Financial Performance - Revenue for the six months ended November 30, 2018, was SGD 7,162,870, representing a 34.0% increase compared to SGD 5,342,331 for the same period in 2017[12]. - Gross profit increased by 10.5% to SGD 2,915,091 from SGD 2,638,714 year-over-year[12]. - Profit before tax increased by SGD 260,986, moving from a loss of SGD 52,634 to a profit of SGD 208,352[12]. - Revenue for the three months ended November 30, 2018, was SGD 3,585,797, an increase from SGD 2,547,059 in the same period of 2017, representing a growth of approximately 40.7%[17]. - The company reported a net loss of SGD 244,381 for the three months ended November 30, 2018, an improvement from a loss of SGD 361,429 in the same period of 2017[17]. - The group reported a total of SGD 1,203,727 in segment liabilities as of November 30, 2018, down from SGD 3,755,737 in the previous year[60]. - The total reported segment profit for the group was SGD 2,049,629, up from SGD 1,804,684 in the previous year[60]. - The group’s overall gross profit increased by SGD 224,377, or 10.5%, although the gross margin decreased by 8.7% due to rising sales costs[125]. - The group reported a basic and diluted earnings per share of SGD 0.05 for the six months ended November 30, 2018, compared to a loss of SGD 0.02 in the same period of 2017[74]. Revenue Sources - The revenue growth was driven by significant contributions from the existing customer base and increased revenue from the SpaceMonster venue booking portal[13]. - Revenue from external customers for the Simplicity and myBill segment was SGD 5,630,141, showing an increase from SGD 3,944,790 in the previous year[57]. - The Starlight segment generated revenue of SGD 1,496,313, compared to SGD 1,395,043 in the same period last year[57]. - Simplicity total revenue increased by 40.1%, from 3,944,790 SGD to 5,527,404 SGD[108]. - Revenue from Simplicity project increased by 1,442,818 SGD, while recurring revenue rose by 109,796 SGD[109]. - Revenue from the Chinese market contributed 550,350 SGD, accounting for 14.0% of Simplicity's total revenue[109]. - Starlight total revenue increased by 7.3%, from 1,395,043 SGD to 1,496,313 SGD[114]. - Revenue from Starlight project increased by 5.9%, while service revenue grew by 14.4%[114]. - myBill generated revenue of 102,737 SGD during the reporting period, compared to zero in the previous year[117]. - SpaceMonster revenue surged by 1,357% due to increased demand for shared space services[118]. Expenses and Costs - The increase in sales costs partially offset the positive impact of revenue growth, leading to a decline in gross margin[14]. - Operating expenses remained relatively stable, contributing to the increase in profit before tax[15]. - Research and development expenses increased to SGD 79,419 for the three months ended November 30, 2018, compared to SGD 40,826 in the same period of 2017, marking a rise of approximately 94.5%[17]. - The company's marketing and other operating expenses decreased to SGD 403,829 for the three months ended November 30, 2018, from SGD 439,728 in the same period of 2017, reflecting a reduction of about 8.1%[17]. - Sales costs increased by 57.1%, primarily due to contractor fees for Simplicity and Starlight projects[124]. - Administrative expenses rose by 1.9%, or SGD 32,887, while marketing and other operating expenses decreased by 2.3%, or SGD 18,030[130][131]. Cash Flow and Assets - The net cash used in operating activities for the six months ended November 30, 2018, was SGD 1,017,727, a significant improvement from a cash outflow of SGD 728,327 in the same period of 2017[25]. - Total assets as of November 30, 2018, were SGD 18,554,556, compared to SGD 18,312,159 as of May 31, 2015, indicating a growth in asset base[20]. - The company's cash and cash equivalents at the end of the period were SGD 4,064,498, slightly up from SGD 4,018,466 at the beginning of the period[25]. - Trade receivables as of November 30, 2018, were SGD 2,024,791, a decrease from SGD 4,992,778 as of May 31, 2018[76]. - The aging analysis of trade payables indicates that SGD 574,393,000 is due within one month, down from SGD 1,293,432,000 as of May 31, 2018[84]. - The group has no significant changes in credit quality for overdue but not impaired trade receivables, which are still considered fully recoverable[79]. Corporate Governance and Compliance - The interim financial statements are prepared based on historical cost and comply with applicable International Financial Reporting Standards (IFRS) and local regulations[30]. - The group adopted IFRS 15, which establishes a single revenue recognition framework, effective from June 1, 2018, impacting the recognition of revenue from contracts with customers[34]. - The group is currently evaluating the impact of new and revised IFRS standards that have been issued but are not yet effective, with no material impact anticipated on the financial statements[46]. - The company is committed to strong corporate governance to protect and enhance shareholder value[177]. - The company has complied with the corporate governance code from the listing date to the earnings announcement date[177]. - The Audit Committee was established on November 24, 2016, consisting of three independent non-executive directors[180]. - The main responsibilities of the Audit Committee include recommending the appointment and removal of external auditors, reviewing financial statements, and overseeing risk management and internal control procedures[180]. Shareholder Information - The total issued and paid-up ordinary shares remained at 399,158,496 shares as of both November 30, 2018, and May 31, 2018[87]. - The company has a total of 399,158,496 shares issued as of November 30, 2018, with significant shareholders including iGlobe Platinum Fund Limited holding 82,326,335 shares, representing 20.62%[164]. - Huang Yanyan and Liu Wuyou each hold 45,500,000 shares, accounting for 12.64% of the total shares issued[164]. - The company has granted 31,179,876 shares under the pre-IPO share option plan to 11 participants, including two directors and four senior management personnel[169]. - The board has decided not to declare any dividends for the three months ending November 30, 2018, consistent with the previous year[178]. - The company has not repurchased, sold, or redeemed any of its listed securities during the reporting period[175].
安科系统(08353) - 2019 - 中期财报