Financial Performance - The group recorded revenue of approximately SGD 5.4 million for the six months ended June 30, 2023, an increase of about 28.6% compared to SGD 4.2 million in the same period last year[10]. - Gross profit for the period was approximately SGD 3.5 million, up about 29.6% from SGD 2.7 million in the previous year[11]. - The group reported a net loss of approximately SGD 0.3 million after tax, significantly improved from a net loss of SGD 1.2 million in the same period last year[12]. - Revenue for the three months ended June 30, 2023, was SGD 2,508,791, representing a 18.8% increase from SGD 2,110,668 in the same period of 2022[15]. - Total revenue for the six months ended June 30, 2023, reached SGD 5,403,458, up 29.7% from SGD 4,166,600 in the prior year[15]. - The net loss for the three months ended June 30, 2023, was SGD 156,402, a significant improvement compared to a net loss of SGD 506,959 in the same period of 2022[15]. - The net loss for the six months ended June 30, 2023, was SGD 280,860, compared to a net loss of SGD 992,700 in the same period of 2022[15]. - The company reported a basic loss per share of SGD (0.03) for the three months ended June 30, 2023, compared to SGD (0.10) for the same period in 2022[49]. - For the six months ended June 30, 2023, the basic loss per share was SGD (0.04), improving from SGD (0.20) in the same period of 2022[49]. Revenue Drivers - The increase in revenue was attributed to the lifting of COVID-19 restrictions in Singapore and the region, leading to a rise in patient visits[11]. - Revenue from consultation services, medical examination services, and treatment services accounted for approximately SGD 0.6 million, SGD 1.3 million, and SGD 3.1 million, representing 12.5%, 24.6%, and 57.9% of total revenue, respectively[75]. Cash Flow and Liquidity - Cash and cash equivalents increased to SGD 11,535,371 as of June 30, 2023, from SGD 10,834,550 at the end of 2022[18]. - Operating cash flow for the six months ended June 30, 2023, was a net outflow of SGD 166,939, compared to a net outflow of SGD 31,294 in the same period of 2022[21]. - The company has no external borrowings and is not subject to any externally imposed capital requirements[39]. - The company maintains a prudent cash management policy to ensure strong liquidity for future growth opportunities[93]. Assets and Liabilities - Total assets as of June 30, 2023, were SGD 16,461,682, slightly up from SGD 16,416,343 at the end of 2022[17]. - The company’s equity attributable to owners decreased to SGD 13,856,773 as of June 30, 2023, from SGD 14,117,094 at the end of 2022[18]. - The total amount of trade payables as of June 30, 2023, was SGD 536,313, slightly up from SGD 518,449 as of December 31, 2022[65]. - The group’s lease liabilities increased to SGD 960,249 as of June 30, 2023, compared to SGD 810,473 as of December 31, 2022[53]. Business Operations - The company operates primarily in Singapore, focusing on healthcare services and management consulting, with a recent cessation of its pepper trading business as of May 2023[23]. - The company operates six DTAP clinics and has launched a new online healthcare platform branded "Quinn" to expand its service offerings[78]. - The company has decided to cease operations of its pepper trading business due to limited profitability over the past 12 months[47]. Strategic Outlook - The group remains cautiously optimistic about the business environment despite external factors such as tightening monetary policies and geopolitical tensions impacting global economic growth[12]. - The company maintains a cautiously optimistic outlook despite geopolitical and inflationary uncertainties, aiming to enhance overall business revenue and profitability[76]. - The company continues to explore strategic partnerships and acquisitions to expand its business model into other regions[76]. Accounting and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards and GEM listing rules, with no significant changes in accounting policies from the previous year[24]. - The company has adopted all applicable International Financial Reporting Standards effective from January 1, 2023, with no significant impact on reported amounts[24]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements and found them compliant with applicable accounting standards[125]. Shareholder Information - As of June 30, 2023, Dr. Chen holds 350,000,000 shares, representing 56.09% of the total issued shares of 624,000,000[116]. - Cher Sen Holdings Limited, wholly owned by Dr. Chen, holds 350,000,000 shares, equating to 56.09% ownership[117]. - Dr. Chen is the beneficial owner of 100% of Cher Sen's shares, which is a direct shareholder of the company[118]. - No other entities, apart from those disclosed, hold any interests in the company's shares as of June 30, 2023[121].

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，並明確表示概不就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 的任何損失承擔任何責任。 Republic Healthcare Limited （於開曼群島註冊成立之有限公司） （股份代號：8357） 截至2023年6月30日止六個月之中期業績公告 Republic Healthcare Limited（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會茲公 佈本集團截至2023年6月30日止六個月之未經審核簡明綜合財務業績。本公告遵照聯交所 GEM證券上市規則（分別為「GEM」及「GEM上市規則」）有關中期業績初步公告隨附資料的 相關規定，載列本公司2023年中期報告（「2023年中期報告」）的全文。2023年中期報告之印 刷本，將於適當時候按照GEM上市規則規定的方式寄發予本公司股東，並將於聯交所網站 www.hkexnews.hk及本公司網站republichealthcare.asia可供查閱。 代表 Republic Healthcare Limited 主 ...

Financial Performance - The group recorded revenue of SGD 2.89 million for the three months ended March 31, 2023, an increase of approximately 27.8% compared to SGD 2.06 million in the same period last year[5]. - Gross profit for the period was SGD 1.8 million, up approximately 33.8% from SGD 1.3 million in the previous year[6]. - The group reported a post-tax net loss of approximately SGD 0.1 million, a significant reduction from a net loss of approximately SGD 0.7 million in the same period last year[6]. - The group’s total comprehensive loss for the period attributable to owners was SGD 104,656, compared to a loss of SGD 659,403 in the previous year[10]. - Revenue for the first quarter of 2023 increased by approximately SGD 0.57 million or 27.8% to about SGD 2.89 million compared to SGD 2.06 million in the same period last year[34]. - Treatment services revenue was SGD 1,568,840, medical examination services revenue was SGD 709,705, and consultation services revenue was SGD 348,069, contributing approximately 54.2%, 24.5%, and 12.0% to total revenue respectively[19]. - Gross profit increased by approximately SGD 0.45 million to about SGD 1.8 million, while gross margin decreased from approximately 64.8% to 62.2% due to lower profit margins from pepper trading[35]. - The net cash generated from operating activities was approximately -SGD 0.01 million for the period, an improvement from -SGD 0.7 million for the previous year[46]. Business Strategy and Operations - The decrease in net loss was primarily due to the sale of two businesses in February 2022, allowing the group to focus on developing other existing business opportunities[6]. - Management is optimistic about continued revenue growth, especially with the resumption of international travel and the lifting of COVID-19 border measures[6]. - The company plans to enhance service quality and expand its online health services to increase brand influence and explore new business opportunities[30]. - The acquisition of three entities for SGD 286,594 is part of the company's strategy to develop healthcare-related education business, expected to be completed by April 30, 2023[32]. - The group operates medical treatment centers and provides management consulting services, alongside pepper trading and education-related businesses[14]. Financial Position and Equity - The group’s total equity attributable to owners as of March 31, 2023, was SGD 14.01 million, reflecting a decrease from the previous year due to accumulated losses[12]. - As of March 31, 2023, the group's cash and cash equivalents were approximately SGD 10.7 million, slightly down from SGD 10.8 million as of December 31, 2022, with no bank borrowings reported[45]. - The capital debt ratio as of March 31, 2023, was 4.93%, a decrease from 5.7% as of December 31, 2022, with lease liabilities amounting to approximately SGD 0.69 million[46]. - The employee count increased to 43 as of March 31, 2023, from 39 as of December 31, 2022, with all employees being full-time[44]. Dividends and Shareholder Information - The board has resolved not to declare any dividends for the period, consistent with the previous year[7]. - As of March 31, 2023, Dr. Chen holds 350,000,000 shares, representing 56.09% of the total issued shares of 624,000,000[64]. - Cher Sen Holdings Limited, wholly owned by Dr. Chen, is the direct shareholder with 350,000,000 shares, accounting for 56.09%[69]. - Dr. Chen is the beneficial owner of 100% of Cher Sen's shares, which indicates a strong control over the company[66]. - No other directors or executives hold any interests in the company's shares or related securities as of March 31, 2023[65]. Compliance and Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the financial statements and confirmed compliance with applicable accounting standards[73]. - The company has established an audit committee to oversee financial reporting and risk management processes[73]. - There are no reported interests or conflicts of interest from directors or controlling shareholders in competing businesses[71]. - The financial disclosures have been deemed sufficient and compliant with GEM listing rules and other legal requirements[73].

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，並明確表示概不就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 的任何損失承擔任何責任。 Republic Healthcare Limited （於開曼群島註冊成立之有限公司） （股份代號：8357） 截至2023年3月31日止三個月之第一季度業績公告 Republic Healthcare Limited（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會茲公 佈本集團截至2023年3月31日止三個月之未經審核簡明綜合財務業績。本公告遵照聯交所 GEM證券上市規則（分別為「GEM」及「GEM上市規則」）有關季度業績初步公告隨附資料的 相關規定，載列本公司2023年第一季度報告（「2023年第一季度報告」）的全文。2023年第一 季度報告之印刷本，將於適當時候按照GEM上市規則規定的方式寄發予本公司股東，並將 於聯交所網站www.hkexnews.hk及本公司網站republichealthcare.asia可供查閱。 代表 Republic Healthcare L ...

Financial Performance - The group recorded revenue of approximately SGD 9.0 million for the fiscal year 2022, a decrease of about 32.4% compared to SGD 13.4 million in fiscal year 2021[9]. - The group incurred a loss of approximately SGD 1.5 million in fiscal year 2022, compared to a loss of SGD 0.9 million in fiscal year 2021, primarily due to the closure of three general practice centers[9]. - The company’s total revenue for the fiscal year 2022 was approximately SGD 9,040,000, a decrease of SGD 4,326,000 or 32.4% compared to the previous fiscal year 2021, which recorded revenue of SGD 13,366,000[16]. - The company recorded a total comprehensive loss of approximately SGD 1,476,000 for the fiscal year 2022, compared to a comprehensive loss of SGD 991,000 in fiscal year 2021[32]. - The group reported a net cash outflow from operating activities of approximately SGD 0.7 million for the fiscal year 2022, compared to a net cash outflow of SGD 0.5 million in 2021[38]. Business Strategy and Operations - The group sold two businesses, S Aesthetics Clinic Pte Ltd and DTAP Express Pte Ltd, to focus resources on developing other existing business opportunities[9]. - The group aims to expand its revenue base by exploring new business opportunities in online services, education, and spice trading[12]. - The group expects an increase in patient numbers at general practice centers as COVID-19 restrictions are further eased[10]. - The integration of clinic operations and disposal of underperforming businesses has yielded positive results, reducing initial losses for fiscal year 2022[9]. - The company plans to explore new business opportunities in online services, education, and spice trading to gradually expand its revenue base[15]. Employee and Operational Costs - Employee benefits expenses decreased by SGD 1,715,432 or 27.7% to SGD 4,476,608 due to the closure of treatment centers and the sale of two subsidiaries[23]. - Other operating expenses decreased by approximately SGD 941,000 or 31.3% to about SGD 2,063,000, primarily due to lower-than-expected marketing expenses[27]. - The number of employees decreased from 49 in fiscal year 2021 to 39 in fiscal year 2022[24]. - Employee costs for the fiscal year 2022 were approximately SGD 4.4 million, down from SGD 6.1 million in 2021[47]. Financial Position and Equity - As of December 31, 2022, the total equity of the group was approximately SGD 14.1 million, down from SGD 15.5 million in the fiscal year 2021[38]. - The group had cash and bank balances of approximately SGD 10.8 million as of December 31, 2022, compared to SGD 13.3 million in the previous fiscal year[38]. - The group's net current assets were approximately SGD 12.5 million as of December 31, 2022, down from SGD 14.0 million in 2021[38]. - The capital debt ratio as of December 31, 2022, was 5.7%, a decrease from 9.9% in the fiscal year 2021[38]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and will continuously review and enhance its governance practices[136]. - The board of directors consists of four members, with independent non-executive directors accounting for over 50%[157]. - The company has established three board committees: audit, nomination, and remuneration, to monitor specific aspects of the company's affairs[173]. - The company has adopted corporate governance practices in accordance with the GEM Listing Rules[152]. - The board is responsible for reviewing and approving management's performance-based remuneration proposals, ensuring alignment with the company's objectives[188]. Risk Management and Internal Control - The company has implemented policies and procedures for risk management and internal control[200]. - The board of directors is primarily responsible for overseeing the risk management and internal control systems[200]. - The internal control system is designed to meet the specific business needs and minimize risks faced by the company[200]. - Management identifies risks related to daily operations for board review[200]. - The risk management and internal control system aims to manage, not eliminate, risks that could hinder business objectives[200]. Future Plans and Investments - The company plans to establish a new online business branch for Dtap, with an allocation of SGD 600,000, of which SGD 35,500 has been utilized[59]. - The company has earmarked SGD 500,000 for acquiring equity in a potential enterprise, with no funds utilized yet[59]. - The company has revised its allocation strategy, deciding not to expand treatment centers at this time, and reallocating funds for operational efficiency[63]. - The online healthcare platform is expected to launch around May 2023[62]. Shareholder Information - The total number of issued ordinary shares remained at 624,000,000 as of December 31, 2022, consistent with the previous year[36]. - The company has not granted or agreed to grant any options under the share option plan since its adoption, and there were no options that expired, were exercised, or canceled during the year[128]. - The company confirmed that it maintained a sufficient public float of at least 25% of its issued shares as of the report date[138]. - As of December 31, 2022, Dr. Chen held 350 million shares, representing 56.09% of the issued shares of the company[131]. Compliance and Legal Matters - The company has complied with all relevant laws and regulations affecting its business operations during the year[141]. - The independent auditor, Baker Tilly TFW LLP, has acknowledged its responsibility for the financial statements for the year ended December 31, 2022[198]. - The company has received written confirmations from controlled persons regarding compliance with non-competition agreements for the year[123]. - The company has purchased insurance for liabilities and costs related to potential legal proceedings against directors[111].

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，並明確表示概不就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 的任何損失承擔任何責任。 Republic Healthcare Limited （於開曼群島註冊成立之有限公司） （股份代號：8357） 截至2022年12月31日止年度之年度業績公告 Republic Healthcare Limited（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會茲公 佈本集團截至2022年12月31日止年度的經審核綜合財務業績。本公告遵照聯交所GEM證券 上市規則（分別為「GEM」及「GEM上市規則」）有關年度業績初步公告隨附資料的相關規 定，載列本公司2022年度報告（「2022年度報告」）的全文。2022年度報告之印刷本將於適當 時候按照GEM上市規則規定的方式寄發予本公司股東，並將於聯交所網站www.hkexnews.hk及 本公司網站republichealthcare.asia可供查閱。 承董事會命 Republic Healthcare Limited 主席兼執行 ...

Financial Performance - The group recorded revenue of approximately SGD 6.5 million for the nine months ended September 30, 2022, a decrease of about 37.8% compared to SGD 10.4 million in the same period last year[6]. - Gross profit for the period was approximately SGD 4.2 million, down about 38.6% from SGD 6.9 million in the previous year[7]. - The group reported a net loss of approximately SGD 1.2 million after tax, compared to a net loss of SGD 0.9 million in the same period last year[7]. - In Q3 2022, the group achieved revenue of SGD 2.3 million, lower than SGD 3 million in the same quarter last year, but recorded a slight profit of SGD 0.03 million after tax, compared to a net loss of SGD 0.37 million in Q3 2021[8]. - The decline in revenue was primarily due to the closure of four general medical clinics, which significantly reduced service-related income[7]. - For the nine months ended September 30, 2022, the group's revenue decreased by approximately SGD 3.9 million or 37.8% to about SGD 6.5 million compared to the same period in 2021[21]. - The company reported a loss attributable to equity holders of SGD 1,177,749 for the nine months ended September 30, 2022, compared to a loss of SGD 882,090 for the same period in 2021[25]. - Basic loss per share for the nine months ended September 30, 2022, was SGD (0.19), compared to SGD (0.17) for the same period in 2021[25]. - The group recorded a loss of approximately SGD 1.2 million for the period, an increase of SGD 0.3 million compared to the same period last year[38]. Equity and Cash Position - The company had total equity of SGD 15,593,032 as of January 1, 2022, which decreased to SGD 14,414,630 by September 30, 2022[14]. - As of September 30, 2022, the group's cash and cash equivalents were approximately SGD 8.4 million, down from SGD 13.3 million as of December 31, 2021[41]. - The capital-to-debt ratio as of September 30, 2022, was approximately 6.1%, down from 9.9% as of December 31, 2021[42]. Operational Changes and Strategies - The group is focusing on restructuring its clinic operations and controlling costs, which have shown positive results despite the revenue decline[8]. - The flagship clinic in Robertson was temporarily closed for renovations aimed at improving patient experience and brand perception[8]. - The group plans to expand its revenue base by entering new businesses related to online healthcare education and pepper trading[30]. - The company continues to provide a one-stop solution for patients, including diagnostic and treatment services tailored to individual needs[28]. - The group operates medical treatment centers and provides management consulting services, with a focus on healthcare in Singapore[16]. Dividends and Shareholder Information - The board has resolved not to declare any dividends for the period, consistent with the previous year[9]. - As of September 30, 2022, Dr. Chen holds 350,000,000 shares, representing 56.09% of the company's issued share capital of 624,000,000 shares[60]. - Cher Sen Holdings Limited, wholly owned by Dr. Chen, is the direct shareholder holding 350,000,000 shares, also representing 56.09%[64]. - No stock options were exercised or canceled during the reporting period, and there are no other interests in competing businesses by directors or controlling shareholders[65]. Audit and Compliance - The Audit Committee was established on May 18, 2018, and consists of two independent non-executive directors[67]. - The main responsibilities of the Audit Committee include recommending the appointment and removal of external auditors and overseeing the financial reporting process[67]. - The Audit Committee has reviewed the unaudited condensed consolidated financial statements and believes they comply with applicable accounting standards and legal requirements[67]. - The current chairman of the Audit Committee is Mr. Yang Dequan, appointed on August 1, 2021[67]. - The report was issued on November 3, 2022, by the Chairman and Executive Director, Dr. Chen Zhixian[67].

[Announcement Overview](index=1&type=section&id=Announcement%20Overview) This section provides an overview of the supplementary announcement by Republic Healthcare Limited [Purpose and Background of the Announcement](index=1&type=section&id=Purpose%20and%20Background%20of%20the%20Announcement) This supplementary announcement from Republic Healthcare Limited details the segmented use of proceeds from its share offer and placement, supplementing the aggregated disclosure in the 2022 interim report - This announcement supplements Republic Healthcare Limited's interim results announcement and interim report dated August 5, 2022[3](index=3&type=chunk) - The announcement aims to provide a segmented report on the use of proceeds from the share offer and placement, previously reported in aggregate in the interim report[3](index=3&type=chunk) [Use of Proceeds from Share Offer and Placement](index=1&type=section&id=Use%20of%20Proceeds%20from%20Share%20Offer%20and%20Placement) This section details the allocation and utilization of proceeds from both the share offer and placement [Details of Use of Proceeds from Share Offer](index=1&type=section&id=Details%20of%20Use%20of%20Proceeds%20from%20Share%20Offer) As of June 30, 2022, the company utilized S$6,627 thousand from the share offer proceeds, primarily for talent acquisition and DTAP clinic network expansion, with S$2,473 thousand remaining for H2 FY2023 - The total original and revised allocation of share offer proceeds was **S$9,100 thousand**[3](index=3&type=chunk) - As of June 30, 2022, **S$6,627 thousand** was utilized, with a balance of **S$2,473 thousand** remaining[3](index=3&type=chunk) Details of Use of Proceeds from Share Offer (As of June 30, 2022) | Purpose | Original Allocation (S$ '000) | Revised Allocation (S$ '000) | Actual Utilization as of June 30, 2022 (S$ '000) | Balance as of June 30, 2022 (S$ '000) | Expected Timeline for Utilizing Unused Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Strategically expanding and strengthening the DTAP clinic network | 2,600 | 2,031 | 1,731 | 300 | H2 FY2023 | | Opening new SA clinics | 1,400 | 1,220 | 1,220 | — | N/A | | Continuous recruitment and retention of medical and staff talent | 4,300 | 4,376 | 3,176 | 1,200 | H2 FY2023 | | Enhancing and improving IT infrastructure and systems | 600 | 400 | 400 | — | N/A | | Establishing a central pharmacy | 100 | — | — | — | N/A | | General working capital | 100 | 100 | 100 | — | N/A | | Pepper trading business | — | 250 | — | 250 | H2 FY2022 | | Healthcare-related education business | — | 480 | — | 480 | H2 FY2022 | | Existing clinic operations | — | 243 | — | 243 | H2 FY2022 | | **Total (A)** | **9,100** | **9,100** | **6,627** | **2,473** | | [Details of Use of Proceeds from Placement](index=2&type=section&id=Details%20of%20Use%20of%20Proceeds%20from%20Placement) As of June 30, 2022, the S$3,600 thousand proceeds from the placement remain unutilized, earmarked for new online DTAP business, potential acquisitions, and allied health services, with utilization expected from H2 2023 to H1 2024 - The total placement proceeds amounted to **S$3,600 thousand**, with **no actual utilization** and a balance of **S$3,600 thousand** as of June 30, 2022[5](index=5&type=chunk) Details of Use of Proceeds from Placement (As of June 30, 2022) | Purpose | Original Allocation (S$ '000) | Revised Allocation (S$ '000) | Actual Utilization as of June 30, 2022 (S$ '000) | Balance as of June 30, 2022 (S$ '000) | Expected Timeline for Utilizing Unused Balance | | :--- | :--- | :--- | :--- | :--- | :--- | | Establishing a new online business branch for DTAP | 600 | 600 | — | 600 | H2 2023 | | Acquiring a potential corporate interest | 500 | 500 | — | 500 | H2 2023 | | Allied health and/or provision of ancillary healthcare products and services | 1,000 | 1,000 | — | 1,000 | H1 2024 | | General working capital | 1,500 | 1,500 | — | 1,500 | N/A | | **Total (B)** | **3,600** | **3,600** | **—** | **3,600** | | [Total and Unutilized Balance](index=2&type=section&id=Total%20and%20Unutilized%20Balance) The combined proceeds from the share offer and placement total S$12,700 thousand, with S$6,627 thousand utilized and S$6,073 thousand remaining unutilized as of June 30, 2022 Total Proceeds from Share Offer and Placement (As of June 30, 2022) | Metric | Amount (S$ '000) | | :--- | :--- | | Total ((A) + (B)) | 12,700 | | Actual Utilization as of June 30, 2022 | 6,627 | | Balance as of June 30, 2022 | 6,073 | [Other Information](index=2&type=section&id=Other%20Information) This section covers the board's confirmation of the interim report's unchanged information and the publication details of this announcement [Board Confirmation and Publication](index=2&type=section&id=Board%20Confirmation%20and%20Publication) The Board confirms all other information in the 2022 interim report remains unchanged and assumes full responsibility for the accuracy and completeness of this announcement, which will be published on the GEM and company websites - The Board confirms that all other information in the 2022 interim report remains unchanged[5](index=5&type=chunk) - The Board members collectively and individually assume full responsibility for the accuracy, completeness, and absence of misleading or fraudulent content in this announcement[6](index=6&type=chunk) - This announcement will be published on the GEM website (www.hkgem.com) and the company website (republichealthcare.asia) for at least seven days[6](index=6&type=chunk)

REPUBLIC HEALTHCARE LIMITED INTERIM REPORT 2022 2022 中期報告 REP U BLIC HEALTHCA RE LIMITED INTREIM REPORT 2022 （於開曼群島註冊成立的有限公司） 股份代號：8357 Stock Code: 8357 REPUBLIC HEALTHCARE LIMITED (Incorporated in the Cayman Islands with limited liability) 中期報告 香港聯合交易所有限公司GEM（分別稱為「聯交所」及「GEM」）的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司 帶有較高投資風險。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後 方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會承受較於聯交所主板買賣的證 券為高的市場波動風險，同時亦無法保證在GEM買賣的證券將會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概 ...

[Q1 2022 Financial Highlights](index=4&type=section&id=2022%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) [Financial Summary](index=4&type=section&id=2022%E5%B9%B4%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) The Group's Q1 2022 saw a significant financial decline, with revenue down 47.9% and gross profit down 49.5% year-on-year, leading to a net loss of approximately S$0.7 million due to clinic closures, competition, and business divestitures Key Financial Indicators for Q1 2022 | Indicator | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 2.06 S$ million | 3.95 S$ million | -47.9% | | Gross Profit | 1.3 S$ million | 2.6 S$ million | -49.5% | | Net (Loss)/Profit After Tax | (0.7) S$ million | 228 S$ | Turned from Profit to Loss | | Dividends | Nil | Nil | No Change | - Key reasons for the decline in net profit include the closure of four general medical clinics due to doctor shortages, intense price competition from online platforms and offline clinics, and revenue loss from the divestiture of S Aesthetic Clinic Pte Ltd and DTAP Express Pte Ltd[7](index=7&type=chunk) - Management is optimistic about future revenue growth, primarily due to the Singapore government's relaxation of COVID-19 social management measures[7](index=7&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For Q1 2022, the company reported a total comprehensive loss of approximately **S$0.659 million**, a reversal from the prior year's profit of S$228, driven by losses from both continuing and discontinued operations Consolidated Statement of Profit or Loss Summary | Item | Three Months Ended March 31, 2022 (S$) | Three Months Ended March 31, 2021 (S$) | | :--- | :--- | :--- | | Revenue | 2,055,932 | 3,949,082 | | Period (Loss)/Profit from Continuing Operations | (529,479) | 228 | | Period Loss from Discontinued Operations | (129,924) | — | | **Period (Loss)/Profit Attributable to Owners of the Company** | **(659,403)** | **228** | | Basic and Diluted (Loss)/Earnings Per Share | (0.00) | 0.00 | [Consolidated Statement of Changes in Equity](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of March 31, 2022, total equity attributable to owners decreased from approximately **S$15.593 million** at the beginning of the year to **S$14.934 million**, primarily due to a comprehensive loss of approximately **S$0.659 million** recorded during the period Summary of Changes in Equity | Item | Amount (S$) | | :--- | :--- | | Balance as at January 1, 2022 (Audited) | 15,593,032 | | Loss for the Financial Period | (659,403) | | **Balance as at March 31, 2022 (Unaudited)** | **14,933,629** | [Notes to the Financial Statements](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements%20Notes) The notes provide detailed information on financial statement preparation, accounting policies, and key items, including revenue segmentation by service type, with treatment services as the primary source experiencing a significant year-on-year decline, and the February 2022 divestiture of two subsidiaries as discontinued operations [Revenue Analysis](index=9&type=section&id=3%20Revenue) The Group's revenue is entirely from medical services, with treatment services as the primary source (over 60%), but all service categories saw significant declines in Q1 2022, with treatment service revenue falling over 50% year-on-year Revenue Composition | Medical Service Type | Q1 2022 (S$) | Q1 2021 (S$) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Treatment Services | 1,302,561 | 2,823,280 | -53.9% | | Medical Examination Services | 534,858 | 811,025 | -34.0% | | Consultation Services | 218,513 | 314,777 | -30.6% | | **Total** | **2,055,932** | **3,949,082** | **-47.9%** | [Discontinued Operations](index=10&type=section&id=5%20Discontinued%20Operations%20and%20Disposal%20of%20Subsidiaries) In February 2022, the company divested its entire equity interest in two wholly-owned subsidiaries, S Aesthetics Clinic Pte Ltd and DTAP Express Pte Ltd, for a total cash consideration of **S$63,000**, with these entities primarily engaged in clinic services - On February 11, 2022, the company entered into an agreement to dispose of 100% equity interest in S Aesthetics Clinic Pte Ltd (SAC) and DTAP Express Pte Ltd (DTAP Express)[24](index=24&type=chunk) - The total cash consideration for the disposal was **S$63,000**[24](index=24&type=chunk) [(Loss) Per Share](index=11&type=section&id=6%20Earnings%2F%28Loss%29%20Per%20Share) Due to the net loss recorded during the period, both basic and diluted loss per share were **S$0.00 cents**, with the weighted average number of ordinary shares used in the calculation increasing from 520 million to approximately 576 million shares year-on-year (Loss) Per Share Calculation | Item | Three Months Ended March 31, 2022 | Three Months Ended March 31, 2021 | | :--- | :--- | :--- | | (Loss)/Profit Attributable to Owners of the Company (S$) | (659,403) | 228 | | Weighted Average Number of Ordinary Shares | 576,416,439 | 520,000,000 | | (Loss)/Earnings Per Share (Singapore cents per share) | (0.00) | 0.00 | [Management Discussion and Analysis](index=12&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=12&type=section&id=Business%20Review) The Group, operating as 'Dr. Tan & Partners' (DTAP), is a leading general medical network in Singapore; Q1 2022 saw a **47.9%** year-on-year revenue decline to **S$2.06 million**, alongside the divestiture of S Aesthetics Clinic (SAC) and DTAP Express, expected to result in a **S$44,000** loss - The Group operates under the 'Dr. Tan & Partners' or 'DTAP' brand in Singapore, offering care services for various conditions including sexual health, men's health, and women's health[31](index=31&type=chunk) - The divestiture of subsidiaries SAC and DTAP Express was completed on February 28, 2022, with an anticipated loss of **S$44,000**[31](index=31&type=chunk)[32](index=32&type=chunk) Q1 2022 Revenue Overview | Item | Amount (S$ million) | Year-on-Year Change | | :--- | :--- | :--- | | Total Revenue | 2.06 | -47.9% | [Outlook and Prospects](index=13&type=section&id=Outlook%20and%20Prospects) Management is optimistic about future prospects, anticipating robust revenue growth after divesting unprofitable businesses and easing COVID-19 restrictions, with plans to invest in human capital, brand building, and technology, despite operating only six DTAP clinics after closing four due to doctor shortages - Future strategic priorities include investing in human capital to enhance service quality and attract talent, building DTAP brand awareness to expand into new business areas, and investing in technology to adapt to online platform developments[34](index=34&type=chunk) - Due to doctor shortages, the company did not renew leases for four clinics located in Orchard, Raffles Place, Siglap, and Somerset, and currently operates **six** DTAP clinics[34](index=34&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) This section details the reasons for changes in financial indicators, including a **47.9%** revenue decline due to the pandemic and online competition, a slight decrease in gross profit margin from **66.7%** to **64.8%** due to increased drug costs, and reduced employee benefits expenses from staff attrition, ultimately leading to a net loss of approximately **S$0.659 million** - Revenue decreased from **S$3.95 million** to **S$2.06 million**, primarily due to the ongoing COVID-19 pandemic and increased competition from online consultation platforms[35](index=35&type=chunk) - Gross profit decreased from **S$2.6 million** to **S$1.3 million**, with the gross profit margin declining from **66.7%** to **64.8%**, mainly due to increased costs for drugs and examination services[37](index=37&type=chunk) - The period's loss of approximately **S$659,403** (compared to a profit of S$228 in the prior year) was primarily attributable to revenue decline from four clinic closures, intense market competition, and revenue loss from the divestiture of two businesses[43](index=43&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=16&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20and%20Capital%20Structure) The Group maintains a sound financial position, operating primarily on internal cash flow with no bank borrowings; as of March 31, 2022, cash and cash equivalents were approximately **S$13.1 million**, and the gearing ratio slightly increased from **9.9%** to **10.8%**, with the capital structure entirely composed of shareholders' equity Liquidity and Capital Structure Indicators | Indicator | March 31, 2022 | December 31, 2021 | | :--- | :--- | :--- | | Cash and Cash Equivalents | 13.1 S$ million | 13.3 S$ million | | Bank Borrowings | Nil | Nil | | Gearing Ratio | 10.8% | 9.9% | - The Group's capital structure, comprising only share capital, retained earnings, share premium, and other reserves, remained unchanged[49](index=49&type=chunk) [Significant Investments, Acquisitions, and Disposals](index=17&type=section&id=Significant%20Investments%20or%20Significant%20Acquisitions%20and%20Disposals) During the reporting period, the Group completed a significant disposal, selling its entire equity interest in S Aesthetics Clinic Pte Ltd and DTAP Express Pte Ltd for a total consideration of approximately **S$63,000**, aiming to divest underperforming businesses and reallocate resources to other existing operations, which constituted a discloseable transaction for the company - The disposal of S Aesthetics Clinic Pte Ltd and DTAP Express Pte Ltd was completed on February 28, 2022, for a total consideration of approximately **S$63,000**[52](index=52&type=chunk) - The rationale for the disposal was to relieve the Group from subsidizing the underperformance of these two businesses and to reallocate resources for the development of other existing operations[55](index=55&type=chunk) Net Assets of Divested Subsidiaries as at Disposal Date | Company | Net Assets (S$) | | :--- | :--- | | S Aesthetics Clinic Pte Ltd | 101,096 | | DTAP Express Pte Ltd | 5,642 | [Risk Management](index=18&type=section&id=Risk%20Management) The Group employs a prudent treasury policy to manage cash and maintain healthy liquidity, with primary operations in Singapore transacting in Singapore Dollars, but faces foreign exchange risk due to some share offer proceeds being denominated in Hong Kong Dollars - Management adheres to a prudent policy for managing cash balances to maintain robust liquidity[57](index=57&type=chunk) - The Group primarily transacts in Singapore Dollars but is exposed to foreign exchange risk due to holding proceeds denominated in Hong Kong Dollars[58](index=58&type=chunk) [Subsequent Events](index=19&type=section&id=Significant%20Events%20After%20the%20Period) On March 7, 2022, the company's wholly-owned subsidiary entered into a Memorandum of Understanding with Orchard Surgery Centre Private Limited to potentially acquire at least **51%** of its equity, though this possible acquisition is subject to further negotiation and may not proceed - On March 7, 2022, the company signed a Memorandum of Understanding to potentially acquire at least **51%** of Orchard Surgery Centre Private Limited's equity[61](index=61&type=chunk) - This potential acquisition is not yet finalized and remains subject to uncertainty[61](index=61&type=chunk) [Corporate Governance and Other Information](index=22&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Directors' and Major Shareholders' Interests](index=23&type=section&id=Directors%20and%20Chief%20Executive's%20Interests%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of March 31, 2022, Dr. Tan Cher Sen, Chairman and Executive Director, held **350 million** shares, representing **56.09%** of issued shares, through his wholly-owned Cher Sen Holdings Limited, making him the controlling shareholder Directors' and Major Shareholders' Shareholdings | Shareholder Name | Capacity | Number of Shares Held (Long Position) | Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Dr. Tan Cher Sen | Interest of Controlled Corporation | 350,000,000 | 56.09% | | Cher Sen Holdings Limited | Beneficial Owner | 350,000,000 | 56.09% | [Other Disclosures](index=22&type=section&id=Other%20Disclosures) The company complied with the Corporate Governance Code and adopted a code of conduct for directors' securities transactions during the reporting period, with no share options granted under its scheme, no competing business interests from directors or controlling shareholders, no share repurchases, and the Audit Committee reviewed the quarterly financial report - The company has adopted and complied with the Corporate Governance Code and the required standards for directors' securities transactions under the GEM Listing Rules[69](index=69&type=chunk)[70](index=70&type=chunk) - No share options have been granted by the company since the adoption of the share option scheme[71](index=71&type=chunk) - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[81](index=81&type=chunk) - The Audit Committee has reviewed these unaudited quarterly financial statements and report[82](index=82&type=chunk)