Financial Performance - For the six months ended June 30, 2019, the company reported revenue of SGD 9,457,000, a decrease of 1.5% compared to SGD 9,596,000 for the same period in 2018[13] - Gross profit for the same period was SGD 6,888,000, down from SGD 7,304,000, reflecting a decline of approximately 5.7% year-over-year[13] - The company incurred a loss before tax of SGD 1,280,000, compared to a loss of SGD 1,377,000 in the previous year, indicating a slight improvement in performance[13] - The net loss for the period was SGD 1,306,000, which is a 9.7% improvement from the net loss of SGD 1,446,000 in the prior year[13] - Basic loss per share for the period was SGD (0.26), an improvement from SGD (0.29) in the previous year[13] - The group reported a loss before tax of SGD 1,280,000 for the six months ended June 30, 2019, compared to a loss of SGD 1,446,000 for the same period in 2018, indicating an improvement of about 11.5%[42] - Basic loss per share for the six months ended June 30, 2019, was 0.26 Singapore cents, compared to a loss of 0.29 Singapore cents for the same period in 2018, showing a reduction in loss per share[46] - The company recorded a loss of approximately SGD 1.31 million for the six months ended June 30, 2019, compared to a loss of SGD 1.45 million for the same period in 2018[87] Revenue Breakdown - Revenue for the restaurant business was SGD 7,039,000 for the six months ended June 30, 2019, compared to SGD 7,166,000 for the same period in 2018, representing a decrease of approximately 1.77%[33] - Revenue from the artisanal bakery segment was SGD 2,402,000 for the six months ended June 30, 2019, slightly down from SGD 2,416,000 in 2018, a decrease of about 0.58%[33] - Total revenue for the group was SGD 9,457,000 for the six months ended June 30, 2019, compared to SGD 9,596,000 in 2018, reflecting a decline of approximately 1.45%[39] Expenses and Costs - Employee benefits expenses increased to SGD 3,512,000 from SGD 3,138,000, reflecting a rise of approximately 12%[13] - Cost of goods sold increased by approximately SGD 0.28 million or 12.1% to SGD 2.57 million for the six months ended June 30, 2019, mainly due to rising raw material costs[80] - Employee costs (excluding directors and key management personnel remuneration) increased to SGD 3,201,000 for the six months ended June 30, 2019, from SGD 2,891,000 in 2018, an increase of approximately 10.73%[42] - Rental and related expenses significantly decreased by SGD 1.50 million or 64.0% to SGD 0.85 million for the six months ended June 30, 2019, due to the adoption of IFRS 16[84] - The overall finance costs increased by SGD 165,000 to approximately SGD 223,000 for the six months ended June 30, 2019, primarily due to the recognition of lease-related depreciation[86] Assets and Liabilities - Total non-current assets amounted to SGD 9,306,000, while current assets totaled SGD 9,792,000, resulting in a net current asset value of SGD 3,103,000[16] - The company reported a total loss for the period of SGD 1,325,000, with retained earnings showing a cumulative loss of SGD 6,283,000[19] - Cash and cash equivalents decreased by SGD 3,007,000, ending the period at SGD 6,179,000[22] - The company’s total liabilities included current liabilities of SGD 6,689,000 and non-current liabilities of SGD 2,771,000[16] - The company’s total assets less current liabilities stood at SGD 12,409,000, compared to SGD 11,109,000 previously[16] - Trade receivables decreased to SGD 314,000 as of June 30, 2019, from SGD 460,000 as of December 31, 2018, representing a decline of 31.65%[52] - Other receivables increased significantly to SGD 1,850,000 as of June 30, 2019, compared to SGD 243,000 as of December 31, 2018, marking a growth of 661.74%[52] - Trade payables rose to SGD 1,129,000 as of June 30, 2019, from SGD 1,025,000 as of December 31, 2018, an increase of 10.13%[57] - Total borrowings decreased to SGD 892,000 as of June 30, 2019, from SGD 1,121,000 as of December 31, 2018, a reduction of 20.43%[63] Cash Flow - Operating activities generated a net cash inflow of SGD 476,000, while investing and financing activities resulted in cash outflows of SGD 1,615,000 and SGD 1,868,000 respectively[23] - As of June 30, 2019, the net cash flow used in investing activities was SGD 1.62 million, primarily from the purchase of property, plant, and equipment amounting to SGD 0.22 million and loans to third parties totaling SGD 1.40 million[90] - The net cash flow used in financing activities was SGD 1.87 million, with SGD 0.41 million for repaying bank loans and finance leases, and SGD 1.46 million for lease liabilities under IFRS 16 adopted on January 1, 2019[90] - Cash and bank balances as of June 30, 2019, were approximately SGD 6.18 million, down from SGD 9.19 million as of December 31, 2018[89] Corporate Governance and Shareholder Information - The company has not entered into any related party transactions during the six months ending June 30, 2019, indicating a focus on maintaining transparency and governance[129] - The board believes that having the same individual serve as both chairman and CEO provides benefits in ensuring internal leadership and effective strategic planning[134] - The company has committed to high standards of corporate governance, with the board continuously reviewing the separation of the roles of chairman and CEO as appropriate[134] - The board confirms that there are no interests in competing businesses held by directors or controlling shareholders as of June 30, 2019, ensuring alignment with the company's business objectives[135] - The board does not recommend the payment of any interim dividend for the six months ended June 30, 2019, consistent with the previous year[139] - There were no significant investments, acquisitions, or disposals by the group from the listing date to June 30, 2019[140] Strategic Initiatives - The company is focused on improving operational efficiency and exploring new market opportunities to enhance future performance[13] - The company plans to expand its market share in Singapore and Malaysia by enhancing its existing restaurant operations and increasing employee training[75] - The company has initiated the upgrade of its information technology systems for restaurants and retail stores[118] - The company has confirmed a new office to centralize headquarters functions and is in discussions for new restaurant locations[115] - The company opened two new restaurants under the "MASA by Black Society" brand within a month, with the first opening on June 22, 2019, and the second on July 22, 2019[78] Share Capital and Equity - The company’s share capital remained at SGD 869,000 throughout the period[19] - The total equity of the company as of June 30, 2019, was SGD 9,638,000, down from SGD 10,963,000 at the beginning of the year[19] - As of June 30, 2019, major shareholders and other individuals (not directors or senior management) hold a total of 93,000,000 shares, representing 18.6% of the company's shares[127] - As of June 30, 2019, Ms. Liu Wan-Zhen holds a beneficial interest in 282,000,000 shares, representing 56.4% of the company's shares, while Mr. Cai Da controls 93,000,000 shares, accounting for 18.6%[123]

Financial Performance - Revenue for the first quarter was SGD 4.897 million, a decrease of 1.3% from SGD 4.962 million in the same period last year[13] - Gross profit for the first quarter was SGD 3.582 million, down from SGD 3.818 million, reflecting a decline of 6.2% year-on-year[13] - The company reported a loss before tax of SGD 0.308 million, an improvement from a loss of SGD 0.390 million in the previous year[13] - The net loss for the period was SGD 0.321 million, compared to a net loss of SGD 0.438 million in the same quarter last year, indicating a 26.7% reduction in losses[13] - Basic loss per share for the first quarter was SGD (0.07), an improvement from SGD (0.11) in the same period last year[13] Expenses - Employee benefits expenses increased to SGD 1.656 million from SGD 1.543 million, representing a rise of 7.4% year-on-year[13] - The cost of goods sold was SGD 1.315 million, up from SGD 1.144 million, reflecting a 14.9% increase compared to the previous year[13] - Marketing and advertising expenses were SGD 0.020 million, slightly up from SGD 0.018 million, indicating a 11.1% increase[13] - Other expenses increased from approximately SGD 0.34 million to SGD 0.67 million, primarily due to increased costs associated with the listing[53] Income and Gains - Other income and gains increased to SGD 0.106 million from SGD 0.064 million, showing a growth of 65.6% year-on-year[13] - The company received government grants amounting to SGD 85,000 during the reporting period, an increase from SGD 63,000 in the previous year[30] Tax and Dividends - The estimated tax expense for the period was SGD 13,000, down from SGD 48,000 in the previous year, indicating a reduction of 72.9%[38] - The company did not recommend any interim dividend for the three months ended March 31, 2019, consistent with the previous year[39] Business Operations - The company continues to focus on its core businesses in Singapore and Malaysia, with no new product launches or significant market expansions reported during this period[21] - The restaurant business generated revenue of SGD 3,694,000, while the bakery segment contributed SGD 1,151,000 from sales of bread and pastry products[30] - The company plans to open a new dim sum café under the Black Society brand in Singapore, with the lease signed at Orchard Gateway Shopping Mall[47] - The company is currently negotiating rental terms for a new restaurant under the Central Hong Kong Café brand[66] - The company is actively seeking suitable locations to open new franchise operations for the "Greyhound Café" brand[68] Corporate Governance - The company is committed to high standards of corporate governance, although the roles of chairman and CEO are held by the same individual[88] - The company has implemented a code of conduct for securities trading by directors, ensuring compliance with the GEM Listing Rules[87] - The audit committee, consisting of independent non-executive directors, reviewed the unaudited first-quarter results for the three months ended March 31, 2019[92] Shareholder Information - As of March 31, 2019, the company’s executive director and CEO, Ms. Liu, holds a beneficial interest in 282,000,000 shares, representing 56.4% of the company[75] - Mr. Cai, a non-executive director, controls a corporation that holds 93,000,000 shares, accounting for 18.6% of the company[76] - The weighted average number of ordinary shares increased to 490,625,000 in 2019 from 387,500,000 in 2018, reflecting a 26.5% increase[41] - As of March 31, 2019, there are no interests held by directors or major shareholders in any competing businesses[90] Financial Reporting - The financial statements were prepared in accordance with International Financial Reporting Standards, ensuring compliance and accuracy in reporting[23] - The company adopted a share option scheme on April 4, 2018, with no options having lapsed, granted, exercised, or cancelled by March 31, 2019[86] - There were no purchases, sales, or redemptions of the company's listed securities during the three months ending March 31, 2019[85] - The company has not entered into any related party transactions during the three months ending March 31, 2019[84]

Financial Performance - The group's revenue for the year ended December 31, 2018, decreased by SGD 0.55 million or 3% to approximately SGD 19.14 million compared to SGD 19.69 million for the year ended December 31, 2017[14]. - The group recorded a loss of approximately SGD 2.52 million for the year ended December 31, 2018, compared to a loss of SGD 2.26 million for the previous year, primarily due to listing-related expenses of approximately SGD 1.57 million and SGD 3.16 million for the respective years[14]. - Excluding non-recurring listing expenses, the group would have recorded a loss of approximately SGD 0.95 million for 2018 and a profit of SGD 0.90 million for 2017[14]. - Revenue for the year ended December 31, 2018, decreased by approximately SGD 0.55 million or 3% to about SGD 19.14 million from approximately SGD 19.69 million for the year ended December 31, 2017[27]. - Other income increased significantly by approximately SGD 0.13 million or 90% to about SGD 0.27 million for the year ended December 31, 2018, primarily due to the reversal of a deposit related to a guarantee to the landlord[28]. - Cost of goods sold increased by approximately SGD 0.35 million or 8% to about SGD 4.95 million for the year ended December 31, 2018, mainly due to rising raw material costs[29]. - Employee benefits expenses rose by approximately SGD 0.72 million or 12% to about SGD 6.61 million for the year ended December 31, 2018, due to one-time bonuses and additional staff costs from the opening of Central (NP) in Singapore[30]. - Rental and related expenses increased by approximately SGD 0.41 million or 10% to about SGD 4.68 million for the year ended December 31, 2018, primarily due to leasing additional properties for Central (NP) opened in January 2018[31]. - The company recorded a loss of approximately SGD 2.52 million for the year ended December 31, 2018, compared to a loss of SGD 2.26 million for the year ended December 31, 2017, mainly due to non-recurring listing expenses[35]. Business Expansion and Strategy - The company opened a new BreadStory outlet in Berjaya Times Square, Kuala Lumpur, in the second half of 2018, and plans to open a dim sum café under the Black Society brand in Singapore in mid-2019[13]. - The company plans to expand its restaurant business in Singapore and its bakery chain in Malaysia to enhance brand awareness and service quality[23]. - A new dessert concept brand "Lady Croissant" was introduced under the BreadStory line in August 2018, offering a variety of croissants[24]. - The company is adopting a more cautious approach to expansion due to labor shortages and intense competition in the restaurant industry in Singapore and Malaysia[24]. - The company aims to strengthen its marketing team to explore new strategies and increase customer loyalty through online platforms and delivery services[24]. - The company anticipates that its expansion plans in Singapore may not be as promising due to labor resource scarcity and government restrictions on foreign employee dependency[17]. Leadership and Governance - Liu Wan-Zhen, the executive director and CEO, has over 16 years of experience in the restaurant industry since founding the group in 2002[64]. - Liu Yao-Xiong, the executive director and general manager, has over 7 years of experience in the restaurant industry and has been overseeing the Greyhound Café since December 2016[66]. - Zhao Jia-Wei, the executive director and group executive chef, has over 42 years of experience in the restaurant industry, joining the group in 2006[69]. - The company has a strong leadership team with diverse backgrounds in various sectors, including energy, real estate, and tourism[73]. - The company is focused on strategic planning and overall business development under the leadership of Liu Wan-Zhen[64]. - The company has a strong board with members holding significant experience in finance, law, and management, enhancing its strategic decision-making capabilities[79]. - The management team is committed to implementing business plans that align with the company's long-term growth objectives[83]. - The company has established a robust governance framework to guide its operations and ensure compliance with regulatory standards[81]. Financial Management and Compliance - The company has a responsibility to maintain proper accounting records to disclose the financial status of the group accurately[97]. - The board communicates with major stakeholders, including shareholders and regulatory bodies, regarding significant transactions and financial goals[97]. - The company has established policies and procedures to identify, assess, and manage significant risks, with the board overseeing the effectiveness of the risk management and internal control systems[130]. - The internal audit function has been outsourced to a professional risk advisory firm, which conducts annual reviews of the group's control environment and key business processes[132]. - The company ensures compliance with all relevant insider trading policies and keeps directors and employees updated on regulatory news[132]. - The company is committed to timely and transparent financial reporting, with quarterly results published within the deadlines set by GEM listing rules[127]. Shareholder Information - As of December 31, 2018, Ms. Liu Wan-Zhen holds a beneficial interest in 282,000,000 shares, representing 56.4% of the company's ordinary shares[170]. - Mr. Cai Da, through his controlled corporation, holds 93,000,000 shares, accounting for 18.6% of the company's ordinary shares[171]. - Major shareholders, including Zhengqi Capital, hold 93,000,000 shares, representing 18.6% of the company's ordinary shares[181]. - Ms. Fan Li, as the spouse of Mr. Cai, is also deemed to have an interest in the 93,000,000 shares held by Zhengqi Capital[182]. - The company has adopted a share option scheme on April 4, 2018, allowing participants to acquire shares as an incentive for their contributions[174]. - The maximum number of shares that can be issued under the share option scheme is limited to 10% of the company's issued shares, which is 50,000,000 shares[176]. - No share options were granted, exercised, or cancelled during the year ended December 31, 2018[178]. - The company has no unexercised share options or similar rights as of December 31, 2018[178]. Market Conditions and Competition - The company continues to face challenges and intense competition in the food and beverage industry, with a 15% decline in tourism-related dining expenditure in the first half of 2018 compared to the same period in 2017[15]. - The group faces intense competition from numerous restaurants and bakery retailers in Singapore and Malaysia, which may negatively impact existing revenue if competitors open new locations nearby[155]. - The company emphasizes the importance of brand reputation, as any negative publicity could significantly affect business performance[154]. Corporate Social Responsibility - The company has not made any charitable donations during the year[161]. - The company has not purchased, sold, or redeemed any of its listed securities during the fiscal year ending December 31, 2018[166].