(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]

Financial Performance - Total revenue for the six months ended June 30, 2019, was SGD 91,970,000, a decrease of 1.7% from SGD 93,567,000 in the same period of 2018[10] - Gross profit for the same period was SGD 10,850,000, down 8.6% from SGD 11,870,000 year-on-year[10] - Operating profit decreased significantly to SGD 2,818,000, compared to SGD 6,229,000 in the previous year, reflecting a decline of 54.8%[10] - Net profit attributable to equity holders for the period was SGD 1,468,000, a decrease of 67.0% from SGD 4,464,000 in the prior year[10] - Basic and diluted earnings per share were SGD 0.18, down from SGD 0.64 in the same period of 2018[10] - Revenue from car sales for the first half of 2019 is 87,315 thousand SGD, a slight decrease of 2.1% from 89,148 thousand SGD in the same period of 2018[44] - Revenue from financing commission income is 1,789 thousand SGD, down 6.4% from 1,911 thousand SGD year-over-year[44] - Total revenue recognized from customer contracts as per IFRS 15 is 89,342 thousand SGD, a decrease of 2.2% compared to 91,334 thousand SGD in the previous year[44] - Rental income from operating leases for cars increased to 1,533 thousand SGD, up 32.1% from 1,161 thousand SGD in the same period last year[44] - The group's net profit and total comprehensive income decreased by approximately 3.0 million SGD or 66.7% to about 1.5 million SGD in the first half of 2019, with a decline in net profit margin from approximately 4.8% to 1.6%[105] Assets and Liabilities - Total assets as of June 30, 2019, amounted to SGD 102,786,000, compared to SGD 100,461,000 at the end of 2018[12] - Total liabilities decreased to SGD 60,172,000 from SGD 72,729,000 at the end of 2018, indicating a reduction of 17.3%[12] - The company reported a significant increase in non-current assets, with property, plant, and equipment rising to SGD 16,936,000 from SGD 14,651,000[11] - Total borrowings amounted to SGD 37,582,000, with repayments of SGD 43,163,000 during the financing activities[18] - Total trade and other payables decreased to 10,635 thousand SGD as of June 30, 2019, compared to 19,259 thousand SGD as of December 31, 2018, indicating a reduction of approximately 44.5%[65] - Non-current borrowings increased to 22,261 thousand SGD as of June 30, 2019, up from 19,701 thousand SGD as of December 31, 2018, which is an increase of about 13.0%[66] - Current borrowings decreased to 25,837 thousand SGD as of June 30, 2019, down from 31,635 thousand SGD as of December 31, 2018, reflecting a decline of approximately 18.5%[67] Cash Flow - Operating cash flow for the six months ended June 30, 2019, was SGD 3,358,000, compared to a cash outflow of SGD 2,538,000 in 2018, representing a significant improvement[18] - Net cash generated from operating activities was SGD 2,487,000, a turnaround from a net cash outflow of SGD 3,781,000 in the same period last year[18] - Cash and cash equivalents increased to SGD 12,176,000 from SGD 7,855,000, reflecting a growth of 55.8%[11] - Cash flow from investing activities showed a net outflow of SGD 1,743,000, an improvement from SGD 3,320,000 in the previous year[18] - The company reported a cash balance of SGD 12,176,000, with bank overdrafts of SGD 1,020,000 as of June 30, 2019[20] - Cash and cash equivalents increased by SGD 4,077,000, reaching SGD 11,156,000 as of June 30, 2019, compared to SGD 1,719,000 in 2018[20] Capital Structure - The company’s issued and paid-up ordinary shares increased to 900,000,000 shares as of June 30, 2019, from 1 share at the beginning of the year, indicating a significant capital restructuring[68] - The company's statutory capital increased to 100,000,000 SGD as of June 30, 2019, from 380,000 SGD at the beginning of the year, reflecting a substantial increase in authorized share capital[70] - The company capitalized 6,949,999 SGD from the share premium account, issuing 694,999,900 ordinary shares at par value[70] Expenses - Total operating expenses, including cost of sales and administrative expenses, were 89,268 thousand SGD for the six months ended June 30, 2019, compared to 87,725 thousand SGD in 2018, an increase of approximately 1.8%[54] - Financing expenses increased to 1,042 thousand SGD in 2019 from 777 thousand SGD in 2018, marking a rise of about 34%[53] - General and administrative expenses increased by approximately 1.4 million SGD or 42.4% to about 4.7 million SGD in the first half of 2019, mainly due to increased legal and professional fees and depreciation[99] - The company’s depreciation expense for the six months ended June 30, 2019, was 1,548 thousand SGD, reflecting ongoing asset utilization and maintenance costs[63] Business Operations - The company is engaged in the sale of new parallel imported cars, used cars, and provides automotive financing and insurance services, indicating a diversified business model[22] - The company sold 862 new cars and 286 used cars in the first half of 2019, representing an increase of approximately 2.1% and 5.5% compared to the same period in 2018[77] - The average selling price of cars decreased from approximately 80,000 SGD in the first half of 2018 to about 76,000 SGD in the first half of 2019[80] - Income from car leasing increased by approximately 0.3 million SGD or 25.0% to about 1.5 million SGD in the first half of 2019, with the number of cars rented increasing from 97 to 119[84] Corporate Governance - The audit committee, established on February 1, 2019, consists of three independent non-executive directors and oversees financial reporting and internal controls[139] - The company has complied with all applicable corporate governance codes during the reporting period[138] - The company has adopted a standard code for securities transactions by directors, confirming compliance by all directors during the reporting period[137] Shareholder Information - As of June 30, 2019, Mr. Chen holds a beneficial interest in 605,500,000 shares, representing approximately 67.3% of the company's shares[128] - Gatehouse Ventures, fully owned by Mr. Chen, also holds 605,500,000 shares, equating to a 67.3% ownership stake[130] - Gifted Ally, controlled by Mr. Ng, holds 69,500,000 shares, which is about 7.7% of the company's shares[130] - No share options were granted under the stock option plan since its adoption on February 1, 2019[134] - The company did not purchase, sell, or redeem any of its listed securities during the six months ending June 30, 2019[133] Future Outlook - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming periods[9] - No significant investments, acquisitions, or disposals of subsidiaries and associates during the first half of 2019[116] - No significant events affecting the group occurred after June 30, 2019, up to the date of this interim report[141]