Financial Performance - The company reported a consolidated revenue of HKD 1.2 billion for the fiscal year, representing a year-over-year increase of 15%[4] - The company has projected a revenue growth of 10% for the next fiscal year, aiming for HKD 1.32 billion[5] - The Group's revenue for FY2019 was approximately S$61.1 million, an increase of approximately S$2.5 million or 4.2% compared to FY2018 revenue of approximately S$58.6 million[27] - The Group's total gross profit for 2019 was S$15,472,139, compared to S$14,318,933 in 2018[94] - The Group's revenue increased by approximately S$2.5 million or 4.2% from approximately S$58.6 million for the year ended 31 December 2018 to approximately S$61.1 million for the year ended 31 December 2019[108] User Growth and Market Expansion - User data showed a growth in active users by 25%, reaching a total of 500,000 users by the end of the year[5] - Market expansion efforts have led to a 20% increase in market share in Southeast Asia[4] - The company plans to open two new offices in Europe to support its international growth strategy[5] Product Development and Revenue Contribution - New product launches contributed to 30% of total revenue, with three major products introduced during the year[4] - The Group aims to achieve higher growth by expanding its product range and production capacity in the snacks industry[31] Research and Development - The company is investing HKD 50 million in R&D for new technologies aimed at enhancing user experience[5] Sustainability and Corporate Responsibility - The management emphasized a focus on sustainability initiatives, allocating 5% of revenue towards environmental projects[4] - The Group has complied with all applicable environmental laws and regulations, with no material claims or penalties reported in 2019[197] Financial Stability and Liquidity - The current ratio improved from 2.6 in 2018 to 5.1 in 2019, suggesting enhanced liquidity and financial stability[45] - Bank borrowings decreased to approximately S$2.8 million as of December 31, 2019, compared to approximately S$5.0 million as of December 31, 2018, reflecting a reduction in debt[128] Profitability and Cost Management - Gross profit for FY2019 was approximately S$15.5 million, representing an increase of approximately S$1.2 million or 8.1% compared to FY2018 gross profit of approximately S$14.3 million[27] - The Group's gross profit margin improved from 24.4% in 2018 to 25.3% in 2019, indicating better cost management and pricing strategies[49] Challenges and Economic Outlook - The Ministry of Trade and Industry downgraded Singapore's GDP growth forecast for 2020 to between -4.0% to -1.0% due to various economic challenges[31] - The Group anticipates a challenging macroeconomic environment for the year ending 31 December 2020 due to factors including the Covid-19 outbreak[144] Dividend Policy - The Directors resolved not to recommend any dividend for FY2019 despite the Group being profitable, due to the uncertain macroeconomic outlook[31] - The Group's dividend policy remains unchanged, with the Board continuing to assess the possibility of recommending dividends in the next financial period[154] Employee and Management Insights - The Group had 256 employees as of 31 December 2019, an increase from 218 employees in the previous year[152] - The Group's core management team has over 30 years of experience in the snacks industry, focusing on operations, sales, and marketing[159] Risk Management - The Group's business operations and financial results may be affected by various risks and uncertainties, including seasonality and material price fluctuations[199] - The risk management committee is responsible for reviewing and investigating future foreign exchange rates and hedging methods[148] Compliance and Certifications - The Group has been accredited with various certifications related to quality management and food safety, ensuring compliance with legal requirements[54] - The Group's compliance and risk management policies are in place to monitor adherence to significant legal and regulatory requirements[197]

Revenue and Profit - Revenue for the six months ended June 30, 2019, was S$28,417,231, a decrease of 4.3% compared to S$29,687,441 in 2018[19] - Profit for the period decreased by 44.0% to S$1,686,660 from S$3,012,750 in 2018[19] - The Group's revenue decreased by approximately S$1.3 million or 4.3% from approximately S$29.7 million for the six months ended 30 June 2018 to approximately S$28.4 million for the six months ended 30 June 2019[26] - The Group reported a profit for the period of approximately S$1.7 million, a decrease of approximately S$1.3 million or 44.0% from approximately S$3.0 million for the six months ended June 30, 2018[74] - Basic and diluted earnings per share were 0.17 Singapore cents, down from 0.38 Singapore cents in the same period last year[94] - Net profit for the period was S$1,686,660, a decline of 44.0% compared to S$3,012,750 in 2018[141] Gross Profit and Margins - Gross profit for the same period was S$7,572,806, down 10.4% from S$8,454,664 in 2018[19] - Gross profit margin for the six months ended June 30, 2019, was 26.6%, compared to 28.5% in 2018[23] - The Group's total gross profit decreased by approximately S$0.9 million or 10.4% from approximately S$8.5 million for the six months ended 30 June 2018 to approximately S$7.6 million for the six months ended 30 June 2019[69] - The Group's overall gross profit margin decreased from approximately 28.5% for the six months ended 30 June 2018 to approximately 26.6% for the six months ended 30 June 2019[69] Assets and Liabilities - Non-current assets increased by 6.8% to S$20,755,095 as of June 30, 2019, compared to S$19,425,751 as of December 31, 2018[21] - Current assets rose significantly by 45.9% to S$38,839,016 from S$26,620,755[21] - Current liabilities decreased by 59.1% to S$4,199,930 from S$10,272,099[21] - Total equity increased by 49.9% to S$50,741,344 from S$33,842,744[21] - The Group's current ratio improved to 9.2 times as at 30 June 2019 from 2.6 times as at 31 December 2018[79] - The Group's bank borrowings decreased to approximately S$3.0 million as at 30 June 2019 from approximately S$5.0 million as at 31 December 2018[81] Revenue by Segment - Sales of nuts accounted for approximately 75.6% of total revenue, while chips accounted for 19.9% for the six months ended 30 June 2019[39] - Revenue from the "Nuts" segment was S$21,479,087, down 4.4% from S$22,477,969 in the previous year[141] - The "Chips" segment generated revenue of S$5,642,557, a decrease of 1.2% from S$5,713,391 in 2018[141] - The "Others" segment reported revenue of S$1,295,587, down 13.4% from S$1,496,081 in the prior year[141] Expenses - Selling and distribution expenses increased to S$1,306,712 from S$1,084,292, reflecting a rise of 20.5%[141] - Administrative expenses increased by approximately S$0.7 million or 35.5% to approximately S$2.8 million for the six months ended 30 June 2019, mainly due to increased staff costs[73] - Total staff costs increased to S$3,495,339, up 13.8% from S$3,071,945 in the previous year[171] Cash Flow and Financing - The company reported a net cash from operating activities of S$4,328,636 for the six months ended June 30, 2019, compared to S$1,220,294 in the same period of 2018, showing a significant increase[109] - The company reported a net cash from financing activities of S$13,506,506, a turnaround from a net cash used of S$2,926,702 in the previous period[112] - Cash and cash equivalents at the end of the period were S$20,093,465, compared to S$1,568,838 at the end of the previous period[112] Market Conditions and Trends - Demand for snack products with less sugar and artificial sweeteners has seen stronger growth in Singapore, Malaysia, and the PRC, indicating a positive market trend for healthier snack options[67] - The decrease in revenue was mainly attributed to a shorter Chinese New Year period in 2019 compared to 2018, affecting the sales ramp-up[26] - The Group recognizes the uncertain market conditions due to US-PRC trade tensions and Brexit but remains focused on achieving its business objectives[67] Corporate Developments - The Group has been accredited with various certifications related to quality management and food safety, ensuring compliance with legal requirements[26] - The Group has incorporated a wholly-owned subsidiary, TS Group Investment Limited, in the British Virgin Islands, which has a direct wholly-owned subsidiary, ZC China Limited, in Hong Kong[85] - The shares were listed on the Main Board of the Stock Exchange on 14 January 2019[83] IFRS 16 Adoption - The adoption of IFRS 16 Leases, effective from January 1, 2019, introduces significant changes in lease accounting, requiring the recognition of a right-of-use asset and a lease liability for all leases[120] - The Group recognized right-of-use assets of S$1,238,684 on January 1, 2019, with a net decrease in accumulated profits of S$119,936[133]

Financial Performance - The company reported a consolidated revenue of $150 million for the fiscal year, representing a 10% increase compared to the previous year[11]. - Net profit for the year was $30 million, which is a 15% increase year-over-year[11]. - The Group's revenue for FY2018 was approximately S$58.6 million, representing an increase of approximately S$3.1 million or 5.5% compared to FY2017 revenue of approximately S$55.5 million[29]. - Gross profit for FY2018 was approximately S$14.3 million, an increase of approximately S$0.7 million or 5.1% from the previous year's gross profit of approximately S$13.6 million[29]. - The Group's profit for FY2018 was approximately S$2.1 million, a decrease of approximately S$3.8 million or 64.2% compared to the profit of approximately S$6.0 million in FY2017, primarily due to one-off listing expenses[30]. - The total gross profit for the year ended 31 December 2018 was S$14.3 million, with a gross profit margin of 24.4%, compared to S$13.6 million and a margin of 24.5% for the year ended 31 December 2017[87]. - The Group's overall gross profit margin remained stable at approximately 24.4% to 24.5% for the two years ended 31 December 2018[99]. - Profit for the year decreased by approximately S$3.8 million or 64.2% from approximately S$6.0 million for the year ended 31 December 2017 to approximately S$2.1 million for the year ended 31 December 2018[103]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share within the next two years[11]. - The Group aims to expand its market position in the snacks industry by launching tortilla chips and increasing production capacity for nuts and potato chips[29]. - Demand for snack products with less sugar and artificial ingredients is expected to grow, particularly in Singapore, Malaysia, and the People's Republic of China[29]. - The Group's strategy includes leveraging branding and production capabilities to enhance growth in the snacks market[89]. - The Group anticipates that the popularity of tortilla chips will continue to grow, particularly among urban millennials, contributing positively to the savory snacks segment[93]. Operational Efficiency and Cost Management - The company aims to improve operational efficiency, targeting a 5% reduction in costs over the next year[11]. - Research and development expenses increased by 30%, focusing on innovative technologies and product enhancements[11]. - The Group's cost of sales increased by approximately S$2.4 million or 5.7% from approximately S$41.9 million for the year ended 31 December 2017 to approximately S$44.3 million for the year ended 31 December 2018[99]. - Selling and distribution expenses increased by approximately S$0.4 million or 16.1% from approximately S$2.2 million for the year ended 31 December 2017 to approximately S$2.6 million for the year ended 31 December 2018[101]. - Administrative expenses increased by approximately S$0.8 million or approximately 18.5% from approximately S$4.4 million for the year ended 31 December 2017 to approximately S$5.2 million for the year ended 31 December 2018[101]. Shareholder Returns and Dividends - The proposed final dividend is 0.2 Hong Kong cents per share, representing approximately 16.3% of the profit for the year[31]. - The Group has recommended a final dividend of 0.2 Hong Kong cents per ordinary share for the year ended December 31, 2018, totaling approximately HK$2.0 million (equivalent to approximately S$0.3 million)[117]. - The final dividend payment is subject to shareholder approval at the annual general meeting scheduled for 3 June 2019[117]. - The Group has adopted a dividend policy to allow shareholders to participate in profits while retaining adequate reserves for future growth[154]. Corporate Governance and Management - The Group's management team includes family members, indicating a strong familial influence in leadership[126]. - The Group's executive directors have over 30 years of experience in the snacks industry, focusing on operations, sales, and marketing[124]. - The Company has a corporate secretary with extensive experience in corporate finance, including IPOs, mergers, and acquisitions[140]. - Each executive director is appointed under a service agreement for a term of three years from the Listing Date, terminable by either party with three months' written notice[193]. - Independent non-executive directors are appointed for a term of three years from the Listing Date, terminable with one month's written notice[193]. Environmental and Social Responsibility - Environmental, social, and governance initiatives are being prioritized, with a commitment to reduce carbon emissions by 15% by 2025[11]. - The Group complied with all applicable environmental laws and regulations during the year ended December 31, 2018, with no material claims or penalties reported[158]. Risks and Challenges - The Group's financial condition and results may be affected by various risks and uncertainties, including seasonal fluctuations in revenue[161]. - The Group's reliance on third-party suppliers poses risks to its production and business operations, particularly if there are disruptions in supply[167]. - The Group's profitability may be adversely affected by the quality and price of materials, which are dependent on harvest outputs[166]. - The Group faces risks related to the availability and pricing of materials, which could materially impact its financial performance[167].