Financial Performance - Revenue for the six months ended June 30, 2023, was SGD 112,213,000, an increase of 23.3% compared to SGD 91,031,000 in the same period of 2022[10] - Gross profit for the same period was SGD 14,314,000, representing a gross margin of 12.8%, up from SGD 11,011,000 in 2022[10] - Operating profit increased significantly to SGD 8,838,000, compared to SGD 3,724,000 in the previous year, marking a growth of 137.5%[10] - Net profit for the period was SGD 6,398,000, a substantial increase of 132.5% from SGD 2,754,000 in 2022[10] - Basic earnings per share rose to SGD 0.71, up from SGD 0.31 in the same period last year, reflecting a growth of 129.0%[10] - The company reported a net profit of SGD 6,398,000 for the six months ended June 30, 2023, compared to a loss in the previous period, marking a substantial turnaround[30] - The net profit for the period increased by 128.6% from approximately SGD 2.8 million in the first half of 2022 to approximately SGD 6.4 million in the first half of 2023, with a net profit margin rising from 3.0% to 5.7%[92] Assets and Liabilities - Total assets as of June 30, 2023, were SGD 155,165,000, slightly down from SGD 156,960,000 at the end of 2022[11] - Total liabilities decreased to SGD 84,915,000 from SGD 93,108,000, showing a reduction of 8.5%[13] - Total current liabilities decreased to 17,626 thousand SGD as of June 30, 2023, down from 42,356 thousand SGD as of December 31, 2022, indicating a reduction of approximately 58.4%[57] - The company’s total assets decreased to 72,742 thousand SGD as of June 30, 2023, compared to 75,137 thousand SGD as of December 31, 2022, a decline of about 3.2%[57] - The company’s total liabilities as of June 30, 2023, were 72,742 thousand SGD, indicating a significant leverage position compared to its total assets[57] Cash Flow - Cash and bank balances increased to SGD 12,167,000 from SGD 5,525,000, indicating a growth of 120.0%[11] - Operating cash flow for the six months ended June 30, 2023, was SGD 12,833,000, a significant increase from SGD 93,000 in the same period of 2022, representing a growth of 13,700%[17] - Cash and cash equivalents increased to SGD 12,167,000 as of June 30, 2023, from SGD 6,812,000 at the end of the same period in 2022, reflecting a growth of 78.5%[17] - The company’s investment activities resulted in a net cash outflow of SGD 1,885,000 for the six months ended June 30, 2023, a significant improvement from SGD 11,805,000 in the previous year[17] - The company’s financing activities resulted in a net cash outflow of SGD 4,306,000 for the six months ended June 30, 2023, compared to a net inflow of SGD 11,912,000 in 2022[17] Sales and Revenue Breakdown - The company’s automotive sales revenue reached SGD 105,461,000 for the six months ended June 30, 2023, compared to SGD 85,265,000 in 2022, representing a growth of 23.7%[27] - New car sales increased by approximately 17.9 million SGD or 22.5%, with the number of new cars sold rising from 327 units in the first half of 2022 to 388 units in the first half of 2023[69] - Revenue from automotive financing services increased by approximately 0.4 million SGD or 11.1% to about 3.6 million SGD for the first half of 2023[70] - Revenue from car leasing increased by approximately 0.7 million SGD or 25.9% to about 2.7 million SGD for the first half of 2023[72] Cost and Expenses - Cost of goods sold for the six months ended June 30, 2023, was SGD 95,864 thousand, compared to SGD 78,869 thousand in 2022, representing a year-over-year increase of approximately 21.5%[38] - The company's sales cost increased by approximately 17.9 million SGD or 22.4% to about 97.9 million SGD for the first half of 2023[76] - Employee benefit expenses for the six months ended June 30, 2023, remained stable at approximately SGD 5.2 million, consistent with the previous year[108] Future Plans and Strategies - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[9] - The company plans to continue expanding its automotive sales and financing services, leveraging the growth in revenue and improving cash flow[18] - The company aims to implement effective cost control measures to navigate the ongoing uncertainties caused by the COVID-19 pandemic[66] - The company plans to establish its own car workshop, which has been postponed to 2023 due to the economic impact of COVID-19 on Singapore[113] Corporate Governance and Shareholder Information - The major shareholder, Gatehouse Ventures, holds 381.4 million shares, representing approximately 42.4% of the company[120] - The company’s directors and key executives hold significant interests, with Mr. Chen owning 42.4% and Ms. Meng owning 43.4% of the shares through their respective holdings[116] - The company has adopted the corporate governance code principles and complied with applicable code provisions, with some deviations noted[132] - The chairman and CEO positions are held by the same individual, which deviates from the corporate governance code, justified by the board for effective strategy implementation[132] Stock Options and Incentives - The stock option plan adopted on February 1, 2019, aims to incentivize qualified individuals for their contributions to the group[125] - As of June 30, 2023, the company has granted a total of 90,000,000 stock options, representing approximately 10% of the issued share capital[128] - No stock options were exercised, canceled, or lapsed during the period from the grant date to June 30, 2023[129]

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，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Guan Chao Holdings Limited 冠 轈 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1872） 截至2023年6月30日止六個月 中期業績公告 冠轈控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及 其附屬公司（統稱「本集團」）截至2023年6月30日止六個月之未經審計簡明綜合 財務報表，連同2022年之相應期間比較數字。 ...

Revenue and Profit Performance - Revenue decreased by S$67.3 million or 27.3% from S$246.4 million in FY2021 to S$179.1 million in FY2022, primarily due to a S$67.7 million or 28.8% decrease in automotive sales[20] - Gross profit decreased by S$4.7 million from S$28.4 million in FY2021 to S$23.7 million in FY2022, mainly due to reduced gross profit from automotive sales[11] - Net profit and total comprehensive income decreased to S$5.0 million in FY2022 from S$10.0 million in FY2021, primarily due to reduced gross profit and increased general and administrative expenses[11] - Net profit decreased by SGD 5.0 million or 50.0% from SGD 10.0 million in FY2021 to SGD 5.0 million in FY2022, with net profit margin declining from 4.1% to 2.8%[44] - EBITDA decreased from SGD 17.221 million in FY2021 to SGD 11.846 million in FY2022, while adjusted EBITDA decreased from SGD 17.019 million to SGD 11.788 million[48] Automotive Sales Performance - New car sales decreased by S$46.4 million or 26.3%, with the number of new cars sold dropping from 1,358 in FY2021 to 731 in FY2022, despite an increase in average selling price from S$130,000 to S$178,000[21] - Used car sales decreased by S$21.3 million or 36.6%, with the number of used cars sold dropping from 865 in FY2021 to 371 in FY2022, despite an increase in average selling price from S$67,000 to S$100,000[21] - The company sold 731 new cars and 371 used cars in FY2022, a decrease of 46.2% and 57.1% respectively compared to FY2021[17] - Revenue from automotive financing services decreased by S$1.9 million or 24.4% from S$7.8 million in FY2021 to S$5.9 million in FY2022, mainly due to reduced financing arrangements as a result of decreased car sales[24] - Car sales gross profit decreased by SGD 3.3 million or 17.3% from SGD 19.1 million in FY2021 to SGD 15.8 million in FY2022, with gross margin increasing from 8.1% to 9.5%[32] Cost and Margin Analysis - Cost of sales decreased by SGD 62.8 million or 28.8% from SGD 218.1 million in FY2021 to SGD 155.3 million in FY2022, primarily due to a reduction in car sales costs[28] - Gross profit decreased by SGD 4.7 million or 16.5% from SGD 28.4 million in FY2021 to SGD 23.7 million in FY2022, while gross margin increased from 11.5% to 13.3%[29] - The overall gross profit margin increased from 11.5% in FY2021 to 13.3% in FY2022[11] - Net interest margin for car financing services increased from 5.3% in FY2021 to 5.8% in FY2022[33] Financial Position and Liquidity - Cash and bank balances decreased to SGD 5.5 million in 2022 from SGD 6.6 million in 2021[52] - Current ratio declined to 1.4 in 2022 from 2.3 in 2021, while debt-to-equity ratio increased to 117.7% from 75.3%[52] - Total borrowings increased to SGD 75.1 million in 2022 from SGD 44.3 million in 2021, partially secured by inventory, leased properties, vehicles, and receivables[54] - Capital expenditure for 2022 was SGD 20.8 million, primarily for property, plant, and equipment in Singapore, compared to SGD 5.4 million in 2021[55] Business Strategy and Outlook - The company expects continued challenges in the automotive sales business due to COVID-19 impacts and Singapore's Certificate of Entitlement (COE) quota tightening[12] - The company plans to focus on cost control, providing quality services, and maintaining good supplier relationships while consolidating its position in Singapore's automotive sales market[12] - Establishment of an auto workshop, originally planned for 2020, has been further delayed to 2023 due to COVID-19 impact on Singapore's economy[67] - Net proceeds from IPO amounted to HKD 52.9 million, with 45.8% allocated to expanding auto hire-purchase financing business and 30.2% to used car sales expansion[66][67] Corporate Governance and Board Structure - The company has adopted the Corporate Governance Code as set out in Appendix 14 of the Listing Rules, with deviations from Code Provisions A.2.1 and C.2.5[85] - The Chairman and CEO roles are combined and held by Mr. Chan, which the Board (including independent non-executive directors) believes is in the best interests of the Group and shareholders[85] - The company does not have an internal audit function but has an internal control system deemed effective by the Audit Committee and Board[85] - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 of the Listing Rules[86] - All directors confirmed compliance with the Model Code for Securities Transactions during the reporting period[86] - The Board of Directors consists of seven members, with independent non-executive directors accounting for over one-third of the total[90] - The company has three independent non-executive directors, meeting the requirement of at least one-third of the board members and ensuring at least one has appropriate professional qualifications or accounting/financial management expertise[92] - All independent non-executive directors have provided written annual independence confirmations, confirming their independence as per Listing Rule 3.13[92] - The Audit Committee reviewed the Group's interim and annual financial statements, performance announcements, and reports, confirming compliance with applicable accounting standards and Listing Rules[101] - The Remuneration Committee is responsible for advising the Board on overall remuneration policies and structures for directors and senior management, and determining specific remuneration terms[102] - The Nomination Committee is tasked with recommending candidates to fill Board vacancies, considering diversity in gender, age, culture, education, professional qualifications, skills, knowledge, and industry experience[104][105] - Directors are required to participate in continuous professional development to ensure they remain well-informed and contribute effectively to the Board[95] - Directors must submit signed training records annually to the company[96] - The Audit Committee, Remuneration Committee, and Nomination Committee are each composed of three independent non-executive directors[99][102][103] - The Board and Audit Committee have no disagreements regarding the reappointment of auditors[101] - The company's board consists of 7 directors, including 3 independent non-executive directors, with 2 female directors, achieving gender diversity on the board[108] - The gender ratio of the company's workforce as of December 31, 2022, was 71.4% male and 28.6% female[108] Risk Management and Internal Controls - The company has a risk management and internal control system in place, which is reviewed at least annually to ensure its effectiveness[120] - The company employs an outsourced internal audit team to review the risk management and internal control systems of major operating units, identifying certain internal control weaknesses and risks[119] - The company's board has reviewed the effectiveness of the risk management and internal control systems and considers them to be effective and adequate[120] - The company adheres to the principles of the Securities and Futures Ordinance and listing rules regarding the disclosure of inside information, ensuring timely announcements after decisions are made[123] Financial and Operational Metrics - The company's distributable reserves as of December 31, 2022, were approximately SGD 5.9 million (2021: SGD 6.5 million)[157] - The largest supplier accounted for approximately 14.2% of the company's total vehicle purchase costs, while the top five suppliers accounted for 44.9%[159] - The largest customer contributed approximately 1.6% of the company's total revenue, while the top five customers accounted for 6.4%[159] - The company did not recommend paying a final dividend for the year ended December 31, 2022 (2021: none)[147] - The company made charitable donations of approximately SGD 0 in 2022 (2021: SGD 15,000)[160] - The company has adopted a dividend policy to distribute at least 15% of its distributable profits annually, subject to board discretion and shareholder approval[172] - The company emphasized environmental sustainability, focusing on paper recycling, reducing electricity and water consumption, and reported no significant environmental violations in 2022[148] - The company maintained strong relationships with employees, customers, and suppliers, ensuring competitive compensation, training opportunities, and quality standards[151] - The company's bank borrowings and issued share capital details are disclosed in the consolidated financial statements[154][155] - The company's directors and senior management profiles are detailed in the annual report[163] Share Option Plan - The total number of shares available for issuance under the share option plan and any other share option plans shall not exceed 90,000,000 shares, representing 10% of the total issued shares as of the date of this annual report[192] - No share options were granted, exercised, canceled, or lapsed under the share option plan during the year ended December 31, 2022[200] - As of December 31, 2022, the company had 90,000,000 share options granted and outstanding under the plan, representing approximately 10% of the issued share capital as of the report date[199] - The share options are exercisable during a ten-year period commencing from April 8, 2020, and will expire on the last business day of the option period or the date of plan expiration, whichever is earlier[199] - The minimum subscription price for the share options shall be the highest of the prices determined by the board on the grant date[199]

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，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Guan Chao Holdings Limited 冠 轈 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：1872） 截至2022年12月31日止年度全年業績公告 冠轈控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及 其附屬公司（統稱「本集團」）截至2022年12月31日止年度之經審計綜合財務報表， 連同截至2021年12月31日止年度之比較數字。 ...

(於開曼群島註冊成立之有限公司) 股份代號: 1872 2022 2022 中期報告 Interim Report (Incorporated in the Cayman Islands with limited liability) Stock Code: 1872 Interim Report 2022 中期報 公司資料 執行董事 陳率堂先生 （主席兼行政總裁） 黃慧敏女士 孟禧臻女士 非執行董事 王漵寬先生 告 C M Y CM MY CY CMY K ai166366691658_Guan Chao IR2022 Cover 5.5mm op.pdf 1 20/9/2022 下午5:41 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 簡明綜合全面收益表 | 4 | | 簡明綜合財務狀況表 | 5 | | 簡明綜合權益變動表 | 7 | | 簡明綜合現金流量表 | 8 | | 簡明綜合中期財務資料附註 | 9 | | 管理層討論與分析 | 28 | | 其他資料 | 37 | 1 冠轈控股有限公司 2022年中期報告 獨立非執行董事 周永東先生 許人傑先生 譚日健先生 ...

Financial Performance - The group's revenue increased from approximately SGD 160.9 million in FY2020 to approximately SGD 246.4 million in FY2021, representing a growth of about 53.1%[9] - The increase in revenue was primarily driven by a rise in automobile sales, which increased by approximately SGD 83.4 million or 55.0%[16] - The number of new cars sold rose from 1,210 in FY2020 to 1,358 in FY2021, an increase of approximately 12.2%[14] - The average selling price of new cars increased from approximately SGD 107,000 in FY2020 to approximately SGD 130,000 in FY2021[17] - The group recorded a total profit and comprehensive income of approximately SGD 10.0 million in FY2021, compared to SGD 3.3 million in FY2020[9] - The group's gross profit increased from approximately SGD 18.4 million in FY2020 to approximately SGD 28.4 million in FY2021, with a stable gross margin of about 11.4% in FY2020 and 11.5% in FY2021[9] - The revenue from automobile financing services increased by approximately SGD 1.8 million or 30.0% to approximately SGD 7.8 million in FY2021[20] - The number of used cars sold increased from 501 in FY2020 to 865 in FY2021, representing a growth of approximately 72.7%[14] - The average selling price of used cars rose from approximately SGD 45,000 in FY2020 to approximately SGD 67,000 in FY2021[17] - Operating profit for FY2021 was approximately SGD 14.1 million, up from SGD 6.2 million in FY2020[43] - EBITDA for FY2021 was approximately SGD 17.2 million, compared to SGD 9.5 million in FY2020[43] - Net profit for FY2021 increased by approximately SGD 6.7 million or 203.0% to about SGD 10.0 million, with a net profit margin rising from approximately 2.0% in FY2020 to about 4.1%[39] Expenses and Costs - Sales and distribution expenses increased by approximately SGD 1.8 million or 45.0% from about SGD 4.0 million in FY2020 to about SGD 5.8 million in FY2021[35] - Other income decreased by approximately SGD 0.5 million or 45.5% from about SGD 1.1 million in FY2020 to about SGD 0.6 million in FY2021, primarily due to a reduction in government grants[31] - Employee benefits expenses for the year were approximately SGD 9.2 million, an increase from SGD 7.9 million in 2020, reflecting a rise in headcount from 79 to 100 employees[57] Financial Position and Ratios - As of December 31, 2021, the group's cash and bank balance was approximately SGD 6.6 million, a slight decrease from SGD 6.8 million in 2020[48] - The current ratio improved to 2.3 in 2021 from 2.1 in 2020, while the debt-to-equity ratio decreased to 75.3% from 100.4%[48] - Total borrowings as of December 31, 2021, were approximately SGD 44.3 million, down from SGD 49.0 million in 2020[50] - As of December 31, 2021, the company's distributable reserves amounted to approximately SGD 6.5 million, down from SGD 7.2 million in 2020[151] Corporate Governance - The company has adopted all principles of the Corporate Governance Code as per the Listing Rules Appendix 14, ensuring high standards of corporate governance[81] - The company has not established an internal audit function but has an effective internal control system in place, as confirmed by the audit committee and board[82] - The chairman and CEO roles are held by the same individual, which deviates from the Corporate Governance Code, but the board believes this arrangement benefits the company and shareholders[82] - The company is committed to maintaining high levels of corporate governance to protect shareholder interests and enhance corporate value[81] - The board of directors consists of seven members, with independent non-executive directors accounting for over one-third of the board[87] - The audit committee reviewed the group's interim and annual financial statements, confirming compliance with applicable accounting standards and listing rules[98] - The company has three independent non-executive directors, meeting the requirement that at least one possesses appropriate professional qualifications or financial management expertise[89] - The remuneration committee is responsible for establishing a formal and transparent procedure for determining the remuneration policy for directors and senior management[99] - The nomination committee is tasked with recommending candidates to fill board vacancies, considering factors such as diversity and potential conflicts of interest[101][102] - All directors participated in continuous professional development to ensure they remain informed about their responsibilities[92] - The company has adopted a standard code for securities trading by directors, ensuring compliance during the reporting period[83] - The board is responsible for overseeing the group's business affairs and overall performance, ensuring necessary financial and human resources are in place[85] Risk Management - The company has a risk management and internal control system that is reviewed at least annually to ensure its effectiveness[116] - The company has engaged an outsourced internal audit team to review the risk management and internal control systems, identifying several internal control weaknesses and risks[114] - The board is responsible for maintaining a sound and effective risk management and internal control system to protect shareholders' interests[113] - The company faces inventory risks if it fails to manage stock effectively, leading to potential write-offs or devaluations[135] - Financial risks related to foreign currency, interest rates, credit, and liquidity were highlighted as part of the company's operational challenges[137] Environmental, Social, and Governance (ESG) - The company emphasized the importance of environmental protection and sustainability, with efforts to reduce electricity consumption and water usage[142] - The company has established an Environmental, Social, and Governance (ESG) working group to manage and report on ESG-related matters[200] - The ESG report highlights the company's commitment to sustainable development as a core part of its business strategy[199] Shareholder Information - The company has adopted a dividend policy to distribute at least 15% of the distributable profits each fiscal year, subject to board discretion and shareholder approval[166] - No final dividend was recommended for the year ended December 31, 2021, consistent with the previous year[141] - The company confirmed compliance with non-competition agreements by major shareholders for the year ended December 31, 2021[120] - The company has no significant contracts with any controlling shareholders or their subsidiaries[163] - The company maintained sufficient public float as per the listing rules as of December 31, 2021[194] Future Plans and Challenges - The company anticipates ongoing operational challenges due to the impact of COVID-19 and government policies affecting car ownership in Singapore[10] - The group plans to allocate 45.8% of the net proceeds to expand its car rental financing business and 30.2% to enhance its used car sales business[62] - The group has delayed the establishment of its car workshop to 2022 due to the economic impact of the COVID-19 pandemic[63] Miscellaneous - The independent auditor, PwC, was paid HKD 1,205,000 for audit services for the year ended December 31, 2021[108] - The company has arranged appropriate directors and officers liability insurance for its directors and senior management[195] - The company will hold its annual general meeting on June 17, 2022, with a suspension of share transfer registration from June 14 to June 17, 2022[192] - The auditor, PwC, will be proposed for reappointment at the upcoming annual general meeting[197]

Financial Performance - Revenue for the six months ended June 30, 2021, was SGD 125.16 million, a significant increase of 107.5% compared to SGD 60.31 million in the same period of 2020[10] - Gross profit for the same period was SGD 15.29 million, representing a gross margin of 12.2%, up from SGD 7.98 million in 2020[10] - Operating profit increased to SGD 8.83 million, compared to SGD 1.64 million in the previous year, reflecting a growth of 439.0%[10] - Net profit for the period was SGD 6.25 million, a substantial rise from SGD 0.19 million in 2020, marking a year-on-year increase of 3147.4%[10] - The company reported a profit before tax of SGD 7,727,000 for the period, compared to SGD 583,000 in the prior year, reflecting a substantial increase[31] - The net profit for the six months was SGD 6,246,000, a significant rise from SGD 190,000 in the same period last year[31] - Net profit for the period increased by approximately SGD 6.0 million or 3,000.0% to about SGD 6.2 million, with a net profit margin rising from approximately 0.3% to 5.0%[88] Revenue Breakdown - Automotive sales accounted for SGD 119,076,000, up from SGD 56,355,000 in the previous year, indicating a growth of 111.1%[29] - The increase in revenue was primarily driven by a rise in car sales amounting to approximately 62.7 million SGD or 111.2%[65] - Automotive sales revenue increased by approximately SGD 62.7 million or 111.2%, primarily due to new car sales rising by about SGD 50.5 million or 104.8%[67] - The number of new cars sold increased from 487 units in the first half of 2020 to 795 units in the first half of 2021, with the average selling price rising from approximately SGD 99,000 to SGD 124,000[67] - Used car sales revenue increased by approximately SGD 12.2 million or 148.8%, with the number of used cars sold rising from 217 units to 299 units[67] - Automotive financing service revenue increased by approximately SGD 1.7 million or 68.0% to about SGD 4.2 million, driven by increased vehicle sales[68] Assets and Liabilities - Total assets as of June 30, 2021, amounted to SGD 121.32 million, up from SGD 110.57 million at the end of 2020, indicating a growth of 9.3%[11] - Total liabilities as of June 30, 2021, were SGD 66,230,000, compared to SGD 61,724,000 as of December 31, 2020, indicating an increase of about 7.9%[34] - The company has maintained a stable capital structure with total liabilities of SGD 66.23 million, up from SGD 61.72 million[12] - Total equity increased to SGD 55.09 million from SGD 48.84 million, reflecting a growth of 12.8%[12] - Trade receivables as of June 30, 2021, were SGD 2,749,000, significantly higher than SGD 809,000 as of December 31, 2020, reflecting an increase of approximately 239.3%[49] - Trade payables decreased from 2,419 thousand SGD as of December 31, 2020, to 1,605 thousand SGD as of June 30, 2021[51] Cash Flow and Expenses - Cash and cash equivalents decreased to SGD 5.92 million from SGD 6.82 million, a decline of 13.0%[11] - The company reported a net cash outflow from operating activities of SGD 3.35 million, compared to a net inflow of SGD 4.70 million in the previous year[17] - Financing expenses for the six months ended June 30, 2021, totaled SGD 1,107,000, slightly up from SGD 1,069,000 in 2020, indicating a marginal increase of about 3.5%[36] - Total income tax expense for the six months ended June 30, 2021, was SGD 1,481,000, compared to SGD 393,000 in 2020, indicating an increase of about 276.3%[40] - Total sales and distribution expenses increased by approximately SGD 0.8 million or 57.1% to about SGD 2.2 million, primarily due to increased sales commissions[82] Capital Expenditures and Investments - Capital expenditures for the six months ended June 30, 2021, were SGD 1,001,000, a decrease from SGD 2,714,000 in the same period of 2020, representing a decline of approximately 63.2%[34] - The group had no significant capital commitments as of June 30, 2021, consistent with December 31, 2020[98] - There were no significant investments, acquisitions, or disposals of subsidiaries and associates during the six months ended June 30, 2021[99] Future Plans and Market Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[9] - The company is focused on expanding its automotive sales and financing services, leveraging the growth in demand for vehicles[27] - The company plans to continue enhancing its service offerings in automotive financing and insurance to capture a larger market share[27] - The company aims to maintain its market position as a leading parallel importer in Singapore through effective cost control and quality service[64] Shareholder Information - Gatehouse Ventures holds 381,400,000 shares, representing approximately 42.4% of the company's total shares[115] - Gifted Ally and Mr. Wu each hold 69,500,000 shares, accounting for 7.7% of the company's total shares[115] - As of June 30, 2021, the company has not purchased, sold, or redeemed any of its listed securities[117] - The company has a stock option plan adopted on February 1, 2019, with a total of 90,000,000 options granted and unexercised, representing about 10% of the issued share capital[120] - No stock options were exercised, canceled, or lapsed during the period from the grant date to June 30, 2021[121] Governance and Compliance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[126] - There were no significant events affecting the group after June 30, 2021, up to the date of this interim report[127]

(於開曼群島註冊成立之有限公司) 股份代號: 1872 2020 年度報告 目錄 | | 頁次 | | --- | --- | | 公司資料 | 2 | | 主席報告 | 4 | | 管理層討論與分析 | 6 | | 董事及高級管理層履歷 | 14 | | 企業管治報告 | 17 | | 董事會報告 | 28 | | 獨立核數師報告 | 40 | | 綜合全面收益表 | 45 | | 綜合財務狀況表 | 46 | | 綜合權益變動表 | 48 | | 綜合現金流量表 | 49 | | 綜合財務報表附註 | 51 | | 財務概要 | 104 | 1 冠轈控股有限公司 2020年度報告 公司資料 執行董事 獨立非執行董事 周永東先生 許人傑先生 譚日健先生 審核委員會 周永東先生 （主席） 許人傑先生 譚日健先生 薪酬委員會 陳率堂先生 （主席兼行政總裁） 黃慧敏女士 孟禧臻女士 （於2020 年 7 月 6日獲委任） 康寶山先生 （於2020 年 7 月 6日辭任） 非執行董事 王漵寬先生 許人傑先生 （主席） 周永東先生 譚日健先生 提名委員會 譚日健先生 （主席） 周永東先生 許人傑先生 陳率堂先生 公司 ...

Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 60.314 million, a decrease of 34% compared to SGD 91.970 million in the same period of 2019[10] - Gross profit for the same period was SGD 7.975 million, down 26.5% from SGD 10.850 million in 2019[10] - Operating profit decreased to SGD 1.636 million, a decline of 42% from SGD 2.818 million in the previous year[10] - Net profit for the period was SGD 190, a significant drop of 87% compared to SGD 1.468 million in 2019[10] - Total revenue from car sales for the six months ended June 30, 2020, was SGD 56,355,000, down 35.5% from SGD 87,315,000 in 2019[30] - Total sales for the six months ended June 30, 2020, amounted to SGD 58,963,000, a decrease from SGD 91,476,000 for the same period in 2019, representing a decline of approximately 35.4%[32] - Financing commission income for the six months ended June 30, 2020, was SGD 1,356,000, down from SGD 1,789,000 in 2019, indicating a decline of approximately 24.2%[32] - The total comprehensive income for the period decreased by approximately 1.3 million SGD or 86.7% to about 0.2 million SGD in the first half of 2020, with the net profit margin dropping from about 1.6% in 2019 to about 0.3% in 2020[88] Assets and Liabilities - Total assets as of June 30, 2020, were SGD 108.053 million, slightly down from SGD 110.959 million at the end of 2019[12] - Current assets decreased to SGD 63.965 million from SGD 66.925 million at the end of 2019[11] - Total liabilities decreased to SGD 62.232 million from SGD 66.807 million at the end of 2019[12] - Trade receivables decreased to 1,432 thousand SGD as of June 30, 2020, from 1,895 thousand SGD as of December 31, 2019, reflecting a decline of about 24.5%[50] - Trade payables decreased significantly to 1,295 thousand SGD as of June 30, 2020, from 3,686 thousand SGD as of December 31, 2019, a reduction of about 64.9%[51] - Total borrowings amounted to 50,118 thousand SGD as of June 30, 2020, down from 54,010 thousand SGD as of December 31, 2019, indicating a decrease of approximately 7.0%[52] Cash Flow - Operating cash flow for the six months ended June 30, 2020, was SGD 4,699,000, a significant increase of 89.5% compared to SGD 2,487,000 in the same period of 2019[18] - Net cash and cash equivalents decreased by SGD 1,152,000, resulting in a balance of SGD 8,497,000 as of June 30, 2020, compared to SGD 11,156,000 in 2019[20] - The company reported a net cash outflow from investing activities of SGD 890,000, an improvement from SGD 1,743,000 in the previous year[18] - Financing activities resulted in a net cash outflow of SGD 4,961,000, compared to a net inflow of SGD 3,333,000 in the same period of 2019[18] Shareholder Information - The major shareholder, Mr. Chen, holds a 42.4% stake in the company through Gatehouse Ventures, which owns 381.4 million shares[111] - Ms. Meng, Mr. Chen's spouse, holds a 43.4% stake in the company, including 9 million shares through her own interests[113] - The company has granted a total of 90,000,000 stock options under the plan, representing approximately 10% of the issued share capital as of June 30, 2020[118] Corporate Governance - The company has adopted a code of conduct for securities trading by directors, confirming compliance by all directors for the six months ending June 30, 2020[120] - The company has adhered to the corporate governance code principles, with some deviations noted regarding the separation of roles between the chairman and CEO[121] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2020[125] Future Plans - The company plans to continue focusing on expanding its automotive financing and insurance services to enhance revenue streams in the future[22] - The remaining unutilized net proceeds are being monitored for market developments, particularly due to the impact of COVID-19 on the Singapore economy[109]

Financial Performance - The group's revenue increased from approximately SGD 185.0 million in FY2018 to approximately SGD 187.0 million in FY2019, representing a growth of about SGD 2.0 million or 1.1%[10] - The total gross profit decreased from approximately SGD 22.0 million in FY2018 to approximately SGD 20.9 million in FY2019, with a gross margin decline from about 11.9% to 11.2%[10] - The group recorded a total profit and comprehensive income of approximately SGD 3.0 million in FY2019, down from approximately SGD 7.4 million in FY2018[10] - Total comprehensive income decreased by approximately SGD 4.4 million or 59.5% to approximately SGD 3.0 million in FY2019, with a net profit margin decline from approximately 4.0% in FY2018 to 1.6% in FY2019[42] - Financing expenses increased by approximately SGD 0.6 million or 35.3% to approximately SGD 2.3 million in FY2019, primarily due to increased interest expenses on lease liabilities[40] - Total sales cost increased by approximately SGD 3.0 million or 1.8% to approximately SGD 166.0 million in FY2019, primarily due to increased costs of sold vehicles[26] Sales and Revenue Streams - The number of new cars sold decreased by approximately 2.2% from 1,664 units in FY2018 to 1,628 units in FY2019, while used car sales increased by approximately 4.3% from 581 units to 606 units[17] - The average selling price of new cars increased from approximately SGD 89,000 in FY2018 to approximately SGD 93,000 in FY2019, despite a decrease in the number of units sold[19] - Revenue from automotive financing services increased by approximately SGD 0.1 million or 1.7% from approximately SGD 5.9 million in FY2018 to approximately SGD 6.0 million in FY2019[20] - The rental income from automotive operations increased by approximately SGD 0.6 million or 25.0% in FY2019[18] - Revenue from car leasing increased by approximately SGD 0.6 million or 25.0% from FY2018 to approximately SGD 3.0 million in FY2019, driven by a higher number of customers requiring car rental services[24] - Revenue from the sale of spare parts and accessories decreased by approximately SGD 89,000 or 73.0% to approximately SGD 33,000 in FY2019[25] Operational Challenges - The group faced challenges due to the ongoing US-China trade war and the COVID-19 pandemic, which may impact consumer confidence in luxury goods[11] - The general and administrative expenses (excluding listing expenses) increased by approximately SGD 1.5 million in FY2019[10] Corporate Governance - The company has maintained high levels of corporate governance to protect shareholder interests and enhance corporate value[81] - The company has adopted all provisions of the corporate governance code as per the Listing Rules, except for the separation of the roles of Chairman and CEO[83] - The company’s independent non-executive directors have extensive experience in finance, management, and marketing, contributing to strategic decision-making[73][74] - The company has a strong focus on internal controls and risk management processes to achieve high accountability standards[81] - The board of directors consists of seven members, with independent non-executive directors accounting for over one-third of the board[87] Financial Position and Ratios - As of December 31, 2019, the current ratio improved to 1.6 from 1.2 in 2018, while the debt-to-equity ratio decreased to 122.3% from 185.6%[47] - As of December 31, 2019, the group's borrowings amounted to approximately SGD 54.0 million, an increase from SGD 51.3 million in 2018[48] - Capital expenditures for the year ended December 31, 2019, were approximately SGD 6.6 million, up from SGD 6.0 million in 2018, primarily for the purchase of properties, plants, and equipment in Singapore[49] Shareholder Information - The company reported no final dividend for the year ended December 31, 2019, consistent with the previous year[128] - As of December 31, 2019, the company's distributable reserves amounted to approximately SGD 9.5 million, compared to none in 2018[138] - The company has adopted a general annual dividend policy to distribute at least 15% of the distributable profits for any financial year as dividends, subject to board discretion and shareholder approval[152] Employee and Management Structure - The group employed a total of 76 employees as of December 31, 2019, an increase from 72 employees in 2018[55] - The company has a dedicated marketing and communications director who has been with the company since its inception, overseeing brand and marketing strategies[76] Risk Management - The company has a commitment to maintaining effective corporate governance practices as part of its management framework[81] - The board is responsible for maintaining an effective risk management and internal control system, which includes continuous risk assessment methods to identify and evaluate significant inherent risks[110] - An external professional consultant reviewed the risk management and internal control system, and the board deemed it effective and sufficient[111] Environmental and Social Responsibility - The company is committed to improving environmental sustainability and will publish a separate report on its environmental, social, and governance performance within three months of the annual report[129] - Charitable donations for the year ended December 31, 2019, totaled approximately SGD 95,000, an increase from SGD 28,000 in 2018[141]