Revenue Performance - For the three months ended September 30, 2021, the company reported revenue of SGD 19,556,000, a significant increase from SGD 4,764,000 in the same period of 2020, representing a growth of approximately 310%[12] - The total revenue for the nine months ended September 30, 2021, was SGD 34,355,000, compared to SGD 10,890,000 for the same period in 2020, indicating an increase of about 215%[12] - Revenue for automotive after-sales services reached SGD 3,073,000 for Q3 2021, up from SGD 2,930,000 in Q3 2020, representing a growth of 4.9%[29] - The company’s total revenue for automotive supply and other sources reached SGD 15,778,000 in Q3 2021, a significant increase from SGD 1,162,000 in Q3 2020[29] - Automotive supply revenue increased by approximately SGD 22.0 million for the nine months ended September 30, 2021, compared to the same period in 2020, primarily due to the supply of automotive parts and equipment to customers in mainland China[45] - The group's revenue for the period was approximately SGD 34.4 million, an increase of about SGD 23.5 million from approximately SGD 10.9 million in the previous year, driven by sales of automotive parts and after-sales services[51] Expenses and Losses - Marketing and advertising expenses for the three months ended September 30, 2021, were SGD (16,885,000), up from SGD (2,201,000) in the prior year, reflecting an increase of approximately 667%[12] - The company incurred a loss of SGD (326,000) for the three months ended September 30, 2021, compared to a profit of SGD 343,000 in the same period of 2020[12] - For the nine months ended September 30, 2021, the loss was SGD (185,000), a decrease from a loss of SGD (780,000) in the same period of 2020[12] - The total comprehensive loss for the period was SGD (356,000) for the three months ended September 30, 2021, compared to a profit of SGD 343,000 for the same period in 2020[14] - The loss attributable to owners of the company was SGD (322,000) for the three months ended September 30, 2021, compared to a profit of SGD 343,000 for the same period in 2020[14] - Basic and diluted loss per share was SGD (0.03) for the three months ended September 30, 2021, compared to earnings of SGD 0.04 for the same period in 2020[14] - Other expenses increased by approximately SGD 0.4 million, mainly due to a foreign exchange loss of SGD 13,000 in 2021 compared to a gain of SGD 0.2 million in 2020[58] - The group recorded a total loss of approximately SGD 0.1 million in 2021, a decrease from a total loss of approximately SGD 0.8 million in 2020, attributed to reduced impairments and increased revenue[61] Financial Position - The company reported a total equity of SGD 10,648,000 as of September 30, 2021, down from SGD 11,722,000 as of December 31, 2020[17] - The company’s accumulated losses increased to SGD (421,000) as of September 30, 2021, compared to SGD (284,000) as of December 31, 2020[17] - Financing costs for the nine months ended September 30, 2021, amounted to SGD 287,000, compared to SGD 224,000 for the same period in 2020, an increase of 28.1%[32] - The group recorded tax expenses of approximately SGD 0.2 million in 2021, compared to a tax credit of approximately SGD 4,000 in 2020[60] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new product development to drive future growth[12] - The management remains optimistic about future performance, despite the current losses, and is focused on strategic initiatives to enhance profitability[12] - The group established a wholly-owned subsidiary in Changsha, Hunan, to expand parallel import vehicle trade and related services in mainland China[45] - The group plans to adopt a cautious approach to expansion while focusing on enhancing its position in Singapore's automotive after-sales service and rental businesses[46] - The acquisition of a 53% stake in Hunan Maliang Digital Technology Co., Ltd. for RMB 5,077,840 aims to diversify the group's business into educational data collection and management services in China[46] - The group aims to seek new opportunities in e-commerce to adapt to the shift in demand from physical stores[48] Corporate Governance and Compliance - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which were held by the same person until August 15, 2021[86] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the nine months ending September 30, 2021[89] - The company has appointed a compliance advisor effective August 15, 2021, with no interests reported by the advisor as of September 30, 2021[87] - The company expressed gratitude to shareholders, business partners, and employees for their support and contributions during the reporting period[93] Shareholder Information - Major shareholders include Red Link, holding approximately 44.56% of the shares, with significant interests held by Mr. Hong and Ms. Lin[70][76] - As of September 30, 2021, the total number of issued shares was 850,000,000[1] - The board did not recommend any dividends for the nine months ended September 30, 2021, consistent with the previous year[62] - The company did not declare any dividends for the nine months ended September 30, 2021, consistent with the previous year[37] - The company did not purchase, sell, or redeem any of its listed securities during the nine months ending September 30, 2021[80] - There have been no stock options granted since the adoption of the stock option plan on September 18, 2019, and no unexercised options as of September 30, 2021[82] Market and Operational Insights - The company’s revenue generation activities primarily focus on automotive repair and maintenance services in Singapore[19] - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and presented in Singapore dollars[20] - The company is listed on the GEM of the Hong Kong Stock Exchange since October 11, 2019[19] - The group continues to monitor the political situation in Myanmar and its impact on the operations of its joint venture, OWMS, which is 35% owned[46] - Trade receivables impairment decreased by approximately SGD 0.8 million in 2021 compared to 2020, primarily due to the economic impact of COVID-19 on customers[56] - No additional impairment of right-of-use assets was recorded in 2021, following an impairment of approximately SGD 0.2 million in 2020 due to COVID-19's impact on the Singapore economy[57]

Financial Performance - For the six months ended June 30, 2021, the company reported revenue of SGD 14,799,000, a significant increase of 142.5% compared to SGD 6,126,000 for the same period in 2020[17]. - The company achieved a profit of SGD 316,000 for the six months ended June 30, 2021, compared to a loss of SGD 1,135,000 in the same period of 2020, indicating a turnaround in performance[17]. - The total comprehensive income for the six months ended June 30, 2021, was S$19,000, compared to a loss of S$1,123,000 for the same period in 2020[19]. - The company's basic and diluted earnings per share for the six months ended June 30, 2021, was S$0.02, compared to a loss of S$0.13 in the same period of 2020[19]. - The company reported a total profit and comprehensive income of approximately SGD 141,000 in 2021, a significant recovery from a loss of approximately SGD 1.1 million in 2020[134]. Revenue Breakdown - Automotive after-sales service revenue for the six months ended June 30, 2021, was SGD 5,988,000, compared to SGD 5,119,000 in the same period of 2020, reflecting a growth of 17%[43]. - Automotive supply revenue for the six months ended June 30, 2021, reached SGD 7,566,000, significantly up from SGD 227,000 in the same period of 2020, indicating a growth of 3,228%[43]. - Warranty income for the six months ended June 30, 2021, was SGD 242,000, an increase from SGD 209,000 in the same period of 2020, showing a growth of 15.8%[43]. - Car rental income for the six months ended June 30, 2021, was SGD 1,245,000, up from SGD 780,000 in the same period of 2020, representing a growth of 59.6%[43]. Cost and Expenses - The cost of materials used increased to SGD 9,493,000 for the six months ended June 30, 2021, up from SGD 1,917,000 in the same period of 2020, reflecting higher production costs[17]. - Employee benefits expenses rose to SGD 2,414,000 for the six months ended June 30, 2021, compared to SGD 2,099,000 in the same period of 2020, indicating increased workforce costs[17]. - Marketing and advertising expenses increased to SGD 245,000 for the six months ended June 30, 2021, compared to SGD 32,000 in the same period of 2020, suggesting a focus on enhancing brand visibility[17]. - The company incurred finance costs of SGD 167,000 for the six months ended June 30, 2021, compared to SGD 146,000 in the same period of 2020, reflecting increased borrowing costs[17]. Assets and Liabilities - Current assets increased to S$12,552,000 as of June 30, 2021, compared to S$8,514,000 as of December 31, 2020[21]. - The total liabilities decreased from S$11,636,000 as of December 31, 2020, to S$10,285,000 as of June 30, 2021[22]. - The total equity increased to S$11,966,000 as of June 30, 2021, from S$10,928,000 as of December 31, 2020[22]. - The company's non-current assets totaled S$13,699,000 as of June 30, 2021, down from S$14,050,000 as of December 31, 2020[21]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2021, was S$2,181,000, an increase from S$648,000 in the previous year[27]. - The cash and cash equivalents at the end of the period increased to S$3,573,000 from S$3,331,000 at the beginning of the period[27]. - The company reported a net cash used in investing activities of S$2,206,000 for the six months ended June 30, 2021, compared to S$2,059,000 in the previous year[27]. Strategic Initiatives - The company is focusing on market expansion and new product development to drive future growth, although specific figures were not disclosed in the report[17]. - The company anticipates continued growth in revenue and profitability for the remainder of the fiscal year, supported by strategic initiatives and market demand[17]. - The company plans to cautiously expand its automotive after-sales service business in Singapore and increase market share in mainland China[117]. - The company established a wholly-owned subsidiary in Changsha, Hunan, to enhance its parallel import vehicle trade and related services in Central and Southern China[113]. Joint Ventures and Acquisitions - The investment in a joint venture in Thailand, Absolute By Optima Werkz, represents a 40% ownership stake, aimed at expanding overseas operations and diversifying country risk[75]. - The company acquired a 53% stake in Hunan Maliang Digital Technology Co., Ltd. for RMB 5,077,840, which will be consolidated into the company's financial statements[108]. - Hunan Maliang contributed revenue of SGD 5,000 and a loss of SGD 49,000 from May 8 to June 30, 2021[111]. Market Conditions and Risks - The company relies heavily on the Singapore market, which is subject to government policies and economic conditions that may impact sales performance[142]. - The group faced risks in expanding its customer base and executing its business plans due to market conditions and competition[168]. - The company will continue to monitor the political situation in Myanmar and its impact on the operations of its joint venture OWMS, in which it holds a 35% stake[117]. Corporate Governance - The company has maintained compliance with the corporate governance code as per GEM Listing Rules, except for the separation of the roles of Chairman and CEO[195]. - The audit committee has been established and consists of three independent non-executive directors, with Mr. Zhu as the chairman[198]. - The interim results for the six months ended June 30, 2021, have not been audited, but the audit committee has reviewed the unaudited consolidated financial statements[198].

Financial Performance - For the first quarter ended March 31, 2021, the company reported revenue of SGD 6,389,000, a 91.5% increase from SGD 3,341,000 in the same period of 2020[11] - Other income and gains for the same period were SGD 169,000, up from SGD 73,000 year-over-year[11] - The company reported a net profit of SGD 116,000 for the quarter, compared to a net loss of SGD (685,000) in the previous year[11] - Total comprehensive income for the period was SGD 86,000, recovering from a total comprehensive loss of SGD (685,000) in the prior year[13] - Service revenue for the three months ended March 31, 2021, was SGD 2,849,000, an increase from SGD 2,726,000 in 2020, representing a growth of 4.5%[28] - Automotive supply revenue surged to SGD 2,785,000 for the three months ended March 31, 2021, compared to SGD 105,000 in the same period of 2020, marking a significant increase[28] - The group recorded a profit and total comprehensive income of approximately SGD 116,000 for the period, compared to a loss of about SGD 0.7 million in the same period of 2020[63] Cost Management - The cost of materials used increased to SGD (3,704,000) from SGD (1,094,000), reflecting a significant rise in production costs[11] - Employee benefits expenses slightly decreased to SGD (1,173,000) from SGD (1,183,000), showing cost management efforts[11] - Financing costs rose to SGD 85,000 in Q1 2021 from SGD 74,000 in Q1 2020, an increase of 14.9%[31] - The cost of materials used increased by approximately SGD 2.6 million during the period, attributed to costs associated with supplying automotive parts and equipment in mainland China[55] Strategic Initiatives - The company is focusing on expanding its market presence and enhancing product offerings to drive future growth[11] - The company is focused on expanding its automotive repair and maintenance services in Singapore, which is its primary business[18] - The company is evaluating potential mergers and acquisitions to enhance its market position and service offerings[18] - The company aims to leverage its joint ventures and partnerships to expand its market reach and operational capabilities[26] - The group plans to adopt a cautious approach to expansion while focusing on strengthening its position in the automotive after-sales service sector in Singapore and increasing market share in mainland China[49] Equity and Financial Position - As of March 31, 2021, the total equity attributable to owners was SGD 2,645 million, a decrease from SGD 2,645 million as of December 31, 2020[15] - The accumulated losses as of March 31, 2021, were SGD 177 million, compared to SGD 293 million as of December 31, 2020, indicating a reduction in losses[15] - The company’s total equity increased to SGD 11,014 million as of March 31, 2021, from SGD 10,928 million as of December 31, 2020[15] Shareholder Information - The total number of shares issued as of the report date is 850 million, with major shareholders holding significant stakes[73][79] - Mr. Hong Liqiang and Ms. Lin Liling each hold 44.56% of the shares through Red Link International Limited[71][79] - The company has adopted a stock option plan since September 18, 2019, but no stock options have been granted or exercised as of March 31, 2021[83] Compliance and Governance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[19] - The company has established an audit committee to review financial information and monitor financial reporting systems, with three independent non-executive directors[90] - There were no interests or potential conflicts of interest reported by directors or major shareholders in any competing businesses as of March 31, 2021[80] Dividends - The company did not declare any dividends for the three months ended March 31, 2021, consistent with the previous year[38] - The board does not recommend any dividend payment for the three months ended March 31, 2021, consistent with the previous year[91] - The group has not proposed any interim dividend for the three months ended March 31, 2021, consistent with the previous year[64] Acquisitions - The company has agreed to acquire a 53% stake in Hunan Maliang Digital Technology Co., Ltd. for RMB 5,077,840, which will become an indirect subsidiary upon completion[43] - The group has entered into an agreement to acquire a 53% stake in Hunan Maliang Digital Technology Co., Ltd. for a total consideration of RMB 5,077,840, which will enhance its position in the Chinese market[52]

Company Overview - The company was successfully listed on the GEM of the Hong Kong Stock Exchange on October 11, 2019, through a public offering and placement[26]. - The group primarily engages in automotive after-sales services, focusing on inspection, maintenance, and repair services, as well as car rental services and supplying automotive parts and equipment[26]. Business Expansion and Strategy - The company aims to expand its market presence in the automotive sector, particularly in China, through strategic partnerships and service offerings[26]. - In July 2020, the company's wholly-owned subsidiary, Shenzhen Aodi Taoche Automotive Trading Co., Ltd., commenced its automotive and parts trading business in China[26]. - The group established a wholly-owned subsidiary in Changsha, Hunan, to expand parallel import vehicle trade and related services in central and southern China[39]. - A strategic cooperation agreement was signed with Jin Tao Automobile Technology Co., Ltd. to develop automotive e-commerce in mainland China[33]. Financial Performance - The group's revenue for the fiscal year ending December 31, 2020, was SGD 22.3 million, an increase of approximately SGD 5.7 million from SGD 16.6 million in the fiscal year ending December 31, 2019[27]. - The increase in revenue was primarily due to contributions from the China automotive trade business amounting to approximately SGD 8.8 million, offset by a decrease of about SGD 3.1 million from Singapore subsidiaries[27]. - Sales of passenger car parts and accessories to overseas customers increased by approximately SGD 7.9 million in the fiscal year 2020, mainly due to the commencement of supply to mainland China customers[35]. - The group recorded a total loss of approximately SGD 0.8 million for the fiscal year 2020, compared to a loss of approximately SGD 2.2 million in fiscal year 2019, primarily due to decreased revenue and increased impairment of right-of-use assets and trade receivables[55]. Impact of COVID-19 - The Singapore economy contracted by 5.4% in 2020, impacting the group's operations due to government measures to curb the spread of COVID-19[33]. - The group has implemented various cost control measures, including salary reductions and rental negotiations, to mitigate the adverse effects of the COVID-19 outbreak[36]. - The group anticipates a longer recovery period for its car rental services due to the impact of COVID-19 on the automotive sharing and ride-hailing industry in Singapore[35]. - The group suspended its service capacity expansion plans due to the impact of the COVID-19 pandemic on the Singapore economy[147]. Cost Management and Financial Position - Employee benefits expenses decreased from approximately SGD 5.6 million in fiscal year 2019 to about SGD 4.2 million in fiscal year 2020, mainly due to cost-cutting measures[46]. - The cost of materials used increased by approximately SGD 8.2 million, attributed to costs incurred from supplying automotive parts to mainland China[45]. - The group has diversified its business lines to mitigate risks associated with reliance on the Singapore market, including expanding into car rental and supply services[61]. - The company is focused on maintaining a prudent financial management approach to ensure a stable liquidity position[57]. Governance and Management - The company is committed to maintaining high standards of corporate governance through its independent directors and committees[166]. - The board believes that maintaining high standards of corporate governance is crucial for the group's sustainable growth[183]. - The company has adopted and complied with the corporate governance code as per GEM listing rules, ensuring proper regulation of business activities and decision-making processes[183]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balance of skills and experience[191]. Risk Management - The group faces various financial risks, including currency, credit, liquidity, and interest rate risks, which could significantly impact its business and financial performance[60]. - The company has a credit risk policy in place, with a credit limit assessment based on customer background and payment history, granting credit periods of 30 to 90 days[128]. - The expected credit loss rate for trade receivables is estimated at 0.2% for current receivables, 2% for receivables overdue within 90 days, and 3% for those overdue within 180 days[129]. Human Resources - As of December 31, 2020, the group had 96 employees, down from 108 in 2019, with total employee costs of approximately SGD 4.2 million, a decrease from SGD 5.6 million in 2019[143]. - Recruitment plans for new service centers were also paused, with a focus on retaining experienced employees and identifying talented candidates[147]. Shareholder Information - The board did not recommend a final dividend for the year ending December 31, 2020, consistent with no dividend in 2019[144]. - The net proceeds from the share sale amounted to approximately HKD 13.2 million, with about HKD 1.1 million remaining unutilized as of December 31, 2020[153].

Optima Automobile Group Holdings Limited 傲迪瑪汽車集團控股有限公司 （於開曼群島註冊成立的有限公司） 股份代號: 8418 第三季度報告 2020 香港聯合交易所有限公司（「聯交所」）GEM 之特色 GEM 的定位乃為相較其他於聯交所上市的公司帶有更高投資風險的中小型公司提供一個 上市的市場。潛在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 上市公司一般為中小型公司，於GEM 買賣的證券可能會較於主板買賣的證券承 受較大的市場波動風險，同時無法保證於GEM 買賣的證券將會存在高流通性市場。 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，並明確表示概不就因本報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。 本報告的資料乃遵照聯交所GEM 證券上市規則（「GEM 上市規則」）而刊載，旨在提供有關 傲迪瑪汽車集團控股有限公司（「本公司」）的資料。本公司董事（「董事」）願就本報告共同 及個別地承擔全部責任，並在作出一切合理查詢後確認，就彼等 ...

Financial Performance - For the three months ended June 30, 2020, the company reported revenue of SGD 2,785,000, a decrease of 23.2% compared to SGD 3,620,000 for the same period in 2019[19]. - For the six months ended June 30, 2020, total revenue was SGD 6,126,000, down 23.2% from SGD 7,977,000 in the same period of 2019[19]. - The company reported a net loss of SGD 438,000 for the three months ended June 30, 2020, compared to a loss of SGD 53,000 in the same period of 2019, representing a significant increase in losses[21]. - For the six months ended June 30, 2020, the net loss was SGD 1,123,000, compared to a profit of SGD 197,000 in the same period of 2019, indicating a decline in performance[21]. - The group reported service revenue of SGD 4,910,000 for the six months ended June 30, 2020, a decrease of 12.0% compared to SGD 5,585,000 for the same period in 2019[42]. - The group recorded a total comprehensive loss of approximately SGD 1.1 million for the period, compared to a profit of approximately SGD 47,000 in the same period of 2019, mainly due to decreased revenue and increased impairments[122]. Cost Management - The company is focusing on cost management strategies to mitigate the impact of declining revenues[19]. - The company plans to enhance cost control measures, including salary reductions and rent negotiations, to mitigate the adverse effects of the COVID-19 pandemic[110]. - Cost control measures, including salary reductions and shift systems, have been implemented to mitigate the adverse effects of the COVID-19 outbreak[168]. - The total employee costs for the six months ended June 30, 2020, amounted to approximately SGD 2.1 million, a decrease from SGD 5.6 million for the same period in 2019[186]. Asset and Liability Management - Total assets decreased from SGD 16,085,000 as of December 31, 2019, to SGD 15,120,000 as of June 30, 2020, reflecting a reduction in the company's asset base[25]. - Current assets also fell from SGD 10,942,000 to SGD 6,704,000 during the same period, primarily due to a decrease in cash and cash equivalents[25]. - The company's cash and cash equivalents decreased from SGD 6,343,000 at the beginning of the period to SGD 3,162,000 at the end of the period, a decline of approximately 50%[30]. - The company reported a total equity of SGD 10,599,000 as of June 30, 2020, down from SGD 11,722,000 as of December 31, 2019, reflecting a decrease in shareholder value[26]. - The company's current liabilities decreased from SGD 7,149,000 to SGD 5,299,000, indicating improved management of short-term obligations[25]. Impairments and Losses - The company recorded a trade receivables impairment of SGD (447,000) for the three months ended June 30, 2020, compared to no impairment in the same period of 2019[19]. - Trade receivables impairment for the six months ended June 30, 2020, was SGD 789,000, compared to SGD 19,000 in the same period of 2019[51]. - The total impairment loss recognized for trade receivables as of June 30, 2020, is SGD 1,117,000, significantly higher than SGD 354,000 as of December 31, 2019, reflecting an increase of approximately 215%[82]. - Additional impairment of right-of-use assets amounted to approximately SGD 0.2 million during the period due to the economic effects of COVID-19[118]. Future Outlook and Strategic Initiatives - Future outlook includes potential market expansion and new product development initiatives to drive growth[19]. - The company has entered into a strategic cooperation letter with Jin Tao Automobile Technology Co., Ltd. to develop automotive e-commerce business in mainland China, aiming to explore new market opportunities[113]. - The company plans to utilize approximately SGD 13.2 million from its IPO proceeds for expanding service capabilities and enhancing operational efficiency[126]. - The company continues to diversify its business to reduce reliance on the Singapore market and expand into other regions[144]. Shareholder Information - The weighted average number of ordinary shares issued was 850,000,000 for both the three and six months ended June 30, 2020, compared to 600,000,000 in the same periods of 2019[53]. - The company has a total issued share capital of HKD 8.5 million, with 850 million ordinary shares as of June 30, 2020[157]. - As of June 30, 2020, Mr. Hong Liqiang and Ms. Lin Liling each hold 378,798,000 shares, representing 44.56% of the total issued shares of 850,000,000[190]. - The percentage of shares held by major shareholders is based on the total issued shares of 850,000,000[196]. Operational Changes - The company intends to consolidate its Tagore service center into the Serangoon service center to improve operational efficiency and optimize cost control[110]. - The group has suspended expansion plans due to the significant impact of the pandemic on the Singapore automotive industry[168]. - The group plans to delay the establishment of new service centers and recruitment of new employees until further notice[170].

Financial Performance - For the first quarter ended March 31, 2020, the company reported total revenue of SGD 3,341,000, a decrease of 23.2% compared to SGD 4,357,000 in the same period of 2019[10]. - The company incurred a net loss of SGD 685,000 for the quarter, compared to a profit of SGD 131,000 in the first quarter of 2019, representing a significant decline[10]. - The company reported a basic and diluted loss per share of SGD (0.08) for the quarter, compared to earnings of SGD 0.02 per share in the same quarter of 2019[12]. - Total comprehensive loss attributable to owners of the company was SGD (685,000), compared to a total comprehensive income of SGD 131,000 in the prior year[12]. - The group recorded a total loss and comprehensive income of approximately SGD 0.7 million for the year 2020, compared to a profit of SGD 0.1 million in 2019, primarily due to decreased revenue and increased impairment of right-of-use assets and trade receivables[52]. Revenue Breakdown - Service revenue for the same period was SGD 2,726,000, down 12.1% from SGD 3,102,000 in 2019[22]. - Warranty income decreased by 53.0% to SGD 143,000 from SGD 304,000 year-on-year[22]. - The group's revenue for the year 2020 was approximately SGD 3.3 million, a decrease of about SGD 1.1 million compared to approximately SGD 4.4 million in 2019, primarily due to reduced automotive after-sales service revenue[47]. - Automotive after-sales service revenue decreased by approximately SGD 0.6 million, with non-warranty repair services down by approximately SGD 0.3 million, warranty-related business down by approximately SGD 0.2 million, and warranty repair services down by SGD 0.1 million[47]. - Sales of passenger car parts and accessories to overseas customers decreased from approximately SGD 0.3 million in 2019 to approximately SGD 0.1 million in 2020, a reduction of SGD 0.2 million[42]. Cost Management - The cost of materials used was SGD 1,094,000, down from SGD 1,172,000 year-over-year, indicating a reduction of 6.7%[10]. - Employee benefits expenses were SGD 1,183,000, slightly lower than SGD 1,199,000 in the previous year, reflecting a decrease of 1.3%[10]. - Marketing and advertising expenses were reduced to SGD 28,000 from SGD 69,000, showing a decrease of 59.4%[10]. - Total financing costs decreased to SGD 74,000 from SGD 103,000 year-on-year, reflecting a reduction in interest expenses[25]. - The company has implemented cost control measures, including salary reductions and negotiations for rent discounts, to mitigate the adverse effects of the COVID-19 outbreak[46]. Impairment and Losses - The company recognized impairment losses on trade receivables amounting to SGD 342,000, a significant increase from SGD 19,000 in the previous year[10]. - Trade receivables impairment increased significantly to SGD 342,000 from SGD 19,000 in the prior year[29]. - The group recorded a right-of-use asset impairment of approximately SGD 0.2 million during the year 2020 due to the impact of COVID-19[37]. - The additional impairment of trade receivables amounted to SGD 0.3 million due to the termination of long-term car rental customer accounts[52]. - The additional impairment of right-of-use assets was SGD 0.2 million, influenced by the economic impact of COVID-19 on Singapore[52]. COVID-19 Impact - The Singapore government has enforced public health emergency measures, including the closure of workplaces and retail stores, significantly disrupting the group's normal operations[36]. - The group operated only emergency repair services by appointment during the lockdown period from April 7 to June 1, 2020, incurring costs such as employee salaries and rent[44]. - All segments of the group experienced revenue declines during the three months ending March 31, 2020, due to the cautious sentiment of consumers and businesses amid the pandemic[39]. - The group anticipates significant adverse impacts on its operational, financial performance, cash flow, and financial position due to the ongoing strict control measures related to COVID-19[37]. - The COVID-19 outbreak is expected to adversely impact the revenue from automotive after-sales and rental services in the first half of 2020[81]. Corporate Governance and Shareholder Information - The company has adopted corporate governance standards in compliance with GEM Listing Rules, although the roles of Chairman and CEO are held by the same individual[76]. - The company has not established any arrangements that would allow directors to benefit from acquiring shares or debt securities of the company[73]. - The company expressed gratitude to shareholders, business partners, and customers for their continuous support[82]. - The company's issued share capital as of March 31, 2020, was HKD 8.5 million, with a total of 850 million shares issued at HKD 0.01 per share[59]. - As of March 31, 2020, Red Link holds 378,798,000 shares, representing 44.56% of the total shares issued, which amounts to 850,000,000 shares[66][68]. Future Plans and Strategies - The company plans to explore new strategies for market expansion and product development in response to the current financial challenges[10]. - The net proceeds from the share offering amounted to approximately HKD 13.2 million, which is intended for expanding service capacity, increasing the rental fleet, improving operational efficiency, brand building, and general corporate purposes[54]. - As of the report date, approximately HKD 10.1 million of the net proceeds remain unutilized, with about 57.6% of the unutilized amount being reallocated to working capital and general corporate purposes[56]. - The board continuously monitors the development of the COVID-19 pandemic to determine the most effective use of the net proceeds[58]. - The company will closely monitor the developments of the COVID-19 pandemic and assess its impact on financial conditions and operational performance[81].

Revenue Performance - The company's revenue for the fiscal year ended December 31, 2019, was SGD 16.6 million, a decrease of approximately SGD 1.4 million from SGD 18.0 million in the fiscal year 2018[22]. - The decline in revenue was primarily due to a decrease of approximately SGD 1.0 million in the automotive after-sales service revenue from warranty repair services[22]. - The group's revenue for the fiscal year 2019 was approximately SGD 16.6 million, a decrease of about SGD 1.4 million from SGD 18.0 million in fiscal year 2018, primarily due to a reduction in warranty service revenue by approximately SGD 1.0 million[35]. - The group experienced a decrease in revenue from automotive equipment supply, offset by an increase in sales of passenger car parts and accessories to clients in Myanmar[30]. Financial Position - As of December 31, 2019, cash and cash equivalents amounted to approximately SGD 6.3 million, an increase from SGD 3.0 million in 2018[44]. - The group's current assets minus current liabilities resulted in an operating capital of approximately SGD 3.8 million, with total equity at SGD 11.7 million[44]. - The debt-to-equity ratio as of December 31, 2019, was 0.7, down from 1.1 in 2018, indicating improved financial stability[44]. - The net debt-to-equity ratio was 0.1 as of December 31, 2019, significantly reduced from 0.7 in 2018, reflecting a decrease in total debt[44]. - The net proceeds from the company's listing in October 2019 were approximately HKD 13.2 million, further strengthening its financial position[45]. - The group incurred approximately SGD 2.0 million in listing expenses for the fiscal year 2019, down from approximately SGD 2.5 million in fiscal year 2018[41]. Operational Challenges - The company anticipates facing a more challenging operating environment due to the economic uncertainty caused by the COVID-19 pandemic, which may impact after-sales service and vehicle rental revenues[23]. - The company will adopt a cautious approach in implementing its expansion plans amid the economic slowdown and uncertainty in Singapore[24]. - The group has terminated a long-term car rental agreement with a major client facing financial difficulties, which may extend the timeline for finding new partners in the car-sharing and ride-hailing sectors[33]. - The company faces risks in expanding its customer base and may struggle to identify suitable locations for its expansion plans[89]. Employee Expenses - Employee benefits expenses increased by approximately SGD 1.0 million to about SGD 5.6 million in fiscal year 2019, mainly due to mid-year bonuses and related contributions[38]. - The total employee cost was approximately SGD 5.6 million, an increase from SGD 4.6 million in 2018[75]. Strategic Plans - The company plans to utilize additional capital raised from the share offering to expand service capacity and continue to grow the rental fleet to support after-sales business[23]. - The group plans to expand service capabilities, continue to grow the rental fleet, and enhance operational efficiency using additional capital raised from the share offering[32]. - The company plans to allocate HKD 5.5 million for service capacity expansion, which has been delayed due to recent market conditions[93]. - The company has postponed its employee recruitment plan to 2020, aiming to retain experienced staff and identify talented candidates[82]. Risk Management - The company faces risks from currency fluctuations, credit risks, liquidity risks, and interest rate risks that could adversely affect its financial performance[50]. - The group has adopted a risk management framework that includes identifying significant risks, assessing their impact, and monitoring the effectiveness of management measures[176]. - The expected credit loss rate for current trade receivables is estimated at 0.1%, while overdue receivables show higher expected loss rates of 1% for up to 90 days, 2% for up to 180 days, 6% for over 180 days but within 365 days, and 12% for over 365 days[61]. Corporate Governance - The company has been involved in various corporate governance practices, including the establishment of audit and remuneration committees[101][105]. - The board of directors includes independent non-executive members, ensuring a balanced governance structure[101][105]. - The company has established a nomination committee to recommend candidates for board vacancies and oversee corporate governance policies[133]. - The company has complied with GEM listing rules by appointing at least three independent non-executive directors, with at least one possessing appropriate professional qualifications in accounting and financial management[126]. Management Team - The company has a strong management team with diverse backgrounds in finance, operations, and administration, enhancing its strategic capabilities[101][105][109]. - The management team has a wealth of experience in the automotive and financial sectors, which is expected to drive future growth and innovation[99][107]. Shareholder Communication - The company has adopted a communication policy to ensure timely and accessible information for shareholders[186]. - The annual general meeting for shareholders is scheduled for May 11, 2020, to address any questions from shareholders[182].

Financial Performance - For the three months ended September 30, 2019, the revenue was SGD 5,358,000, an increase of 26.9% compared to SGD 4,221,000 for the same period in 2018[11]. - The net profit for the three months ended September 30, 2019, was SGD 387,000, compared to a loss of SGD 614,000 for the same period in 2018[13]. - The total comprehensive income for the nine months ended September 30, 2019, was SGD 434,000, compared to a loss of SGD 1,180,000 for the same period in 2018[13]. - The company reported a gross profit of SGD 599,000 for the three months ended September 30, 2019, compared to a loss of SGD (547,000) for the same period in 2018[11]. - The basic and diluted earnings per share for the three months ended September 30, 2019, were SGD 0.06, compared to a loss of SGD (0.10) for the same period in 2018[13]. - The group reported a profit attributable to owners of the company of SGD 387,000 for the three months ended September 30, 2019, compared to a loss of SGD 614,000 in the same period of 2018[40]. - Basic and diluted earnings per share for the three months ended September 30, 2019, was SGD 0.06, compared to a loss per share of SGD (0.10) for the same period in 2018[40]. - The group recorded a profit of approximately SGD 0.4 million for the year 2019, compared to a loss of approximately SGD 1.2 million in 2018, primarily due to higher listing expenses incurred in 2018[53]. Revenue Breakdown - For the three months ended September 30, 2019, total revenue was SGD 5,358,000, an increase from SGD 4,221,000 in the same period of 2018, representing a growth of 26.9%[27]. - Service revenue for the nine months ended September 30, 2019, was SGD 9,510,000, a decrease of 3.2% compared to SGD 9,822,000 for the same period in 2018[27]. - Warranty income for the three months ended September 30, 2019, was SGD 381,000, up from SGD 354,000 in the same period of 2018, indicating a growth of 7.6%[27]. - Automotive supply revenue increased significantly to SGD 413,000 for the three months ended September 30, 2019, compared to SGD 36,000 in the same period of 2018, marking an increase of 1,147.2%[27]. - Rental income from vehicles for the nine months ended September 30, 2019, was SGD 1,903,000, slightly up from SGD 1,872,000 in the same period of 2018, reflecting a growth of 1.7%[27]. Expenses and Costs - The cost of materials for the three months ended September 30, 2019, was SGD (1,441,000), an increase from SGD (1,304,000) in the same period of 2018[11]. - Employee benefit expenses for the three months ended September 30, 2019, were SGD (1,458,000), compared to SGD (1,182,000) for the same period in 2018[11]. - The total expenses for the nine months ended September 30, 2019, were SGD (8,186,000), a decrease from SGD (10,998,000) for the same period in 2018[11]. - The company incurred listing expenses of SGD (434,000) for the three months ended September 30, 2019, compared to SGD (1,004,000) in the same period of 2018[11]. - Material costs decreased by approximately SGD 0.3 million or 9.0% to about SGD 3.7 million for the nine months ended September 30, 2019, from about SGD 4.0 million in the same period of 2018, attributed to more competitive pricing from new suppliers[48]. - Employee benefits expenses increased by approximately SGD 0.2 million or 6.6% to about SGD 3.8 million for the nine months ended September 30, 2019, compared to SGD 3.6 million in the same period of 2018, mainly due to mid-term bonuses paid to employees[49]. - Other expenses decreased by approximately SGD 1.3 million or 48.0% to about SGD 1.3 million for the nine months ended September 30, 2019, from about SGD 2.6 million in the same period of 2018, primarily due to reduced rent and utility expenses[51]. Strategic Plans and Developments - The company aims to expand its market presence and enhance product offerings in the upcoming quarters[11]. - The group plans to expand its service capabilities and continue to grow its rental fleet to support its automotive after-sales business following the successful listing on GEM on October 11, 2019[45]. - The group expects to enhance its information technology and equipment following the evaluation of suppliers post-listing[45]. - The group has relocated its Upper Thomson service center to a new property with a larger floor area and more parking spaces, which is expected to have no significant impact on operations[44]. Listing and Corporate Governance - The company successfully listed on GEM on October 11, 2019, with the stock code 8418[78]. - The company has adopted a share option scheme on September 18, 2019, in compliance with GEM Listing Rules, but no options have been granted since its adoption[69]. - The company has confirmed that all directors have complied with the trading standards as per GEM Listing Rules from the listing date to the report date[70]. - The company has adopted and complied with the corporate governance code as per GEM Listing Rules, except for the deviation regarding the separation of the roles of Chairman and CEO[73]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the nine months ended September 30, 2019, ensuring compliance with applicable accounting standards and GEM Listing Rules[77]. Shareholder Information - As of September 30, 2019, the total number of issued shares was 850 million, with Mr. Hong Liqiang and Ms. Lin Liling each holding approximately 44.56% of the shares[59]. - The actual net proceeds from the share sale on GEM amounted to approximately HKD 17.5 million, which is less than the estimated figure in the prospectus[55]. - The allocation of the actual net proceeds is as follows: 41.7% (HKD 7.3 million) for expanding service capacity, 29.1% (HKD 5.1 million) for expanding the rental fleet, and 17.7% (HKD 3.1 million) for improving service capabilities and operational efficiency[56]. - The company plans to proportionally adjust the implementation amounts of its future plans based on the actual net proceeds from the share sale[55]. - There were no options granted under the share option scheme as of September 30, 2019, and no unexercised options remain[69]. - No directors or controlling shareholders have interests in any business that directly or indirectly competes with the group as of September 30, 2019[66].