Financial Performance - The group's revenue for the year ended December 31, 2018, was approximately SGD 110.0 million, a decrease of 23.6% compared to SGD 144.0 million in the previous year[12]. - Gross profit for the year was approximately SGD 6.3 million, down from SGD 14.4 million in 2017, resulting in a gross margin of about 5.7% compared to 10.0% in the prior year[12]. - Other income decreased by approximately 10.8% to about SGD 0.55 million due to lower government subsidies received[12]. - The group's net profit after tax decreased from approximately SGD 6.2 million to about SGD 3.1 million for the year ended December 31, 2018[13]. - The group recorded a cumulative loss of SGD 4,033,692 as of December 31, 2018, compared to SGD 3,786,269 as of December 31, 2017[120]. Revenue Sources and Contracts - Approximately 67% of the group's revenue was derived from public sector projects, which are characterized by timely payments[11]. - The group anticipates a construction contract value in Singapore to range between SGD 27 billion and SGD 32 billion in 2019, driven by continued demand from the public sector[7]. - The group expects to secure larger contracts and enhance its workforce to support business expansion in the Singapore construction industry[27]. Cash and Debt Management - As of December 31, 2018, the group had cash and cash equivalents of approximately SGD 32.3 million, a slight increase from SGD 32.2 million in 2017[30]. - The group’s debt included bank borrowings of approximately SGD 16.3 million, with a debt-to-equity ratio of 0.38 as of December 31, 2018, compared to 0.16 in 2017[30]. - The group has fully utilized SGD 3.5 million as working capital[22]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions for the year ending December 31, 2018[50]. - The board of directors is responsible for overseeing the management of the group's business affairs and overall performance[53]. - The company emphasizes the importance of good corporate governance to enhance shareholder value[49]. - The board consists of a balanced mix of executive and independent non-executive directors to ensure independent judgment[56]. - The company has established an audit committee, a remuneration committee, and a nomination committee to enhance governance practices[49]. Board and Director Information - The board consists of five directors, with independent non-executive directors making up 60% of the board members[57]. - As of December 31, 2018, the company had three independent non-executive directors, exceeding the requirement of at least one-third[57]. - All independent non-executive directors confirmed their independence in accordance with listing rules, ensuring compliance since the company's listing date[57]. - The chairman and CEO roles are separated to ensure a clear division of responsibilities and avoid power concentration[65]. Safety and Environmental Practices - The group received a safety and health award from the Workplace Safety and Health Council and the Ministry of Manpower, reflecting its commitment to workplace safety[7]. - The company has adopted an environmental policy and management systems including ISO 9001, OHSAS 18001, and ISO 14001 to ensure responsible operations[122]. - Total greenhouse gas emissions amounted to 2,739.9 tons of CO2 equivalent as of December 31, 2018[175]. - The company generated approximately 6,300.0 tons of non-hazardous waste, with no hazardous waste produced[179]. Employee and Workforce Information - The workforce consisted of 361 employees, with 335 males (92.8%) and 26 females (7.2%) as of December 31, 2018[186]. - Employee distribution included 6 senior management, 15 middle management, 65 professional positions, and 275 general positions[188]. - The company adheres to equal opportunity laws and promotes a diverse and inclusive workplace[190]. Shareholder and Stock Information - The company has established a stock option plan to encourage and reward eligible participants for their contributions[148]. - The total number of shares that can be issued under the share option plan is capped at 80,000,000 shares, representing 10% of the total shares issued as of the listing date[151]. - The largest customer accounted for 58.4% of sales, while the top five customers represented 90.5% of total sales[167]. Legal and Compliance - The company has complied with all relevant laws and regulations, despite a delay in announcing a related party transaction[125]. - There were no significant legal or regulatory non-compliance issues reported regarding emissions or labor practices during the reporting period[178][191]. - The independent auditor's report confirmed the company's ability to continue as a going concern without significant uncertainties[90].
BHCC HOLDING(01552) - 2018 - 年度财报