Revenue Performance - The group's revenue for the six months ended June 30, 2022, was approximately SGD 44.7 million, a decrease of about SGD 3.4 million or 7.0% compared to approximately SGD 48.1 million for the same period in 2021[7]. - Revenue from the US furniture sales segment decreased from approximately SGD 32.6 million to approximately SGD 30.6 million, reflecting ongoing supply chain challenges and rising material costs[10]. - The Singapore furniture sales segment recorded an increase in revenue from approximately SGD 10.4 million to approximately SGD 10.7 million, representing a growth of 2.7% due to the lifting of COVID-19 restrictions[10]. - The interior design segment's revenue decreased by 33.4% from approximately SGD 5.0 million to approximately SGD 3.3 million, attributed to a reduction in projects in Singapore and Malaysia[11]. - Overall, the decrease in revenue was primarily due to declines in the interior design and US furniture sales segments, partially offset by increases in the furniture sales division[18]. - Total revenue for the six months ended June 30, 2022, was impacted by a cost of goods sold amounting to 29,884,000 SGD, down from 31,429,000 SGD in the previous year, indicating a reduction of about 4.9%[113]. - The company reported a total of SGD 41,370,000 in customer contract revenue for the six months ended June 30, 2022, with SGD 30,647,000 coming from US furniture sales[107]. - The revenue from Singapore for the same period was SGD 13,878,000, while Malaysia and Brunei contributed SGD 173,000[107]. Profitability and Financial Performance - The group's profit decreased by approximately 46.3% from about SGD 3.5 million for the six months ended June 30, 2021, to about SGD 1.9 million for the six months ended June 30, 2022, mainly due to a reduction in other income and gains by approximately SGD 1.2 million from government COVID-19 relief programs and insurance claims[21]. - Gross profit for the same period was SGD 13.200 million, down from SGD 13.928 million, reflecting a gross margin of 29.5%[55]. - The company reported a net profit of SGD 1.873 million for the six months ended June 30, 2022, compared to SGD 3.489 million in the previous year, representing a decline of 46.2%[55]. - The total comprehensive income for the period was SGD 2.750 million, down from SGD 3.835 million in the prior year[58]. - The group's gross profit for the six months ended June 30, 2022, was 1,625,000 SGD, a decrease from 2,975,000 SGD for the same period in 2021, reflecting a decline of approximately 45.4%[118]. Cash Flow and Liquidity - The group held cash and cash equivalents totaling approximately SGD 28.5 million as of June 30, 2022, compared to approximately SGD 40.7 million as of December 31, 2021[22]. - The cash and cash equivalents decreased significantly to SGD 28,479,000 from SGD 40,662,000, a decline of 30.1%[60]. - Operating cash flow for the six months ended June 30, 2022, was a net outflow of SGD 10,086,000, compared to an inflow of SGD 7,415,000 in the previous year[73]. - The company’s financing activities resulted in a net cash outflow of SGD 2,159,000, compared to SGD 2,746,000 in the prior period[76]. - Cash and cash equivalents decreased by SGD 5,618,000, resulting in a balance of SGD 14,304,000 at the end of the reporting period, down from SGD 40,962,000[76]. Assets and Liabilities - As of June 30, 2022, the total borrowings of the group were approximately SGD 43,000, down from approximately SGD 55,000 as of December 31, 2021[22]. - The total assets as of June 30, 2022, amounted to SGD 102,279,000, compared to SGD 100,210,000 as of December 31, 2021, indicating a growth of approximately 2%[98]. - Total liabilities increased to SGD 48,132,000 as of June 30, 2022, from SGD 45,280,000 at the end of 2021, reflecting a rise of about 6.1%[98]. - The net asset value decreased to SGD 54,147,000 from SGD 54,930,000, a decline of 1.42%[63]. - The total liabilities under "Other Payables and Accrued Expenses" amounted to SGD 16,316,000, an increase of 24.5% from SGD 13,091,000 as of December 31, 2021[137]. Shareholder Information - The total issued and paid-up capital remained at 2,000,000,000 shares with a par value of HK$0.01 per share, unchanged from December 31, 2021[140]. - As of June 30, 2022, the company had a total issued share capital of SGD 3,453,000, consistent with the previous year[140]. - The company’s major shareholders include Mr. Ruan Youren and Ms. Wee Ai Quey, each holding 900,000,000 shares, representing 45% of the total issued shares[149]. - Non-executive director Mr. Gao Quantai directly holds 300,000,000 shares, equivalent to 15% of the total issued shares[150]. - The total number of issued shares as of June 30, 2022, was 2,000,000,000 shares, with no other significant changes reported among directors or key executives[151]. Corporate Governance - The board decided not to declare any interim dividend for the period ended June 30, 2022[39]. - The company has complied with the corporate governance code, except for the separation of roles between the Chairman and CEO as per code provision C.2.1[171]. - The audit committee consists of five members, including non-executive and independent non-executive directors, ensuring proper oversight of financial reporting[174]. - The company has established written guidelines for securities trading for employees who may hold unpublished inside information, adhering to the standards set forth in the listing rules[172]. - The company will continue to review its corporate governance policies to ensure alignment with best practices and recent developments[171].

Financial Performance - Total revenue for the fiscal year ended December 31, 2021, was SGD 89.2 million, a decrease of approximately SGD 25.1 million compared to the fiscal year ended December 31, 2020[9]. - Net profit decreased by 32.8% from SGD 8.8 million in 2020 to SGD 5.9 million in 2021[9]. - Shareholders' profit decreased from SGD 7.4 million in 2020 to SGD 4.8 million in 2021[9]. - Gross profit for the same period was approximately SGD 27.1 million, down 16.8% from SGD 32.5 million in 2020[85]. - The group's revenue decreased by approximately SGD 25.1 million or 22.0% to about SGD 89.2 million for the fiscal year ended December 31, 2021, compared to approximately SGD 114.3 million for the previous fiscal year[97]. - The group's net profit for the fiscal year ended December 31, 2021, decreased by approximately 32.8% to about SGD 5.9 million, down from approximately SGD 8.8 million for the previous fiscal year[104]. - Total cash and cash equivalents as of December 31, 2021, were approximately SGD 40.7 million, down from approximately SGD 50.3 million as of December 31, 2020[105]. - The current ratio as of December 31, 2021, was approximately 2.7, compared to approximately 2.9 as of December 31, 2020[105]. - The group's administrative expenses decreased by approximately SGD 1.3 million or 11.8% to about SGD 9.8 million for the fiscal year ended December 31, 2021[99]. - The group's financing costs increased by approximately SGD 0.1 million to about SGD 0.8 million for the fiscal year ended December 31, 2021, primarily due to new long-term lease agreements[100]. - Other income and gains decreased by approximately SGD 0.3 million or 12.5% to about SGD 2.1 million for the fiscal year ended December 31, 2021[102]. Revenue Segmentation - Revenue from the US furniture sales segment was approximately SGD 56.4 million, a decrease of about 34.2% compared to 2020, accounting for approximately 63.3% of total group revenue[9]. - Revenue from the furniture sales segment in Singapore increased to approximately SGD 17.5 million, up from SGD 12.9 million in 2020, due to the easing of COVID-19 restrictions[90]. - Revenue from special projects in the furniture sales segment increased to approximately SGD 5.0 million, up from SGD 4.4 million in 2020, attributed to increased project deliveries as COVID-19 restrictions were relaxed[91]. - Interior design and renovation service revenue decreased to approximately SGD 10.2 million from SGD 11.2 million in 2020, due to a reduction in projects in Brunei and Singapore[92]. Strategic Plans and Challenges - The company anticipates challenges in 2022 due to ongoing supply chain disruptions and increased shipping costs, but plans to enhance product offerings and implement growth strategies cautiously[93]. - The company plans to replenish inventory of best-selling products and develop new products to enhance supply capabilities in the fiscal year 2022[10]. - The company aims to manage business prudently and implement cautious development strategies amid market volatility and geopolitical conditions[10]. - The company will continue to focus on nurturing new brands and products, leveraging the momentum in the real estate market, particularly in the high-end and luxury segments[94]. Corporate Governance - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[21]. - The board held four meetings during the reporting period, with all directors in attendance, including a meeting in March 2022 to review annual performance and recommend the final dividend for the year ending December 31, 2021[22]. - The company has maintained compliance with listing rules by appointing at least three independent non-executive directors, one of whom possesses appropriate professional qualifications or financial management expertise[27]. - The board is responsible for leading and monitoring the company, guiding management, and ensuring effective internal controls and risk management systems[29]. - The company has established three committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, each with defined written terms of reference[36]. - All directors are encouraged to participate in continuous professional development to ensure their contributions remain informed and relevant[33]. - The company provides appropriate insurance coverage for directors and senior management against legal actions arising from their business activities[32]. - The chairman and CEO roles are held by the same individual, which the board believes serves the best interests of the company[24]. - The company has adopted a board diversity policy, recognizing that diversity enhances operational performance and quality[43]. - The board diversity policy considers various factors, including gender, age, cultural and educational background, and professional experience[44]. - The Nomination Committee will report on board composition and monitor the implementation of the board diversity policy annually[49]. - The company has established a nomination policy outlining key selection criteria for board appointments and succession planning[50]. - The board is responsible for reviewing corporate governance policies and practices, including compliance with legal and regulatory requirements[52]. Risk Management - The company has implemented a risk management policy to address potential operational risks, including operational, credit, and market risks[55]. - The audit committee assists the board in reviewing the effectiveness of the risk management and internal control systems[59]. - The board confirmed the effectiveness of the risk management and internal control systems during the reporting period[59]. - The company has established internal control measures to promote effective business operations and compliance with regulatory requirements[58]. - The company has outlined its major risks and uncertainties in the management discussion and analysis section of the annual report[159]. Shareholder Information - A final dividend of HKD 0.01 per ordinary share is proposed, subject to approval at the upcoming annual general meeting[11]. - The board proposed a final dividend of HKD 0.01 per ordinary share for the year ended December 31, 2021, compared to HKD 0.0128 per share for the previous year[127]. - The final dividend distribution is subject to shareholder approval at the annual general meeting scheduled for June 28, 2022[129]. - The board believes that the distribution of the final dividend will not have a significant adverse impact on the group's financial position[131]. - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting[73]. - The company has not reported any shareholder waiving or agreeing to waive dividends for the year ended December 31, 2021[162]. Employee and Management Information - The group employed 132 full-time employees as of December 31, 2021, a decrease from 136 in the previous year[120]. - Employee costs for the year ended December 31, 2021, were approximately SGD 10.0 million, a decrease from SGD 10.8 million in 2020[121]. - The employee compensation policy is determined based on performance, qualifications, and market statistics[198]. - 高先生 has over 25 years of experience in the property and hotel industry, overseeing corporate development and strategic planning for the group[140]. - 林瑞慶先生 has over 20 years of experience in auditing, accounting, and financial management, responsible for corporate development and strategic planning[141]. - 吳佩詩女士 has over 15 years of experience in sales and marketing, currently overseeing project sales and management for special projects[149]. - 符金春女士 has over 20 years of experience in sales, marketing, and business development in the furniture industry, responsible for procurement of new products[152]. - 林女士 has over 15 years of experience in interior design and property development, focusing on business development[151]. - 高先生 was appointed as a non-executive director in March 2018, indicating a strategic leadership role within the company[140]. - 林瑞慶先生 has been the group financial director since September 2014, highlighting his key role in financial oversight[142]. - 吳先生 has over 25 years of experience in finance and fund management, serving as an independent non-executive director since March 2019[145]. - Wee先生 has been involved in mergers and acquisitions and financial consulting since 2015, indicating a focus on strategic growth[146]. - 林文正先生 serves as the chairman of the audit committee, emphasizing the importance of governance and oversight within the company[144]. Miscellaneous - The company is a third-party e-commerce platform furniture seller in the U.S. and a mid-to-high-end furniture retailer in Singapore[156]. - The group made charitable donations totaling SGD 16,000 during the year[180]. - The group acquired property, plant, and equipment at a cost of approximately SGD 1.3 million during the year[174]. - No management or administrative contracts were established for the group or any significant business segment as of December 31, 2021[194]. - No significant transactions, arrangements, or contracts involving directors or their related entities were in effect as of December 31, 2021[195]. - No significant contracts were established with any controlling shareholders or their subsidiaries as of December 31, 2021[196]. - The company has provided indemnification clauses for directors and senior management against liabilities incurred in their roles, effective until December 31, 2021[197]. - The company has not made any further investments in investment properties during the year[166]. - There were no significant events affecting the group from the start of the financial year until the date of the report[158]. - The net proceeds from the listing amounted to HKD 105.2 million (approximately SGD 18.2 million) after deducting related listing expenses[167]. - The company allocated 62.1% of its net proceeds to inventory procurement, amounting to approximately HKD 65.351 million[168]. - The company plans to enhance sales and marketing efforts, allocating 8.4% of its net proceeds, which is approximately HKD 8.84 million, to improve brand loyalty and recognition[168]. - The furniture sales segment reported a rental expense of approximately HKD 10.839 million, with a utilization of 10.3% of the net proceeds as of December 31, 2021[170]. - Capital expenditure for new sales points amounted to approximately HKD 3.052 million, representing 2.9% of the net proceeds[170]. - Brand awareness initiatives accounted for approximately HKD 2.631 million, or 2.5% of the net proceeds[170]. - Warehouse expansion in Singapore incurred costs of approximately HKD 2.105 million, which is 2.0% of the net proceeds[170]. - General working capital for the group was approximately HKD 8.734 million, representing 8.3% of the net proceeds[170]. - The total amount utilized from the net proceeds was approximately HKD 105.235 million, with a remaining balance of approximately HKD 23.493 million[170]. - The largest customer accounted for approximately 26.3% of the group's revenue, while the top five customers collectively represented about 62.5%[183]. - The top five suppliers contributed approximately 27.9% to the total procurement amount, with the largest supplier accounting for about 7.7%[183].

DESIGN CAPITAL LIMITED 設計都會有限公司 中期報告2021 於開曼群島註冊成立之有限公司 股份代號 1545 設計都會有限公司 / 2021年中期報告 | --- | --- | --- | |-------|-------|----------------------------------| | | 2 | 目錄 \n公司資料 | | | 3 | 管理層討論及分析 | | | 10 | 中期簡明綜合損益及其他全面收益表 | | | 12 | 中期簡明綜合財務狀況表 | | | 14 | 中期簡明綜合權益變動表 | | | 16 | 中期簡明綜合現金流量表 | | | 18 | 中期簡明綜合財務報表附註 | | | 31 | 其他資料 | 公司資料 | --- | --- | |----------------------------------------------------------------------------------|------------------------------------------------------------------------- ...

DESIGN CAPITAL LIMITED 設計都會有限公司 手報 2020 於開曼群島註冊成立之有限公司 股份代號 1545 設計都會有限公司 / 2020年年度報告 | --- | --- | --- | |-------|-------|------------------------------| | | | 目錄 | | | | | | | | 公司資料 | | | 2 | 主席報告 | | | 3 | 企業管治報告 | | | 4 | 管理層討論及分析 | | | 16 23 | 董事及高級管理層簡歷詳情 | | | 27 | 董事會報告 | | | 40 | 致本公司股東之獨立核數師報告 | | | 45 | 綜合損益及其他全面收益表 | | | 46 | 綜合財務狀況表 | | | 48 | 綜合權益變動表 | | | 50 | 綜合現金流量表 | | | 52 | 財務報表附註 | | | 110 | 五年財務概要 | 公司資料 | --- | --- | |---------------------------------------------------------|-------- ...

DESIGN CAPITAL LIMITED 設計都會有限公司 中期報告 2020 於開曼群島註冊成立之有限公司 股份代號 1545 | --- | --- | --- | --- | --- | |-------|-------|-------|----------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 設計都會有限公司 2020 年中期報告 | | | | | | 目錄 | | | | 2 | | 公司資料 | | | | 3 | | 管理層討論及分析 | | | | 9 | | 中期簡明綜合損益及其他全面收益表 | | | | 11 | | 中期簡明綜合財務狀況表 | | | | 13 | | 中期簡明綜合權益變動表 | | | | 15 | | 中期簡明綜合現金流量表 | | | | 17 | | 簡明綜合中期財務資料附註 | | | | 31 | | 其他資料 | | 公司資料 | --- | --- | |--------------------------- ...

Financial Performance - Total revenue for the year ended December 31, 2019, was SGD 115.3 million, an increase of approximately SGD 5.6 million compared to the previous year[11] - Gross profit grew by approximately 3.9% to SGD 35.2 million from SGD 33.9 million in 2018, while net profit attributable to shareholders increased from SGD 5.7 million to SGD 6.1 million, representing a growth of 7.0%[11] - Revenue from the US furniture sales segment was SGD 80.3 million, a growth of approximately 5.0% year-on-year, accounting for about 69.7% of total group revenue[12] - The interior design segment generated revenue of approximately SGD 15.3 million, up from SGD 10.9 million in 2018, reflecting strong performance and recognition from real estate developers[12] - The company's revenue for the fiscal year ended December 31, 2019, was approximately SGD 115.3 million, an increase of about 5.1% compared to SGD 109.7 million in 2018[116] - Gross profit for the same period was approximately SGD 35.2 million, reflecting a 3.9% increase from SGD 33.9 million in 2018[117] - Profit attributable to shareholders for the fiscal year was approximately SGD 6.1 million, up from SGD 5.7 million in 2018[118] - Group revenue increased by approximately SGD 5.6 million or 5.1% from SGD 109.7 million for the year ended December 31, 2018, to SGD 115.3 million for the year ended December 31, 2019, primarily due to increased sales in the US furniture and interior design segments[136] Challenges and Risks - The company anticipates challenges in the short to medium term due to the COVID-19 outbreak, which may impact consumer demand and supply chain disruptions[13] - The ongoing US-China trade war continues to create uncertainty regarding product pricing and profit management in the US e-commerce market[13] - The company is facing challenges in the U.S. furniture sales segment due to economic slowdown and trade tensions, impacting growth prospects for the fiscal year 2020[130] - The company has identified various market, operational, credit, and foreign exchange risks that could impact its financial performance and has implemented strategies to mitigate these risks[156] Corporate Governance - The board emphasizes high standards of corporate governance to protect shareholder interests and enhance corporate value[17] - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[25] - The company has maintained compliance with listing rules by appointing at least three independent non-executive directors, one of whom possesses appropriate professional qualifications or financial management expertise[32] - The board is responsible for leading and monitoring the company, ensuring effective internal controls and risk management systems are in place[37] - The company provides appropriate insurance coverage for directors and senior management against legal actions faced in the course of business, with annual reviews of the coverage[38] - All directors have participated in training programs to stay updated on regulatory developments and ensure their contributions remain relevant[39] - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to assist the board in fulfilling its responsibilities[51] - The chairman and CEO roles are held by the same individual, which the board believes serves the best interests of the company[31] - The company has a policy for directors to rotate and seek re-election at least every three years, ensuring accountability[33] - The board has a majority of independent non-executive directors to maintain a balance of power and independent judgment[31] - The Audit Committee held two meetings during the reporting period to review the financial performance and significant matters related to financial reporting, internal controls, and risk management[60] - The Remuneration Committee convened once during the reporting period to review and propose recommendations regarding the remuneration policies for executive directors and performance-based incentives[63] - The Nomination Committee held two meetings to assess the board's structure, size, and composition, ensuring diversity and independence among directors[66] - The company has adopted a board diversity policy, recognizing that diversity enhances operational performance and quality[67] - The company’s board composition considers various diversity aspects, including gender, age, cultural background, and professional experience[69] - The company’s governance practices include regular reviews of compliance with legal requirements and ethical standards[79] - The Audit Committee met with external auditors twice during the reporting period, with executive directors not in attendance[61] - The Remuneration Committee reviewed the performance bonus plans for executive directors during its meeting[63] - The Nomination Committee evaluates candidates based on integrity, experience, and commitment to the company’s business[77] - The company emphasizes the importance of board diversity in achieving sustainable and balanced development[68] Financial Position - Total cash and cash equivalents as of December 31, 2019, were approximately SGD 36.1 million, significantly higher than SGD 15.5 million in 2018[119] - Current assets totaled approximately SGD 78.9 million as of December 31, 2019, compared to SGD 63.4 million as of December 31, 2018, while current liabilities decreased to approximately SGD 27.8 million from SGD 37.6 million[147] - The debt-to-equity ratio improved to approximately 0.2% as of December 31, 2019, down from 0.7% as of December 31, 2018, primarily due to proceeds from the public listing[150] - Employee costs, including director remuneration, were approximately SGD 10.6 million for the year ended December 31, 2019, compared to SGD 8.7 million in 2018, representing a 21.8% increase[166] - The group had unutilized bank financing totaling approximately SGD 6.6 million as of December 31, 2019, down from SGD 6.2 million in 2018[167] - The company paid approximately SGD 206,000 for audit services and SGD 14,000 for non-audit services to external auditors for the year ended December 31, 2019[94] - The audit services included SGD 200,000 to Ernst & Young LLP and SGD 6,000 to other external auditors, while non-audit services included SGD 12,000 to Ernst & Young LLP and SGD 2,000 to other external auditors[94] Future Outlook - Future outlook indicates a projected revenue growth of 10% for the upcoming fiscal year, driven by new product launches and market expansion strategies[199] - The company is investing in new technologies, with a budget allocation of $5 million for R&D in innovative design solutions[199] - Market expansion efforts include entering two new regional markets, aiming for a 20% increase in market share within the next two years[199] - The company has completed a strategic acquisition of a competitor, enhancing its service offerings and expected to contribute an additional $2 million in annual revenue[199] - A new product line is set to launch in Q2 2020, anticipated to generate $3 million in sales within the first year[199] - The management team has emphasized a focus on sustainability, with plans to reduce operational costs by 15% through eco-friendly practices[199] - The company has established a partnership with a leading technology firm to enhance its digital marketing capabilities, aiming for a 25% increase in online sales[199] - The board has approved a dividend payout of $0.10 per share, reflecting a commitment to returning value to shareholders[199] Company Overview - The company operates as an investment holding company and is a long-established third-party e-commerce platform for furniture sellers in the United States[200] - The company also serves as a mid-to-high-end furniture retailer and comprehensive home design solution provider based in Singapore[200] - The financial details of the company's subsidiaries are provided in the consolidated financial statements note 1[200]

Financial Performance - The company's revenue for the six months ended June 30, 2019, was approximately SGD 55.2 million, an increase of about SGD 3.8 million or 7.3% compared to SGD 51.5 million for the same period in 2018[7]. - The increase in revenue was primarily attributed to higher sales in the US furniture segment and the interior design division[17]. - The company's profit increased by approximately 51.4% to SGD 3.4 million for the six months ended June 30, 2019, primarily due to a reduction in non-recurring listing expenses and income tax expenses[18]. - The group reported revenue of SGD 55.2 million for the six months ended June 30, 2019, compared to SGD 51.5 million for the same period in 2018, reflecting a growth of approximately 7.1%[47]. - Gross profit for the period was SGD 17.3 million, up from SGD 16.4 million in the previous year, indicating a gross margin improvement[47]. - The net profit for the period was SGD 3.4 million, compared to SGD 2.2 million for the same period in 2018, representing a year-over-year increase of approximately 51.6%[47]. - The company reported a pre-tax profit of SGD 4,163,000 for the six months ended June 30, 2019, up from SGD 3,595,000 in the previous year, reflecting a growth of 15.8%[63]. - The company reported a pre-tax profit of SGD 2,584,000 for the six months ended June 30, 2019, compared to SGD 1,615,000 for the same period in 2018, representing a growth of approximately 60%[148]. Cash and Liquidity - As of June 30, 2019, the company held cash and cash equivalents totaling approximately SGD 32.7 million, up from SGD 15.5 million as of December 31, 2018[17]. - Cash and cash equivalents increased significantly to SGD 32,675,000 as of June 30, 2019, compared to SGD 15,469,000 at the end of 2018, reflecting a growth of approximately 110.5%[53]. - Cash and cash equivalents, excluding fixed deposits, increased to SGD 29,075,000 as of June 30, 2019, compared to SGD 7,809,000 as of December 31, 2018, representing a significant increase of 272.5%[162]. - Operating cash flow for the six months ended June 30, 2019, was SGD 6,630,000, compared to SGD 3,201,000 for the same period in 2018, representing an increase of 106.5%[63]. - The company’s total cash flow increased by SGD 21,279,000 for the six months ended June 30, 2019, compared to an increase of SGD 3,345,000 in the same period last year[72]. Assets and Liabilities - The total current assets of the group were approximately SGD 73.2 million, an increase from SGD 63.4 million as of December 31, 2018[21]. - The current liabilities of the group were approximately SGD 26.0 million as of June 30, 2019, down from SGD 37.6 million as of December 31, 2018, resulting in a current ratio of approximately 2.8[21]. - The total debt of the company as of June 30, 2019, was approximately SGD 157,000, down from SGD 186,000 as of December 31, 2018[19]. - Total liabilities decreased from SGD 37,588,000 at the end of 2018 to SGD 25,967,000 as of June 30, 2019, a reduction of approximately 30.9%[53]. - The total assets of the segments amounted to SGD 78,783 thousand as of June 30, 2019, compared to SGD 73,000 thousand as of June 30, 2018, reflecting an increase of approximately 7.9%[122]. Share Capital and Ownership - The company raised a total of SGD 25.9 million from its IPO, with a net amount of approximately SGD 18.2 million after deducting related expenses[37]. - The group issued 2,000,000,000 shares as of June 30, 2019, with a total issued capital of SGD 3,453,000, reflecting a significant increase from 3,800 shares at the end of 2018[168]. - The company increased its authorized share capital from HKD 380,000 to HKD 100,000,000, resulting in 10,000,000,000 shares with a par value of HKD 0.01 each[175]. - The major shareholders include Mr. Ruan Youren and Ms. Wee Ai Quey, each holding 900,000,000 shares, representing 45% of the total issued shares[187]. - The ownership structure indicates significant concentration among major shareholders, with the top three entities holding a combined 75% of the total issued shares[197][199]. Segment Performance - The interior design division benefited from an increase in new property launches in the first half of the fiscal year 2019, and this trend is expected to continue[14]. - For the six months ended June 30, 2019, total segment revenue was SGD 55,919 thousand, an increase from SGD 51,957 thousand for the same period in 2018, representing a growth of approximately 7.5%[122]. - The segment performance showed a profit of SGD 4,163 thousand for the six months ended June 30, 2019, compared to SGD 3,595 thousand for the same period in 2018, indicating an increase of about 15.8%[125]. Risks and Challenges - The company anticipates a challenging operating environment for the furniture sales segment in the second half of the fiscal year 2019 due to ongoing trade tensions and economic slowdown in the US[12]. - The company continues to face financial risks including credit risk, foreign exchange risk, liquidity risk, and capital risk, with no changes in risk management policies since the fiscal year ended December 31, 2018[113]. Accounting and Compliance - The company has adopted new accounting standards and interpretations, particularly IFRS 16 on leases, which may impact the financial statements but has not identified any uncertain tax positions that would affect the consolidated financial statements[110]. - The management has made significant judgments in preparing the interim financial statements, which may lead to substantial adjustments in the future due to uncertainties in estimates[112].

Financial Performance - The total revenue for the year ended December 31, 2018, was SGD 109.7 million, an increase of SGD 8.8 million compared to the previous year[6]. - The growth in revenue was primarily attributed to increased sales in the US furniture segment[6]. - The company's revenue for the fiscal year ended December 31, 2018, was approximately SGD 109.7 million, an increase of about 8.7% from SGD 100.9 million in 2017[70]. - Gross profit for the same period was approximately SGD 33.9 million, reflecting a growth of about 5.2% from SGD 32.2 million in 2017[71]. - Profit attributable to shareholders for the fiscal year was approximately SGD 5.7 million, down from SGD 7.0 million in 2017[72]. - The overall gross profit margin decreased from approximately 31.9% in 2017 to about 30.9% in 2018, primarily due to the increased revenue share from the lower-margin U.S. furniture sales segment[84]. - Profit for the year (excluding listing expenses) increased by approximately SGD 1.3 million or 14.7% from SGD 8.5 million for the year ended December 31, 2017, to SGD 9.8 million for the year ended December 31, 2018[90]. - The company incurred expenses related to its listing on the stock exchange, which impacted its profitability for the year[6]. Governance and Board Structure - The company has a strong governance framework aimed at protecting shareholder interests and enhancing corporate value[11]. - The board consists of eight members, including three executive directors and three independent non-executive directors[16]. - The company has adopted the corporate governance code as the basis for its governance practices[11]. - The company has appointed three independent non-executive directors, constituting over one-third of the board, ensuring compliance with listing rules[21]. - The board is responsible for leading and monitoring the company, overseeing operational and financial performance, and ensuring effective internal controls and risk management systems[25]. - The Audit Committee has been established with five members, including independent non-executive directors, to provide independent insights on financial reporting and internal controls[32]. - The Remuneration Committee, consisting of five members, is tasked with reviewing and advising on the remuneration policies for directors and senior management[34]. - The Nomination Committee, also comprising five members, reviews the board's structure and composition annually, ensuring alignment with the company's strategic goals[37]. - The company has adopted a board diversity policy, recognizing the benefits of diverse board members on operational performance[40]. - All directors are required to undergo continuous professional development to maintain their knowledge and skills relevant to their roles[29]. - The company has established a three-year term for directors, with mandatory re-election at the annual general meeting[22]. - The board is responsible for reviewing the effectiveness of the risk management and internal control systems, which aim to manage potential risks rather than eliminate them[48]. - The audit committee is tasked with developing and implementing risk management policies to address operational, credit, and market risks[48]. Shareholder Rights and Engagement - Shareholders have the right to propose independent resolutions at general meetings, ensuring their interests are protected[58]. - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting within two months of submission[59]. - The board is not aware of any provisions allowing shareholders to propose resolutions at general meetings under the company's articles of association[60]. - The company typically does not handle oral or anonymous inquiries from shareholders, requiring written queries instead[61]. Market and Operational Insights - The company operates under several brands in the US, including "SIMPLE LIVING," "LIFESTOREY," "TARGET MARKETING SYSTEMS," and "TMS"[5]. - The company anticipates that the projected growth of the online furniture market in the US will drive its development[8]. - Revenue from the U.S. furniture sales segment was approximately SGD 76.5 million, an increase of about 13.7% from SGD 67.3 million in 2017, accounting for approximately 69.7% of total revenue[77]. - The dining furniture sales accounted for over 50% of the U.S. furniture sales segment revenue, with kitchen furniture sales contributing about 20%[78]. - The furniture sales segment in Singapore generated approximately SGD 22.3 million, slightly down from SGD 22.7 million in 2017[81]. - Interior design and renovation services revenue was approximately SGD 10.9 million, remaining stable compared to SGD 11.0 million in 2017[82]. - The company operates as a third-party e-commerce platform furniture seller in the US and a mid-to-high-end furniture retailer in Singapore[136]. Financial Position and Capital Management - Total cash and cash equivalents as of December 31, 2018, were approximately SGD 15.5 million, a decrease from SGD 20.9 million in 2017[73]. - Total debt as of December 31, 2018, was approximately SGD 186,000, up from SGD 53,000 in 2017, primarily due to finance lease obligations[92]. - Total current assets as of December 31, 2018, were approximately SGD 63.4 million, compared to SGD 53.2 million in 2017, while total current liabilities increased to approximately SGD 37.6 million from SGD 29.5 million[92]. - The current ratio as of December 31, 2018, was approximately 1.7, down from 1.8 in 2017[92]. - Employee costs, including directors' remuneration, were approximately SGD 8.7 million for the year ended December 31, 2018, unchanged from 2017[106]. - The company had 142 full-time employees as of December 31, 2018, compared to 130 in 2017[105]. - The debt-to-equity ratio as of December 31, 2018, was approximately 0.7%, up from 0.2% in 2017, primarily due to increased finance lease obligations[94]. IPO and Fund Allocation - The company successfully raised approximately HKD 107.9 million from its IPO by issuing 500 million shares at HKD 0.30 per share[146]. - 62.1% of the raised funds are allocated for inventory procurement in the US furniture sales division[152]. - The company plans to enhance sales and marketing efforts with 8.4% of the funds to improve brand loyalty and recognition[152]. - A total of 1.3 million SGD was spent on acquiring property, plant, and equipment during the year[147]. - The company has opened two new sales points under the brands "OM" and "Lifestorey," with 8.3% of the funds allocated for general working capital[153]. Compliance and Reporting - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2018[199]. - The company has maintained compliance with applicable laws and regulations without any significant violations during the year[192]. - The environmental, social, and governance report will be published within three months after the annual report is released[191]. - Significant events occurring after the reporting period are detailed in the financial statements[194]. - The company has a comprehensive financial report detailing its business activities and future developments in the "Chairman's Report" and "Management Discussion and Analysis" sections[137]. - The company has outlined its major risks and uncertainties in the annual report, specifically in the "Management Discussion and Analysis" section[139]. Management and Team Experience - The executive team has extensive experience in the interior design and furniture industry, with key members having over 20 years of experience[111]. - The financial director has over ten years of experience in finance and accounting, ensuring robust financial reporting and management[114]. - The management team includes members with significant backgrounds in property development and investment, enhancing strategic oversight[117]. - The independent non-executive director has over 20 years of experience in accounting and management, providing independent oversight of the company's operations[121]. - The company continues to monitor its corporate development and strategic planning through its board members' extensive industry experience[117].