Revenue Performance - Total revenue for the six months ended December 31, 2023, was SGD 8,276,252, an increase of 25.7% compared to SGD 6,586,372 for the same period in 2022[28]. - Revenue from comprehensive design and construction services reached SGD 7,114,902, up from SGD 6,087,677, representing a growth of 16.9%[8]. - Revenue from virtual asset custody solutions increased to SGD 306,107, a significant rise of 193% from SGD 104,330 in the previous year[29]. - For the six months ended December 31, 2023, the revenue from integrated design and construction services was approximately SGD 7.1 million, an increase of about SGD 1.0 million or 17% compared to SGD 6.1 million for the same period in 2022[56]. - Revenue from Singapore accounted for 92% of total revenue, down from 98% in 2022, indicating a diversification in revenue sources[98]. - Revenue from trading and asset management business was approximately SGD 0.4 million for the six months ended December 31, 2023, compared to zero for the same period in 2022[166]. Financial Position - The group's asset-liability ratio as of December 31, 2023, was 2.2%, up from 1.9% as of June 30, 2023[32]. - The company’s trade receivables as of December 31, 2023, totaled SGD 5,281,514, reflecting an increase from SGD 3,744,126 as of June 30, 2023[17]. - As of December 31, 2023, total non-current assets amounted to SGD 7,214,049, a decrease from SGD 7,305,211 as of June 30, 2023, reflecting a decline of approximately 1.25%[84]. - Current assets totaled SGD 27,306,530, slightly down from SGD 27,456,140, indicating a decrease of about 0.55%[84]. - Total assets amounted to SGD 34,520,579, while total liabilities were SGD 10,989,933, indicating a healthy asset-to-liability ratio[96]. - The total equity attributable to shareholders as of December 31, 2023, was approximately SGD 23.5 million, down from approximately SGD 30.1 million as of June 30, 2023[169]. Profitability and Loss - The group recorded a loss of approximately SGD 6.8 million for the six months ended December 31, 2023, compared to a loss of approximately SGD 7.4 million for the same period in 2022[59]. - The group reported a gross profit of SGD 3,932,617, compared to SGD 2,147,140 in the previous year, reflecting a significant improvement in profitability[99]. - The group experienced a comprehensive loss after tax of SGD 6,812,255, a slight improvement from SGD 7,411,142 in the prior year[99]. - The group reported a pre-tax loss of SGD 6,760,605, which is an improvement from a loss of SGD 7,294,021 in the same period last year[99]. - The company recorded a total comprehensive loss of SGD 7,910,871 for the period, which includes a loss of SGD 7,410,525[87]. Cost Management - The company’s financial expenses decreased to SGD 307,629 from SGD 287,887, indicating improved cost management[12]. - The total employee costs for the six months ended December 31, 2023, were approximately SGD 10.1 million, compared to SGD 8.3 million for the same period in 2022[65]. - Administrative expenses increased by approximately SGD 1.5 million or 16% to about SGD 11.1 million, accounting for 134.7% of revenue for the six months ended December 31, 2023[191]. - The group has implemented better cost control measures, contributing to the increase in gross profit margin[136]. Investments and Acquisitions - The group acquired 100% equity of Da Sheng Asset Management Limited and Quality Union Limited on August 24, 2023, expanding into consulting, asset management, and derivative trading services[95]. - The group completed the acquisition of two subsidiaries for a total consideration of HKD 2,300,001, which are involved in providing consulting and asset management services[173]. - The company completed the sale of 100% equity in BG Technologies Limited for a total consideration of HKD 1,500,000 on December 22, 2023[197]. Future Outlook and Strategy - The company aims to become a regulated and transparent market leader in the virtual asset industry, responding swiftly to regulatory changes[26]. - The group aims to enhance its market position in the healthcare engineering sector in Singapore and other markets while continuing to develop its fintech platform and asset management services[53]. - The group plans to expand its financial technology service platform to include a wider range of asset classes, including virtual assets and listed securities[160]. - The group is actively developing a fintech trading service platform aimed at enabling global users to explore and monetize various asset classes, including virtual assets and Web3 assets[162]. - The company expects increased demand for medical-related radiation protection engineering due to the Singapore government's plans to enhance medical facilities[131]. Regulatory and Compliance - The group has been actively cooperating with regulatory authorities to obtain a license for a virtual asset trading platform[52]. - The government is strongly supporting Hong Kong's development as an international financial center for virtual assets, which the group believes will continue to drive growth in its fintech platform business[188]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were SGD 11,708,603, compared to SGD 10,278,213 at the end of the same period in 2022, reflecting an increase of approximately 14%[107]. - Net cash generated from investing activities was SGD 5,046,495, a significant increase from SGD 1,236,549 in the previous period[107]. - The company recorded a net cash outflow from financing activities of SGD 305,879, down from SGD 376,271 in the previous period, indicating improved cash management[107]. Dividends - The company has not declared any interim dividends for the six months ended December 31, 2023, consistent with the previous year[75]. - The group does not recommend the payment of an interim dividend for the six months ended December 31, 2023[151].

Employment and Staff Costs - As of June 30, 2023, the Group employed 139 full-time employees, a decrease from 146 employees as of June 30, 2022[2] - Total staff costs for the Review Year amounted to approximately S$16.9 million, up from approximately S$12.2 million in 2022, reflecting a significant increase in personnel expenses[2] - The Group is committed to providing adequate job training and performance reviews to retain valuable employees[2] - The performance of the Group's employees is reviewed annually to ensure alignment with market conditions and individual contributions[2] Financial Performance - The Group's revenue for the review year was approximately S$13.4 million, with a gross profit of approximately S$4.5 million and a loss before taxation of approximately S$14.3 million[76] - The Group's revenue for the Review Year was approximately SGD 13.4 million, an increase of about SGD 3.4 million or 33.8% compared to approximately SGD 10.0 million for the year ended June 30, 2022[134] - For the review year, the Group's revenue was approximately S$13.4 million, representing an increase of approximately S$3.4 million, or 33.8%, compared to approximately S$10.0 million for the year ended 30 June 2022[167] Strategic Initiatives and Future Plans - The net proceeds from the Listing were approximately HK$74.0 million, intended for various applications including property acquisition, manpower strengthening, and marketing efforts[5] - The Group plans to use the Listing Net Proceeds for acquiring additional properties, recruiting more staff, and increasing marketing efforts, among other uses[6] - The Group aims to enhance its reserve for financing performance guarantees for customers as part of its strategic initiatives[5] - The Group's future plans include financing the acquisition of additional motor vehicles and machinery to support operational growth[5] - The Group aims to strengthen its market position in the medical and healthcare construction sectors in Singapore and diversify into financial technology (FinTech) areas[77] - The Group is well-positioned to face future challenges and competition, aiming to deliver satisfactory returns to shareholders[162] Corporate Governance - The company has adopted all mandatory disclosure requirements and code provisions of the Corporate Governance Code as its own corporate governance practices[48] - The Board is committed to achieving high standards in sustainability and accountability through effective corporate governance[51] - The company will continue to comply with the Corporate Governance Code to protect the best interests of the Group and its shareholders[49] - The Board will continuously review and improve corporate governance practices to ensure proper regulation of business activities and decision-making processes[52] - The company has a commitment to maintaining high standards of corporate governance to safeguard shareholder interests and enhance corporate value[48] - Any deviation from the Corporate Governance Code will be carefully considered and disclosed in interim and annual reports[49] Board Structure and Committees - The Board consists of three executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse governance structure[91] - The Board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, all chaired by independent non-executive directors[125] - The Company established the Nomination Committee, which comprises three Independent Non-Executive Directors (INEDs) and is chaired by Prof. Pong Kam Keung[131] - The Remuneration Committee reviewed and made recommendations on the Company's remuneration policy and structure, including the remuneration packages of Directors and senior management[132] - The Nomination Committee reviews the structure, size, and composition of the Board, assessing the skills and experience of its members[172] Audit and Compliance - During the Review Year, the Audit Committee reviewed the Group's accounting principles and practices, including the audited financial statements and compliance with the Corporate Governance Code[190] - The remuneration paid to the auditor for the annual audit fee was approximately S$226,063, with no fees for non-audit services during the Review Year[197] - The Company confirmed that there are no significant uncertainties regarding its ability to continue as a going concern[199] - The Company appointed Zhonghui Anda CPA Limited as its auditor effective from July 31, 2023, following the resignation of the previous auditor[199] Marketing and Business Development - The Group's marketing efforts are set to increase as part of its strategy to expand market presence[6] - The Company has established a comprehensive fintech service platform for various asset classes, including virtual assets and listed securities, since May 2021[100] - A competent FinTech team has been established to develop and manage trading systems, custody infrastructure, cybersecurity, market data analytics, compliance, anti-money laundering, and risk management[78] - The Group has applied for relevant regulatory licenses for virtual asset trading platform operations in Hong Kong to capture fast-growing FinTech business opportunities[78] Healthcare Sector Insights - The Minister of Health of Singapore announced plans to expand the network of polyclinics from 23 to 32 by 2030[76] - The Singapore government plans to expand its network to 32 polyclinics by 2030, increasing from the current 23, which is expected to drive demand for medical-related radiation shielding works[168] - The average waiting time for MRI scans in public hospitals is currently 3 months, indicating high demand for diagnostic imaging machines[168] - The Directors believe that the increasing demand for healthcare and elderly care services in Singapore will continue due to the aging population[168] - The Group's Engineering Business primarily focuses on integrated designs and building services for hospitals and clinics in Singapore[166]

Financial Performance - Total revenue for 2023 was SGD 13,442,516, an increase of 33.8% from SGD 10,048,393 in 2022[2] - The company reported a gross profit of SGD 4,482,189 for 2023, up from SGD 3,028,972 in 2022, reflecting a gross margin improvement[15] - The net loss attributable to the company's owners for 2023 was SGD 14,533,043, compared to a net loss of SGD 11,266,538 in 2022, indicating a 29.8% increase in losses[12] - The total comprehensive loss for the year was SGD 14,991,827, compared to SGD 10,780,691 in 2022, representing a 38.5% increase[21] - The company reported a net loss before tax of SGD 14,292,979 for 2023, compared to a loss of SGD 10,885,365 in 2022, indicating a 31.5% increase in pre-tax losses[15] - The group reported a comprehensive loss after tax of SGD 11,267,424 for the year ended June 30, 2023[44] - The company recorded a loss of approximately SGD 14.5 million for the fiscal year, compared to a loss of about SGD 11.3 million for the fiscal year ending June 30, 2022[126] Revenue Breakdown - Revenue from Singapore accounted for 96% of total revenue in the year ended June 30, 2023, down from 100% in 2022[47] - The engineering business generated external customer revenue of SGD 10,048,393, while the fintech platform business reported a loss of SGD 10,342,238[44] - Revenue from virtual asset custody solution services was approximately SGD 0.6 million for the fiscal year, compared to none in the previous year[124] - Revenue from maintenance and other services was approximately 0.7 million Singapore dollars, an increase from 0.4 million Singapore dollars in 2022[158] Expenses and Liabilities - The company’s administrative expenses increased to SGD 19,208,340 in 2023 from SGD 13,956,781 in 2022, reflecting a 37.5% rise[15] - The total trade and other payables increased to SGD 2,014,095 in 2023 from SGD 1,684,929 in 2022[99] - The company’s liabilities increased slightly, with current liabilities totaling SGD 4,550,845 in 2023 compared to SGD 4,502,464 in 2022, reflecting a marginal increase of about 1.1%[37] Assets and Equity - The company’s total assets increased to SGD 30,054,911 in 2023 from SGD 28,442,483 in 2022, showing a growth of 5.7%[18] - As of June 30, 2023, total shareholders' equity was approximately SGD 30.1 million, up from SGD 28.4 million as of June 30, 2022[127] - The total assets decreased from SGD 34,761,351 in 2022 to SGD 30,210,506 in 2023, reflecting a reduction of approximately 13.1%[37] - Current assets increased from SGD 25,258,383 in 2022 to SGD 27,456,140 in 2023, marking a growth of about 8.7%[37] Business Strategy and Developments - The company has restructured its business segments, now focusing on Engineering, FinTech Platform, and Investment Holding, to align with its strategic objectives[40] - The group plans to expand its healthcare engineering business in Singapore and other markets, capitalizing on the growing demand for medical services[61] - The group aims to enhance its fintech platform business and explore opportunities in the blockchain and Web3 sectors in Hong Kong[62] - The company is developing a fintech trading service platform aimed at providing users with access to various asset classes, including traditional financial markets and digital assets[120] Financial Management and Governance - The company has maintained a prudent financial management approach, ensuring a robust financial position throughout the review year[142] - The company has adhered to all mandatory disclosure requirements and corporate governance codes as per the listing rules[136] - The company has not yet applied new or revised international financial reporting standards that became effective on July 1, 2022, but is currently assessing their potential impact on its financial performance[39] Shareholder Information - The company did not recommend a dividend for the year ended June 30, 2023, consistent with the previous year[5] - The board of directors has resolved not to declare a final dividend for the review year, consistent with the previous year[139] - The annual general meeting is scheduled for November 28, 2023, with a suspension of share transfer registration from November 23 to November 28, 2023[92][93] Capital and Funding - The net proceeds from the 2023 placement amounted to approximately HKD 93.56 million, with plans to allocate about 80% for fintech platform funding and 10% for engineering business funding[76] - The group has utilized 90% of the net proceeds from the 2021 placement for fintech platform operations, with the remaining 10% for general working capital[76] - The group plans to use approximately HKD 29.623 million from the net proceeds for additional properties for factory and office use, with a remaining balance of HKD 4.377 million[87] - The group has allocated HKD 1.443 million for increased marketing efforts from the net proceeds, with a remaining balance of HKD 857,000[87] - The group intends to recruit more employees using HKD 21.5 million from the net proceeds, which has been fully utilized[87] Audit and Compliance - The company has appointed Zhonghui Anda CPA Limited as its auditor effective July 31, 2023, following the resignation of Roshan Mehta[148] - The company has no future plans for significant investments or capital assets as of June 30, 2023[146] - The group has submitted an application for a virtual asset trading platform operator license to the Securities and Futures Commission through its wholly-owned subsidiary, Hong Kong BGE Limited[157]

Revenue Performance - The Group's revenue for the six months ended December 31, 2022, was approximately S$6.6 million, representing an increase of approximately S$1.6 million, or 32.5%, compared to S$5.0 million for the same period in 2021[3]. - Revenue from integrated design and building services was S$6.1 million for the six months ended December 31, 2022, compared to S$4.8 million in the previous year, indicating a significant growth[20]. - The digital assets custodian solution business generated revenue of S$104,330 during the reporting period, marking its first contribution to the Group's earnings[20]. - The Group reported total revenue of S$6,586,372 for the six months ended December 31, 2022, an increase from S$4,970,978 in the same period of 2021, representing a growth of approximately 32.4%[78]. - The engineering segment generated revenue of S$6,482,042, while the FinTech platform segment contributed S$104,330, indicating a significant reliance on the engineering segment for revenue[73]. Financial Losses - The Group recorded a consolidated loss after tax of S$1.78 million for the six months ended December 31, 2022[9]. - For the six months ended December 31, 2022, the company reported a loss before taxation of S$7,294,021, compared to a loss of S$1,640,786 in the same period of 2021, indicating a significant increase in losses[61]. - The consolidated loss after tax for the period was S$7,411,142, compared to a loss of S$1,778,880 in the previous year, reflecting a substantial increase in losses[79]. - The total comprehensive loss for the period amounted to S$7,911,488, compared to S$1,763,920 in the same period of 2021, highlighting a worsening financial position[79]. - Loss attributable to owners of the Company for the six months ended 31 December 2022 was S$7,410,525, compared to S$1,778,880 for the same period in 2021, representing an increase of 317%[132]. Cash Flow and Assets - The operating cash flows before working capital changes were negative at S$6,547,703, compared to a negative S$1,377,405 in the previous year, reflecting worsening cash flow conditions[61]. - Net cash used in operating activities for the six months was S$7,498,804, a substantial increase from S$643,010 in the prior year, highlighting ongoing operational challenges[61]. - Total current assets decreased to S$18,962,911 as of December 31, 2022, from S$25,455,985 on June 30, 2022[46]. - Total non-current assets decreased to S$7,152,438 as of December 31, 2022, from S$7,989,090 on June 30, 2022[46]. - Cash and cash equivalents at the end of the period were S$10,278,213, down from S$20,234,375 at the end of the previous period[88]. Operational Challenges - The Group's ongoing projects were gradually restarted post-pandemic, contributing to the increase in revenue[3]. - The company is focusing on enhancing its operational strategies to address the increased losses and improve cash flow management moving forward[61]. - Administrative expenses surged to S$9,650,470, up from S$2,891,412 in the prior year, indicating increased operational costs[78]. - Total staff costs for the six months ended 31 December 2022 amounted to S$8,228,488, significantly higher than S$2,700,356 in the same period of 2021, marking an increase of approximately 204%[151]. Market and Future Outlook - The Group has obtained a market data supplier license from the Hong Kong Stock Exchange, aiming to develop market data services and risk management systems[1]. - The digital assets custodian solution business is expected to continue its organic growth, aligning with future market needs[1]. - Future outlook includes potential market expansion and new product development initiatives to drive revenue growth[61]. - The Group is developing a fintech platform aimed at enabling global users to explore and monetize various asset classes, including traditional financial markets and digital assets[185]. - The Group is optimistic about acquiring the Virtual Asset Trading Platform Operators Licence and has submitted the application to the Securities and Futures Commission (SFC)[183]. Shareholder Information - The Group's total equity decreased to S$20,803,558 from S$28,442,483, indicating a decline in shareholder value[82]. - The basic and diluted loss per share for the six months ended 31 December 2022 was 0.82 Singapore cents, up from 0.21 Singapore cents in 2021, indicating a significant increase in loss per share[132]. - The weighted average number of ordinary shares for calculating basic and diluted loss per share increased to 898,630,137 in 2022 from 838,260,870 in 2021, reflecting a growth of approximately 7.2%[132]. - The board does not recommend the payment of an interim dividend for the six months ended December 31, 2022, consistent with 2021[109]. Cryptocurrency and Digital Assets - As of December 31, 2022, the fair value of cryptocurrencies held by the Group is S$10,947, down from S$12,266 on June 30, 2022[25]. - The fair value of cryptocurrencies received from customers is S$4,080,225 as of December 31, 2022, compared to S$40,786 on June 30, 2022[25]. - The impairment loss on cryptocurrencies was S$147, showing the impact of market volatility on the company's digital asset holdings[61]. - The Group applies IAS 2 guidance for measuring virtual assets at fair value less costs to sell[25]. - The Group has no significant costs to sell virtual assets as per its assessment[25].

Financial Performance - For the financial year ended June 30, 2022, the Group reported revenue of approximately S$10.0 million, a gross profit of approximately S$3.0 million, and a loss before taxation of approximately S$10.9 million[14]. - The Group's revenue for the Review Year was approximately S$10.0 million, representing a slight decrease of approximately S$0.3 million, or 2.3%, compared to approximately S$10.3 million for the year ended 30 June 2021[22]. - Revenue from integrated design and building services was approximately S$9.6 million, a decrease of approximately S$0.3 million, or 2.8%, compared to approximately S$9.9 million for the year ended 30 June 2021[29]. - The Group's gross profit was approximately S$3.0 million for the Review Year, with a gross profit margin of approximately 30%, an increase from 25.0% in the previous year[33]. - Other income for the Review Year was approximately S$0.3 million, or 2.6% of revenue, down from approximately S$0.6 million, or 6.2% of revenue for the year ended 30 June 2021[34]. - The Group recorded a loss of approximately S$11.3 million for the Review Year, compared to a net profit of approximately S$0.25 million for the year ended 30 June 2021[36]. Shareholder Equity and Financial Position - Total shareholders' funds amounted to approximately S$28.4 million as at 30 June 2022, compared to approximately S$27.8 million as at 30 June 2021[42]. - As of June 30, 2022, total shareholders' equity was approximately S$28.4 million, up from S$27.8 million as of June 30, 2021[43]. - Current assets were approximately S$25.5 million as of June 30, 2022, down from S$29.6 million in 2021, with cash and cash equivalents at approximately S$18.9 million compared to S$23.6 million in 2021[43]. - The current ratio decreased to 5.7 as of June 30, 2022, from 12.6 in 2021, indicating a decline in liquidity[43]. - The gearing ratio was 4.1% as of June 30, 2022, significantly up from 0.01% in the previous year, reflecting increased leverage[43]. Business Strategy and Expansion - The Group aims to expand its market position in the medical and healthcare construction sectors in Singapore and diversify into financial technology (FinTech) areas[16]. - A competent FinTech team has been established to develop and manage trading systems, custody infrastructure, and risk management, with relevant regulatory licenses applied for virtual asset trading[16]. - The Group is focused on establishing a foothold in the global digital assets custodian market as part of its corporate strategy[16]. - The Board believes that developing the FinTech business and potential acquisitions represent exciting opportunities to diversify the Group's revenue sources[17]. - The Group is optimistic about the prospects of its New Business, which involves providing FinTech platform services[21]. Operational Performance and Workforce - Administrative expenses increased by approximately S$11.3 million, or 425.2%, to approximately S$14.0 million, representing 138.9% of revenue for the Review Year[35]. - Total staff costs for the review year amounted to approximately S$12.2 million, up from approximately S$3.3 million in 2021, reflecting a significant increase in workforce and compensation[58]. - The Group employed a total of 146 full-time employees as of June 30, 2022, compared to 70 full-time employees in the previous year, indicating a growth in human resources[58]. Corporate Governance - The company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[103]. - The Board is responsible for day-to-day operations, overseeing business development, and evaluating financial performance[104]. - The Board currently comprises three executive directors, two non-executive directors, and three independent non-executive directors[108]. - The company has adopted all mandatory disclosure requirements and code provisions in the Corporate Governance Code[103]. - The company has established three Board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, all chaired by Independent Non-Executive Directors (INEDs) to oversee their respective functions[120]. Risk Management and Compliance - The Company aims to develop a robust risk management and internal control system to manage operational and financial risks[150]. - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss, rather than absolute assurance[151]. - The Company adopted a whistleblowing policy and established anti-corruption policies to promote compliance with laws and regulations[157]. - During the Review Year, the effectiveness of the Group's risk management and internal control systems was reviewed and deemed effective and adequate[155]. Shareholder Communication - The Company has adopted a shareholders' communication policy to ensure timely access to transparent and accurate information for shareholders and the investment community[172]. - The Company aims to enhance communication with shareholders through various channels, including financial reports and general meetings[174]. - The Company is committed to understanding and soliciting the views of shareholders and stakeholders as part of its communication policy[173]. Future Plans and Projections - The company plans to allocate the net proceeds as follows: 34,000 for additional properties for factory and office use, 21,500 for recruiting additional staff, and 4,800 for issuing performance guarantees[66]. - The company plans to increase marketing efforts with an allocation of 2,300[66]. - The company has set a target to recruit additional staff by June 30, 2023, with a budget of 21,500[66]. - The company intends to use 6,300 as general working capital, which has already been fully allocated[68]. - The company aims to enhance its performance guarantees with a reserve of 4,800[66].

Financial Performance - Revenue for the six months ended December 31, 2021, was S$4,970,978, an increase from S$4,505,049 in the same period of 2020, representing a growth of approximately 10.3%[7] - Gross profit for the same period was S$1,189,135, compared to S$687,425 in 2020, indicating a significant increase of approximately 73.2%[7] - The company reported a loss before taxation of S$1,640,786 for the six months ended December 31, 2021, compared to a profit of S$82,605 in the prior year[7] - Total comprehensive loss for the period was S$1,763,920, compared to a loss of S$1,091,911 in the same period of 2020[7] - Basic and diluted loss per share was (0.21) cents, a decrease from earnings of 0.004 cents per share in the previous year[7] - Other income decreased significantly to S$61,645 from S$269,763 in the prior year, reflecting a decline of approximately 77.2%[7] - Administrative expenses increased to S$2,891,412 from S$869,746, marking an increase of approximately 232.5%[7] - The company experienced a net other comprehensive income of S$14,960, compared to a loss of S$1,123,140 in the previous year[7] - The segment results showed a consolidated loss before tax of S$1,640,786 and a consolidated loss after tax of S$1,778,880 for the period[31] - The Group recorded a loss of approximately S$1.8 million for the six months ended December 31, 2021, compared to a profit of approximately S$0.03 million for the same period in 2020[94] Assets and Liabilities - As of December 31, 2021, total non-current assets amounted to S$10,422,085, an increase from S$645,840 compared to June 30, 2021[9] - Total current assets reached S$31,720,071, up from S$29,579,836 as of June 30, 2021, indicating a growth of approximately 7.3%[9] - Total current liabilities increased to S$4,309,777 from S$2,355,288, reflecting a significant rise of approximately 83%[9] - The company's equity attributable to owners increased to S$37,146,372 from S$27,843,078, representing a growth of about 33%[10] - Trade receivables decreased to S$2,120,017 from S$2,979,067, indicating a reduction of approximately 29%[9] - The accumulated profits as of December 31, 2021, were S$8,787,677, down from S$10,566,557 as of June 30, 2021[10] - The Group's total shareholders' funds increased to approximately S$37.3 million as of December 31, 2021, up from S$27.8 million as of June 30, 2021[99] - Current assets amounted to approximately S$31.7 million, while current liabilities were S$4.3 million, resulting in a current ratio of 7.4 as of December 31, 2021[100] Cash Flow - Net cash used in operating activities was S$639,570 for the six months ended December 31, 2021, a decrease from S$800,580 in the prior year[12] - For the six months ended December 31, 2021, the net cash used in investing activities was S$13,633,455 compared to a net cash inflow of S$35,919 in the same period of 2020[14] - Cash and cash equivalents at the end of the period were S$20,234,375, down from S$23,305,860 at the end of the previous period[14] - The Group's bank and cash balances as of December 31, 2021, were S$25,422,987, compared to S$23,613,579 on June 30, 2021, marking an increase of 7.6%[64] Strategic Initiatives and Future Outlook - Future outlook and strategic initiatives were not explicitly detailed in the provided content, suggesting a focus on financial recovery and operational efficiency[6] - The Group is diversifying into a new business involving innovative software for trading, market data, and analytical services, including mobile apps and web portal applications[82] - The Singapore government’s initiative to increase medical-related facilities is expected to drive demand for medical-related radiation shielding works[84] - The Group plans to explore emerging building technologies to strengthen its market position in the medical and healthcare construction sectors in Singapore while expanding its presence in Hong Kong[121] - The Group aims to strengthen its capabilities in system development, compliance, and risk management while exploring opportunities in the FinTech sector, including trading and settlement systems[123] Shareholder Information - As of December 31, 2021, Mr. Lin Ho Man holds 584,000,000 shares, representing 60.83% of the issued share capital of the company[128] - Mr. Lin also owns 800,000 share options, which account for 0.08% of the issued share capital[128] - Mr. Tsang Wing Fung is a beneficial owner of 8,000,000 shares, representing 0.83% of the issued share capital, and also holds 8,000,000 share options[128] - Flourish Nation Enterprises Limited, owned 100% by Mr. Lin, holds 584,000,000 shares, equating to 60.83% of the company[131] - The company has adopted a share option scheme valid until March 15, 2028, aimed at incentivizing employees and attracting talent[140] Compliance and Governance - The Company has complied with the corporate governance code provisions since June 1, 2021, and will continue to do so[146] - All directors confirmed compliance with the Model Code regarding securities transactions throughout the six months ended December 31, 2021[139] - The audit committee reviewed the unaudited condensed consolidated results for the six months ended December 31, 2021, with no disagreements noted[153]

Financial Performance - For the financial year ended June 30, 2021, the Group reported revenue of approximately S$10.3 million, a gross profit of approximately S$2.6 million, and a profit before taxation of approximately S$0.6 million[8]. - The Group's revenue for the Review Year was approximately S$10.3 million, representing an increase of approximately S$2.7 million, or 34.6%, compared to approximately S$7.6 million for the year ended 30 June 2020[19]. - Revenue from integrated design and building services was approximately S$9.9 million, an increase of approximately S$2.7 million, or 38.4%, compared to approximately S$7.2 million for the year ended 30 June 2020[20]. - The Group's gross profit was approximately S$2.6 million for the Review Year, with a gross profit margin of approximately 25.0%, up from 18.9% in 2020[23]. - Other income for the Review Year was approximately S$0.6 million, or 6.2% of revenue, compared to 7.6% of revenue in the previous year[25]. - Administrative expenses increased by approximately S$0.6 million or 27.6% to approximately S$2.7 million, representing 25.8% of revenue for the Review Year[27]. - The Group recorded a profit of approximately S$0.25 million for the Review Year, compared to a profit of approximately S$0.06 million for the year ended 30 June 2020[29]. - Total shareholders' funds amounted to approximately S$27.8 million as at 30 June 2021, down from approximately S$28.5 million as at 30 June 2020[30]. - The Group's gearing ratio was 0.01% as of June 30, 2021, compared to 0.2% on June 30, 2020[33]. - The Group's aggregate amount of reserves available for distribution to shareholders was approximately S$10.6 million as of June 30, 2021, compared to approximately S$10.3 million in 2020[173]. Business Development and Opportunities - The Singapore government's healthcare expenditure is projected to increase from S$21 billion in 2018 to S$59 billion by 2030, indicating potential growth opportunities for the Group in medical shielding construction[9]. - The Group plans to explore emerging building technologies to strengthen its market position in the medical and healthcare sectors in Singapore while also expanding its presence in Hong Kong and other areas[10]. - The Board is actively seeking new business opportunities and markets with growth potential to diversify the Group's business development[13]. - The Group is developing potential business opportunities in Asia, including software development related to market analytical data for capital markets and other asset classes[10]. Staffing and Expenses - Total staff costs for the Review Year amounted to approximately S$3.3 million, an increase from approximately S$2.8 million in 2020[43]. - The Group employed a total of 70 full-time employees as of June 30, 2021, up from 46 full-time employees as of June 30, 2020[43]. Corporate Governance - The company has adopted all code provisions in the Corporate Governance Code as its own governance practices[81]. - The company complied with the Corporate Governance Code provisions during the review year, except for code provision A.2.1[82]. - The Board is responsible for day-to-day operations, business development, project management, and financial performance evaluation[88]. - The Board currently consists of two executive directors, one non-executive director, and three independent non-executive directors[89]. - The company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[81]. - The Board regularly reviews the effectiveness of risk management and internal control systems[88]. - The Company aims to develop a robust risk management and internal control system to manage operational and financial risks[134]. - The Company does not currently have an internal audit function due to its simple corporate structure and operations in only one geographical location[142]. Shareholder Information - The Company has adopted a dividend policy that allows shareholders to participate in profits while retaining adequate reserves for future growth[181]. - The Board will consider various factors, including the financial condition of the Group and future cash requirements, when proposing dividends[182]. - Flourish Nation owns 73% of the Company, and is 100% owned by Mr. Lin[191]. - Mr. Lin holds a beneficial interest in 584,000,000 shares, representing 73% of the Company[194]. - As of June 30, 2021, no other Directors or chief executives had interests or short positions in the Company's shares or debentures[192]. - The Company was not involved in any arrangements to enable Directors to acquire benefits through shares or debentures during the Review Year[200]. Risk Management - The Group manages foreign exchange risk by closely monitoring currency rate movements, as it transacts mainly in Singapore dollars but holds balances in multiple currencies[39]. - The Company regularly assesses and reviews its risk management and internal control processes to identify and manage significant risks[137]. - The external internal control reviewer collaborates with the management team to improve any material deficiencies in control[141]. - The Audit Committee is responsible for reviewing risk management and internal control systems, financial policies, and compliance with corporate governance codes[128]. Investments and Acquisitions - The net proceeds from the Listing were approximately HK$74.0 million, intended for various applications including property acquisition and manpower strengthening[47]. - The Group utilized net proceeds of HKD 34 million for the acquisition of additional property for workshop and office use, expected to be completed on or before June 30, 2022[50]. - A total of HKD 21.5 million was allocated for recruiting additional staff, with HKD 9.446 million already spent as of June 30, 2021[50]. - The acquisition of additional motor vehicles and machinery accounted for HKD 5.1 million, with HKD 850 thousand spent to date[50]. Compliance and Regulations - The Company has maintained compliance with relevant laws and regulations during the Review Year[165]. - The Company ensures compliance with the Guidelines on Disclosure of Inside Information and regularly reminds Directors and employees about these policies[138].

Financial Performance - Revenue for the six months ended December 31, 2020, was S$4,505,049, a decrease of 2.6% from S$4,625,426 in the same period of 2019[11]. - Gross profit for the same period was S$687,425, down 54.5% from S$1,509,541 in 2019[11]. - Profit for the period was S$31,229, a significant decline of 95.5% compared to S$691,499 in the previous year[11]. - Total comprehensive loss for the period amounted to S$1,091,911, contrasting with a total comprehensive income of S$657,678 in 2019[11]. - Basic and diluted earnings per share were 0.004 cents, a decrease from 0.086 cents in the same period of 2019[11]. - Profit before taxation for the six months ended December 31, 2020, was S$82,605,000, down from S$784,178,000 for the same period in 2019, a decrease of approximately 89.4%[21]. - Operating cash flows before working capital changes were S$133,275,000, significantly lower than S$702,206,000 in the previous year, a decline of about 81.0%[21]. - Net cash used in operating activities was S$800,580,000, compared to cash generated of S$1,689,701,000 in the prior year, indicating a substantial decrease[21]. - The Group's gross profit was approximately S$0.7 million for the six months ended December 31, 2020, with a gross profit margin of approximately 15.3%, down from 32.6% in the same period of 2019[97]. - The Group recorded a profit of approximately S$0.03 million for the six months ended December 31, 2020, down from approximately S$0.7 million for the same period in 2019[100]. Assets and Liabilities - As of December 31, 2020, total non-current assets decreased to S$634,559,000 from S$716,686,000 as of June 30, 2020, representing a decline of approximately 11.4%[13]. - Current assets totaled S$28,987,033,000, a slight decrease from S$29,698,625,000, indicating a reduction of about 2.4%[13]. - Total current liabilities rose to S$2,196,654,000 from S$1,896,222,000, marking an increase of about 15.9%[13]. - Net current assets decreased to S$26,790,379,000 from S$27,802,403,000, a decline of approximately 3.6%[13]. - Total equity attributable to owners of the Company decreased to S$27,397,628,000 from S$28,489,539,000, a reduction of approximately 3.8%[14]. - Trade receivables increased to S$1,961,559,000 from S$1,693,123,000, reflecting a growth of approximately 15.8%[13]. - Trade payables increased to S$959,857 as of December 31, 2020, compared to S$495,912 as of June 30, 2020, indicating a significant rise of approximately 93.4%[75]. - The aged analysis of trade payables showed that S$642,135 was due within 90 days as of December 31, 2020, compared to S$416,065 as of June 30, 2020, marking an increase of approximately 54.3%[79]. - Contract assets related to construction contracts rose to S$3,459,721 as of December 31, 2020, compared to S$2,273,220 as of June 30, 2020, reflecting an increase of approximately 52%[68]. - Contract liabilities decreased to S$527,462 as of December 31, 2020, from S$691,663 as of June 30, 2020, indicating a reduction of about 23.7%[69]. Cash Flow and Financing - Net cash generated from investing activities for the six months ended 31 December 2020 was S$35,919, a decrease of 78.4% compared to S$166,205 in the same period of 2019[23]. - Interest received decreased significantly to S$43,328, down 76.1% from S$179,564 in the previous year[23]. - Net cash used in financing activities was S$39,799, a reduction from S$46,548 in the prior period, indicating improved cash management[23]. - Cash and cash equivalents at the end of the period stood at S$23,305,860, a decrease from S$24,239,765 year-over-year[23]. - The company reported a net decrease in cash and cash equivalents of S$804,460, contrasting with an increase of S$1,809,358 in the same period of 2019[23]. Operational Insights - The company continues to focus on strategic initiatives to enhance operational efficiency and market presence[10]. - The company is primarily engaged in integrated design and building services in the medical and healthcare sectors, focusing on radiation shielding works[26]. - Revenue is derived from three main segments: integrated design and building services, maintenance and other services, and sales of tools and materials[33]. - The Group's ability to recommence most projects immediately after the Circuit Breaker Period minimized the impact of the revenue decline during the pandemic[89]. - The Singapore Government's initiatives to increase medical-related facilities are expected to drive demand for radiation shielding works, aligning with the Group's core business focus[90]. - The Group specializes in integrated design and building services for hospitals and clinics, positioning itself well to benefit from the growing healthcare sector in Singapore[88]. Governance and Compliance - The Company has complied with the Corporate Governance Code during the six months ended December 31, 2020, except for the deviation regarding the roles of Chairman and CEO being held by the same individual[155][156]. - The Company has maintained the prescribed public float under the Listing Rules as of the date of the report[157]. - The audit committee reviewed the unaudited condensed consolidated results for the six months ended December 31, 2020, with no disagreements noted[164]. Employee and Management - As of December 31, 2020, the Group employed a total of 50 full-time employees, an increase from 43 full-time employees as of December 31, 2019[122]. - Total staff costs for the six months ended December 31, 2020, amounted to approximately S$1.4 million, compared to approximately S$1.1 million for the same period in 2019, reflecting a 27% increase[122]. - The Group's total compensation for key management personnel for the six months ended December 31, 2020, was S$415,517, up from S$263,003 for the same period in 2019, representing a growth of approximately 58.1%[84].

Financial Performance - For the Review Year, the Group's revenue was approximately S$7.6 million, a decrease of approximately S$2.8 million, or 26.5%, compared to S$10.4 million for the year ended 30 June 2019[23]. - The gross profit for the Group was approximately S$1.4 million, with a profit before taxation of approximately S$0.2 million[15]. - The Group's gross profit was approximately S$1.4 million for the Review Year, with a gross profit margin of approximately 18.9%, down from 35.5% in the previous year[33]. - Revenue from integrated design and building services was approximately S$7.2 million, a decrease of approximately S$2.8 million, or 28.3%, compared to approximately S$10.0 million for the year ended 30 June 2019[27]. - Other income for the Review Year was approximately S$0.6 million, or 7.6% of revenue, compared to approximately S$0.5 million, or 4.7% of revenue for the year ended 30 June 2019[35]. - Administrative expenses increased by approximately S$0.7 million, or 46.3%, to approximately S$2.1 million, representing 27.2% of revenue for the Review Year[37]. - The Group recorded a profit of approximately S$0.1 million for the Review Year, down from approximately S$2.3 million for the year ended 30 June 2019[39]. - Total shareholders' funds amounted to approximately S$28.5 million as at 30 June 2020, compared to approximately S$27.9 million as at 30 June 2019[40]. - As at 30 June 2020, the Group had current assets of approximately S$29.7 million, including cash and cash equivalents of approximately S$25.2 million[41]. - The Group's current ratio as at 30 June 2020 was 15.7, down from 22.4 in the previous year[41]. - The gearing ratio was at 0.2% as at 30 June 2020, compared to 0.0% as at 30 June 2019[41]. - Total staff costs for the Review Year amounted to approximately S$2.8 million, compared to approximately S$2.7 million in 2019, reflecting a year-on-year increase of about 3.7%[60]. Market Outlook - The Singapore government plans to open four new polyclinics over the next two years, which is expected to increase medical shielding construction work for the Group[16]. - Higher development expenditure in FY2020 is budgeted for major projects such as Woodlands Health Campus and Singapore General Hospital Emergency Medicine Building[24]. - The demand for health and aged care services is expected to continue increasing as Singapore's population ages[24]. - New clean rooms and radiology-related facilities are generally required in new healthcare facilities, driving demand for medical-related radiation shielding works[24]. - The Group aims to explore emerging building technologies to strengthen its market position in the medical and healthcare sectors[17]. - The Group remains optimistic about future growth despite the challenges faced during the Review Year[16]. Corporate Governance - The company is committed to high standards of corporate governance to safeguard shareholder interests and enhance corporate value[116]. - The company adopted all code provisions in the Corporate Governance Code as its own code on corporate governance practices[116]. - During the Review Year, the company complied with the code provisions set out in the CG Code, except for code provision A.2.1[117]. - The roles of chairman and chief executive officer are currently held by Mr. Wu An Ming since October 18, 2019, which deviates from the CG Code provision A.2.1[118]. - The Board believes that Mr. Wu's experience in construction, real estate, financial services, and medical health enhances overall business planning and decision-making efficiency[120]. - The Board will continue to review the appropriateness of separating the roles of chairman and chief executive officer based on the Group's circumstances[121]. - The Board comprises two executive directors and three independent non-executive directors, ensuring a balance of experience and independence[124]. - The Company has complied with the corporate governance code, except for the aforementioned deviation regarding the dual roles[120]. - The Board is responsible for overseeing business development, project management, and evaluating the Group's financial performance[123]. - The Board meets regularly to monitor business development and financial performance, ensuring timely project delivery within budget[123]. - The Company has received annual confirmations of independence from each independent non-executive director, ensuring compliance with the Listing Rules[132]. - The Board has established committees to delegate certain management functions and enhance corporate governance[123]. - The Company has appointed independent non-executive directors, with at least one possessing appropriate professional qualifications or relevant financial management expertise[133]. - The term of appointment for non-executive directors is one year, subject to re-election, with a requirement for one-third of all directors to retire by rotation at each annual general meeting[134]. - The Remuneration Committee comprises one executive director and two independent non-executive directors, focusing on establishing a transparent remuneration policy[144]. - The Remuneration Committee reviewed the Company's remuneration policy and structure during the Review Year[149]. - The Nomination Committee assists the Board in making recommendations on the appointment and reappointment of Directors, considering various factors including integrity, experience, and diversity[157]. - Each executive director has a service agreement for a term of three years, while independent non-executive directors have an initial term of one year, continuing year to year[159]. - All Directors are subject to retirement by rotation and re-election at the annual general meeting in accordance with the Articles of Association[159]. - The Company adopted the Model Code for Securities Transactions by Directors, ensuring compliance by all Directors during the Review Year[141]. - Continuous professional development activities were recorded for directors, focusing on corporate governance code and related Listing Rules[137]. - The Company has established a formal and transparent procedure for developing remuneration policy, referencing industry performance and current market practices[147]. - The Company established an Audit Committee comprising three Independent Non-Executive Directors (INEDs) to oversee financial reporting and internal controls[170]. - During the Review Year, the Audit Committee reviewed the Group's accounting principles and practices, including audited financial statements and compliance with the Corporate Governance Code[172]. - The remuneration paid to the auditor for the annual audit fee was approximately S$240,000, with no fees for non-audit services[177]. - The Company adopted a board diversity policy to enhance the effectiveness of the Board by considering factors such as gender, age, and professional experience[179]. - The Nomination Committee assessed the independence of INEDs and reviewed the structure and composition of the Board during the Review Year[166]. - Directors are required to retire by rotation at least once every three years, ensuring a refresh of the Board's composition[164]. - The Company acknowledges its responsibility for preparing financial statements that provide a true and fair view of its financial position[173]. - The Audit Committee is responsible for developing and reviewing the Company's corporate governance policies and practices[171]. - The Company has a policy to ensure that all Directors are subject to re-election at the annual general meeting[165]. - The Nomination Committee conducted a thorough due diligence process for proposed Board candidates during the Review Year[168]. Risk Management - The Company aims to develop a robust risk management and internal control system to manage operational and financial risks, ensuring the safeguarding of shareholder interests and assets[181]. - The Board acknowledges its responsibility for maintaining effective risk management and internal control systems, ensuring compliance with relevant rules and regulations[183]. - An external internal control reviewer is engaged annually to assess and improve any material deficiencies in control, with findings reported to the Audit Committee[185]. - The Company does not currently have an internal audit function, considering its simple corporate structure and operations in a single geographical location[191]. - The risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[189]. - The management regularly reviews and assesses the risk management and internal control systems, identifying significant risks and resolving internal control defects[185]. - The Company will periodically review the need for an internal audit function based on its operational structure[193]. - The Board will regularly review the diversity policy to ensure its appropriateness and track progress towards achieving diversity goals[182]. Strategic Focus - The Group specializes in radiation shielding works and provides integrated design and building services for hospitals and clinics in Singapore[22]. - The company has a strategic focus on expanding its real estate development and financial leasing businesses in both domestic and international markets[81]. - The management team is committed to enhancing operational efficiency and strategic decision-making to drive future growth[78][81]. - The company is exploring new strategies for market expansion and potential acquisitions to strengthen its competitive position[76][81]. - The Group had no significant investments or material acquisitions during the Review Year[57]. - The Group has not provided guarantees to any customers as of June 30, 2020, maintaining a risk-averse approach[64]. - The Group's liquidity position is closely monitored by the Board to ensure it meets funding requirements[51]. - The Group manages foreign exchange risk by closely monitoring currency rate movements, as it transacts mainly in Singapore dollars[56]. - The Group plans to utilize the unutilized net proceeds for acquisitions and operational enhancements by June 30, 2021[74]. - The company is considering several property agency offers to determine the best location and price for acquiring new properties as of June 30, 2020[76].

Financial Performance - Revenue for the six months ended December 31, 2019, was S$4,625,426, a decrease of 17.2% compared to S$5,583,189 for the same period in 2018[8]. - Gross profit for the same period was S$1,509,541, down 29.5% from S$2,143,148 in 2018[8]. - Profit for the period was S$691,499, representing a decline of 50.5% from S$1,396,896 in the previous year[8]. - Total comprehensive income for the period was S$657,678, compared to S$1,396,896 in the corresponding period of 2018[8]. - Basic and diluted earnings per share were 0.08 cents, down from 0.17 cents in the previous year[8]. - Total other income for the six months ended December 31, 2019, was S$217,467, a decrease from S$239,805 in 2018, representing a decline of approximately 9.5%[68]. - The profit before taxation for the six months ended December 31, 2019, was impacted by finance costs of S$852 and depreciation expenses totaling S$46,871[73]. - Current tax expense for the period was S$92,679, significantly lower than S$303,512 in the same period of 2018, indicating a reduction of approximately 69.5%[76]. - Profit attributable to the owners of the company for the six months ended December 31, 2019, was S$657,678, a decrease of approximately 52.8% from S$1,396,896 in 2018[80]. - Total staff costs for the period amounted to S$1,127,925, a decrease from S$1,220,943 in 2018, representing a reduction of about 7.6%[73]. Assets and Liabilities - Total non-current assets increased to S$754,045 as of December 31, 2019, from S$728,723 as of June 30, 2019[9]. - Total current assets rose to S$29,406,538, compared to S$28,514,583 as of June 30, 2019[9]. - Net assets increased to S$28,601,659 from S$27,943,981 as of June 30, 2019[9]. - Trade receivables decreased to S$2,364,506 from S$3,399,887 in the previous period[9]. - Cash and cash equivalents increased to S$24,239,765 from S$22,464,228 as of June 30, 2019[9]. - As of December 31, 2019, the total equity attributable to owners of the Company was S$28,601,659, an increase from S$27,943,981 as of June 30, 2019, representing a growth of approximately 2.36%[11]. - The accumulated profits as of December 31, 2019, were S$10,947,261, up from S$10,255,762 as of June 30, 2019, indicating an increase of about 6.73%[11]. - The Group's total liabilities, including trade and other payables, reached S$1,124,619 as of December 31, 2019, up from S$766,057 as of June 30, 2019[90]. Cash Flow - Operating cash flows before working capital changes for the six months ended December 31, 2019, were S$702,206, down from S$1,520,692 for the same period in 2018, a decline of about 53.8%[15]. - Net cash generated from operating activities for the six months ended December 31, 2019, was S$1,689,701, compared to S$696,836 for the same period in 2018, showing an increase of approximately 142.7%[15]. - Cash and cash equivalents at the end of the period were S$24,239,765, up from S$21,986,099 at the end of 2018, representing an increase of about 10.2%[17]. Business Operations - The Company’s principal operating subsidiary, Hwa Koon Engineering Pte. Ltd., focuses on integrated design and building services in the medical and healthcare sectors, particularly in radiation shielding works[19]. - The company’s main business operations are in the healthcare sector, providing integrated design and construction services[22]. - The Group specializes in the medical and healthcare sectors, providing integrated design and building services for hospitals and clinics in Singapore[105]. Corporate Governance - The company has complied with the Corporate Governance Code, except for the separation of the roles of chairman and CEO, which are held by Mr. Chen[163]. - The company has adhered to the Corporate Governance Code, with a noted deviation regarding the roles of Chairman and CEO being held by the same individual, which the board believes ensures effective strategic planning[166][168]. - The company has maintained the prescribed public float under the Listing Rules as of the report date[169]. Lease Accounting - The application of IFRS 16 "Leases" has been adopted for the first time in the current interim period, replacing IAS 17[31]. - Right-of-use assets are recognized at the commencement date of the lease and measured at cost, less any accumulated depreciation and impairment losses[32]. - The Group recognizes lease liabilities at the present value of unpaid lease payments at the lease commencement date[37]. - Lease payments include fixed payments, variable payments based on an index, and amounts expected under residual value guarantees[38]. - The Group has applied IFRS 16 retrospectively, recognizing cumulative effects at the date of initial application, July 1, 2019, without restating comparative information[49]. Employee and Management Information - Total compensation for key management personnel was S$263,003 for the six months ended December 31, 2019, down from S$411,461 in the same period of 2018[102]. - The Group employed a total of 43 full-time employees as of December 31, 2019, an increase from 40 full-time employees as of December 31, 2018[139]. Shareholder Information - As of December 31, 2019, Mr. Chen held 600,000,000 shares, representing 75% of the issued share capital[148]. - Eagle Fortitude Limited, owned 100% by Mr. Chen, also holds 600,000,000 shares, equating to 75% of the issued share capital[159]. - The company has not granted any share options since the adoption of the share option scheme on March 15, 2018[162].