Financial Performance - The group's revenue for the year ended December 31, 2020, was approximately SGD 124.3 million, with a gross profit of about SGD 3.8 million and a pre-tax profit of around SGD 3.3 million[9]. - The group's revenue for the year was approximately SGD 124.3 million, an increase of 1.4% from SGD 122.6 million in the previous year, primarily driven by growth in construction and property investment rental income[15]. - Gross profit decreased to approximately SGD 3.8 million, down from SGD 4.3 million, with a gross profit margin of about 3.1%, compared to 3.5% in the previous year[15]. - The group recorded other income of approximately SGD 3.6 million, an increase of 1,494.8% from SGD 0.2 million, due to increased government subsidies[16]. - Administrative expenses rose by approximately SGD 0.3 million or 8.2% to about SGD 3.5 million[16]. - The group's cash and cash equivalents increased to approximately SGD 34.5 million, up from SGD 27.2 million, reflecting an increase of about SGD 7.3 million[24]. - The debt level increased to approximately SGD 24.4 million from SGD 20.7 million, resulting in a debt-to-equity ratio of 0.54, compared to 0.49 in the previous year[24]. - The company reported a cumulative loss of SGD 4,655.64 million as of December 31, 2020, compared to SGD 4,302.06 million in the previous year, indicating an increase in losses[60]. - The company's share premium account remains at SGD (14,176,517) as of December 31, 2020, unchanged from the previous year[60]. - The company has no distributable reserves due to cumulative losses, but the share premium can be distributed as dividends if the company can meet its debts on the payment date[57]. Impact of COVID-19 - Despite the challenges posed by the COVID-19 pandemic, the group's construction revenue increased by approximately SGD 0.6 million compared to the previous year[13]. - The group received certain grants and assistance from the Singapore government to help offset some fixed costs during the pandemic, primarily related to employee wages and foreign worker taxes[13]. - All construction projects have resumed as of the approval date of the consolidated financial statements, although capacity has decreased compared to pre-pandemic levels due to additional safety measures[13]. - The group was commissioned by the Singapore government in August 2020 to design and construct temporary dormitories for foreign workers to ensure safe distancing during the pandemic[13]. - The financial impact of the COVID-19 outbreak on the group's 2021 consolidated financial statements may vary significantly based on evolving circumstances[14]. - The group has taken proactive measures to continuously improve safety and quality during challenging operational conditions[9]. Business Strategy and Outlook - The group expects to expand its business and strengthen its market position in the Singapore construction industry, aiming to secure larger contracts and enhance its workforce[21]. - The group plans to invest in BIM and ERP software to improve productivity[21]. - The group has maintained a focus on public sector projects, which have been less affected by the pandemic due to contract terms that account for unforeseen events[12]. Corporate Governance - The board of directors recommended no dividend distribution for the year ended December 31, 2020, reflecting the overall operational performance and financial condition[49]. - The company has established policies and procedures to ensure compliance with relevant laws and regulations impacting its business and operations[56]. - The management regularly reviews and assesses the impact of any changes in applicable laws and regulations[56]. - The company has established compliance procedures to ensure adherence to applicable laws and regulations in Singapore, the Cayman Islands, and Hong Kong[62]. - The company has complied with all applicable provisions of the corporate governance code as of December 31, 2020[120]. - The board consists of five directors, with independent non-executive directors making up 60% of the board[127]. - The company has adopted a share option scheme effective from September 12, 2017, as a reward for directors and eligible employees[107]. - The remuneration committee is responsible for recommending the remuneration policy for all directors and senior management, ensuring transparency and fairness[148]. - The nomination committee was established on August 17, 2017, and includes three independent non-executive directors and one executive director[151]. Environmental and Social Responsibility - The company adheres to ethical and responsible environmental policies, implementing management systems including ISO 9001, ISO 45001, and ISO 14001[59]. - The company has taken measures to reduce environmental pollution through its participation in the Green and Gracious Builder Scheme[59]. - The company has implemented resource-saving measures, including digital office practices to minimize paper usage and regular vehicle maintenance to monitor fuel consumption[190]. - The company has a waste management program to ensure proper disposal and increase recycling opportunities for construction waste[192]. - Total greenhouse gas emissions amounted to 1,873.0 tons of CO2 equivalent, with direct emissions from diesel consumption at 1,332.1 tons[188]. - The company generated approximately 4,600.0 tons of non-hazardous waste, with no hazardous waste produced during the review period[192]. - Electricity consumption was recorded at 1,176,142.68 kWh, translating to a usage density of 7.19 kWh per square meter[193]. - Water consumption totaled 64,194.48 cubic meters, with a usage density of 0.39 cubic meters per square meter[193]. - The company actively engages in environmental management practices to enhance awareness and professionalism among project teams[197]. Employee and Stakeholder Relations - The company maintains good relationships with employees, customers, suppliers, and subcontractors, focusing on fair evaluations and service quality improvements[63][64][65]. - The total number of employees as of December 31, 2020, was 322, with 87.0% being male and 13.0% female[200]. - The employee turnover rate was 24.5% for those aged 30 and below, compared to 13.2% for those above 30[197]. - The group donated $5,000 to a charity during the year, compared to no donations in 2019[112]. Risk Management - The company faces significant risks including economic conditions affecting the Singapore property market and construction demand, as well as reliance on successful bidding for project contracts[54]. - Financial risks include interest rate risk, currency risk, credit risk, liquidity risk, and price risk in normal business operations[56].
BHCC HOLDING(01552) - 2020 - 年度财报