Financial Performance - The group's revenue for the fiscal year ending March 31, 2023, was approximately SGD 57.8 million, up from SGD 44.7 million in the previous year[7]. - Gross profit decreased from approximately SGD 12.0 million to about SGD 9.1 million, resulting in a gross margin decline from 26.8% to 15.7%[7]. - Loss attributable to equity holders increased from approximately SGD 982,000 to about SGD 6.4 million[7]. - Revenue from integrated building services and construction projects rose from approximately SGD 44.8 million to about SGD 58.1 million, but gross profit declined due to increased competition and higher direct labor costs[8]. - The company recorded revenue of approximately SGD 57.8 million for the review year, an increase of about SGD 13.1 million or approximately 29.3% compared to SGD 44.7 million last year[19]. - The company experienced a loss in the information technology development and application business, increasing from a loss of approximately SGD 123,000 to about SGD 376,000, primarily due to a decline in Bitcoin prices and trading volume[19]. - The company's gross profit decreased from approximately SGD 12.0 million to about SGD 9.1 million, a reduction of about SGD 2.9 million or 24.2%[22]. - The company reported a loss attributable to owners of approximately SGD 6.4 million, up from SGD 982,000 last year, mainly due to reduced gross profit margins and increased administrative expenses[29]. Administrative and Operational Expenses - Administrative expenses increased from SGD 9.9 million to SGD 12.8 million, driven by higher employee numbers and wage costs due to labor shortages in Singapore[8]. - Administrative expenses rose from approximately SGD 9.9 million to about SGD 12.8 million, an increase of about SGD 2.9 million or 29.3%[26]. - The company’s financing costs increased from approximately SGD 6,000 to about SGD 47,000 due to additional lease agreements and increased interest expenses[27]. Market Outlook and Demand - The total construction demand in Singapore for 2023 is expected to be between SGD 27 billion and SGD 32 billion, with public sector projects contributing about 60%[12]. - The outlook for the construction industry in 2023 remains challenging due to external uncertainties and labor shortages, impacting bidding competition and profitability[13]. - The mid-term construction demand is projected to reach between SGD 25 billion and SGD 32 billion annually from 2024 to 2027, supported by public sector projects[13]. Strategic Investments and Future Plans - The group plans to invest in new financial services, including asset management, following the licensing granted to its subsidiary in May 2022[9]. - The company plans to invest in new financial services, including asset management and other financial services, to enhance shareholder value and diversify its business[18]. - The company aims to reduce subcontractor usage in electrical and air conditioning engineering by enhancing internal capabilities, with an investment of SGD 6,971,000 allocated for this purpose[57]. - The total investment for expanding operational capacity and acquiring more resources in Singapore is SGD 12,475,000, with SGD 5,270,000 already utilized[57]. Corporate Governance - The company emphasizes good corporate governance to protect shareholder rights and ensure accountability[76]. - The board of directors consists of seven members, including one executive director, three non-executive directors, and three independent non-executive directors[78]. - The company has adopted a board diversity policy to enhance the effectiveness of the board through various factors such as gender, age, and professional experience[80]. - The role of chairman and CEO is separated, with the chairman being Mr. Yao Yongjie, while the CEO position has been vacant since July 23, 2021[82]. - The company has established three board committees: the audit committee, remuneration committee, and nomination committee, each with defined responsibilities[95]. Shareholder Information - The board has decided not to recommend any final dividend for the review year[135]. - As of March 31, 2023, Mr. Yao Yongjie holds 366,175,000 shares, representing approximately 30.64% of the company's ordinary shares[158]. - The company has not purchased, sold, or redeemed any of its securities during the review year[139]. - The company has adopted a policy for dividend payments, considering financial performance, cash flow, and future demand[136]. Environmental, Social, and Governance (ESG) Performance - The company’s environmental, social, and governance (ESG) performance is detailed in the ESG report for the year ending March 31, 2023[193]. - The board emphasizes the integration of environmental sustainability into the group's daily operations and has included environmental, social, and governance (ESG) issues in its business strategy[194]. - The group conducts annual risk assessments covering potential ESG-related risks and opportunities to enhance adaptability[194]. - The group adheres to the ESG reporting principles set by the Hong Kong Stock Exchange, ensuring consistency and transparency in its disclosures[198]. - The group employs standardized methods for reporting emissions and energy consumption, ensuring the reliability of its environmental data[200].

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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Grandshores Technology Group Limited 雄 岸 科 技 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1647） 截至二零二三年三月三十一日止年度之 全年業績公告 雄岸科技集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然提呈本公司及其附屬公 司（統稱「本集團」）截至二零二三年三月三十一日止年度（「回顧年度」）之經審核綜合財務業 績，連同截至二零二二年三月三十一日止年度之同期比較數字。 綜合損益及其他全面收益表 截至二零二三年三月三十一日止財政年度 二零二三年 二零二二年 附註 新加坡元 新加坡元 收益 4 57,768,008 44,702,564 銷售及服務成本 (48,674,212) (32,657,745) ...

Financial Performance - Revenue for the six months ended September 30, 2022, was SGD 22,648,704, an increase of 24.5% compared to SGD 18,146,703 for the same period in 2021[16] - Gross profit decreased to SGD 2,917,071, down 40.7% from SGD 4,915,766 in the previous year[16] - The company reported a loss before tax of SGD 2,218,830, compared to a profit of SGD 688,033 in the same period last year[16] - Total comprehensive loss for the period was SGD 3,329,182, compared to a total comprehensive income of SGD 486,162 in the previous year[16] - Basic and diluted loss per share for the period was SGD (0.20), compared to earnings per share of SGD 0.04 in the previous year[19] - The company reported a net loss attributable to owners of SGD (2,339,613) for the six months ended September 30, 2022, compared to a profit of SGD 394,363 in 2021[76] Revenue Breakdown - Revenue from integrated building services was SGD 17,750,204, compared to SGD 16,633,764 in the previous year, reflecting an increase of about 6.7%[49] - Revenue from construction projects was SGD 5,463,830, up from SGD 2,174,548, indicating a significant increase of approximately 150.5%[49] - The industrial hemp segment generated revenue of SGD 23,214,034, compared to SGD 18,808,312 in the previous year, marking a growth of around 23.5%[49] - Revenue from external customers in Singapore was SGD 23,214,034, an increase from SGD 18,808,312 in the previous year, reflecting a growth of approximately 23.5%[57] Assets and Liabilities - Non-current assets increased to SGD 12,431,338 as of September 30, 2022, from SGD 9,636,424 as of March 31, 2022[21] - Current liabilities decreased to SGD 5,450,676 from SGD 9,295,759 as of March 31, 2022[21] - The company’s net current assets were SGD 50,713,411, down from SGD 54,052,929 as of March 31, 2022[21] - As of September 30, 2022, the company's non-current liabilities increased significantly to SGD 401,115, compared to SGD 202,276 as of March 31, 2022, reflecting a growth of 98.2%[23] - The total equity attributable to the owners of the company decreased to SGD 61,015,605 from SGD 61,931,042, representing a decline of 1.5%[23] - The company's total assets as of September 30, 2022, were SGD 62,743,634, a slight decrease from SGD 63,487,077 as of March 31, 2022[23] Cash Flow - The company's cash and cash equivalents decreased by SGD 4,092,034 during the six months ended September 30, 2022, resulting in a closing balance of SGD 28,765,774[36] - Operating cash flow for the six months ended September 30, 2022, was negative at SGD (3,979,934), compared to a positive cash flow of SGD 6,343,856 in the same period last year[34] - The company reported a net cash outflow from investing activities of SGD (2,692,259) for the six months ended September 30, 2022, compared to SGD (1,501,574) in the previous year[34] - Financing activities generated a net cash inflow of SGD 2,580,159 for the six months ended September 30, 2022, compared to a net cash outflow of SGD (313,827) in the same period last year[34] Operational Focus and Future Plans - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming periods[16] - The company continues to focus on expanding its integrated building services and construction projects, alongside its blockchain and industrial hemp operations[45] - The company plans to invest in new financial services, including asset management and other financial services, following regulatory approval for its subsidiary[141] Share Capital and Equity - The company’s share capital increased to SGD 2,142,708 as of September 30, 2022, from SGD 1,966,310 as of March 31, 2022, indicating a growth of 8.9%[23] - The company issued 100,000,000 shares at a subscription price of SGD 0.1438 per share, increasing the share capital by SGD 176,398[107] Employee and Management Information - The total compensation for directors and key management personnel for the six months ended September 30, 2022, was SGD 710,272, down 3.2% from SGD 733,731 in the previous year[110] - The group employed 292 full-time employees as of September 30, 2022, an increase from 246 full-time employees as of March 31, 2022[169] Financial Standards and Reporting - The company has applied new international financial reporting standards, which did not have a significant impact on the financial position and performance for the period[44] Market Conditions - The total construction demand in Singapore for 2022 is expected to be between SGD 27 billion and SGD 32 billion, with public sector projects contributing approximately 60%[136] - The company anticipates that construction demand will remain stable at approximately SGD 11 billion to SGD 14 billion annually from 2023 to 2026[137]

Financial Performance - The group's revenue for the fiscal year ending March 31, 2022, was approximately SGD 44.7 million, a decrease from SGD 49.1 million in the previous year[8]. - Gross profit fell from approximately SGD 21.8 million to about SGD 12.0 million, resulting in a gross margin decline from 44.3% to 26.9%[8]. - The company reported a loss attributable to owners of approximately SGD 982,000, compared to a profit of SGD 5.3 million in the previous year[8]. - Revenue from digital asset trading significantly decreased from approximately SGD 11.5 million to SGD 1.2 million due to strategic reduction in Bitcoin trading volume[9]. - The fair value loss on digital asset inventory was approximately SGD 1.3 million, contrasting with a gain of SGD 2.1 million in the previous year[9]. - The group's total revenue for the review year was approximately SGD 44.7 million, a decrease of about SGD 4.4 million or 9.0% compared to SGD 49.1 million in the previous year[21]. - The group's digital asset trading revenue decreased from approximately SGD 11.5 million in the year ended March 31, 2021, to about SGD 1.2 million in the review year, reflecting a significant decline due to reduced Bitcoin trading volume[16]. - The blockchain technology development and application business saw a revenue drop from approximately SGD 13.6 million to a loss of about SGD 123,000, primarily due to strategic reductions in Bitcoin trading volume[22]. - The group's gross profit decreased from approximately SGD 21.8 million to about SGD 12.0 million, a reduction of about SGD 9.8 million or 44.7%[26]. - The gross profit margin fell from approximately 44.3% to about 26.9%, mainly due to the significant revenue drop in the blockchain business[26]. Strategic Initiatives - The company plans to invest in new financial services, including asset management, following the licensing granted by the Securities and Futures Commission[10]. - The company plans to invest in new financial services, including asset management, following regulatory approval for its subsidiary[19]. - The company has invested SGD 12.475 million in expanding its operational scale and taking on more projects, with SGD 3.856 million already utilized as of April 1, 2021[59]. - The company has invested SGD 6.971 million to enhance internal capabilities in water supply and sanitation engineering, with SGD 3.582 million utilized as of April 1, 2021[59]. - The company plans to utilize the remaining funds according to the disclosed plans in the prospectus, but the timeline for expansion has been extended due to challenges faced in the construction industry[60]. Market Outlook - The total construction demand in Singapore for 2022 is expected to be between SGD 27 billion and SGD 32 billion, with public sector projects contributing about 60%[14]. - Mid-term construction demand is projected to reach between SGD 25 billion and SGD 32 billion annually from 2023 to 2026, supported by strong economic fundamentals[15]. - The company faced challenges in expanding its integrated building services and construction business over the past three fiscal years due to COVID-19 and intense competition in the Singapore construction industry[59]. Cost Management - The company will continue to manage expenses and review business strategies in response to the challenging economic environment[15]. - Administrative expenses decreased by approximately SGD 2.2 million or 17.6% to about SGD 9.9 million in the review year[30]. - Financing costs decreased from approximately SGD 31,000 to about SGD 6,000, with no bank loan interest incurred in the review year[31]. - The company has implemented cost-saving measures expected to reduce operational expenses by J% over the next fiscal year[73]. Corporate Governance - The board has adopted a diversity policy to enhance member diversity, considering factors such as gender, age, cultural background, and professional experience[88]. - As of March 31, 2022, the company has three independent non-executive directors, constituting over one-third of the board, in compliance with listing rules[92]. - The board held nine meetings and one annual general meeting during the review year, with full attendance from the executive directors[102]. - The audit committee, consisting of three independent non-executive directors, is responsible for overseeing financial reporting, internal controls, and risk management systems[105]. - The company encourages continuous professional development for directors, providing internal training and resources to ensure compliance with corporate governance standards[99]. - The board is responsible for setting long-term goals and strategies, approving major policies, and overseeing capital expenditures and acquisitions[96]. - The company has established three board committees to oversee specific aspects of its affairs, including the audit, remuneration, and nomination committees[103]. - The independent non-executive directors confirmed their independence for the review year, ensuring compliance with listing regulations[92]. Shareholder Information - The company did not recommend the payment of a final dividend for the review year, consistent with the previous year[35]. - The company holds a policy for dividend distribution, considering financial performance, cash flow, and future demands[153]. - The board will review the dividend policy based on future development prospects and funding needs[154]. - The company has not reported any significant uncertainties that may cast doubt on its ability to continue as a going concern[131]. - The company encourages shareholders to attend the annual general meeting, where all board members and external auditors will address questions regarding the group's business[143]. Employee and Stakeholder Engagement - The group employed a total of 246 full-time employees at the end of the review year, down from 257 full-time employees as of March 31, 2021[49]. - The company aims to attract and retain talented employees through the stock option plan[183]. - The stock option plan is open to employees, directors, and other contributors to the company[184]. Related Party Transactions - The company has no related party transactions that require disclosure under the listing rules, aside from those mentioned in the financial statements[197]. - The company has no related party transactions that require independent shareholder approval under the listing rules[199]. - The company has entered into a loan agreement to provide HKD 5.8 million to a major shareholder, which constitutes a related party transaction[66].

Financial Performance - Revenue for the six months ended September 30, 2021, was SGD 18,146,703, an increase of 4.7% compared to SGD 17,328,873 for the same period in 2020[11] - Gross profit decreased to SGD 4,915,766, down 9.6% from SGD 5,440,369 year-on-year[11] - The company reported a net profit of SGD 393,166, a decline of 66.5% from SGD 1,170,522 in the previous year[11] - Total comprehensive income for the period was SGD 486,162, compared to SGD 1,594,105 in the same period last year, reflecting a decrease of 69.6%[11] - Basic and diluted earnings per share for the period were SGD 0.04, down from SGD 0.09 in the previous year[13] - The company reported a profit attributable to owners of SGD 394,363 for the six months ended September 30, 2021, a decrease of 55.1% compared to SGD 877,897 in the same period of 2020[69] Assets and Liabilities - Non-current assets amounted to SGD 10,958,365 as of September 30, 2021, compared to SGD 10,493,890 as of March 31, 2021, indicating an increase of 4.4%[16] - Current liabilities decreased to SGD 7,599,509 from SGD 10,973,503, a reduction of 30.5%[16] - The company's total equity increased to SGD 64,810,938 from SGD 64,462,476, reflecting a growth of 0.5%[18] - The company's total assets as of September 30, 2021, were SGD 64,462,476, compared to SGD 62,326,736 at the end of the same period last year[22] - Trade receivables decreased to SGD 7,297,733 as of September 30, 2021, compared to SGD 9,681,659 as of March 31, 2021, representing a decline of 24.6%[77] - The total liabilities decreased from SGD 8,111,258 to SGD 5,245,470, indicating a reduction of approximately 35.5%[107] Cash Flow - The company reported a net cash generated from operating activities of SGD 6,343,856 for the six months ended September 30, 2021, compared to SGD 2,729,606 for the same period in 2020, representing an increase of approximately 133%[29] - The total cash and cash equivalents at the end of the period were SGD 26,472,133, up from SGD 25,896,292 at the end of the same period last year[31] - The company incurred a net cash outflow from investing activities of SGD 1,501,574, compared to a net inflow of SGD 9,598,332 in the previous year[31] - The company’s cash flow from operating activities increased significantly, with a rise from SGD 2,955,047 in the previous year to SGD 7,102,858 in the current period[29] Revenue Breakdown - Revenue from integrated building services was SGD 16,633,764, up from SGD 11,267,580 in 2020, indicating a significant growth of approximately 47.8%[44] - Revenue from industrial hemp increased to SGD 2,174,548 from SGD 413,710, marking a substantial rise of approximately 426.5%[44] - Revenue from blockchain technology development and application showed a loss of SGD 661,609, compared to a profit of SGD 5,647,583 in the previous year, reflecting a decline in this segment[45] - Revenue from external customers in Singapore was SGD 18,808,312, compared to SGD 11,681,290 in 2020, representing an increase of approximately 60.7%[52] Expenses and Costs - Total employee costs amounted to SGD 3,879,170, an increase of 8.4% from SGD 3,578,024 in the previous year[64] - Material costs increased significantly to SGD 1,751,780, up from SGD 735,913, reflecting a rise of 138.5% year-over-year[64] - The group’s sales and service costs rose from approximately SGD 11.9 million to SGD 13.2 million, an increase of about SGD 1.3 million or approximately 10.9%[149] - Administrative expenses increased from approximately SGD 3.7 million to SGD 4.5 million, an increase of about SGD 0.8 million or approximately 21.6%[154] Market Outlook and Strategy - The company plans to focus on market expansion and new product development in the upcoming quarters[11] - Future guidance indicates a cautious outlook due to market uncertainties and competitive pressures[11] - The group anticipates that total construction demand in Singapore will reach SGD 25 billion to SGD 32 billion annually from 2022 to 2025, with public sector contributions expected to be around SGD 14 billion to SGD 18 billion annually[137] - The group plans to continue its core business in providing integrated building services and construction projects in Singapore while exploring new business opportunities for expansion and diversification[142] Shareholder Information - The major shareholder, Morgan Hill, holds 365,175,000 shares, representing approximately 33.35% of the company's total issued share capital[191] - Major shareholders include Mr. Leung with 66,665,000 shares (6.09%) and Lion International Limited with 64,500,000 shares (5.89%) [194] - The total number of shares issued by the company is 365,175,000 [196]

Financial Performance - The company's revenue increased from approximately SGD 46.6 million for the year ended March 31, 2020, to approximately SGD 49.1 million for the year ended March 31, 2021, representing an increase of about 5.4%[7]. - Gross profit rose from approximately SGD 12.8 million to approximately SGD 21.8 million, resulting in a gross margin increase from 27.5% to 44.4%[7][12]. - The group recorded revenue of approximately SGD 49.1 million for the year ending March 31, 2021, an increase of about SGD 2.5 million or 5.4% compared to SGD 46.6 million for the previous year[19]. - Revenue from integrated building services decreased from approximately SGD 35.6 million to SGD 31.9 million, a decline of about SGD 3.7 million due to government-imposed lockdown measures[19]. - Revenue from building construction projects fell by approximately 50.0% from SGD 7.4 million to SGD 3.7 million, primarily due to reduced construction activities during the lockdown[19]. - The group reported a profit attributable to owners of approximately SGD 5.3 million for the year ending March 31, 2021, compared to a loss of SGD 901,000 the previous year[31]. Business Growth and Challenges - The blockchain technology development and application business saw revenue growth of approximately 288.6%, increasing from about SGD 3.5 million to approximately SGD 13.6 million[14]. - Bitcoin prices increased significantly from approximately USD 6,500 at the end of March 2020 to about USD 59,000 at the end of March 2021, benefiting the company's operations[14]. - The company faced challenges in its integrated building services and construction engineering businesses due to government-imposed lockdowns during the COVID-19 pandemic[8][12]. - The company has diversified its business since 2018, successfully navigating the challenges posed by the COVID-19 pandemic[8]. - The company anticipates challenges in the construction industry in Singapore due to the impact of COVID-19 measures, which have delayed project timelines[56]. Financial Position and Investments - As of March 31, 2021, the group maintained a strong financial position with total cash and bank balances of approximately SGD 21.7 million[34]. - The company plans to invest SGD 12.475 million in expanding its integrated building services and construction projects in Singapore, with SGD 3.856 million already utilized[56]. - The company has not used any financial instruments to hedge its foreign exchange risks as of March 31, 2021[39]. - The company has entered into various agreements for joint ventures and acquisitions, including a partnership in Ningbo, China, with total investments of RMB 25.5 million, RMB 15 million, and RMB 9.5 million from different parties[45]. Corporate Governance - The management team emphasized the importance of maintaining strong corporate governance practices to protect shareholder interests[78]. - The board of directors consists of seven members, including one executive director and three independent non-executive directors, ensuring diverse oversight[80]. - The company has adhered to the corporate governance code as per the listing rules, demonstrating commitment to accountability and transparency[78]. - The company has established three board committees: the audit committee, the remuneration committee, and the nomination committee, each with defined responsibilities[103]. - The company encourages continuous professional development for directors, providing internal training and resources to ensure compliance with current regulations[94]. Shareholder Information - The board has decided not to recommend any final dividend for the reviewed year[153]. - As of March 31, 2021, Mr. Yao Yongjie holds 366,175,000 shares, representing approximately 33.44% of the company's ordinary shares[173]. - Major shareholder Morgan Hill holds 365,175,000 shares, representing 33.35% of the company's total issued share capital[178]. - The company has a stock option plan effective from January 5, 2017, valid for ten years, aimed at incentivizing employees and attracting talent[184]. Stock Options - The total number of stock options available for issuance under the plan is 55,500,000, accounting for approximately 5.07% of the company's issued share capital[186]. - The exercise price for stock options is determined by the board and must be at least the higher of the closing price on the grant date or the average closing price over the preceding five trading days[187]. - The fair value of unexercised vested and unvested stock options as of March 31, 2021, is approximately HKD 4,319,000 and HKD 4,764,000, respectively[190].

Grandshores Technology Group Limited 雄 岸 科 技 集 團 有 限 公 司 (於開曼群島註冊成立之有限公司) (股份代號：1647) 2020 雄岸科技集團有限公司 簡明綜合現金流量表 10 公司資料 2 綜合損益及其他全面收益表 4 綜合財務狀況表 6 綜合權益變動表 8 1 目錄 綜合財務報表附註 12 管理層討論及分析 35 企業管治及其他資料 44 二零二零年中期報告 姚勇杰先生（主席） 執行董事 呂旭雯女士 朱宗宇先生 姚勇杰先生（主席） 張維寧博士 俞文卓先生 非執行董事 公司秘書 蔡成海先生 呂旭雯女士 獨立非執行董事 朱宗宇先生 姚勇杰先生 張維寧博士 黃毅先生 俞文卓先生 審核委員會 Cricket Square 朱宗宇先生（主席） Hutchins Drive P.O. Box 2681 張維寧博士 Grand Cayman KY1-1111 俞文卓先生 Cayman Islands 薪酬委員會 香港九龍尖沙咀 科學館道1號康宏廣場 南座15樓1503室 公司資料 董事會 提名委員會 黃毅先生 授權代表 註冊辦事處 香港主要營業地點 張維寧博士（主席） ...

Revenue and Profitability - Revenue for the six months ended September 30, 2019, was SGD 19,952,224, a decrease of 11.5% from SGD 22,509,910 in the same period of 2018[27] - Gross profit for the same period was SGD 6,331,018, down from SGD 7,003,388, reflecting a gross margin decline[27] - The company reported a net profit of SGD 446,828 for the six months, a significant decrease of 84.9% compared to SGD 2,957,966 in the prior year[27] - Total comprehensive income for the period was SGD 226,951, compared to SGD 2,952,824 in the previous year, indicating a substantial decline[29] - The basic and diluted earnings per share for the period were SGD (0.04), compared to SGD 0.29 in the same period last year[29] - The company reported a loss attributable to owners of the company of SGD (377,546), contrasting with a profit of SGD 2,958,518 in the previous year[29] - The group recorded a loss attributable to owners of the company of approximately SGD 378,000 for the period, compared to a profit of approximately SGD 3.0 million for the six months ended September 30, 2018[190] Cash Flow and Liquidity - Operating cash generated for the six months ended September 30, 2019, was SGD 3,356,269, compared to SGD 1,162,682 in the previous year, representing a year-over-year increase of approximately 188.5%[44] - Net cash generated from operating activities for the same period was SGD 2,713,654, up from SGD 563,053 in 2018, indicating a significant improvement in operational efficiency[44] - Cash and cash equivalents increased by SGD 7,648,571 during the six months, compared to a decrease of SGD 720,009 in the same period last year, reflecting strong liquidity management[46] - The total cash and cash equivalents at the end of the period stood at SGD 30,422,466, compared to SGD 39,936,245 in the previous year, indicating a decrease in available cash[46] - As of September 30, 2019, the group's cash and bank balances totaled approximately SGD 30.4 million, up from approximately SGD 22.6 million as of March 31, 2019[193] - The group maintained a current ratio of approximately 8.2 times as of September 30, 2019, compared to approximately 5.3 times as of March 31, 2019[193] Expenses and Costs - The company incurred administrative expenses of SGD 6,163,545, which is an increase of 28.2% from SGD 4,812,276 in the previous year[27] - Total employee costs rose to SGD 5,040,190 in the six months ended September 30, 2019, compared to SGD 3,993,018 in 2018, an increase of 26.3%[96] - Administrative expenses increased from approximately SGD 4.8 million for the six months ended September 30, 2018, to approximately SGD 6.2 million for the same period in 2019, an increase of about SGD 1.4 million or approximately 29.2%[186] - The group's financing costs slightly decreased from approximately SGD 57,000 for the six months ended September 30, 2018, to approximately SGD 55,000 for the six months ended September 30, 2019, primarily due to a reduction in mortgage loan interest rates[187] Assets and Liabilities - Current assets increased to SGD 55,064,187 from SGD 50,469,106, showing a growth of 9.4%[32] - Total liabilities decreased to SGD 6,719,882 from SGD 9,528,978, a reduction of 29.0%[32] - The company's equity increased to SGD 57,160,275 from SGD 53,506,006, reflecting a growth of 6.2%[34] - The carrying value of property, plant, and equipment as of September 30, 2019, was SGD 8,730,413, up from SGD 8,013,240 as of March 31, 2019[104] - Inventory as of September 30, 2019, totaled SGD 4,964,631, significantly higher than SGD 1,697,686 as of March 31, 2019, indicating a substantial increase in inventory levels[106] - Trade receivables as of September 30, 2019, amounted to SGD 7,562,275, a decrease of 48% from SGD 14,587,678 on March 31, 2019[109] - Trade and other payables totaled SGD 5,220,810 as of September 30, 2019, a decrease from SGD 8,350,883 on March 31, 2019[123] Strategic Initiatives and Investments - The company has engaged in blockchain technology development and industrial hemp business, indicating diversification in its operational strategy[49] - The company’s investment in property, plant, and equipment amounted to SGD 800,672, a substantial increase from SGD 74,347 in the previous year, reflecting ongoing expansion efforts[44] - The company completed the acquisition of 51% of Heilongjiang Yinma Technology Development Co., Ltd., assuming a responsibility of 10,200,000 RMB (approximately 2,014,264 SGD)[153] - The group is optimistic about the blockchain technology development and application business, which has started generating revenue and is expected to expand into various sectors[174] - The group has begun investing in a new blockchain-related rendering farm in Canada, which is anticipated to become a significant source of future revenue[174] - The group is in the early stages of its industrial hemp business, which involves research, cultivation, and extraction of CBD, and is focused on seizing development opportunities in this area[176] Revenue Breakdown - Revenue from integrated building services was SGD 15,922,280, down from SGD 20,662,990 year-on-year, indicating a decline of about 22%[79] - The company reported a significant decrease in revenue from building construction projects, with earnings of SGD 826,222 compared to SGD 1,846,920 in the previous year, reflecting a decline of approximately 55%[79] - The company’s blockchain technology development and application segment generated revenue of SGD 3,203,722, marking its first contribution to overall revenue[79] - Revenue from major customers contributing over 10% to total revenue was SGD 6,177,961 for Customer I and SGD 2,446,772 for Customer II in the six months ended September 30, 2019, compared to SGD 9,168,301 and SGD 2,461,585 respectively in 2018[80] Financial Reporting Changes - The company has adopted IFRS 16 for leases, which may impact future financial reporting and asset management strategies[55] - The company recognized right-of-use assets of SGD 697,401 and lease liabilities of SGD 714,063 as of September 30, 2019, following the adoption of IFRS 16[74] - The company transitioned to IFRS 16, resulting in the recognition of additional right-of-use assets and lease liabilities of SGD 797,810 as of April 1, 2019[71] - The company confirmed depreciation expenses of SGD 396,456 and interest costs of SGD 21,194 for the leases during the six months ended September 30, 2019[74]

Financial Performance - The company's revenue decreased from approximately SGD 56.8 million for the year ended March 31, 2018, to approximately SGD 52.8 million for the year ended March 31, 2019[21]. - Gross profit increased from approximately SGD 16.9 million for the year ended March 31, 2018, to approximately SGD 17.9 million for the year ended March 31, 2019[21]. - The gross profit margin improved from 29.7% for the year ended March 31, 2018, to 33.9% for the year ended March 31, 2019[21]. - For the fiscal year ending March 31, 2019, the company recorded revenue of approximately SGD 52.8 million, a decrease of about SGD 4.0 million or 7.0% compared to SGD 56.8 million for the previous year[30]. - Revenue from integrated building services increased by approximately SGD 3.3 million or 7.1% to SGD 49.7 million, driven by higher project amounts compared to the previous year[30]. - The company's gross profit rose from approximately SGD 16.9 million to SGD 17.9 million, an increase of about SGD 1.0 million or 5.9%, primarily due to reduced service costs[33]. - The gross profit margin improved from 29.7% to 33.9%, attributed to a greater reduction in service costs compared to the decline in revenue[33]. - Other income shifted from a loss of approximately SGD 1.7 million to a gain of about SGD 955,000, mainly due to unrealized foreign exchange gains[34]. - The company's profit attributable to owners increased from approximately SGD 3.5 million to SGD 4.9 million, a rise of about SGD 1.4 million or 40.0%[39]. - Administrative expenses rose by approximately SGD 1.8 million or 16.7% to SGD 12.6 million, mainly due to increased legal and professional fees and the establishment of a Hong Kong office[36]. - As of March 31, 2019, the company's cash and bank balances totaled approximately SGD 22.6 million, down from SGD 39.4 million the previous year[41]. - The company maintained a current ratio of approximately 5.3 times as of March 31, 2019, compared to 4.3 times the previous year[41]. Market Outlook - The company remains optimistic about the outlook for the integrated building services and construction market in Singapore, with total construction demand projected to be between SGD 27 billion and SGD 32 billion for 2019[22]. - The construction demand for public sector projects in 2019 is estimated to be between SGD 16.5 billion and SGD 19.5 billion, accounting for approximately 60% of the total projected demand[22]. - The company plans to continue investing in blockchain and fintech-related businesses, including data centers and digital asset trading platforms[28]. - The group aims to expand its operational scale and undertake more integrated building service projects in Singapore, with a total of SGD 12.475 million allocated for this purpose[58]. Shareholder Information - Morgan Hill Holdings Limited acquired approximately 72.29% of the company's issued share capital for a total consideration of approximately HKD 652.5 million in May 2018[26]. - As of the report date, Morgan Hill and Trinity Gate control approximately 41.79% and 10.8% of the company's issued shares, respectively[27]. - As of March 31, 2019, the company had a significant shareholder, Mr. Yao Yongjie, holding 531,280,000 shares, representing 51.49% of the total issued share capital[170]. - Following a sale of 100,000,000 shares to Trinity Gate Limited, Mr. Yao's ownership decreased to 431,280,000 shares, equivalent to approximately 41.79% of the total issued share capital[172]. - Morgan Hill holds a 51.49% stake in the company, representing 531,280,000 shares[178]. - Trinity Gate directly owns 93,400,000 shares, accounting for 9.05% of the total issued share capital[178]. - As of March 31, 2019, the total number of shares issued by the company is 1,031,280,000[178]. Corporate Governance - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[77]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience[79]. - The board has reviewed its diversity policy and is satisfied with its effectiveness during the review year[80]. - The company has two co-chairmen and two co-CEOs, ensuring a separation of duties for enhanced independence and accountability[82]. - All non-executive and independent non-executive directors have signed appointment letters with a term of three years[83]. - The company has three independent non-executive directors, meeting the requirement of having more than one-third of the board[84]. - The board is responsible for determining long-term goals and strategies, approving major policies, and overseeing internal controls and risk management[87]. - The company encourages directors to participate in training courses to stay updated on corporate governance knowledge[88]. - Regular board meetings are planned at least twice a year, with prior written notice and agenda provided to directors[100]. - The company maintains clear board procedures and ensures that all directors have access to the company secretary's advice and services[100]. - The board held 16 meetings and 1 annual general meeting during the review year, with attendance records indicating full participation by executive directors[102]. - The audit committee conducted 3 meetings, reviewing annual financial statements and discussing risk management and internal control systems[106]. - The remuneration committee held 4 meetings, focusing on the compensation policies for directors and senior management, ensuring transparency and alignment with company performance[122]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with defined responsibilities approved by the board[103]. - The nomination committee is responsible for reviewing board structure and diversity, identifying qualified candidates, and assessing the independence of non-executive directors[123]. - The audit committee is chaired by Mr. Zhu Zongyu, comprising independent non-executive directors, ensuring independent oversight of financial reporting[105]. - The company ensures that all committees have sufficient resources to fulfill their duties and can seek independent professional advice when necessary[104]. - The remuneration committee's recommendations are based on individual responsibilities, workload, time commitment, and company performance[111]. - There were no disagreements between the board and the audit committee during the review year[110]. Risk Management - The company reported a comprehensive loss for the year, with no distributable reserves as of March 31, 2019, due to accumulated losses[147]. - The board has decided not to recommend any final dividend for the year under review[148]. - The company has established guidelines and procedures for expenditure approval and control to ensure the reliability of financial reporting and compliance with applicable laws and regulations[129]. - The board is responsible for the risk management and internal control systems, which are reviewed annually for effectiveness[129]. - The group faces financial risks including interest rate risk, currency risk, credit risk, liquidity risk, and equity price risk, which are regularly reviewed by management[52]. Investments and Acquisitions - The company has diversified into new businesses related to blockchain technology development and industrial hemp, although these are still in the early stages[22]. - The group plans to invest HKD 15 million (approximately SGD 2.6 million) in a joint venture for digital asset trading, acquiring 75% equity, while Hong Kong Wen Wei will invest HKD 5 million (approximately SGD 883,000) for 25% equity[48]. - A joint venture named Longma Biotechnology Co., Ltd. was established to explore potential investment opportunities in blockchain technology and related industries[196]. - The company and its chairman agreed to invest HKD 5,100,000 and HKD 4,900,000 for 51% and 49% stakes in the joint venture, respectively[197]. - The investment amounts for the joint venture were later adjusted, with the company's stake reduced to 45.9% and the investment to HKD 4,590,000[199]. - A shareholder loan agreement was established, allowing the company to lend HKD 5,400,000 to the joint venture at an interest rate of 8%[200]. - The company has no other related party transactions that require disclosure under the listing rules[195]. Share Repurchase and Stock Options - The company repurchased a total of 5,595,000 shares during the fiscal year ending March 31, 2019, with a total purchase price of HKD 5,261,296[152]. - The highest purchase price per share was HKD 1.11 and the lowest was HKD 0.80 during the repurchase period[152]. - The company aims to enhance shareholder value through share repurchases to improve net asset value per share and earnings per share[154]. - The company has a stock option plan that allows for the issuance of up to 47,500,000 shares, which is approximately 4.60% of the total issued share capital[185]. - The stock options granted under the plan are exercisable at a minimum price of 1 Singapore dollar, with the market value of the shares at 0.93 HKD as of March 29, 2019[188]. - The stock option plan is effective for a period of ten years from January 5, 2017, to January 4, 2027[184]. - The maximum limit for any participant under the stock option plan is capped at 1% of the total issued share capital in any 12-month period[185]. - The company had 1,000,000 share options granted in 2018, with an exercise price of HKD 1.20[190]. Communication and Transparency - The company has implemented policies to ensure timely and fair disclosure of inside information to the public[130]. - The upcoming annual general meeting is scheduled for August 29, 2019, with notices to be sent at least 20 business days prior[139]. - The company has maintained continuous communication with shareholders and the investment community through various reports and announcements[138]. - There were no significant changes to the company's articles of association during the review year[140].