Financial Performance - The group's total revenue increased from approximately SGD 66.5 million for the year ended December 31, 2022, to approximately SGD 91.2 million for the year ended December 31, 2023, representing a growth of about 37.1%[2] - Gross profit for the year ended December 31, 2023, was approximately SGD 11.5 million, up about 48.7% from approximately SGD 7.7 million in 2022, with a gross margin increase from 11.6% to 12.6%[4] - The company reported a net profit attributable to equity holders of SGD 1.403 million for 2023, compared to a loss of SGD 1.363 million in 2022, resulting in a basic earnings per share of SGD 0.14[28] - The company's revenue for the year ended December 31, 2023, was SGD 91,181,000, an increase from SGD 66,493,000 in 2022, representing a growth of approximately 37.1%[41] - The net profit attributable to equity holders for 2023 was SGD 1,403,000, a significant recovery from a loss of SGD 1,363,000 in 2022[46] - The company reported a profit of approximately SGD 1.4 million for the year ended December 31, 2023, a recovery from a loss of about SGD 1.4 million in 2022[101] Cost and Expenses - The cost of sales rose from approximately SGD 58.8 million in 2022 to approximately SGD 79.7 million in 2023, an increase of about 35.6%, consistent with revenue growth[3] - The company reported an increase in administrative expenses to SGD 6,000,000, impacting overall profitability[46] - Administrative expenses for the year ended December 31, 2023, were approximately SGD 9.6 million, up from SGD 8.7 million in 2022, primarily due to increased employee costs[87] - The total employee cost for the year ended December 31, 2023, was approximately SGD 15.1 million, up from SGD 12.7 million in 2022[111] Trade and Receivables - Trade receivables decreased from SGD 9.036 million in 2022 to SGD 4.111 million in 2023, with a significant reduction in overdue receivables over 90 days[8] - The group has maintained a credit period of up to 65 days for its customers, with a significant portion of trade receivables aged 0 to 30 days decreasing from SGD 6.344 million in 2022 to SGD 2.449 million in 2023[8] - The allowance for expected credit losses decreased from SGD 257,000 in 2022 to SGD 85,000 in 2023, reflecting improved credit quality of trade receivables[11] Dividends and Shareholder Returns - The company did not declare any dividends for the years ended December 31, 2023, and 2022[6] - There are no plans for dividend distribution following the reporting period[6] - The company does not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[102] Assets and Liabilities - Total liabilities increased to SGD 31,862,000 in 2023 from SGD 30,500,000 in 2022, reflecting ongoing investments in projects[47] - Trade payables decreased to SGD 6,662,000 in 2023 from SGD 8,048,000 in 2022, indicating improved cash flow management[35] - Cash and bank balances totaled approximately SGD 17.0 million as of December 31, 2023, compared to SGD 4.0 million at the end of 2022, indicating improved liquidity[90] - As of December 31, 2023, the company's debt-to-equity ratio was approximately 16.2%, a significant decrease from 67.8% in 2022[108] Business Operations and Market Outlook - The company operates primarily in Singapore, providing interior renovation services, and has a single operating segment without separate financial information for individual segments[56] - The company expects to capture new business opportunities as the construction industry in Singapore recovers, particularly from government land sales and residential developments[39] - The Building and Construction Authority (BCA) forecasts construction demand in Singapore to reach SGD 32 billion to SGD 38 billion in 2024, with the public sector contributing approximately 55%[39] Compliance and Governance - The company has complied with the corporate governance code throughout the year ended December 31, 2023[130] - The company has not early adopted any new international financial reporting standards that are issued but not yet effective, and it expects that the adoption of these standards will not have a significant impact on future financial statements[54] Acquisitions and Investments - The company completed a significant acquisition on January 5, 2024, involving the issuance of convertible notes and new shares[91] - The company has completed the acquisition of 51% of Wuhan Second Factory Beverage Co., Ltd. for HKD 25,500,000, with payment made through the issuance of convertible notes[116] - The company has no significant capital commitments as of December 31, 2023, reflecting a cautious approach to capital expenditure[94] - The company has no significant investments or future plans for capital assets as of December 31, 2023[111] Other Financial Information - Other income for the year ended December 31, 2023, was approximately SGD 0.1 million, a significant decrease from SGD 0.6 million in the previous year, primarily due to the cessation of government subsidies related to COVID-19[66] - The company's tax expense for the year ended December 31, 2023, was approximately SGD 2,000, mainly due to the net value of deferred tax assets recognized during the year[69] - The company has recognized a provision for onerous contracts amounting to SGD 528,000 due to anticipated increases in production costs[36] - The company has a profit guarantee for the target company, ensuring a post-tax profit of no less than HKD 5,000,000 per year for two full financial years following the completion date[116] - The company’s annual general meeting is scheduled for May 24, 2024[122]

Financial Performance - For the six months ended June 30, 2023, the company reported a net profit of approximately SGD 2.2 million, an increase of approximately SGD 2.5 million from a net loss of SGD 0.3 million for the same period in 2022[29]. - Total revenue for the six months ended June 30, 2023, was approximately SGD 52.9 million, a significant increase from SGD 30.7 million in the same period of 2022, representing a growth of about 72%[25]. - Gross profit for the same period was SGD 5,977 thousand, up 87.0% from SGD 3,194 thousand year-on-year[97]. - The net profit attributable to equity holders for the six months ended June 30, 2023, was SGD 2,204 thousand, compared to a loss of SGD 296 thousand in the previous year[97]. - The company's revenue increased by 72.4% to approximately SGD 52.9 million for the six months ended June 30, 2023, compared to approximately SGD 30.7 million for the same period in 2022[167]. - The gross profit for the six months ended June 30, 2023, was approximately SGD 5,977,000, up 87.1% from SGD 3,194,000 in the same period of 2022, with a gross margin increase from 10.4% to 11.3%[197]. Revenue Sources - The company’s revenue primarily comes from three main activities: owners/tenants of commercial and light industrial properties, construction contractors, and professional consultants providing interior renovation services[53]. - The number of projects contributing to revenue from owners/tenants was 23, generating SGD 36.5 million, which accounted for 69.0% of total revenue[25]. - The company reported a total of 37 projects contributing to revenue for the six months ended June 30, 2023, compared to 42 projects in the same period of 2022[25]. Government Support and Grants - The company received government subsidies primarily for wage support programs during the COVID-19 pandemic, which provided immediate financial support without incurring future costs[1]. - The group reported a decrease in government grants to SGD 38,000 for the six months ended June 30, 2023, down from SGD 427,000 in the same period of 2022[123]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to SGD 44,831 thousand, an increase from SGD 41,473 thousand as of December 31, 2022[99]. - The company’s total liabilities as of June 30, 2023, were SGD 31,667 thousand, compared to SGD 30,500 thousand at the end of 2022[99]. - The company has accrued warranty liabilities of SGD 1.865 million as of June 30, 2023, compared to SGD 1.048 million as of December 31, 2022[17]. - Trade receivables as of June 30, 2023, amounted to SGD 8.704 million, a decrease of 3.7% from SGD 9.036 million as of December 31, 2022[9]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2023, was SGD 7,303,000, compared to SGD 943,000 for the same period in 2022, representing a significant increase[93]. - The cash and cash equivalents at the end of the period were SGD 6,217,000, down from SGD 8,498,000 in the previous year[93]. - The financing activities net cash outflow was SGD 5,103,000, compared to SGD 2,983,000 in the previous year, indicating increased financing costs[93]. - The company had access to committed bank financing totaling approximately SGD 27.0 million as of June 30, 2023, with SGD 5.0 million of that amount already utilized[31]. - The average fixed annual interest rate for outstanding term loans as of June 30, 2023, was 2.25%[31]. Operational Efficiency - The company’s total cash flow from operating activities showed a positive trend, indicating improved operational efficiency and cash management[93]. - The company’s financial performance reflects a recovery trajectory post-pandemic, with a focus on enhancing operational capabilities and market presence[93]. Employee and Management Costs - The company reported executive director remuneration of SGD 155,000 for the six months ended June 30, 2023, down from SGD 266,000 in the same period of 2022[19]. - The group’s total employee costs for the six months ended June 30, 2023, amounted to SGD 6,299,000, an increase from SGD 5,834,000 in the same period of 2022[135]. Compliance and Governance - The company has adopted a code of ethics and securities trading guidelines that comply with the standard code, ensuring all directors adhered to these regulations during the reporting period[58]. - The company continues to comply with the International Financial Reporting Standards, with no significant impact on its financial statements from new standards adopted[71]. Future Outlook and Challenges - The company anticipates challenges in the Singapore construction industry due to a reduction in the foreign worker ratio from 1:7 to 1:5 starting January 1, 2024[195]. - The company is focused on expanding its operations in Singapore, particularly in the interior decoration services sector[106].

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2023年6月30日止六個月之 中期業績公告 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2023年6月30日止六個月的未經審核綜合中期業績連同2022年同期的 比較數字如下： 中期簡明綜合損益及其他全面收益表 截至2023年6月30日止六個月 截至6月30日止六個月 2023年 2022年 附註 （未經審核）（未經審核） 千新加坡元 千新加坡元 收益 4 52,918 30,696 銷售成本 (46,941) (27,502) 毛利 5,977 3,194 其他收入 63 494 ...

Financial Performance - For the fiscal year ended December 31, 2022, the company's revenue decreased by 16.4% to approximately SGD 66.5 million from SGD 79.6 million in 2021[10]. - The company's gross profit increased by 21.0% to approximately SGD 7.7 million, resulting in a gross margin of 11.6%, up from 8.0% in the previous year[14]. - The net loss for the year was SGD 1.4 million, an increase of 21.9% from a net loss of SGD 1.1 million in 2021, primarily due to one-time legal and professional fees of approximately SGD 1.9 million related to the resumption of operations[10]. - The group's total revenue decreased from approximately SGD 79.6 million for the year ended December 31, 2021, to approximately SGD 66.5 million for the year ended December 31, 2022, representing a decline of about SGD 13.1 million or 16.4%[16]. - The cost of sales decreased from approximately SGD 73.2 million for the year ended December 31, 2021, to approximately SGD 58.8 million for the year ended December 31, 2022, a reduction of about SGD 14.4 million or 19.7%[18]. - Other income decreased to approximately SGD 0.6 million for the year ended December 31, 2022, from approximately SGD 1.5 million for the year ended December 31, 2021, primarily due to the absence of government subsidies related to COVID-19[20]. - Administrative expenses increased to approximately SGD 8.7 million for the year ended December 31, 2022, compared to approximately SGD 8.1 million for the year ended December 31, 2021[21]. - Financing costs rose to approximately SGD 536,000 for the year ended December 31, 2022, from SGD 409,000 for the year ended December 31, 2021, due to increased bank fees and interest expenses[22]. - The net loss attributable to owners increased to approximately SGD 1.4 million for the year ended December 31, 2022, from approximately SGD 1.1 million for the year ended December 31, 2021[24]. - As of December 31, 2022, the group had cash and bank balances totaling approximately SGD 4.0 million, down from approximately SGD 10.7 million as of December 31, 2021[27]. Business Outlook - The Building and Construction Authority of Singapore forecasts construction demand to reach between SGD 27 billion and SGD 32 billion in 2023, with private sector demand expected to be between SGD 11 billion and SGD 13 billion[8]. - The company is well-positioned to seize new business opportunities as the Singapore construction industry recovers, with a projected annual construction demand of SGD 25 billion to SGD 32 billion from 2024 to 2027[11]. - The company anticipates that business will begin to recover in 2023 to 2024, despite project delays due to market uncertainties[11]. - The gross profit margin improved significantly due to lower project values obtained in the first half of 2022, allowing for higher profit margins as projects could be completed internally[10]. - The company expressed confidence in overcoming challenges posed by global supply chain disruptions and inflation due to the ongoing COVID-19 pandemic and the Russia-Ukraine conflict[11]. Corporate Governance - The company reported a commitment to high standards of corporate governance, ensuring shareholder interests and enhancing corporate value[65]. - The board of directors consists of a balanced mix of executive and independent non-executive directors, ensuring effective independent judgment[72]. - The company has adhered to the corporate governance code throughout the fiscal year ending December 31, 2022, with no violations reported[70]. - The board held regular meetings, with attendance rates for directors being high, indicating active participation in governance[75]. - The company aims to provide satisfactory and sustainable returns to shareholders while maintaining high-quality products and services[68]. - The company has established a corporate governance framework based on the principles outlined in the corporate governance code[66]. - The company has implemented policies and procedures to enhance the board's ability to oversee business conduct and affairs[65]. - The company has confirmed the independence of all independent non-executive directors, complying with listing rules[78]. - The company has a clear separation of roles between the chairman and the CEO, ensuring effective governance[76]. - The company has a strong focus on ethical business standards, which it believes will benefit shareholders and the community in the long term[65]. - The board of directors has established an independence assessment mechanism to ensure effective independent judgment and enhance shareholder interests[79]. - All directors completed their independence assessments for the year ended December 31, 2022, with satisfactory results reported[80]. - The company has three board committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with clearly defined powers and responsibilities[91]. - The Audit Committee, composed of four independent non-executive directors, held nine meetings in the year ended December 31, 2022, focusing on financial reporting and internal control systems[93]. - The Audit Committee's main responsibilities include reviewing financial data, risk management, and internal audit effectiveness[93]. - Directors are encouraged to participate in relevant training courses, with costs covered by the company, to ensure ongoing professional development[89]. - The company provides reading materials on compliance and legal updates to directors for their reference and learning[89]. - Independent non-executive directors are responsible for ensuring high standards of regulatory reporting and providing independent judgment on corporate actions[84]. - The company has arranged appropriate insurance coverage for directors and senior management against legal actions arising from corporate activities, reviewed annually[85]. - The board will conduct an annual review of its independence assessment, with results discussed collectively[79]. Shareholder Matters - The company has adopted a dividend policy with a payout ratio expected to be no less than 35% of retained earnings prior to declaration[139]. - The company did not declare or pay any interim dividends for the year ended December 31, 2022, and does not recommend a final dividend for the same period, compared to zero in 2021[193][194]. - The company has established a communication policy to ensure shareholder and stakeholder concerns are adequately addressed[138]. - The company ensures shareholder rights are protected by proposing resolutions for independent matters at the annual general meeting, with voting results published post-meeting[128]. - Shareholders holding at least 10% of the paid-up capital can request the board to convene a special general meeting within two months of the request[129]. Management and Leadership - The company has appointed Mr. Huang as CFO, who has over 29 years of experience in finance, accounting, and corporate governance across the US, Singapore, and China[51]. - Mr. Chen, an independent non-executive director, has extensive experience in corporate finance and has been involved in significant corporate transactions in Asia, including IPOs and mergers[52][55]. - Ms. Zhang, the group's CFO, has over 20 years of experience in accounting and auditing, previously holding senior financial positions in publicly listed companies in Singapore[60]. - The company is focused on enhancing its internal control systems and financial reporting processes under the leadership of its experienced management team[60]. - The management team is committed to expanding the company's market presence and exploring new business opportunities in the Asia-Pacific region[52][56]. - The company is leveraging its leadership's extensive network in the financial and legal sectors to drive growth and innovation[53][56]. Risk Management - The company aims to maintain a robust risk management and internal control system to safeguard shareholder interests and assets, with the board responsible for annual reviews of its effectiveness[114]. - The company has established a risk management policy that includes quarterly assessments of major risks and the development of mitigation plans[116]. Social Responsibility - The company is actively involved in public service and charitable activities, reflecting its commitment to corporate social responsibility[57]. - The company reported a total revenue of HKD 13,632 for charitable donations in the fiscal year ending December 31, 2022[153].

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]