Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of SGD 30,765,000, a decrease of 11% from SGD 34,694,000 in 2022[5] - The gross profit for the year was SGD 8,517,000, down from SGD 9,753,000, reflecting a gross margin decline[5] - The net loss attributable to shareholders for the year was SGD 1,071,000, significantly improved from a loss of SGD 8,701,000 in the previous year, indicating a reduction in losses by approximately 87%[5][7] - The company recorded a pre-tax loss of SGD 925,000, a substantial improvement compared to a pre-tax loss of SGD 9,210,000 in 2022[5] - Revenue from customer contracts for 2023 was SGD 30,765,000, a decrease of 11% from SGD 34,694,000 in 2022[19] - Revenue from ship supply customers was SGD 30,448,000 in 2023, slightly up from SGD 30,243,000 in 2022[19] - Interest income decreased to SGD 30,000 in 2023 from SGD 47,000 in 2022[21] - Total other income decreased to SGD 539,000 in 2023 from SGD 647,000 in 2022[21] - Revenue from external customers in Singapore was SGD 30,448,000 in 2023, down from SGD 30,498,000 in 2022[25] - The overall gross profit decreased by approximately 1.2 million SGD or about 12.2% to approximately 8.6 million SGD for the year ended December 31, 2023, compared to approximately 9.8 million SGD for the year ended December 31, 2022[49] - The net loss for the year decreased significantly from approximately 8.7 million SGD for the year ended December 31, 2022, to approximately 1.1 million SGD for the year ended December 31, 2023, mainly due to the absence of goodwill and intangible asset impairment losses and reduced administrative expenses[54] Assets and Liabilities - Total assets as of December 31, 2023, amounted to SGD 20,961,000, slightly down from SGD 20,983,000 in 2022[9] - Current assets decreased to SGD 14,025,000 from SGD 16,376,000, primarily due to a reduction in cash and cash equivalents[9] - The company’s cash and cash equivalents were reported at SGD 1,607,000, a significant decrease from SGD 4,006,000 in the previous year[9] - The company’s non-current assets in Singapore were valued at SGD 11,414,000 in 2023, a decrease from SGD 11,671,000 in 2022[25] - The company’s trade receivables amounted to SGD 8.331 million as of December 31, 2023, slightly down from SGD 8.464 million in 2022[35] - The provision for impairment of trade receivables increased to SGD 360,000 in 2023 from SGD 203,000 in 2022[35] - The company’s trade payables were reported at SGD 4.381 million in 2023, compared to SGD 4.116 million in 2022[39] - The total borrowings as of December 31, 2023, remained at approximately 10.9 million SGD, with a debt-to-equity ratio of approximately 79.0%, down from 82.2% in the previous year, attributed to an increase in total equity by approximately 0.6 million SGD[59] - The company’s non-current liabilities decreased to SGD 7,202,000 from SGD 7,765,000, indicating improved financial stability[11] Equity and Shareholder Information - The total equity increased to SGD 13,759,000 from SGD 13,218,000, reflecting a growth of approximately 4%[11] - The weighted average number of ordinary shares used for calculating basic and diluted loss per share increased to 89,443,781 in 2023 from 74,511,419 in 2022[34] - The company has a total of 99,652,000 shares issued as of December 31, 2023, which is the basis for calculating the ownership percentages[78] - The total number of shares held by major shareholders includes 11,760,000 shares (11.8%) by Mr. Chan, and 13,107,000 shares (13.15%) by Mr. Ni and Ms. Yang[74] - The company’s shareholding structure includes 5,795,000 shares (5.82%) held by Ma You Cheng Investment Limited as a trustee[77] Operational Efficiency and Future Plans - The company plans to continue focusing on cost management and operational efficiency to enhance profitability in the upcoming fiscal year[5] - The company plans to continue exploring diverse opportunities to broaden revenue sources and enhance market share despite ongoing geopolitical risks and economic challenges[46] - The company is taking necessary actions to minimize the impact of the loss of a key management personnel in its subsidiary involved in the distribution of disinfectant and sterilization products[46] Employee and Administrative Expenses - The company reported a loss of SGD 4,141,000 in employee benefits expenses for 2023, down from SGD 4,803,000 in 2022[31] - Administrative and other operating expenses decreased by approximately 1.5 million SGD or about 19.5% to approximately 6.2 million SGD for the year ended December 31, 2023, down from approximately 7.7 million SGD for the year ended December 31, 2022, mainly due to reduced employee costs[51] - The total employee cost for the year ended December 31, 2023, was approximately 4.1 million SGD, down from 4.8 million SGD in the previous year, with the company employing 63 employees as of December 31, 2023[68] Financing and Capital Expenditures - The company’s financing costs increased to SGD 434,000 in 2023 from SGD 346,000 in 2022[27] - Financing costs increased by approximately 88,000 SGD or about 25.4% to approximately 434,000 SGD for the year ended December 31, 2023, compared to approximately 346,000 SGD for the year ended December 31, 2022, primarily due to increased bank borrowing interest expenses[52] - Capital expenditures for the year ended December 31, 2023, amounted to approximately 710,000 SGD, primarily related to the acquisition of properties, plants, and equipment[62] Share Issuance and Incentive Plans - The company issued 16,560,000 new shares at SGD 0.50 per share in July 2023, raising approximately SGD 826,000[41] - The net proceeds from the share placement on August 14, 2023, amounted to approximately 8.13 million HKD, intended for general working capital[56] - As of December 31, 2023, the net proceeds from the share issuance amounted to HKD 35,600,000, with specific allocations for expanding storage capacity, Hong Kong business, new product categories, property acquisitions, and working capital[71] - The company allocated HKD 17,400,000 for expanding storage capacity, HKD 5,900,000 for expanding its Hong Kong business, and HKD 10,300,000 for new product categories[71] - The company adopted a share incentive plan on September 14, 2021, aimed at rewarding and retaining qualified participants contributing to the group's growth[84] - The maximum number of shares that can be awarded to any selected participant in a twelve-month period is capped at 1% of the total issued shares[85] - For the year ending December 31, 2023, the potential number of shares to be issued under the plan is 7,353,356, which is 8.2% of the weighted average of 89,443,781 shares[87] - No shares were granted under the plan as of December 31, 2023[87] Governance and Compliance - The company has complied with the corporate governance code during the year ending December 31, 2023[89] - The audit committee reviewed the financial performance for the year ending December 31, 2023, ensuring compliance with applicable accounting standards and regulations[91] - The board of directors confirmed that all disclosures in the announcement are accurate and complete, with no misleading information[93] Miscellaneous - The company did not declare or recommend any dividends for the year ended December 31, 2023[33] - The company expects that the application of new and revised Hong Kong Financial Reporting Standards will not have a significant impact on its performance and financial position[18] - There were no significant investments, acquisitions, or disposals of subsidiaries or associated companies during the fiscal year ending December 31, 2023[72] - The company did not purchase, sell, or redeem any of its listed securities during the fiscal year ending December 31, 2023[79] - As of December 31, 2023, the company had no unexercised share options under its share option scheme[82] - The share option scheme was adopted on August 30, 2017, to attract, retain, and reward eligible individuals for their contributions to the group[80] - The company has not granted, exercised, or canceled any share options during the fiscal year ending December 31, 2023[83] - The company has not engaged in any business that competes with its operations during the year ending December 31, 2023[88] - The company plans to issue its annual report, which includes all required information, at an appropriate time[92]
COOL LINK(08491) - 2023 - 年度业绩