香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部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。 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） 截至二零二二年十二月三十一日止年度之年度業績公告 傲迪瑪汽車集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈 本公司及其附屬公司（統稱為「本集團」））截至二零二二年十二月三十一日止年度 的經審核綜合年度業績。本公告載列本公司二零二二年年報（「二零二二年年報」） 全文，並符合香港聯合交易所有限公司GEM（「GEM」）證券上市規則（「GEM上 市規則」）有關年度業績初步公告隨附資料之相關規定。二零二二年年報的印刷版 本將按GEM上市規則規定的方式適時寄發予本公司股東，並可於香港聯合交易所 有限公司網站http://www.hkexnews.hk及本公司網站www.ow.sg閱覽。 承董事會命 傲迪瑪汽車集團控股有限公司 ...

Financial Performance - For the three months ended September 30, 2022, the revenue was SGD 19,882,000, a slight increase of 1.66% compared to SGD 19,556,000 for the same period in 2021[13]. - The total comprehensive loss for the year was SGD 1,285,000, compared to a loss of SGD 337,000 in the previous year, indicating a significant increase in losses[15]. - The basic and diluted loss per share for the year was SGD 0.10, compared to SGD 0.02 in the previous year, reflecting a worsening financial position[15]. - The company reported a comprehensive income of SGD 2.645 million for the nine months ending September 30, 2022, down from SGD 10.643 million for the same period in 2021, reflecting a decrease of approximately 75%[17]. - The company’s revenue for the nine months ending September 30, 2022, was SGD 9,898 million, a decrease from SGD 10,928 million in the same period of the previous year, indicating a decline of approximately 9.4%[17]. - The company’s net loss attributable to owners for the nine months ending September 30, 2022, was SGD 874 million, compared to a net loss of SGD 185 million for the same period in 2021, indicating a significant increase in losses[17]. - The group recorded a total loss of approximately SGD 1.1 million in 2022, compared to a loss of about SGD 0.2 million in 2021, reflecting an increase in employee benefits and depreciation expenses[64]. Revenue and Expenses - The cost of materials used for the three months was SGD 1,514,000, up from SGD 1,205,000 in the same period last year, representing a 25.6% increase[13]. - Employee benefits expenses for the three months were SGD 1,666,000, an increase of 15.2% from SGD 1,446,000 in the previous year[13]. - The total employee benefits expense for the nine months ended September 30, 2022, was SGD 4,612 thousand, compared to SGD 3,860 thousand in the same period of 2021, marking an increase of 19.5%[35]. - Financing costs for the nine months ended September 30, 2022, totaled SGD 353 thousand, an increase from SGD 287 thousand in the same period of 2021, representing a rise of 22.9%[33]. - The company reported a total depreciation expense of SGD 2,500 thousand for the nine months ended September 30, 2022, compared to SGD 1,831 thousand in the same period of 2021, reflecting an increase of 36.6%[35]. - Other expenses rose by approximately SGD 0.7 million from about SGD 1.8 million in 2021 to approximately SGD 2.5 million in 2022, driven by increased vehicle insurance and road tax costs[61]. Strategic Focus and Development - The company plans to focus on market expansion and new product development to improve future performance[13]. - The management highlighted ongoing efforts in research and development to enhance product offerings and competitiveness in the market[13]. - The company plans to focus on expanding its market presence in Singapore and China, leveraging its existing service capabilities in automotive maintenance and repair[20]. - The company is exploring new product development initiatives aimed at enhancing service offerings and improving customer satisfaction[20]. - The company is assessing potential mergers and acquisitions to strengthen its market position and diversify its service portfolio[20]. - The company aims to improve operational efficiency through strategic investments in technology and process optimization[20]. - The company aims to leverage new technologies and equipment to prepare for challenges in new market developments and new vehicle types[52]. - The company is seeking new business opportunities in e-commerce to adapt to the shift in demand from physical stores[50]. Segment Performance - The company operates four reportable segments: automotive after-sales services, automotive leasing services, automotive supply business, and education business services[30]. - Service revenue for Q3 2022 was SGD 3,225 thousand, up from SGD 3,073 thousand in Q3 2021, representing a growth of 4.9%[29]. - Automotive supply revenue reached SGD 15,742 thousand in Q3 2022, slightly down from SGD 15,778 thousand in Q3 2021, indicating a decrease of 0.2%[29]. - Total revenue for the nine months ended September 30, 2022, was SGD 61,814 thousand, compared to SGD 34,355 thousand for the same period in 2021, reflecting an increase of 80.5%[29]. - Automotive supply revenue increased by approximately SGD 26.1 million to about SGD 49.4 million for the nine months ended September 30, 2022, compared to SGD 23.3 million in 2021[47]. - The company's after-sales service revenue rose by approximately SGD 0.5 million, attributed to recovery from COVID-19 control measures[47]. - The automotive rental business revenue increased by approximately SGD 0.6 million compared to the previous year[47]. Corporate Governance and Compliance - The company maintains high standards of corporate governance, adhering to the corporate governance code as per GEM listing rules[85]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the nine months ending September 30, 2022, confirming compliance with applicable accounting standards and GEM listing rules[88]. - The company has appointed a compliance advisor, Lux Capital (Hong Kong) Limited, effective from August 15, 2021[87]. - No directors or major shareholders have interests in any competing businesses as of September 30, 2022[79]. - The company has not established any arrangements that would allow directors or senior management to benefit from acquiring shares or securities of the company or its subsidiaries during the nine months ending September 30, 2022[83]. Shareholder Information - The company did not recommend any dividends for the nine months ended September 30, 2022, consistent with the same period in 2021[39]. - The board did not recommend any dividends for the nine months ended September 30, 2022, consistent with the previous year[65]. - As of September 30, 2022, Red Link holds 378,798,000 shares, representing 44.56% of the total issued shares of 850,000,000[75]. - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the nine months ending September 30, 2022[80]. - The company has not granted any stock options since the adoption of the stock option plan on September 18, 2019, and there are no unexercised options as of September 30, 2022[81]. - The company expresses gratitude to shareholders, business partners, and employees for their support and contributions during the reporting period[92]. Assets and Liabilities - The total assets of the company amounted to SGD 9,338 million as of September 30, 2022, compared to SGD 11,610 million as of September 30, 2021, representing a decline of about 19.6%[17]. - The company’s liabilities stood at SGD 8,913 million as of September 30, 2022, compared to SGD 10,643 million as of September 30, 2021, showing a reduction of about 16.5%[17]. - As of September 30, 2022, the group's bank borrowings were secured by corporate guarantees and related assets[66].

Corporate Governance - The company appointed Ms. Yi Jing as an independent non-executive director[1]. Share Capital and Ownership - As of June 30, 2022, the company reported a total issued share capital of 850,000,000 shares[5]. - Mr. Hong Liqiang and Ms. Lin Liling each hold 378,798,000 shares, representing 44.56% of the total shares[5]. - Mr. Hu Wuan holds 7,880,000 shares, which is 0.93% of the total shares[5]. - Ms. Yi Jing holds 130,000 shares, equivalent to 0.02% of the total shares[5]. Compliance and Responsibility - The company confirmed that the information in the mid-term performance announcement remains unchanged except for the disclosed updates[8]. - The announcement is in compliance with the GEM listing rules of the Hong Kong Stock Exchange[8]. - The board of directors collectively and individually accepts full responsibility for the accuracy and completeness of the announcement[8]. - The announcement will be available on the Hong Kong Stock Exchange website for at least seven days[8]. - The company will also publish the announcement on its own website[8].

Financial Performance - For the six months ended June 30, 2022, the company reported revenue of SGD 41,932,000, a significant increase from SGD 14,799,000 in the same period of 2021, representing a growth of 183%[10]. - The company recorded a gross profit of SGD 8,563,000 for the six months ended June 30, 2022, compared to a gross loss of SGD 1,545,000 in the same period of 2021[10]. - Total expenses for the six months ended June 30, 2022, amounted to SGD 42,489,000, up from SGD 14,940,000 in the previous year, indicating an increase of 184%[10]. - The net loss for the six months ended June 30, 2022, was SGD 557,000, compared to a profit of SGD 141,000 in the same period of 2021[10]. - The company reported a significant increase in trade inventory costs, which rose to SGD 33,369,000 for the six months ended June 30, 2022, from SGD 7,344,000 in the previous year[10]. - The company reported other income and gains of SGD 531,000 for the six months ended June 30, 2022, compared to SGD 353,000 in the same period of 2021, marking a growth of 50%[10]. - The total comprehensive income for the six months ended June 30, 2022, was SGD (239,000), a significant decline from SGD (67,000) in the same period of 2021[12]. - The company reported a loss attributable to owners of the company of SGD 62,000 for the three months ended June 30, 2022, compared to a profit of SGD 48,000 in the same period of 2021[12]. - The group recorded a total loss of approximately SGD 557,000 and a comprehensive loss of approximately SGD 637,000 for the period ended June 30, 2022, compared to a profit of approximately SGD 141,000 and a comprehensive profit of approximately SGD 19,000 for the same period in 2021[114]. Revenue Breakdown - For the three months ended June 30, 2022, service revenue was SGD 2,935,000, an increase from SGD 2,897,000 in the same period of 2021, representing a growth of 1.3%[32]. - Automotive supply revenue surged to SGD 18,538,000 for the three months ended June 30, 2022, compared to SGD 4,781,000 in the same period of 2021, marking an increase of 287.5%[32]. - Warranty income increased to SGD 299,000 for the three months ended June 30, 2022, from SGD 137,000 in the same period of 2021, reflecting a growth of 118.9%[32]. - The group’s total revenue for the three months ended June 30, 2022, was SGD 22,847,000, compared to SGD 8,410,000 in the same period of 2021, reflecting a growth of 171.5%[32]. - The group operates four reportable segments: automotive after-sales services, automotive rental services, automotive supply business, and educational services[33]. - The group is focused on expanding its automotive supply and after-sales service segments to enhance overall revenue growth[33]. Expenses and Costs - Marketing and advertising expenses for the six months ended June 30, 2022, were SGD 194,000, a decrease from SGD 245,000 in the same period of 2021[10]. - Employee benefits expenses increased to SGD 2,946,000 for the six months ended June 30, 2022, compared to SGD 2,414,000 in the previous year, reflecting a rise of 22%[10]. - The total operating expenses for the six months ended June 30, 2022, were SGD 1,717,000, up from SGD 1,071,000 in the same period of 2021, an increase of 60.2%[39]. - The cost of materials and changes in trade inventory increased by approximately SGD 26.6 million to about SGD 36.1 million in 2022, primarily due to increased supply of automotive parts and equipment in mainland China[104]. Assets and Liabilities - The total current assets increased to SGD 15,088,000 as of June 30, 2022, compared to SGD 11,887,000 as of December 31, 2021, reflecting a growth of approximately 27.5%[14]. - The total non-current assets amounted to SGD 16,778,000 as of June 30, 2022, up from SGD 15,884,000 as of December 31, 2021, indicating an increase of about 5.6%[14]. - The total liabilities increased to SGD 22,880,000 as of June 30, 2022, compared to SGD 17,148,000 as of December 31, 2021, representing a rise of approximately 33.5%[15]. - The company’s total equity decreased to SGD 9,986,000 as of June 30, 2022, down from SGD 10,623,000 as of December 31, 2021, reflecting a decline of approximately 6%[15]. - The company’s current liabilities increased to SGD 14,743,000 as of June 30, 2022, compared to SGD 10,823,000 as of December 31, 2021, indicating a rise of about 36%[14]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended June 30, 2022, was SGD 1,750,000, a decrease from SGD 2,181,000 in the same period of 2021[20]. - The net cash and cash equivalents at the end of the period were SGD 5,121,000, an increase from SGD 3,573,000 at the end of the previous year[20]. - Bank borrowings amounted to SGD 4,400,000 as of June 30, 2022, slightly down from SGD 4,500,000 as of December 31, 2021[89]. - The interest rate on short-term loans decreased to 3% as of June 30, 2022, down from 5% as of December 31, 2021, reflecting improved financing conditions[85]. Strategic Initiatives - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[10]. - The group plans to cautiously expand its automotive after-sales service and leasing business in Singapore and increase market share in mainland China[100]. - The group aims to seek new business opportunities in e-commerce to adapt to the shift from physical stores due to the impact of COVID-19[102]. - The company has invested in a joint venture, Absolute By Optima Werkz (Thailand) Co., Ltd., holding a 40% equity interest, aimed at expanding overseas operations and diversifying country risk[58]. - The group has invested in Myanmar to expand its overseas business and diversify country risk, holding a 35% interest in Optima Werkz Myanmar Services Co., Ltd.[69]. Employee and Corporate Governance - As of June 30, 2022, the company had 152 employees, an increase from 121 employees as of December 31, 2021[150]. - The company regularly reviews its compensation policies to attract and retain talented employees[150]. - The audit committee, composed of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ending June 30, 2022[174]. - The company has maintained compliance with the corporate governance code as per GEM listing rules during the reporting period[171]. Shareholder Information - The company did not recommend any dividend for the six months ended June 30, 2022, consistent with the same period in 2021[43]. - The board of directors has not recommended any interim dividend for the six months ending June 30, 2022, consistent with the previous year[175]. - As of June 30, 2022, the company had a total of 850 million shares issued[158]. - Mr. Hong Liqiang and Ms. Lin Liling each held 378,798,000 shares, representing 44.56% of the total shares[161]. - Mr. Hu Wuan held 7,880,000 shares, representing 0.93% of the total shares[161].

Financial Performance - For the first quarter of 2022, the company reported revenue of SGD 19,085,000, a significant increase of 198% compared to SGD 6,389,000 in the same period last year[13] - The company recorded a loss of SGD 415,000 for the quarter, compared to a profit of SGD 116,000 in the same quarter of the previous year[13] - The company’s total comprehensive loss for the period was SGD 398,000, compared to a total comprehensive income of SGD 86,000 in the previous year[15] - The company reported a comprehensive income of SGD (415) million for the year, indicating a decline compared to the previous year's comprehensive income of SGD 116 million[19] - The group recorded a total loss and comprehensive income of approximately SGD 0.4 million in 2022, compared to a profit of approximately SGD 116,000 in 2021, mainly due to increased employee costs and research expenses[69] Revenue Breakdown - Automotive supply revenue surged to SGD 15,136,000, compared to SGD 2,785,000 in the previous year, marking an increase of 442%[30] - Service income rose to SGD 3,000,000 from SGD 2,849,000, reflecting an increase of 5.3%[30] - Total revenue for the group was SGD 19.1 million for the period, an increase of approximately SGD 12.7 million from SGD 6.4 million in the previous year, primarily due to increased sales of passenger car parts and accessories[58] Costs and Expenses - The cost of materials used was SGD 15,002,000, which represents an increase from SGD 2,674,000 in the previous year, indicating a rise in production costs[13] - Employee benefits expenses rose to SGD 1,470,000, compared to SGD 1,173,000 in the prior year, reflecting increased staffing or compensation costs[13] - Financing costs increased from SGD 85,000 in 2021 to SGD 108,000 in 2022, primarily due to accrued interest expenses from short-term borrowings[65] - Other expenses increased from SGD 0.5 million in 2021 to SGD 0.8 million in 2022, primarily due to increased maintenance costs and research expenses related to software development[66] Assets and Equity - The company’s total assets as of March 31, 2022, were SGD 2,645,000, reflecting the financial position at the end of the reporting period[18] - As of December 31, 2021, total equity amounted to SGD 10,623 million, with a significant increase from SGD 10,928 million as of December 31, 2020, reflecting a decrease of approximately 2.8%[19] - The total assets of the company were SGD 11,014 million as of March 31, 2020, showing a slight decrease from SGD 10,928 million in the previous year[19] Strategic Initiatives - The company has been focusing on expanding its automotive repair and maintenance services in Singapore, as well as engaging in automotive trading in China[21] - The company aims to enhance its market presence through strategic partnerships and potential acquisitions in the automotive sector[21] - The company established a wholly-owned subsidiary in Changsha, Hunan, China, to expand its parallel import vehicle trade and related services[48] - The group plans to focus on enhancing its position in the automotive after-sales service business and short-term and long-term leasing in Singapore, while seeking to expand its market share in China[52] - The group aims to explore new business opportunities in e-commerce to adapt to the shift in demand from physical stores[53] Compliance and Governance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[22] - The company is committed to maintaining transparency and accuracy in its financial reporting, adhering to the highest standards of corporate governance[22] - The audit committee reviewed the unaudited consolidated financial statements for the three months ended March 31, 2022, and confirmed compliance with applicable accounting standards and GEM listing rules[91] - The company has maintained compliance with the corporate governance code as per GEM listing rules during the reporting period[88] - The company has appointed a compliance advisor effective from August 15, 2021, with no reported interests in the group as of March 31, 2022[90] Shareholder Information - The total number of shares issued as of March 31, 2022, was 850,000,000, with significant shareholdings by key individuals, including 44.56% held by Mr. Hong and Ms. Lin[73][75] - Red Link International Limited, controlled by Ms. Lin and Mr. Hong, held 378,798,000 shares, representing 44.56% of the total shares[78] - The company did not declare any dividends for the three months ended March 31, 2022, consistent with the previous year[39] - The company did not recommend any dividend payment for the three months ended March 31, 2022, consistent with the previous year[93] Operational Updates - The company’s operational disruptions in Myanmar due to political unrest have been resolved, and business operations have resumed[49] - The group has reported a significant foreign exchange loss of SGD (611) million, impacting overall financial performance[19] - The company expressed gratitude to shareholders, partners, and employees for their support and contributions during the reporting period[96]

Business Focus and Expansion - The company reported a focus on automotive after-sales services, including inspection, maintenance, and repair services, as well as car rental services and the supply of automotive parts and equipment[38]. - In response to the COVID-19 pandemic, the company aims to enhance existing operations and explore growth opportunities in sectors such as bio-health, new retail, e-commerce, and franchise management[38]. - A wholly-owned subsidiary, Hunan Optima Automobile Co., Ltd., was established in Changsha, Hunan, on February 3, 2021, to expand parallel import vehicle trade and related services in Central and Southern China[39]. - The new subsidiary will focus on providing a supply chain for imported vehicles, domestic new energy vehicles, automotive parts, and related services, offering a comprehensive service with competitive pricing and flexible financing options[39]. - The company is actively seeking new business opportunities on e-commerce platforms to adapt to the shift in consumer demand from physical stores to online shopping[38]. - The company plans to adopt a cautious approach to expansion while focusing on enhancing its position in the Singapore automotive after-sales service market and increasing market share in mainland China[49]. - The strategic acquisition of Hunan Maliang is seen as beneficial for expanding revenue sources and entering the Chinese market[41]. - The company aims to seek new opportunities in e-commerce to adapt to the shift in demand from physical stores[50]. - The company is focused on expanding its market presence and exploring potential mergers and acquisitions to drive growth[119]. Financial Performance - The group's revenue for the fiscal year ended December 31, 2021, was SGD 57.1 million, an increase of approximately SGD 34.8 million from SGD 22.3 million in the previous fiscal year, primarily due to contributions from the automotive trade business[41]. - Automotive supply revenue increased by approximately SGD 33.3 million to about SGD 42.4 million in the fiscal year 2021, compared to approximately SGD 9.1 million in the previous fiscal year[47]. - The group's automotive after-sales service revenue increased by SGD 0.9 million, reflecting recovery from the impacts of COVID-19[47]. - The group's revenue for the fiscal year 2021 was SGD 57.1 million, an increase of approximately SGD 34.8 million compared to SGD 22.3 million in fiscal year 2020, primarily due to increased sales of passenger car parts and accessories[54]. - Sales from Shenzhen Aodi Taoche Automotive Trading Co., Ltd. amounted to approximately SGD 14.6 million for the fiscal year 2021, while Hunan Aodima Automotive Co., Ltd. generated approximately SGD 27.5 million in sales over 11 months of the fiscal year 2021[54]. - The cost of materials and changes in trade inventory increased by approximately SGD 33.8 million in fiscal year 2021, largely due to operational costs from Hunan Aodima and Shenzhen Aodi Taoche[57]. - Employee benefits expenses rose to approximately SGD 5.4 million in fiscal year 2021, an increase of about SGD 1.2 million from SGD 4.2 million in fiscal year 2020, due to the resumption of salaries after previous reductions[58]. - Other income and gains decreased to SGD 0.4 million in fiscal year 2021 from SGD 1.0 million in fiscal year 2020, primarily due to a reduction in government grants related to COVID-19[55]. - The group recorded a total loss and comprehensive income of approximately SGD 0.7 million for the fiscal year 2021, compared to a loss of approximately SGD 0.8 million in fiscal year 2020[67]. - As of December 31, 2021, cash and cash equivalents amounted to approximately SGD 4.5 million, an increase from SGD 3.3 million in 2020[68]. - The group's asset-to-equity ratio as of December 31, 2021, was 1.2, compared to 0.7 in 2020[68]. - The net debt-to-equity ratio as of December 31, 2021, was 0.7, up from 0.4 in 2020[68]. - The group incurred a tax expense of SGD 0.2 million, primarily due to profits generated by subsidiaries registered in Singapore and China, taxed at rates of 17% and 25% respectively[65]. Risk Management and Compliance - The group faces significant risks including currency, credit, liquidity, and interest rate risks that could adversely affect its business and financial condition[70]. - The company aims to diversify its revenue sources and adapt to the transition towards electric vehicles to mitigate risks associated with the phasing out of internal combustion engine vehicles by the Singapore government[72]. - The expected credit loss rate for current trade receivables is estimated at 0.2%, while overdue receivables show higher expected loss rates of 2% for up to 90 days, 3% for up to 180 days, 7% for over 180 days but within 365 days, and 10% for over 365 days[76]. - The company has established internal monitoring policies regarding insider trading and compliance with trading standards[185]. - The board has approved and adopted an insider information policy to ensure compliance with GEM listing rules and the Securities and Futures Ordinance[193]. - The company emphasizes fair disclosure and comprehensive reporting of its performance and activities to enhance investor relations[196]. Corporate Governance - The company has complied with the corporate governance code as per GEM listing rules for the fiscal year ending December 31, 2021[129]. - The board has conducted an annual review of its risk management and internal control systems, with a professional third party responsible for the audit[130]. - The board retains overall responsibility for major decisions, including financial data and significant transactions[132]. - The company has established a corporate governance committee to oversee compliance with legal and regulatory requirements[134]. - The board consists of six executive directors and three independent non-executive directors, ensuring a balance of skills and experience necessary for the company's business needs[137]. - 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 and accounting knowledge[138]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with a clear written scope of authority[162]. - The remuneration committee consists of three independent non-executive directors, with the chair being Ms. Chan Mang Chuen[163]. - The audit committee held five meetings during the year, reviewing quarterly, interim, and annual financial statements[166]. - The company has implemented a training program for new directors to ensure they understand the group's structure and their obligations under relevant regulations[147]. Management and Operations - The management team is committed to monitoring the development of the COVID-19 situation to effectively utilize the net proceeds from the share offering[101]. - The management team includes experienced professionals with over 28 years of experience in finance and accounting, enhancing the company's operational capabilities[121]. - The company has a streamlined operational structure, which has been assessed for the need for an internal audit department[130]. - Daily management and operations have been delegated to executive directors and senior management, with regular reviews of responsibilities[134]. - The company has arranged appropriate liability insurance for all directors, which will be reviewed periodically by the board[135]. - The company has established a nomination committee to recommend candidates for board vacancies and governance policies[146]. - The company has implemented a clear organizational structure with defined responsibilities and authorizations for internal controls[190].

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].