Financial Performance - The company's revenue decreased from SGD 16,487,000 to SGD 6,185,000 for the year ended December 31, 2020, representing a decline of approximately 62.5%[10] - Shareholder profit attributable dropped from approximately SGD 3,761,000 to about SGD 173,000, a decrease of around 95.4%[10] - The revenue from the passenger car leather segment decreased by approximately 64.6%[10] - The revenue from the passenger car accessories segment decreased by approximately 61.8%[10] - Total revenue for the year ended December 31 was approximately SGD 6.185 million, a decrease of 62.5% from SGD 16.487 million in the previous year[27] - Gross profit decreased by approximately SGD 4.721 million or 71.7% to about SGD 1.859 million, with a gross margin of 30.1% compared to 39.9% in the previous year[28] - Net profit for the year was approximately SGD 173,000, a decrease of 92.3% from SGD 2.239 million in the previous year[35] - Other income increased to approximately SGD 438,000 from SGD 160,000, primarily due to government support related to COVID-19[29] Operational Changes - The company launched an e-commerce platform in October 2020[19] - The company plans to renovate existing warehouses by the end of 2021[17] - The company is actively enhancing sales and marketing efforts to improve brand awareness and customer relationships[19] - The company has implemented logistics management to improve operational efficiency[17] - The company has extended the lease agreements for properties, with the current leases set to expire in October 2022[17] Assets and Liabilities - The company’s current assets net amount was approximately SGD 21.547 million as of December 31, 2020, compared to SGD 21.147 million in 2019, with cash and bank balances of about SGD 20.639 million[39] - The current ratio improved to approximately 18.7 times as of December 31, 2020, compared to 9.7 times in the previous year[39] - The company has no debt as of December 31, 2020, and did not incur any borrowing costs during the year[39] - Total assets pledged as collateral for bank financing amounted to SGD 502,711 as of December 31, 2020, down from SGD 545,285 in 2019[59] Employee and Cost Management - As of December 31, 2020, total employee costs amounted to approximately SGD 2,475,000, a decrease from SGD 2,939,000 in 2019[55] - The company has 47 employees as of December 31, 2020, down from 57 in 2019, including 4 executive directors[55] - Sales and distribution expenses decreased to approximately SGD 378,000 from SGD 443,000, mainly due to reduced employee benefits and travel expenses[33] - Administrative expenses decreased to approximately SGD 1.539 million from SGD 3.337 million, primarily due to one-time listing expenses in 2019[34] Governance and Management - The company has a strong management team with independent non-executive directors who bring diverse expertise in finance, technology, and corporate governance[75][81] - The board includes members with significant experience in various sectors, enhancing the company's ability to adapt to market changes and seize new opportunities[80] - The company emphasizes the importance of financial management and strategic decision-making in driving business growth and operational efficiency[85] - The independent directors contribute to the company's governance and strategic direction, ensuring accountability and transparency in operations[75][81] - The board of directors has complied with the listing rules, ensuring at least three independent non-executive directors are present[96] Corporate Governance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance with all relevant provisions[94] - The board is responsible for managing overall risks related to the business and guiding the company's strategy[94] - The company has established an audit committee to review and supervise financial reporting procedures and internal control systems[124] - The company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Corporate Governance Committee, each with defined terms of reference[112] - The company has provided information regarding changes in listing rules to ensure compliance and enhance awareness of good corporate governance practices[111] Shareholder Communication and Dividends - The company is committed to maintaining effective communication with shareholders and potential investors, including annual general meetings and timely disclosures[132] - The board does not recommend a final dividend for the year, consistent with the previous year[63] - The company has a dividend policy that considers cash flow, earnings stability, and future investment needs when determining dividend payments[152][153] Market and Strategic Focus - The company is focused on expanding its market presence in Southeast Asia through strategic partnerships and technological advancements in integrated communication solutions[76] - The company aims to leverage its expertise in finance and technology to improve service offerings and customer satisfaction in the competitive market[85] Risk Management - The company faced a potential foreign exchange risk, with a possible impact of SGD 70,000 on after-tax profits if foreign currencies depreciate or appreciate by 10%[60] - The board is responsible for overseeing and managing overall risks related to the company's business, ensuring compliance with safety and health regulations[123] Miscellaneous - The company made charitable and other donations amounting to SGD 150 in the current year, a significant decrease from SGD 3,350 in 2019[147] - The auditor's fee for the current year was approximately SGD 80,000 for audit services, with no non-audit services provided[130][131] - The company has not entered into any stock-linked agreements that would lead to the issuance of shares during the year[154] - The company has not engaged in any significant transactions or contracts with its directors that would create a conflict of interest during the fiscal year[174]

Financial Performance - For the six months ended June 30, 2020, the group's unaudited revenue was approximately SGD 2,601,000, a decrease of about SGD 5,484,000 or 67.8% compared to SGD 8,085,000 for the same period in 2019[15] - The group reported an unaudited loss of approximately SGD 96,000 for the six months ended June 30, 2020, compared to an unaudited profit of SGD 1,112,000 for the same period in 2019[15] - Basic and diluted loss per share for the six months ended June 30, 2020, was 0.02 Singapore cents, while for the same period in 2019, it was a profit of 0.25 Singapore cents[15] - The company reported a total comprehensive loss of SGD 95,783 for the six months ended June 30, 2020, compared to a total comprehensive income of SGD 1,112,001 for the same period in 2019, indicating a significant decline in performance[23] - The group reported a net loss of SGD 95,783 for the six months ended June 30, 2020, compared to a profit of SGD 1,112,001 in the same period of 2019[48] - The group reported a loss of approximately SGD 96,000 for the current period, a decrease of approximately SGD 1,208,000 from a profit of approximately SGD 1,112,000 in the corresponding period[111] Revenue Breakdown - The revenue for the passenger car leather interior segment for the six months ended June 30, 2020, was SGD 585,862, a decrease from SGD 2,500,804 in the same period of 2019, representing a decline of approximately 76.5%[48] - The revenue for the passenger car electronic accessories segment for the six months ended June 30, 2020, was SGD 2,015,432, down from SGD 5,584,268 in the same period of 2019, indicating a decrease of about 64.1%[48] - Total revenue for the group for the six months ended June 30, 2020, was SGD 2,601,294, compared to SGD 8,085,072 in the same period of 2019, reflecting a decline of approximately 67.8%[48] Assets and Liabilities - Total assets as of June 30, 2020, amounted to SGD 26,812,134, a decrease from SGD 27,896,184 as of December 31, 2019[21] - Total liabilities as of June 30, 2020, were SGD 1,498,571, a decrease from SGD 2,486,838 as of December 31, 2019[21] - The company’s total equity as of June 30, 2020, was SGD 25,313,563, a decrease from SGD 24,281,945 as of June 30, 2019, indicating a decline of approximately 4.3%[23] - Total liabilities as of June 30, 2020, were SGD 1,498,571, a decrease from SGD 2,478,714 as of June 30, 2019, indicating a reduction of approximately 39.6%[51] Cash Flow and Expenses - Operating cash flow for the six months ended June 30, 2020, was SGD 1,469,248, down from SGD 2,145,608 in the same period of 2019, reflecting a decrease of approximately 31.5%[26] - Employee benefits cost for the six months ended June 30, 2020, was SGD 1,269,274, down 11.3% from SGD 1,430,646 in 2019[61] - Total cost of sales, selling and distribution expenses, and administrative expenses for the six months ended June 30, 2020, was SGD 3,061,441, a decrease of 53.8% compared to SGD 6,627,125 for the same period in 2019[58] - Administrative expenses decreased from approximately SGD 1,671,000 for the six months ended June 30, 2019, to approximately SGD 876,000 for the six months ended June 30, 2020, primarily due to lower employee benefits costs[108] Operational Challenges - The company faced significant challenges due to the COVID-19 pandemic, resulting in all business operations being temporarily closed, impacting overall performance[99] - The bidding activities for the Certificate of Entitlement (COE) in Singapore were suspended during the pandemic, with the last auction held on March 18, 2020, and resumed on July 8, 2020[99] - The company anticipates facing greater resistance in the future due to geopolitical uncertainties and the ongoing COVID-19 pandemic, which may lead to an economic downturn[100] Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated results for the six months ended June 30, 2020, and confirmed compliance with applicable accounting standards[164] - The company has adhered to the corporate governance code, with a noted deviation regarding the separation of the roles of chairman and CEO[158] - The company has adopted a set of trading standards for directors, confirming compliance for the six months ended June 30, 2020[162] Future Outlook and Strategy - The company remains committed to focusing on operational goals and providing innovative products and quality services to customers[100] - The company continues to assess the impact of new accounting standards and interpretations that will come into effect in the future[36] - The board anticipates no changes to the original intended use of funds[133]

(6) TOMO Holdings Limited (Incorporated in the Cayman Islands with limited liability 於開曼群島註冊成立之有限公司 ) Stock Code 股份代號 : 6928 2019 ANNUAL REPORT 年 報 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Tomo-Cse Autotrim Pte Ltd 80m | O | | | | | | | | | | | 16% | 16:46 | | | | | | | | | | | | | | | | | | | QV ...