Financial Performance - The total revenue for the year ended December 31, 2023, was approximately SGD 30.8 million, a decrease compared to the previous fiscal year[9]. - The company recorded a loss of approximately SGD 1.1 million for the year ended December 31, 2023, significantly reduced from a loss of SGD 8.7 million in the previous year[9]. - The reduction in loss was primarily due to the absence of goodwill and intangible asset impairment losses and a decrease in administrative expenses[9]. - The group's revenue decreased by approximately SGD 3.9 million or 11.2% to about SGD 30.8 million for the year ended December 31, 2023, primarily due to a reduction in frozen product orders[16]. - Overall gross profit decreased by approximately SGD 1.2 million or 12.2% to about SGD 8.6 million for the year ended December 31, 2023, with a stable gross profit margin of approximately 28%[18]. - Administrative and other operating expenses decreased by approximately SGD 1.5 million or 19.5% to about SGD 6.2 million for the year ended December 31, 2023, mainly due to reduced employee costs[20]. - Financing costs increased by approximately SGD 88,000 or 25.4% to about SGD 434,000 for the year ended December 31, 2023, primarily due to increased bank borrowing interest expenses[21]. - The group recorded a tax expense of approximately SGD 146,000 for the year ended December 31, 2023, compared to a tax credit of approximately SGD 509,000 for the previous year[24]. Business Strategy and Outlook - The company aims to expand its customer base and cultivate new customers to achieve long-term growth despite a challenging business environment[9]. - The company continues to seek various business and investment opportunities to maximize shareholder returns[9]. - Ongoing geopolitical risks, the Russia-Ukraine war, and impending interest rate hikes are expected to impact the global economy, presenting challenges for the company's future outlook[13]. - The company remains optimistic and is taking necessary actions to minimize the impact on its core business while striving for sustainable growth and improved profitability[13]. - The company is exploring diversified opportunities to broaden its revenue sources and enhance market share[13]. - The company will maintain good corporate governance and effective cost control measures to create maximum returns for shareholders[9]. - The company is committed to promoting its brand and providing quality products while seizing opportunities in various regions[13]. Shareholder and Capital Management - The company has not recommended the payment of a final dividend for the year ending December 31, 2023[52]. - The company has adopted a general dividend policy aimed at distributing profits attributable to shareholders for any financial year, with no predetermined payout ratio[176]. - The board will regularly review and reassess the dividend policy based on actual and expected financial performance, economic conditions, and other internal and external factors[176]. - The company has no fixed dividend distribution ratio, and the declaration and amount of dividends will be determined at the board's discretion[176]. - The total amount of net proceeds from the share issuance was based on the company's best estimates and assumptions regarding future market conditions[45]. - The actual use of proceeds is aligned with the company's business development and industry conditions[45]. Corporate Governance - The company has complied with all applicable codes and provisions of the corporate governance code during the year ending December 31, 2023[125]. - The board of directors is responsible for overseeing the company's overall strategy and business performance, including financial performance and risk management systems[131]. - The audit committee reviewed the group's quarterly, interim, and annual financial statements, ensuring compliance with applicable accounting standards and GEM Listing Rules[140]. - The company has established specific committees, including the audit, remuneration, and nomination committees, to oversee various aspects of governance[137]. - The board is committed to corporate governance and regularly reviews policies and compliance with legal and regulatory requirements[137]. - The company emphasizes the importance of maintaining good relationships with suppliers, customers, and other stakeholders, with no significant disputes reported for the year ending December 31, 2023[113]. Risk Management - The group has established a risk management policy and adopted a three-tier risk management approach to identify, assess, and manage various types of risks[160]. - The board believes that focusing on managing environmental, social, and governance (ESG) risks can enhance the long-term business value of the group[161]. - The board and audit committee conduct annual reviews of the effectiveness of the risk management and internal control systems[162]. - The group will continue to assess and improve its risk management and internal control systems annually[162]. - The group maintains a high level of transparency to enhance investor relations and is committed to timely disclosure of company information[171]. Employee and Management Structure - The company has a total of 60 employees as of December 31, 2023, with a gender ratio of approximately 63% male and 37% female[149]. - The management team includes experienced professionals with backgrounds in finance, marketing, and supply chain development, enhancing the company's operational capabilities[182][183][184]. - The company has a diverse management team with expertise in various sectors, which supports its strategic initiatives and market expansion efforts[182][184]. - The company is committed to promoting gender diversity in senior management and board positions through regular reviews and recruitment efforts[149]. Impairment and Receivables - As of December 31, 2023, the group's trade receivables amounted to approximately SGD 7,971,000, with a provision for impairment of about SGD 360,000[196]. - For the fiscal year ending December 31, 2023, the recognized impairment loss on trade receivables was approximately SGD 157,000[196]. - The carrying amount of the group's interests in associates as of December 31, 2023, was approximately SGD 1,132,000, with an impairment loss of about SGD 476,000 recognized during the fiscal year[199]. - Management's assessment of impairment for trade receivables involves significant judgment based on credit loss experience, aging of receivables, and economic conditions[196]. - The impairment assessment for interests in associates requires management to make significant judgments regarding future cash flow forecasts, including budgeted sales and growth rates[199].
COOL LINK(08491) - 2023 - 年度财报