Financial Performance - For the nine months ended September 30, 2022, the group's revenue was approximately SGD 20,172,000, an increase of about SGD 478,000 or 2.4% compared to the same period in 2021[5]. - The loss attributable to owners for the nine months ended September 30, 2022, was approximately SGD 5,197,000, compared to a loss of SGD 3,377,000 for the same period in 2021, reflecting a difference of approximately SGD 1,820,000 primarily due to reduced government grants and share option expenses[5]. - For the three months ended September 30, 2022, the group's revenue was SGD 6,732,142, compared to SGD 6,365,367 for the same period in 2021[7]. - The gross profit for the nine months ended September 30, 2022, was SGD 326,204, down from SGD 1,217,161 for the same period in 2021[7]. - The total comprehensive loss for the nine months ended September 30, 2022, was SGD 5,196,798, compared to SGD 3,376,840 for the same period in 2021[7]. - The basic and diluted loss per share for the nine months ended September 30, 2022, was SGD 0.0063, compared to SGD 0.0049 for the same period in 2021[7]. - The company recorded an unaudited loss of approximately SGD 5,197,000 for the nine months ended September 30, 2022, compared to a loss of approximately SGD 3,377,000 in the same period in 2021[54]. Revenue Breakdown - Truck transportation services generated revenue of SGD 5,784,089 for the three months ended September 30, 2022, compared to SGD 5,226,542 in 2021, reflecting a growth of 10.65%[19]. - Revenue from truck transportation services rose by approximately SGD 897,000 to SGD 17,045,000, reflecting a growth of about 5.6% due to increased pricing to offset rising diesel costs[45]. - Revenue from consolidation services decreased by approximately SGD 417,000 to about SGD 3,127,000, primarily due to fluctuating customer demand[46]. - The company's revenue for the nine months ended September 30, 2022, increased by approximately SGD 478,000 or about 2.4% to approximately SGD 20,172,000 compared to the same period in 2021[44]. - The company's revenue from warehousing services for the three months ended September 30, 2022, was SGD 948,053, a decrease of 16.76% from SGD 1,138,825 in the same period of 2021[19]. Expenses and Liabilities - Administrative expenses increased by approximately SGD 545,000 or 10.5% to about SGD 5,739,000, driven by higher office maintenance and professional fees[50]. - Financing costs for the nine months ended September 30, 2022, totaled SGD 28,959, a decrease of 66.8% from SGD 87,378 in the same period of 2021[26]. - The company’s total liabilities included bank and other loan interest of SGD 24,818 for the nine months ended September 30, 2022, down from SGD 77,775 in 2021[26]. - As of September 30, 2022, the total employee cost was approximately SGD 7,083,000, a decrease from SGD 7,427,000 in the same period in 2021[60]. Dividend and Equity - The board of directors did not recommend any dividend distribution for the nine months ended September 30, 2022[5]. - The company did not declare any dividends for the nine months ended September 30, 2022[39]. - The total equity as of September 30, 2022, was SGD 17,393,240, down from SGD 21,137,058 as of September 30, 2021[8]. Corporate Governance and Compliance - The financial statements were approved by the board of directors on November 11, 2022[12]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with GEM listing rules[79]. - The company has adopted the principles and code provisions of the corporate governance code as per GEM Listing Rules Appendix 15, with compliance noted for the nine months ending September 30, 2022, except for the separation of roles between the Chairman and CEO[81]. - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and policies adopted by the group and confirmed that the financial performance for the nine months ending September 30, 2022, complies with applicable standards and regulations[85]. Market Conditions and Future Outlook - The company plans to maintain growth in the industry, enhance competitiveness, and expand market share in Singapore, while cautiously approaching expansion plans due to global trade uncertainties[59]. - The ongoing impact of COVID-19 continues to affect the company's operations, with management unable to quantify the full financial impact at this time[78]. - The company continues to monitor market conditions and customer needs to adapt its service offerings accordingly[57]. - The company continues to monitor the evolving COVID-19 situation and assess ongoing developments[78]. Shareholding Structure - As of September 30, 2022, Mr. Cai Jianglin holds 64,605,000 shares, representing 7.74% of the company's total shares[63]. - Ventris Global Limited, controlled by Mr. Cai, owns 58,205,000 shares, accounting for 6.98% of the company[68]. - Mr. Dai Wangfei and Mr. Wang Hufei hold 79,000,000 shares (9.47%) and 209,345,000 shares (25.11%) respectively, as significant shareholders[68]. - The company has granted a total of 74,624,000 stock options, which represents approximately 8.95% of the total issued shares as of September 30, 2022[72]. Other Information - There were no purchases, sales, or redemptions of the company's listed securities during the reporting period[77]. - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the reporting period[75].

Financial Performance - For the six months ended June 30, 2022, the group's total revenue was approximately SGD 13,440,000, an increase of about SGD 112,000 or 0.8% compared to the same period in 2021[4]. - The loss attributable to owners of the company for the six months ended June 30, 2022, was approximately SGD 3,367,000, compared to a loss of approximately SGD 2,536,000 for the same period in 2021[4]. - The gross profit for the six months ended June 30, 2022, was SGD 325,114, a decrease from SGD 763,868 in the same period of 2021[4]. - Customer contract revenue for the six months ended June 30, 2022, was SGD 13,439,564, a slight increase of 0.84% compared to SGD 13,328,175 for the same period in 2021[25]. - Revenue from truck transportation services for the six months ended June 30, 2022, was SGD 11,260,942, up 3.11% from SGD 10,921,367 in the same period of 2021[28]. - Revenue from consolidation services for the six months ended June 30, 2022, decreased by 9.48% to SGD 2,178,622 from SGD 2,406,808 in the same period of 2021[28]. - Other income for the six months ended June 30, 2022, totaled SGD 201,691, a decrease of 62.32% compared to SGD 534,491 in the same period of 2021[36]. - The company's pre-tax loss for the six months ended June 30, 2022, was impacted by various expenses, including employee benefits totaling SGD 4,567,646, slightly down from SGD 4,700,279 in the same period of 2021[38]. - The company reported a loss attributable to owners of SGD 3,367,169 for the six months ended June 30, 2022, compared to a loss of SGD 2,536,495 for the same period in 2021, representing an increase of approximately 32.8%[43]. - The basic and diluted loss per share for the six months ended June 30, 2022, was SGD 0.0041, compared to SGD 0.0039 for the same period in 2021, indicating a decline in performance[43]. - The group recorded a loss of approximately SGD 3,367,000 for the six months ended June 30, 2022, compared to a loss of approximately SGD 2,536,000 for the same period in 2021, an increase in loss of about SGD 831,000[78]. Cash Flow and Assets - The net cash flow used in operating activities for the six months ended June 30, 2022, was SGD (2,951,296), compared to SGD (233,138) for the same period in 2021[16]. - The company reported a net cash and cash equivalents balance of SGD 7,869,446 as of June 30, 2022, down from SGD 10,065,121 at the beginning of the period[16]. - The total assets less current liabilities as of June 30, 2022, amounted to SGD 19,100,350, down from SGD 22,181,488 as of December 31, 2021[11]. - The total equity as of June 30, 2022, was SGD 19,046,133, a decrease from SGD 20,908,963 as of December 31, 2021[11]. - The group had cash and cash equivalents of approximately SGD 7,869,000 as of June 30, 2022, compared to SGD 10,569,000 as of December 31, 2021[80]. - As of June 30, 2022, the group had total assets of approximately SGD 23,516,000, down from SGD 25,759,000 as of December 31, 2021[80]. Expenses and Liabilities - The administrative expenses for the six months ended June 30, 2022, were SGD 3,874,377, compared to SGD 3,772,052 for the same period in 2021[4]. - Financing costs for the six months ended June 30, 2022, were SGD 19,597, a decrease of 68.87% from SGD 62,802 in the same period of 2021[37]. - The total employee cost (including director remuneration) was approximately SGD 5,607,000, a decrease from SGD 6,745,000 for the same period in 2021[91]. - The company's management compensation decreased to SGD 427,838 for the six months ended June 30, 2022, from SGD 523,679 in the same period of 2021, a reduction of approximately 18.3%[62]. - The company's trade payables rose to SGD 1,773,450 as of June 30, 2022, compared to SGD 1,032,651 as of December 31, 2021, indicating an increase of approximately 71.7%[52]. - The total bank loans increased to SGD 1,361,611 as of June 30, 2022, from SGD 1,023,645 as of December 31, 2021, representing a rise of approximately 33%[54]. Corporate Governance - The financial statements were prepared in accordance with International Financial Reporting Standards and applicable disclosure requirements[22]. - The company has adopted a code of conduct for securities trading, confirming compliance by all directors during the six months ended June 30, 2022[123]. - The company has adhered to all provisions of the corporate governance code, with the exception of the separation of the roles of Chairman and CEO[125]. - Mr. Cai Jianglin is both the Chairman and CEO, which the board believes is in the best interest of the group and its shareholders[125]. - The audit committee has been established in compliance with GEM Listing Rules and consists of three independent non-executive directors[128]. - The audit committee reviewed the accounting principles and policies adopted by the group and the consolidated financial statements for the six months ended June 30, 2022[128]. - The performance of the group is in accordance with applicable accounting standards and GEM Listing Rules, with full disclosure made[128]. Market and Operational Insights - The company operates primarily in Singapore, with all revenue generated from this market[28]. - Singapore's GDP is projected to grow by 3% to 5% in 2022, following a 7.6% growth in 2021, indicating a recovering economy[104]. - The company aims to maintain growth in the industry and expand its market share in Singapore through strategic investments in new vehicles and IT systems[105]. - The company remains cautious regarding its expansion plans due to uncertainties in the global trade economy[105]. - The company has not faced significant labor disputes and maintains good relationships with its employees[91]. Investments and Acquisitions - The company did not acquire any assets during the six months ended June 30, 2022, compared to an acquisition of SGD 340,000 in the same period of 2021[47]. - The company purchased 10 Euro 6 compliant trucks and 15 trailers, with plans to continue monitoring the market for further vehicle acquisitions[96]. - The company completed the purchase and renovation of a new office space of approximately 1,000 square feet to accommodate additional employees[95]. - The total amount allocated for enhancing transportation and storage capabilities was HKD 26,062,000, with HKD 10,053,000 utilized by June 30, 2022[102]. - The company has successfully installed customized container tracking and enterprise resource planning systems to enhance its IT capabilities[98]. Shareholder Information - As of June 30, 2022, the total shares held by Mr. Cai Jianglin amounted to 64,605,000, representing 7.74% of the issued share capital[108]. - Ms. Cai Shufen holds 6,400,000 shares, which is 0.77% of the issued share capital[108]. - Ventris Global Limited, wholly owned by Mr. Cai, holds 58,205,000 shares, accounting for 6.98% of the total[118]. - The total number of stock options granted under the share option scheme was 51,200,000, with 74,624,000 options remaining unexercised, representing approximately 8.95% of the issued shares[116]. - The company had no purchases, sales, or redemptions of its listed securities during the six months ended June 30, 2022[122].

Financial Performance - For the three months ended March 31, 2022, the group's revenue was approximately SGD 6,668,000, a decrease of about SGD 424,000 or 6.0% compared to the same period in 2021[6] - The loss attributable to owners of the company for the three months ended March 31, 2022, was approximately SGD 1,733,000, an increase of about SGD 1,287,000 primarily due to a decrease in gross profit and recognition of share-based payments[6] - The gross profit for the three months ended March 31, 2022, was SGD 114,293, down from SGD 487,142 in the same period of 2021[7] - The basic and diluted loss per share for the three months ended March 31, 2022, was SGD 0.0022, compared to SGD 0.0007 for the same period in 2021[7] - The company reported a pre-tax loss of SGD 1,732,592 for the three months ended March 31, 2022, compared to a loss of SGD 446,048 in the same period in 2021[33] - The group recorded a loss of approximately SGD 1,733,000 for the three months ended March 31, 2022, an increase of about SGD 1,287,000 compared to a loss of approximately SGD 446,000 for the same period in 2021[49] Revenue Breakdown - Revenue from truck transportation services for the three months ended March 31, 2022, was SGD 5,552,864, down from SGD 5,782,270 in the same period of 2021[21] - Revenue from consolidation services for the three months ended March 31, 2022, was SGD 1,115,036, compared to SGD 1,310,126 in the previous year[21] - The revenue from truck transportation services decreased by approximately SGD 229,000 to SGD 5,553,000, representing a decline of about 4.0% due to reduced customer demand[42] - The revenue from consolidation services decreased by approximately SGD 195,000 or about 14.9% due to a decrease in business volume[43] Expenses - Administrative expenses increased to SGD 1,964,750 for the three months ended March 31, 2022, compared to SGD 1,244,794 in the previous year[7] - Administrative expenses increased by SGD 720,000 to approximately SGD 1,965,000 for the three months ended March 31, 2022, compared to SGD 1,245,000 for the same period in 2021, mainly due to share-based payments recognized[46] - As of March 31, 2022, the total employee costs, including directors' remuneration, amounted to approximately SGD 3,005,000, compared to SGD 2,826,000 for the same period in 2021[53] Equity and Dividends - The company's total equity as of March 31, 2022, was SGD 20,089,025, a decrease from SGD 19,381,000 as of March 31, 2021[10] - The company did not recommend any dividend distribution for the three months ended March 31, 2022[6] - The company did not recommend any dividend for the three months ended March 31, 2022, consistent with the previous year[36] - The company did not recommend the payment of dividends for the three months ended March 31, 2022, considering overall operational performance and financial condition[74] Other Income and Financing - Total financing costs for the three months ended March 31, 2022, were SGD 10,494, a significant decrease from SGD 37,186 in the same period in 2021[27] - The company received miscellaneous income of SGD 101,882 for the three months ended March 31, 2022, while government subsidies were not recorded during this period[4] - Other income decreased by approximately SGD 221,000 to about 128,000 for the three months ended March 31, 2022, primarily due to government subsidies received during the previous period[45] Corporate Governance and Compliance - The audit committee has reviewed the financial statements for the three months ended March 31, 2022, and confirmed compliance with applicable accounting standards and GEM listing rules[76] - The company has adopted corporate governance practices in line with GEM listing rules, with a noted exception regarding the roles of the chairman and CEO being held by the same individual[73] Share Options and Capital Commitments - The group has implemented a share option scheme to incentivize and reward eligible participants for their contributions[62] - As of March 31, 2022, the total number of stock options granted was 113,664,000, with 74,624,000 options remaining unexercised, representing approximately 9.11% of the company's issued shares[63] - The group has no capital commitments as of March 31, 2022[51] Market Outlook and Strategy - The group aims to enhance overall competitiveness and market share in Singapore, with an estimated GDP growth of 3% to 5% expected for the year[52] - The group continues to monitor global trade economics and engage with customers to understand their needs amid ongoing challenges and uncertainties[52] Shareholder Information - Major shareholders include Wang Hufei with 209,435,000 shares (25.55% ownership), Dai Wangfei with 79,000,000 shares (9.64% ownership), and Ventris Global Limited with 58,205,000 shares (7.10% ownership)[58] COVID-19 Impact - The management is closely monitoring the ongoing COVID-19 situation, which has significantly impacted business operations, although the financial effects remain unquantified[70] - The company has not reported any COVID-19 infections among employees as of the report date[70]

Financial Performance - For the year ended December 31, 2021, the company's revenue slightly decreased by approximately SGD 45,000 or about 0.2% to approximately SGD 26,219,000 compared to the previous year[9]. - The gross profit for the same period decreased by approximately SGD 158,000 to about SGD 1,341,000, resulting in a gross profit margin decline from 5.7% to 5.1% due to intense competition[9]. - The company recorded a net loss of approximately SGD 3,605,000 for the year ended December 31, 2021, compared to a net loss of approximately SGD 811,000 for the year ended December 31, 2020[9]. - Revenue from truck transportation services decreased by approximately SGD 176,000 to SGD 21,497,000, a decline of 0.8%, primarily due to global supply chain disruptions caused by lockdowns[15]. - Revenue from consolidation services increased by 2.9% or approximately SGD 131,000, driven by customer demand for storage space during shipping delays[18]. - Other income decreased from approximately SGD 1,547,000 in 2020 to about SGD 743,000 in 2021, mainly due to reduced government grants during COVID-19[23]. - Administrative expenses increased from approximately SGD 3,978,000 in 2020 to about SGD 5,970,000 in 2021, primarily due to share-based payments[24]. - The group recorded a loss of approximately SGD 3,605,000 for the year ended December 31, 2021, an increase in loss of about SGD 2,794,000 compared to the previous year[26]. Economic Outlook - Singapore's GDP is projected to grow between 3% to 5% in 2022, indicating potential recovery and growth opportunities for the company[10]. - The company expects Singapore's GDP to grow by 3% to 5% in 2022, following a 7.6% growth in 2021, indicating a recovery in the economy[47]. Operational Capacity and Strategy - The company primarily serves logistics service providers in Singapore, transporting goods such as plastic resins, scrap steel, and paper products, which are crucial for import/export activities[8]. - The company has a large fleet capable of handling a significant volume of customer orders, positioning itself as a reliable transportation and consolidation service provider[13]. - The company aims to develop its business pragmatically to achieve the best returns for shareholders[11]. - The management team is continuously monitoring global trade economics and engaging with customers to understand their needs and the market situation[10]. - The company aims to enhance service capacity by purchasing new vehicles and expanding its workforce to meet business growth needs[48]. Corporate Governance - The company has adhered to the corporate governance code from January 1, 2021, to December 31, 2021, except for the separation of roles between the Chairman and the CEO[67]. - All directors confirmed compliance with the trading regulations during the year ending December 31, 2021[68]. - The board consists of six members, including three executive directors and three independent non-executive directors, with attendance rates at board meetings being 100% for most members[75]. - The company is reviewing the effectiveness of its corporate governance structure to assess the necessity of separating the roles of Chairman and CEO[79]. - The board acknowledges its duty to act in the best interests of the group and its shareholders in decision-making processes[84]. - The company has established a dividend policy that considers operational performance, cash flow, and financial condition before declaring dividends[109]. Environmental, Social, and Governance (ESG) Initiatives - The company has established an environmental, social, and governance (ESG) management framework to monitor and report on its ESG performance[124]. - The company has adhered to all "comply or explain" provisions of the ESG reporting guidelines set by the Hong Kong Stock Exchange[122]. - The company aims to continuously improve its business operations and manage significant sustainability-related issues[122]. - The board is responsible for the final approval of the ESG report, which includes key performance indicators related to sustainability[124]. - The company has implemented operational measures to reduce greenhouse gas emissions, focusing on direct emissions from logistics operations and indirect emissions from electricity consumption[138]. - The company has adopted ISO 14001 certified environmental management systems to enhance its reputation as an environmentally friendly enterprise[159]. Employee Welfare and Safety - The total number of full-time employees as of December 31, 2021, is 170, an increase from 166 in 2020, with a turnover rate of 20.7%[165]. - The employee injury rate for the fiscal year 2021 is 0.0034%, a decrease from 0.0160% in 2020, with 15 lost workdays due to injuries[177]. - The company has implemented comprehensive employee benefits, including medical and dental benefits, maternity leave, and accident insurance[172]. - The company has not reported any work-related fatalities in the past three years, indicating a strong safety record[175]. - The employee diversity policy promotes equal opportunities and actively opposes discrimination based on gender, age, race, religion, and sexual orientation[164]. Supplier Management - As of December 31, 2021, the company collaborated with four key suppliers in the port, diesel, tire, and land leasing sectors, all located in Singapore[195]. - The company has established a strict supplier selection process that considers environmental and social risk controls[196]. - The company evaluates its key suppliers based on their compliance with environmental and social standards[199].

Financial Performance - For the nine months ended September 30, 2021, the group's revenue was approximately SGD 19,694,000, an increase of about SGD 229,000 or 1.2% compared to the same period in 2020[5]. - The loss attributable to owners for the nine months ended September 30, 2021, was approximately SGD 3,377,000, compared to a loss of approximately SGD 761,000 for the same period in 2020, reflecting a difference of approximately SGD 2,616,000 primarily due to government grants received and a decrease in share option expenses[6]. - The gross profit for the nine months ended September 30, 2021, was SGD 1,217,161, compared to SGD 1,194,114 for the same period in 2020, indicating a slight increase in profitability[7]. - The total comprehensive loss for the nine months ended September 30, 2021, was SGD 3,376,840, compared to SGD 760,955 for the same period in 2020[7]. - The basic and diluted loss per share for the nine months ended September 30, 2021, was SGD 0.0049, compared to SGD 0.0012 for the same period in 2020[7]. - The administrative expenses for the nine months ended September 30, 2021, were SGD 5,193,739, an increase from SGD 3,093,488 for the same period in 2020[7]. - The company did not recommend any dividend for the nine months ended September 30, 2021[6]. - Other income for the nine months ended September 30, 2021, was SGD 687,116, down 43.6% from SGD 1,220,002 in the same period of 2020[24]. - The company recorded an unaudited loss of approximately SGD 3,377,000 for the nine months ended September 30, 2021, compared to an unaudited loss of approximately SGD 761,000 for the same period in 2020[52]. - Basic and diluted loss per share for the nine months ended September 30, 2021, was SGD (0.0049), compared to SGD (0.0012) in the same period of 2020[31]. Revenue Breakdown - For the three months ended September 30, 2021, total revenue was SGD 6,365,367, a slight decrease of 0.3% compared to SGD 6,385,840 in the same period of 2020[21]. - For the nine months ended September 30, 2021, total revenue increased to SGD 19,693,542, representing a growth of 1.2% from SGD 19,465,244 in the same period of 2020[21]. - Truck transportation services generated revenue of SGD 5,226,542 for the three months ended September 30, 2021, compared to SGD 5,258,110 in 2020, indicating a decrease of 0.6%[21]. - Revenue from truck transportation services rose by approximately SGD 215,000 to SGD 16,148,000, reflecting an increase of about 1.3% due to the recovery of the global economy and an increase in customer numbers[40]. - Revenue from consolidation services increased by approximately SGD 14,000 to about SGD 3,546,000, with demand primarily from freight forwarders and global logistics companies[41]. Cost and Expenses - The company’s financing costs for the nine months ended September 30, 2021, were SGD 87,378, compared to SGD 41,965 for the same period in 2020[7]. - The financing costs for the three months ended September 30, 2021, totaled SGD 24,576, an increase of 74.1% from SGD 14,121 in the same period of 2020[25]. - Administrative expenses increased by approximately SGD 2,101,000 or 67.9% to about SGD 5,194,000, mainly due to stock option expenses recognized during the period[50]. - The company incurred a foreign exchange loss of SGD 58,556 for the three months ended September 30, 2021, compared to a loss of SGD 102,170 in the same period of 2020[26]. Employee and Workforce - As of September 30, 2021, the total employee cost for the nine months was approximately SGD 7,427,000, compared to SGD 7,052,000 for the same period in 2020, reflecting an increase of about 5.3%[57]. - As of September 30, 2021, the group had a total of 161 employees, with local employees eligible for discretionary bonuses based on performance[57]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and policies adopted by the group and believes the financial performance complies with applicable accounting standards and regulations[79]. - The company has adopted a code of conduct for securities trading by directors, confirming compliance for the nine months ended September 30, 2021[74]. - The company has adhered to the corporate governance code principles, with one exception regarding the roles of the chairman and CEO being held by the same individual[76]. - The board will continue to review the effectiveness of the corporate governance structure to assess the necessity of separating the roles of chairman and CEO[76]. Future Plans and Challenges - The group plans to enhance service capacity by purchasing new vehicles and expanding its workforce to meet business growth needs[56]. - The group has a cautious approach towards its expansion plans due to global trade economic uncertainties[56]. - The ongoing impact of COVID-19 on the company's operations remains uncertain, with management unable to quantify the full financial effects at this time[73]. - The group faced unprecedented challenges due to the COVID-19 pandemic, impacting overall business operations and market conditions in Singapore[56]. - The group aims to strengthen its IT systems as part of its future plans outlined in the prospectus[56]. Shareholder Information - The group’s major shareholders include Ventris Global Limited with 58,205,000 shares (7.45%) and Wang Hufei with 203,340,000 shares (26.04%) as of September 30, 2021[63]. - The group has granted a total of 64,000,000 share options under the share option scheme, with 51,200,000 options remaining unexercised as of September 30, 2021[67]. Assets and Liabilities - As of September 30, 2021, the group reported a total equity of SGD 21,137,058[10]. - As of September 30, 2021, the total performance guarantees provided by financial institutions and insurance companies amounted to SGD 660,000[54]. - As of September 30, 2021, the group had properties with a total book value of approximately SGD 864,590 mortgaged as collateral for bank loans[71].

Financial Performance - Total revenue for the six months ended June 30, 2021, was approximately SGD 13,328,000, an increase of about SGD 249,000 or 1.9% compared to the same period in 2020[6] - The loss attributable to owners for the six months ended June 30, 2021, was approximately SGD 2,536,000, compared to a loss of SGD 579,000 for the same period in 2020, primarily due to decreased profitability and increased office expenses[6] - The gross profit for the six months ended June 30, 2021, was SGD 763,868, a decrease from SGD 803,481 in the same period of 2020[7] - The basic and diluted loss per share for the six months ended June 30, 2021, was SGD (0.0039), compared to SGD (0.0009) for the same period in 2020[7] - The company reported a pre-tax loss of SGD 2,536,495 for the six months ended June 30, 2021, compared to a loss of SGD 559,316 in the same period of 2020, indicating a significant increase in losses[16] - Cash generated from operating activities was negative SGD 233,138 for the six months ended June 30, 2021, down from positive SGD 1,296,333 in the same period of 2020[16] - The overall gross profit decreased from approximately SGD 803,000 for the six months ended June 30, 2020, to approximately SGD 764,000 for the same period in 2021, resulting in a gross profit margin decline from about 6.1% to 5.7%[77] - Other income decreased by approximately SGD 245,000 to about SGD 534,000, primarily due to reduced government subsidies and lower foreign exchange gains[81] - The group recorded a loss of approximately SGD 2,536,000 for the six months ended June 30, 2021, compared to a loss of approximately SGD 579,000 for the same period in 2020[84] Expenses and Liabilities - Administrative expenses increased to SGD 3,772,052 for the six months ended June 30, 2021, compared to SGD 2,114,431 for the same period in 2020[7] - The company incurred capital expenditures of SGD 340,000 for property, plant, and equipment during the six months ended June 30, 2021, compared to SGD 47,000 in the same period of 2020[16] - The total amount utilized from the IPO proceeds as of June 30, 2021, was HKD 25,308,000, with HKD 17,808,000 remaining unutilized[106] - The total loans and borrowings decreased from SGD 5,748,932 in 2020 to SGD 4,668,242 in 2021, reflecting a reduction in both current and non-current liabilities[58] - Trade receivables decreased to SGD 3,410,464 as of June 30, 2021, from SGD 4,494,439 as of December 31, 2020[48] - Trade payables were SGD 373,931 as of June 30, 2021, down from SGD 1,244,185 as of December 31, 2020[53] - The company reported a total of SGD 801,792 in other payables and accrued expenses as of June 30, 2021, down from SGD 1,227,884 as of December 31, 2020[54] Assets and Equity - The total assets less current liabilities as of June 30, 2021, amounted to SGD 25,425,104, compared to SGD 24,678,291 as of December 31, 2020[11] - Non-current assets totaled SGD 11,091,210 as of June 30, 2021, down from SGD 11,881,024 as of December 31, 2020[10] - Current liabilities decreased to SGD 2,342,318 as of June 30, 2021, from SGD 4,105,675 as of December 31, 2020[10] - The total equity as of June 30, 2021, was SGD 21,343,822, an increase from SGD 19,827,048 as of December 31, 2020[11] - As of June 30, 2021, the group had total assets of approximately SGD 27,767,000, with a current ratio of about 7.1 times[87] - The group had cash and cash equivalents of approximately SGD 12,489,000 as of June 30, 2021, an increase from SGD 11,644,000 as of December 31, 2020[87] Revenue Segments - Customer contract revenue for the six months ended June 30, 2021, was SGD 13,328,175, a slight increase from SGD 13,079,404 in the same period of 2020, reflecting a growth of approximately 1.9%[26] - The logistics segment, which includes truck transportation services, generated revenue of SGD 10,921,367 for the six months ended June 30, 2021, compared to SGD 10,674,976 in the same period of 2020, representing an increase of approximately 2.3%[28] - Revenue from truck transportation services rose by approximately SGD 246,000 to SGD 10,921,000, reflecting a growth rate of about 2.3% due to increased customer demand driven by global economic recovery[75] Shareholder Information - The company issued 128,000,000 shares on June 21, 2021, increasing the total issued and paid-up shares to 768,000,000 as of June 30, 2021[62] - As of June 30, 2021, the total number of shares held by Mr. Cai Jianglin and Ms. Cai Shufen is 64,605,000, representing 8.41% of the issued share capital[116] - Mr. Cai Jianglin and Ms. Cai Shufen each hold 6,400,000 share options granted on May 21, 2021, with an exercise price of HKD 0.285[120] - Ventris Global Limited, wholly owned by Mr. Cai Jianglin, holds 58,205,000 shares, representing 7.58% of the company[121] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with GEM listing rules and corporate governance codes[129] - The board of directors includes two executive directors and three independent non-executive directors, ensuring a balanced governance structure[129] - The company has adopted a code of conduct for securities trading, confirming compliance by all directors during the six months ending June 30, 2021[126] - The company has adhered to all principles of the corporate governance code, with an exception regarding the roles of the Chairman and CEO being held by the same individual[127] Operational Developments - The company continues to focus on expanding its logistics services in Singapore, with all revenue generated from this market[28] - The company has completed the installation of a customized container tracking system and an enterprise resource planning system to strengthen its IT infrastructure[100] - The company has acquired a new office space of approximately 1,000 square feet to accommodate additional employees[100] - The company has expanded its workforce by hiring a financial director, multiple financial supervisors, and three operational staff, in addition to 27 experienced truck drivers[100] Economic Context - The Singapore economy contracted by 2% in Q2 2021 due to renewed COVID-19 restrictions, but is expected to recover as vaccination rates increase[71] - The company aims to maintain growth in the industry and enhance overall competitiveness, with a projected GDP growth of 4% to 6% for Singapore in 2021[113] - The company continues to monitor global trade conditions and customer needs to adapt to potential economic fluctuations[113]

Financial Performance - For the three months ended March 31, 2021, the group's revenue was approximately SGD 7,092,000, an increase of about SGD 671,000 or 10.5% compared to SGD 6,421,115 for the same period in 2020[5] - The gross profit for the same period was SGD 487,142, compared to SGD 308,367 in the previous year, indicating a significant improvement[6] - The loss attributable to owners of the company for the three months ended March 31, 2021, was approximately SGD 446,000, an improvement of about SGD 182,000 from a loss of SGD 627,893 in the same period of 2020[5] - The company’s basic and diluted loss per share for the period was SGD 0.0007, compared to SGD 0.0010 in the previous year[6] - The company reported a pre-tax loss of SGD 446,048 for the three months ended March 31, 2021, compared to a loss of SGD 627,893 in the same period in 2020[34] - The group recorded a loss of approximately SGD 446,000 for the three months ended March 31, 2021, a reduction of about SGD 182,000 from a loss of approximately SGD 628,000 in the previous year[53] Revenue Breakdown - Revenue from the trucking services segment was SGD 5,782,270, up from SGD 5,149,880 in the previous year, while revenue from the consolidation services segment was SGD 1,310,126, compared to SGD 1,271,235 in 2020[20] - Revenue from truck transportation services rose by approximately SGD 632,000 to SGD 5,782,000, representing a growth of about 12.3% due to increased customer demand driven by global economic recovery[41] - Revenue from consolidation services increased by approximately 3.1% or about SGD 39,000, attributed to higher business volume from customers requiring storage space for containers[42] Dividends and Equity - The company did not recommend any dividend distribution for the three months ended March 31, 2021[5] - The total equity as of March 31, 2021, was SGD 19,381,000, down from SGD 20,010,565 as of March 31, 2020[9] - The company did not declare any dividends for the three months ended March 31, 2021, consistent with the previous year[35] - The company did not recommend the payment of dividends for the three months ended March 31, 2021, considering overall operational performance, financial condition, and funding needs[78] Costs and Expenses - The company’s financing costs increased to SGD 37,186 from SGD 14,113 in the previous year[6] - The interest expense on bank borrowings increased significantly to SGD 33,387 from SGD 2,963 in the prior year, contributing to a total financing cost of SGD 37,186 compared to SGD 14,113 in 2020[25] - The total employee benefits, excluding directors' remuneration, increased to SGD 2,584,289 from SGD 2,203,403 in the same period last year[27] - The total employee costs for the three months ended March 31, 2021, amounted to approximately SGD 2,826,000, compared to SGD 2,528,000 for the same period last year[59] - Administrative expenses remained relatively stable at approximately SGD 1,245,000 compared to SGD 1,197,000 for the same period last year[51] Government Support and Subsidies - The company received government subsidies amounting to SGD 309,976 for the three months ended March 31, 2021, compared to SGD 60,182 in the same period in 2020[24] - Other income rose from approximately SGD 275,000 to about SGD 349,000, mainly attributed to government subsidies under the job support scheme during COVID-19[50] Operational Strategy and Market Focus - All revenue was generated from the Singapore market, indicating a focused operational strategy[20] - The group aims to enhance overall competitiveness and market share in Singapore, with GDP growth estimated to remain between 4% and 6%[58] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the three months ended March 31, 2021, and found them compliant with applicable accounting standards and regulations[80] - The company has adopted corporate governance practices in line with GEM listing rules, with a noted exception regarding the roles of the Chairman and CEO being held by the same individual[77] - The board of directors confirmed compliance with the trading rules for directors as of March 31, 2021[76] COVID-19 Impact - The company is closely monitoring the ongoing COVID-19 situation, which has significantly impacted its business operations, although the financial impact remains unquantified[74] - The company has not identified any COVID-19 infections among employees as of the report date[74]

Financial Performance - The group's revenue for the year ended December 31, 2020, decreased by approximately SGD 2,485,000 or about 8.6% to approximately SGD 26,264,000 compared to the previous year[11]. - The gross profit for the year ended December 31, 2020, decreased by approximately SGD 1,749,000 to approximately SGD 1,499,000, with a gross profit margin dropping from 11.3% to 5.7%[11]. - The group recorded a loss of approximately SGD 811,000 for the year ended December 31, 2020, compared to a loss of approximately SGD 980,000 for the previous year[11]. - Revenue from truck transportation services decreased by approximately SGD 2,807,000 to SGD 21,673,000, representing a decline of 11.5% due to reduced demand from clients amid COVID-19[17]. - Revenue from consolidation services increased by 7.5% or approximately SGD 322,000, driven by the need for storage space for containers during shipping delays[19]. - Overall gross profit decreased from approximately SGD 3,248,000 for the year ended December 31, 2019, to approximately SGD 1,499,000 for the year ended December 31, 2020, with a gross profit margin dropping from 11.3% to 5.7%[20]. - Other income increased by approximately SGD 1,454,000 to about SGD 1,547,000, primarily due to government subsidies received during COVID-19[24]. Economic Context - Singapore's economy contracted by 5.4% in 2020 due to the impact of COVID-19, affecting the logistics services sector[10]. - The economic outlook for Singapore in 2021 anticipates GDP growth of 4% to 6%[12]. - The group faces ongoing challenges and uncertainties in the upcoming year as it adapts to the evolving economic landscape[12]. Management and Governance - The management expresses gratitude to shareholders, business partners, suppliers, and customers for their continued support during the challenging year[13]. - The company has a strong management team with over 17 years of experience in the transportation and storage industry, led by Executive Director Ms. Cai Shufen[53]. - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring effective governance[69]. - The company has adhered to the corporate governance code from January 1, 2020, to December 31, 2020, with a commitment to stakeholder interests[62]. - The company has implemented a non-competition agreement with its controlling shareholders to protect its business interests in the logistics sector[64]. - The independent non-executive directors have confirmed compliance with the non-competition agreement, ensuring adherence to corporate governance practices[68]. - The company has a dedicated compliance officer to oversee regulatory adherence and corporate governance standards[60]. Operational Developments - The company purchased 10 Euro 6 compliant trucks and 10 trailers, with a total allocation of approximately HKD 26,062,000 for vehicle upgrades[38]. - The company has completed the installation of a customized container tracking system and an enterprise resource planning system[38]. - The company plans to purchase a new office space of approximately 1,000 square feet to accommodate additional employees, with a budget of HKD 2,619,000[41]. - The company has allocated HKD 17,239,000 remaining for vehicle purchases to enhance transportation and storage capabilities[42]. - The company continues to monitor market conditions to determine the timing for purchasing additional vehicles[41]. - The company aims to maintain growth in the industry and expand its market share in Singapore through strategic initiatives[45]. Employee and Workplace Safety - The employee turnover rate for the year was 8.4%, indicating a stable workforce compared to previous years[162]. - The company employed a total of 166 full-time employees as of December 31, 2020, down from 170 in 2019[162]. - The company has maintained a work injury rate of 0.0235% in 2018, 0.0155% in 2019, and 0.0160% in 2020, indicating a positive trend in workplace safety[174]. - The total number of lost workdays due to injuries was 80 in 2018, 70 in 2019, and 72 in 2020, reflecting effective safety measures[174]. - The company has not experienced any work-related fatalities in the past three years, demonstrating a strong commitment to employee safety[172]. - The company has implemented comprehensive COVID-19 safety measures, including regular disinfection, flexible working arrangements, and mandatory mask-wearing[175][180]. Environmental, Social, and Governance (ESG) Initiatives - The ESG committee is responsible for implementing the company's ESG initiatives and monitoring performance, with the board of directors ultimately accountable for the ESG report[120]. - The company has established a systematic management approach to assess and manage significant ESG-related issues, including stakeholder communication and internal evaluations[124]. - The company aims to continuously improve its ESG performance and create greater value for the broader community[126]. - The company has implemented operational measures to reduce greenhouse gas emissions, focusing on direct emissions from logistics operations and indirect emissions from electricity consumption and paper usage[134]. - The company aims to achieve cumulative reduction targets for diesel (1%), electricity (1.5%), and water (1.5%) by 2025, with incremental annual targets set for each year[145]. - The company has maintained compliance with significant environmental regulations, including the Environmental Protection Management Act and the Hazardous Waste Act in Singapore[138]. - The company has adopted digital office practices to minimize paper usage and has implemented regular vehicle maintenance to ensure compliance with national emission standards[135]. Compliance and Risk Management - The company has engaged an independent internal control consultant to review its internal control systems and risk management processes[106]. - The risk management and internal control systems are deemed effective and adequate based on the independent consultant's report[109]. - The company has established a risk management system in place to identify and mitigate workplace hazards, contributing to overall employee well-being[177]. - The company has complied with all relevant laws and regulations regarding workplace safety and employee protection during the reporting period[177]. Stakeholder Engagement - Key stakeholders include government agencies, investors, employees, customers, suppliers, and the community, with various communication channels established to address their concerns[126]. - The company is committed to providing accurate and timely information regarding its financial and operational performance to shareholders and investors[111]. - The board will ensure timely and fair disclosure of inside information to maintain market fairness and transparency[113].

8430_C&N_3Q20_CR_OP.pdf 1 11/11/2020 9:31 AM 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位是為投資風險可能較主板其他上市公司為高的中小型公司而設的市場。有意 投資者應瞭解投資於該等公司的潛在風險，並須經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司通常為中小型公司，在GEM買賣的證券可能會較在主板買賣的證券承 受較高市場波動風險，而且無法保證在GEM買賣的證券將會有具流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本報告之全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 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 春能控股有限公司（「本公司」）的資料；本公司之各董事（「董事」）願就本報告的資料共同 及個別地承擔全部責任，並在作出一切合理查詢後，確認就其所知及所信，(1)本報告所 載資料在各重要方面均屬準確完備，沒有誤導或欺詐成分，及(2)概無遺漏任何事項，足 以令致本報告或其所載任何陳述產生誤導 ...

Financial Performance - For the six months ended June 30, 2020, the total revenue of C&N Holdings Limited was approximately SGD 13,079,000, a decrease of about SGD 1,108,000 or 7.8% compared to the same period in 2019[5]. - The loss attributable to owners of the company for the six months ended June 30, 2020, was approximately SGD 579,000, compared to a loss of SGD 947,000 for the same period in 2019[5]. - The gross profit for the six months ended June 30, 2020, was SGD 803,481, down from SGD 1,341,834 in the same period of 2019, reflecting a decline in sales and gross margin due to global uncertainties[6]. - Total revenue for the six months ended June 30, 2020, was SGD 13,079,404, down from SGD 14,187,322 in 2019, reflecting a decrease of 7.8%[25]. - The truck transportation segment generated revenue of SGD 10,674,976 for the six months ended June 30, 2020, compared to SGD 11,957,334 in 2019, a decline of 10.7%[27]. - Revenue from truck transportation services decreased by approximately SGD 1,282,000 to SGD 10,675,000, a decline of about 10.7% due to unfavorable trade economic outlook and port closures[63]. - Revenue from consolidation services increased by 7.8% or approximately SGD 174,000, indicating a shift in customer demand for storage services during shipping delays[64]. - Overall gross profit decreased from approximately SGD 1,342,000 for the six months ended June 30, 2019, to approximately SGD 803,000 for the same period in 2020[67]. - The overall gross profit margin fell from approximately 9.5% to 6.1% during the same periods[67]. Assets and Liabilities - The total assets less current liabilities as of June 30, 2020, amounted to SGD 21,381,463, a decrease from SGD 21,928,423 as of December 31, 2019[10]. - The net asset value of the company as of June 30, 2020, was SGD 20,059,302, down from SGD 20,638,458 as of December 31, 2019[10]. - Trade receivables as of June 30, 2020, were SGD 4,452,553, a slight decrease from SGD 4,717,865 as of December 31, 2019[9]. - The group reported a total of SGD 1,417,036 in other payables and accrued expenses as of June 30, 2020, an increase of 45.2% from SGD 976,017 at the end of 2019[49]. - Total liabilities decreased from SGD 2,406,795,000 as of December 31, 2019, to SGD 1,794,259,000 as of June 30, 2020[15]. - The company has secured bank loans backed by properties valued at SGD 921,697,000 as of June 30, 2020[56]. Cash Flow and Financing - The company reported other income of SGD 779,478 for the six months ended June 30, 2020, compared to SGD 77,989 in the same period of 2019, indicating a significant increase in other income sources[6]. - The company’s financing costs decreased to SGD 27,844 for the six months ended June 30, 2020, from SGD 56,704 in the same period of 2019[6]. - Operating cash flow for the six months ended June 30, 2020, was SGD 1,296,333, compared to SGD 842,581 for the same period in 2019, indicating a 53.8% increase[15]. - The company recorded a net cash outflow from investing activities of SGD 29,000 for the six months ended June 30, 2020, compared to a net inflow of SGD 379,982 in the same period of 2019[15]. - Cash and cash equivalents increased to SGD 6,770,081 as of June 30, 2020, from SGD 6,566,132 at the beginning of the period, marking a net increase of 3.1%[17]. Employee and Operational Costs - Employee benefits, excluding directors' remuneration, decreased to SGD 4,291,749 for the six months ended June 30, 2020, down 12.7% from SGD 4,919,503 in 2019[37]. - The total employee cost for the six months ended June 30, 2020, was approximately SGD 4,823,000, down from approximately SGD 5,309,000 for the same period in 2019[85]. - The group incurred depreciation of property, plant, and equipment amounting to SGD 829,889 for the six months ended June 30, 2020, a decrease of 24.1% from SGD 1,093,659 in 2019[35]. - Administrative expenses decreased by approximately SGD 201,000 or 8.7% from approximately SGD 2,315,000 for the six months ended June 30, 2019, to approximately SGD 2,114,000 for the six months ended June 30, 2020[71]. Shareholder Information - As of June 30, 2020, the company’s major shareholder, Mr. Cai Jianglin, holds approximately 50.78% of the shares through Ventris Global Limited[97]. - As of June 30, 2020, Ventris Global Limited holds approximately 325,000,000 shares, representing 50.78% of the company's equity[100]. - Dai Wangfei owns 79,000,000 shares, accounting for 12.34% of the company's equity[100]. Future Plans and Challenges - The company continues to face challenges due to the COVID-19 pandemic, impacting overall economic conditions and market status in Singapore[95]. - Future plans include maintaining industry growth, enhancing service capacity through new vehicle purchases, and expanding the workforce to meet business needs[95]. - The company remains cautious regarding its expansion plans due to uncertainties in global trade economics[95]. Governance and Compliance - The audit committee consists of three independent non-executive directors and has reviewed the financial statements for the six months ending June 30, 2020, ensuring compliance with applicable accounting standards[112]. - The company has adopted a code of conduct for securities trading, confirming compliance by all directors for the six months ending June 30, 2020[109]. - The company has adhered to the corporate governance code, with the exception of the separation of the roles of chairman and CEO, which is deemed appropriate under current circumstances[110]. - The company has established an audit committee to oversee financial reporting and internal control systems, ensuring transparency and accountability[112].