Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of HKD 429,352,207, a decrease of 1.2% compared to HKD 432,737,560 in 2022[4] - The cost of sales for the same period was HKD 201,120,21, resulting in a gross profit of HKD 92,401,86, down from HKD 94,942,50 in the previous year[4] - The operating profit for the fiscal year was HKD 576,676, a significant decline of 59% from HKD 1,408,851 in 2022[4] - The net profit after tax was HKD 24,293, compared to HKD 519,817 in the previous year, indicating a substantial decrease of 95.3%[4] - The company reported a basic earnings per share of HKD 0.00 for 2023, compared to HKD 0.05 in 2022[6] - The group reported a profit attributable to equity holders of approximately 25,000 SGD for fiscal year 2023, compared to 0.5 million SGD in fiscal year 2022, with earnings per share of 0.002 SGD versus 0.05 SGD in the previous year[66] Assets and Liabilities - Total assets as of December 31, 2023, were HKD 53,301,064, slightly down from HKD 53,781,381 in 2022[9] - The company's cash and cash equivalents decreased to HKD 15,110,312 from HKD 17,057,563 in the previous year[9] - Total liabilities decreased from 13,912,683 to 13,205,989 New Yuan, a reduction of approximately 5.1%[10] - Non-current liabilities decreased from 9,013,618 to 8,953,603 New Yuan, a decrease of about 0.7%[10] - Current liabilities decreased from 4,899,065 to 4,252,386 New Yuan, a reduction of approximately 13.2%[10] - Total equity attributable to shareholders was HKD 40,086,474, marginally up from HKD 40,062,372 in 2022[9] Operational Focus and Strategy - The company has plans for market expansion and new product development, although specific details were not disclosed in the earnings call[3] - The company is focusing on improving operational efficiency to counteract the decline in revenue and profit margins[3] - The company expects to continue leveraging its existing client relationships to drive future revenue growth[25] - The group aims to maintain gross profit margins while optimizing operational efficiency in response to challenges in the Asian market, particularly regarding waste price declines[54] - The group plans to focus on core demolition services while seeking expansion and diversification opportunities to enhance shareholder value and ensure sustained growth[55] Income and Expenses - Total other income and gains for 2023 amounted to 1,082,128 SGD, a significant increase from 756,606 SGD in 2022, representing a growth of approximately 43%[27] - Interest income rose to 412,456 SGD in 2023, compared to 64,266 SGD in 2022, indicating a substantial increase of over 540%[27] - Total expenses for 2023 amounted to 29,744,776 SGD, a decrease from 32,085,315 SGD in 2022, representing a reduction of approximately 7.4%[34] - Administrative expenses increased to approximately 9.4 million SGD in fiscal year 2023, up 0.8 million SGD or 9.3% from 8.6 million SGD in fiscal year 2022, primarily due to increased employee welfare expenses[62] Client and Revenue Sources - Revenue from major clients contributed over 10% of total revenue, with Client 1 generating HKD 4,952,018 and Client 2 generating HKD 4,469,807 in 2023[23] - Revenue from scrap buyers also contributed over 10% of total revenue, with Scrap Buyer 1 generating HKD 10,463,320 and Scrap Buyer 2 generating HKD 6,109,124 in 2023[25] - As of December 31, 2023, the company had three major project owners, up from one in 2022, indicating an expansion in its client base[23] Corporate Governance - The company is committed to good corporate governance to enhance shareholder value[92] - The audit committee, consisting of three independent non-executive directors, has reviewed the consolidated financial statements for the year ended December 31, 2023, and found them compliant with applicable accounting standards[96] - The company has a strong independent board structure with five executive directors and three independent non-executive directors[95] Future Plans and Projections - The company plans to continue monitoring the impact of upcoming international financial reporting standards on its financial statements[16] - The Singapore construction demand is projected to be between 32 billion SGD and 38 billion SGD in 2024, with public sector contributions expected to account for approximately 60% of this demand[53] - The group plans to use the unutilized proceeds for acquiring properties, equipment, and hiring new staff[83] Miscellaneous - The company has not adopted any new international financial reporting standards that would have a significant impact on its performance and financial position[14] - The company has implemented new international financial reporting standards effective from January 1, 2023, with no significant impact on its financial results[14] - The company confirmed a tax refund for foreign workers amounting to 92,850 SGD for the fiscal year ending December 31, 2022[32] - The company has no unmet conditions or other contingencies related to government assistance[33]

Financial Performance - The group's revenue for the first half of 2023 was approximately SGD 10.7 million, a decrease of about 35.9% compared to SGD 16.7 million in the same period of 2022[20]. - The company's revenue for the six months ended June 30, 2023, was SGD 10,740,265, a decrease of 35.5% compared to SGD 16,714,360 in the same period of 2022[80]. - Revenue from customer contracts was SGD 10,634,830, down 36.1% from SGD 16,631,681 in the previous year[100]. - The company reported a net loss attributable to equity holders of SGD 2,842,052 for the six months ended June 30, 2023, compared to a profit of SGD 215,933 in 2022[117]. - The net loss after tax for the period was SGD 2,654,341, compared to a profit of SGD 202,666 in 2022[80]. - The company reported a basic and diluted loss per share of SGD 0.28 for the six months ended June 30, 2023, compared to earnings of SGD 0.02 per share in the same period of 2022[80]. - The gross profit for the first half of 2023 was approximately SGD 0.9 million, down 81.6% from SGD 4.9 million in the same period of 2022, resulting in a gross margin of 8.4% compared to 29.5% in 2022[29]. - The operating loss for the six months was SGD 2,683,109, compared to an operating profit of SGD 343,351 in the previous year[80]. Project and Revenue Generation - The company completed two demolition projects in the first half of 2023, generating confirmed revenue of SGD 8,267,000 from a power station and SGD 2,828,000 from a factory building[9]. - As of June 30, 2023, the company has eight ongoing demolition projects, with cumulative confirmed revenue of SGD 22,453,000 from a commercial building project and SGD 1,054,000 from another commercial building project[13]. - The company anticipates securing more awarded projects in 2023, despite facing challenges due to a decrease in demand for waste in the Asian market[18]. Economic and Market Context - The Singapore economy grew by 0.5% year-on-year in Q2 2023, with the construction sector improving by 6.9% and 6.8% in Q1 and Q2 respectively[18]. - The total construction demand in Singapore is projected to be between SGD 27 billion and SGD 32 billion for 2023, with public sector projects contributing about 60% of the total[18]. Cost and Expense Management - The total sales cost decreased from approximately SGD 11.8 million in 2022 to about SGD 9.8 million in 2023, a reduction of 16.6%[26]. - Administrative expenses for the first half of 2023 were approximately SGD 4.4 million, a decrease of 9.8% from SGD 4.9 million in 2022[30]. - Total expenses for the six months ended June 30, 2023, were SGD 14,405,087, a decrease of 14.1% from SGD 16,773,818 in 2022[103]. Asset and Equity Management - As of June 30, 2023, the group's current assets net amount was approximately SGD 19.8 million, a decrease of about 9.6% from SGD 21.9 million as of December 31, 2022[37]. - Total assets decreased from SGD 53,781,381 as of December 31, 2022, to SGD 49,973,129 as of June 30, 2023, representing a decline of approximately 7.4%[81]. - Total equity attributable to equity holders decreased from SGD 40,062,372 to SGD 37,220,320, a decline of around 4.6%[81]. - The company reported a net debt position of SGD (6,873,255) as of June 30, 2023, compared to SGD (7,266,479) as of December 31, 2022[94]. Shareholder and Governance Information - The major shareholder, Tan Chee Beng, holds 50.56% of the company's shares, amounting to 505,600,000 shares[59]. - TCB Investment Holdings Limited, a related entity, holds 34.17% of the company's shares, totaling 341,700,000 shares[63]. - The company has adopted the corporate governance code and has complied with its principles during the first half of 2023[71]. - The audit committee, consisting of three independent non-executive directors, reviewed and approved the interim financial results for the six months ended June 30, 2023[78]. Future Plans and Investments - The company aims to expand and diversify its business through investment in new opportunities to enhance shareholder value[18]. - The group plans to use the remaining proceeds for property, plant, and equipment acquisitions, professional fees for upgrading engineering classifications, and recruitment of new staff[57]. - There are no specific plans for significant investments or capital assets for the coming year as of June 30, 2023[45]. Risk Management - The group is closely monitoring foreign exchange risks, primarily due to operations in Singapore, with most revenues and expenses denominated in SGD[52].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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分內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 BENG SOON MACHINERY HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：1987） 截 至2023年6月30日 止 六 個 月 的 中 期 業 績 公 告 Beng Soon Machinery Holdings Limited（「本公司」）董事（「董事」）會（「董事會」）宣 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（「2023 年 上 半 年」）的 未 經 審 核 中 期 簡 明 綜 合 業 績，連 同 相 關 的 比 較 數 字，詳 情 如下： 簡明綜合全面收益表 截至6月30日止六個月 截至6月30日止六個月 2023年 2022年 附註 新元 新元 （未經審核）（未經審核） 收益 5 10,740,265 16,714,360 銷售成本 7 (9,834,719) (11,789,138) 毛利 905 ...

Financial Performance - Total revenue for the fiscal year 2022 increased by SGD 6.0 million or 22.5% to SGD 32.7 million compared to the fiscal year 2021[6]. - Gross profit margin improved to 29.0% in fiscal year 2022 from 26.4% in fiscal year 2021, primarily due to the sale of high-value scrap materials[6]. - The company reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 20% growth compared to the previous year[22]. - The total revenue for the fiscal year 2022 increased by approximately SGD 6 million or 22.5% to about SGD 32.7 million, primarily due to increased revenue from waste disposal services[45]. - Gross profit for fiscal year 2022 rose by SGD 2.4 million or 33.8% to approximately SGD 9.5 million, with a gross margin of 29.0% compared to 26.4% in 2021[49]. - The net profit attributable to equity holders increased by approximately SGD 0.3 million or 176.5% to about SGD 0.5 million, with basic earnings per share rising from SGD 0.02 to SGD 0.05[55]. Market Outlook - Singapore's economy grew by 3.6% in 2022, with construction sector growth projected at 10.0% due to increased public and private sector construction activities[7]. - Total construction demand in Singapore is forecasted to be between SGD 27 billion and SGD 32 billion in 2023, with public sector contributing about 60% of the demand[7]. - The demolition industry in Singapore is expected to thrive due to government economic stimulus policies and potential growth in the construction sector[9]. - The Ministry of Trade and Industry projected Singapore's GDP growth for 2023 to be between 0.5% and 2.5%[40]. - The construction sector in Singapore is expected to grow by 10.0% year-on-year, with public and private sector construction output both recording increases[40]. - The Building and Construction Authority forecasts total construction demand in 2023 to range between SGD 27 billion and SGD 32 billion, with the public sector expected to account for about 60% of this demand[41]. Strategic Plans - The company plans to continue its core operations while investing in new opportunities to enhance shareholder value and diversify its business[10]. - The company plans to continue expanding its existing demolition services in Singapore while diversifying through investments in new opportunities[44]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by 2025[22]. - A strategic acquisition of a local competitor is anticipated to enhance operational capabilities and increase market penetration[22]. - Investment in new technology development is set at $5 million, aimed at improving efficiency and reducing operational costs[22]. - The company plans to implement a new logistics strategy that is expected to reduce delivery times by 30%[22]. Shareholder and Corporate Governance - The company has a significant shareholder, Tan Chee Beng, who holds 505,600,000 shares, representing 50.56% of the total shares[112]. - TCB Investment Holdings Limited, controlled by Tan Chee Beng, owns 341,700,000 shares, accounting for 34.17% of the total shares[114]. - Lee Peck Kim, spouse of Tan Chee Beng, has a controlled entity, K Luxe Holdings Limited, which owns 163,900,000 shares, representing 16.39% of the total shares[114]. - The company maintains high standards of corporate governance, focusing on long-term financial performance rather than short-term gains[110]. - The company has established a remuneration committee to review and determine the compensation of directors and senior management based on performance and responsibilities[105]. - The company has adopted the corporate governance code and has complied with its applicable provisions during the 2022 financial year, with a noted deviation regarding the roles of the chairman and CEO[141]. Risk Management - The company has established a risk management and internal control system to ensure compliance with statutory regulations[146]. - The board is responsible for reviewing and approving proposed risk mitigation procedures and the effectiveness of the group's risk management and internal control systems[189]. - The internal audit department reviewed accounting practices and significant control issues during the fiscal year 2022, providing findings and improvement recommendations to the audit committee[190]. - The risk management and internal control systems are deemed effective and adequate, although they are designed to manage rather than eliminate risks[190]. - The group recognizes its responsibility to disclose inside information to the public in a timely manner according to the Securities and Futures Ordinance and listing rules[193]. Employee and Community Engagement - The group had a total of 125 employees as of December 31, 2022, an increase of 10 employees compared to the same period in 2021[64]. - The company donated a total of SGD 25,000 to community development and welfare funds in the fiscal year 2022[90]. - The company’s environmental compliance costs for the fiscal year 2022 were approximately SGD 2.3 million[84]. - The company has been certified to ISO 14001:2015 standards for its environmental management system since 2016[84]. Financial Position - As of December 31, 2022, the company's current assets net value was approximately SGD 21.5 million, an increase of SGD 2.5 million or 13.2% from the previous year[57]. - The debt-to-equity ratio decreased from 27.2% on December 31, 2021, to 24.6% on December 31, 2022, due to a reduction in bank borrowings and an increase in equity[58]. - The equity attributable to the owners of the company was approximately SGD 39.9 million as of December 31, 2022, compared to SGD 39.3 million on December 31, 2021[15]. - The group has no significant investments as of December 31, 2022[66]. - The group has no specific plans for significant investments or capital assets in the coming year[63].

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的內容 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的任何損 失承擔任何責任。 BENG SOON MACHINERY HOLDINGS LIMITED （於開曼群島註冊成立的有限公司） （股份代號：1987） 截 至2022年12月31日 止 年 度 的 年 度 業 績 公 告 Beng Soon Machinery Holdings Limited（「本公司」）董事（「董事」）會（「董事會」）宣 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（「2022 財政年度」）的綜合年度業績，連同相關的比較數字，詳情如下： 綜合損益及其他全面收益表 截至2022年12月31日止年度 截至12月31日止年度 2022年 2021年 附註 新元 新元 收益 4 32,737,560 26,737,409 銷售成本 6 (23,243,310) (19,668,022) 毛利 9,494,250 7,069,387 ...

Company Overview - The group has been a leading demolition service provider in Singapore for over 29 years, focusing on various types of buildings and structures [9]. - The company holds multiple licenses, including a general contractor Class 2 license and a single grading license for demolition, allowing unlimited bidding for public demolition projects [9]. - The company was successfully listed on the Hong Kong Stock Exchange on November 8, 2019, enhancing its capital acquisition capabilities [9]. - The group has registered with the Building and Construction Authority of Singapore, which is a prerequisite for bidding on public sector projects [9]. Project Status - The group completed six demolition projects in the first half of 2022, including four commercial buildings, one religious building, and one shipyard project [14]. - As of June 30, 2022, the group had seven ongoing demolition projects, with four being commercial buildings, one school, one power station project, and one coastal project [25]. - The ongoing projects are expected to be completed between August 31, 2022, and April 15, 2023 [27]. Financial Performance - The company's revenue for the first half of 2022 was approximately SGD 16.7 million, an increase of about 95.7% compared to SGD 8.5 million in the first half of 2021, driven by the recovery in the Singapore construction market [42]. - The total revenue confirmed from completed projects in the first half of 2022 amounted to 11,217 thousand Singapore dollars [14]. - The gross profit margin improved significantly to approximately 29.5% in the first half of 2022, up from 7.2% in the same period of 2021, reflecting the resumption of demolition activities [52]. - The company recorded a profit attributable to equity holders of approximately SGD 0.2 million in the first half of 2022, compared to a loss of about SGD 3.0 million in the same period of 2021 [60]. - Total revenue for the six months ended June 30, 2022, was SGD 16,714,360, an increase from SGD 8,540,040 in the same period of 2021 [116]. - Gross profit for the same period was SGD 4,925,222, compared to SGD 611,944 in the previous year, indicating a significant improvement [116]. - The company reported a total comprehensive income of SGD 223,579 for the six months ended June 30, 2022, recovering from a loss of SGD 2,985,358 in the prior year [116]. - Basic and diluted earnings per share for the period were SGD 0.02, a turnaround from a loss per share in the previous year [116]. Assets and Liabilities - The net assets of the company increased to approximately SGD 20.0 million as of June 30, 2022, up by about 4.9% from SGD 19.0 million as of December 31, 2021 [61]. - Total assets as of June 30, 2022, amounted to SGD 54,731,465, slightly up from SGD 54,372,311 at the end of 2021 [119]. - Total liabilities increased to SGD 15,194,352 as of June 30, 2022, compared to SGD 15,058,777 at the end of 2021 [119]. - The total debt of the group as of June 30, 2022, was approximately SGD 15.2 million, up from SGD 15.1 million as of December 31, 2021 [63]. - The debt-to-equity ratio as of June 30, 2022, was approximately 28.6%, an increase from 27.1% as of December 31, 2021 [64]. Cash Flow and Expenses - The company’s cash and cash equivalents were approximately SGD 11.5 million as of June 30, 2022, down from SGD 12.3 million as of December 31, 2021 [62]. - The company’s administrative expenses for the first half of 2022 were approximately SGD 4.9 million, significantly higher than in the same period of 2021, primarily due to an increase in employee costs [53]. - Total expenses for the six months ended June 30, 2022, amounted to SGD 16,773,818, up from SGD 11,804,925 in 2021, reflecting an increase of 42.1% [154]. - Employee benefits expenses, including directors' remuneration, rose to SGD 5,297,827 in the first half of 2022, compared to SGD 3,677,920 in 2021, marking an increase of 44% [155]. Shareholder Information - As of the end of the first half of 2022, TCB holds 341,700,000 shares, representing 34.17% of the company's equity [94]. - K Luxe Holdings Limited owns 163,900,000 shares, accounting for 16.39% of the company's equity [94]. - Ms. Lee has a beneficial ownership of 505,600,000 shares, which constitutes 50.56% of the company's equity [94]. - The company has a share option plan approved on October 15, 2019, with a total of 100,000,000 shares available for issuance, representing 10% of the issued share capital [103]. - No share options were granted, exercised, cancelled, or lapsed under the share option plan as of the end of the first half of 2022 [103]. Governance and Compliance - The company has complied with the corporate governance code during the first half of 2022 [104]. - The board consists of four executive directors, one non-executive director, and three independent non-executive directors, ensuring strong independence [109]. - The audit committee, chaired by Mr. Liang You-Wan, includes three independent non-executive directors and has reviewed the financial results for the six months ending June 30, 2022 [113]. Market Outlook - The company expects to benefit from more awarded contracts in the fiscal year 2022, with private sector contract values estimated between SGD 1.1 billion and SGD 1.3 billion [38]. - The company anticipates increased demand for its core business over the next three years due to the return of collective sales in the market [39].

Financial Performance - For the fiscal year ending December 31, 2021, the company's total revenue increased by SGD 16.9 million or 171.9% to approximately SGD 26.7 million compared to the previous fiscal year[10]. - The company achieved a net profit of approximately SGD 0.2 million for the fiscal year 2021, a turnaround from the previous year's loss[10]. - The total revenue for the fiscal year 2021 increased by SGD 16.9 million or 171.9% to approximately SGD 26.7 million compared to the fiscal year 2020[43]. - The company recorded a gross profit margin of 26.4% in the fiscal year 2021, reversing from a gross loss in the fiscal year 2020, primarily due to higher revenue from the disposal of high-value waste materials[43]. - The company achieved a gross profit of approximately 7.1 million SGD in fiscal year 2021, an increase of 13.6 million SGD or 209.0% from a gross loss of about 6.5 million SGD in fiscal year 2020, with a gross profit margin of approximately 26.4%[54]. - The company reported a net profit attributable to shareholders of approximately 0.2 million SGD in fiscal year 2021, a turnaround from a loss of about 12.0 million SGD in fiscal year 2020, resulting in basic earnings per share of 0.02 SGD[61]. - The company’s sales costs for fiscal year 2021 were approximately 19.7 million SGD, an increase of 3.3 million SGD from about 16.3 million SGD in fiscal year 2020, primarily due to increased project activity[53]. - The company’s other income for fiscal year 2021 was 0.6 million SGD, a decrease of 1.1 million SGD from about 1.7 million SGD in fiscal year 2020, mainly due to a reduction in government subsidies[56]. - The company maintains a robust financial position with a stable cash flow from internal generation, bank loans, and other borrowings[62]. - As of December 31, 2021, the group's net current assets were approximately SGD 18.8 million, an increase of about SGD 2.6 million or 16.4% from SGD 16.2 million as of December 31, 2020[63]. - Cash and cash equivalents increased to approximately SGD 12.3 million as of December 31, 2021, compared to SGD 9.1 million as of December 31, 2020[63]. - The group's bank borrowings and lease liabilities were approximately SGD 1.3 million and SGD 9.4 million, respectively, as of December 31, 2021, compared to SGD 1.9 million and SGD 9.5 million in the previous fiscal year[66]. - The equity attributable to the owners of the company was approximately SGD 39.5 million as of December 31, 2021, compared to SGD 39.3 million as of December 31, 2020[67]. - The debt-to-equity ratio slightly decreased from 29.0% as of December 31, 2020, to 27.2% as of December 31, 2021, due to a reduction in bank borrowings and an increase in equity[70]. Construction Demand and Market Outlook - The preliminary total construction demand in Singapore for 2021 increased by 42% to approximately SGD 30 billion, driven by public housing and infrastructure projects[11]. - The company anticipates total construction demand in 2022 to range between SGD 27 billion and SGD 32 billion, with the public sector expected to contribute about 60%[11]. - The company expects ongoing construction demand to provide momentum for the demolition industry in 2022[11]. - The construction sector is expected to benefit from Singapore's large-scale economic stimulus policies and the potential growth in the construction industry[13]. - The company is optimistic about future prospects due to the strong pipeline of public housing projects and infrastructure developments[11]. - The company is optimistic about the continued construction demand in 2022, driven by strong public housing project reserves and infrastructure developments[45]. Management and Governance - The company has a strong management team with key figures like Tan Wei Leong and Tang Ling Ling, who have over 9 and 20 years of experience in the industry respectively[22][19]. - The company is focused on overall management and development in recycling and logistics, with Alvin Tan overseeing these areas since 2011[22]. - The management team has received various certifications and training in safety and construction management, enhancing operational capabilities[20][23]. - The board includes independent directors with extensive experience in investment and asset management, ensuring robust governance[28][30]. - The company is actively involved in project development and financing, with Liang Youwen managing these aspects since 2014[30]. - The management team is committed to human resources and bidding processes, with Tang Ling Ling leading these efforts[19]. - The leadership structure includes family members, ensuring continuity and alignment in business strategy[19]. - The company maintained a high level of corporate governance practices aimed at long-term financial performance rather than short-term gains[129]. - The board of directors includes both executive and independent non-executive members, with changes in the board composition noted during the fiscal year[121][122]. - The company has a strong independent board composition, with independent non-executive directors making up at least one-third of the board[192]. - The company has adopted the corporate governance code as per the listing rules, ensuring effective accountability and enhancement of shareholder value[179]. - The board is responsible for overseeing the company's affairs, including adopting long-term strategies and supervising senior management[184]. - The company has complied with the corporate governance code throughout the fiscal year 2021, with a noted deviation regarding the roles of Chairman and CEO[180]. Employee and Operational Insights - The group employed 115 staff as of December 31, 2021, an increase of 4 from the previous year, due to new hires during the fiscal year[76]. - The group had a total of 115 employees as of December 31, 2021, with approximately 32% being local employees and 68% foreign employees[91]. - The company provides new directors with comprehensive information on their responsibilities and ongoing obligations under the Companies Ordinance and Listing Rules[197]. - All directors have participated in continuous professional development to enhance their knowledge and skills, with training records submitted for the fiscal year 2021[197]. - Directors attended seminars and briefings related to regulatory updates and their duties, contributing to their professional development[198]. Shareholder and Capital Management - Major shareholders include TCB with 341,700,000 shares (34.17%), K Luxe Holdings Limited with 163,900,000 shares (16.39%), and Ms. Lee with 505,600,000 shares (50.56%) as of December 31, 2021[152]. - Ms. Lee is considered to have interests in shares held by TCB, which is controlled by Mr. Tan, as per the Securities and Futures Ordinance[153]. - The company did not recommend a final dividend for the 2021 fiscal year[99]. - The group adopted a dividend policy in March 2020, considering various factors such as actual and expected financial performance, retained earnings, and operational funding needs[96]. - The company has not entered into any capital raising agreements that would lead to the issuance of shares during the fiscal year 2021[166]. - The company maintained a sufficient public float of at least 25% of issued shares as required by the listing rules[170]. Risks and Compliance - The group faced foreign exchange risk, with potential impacts of approximately SGD 177,000 on profit or loss due to a 4% fluctuation in exchange rates as of December 31, 2021[82]. - The group had no significant contingent liabilities or pending litigation as of December 31, 2021[72]. - The company did not engage in any related party transactions as defined by the listing rules during the fiscal year 2021[169]. - There were no significant management contracts established with individuals responsible for major management and administrative tasks during the fiscal year 2021[128]. - The company has established a code of conduct for directors regarding securities trading, which has been adhered to throughout the fiscal year[181]. - The company ensures compliance with corporate governance codes and updates on significant developments in regulatory requirements[197].

[Company Information](index=3&type=section&id=Company%20Information) This section provides fundamental information about the company [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the company's operations, financial performance, and future outlook [Overall Review and Business Overview](index=5&type=section&id=Overall%20Review%20and%20Business%20Overview) The Group, a leading demolition service provider in Singapore, saw improved financial performance in H1 2021 as the construction market recovered from COVID-19, completing seven projects and having nine ongoing - The Group is a well-established demolition service provider in Singapore, serving both public and private sectors, specializing in demolishing power plants, chemical plants, and high-rise commercial and residential properties[9](index=9&type=chunk) H1 2021 Completed Projects | Client | Project Description | Completion Date | Cumulative Recognized Revenue (S$ Thousand) | | :--- | :--- | :--- | :--- | | Client A | Demolition of existing commercial building | February 17, 2021 | 219 | | Client B | Demolition of existing commercial building | March 16, 2021 | 774 | | Client C | Demolition of existing commercial building | March 31, 2021 | 651 | | Client D | Demolition of existing oil tank | March 29, 2021 | 167 | | Client E | Demolition of factory building | April 30, 2021 | 616 | | Client F | Residential house demolition | May 6, 2021 | 11 | | Client G | Demolition of show flat | May 20, 2021 | 118 | - As of June 30, 2021, the Group had nine demolition projects underway, spanning commercial, residential, chemical, and power plant sectors[27](index=27&type=chunk) - The Group's business recovered from the COVID-19 pandemic, with revenue increasing in H1 2021 compared to the prior period, improving financial performance from a gross loss to a gross profit[40](index=40&type=chunk) [Outlook and Prospects](index=10&type=section&id=Outlook%20and%20Prospects) The Board is cautiously optimistic about the recovery of Singapore's construction and demolition demand, driven by public sector projects, and plans to diversify into e-commerce while maintaining its core demolition services - Singapore's Building and Construction Authority forecasts total construction demand to recover to **S$23 billion to S$28 billion** in 2021, primarily driven by public sector projects, with the Board cautiously optimistic about the industry's recovery[41](index=41&type=chunk) - While consolidating its core demolition services, the Group is actively seeking business diversification, having commenced e-commerce operations in September 2020 and remaining optimistic about its prospects[42](index=42&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) In H1 2021, the Group's financial performance significantly improved, with total revenue increasing by **129.7%** to **S$8.5 million** due to market recovery, and effective cost control reducing cost of sales by **15.1%**, transforming a **S$5.6 million** gross loss into a **S$0.6 million** gross profit, ultimately narrowing loss attributable to equity holders by **68.8%** to **S$2.9 million** [Revenue](index=11&type=section&id=Revenue) Total revenue for H1 2021 was approximately **S$8.5 million**, a **129.7%** increase from **S$3.7 million** in the prior period, primarily driven by the recovery of Singapore's construction market, increased demand for demolition services and scrap material disposal, and new e-commerce revenue Revenue Details (For the six months ended June 30) | Revenue Source | 2021 (S$ Thousand) | 2020 (S$ Thousand) | | :--- | :--- | :--- | | Net contract amount | 4,495 | 2,103 | | Proceeds from disposal of scrap materials | 3,264 | 1,407 | | Proceeds from earth disposal | 296 | 90 | | E-commerce | 367 | - | | Other income | 118 | 68 | | **Total Revenue** | **8,540** | **3,668** | [Cost of Sales](index=12&type=section&id=Cost%20of%20Sales) Cost of sales for H1 2021 was approximately **S$7.9 million**, a **15.1%** decrease from **S$9.3 million** in the prior period, mainly due to reduced subcontractor and transportation expenses, reflecting varying project cost structures - Cost of sales decreased by **15.1%** year-on-year, primarily due to lower subcontractor fees and transportation expenses[53](index=53&type=chunk) [Gross Profit and Gross Margin](index=13&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit significantly improved, transforming from a gross loss of approximately **S$5.6 million** in H1 2020 to a gross profit of approximately **S$0.6 million** in H1 2021, an increase of **110.7%**, with gross margin improving from **-153.3%** to **7.2%**, mainly due to revenue recovery covering fixed costs and effective cost reduction measures - Gross profit improved from a gross loss of **S$5.6 million** in H1 2020 to a gross profit of **S$0.6 million** in H1 2021[54](index=54&type=chunk) - Gross margin improved from **-153.3%** in H1 2020 to **7.2%** in H1 2021[54](index=54&type=chunk) [Other Financial Indicators](index=13&type=section&id=Other%20Financial%20Indicators) During the period, administrative expenses remained stable at **S$3.8 million**, other income decreased to **S$0.4 million** due to reduced government grants, and finance costs decreased by **50.0%** to **S$0.1 million** due to lower bank loan interest and lease liabilities, resulting in a significant **68.8%** reduction in loss attributable to equity holders to **S$2.9 million** - Administrative expenses remained stable at approximately **S$3.8 million** compared to the prior period[55](index=55&type=chunk) - Other income decreased to **S$0.4 million**, primarily due to reduced COVID-19 related government grants received[56](index=56&type=chunk) - Finance costs decreased by **50.0%** year-on-year to approximately **S$0.1 million**[57](index=57&type=chunk) - Loss attributable to equity holders significantly decreased by **68.8%**, from **S$9.3 million** in the prior period to **S$2.9 million**[60](index=60&type=chunk) [Capital Structure, Liquidity and Financial Resources](index=14&type=section&id=Capital%20Structure%2C%20Liquidity%20and%20Financial%20Resources) The Group's capital structure has remained stable since its listing, with net current assets of approximately **S$15.2 million** and cash and cash equivalents of approximately **S$7.7 million** as of June 30, 2021, total equity of approximately **S$36.4 million**, and total debt of approximately **S$12.6 million**, confirming sufficient financial resources to meet its obligations Key Financial Position Indicators (June 30, 2021) | Indicator | Amount (S$) | Change vs. End of 2020 | | :--- | :--- | :--- | | Net current assets | Approx. 15.2 million | -6.2% | | Cash and cash equivalents | Approx. 7.7 million | -15.4% | | Total equity | Approx. 36.4 million | -7.4% | | Total debt | Approx. 12.6 million | -9.2% | [Gearing Ratio](index=15&type=section&id=Gearing%20Ratio) The gearing ratio, calculated as total borrowings and lease liabilities divided by total equity, slightly increased to approximately **29.5%** as of June 30, 2021, from **29.0%** at the end of 2020 - As of June 30, 2021, the Group's gearing ratio was approximately **29.5%**, a slight increase from **29.0%** as of December 31, 2020[68](index=68&type=chunk) [Use of Proceeds from Listing](index=18&type=section&id=Use%20of%20Proceeds%20from%20Listing) The company listed in November 2019, raising approximately **HK$77.5 million** net proceeds, with approximately **HK$43.1 million** remaining unutilized as of H1 2021, primarily allocated for excavator purchases, staff expansion, and qualification enhancement, expected to be fully utilized by December 31, 2022 Use of Proceeds from Listing and Utilization (As of June 30, 2021) | Purpose | Planned Amount (HK$ Thousand) | Unutilized Amount (HK$ Thousand) | | :--- | :--- | :--- | | Strengthening excavator fleet | 51,200 | 31,795 | | Repayment of bank borrowings | 13,500 | - | | Staff expansion | 9,100 | 9,100 | | Qualification enhancement | 2,200 | 2,200 | | General working capital | 1,500 | - | - As of the end of H1 2021, unutilized net proceeds amounted to approximately **HK$43.1 million**, expected to be used for equipment acquisition, recruitment, and qualification enhancement by December 31, 2022[87](index=87&type=chunk) [Corporate Governance and Other Information](index=20&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's corporate governance practices, including director and shareholder interests, share option schemes, and audit committee oversight [Directors' and Major Shareholders' Interests](index=20&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Interests) The report discloses the shareholdings of directors and major shareholders, with Executive Director and Chairman Mr. Tan Chee Beng holding **50.56%** of the company's shares through controlled corporations and spouse's interests, and his spouse, Ms. Lee, also deemed to hold **50.56%** Directors' and Major Shareholders' Shareholdings (As of June 30, 2021) | Name/Entity | Capacity | Number of Shares Held | Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Tan Chee Beng | Controlled corporations and spouse's interests | 505,600,000 | 50.56% | | Ms. Lee | Controlled corporations and spouse's interests | 505,600,000 | 50.56% | | TCB Investment Holdings | Beneficial owner | 341,700,000 | 34.17% | | K Luxe Holdings Limited | Beneficial owner | 163,900,000 | 16.39% | [Share Option Scheme](index=24&type=section&id=Share%20Option%20Scheme) The company adopted a ten-year share option scheme on October 15, 2019, to incentivize and retain talent, with a total of **100 million** shares (representing **10%** of issued share capital) available for grant as of H1 2021, though no options have been granted, exercised, cancelled, or lapsed - A total of **100 million** shares, representing **10%** of the issued share capital, are available for issuance under the share option scheme, with no options granted or outstanding as of the period end[110](index=110&type=chunk) [Corporate Governance](index=24&type=section&id=Corporate%20Governance) The company complied with the Corporate Governance Code in H1 2021, with one deviation where the roles of Chairman and Chief Executive Officer are held by the same person (Mr. Tan), which the Board believes contributes to effective management and business development, balanced by sufficient independent non-executive directors - The company complied with the Corporate Governance Code, with a deviation from the requirement that the roles of Chairman and Chief Executive Officer should be separate, as Mr. Tan serves as both, which the Board believes is in the Group's best interest[114](index=114&type=chunk) [Audit Committee](index=27&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors and chaired by Mr. Leung Yau Man, reviewed and approved the unaudited interim financial results for the six months ended June 30, 2021, confirming their preparation in accordance with applicable accounting standards and listing rules, with adequate disclosures - The Audit Committee, composed of three independent non-executive directors, has reviewed and approved the unaudited interim financial results for the current period[119](index=119&type=chunk) [Condensed Consolidated Financial Statements](index=28&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated financial statements, including the statement of comprehensive income, statement of financial position, and explanatory notes [Condensed Consolidated Statement of Comprehensive Income](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2021, the Group reported revenue of **S$8.54 million**, a **133%** increase year-on-year, with gross profit turning from a **S$5.62 million** loss to a **S$0.61 million** profit, and loss for the period significantly narrowing from **S$9.07 million** to **S$3.00 million** Condensed Consolidated Statement of Comprehensive Income Summary (For the six months ended June 30) | Item | 2021 (S$) | 2020 (S$) | | :--- | :--- | :--- | | Revenue | 8,540,040 | 3,667,624 | | Cost of sales | (7,928,096) | (9,289,222) | | Gross profit/(loss) | 611,944 | (5,621,598) | | Loss after income tax | (3,004,143) | (9,067,305) | | Loss attributable to equity holders of the Company | (2,944,630) | (9,067,305) | | Basic loss per share (S$ cents) | (0.29) | (0.93) | [Condensed Consolidated Statement of Financial Position](index=29&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2021, the Group's total assets were **S$48.85 million**, total liabilities **S$12.58 million**, and total equity **S$36.28 million**, with both total assets and total equity decreasing compared to the end of 2020, reflecting the impact of operating losses during the period Condensed Consolidated Statement of Financial Position Summary | Item | June 30, 2021 (S$) | December 31, 2020 (S$) | | :--- | :--- | :--- | | Total assets | 48,851,346 | 53,116,961 | | Total liabilities | 12,576,052 | 13,856,309 | | Total equity | 36,275,294 | 39,260,652 | [Notes to the Condensed Consolidated Interim Financial Statements](index=31&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) The notes to the financial statements provide detailed explanations of key accounting policies, financial risk management, revenue breakdown, various expenses, earnings per share calculation, and major asset and liability items, highlighting that revenue primarily stems from demolition services, with significant expenses in subcontractor fees, employee benefits, and depreciation, and basic loss per share at **S$0.29 cents** - Note 4.1: The Group monitors capital on a gearing ratio basis, which increased to **8%** as of June 30, 2021, from **6%** at the end of 2020[141](index=141&type=chunk) - Note 5: Revenue primarily derived from providing demolition services, accounting for **94.3%** of total revenue[154](index=154&type=chunk) - Note 10: Basic loss per share was **S$0.29 cents**, a significant reduction from **S$0.93 cents** in the prior period[175](index=175&type=chunk)

Company Listing and Reputation - The company successfully listed on the Hong Kong Stock Exchange on November 8, 2019, enhancing its reputation and visibility in the demolition services industry[5]. - The company aims to utilize the net proceeds from its IPO to implement its future development and business strategies as outlined in the prospectus[5]. - The company is committed to enhancing its corporate image and reputation through its listing and ongoing business development efforts[5]. Impact of COVID-19 - The COVID-19 pandemic significantly impacted the company's operations, with construction activities in Singapore being halted from April 7 to June 1, 2020, due to government-imposed lockdown measures[6]. - The management has taken relevant actions to mitigate the adverse effects of the revised construction demand on the company's operations[7]. - The company faced operational challenges due to COVID-19, leading to project delays and a significant reduction in operational activities[48]. Financial Performance - Total revenue for the fiscal year 2020 decreased by SGD 24.2 million or 71.1% to approximately SGD 9.8 million, primarily due to the significant negative impact of COVID-19 and related government measures[10]. - The loss attributable to equity holders was approximately SGD 12.0 million, a decrease of about SGD 15.2 million or 470.8% from a profit of approximately SGD 3.2 million in the fiscal year 2019[10]. - The group reported a loss attributable to equity holders of approximately SGD 12.0 million for the fiscal year 2020, a decrease of SGD 15.2 million or 470.8% from a profit of SGD 3.2 million in 2019[63]. Construction Industry Outlook - The construction demand forecast by the Building and Construction Authority was revised down from SGD 28 billion to SGD 33 billion to a new range of SGD 18 billion to SGD 23 billion for 2020[7]. - The construction industry in Singapore saw a year-on-year decline of 28.5% in Q4 2020, an improvement from a 46.2% decline in Q3 2020, indicating a gradual recovery in construction activities[11]. - The company is optimistic about a gradual recovery in demand for demolition services in 2021, driven by public sector projects[13]. Business Strategy and Expansion - The company is committed to expanding its services in the public sector, which is expected to support the recovery of the construction industry[13]. - The company is exploring other business opportunities due to contract delays and project postponements[14]. - The company is focused on expanding its market presence and enhancing its product offerings through strategic investments and partnerships[35]. Corporate Governance and Management - The company has a strong board of directors with diverse backgrounds in finance, management, and technology, enhancing its governance and strategic oversight[35]. - The management team emphasizes the importance of compliance and corporate governance in its operations, ensuring transparency and accountability[39]. - The board consists of four executive directors, one non-executive director, and three independent non-executive directors, ensuring strong independence[184]. Environmental Responsibility - The company is committed to environmental responsibility, focusing on recycling demolition waste and complying with applicable environmental laws and regulations[103]. - The group has complied with applicable environmental laws and regulations in all material aspects for the fiscal year 2020, with total environmental compliance costs of approximately SGD 1.7 million, SGD 2.0 million, and SGD 2.3 million over the past three years[104]. Workforce and Employment - The group employed a total of 111 staff as of December 31, 2020, with approximately 32% being local employees and 68% foreign employees[92]. - The group expanded its workforce by hiring additional project management and execution personnel, with a total cost of SGD 9.1 million[113]. Financial Position and Assets - As of December 31, 2020, the group's net current assets were approximately SGD 16.2 million, a decrease of SGD 10.8 million or 40.0% from SGD 27.0 million in 2019[67]. - The total equity attributable to equity holders was approximately SGD 39.3 million as of December 31, 2020, down from SGD 51.5 million in 2019[71]. - The group faced foreign exchange risk, with a potential impact of approximately SGD 43,000 on post-tax losses and equity due to a 4% fluctuation in the exchange rate as of December 31, 2020, compared to SGD 20,000 in 2019[84]. Shareholder Information - As of December 31, 2020, Tan Chee Beng holds 505,600,000 shares, representing 50.56% of the company's equity[139]. - TCB Investment Holdings Limited, wholly owned by Tan Chee Beng, holds 341,700,000 shares, accounting for 34.17% of the equity[150]. - The largest customer contributed 37.3% of total contract revenue, with the top five customers accounting for 56.4%[127].

Financial Performance - The group's revenue for the first half of 2020 was approximately SGD 3.7 million, a decrease of about 78.3% compared to SGD 16.9 million in the first half of 2019 due to the significant adverse impact of COVID-19[46]. - Revenue for the six months ended June 30, 2020, was SGD 3,667,624, a decrease of 78.2% compared to SGD 16,882,189 in the same period of 2019[131]. - Gross loss for the period was SGD 5,621,598, compared to a gross profit of SGD 6,007,825 in the previous year[131]. - The group completed four demolition projects in the first half of 2020, a reduction of 11 projects compared to the first half of 2019[39]. - The gross profit margin fell from approximately 35.6% in the first half of 2019 to a negative 153.3% in the first half of 2020[56]. - The company reported a loss attributable to equity holders of approximately SGD 9.3 million for the first half of 2020, a decrease of SGD 10.1 million or 1,210.4% compared to a profit of SGD 0.8 million in the same period of 2019[63]. - Basic loss per share for the six months ended June 30, 2020, was SGD (0.93), compared to earnings of SGD 0.11 per share in 2019[192]. Project and Operational Updates - The company completed four demolition projects in the first half of 2020, with total confirmed revenue of SGD 9,663 thousand[20]. - As of June 30, 2020, the company had eight ongoing demolition projects, with a cumulative confirmed revenue of SGD 10,000 thousand[27]. - The estimated completion date for ongoing projects includes August 31, 2020, for a project with confirmed revenue of SGD 894 thousand[29]. - The company focuses on demolition services for various structures, including power plants and high-rise buildings, with over 26 years of experience[17]. - The company aims to expand its market presence in both public and private sectors through strategic project acquisitions[17]. Financial Position and Assets - The net current assets of the group decreased significantly by approximately SGD 7.3 million or 27.0% to about SGD 19.7 million as of June 30, 2020, compared to SGD 27.0 million on December 31, 2019[68]. - Cash and cash equivalents were approximately SGD 8.6 million as of June 30, 2020, down from SGD 14.1 million on December 31, 2019, primarily used for working capital purposes[69]. - Total assets as of June 30, 2020, were SGD 58,987,818, down from SGD 71,321,664 as of December 31, 2019, representing a decrease of 17.3%[134]. - Total equity attributable to the company's equity holders was SGD 42,232,509, down from SGD 51,503,096, reflecting a decline of 18.0%[134]. - The total capital as of June 30, 2020, was SGD 46,108,122, down from SGD 51,338,517 as of December 31, 2019[152]. Corporate Governance and Management - The company appointed a new director, Wang Dongfeng, on July 24, 2020, to enhance its management expertise[17]. - The board is committed to maintaining high standards of corporate governance and has complied with the corporate governance code during the first half of 2020[117]. - The board believes that having the same individual serve as both Chairman and CEO enhances operational efficiency and business strategy execution[123]. - The audit committee, consisting of three independent non-executive directors, reviewed and approved the interim financial results, ensuring compliance with applicable accounting standards[128]. Impact of COVID-19 - The group aims to maintain sufficient cash reserves despite the negative impact of COVID-19 on operations and financial conditions[43]. - The group is focusing on automation to reduce reliance on foreign workers in response to challenges posed by COVID-19[40]. - The group anticipates that future opportunities and challenges will continue to be affected by the uncertainty surrounding the COVID-19 pandemic[43]. - The group recorded other income of SGD 0.6 million in the first half of 2020, compared to approximately SGD 20,000 in the first half of 2019, primarily due to increased government subsidies related to COVID-19 measures[58]. Shareholder Information - Tan Chee Beng holds 605,600,000 shares, representing 60.56% ownership in the company[98]. - TCB Investment Holdings Limited, controlled by Tan Chee Beng, owns 44.17% of the company[103]. - Lee's Holdings Limited, controlled by Lee, holds 163,900,000 shares, representing 16.39% ownership[109]. - The company has a total of 100,000,000 shares available for issuance under the share option scheme, accounting for 10% of the issued share capital[116]. - The board did not recommend the payment of an interim dividend for the period ended June 30, 2020[84]. Debt and Liabilities - The debt-to-equity ratio increased to approximately 29.4% as of June 30, 2020, compared to 27.1% on December 31, 2019[71]. - The company's total liabilities decreased from SGD 1,293,999 in 2019 to SGD 706,210 in 2020, indicating a reduction of 45.4%[188]. - The group's net debt as of June 30, 2020, was SGD 3,875,613, with total equity of SGD 42,232,509, resulting in a debt-to-equity ratio of 8%[152]. Trade Receivables and Impairment - Trade receivables were SGD 3,613,860, down from SGD 6,002,270, indicating a decrease of 39.7%[134]. - The aging analysis of trade receivables shows that receivables over 120 days increased to SGD 2,644,283 from SGD 1,309,660, indicating a rise of approximately 102.5%[197]. - The impairment provision for trade receivables remained unchanged at SGD 265,049 as of June 30, 2020, consistent with the amount reported at the end of 2019[200]. - The company identified two customers with higher credit risk characteristics, leading to a loss provision of SGD 155,049 recognized in 2019 due to ongoing financial restructuring[200].