) for expanding service offerings, SGD 2.2 million (16.9%) for property expansion, and SGD 4.7 million (36.2%) for general working capital[35]. Corporate Governance and Board Structure - The company has established a corporate governance framework based on the Hong Kong Stock Exchange's Listing Rules, enhancing the board's ability to oversee business conduct and affairs[62]. - The company has adhered to all provisions of the corporate governance code since its listing on May 7, 2020, until December 31, 2020[63]. - The company is led by an effective board of directors responsible for overseeing business, strategic decisions, and performance[68]. - The company has appointed three independent non-executive directors, exceeding the requirement of one-third of the board members[71]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with clearly defined powers and responsibilities[76]. Risk Management and Internal Controls - The board has reviewed the effectiveness of the group's risk management and internal control systems and deemed them effective and adequate as of December 31, 2020[102]. - The company has established a risk management policy to identify, assess, and manage key business risks, with departments responsible for quarterly risk assessments[100]. - The company has no internal audit function and has appointed Baker Tilly Consultancy (Singapore) Pte. Ltd. to perform internal audit functions[102]. Shareholder Relations and Dividends - The company maintains effective communication with shareholders, particularly through annual general meetings and its corporate website[117]. - The company has a dividend policy that aims for a payout ratio of not less than 35% of retained earnings before declaration, subject to operational needs and financial conditions[119]. - The board does not recommend a final dividend for the year ended December 31, 2020, consistent with the previous year where no dividend was declared[179]. Employee and Supplier Relations - The company maintained good relationships with employees, providing salaries, bonuses, and other allowances based on qualifications and tenure[166]. - The company has established stable business relationships with major clients, enhancing market visibility and attracting potential business opportunities[168]. - The largest supplier accounted for approximately 15.0% of total procurement, while the top five suppliers accounted for about 45.9% of total procurement for the year ended December 31, 2020[165]. ESG Initiatives - The company has established an ESG task force to identify and assess ESG risks and ensure effective internal controls[193]. - The ESG report outlines key policies, measures, and performance indicators related to environmental, social, and governance issues[190]. - The board has confirmed the integrity of the ESG report and its coverage of all significant issues[194].

Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 29,090,000, a decrease of 20.5% compared to SGD 36,524,000 in the same period of 2019[8] - Gross profit for the same period was SGD 3,879,000, down 46.5% from SGD 7,262,000 year-on-year[8] - Operating loss for the six months was SGD 2,000, compared to an operating profit of SGD 1,722,000 in 2019[8] - Net loss attributable to equity holders for the period was SGD 415,000, compared to a profit of SGD 1,085,000 in the previous year[8] - The group's contract revenue for the six months ended June 30, 2020, was SGD 29.09 million, a decrease of 20.4% from SGD 36.52 million for the same period in 2019[38] - The group reported a net loss before tax of SGD 67,000 for the six months ended June 30, 2020, compared to a profit of SGD 1.7 million in the same period of 2019[54] - The group reported a significant increase in revenue from property, plant, and equipment sales, contributing to its cash flow from investing activities[17] - The net profit attributable to owners decreased from approximately SGD 1.1 million for the six months ended June 30, 2019, to a loss of approximately SGD 0.4 million for the same period in 2020[133] Assets and Liabilities - Total assets as of June 30, 2020, amounted to SGD 60,378,000, an increase from SGD 44,474,000 at the end of 2019[11] - Total liabilities decreased slightly to SGD 31,372,000 from SGD 32,065,000 at the end of 2019[11] - The company reported contract assets of SGD 25,429,000 as of June 30, 2020, down from SGD 27,874,000 as of December 31, 2019, indicating a decrease of about 8.8%[89] - The company’s total liabilities, including contract liabilities, were SGD 25,424,000 as of June 30, 2020, compared to SGD 27,869,000 as of December 31, 2019, showing a decrease of about 8.8%[89] - Trade payables increased to SGD 9,993,000 as of June 30, 2020, compared to SGD 8,334,000 as of December 31, 2019, reflecting a rise of approximately 19.9%[100] Cash Flow and Financing - Cash and cash equivalents increased significantly to SGD 14,874,000 from SGD 2,628,000 at the end of 2019[11] - The company reported a net cash outflow from operating activities of SGD 7,222,000 for the six months ended June 30, 2020[17] - The company incurred a total of SGD 17,075,000 in loan repayments during the financing activities for the period[17] - The group had total available committed bank financing of approximately SGD 27.2 million as of June 30, 2020, with approximately SGD 7.0 million utilized[137] - The debt-to-equity ratio as of June 30, 2020, was 26.4%, a decrease from 48.7% as of December 31, 2019[144] Expenses and Cost Management - Administrative expenses decreased to SGD 5,038,000 from SGD 5,639,000 year-on-year, reflecting cost control measures[8] - Total employee costs for the six months ended June 30, 2020, were SGD 4.82 million, down from SGD 6.19 million in the same period of 2019, reflecting a decrease of 22.1%[57] - The service cost decreased by approximately 14.0% to about SGD 25.2 million for the six months ended June 30, 2020, aligning with the revenue decline[125] Shareholder Information - The company has a significant shareholder, Chua Boon Par, who holds 750,000,000 shares, representing 75% of the company's equity[163] - Ong Poh Eng, Neo Bee Ling, Pauline, Loke Yoke Mei, Lee Ling Wei, Sng Siew Luan, Emily, and Lim Bee Peng each hold 750,000,000 shares, also representing 75% of the equity due to their relationship with the major shareholder[166][167] Future Plans and Investments - The company plans to continue investing in new technologies and product development to enhance its service offerings in the interior design sector[20] - The group plans to establish production facilities in Malaysia to mitigate challenges in hiring skilled labor and rising subcontracting costs due to the pandemic[119] - The company plans to expand its service offerings, with SGD 4.2 million (32.3% of proceeds) allocated for this purpose by June 30, 2022[154] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules, except for the provision that the roles of Chairman and CEO should be held by different individuals[174] - The audit committee consists of three independent non-executive directors, ensuring oversight of the financial reporting process[176] - There were no objections raised regarding the accounting principles and practices adopted by the group[176]