Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 60.314 million, a decrease of 34% compared to SGD 91.970 million in the same period of 2019[10] - Gross profit for the same period was SGD 7.975 million, down 26.5% from SGD 10.850 million in 2019[10] - Operating profit decreased to SGD 1.636 million, a decline of 42% from SGD 2.818 million in the previous year[10] - Net profit for the period was SGD 190, a significant drop of 87% compared to SGD 1.468 million in 2019[10] - Total revenue from car sales for the six months ended June 30, 2020, was SGD 56,355,000, down 35.5% from SGD 87,315,000 in 2019[30] - Total sales for the six months ended June 30, 2020, amounted to SGD 58,963,000, a decrease from SGD 91,476,000 for the same period in 2019, representing a decline of approximately 35.4%[32] - Financing commission income for the six months ended June 30, 2020, was SGD 1,356,000, down from SGD 1,789,000 in 2019, indicating a decline of approximately 24.2%[32] - The total comprehensive income for the period decreased by approximately 1.3 million SGD or 86.7% to about 0.2 million SGD in the first half of 2020, with the net profit margin dropping from about 1.6% in 2019 to about 0.3% in 2020[88] Assets and Liabilities - Total assets as of June 30, 2020, were SGD 108.053 million, slightly down from SGD 110.959 million at the end of 2019[12] - Current assets decreased to SGD 63.965 million from SGD 66.925 million at the end of 2019[11] - Total liabilities decreased to SGD 62.232 million from SGD 66.807 million at the end of 2019[12] - Trade receivables decreased to 1,432 thousand SGD as of June 30, 2020, from 1,895 thousand SGD as of December 31, 2019, reflecting a decline of about 24.5%[50] - Trade payables decreased significantly to 1,295 thousand SGD as of June 30, 2020, from 3,686 thousand SGD as of December 31, 2019, a reduction of about 64.9%[51] - Total borrowings amounted to 50,118 thousand SGD as of June 30, 2020, down from 54,010 thousand SGD as of December 31, 2019, indicating a decrease of approximately 7.0%[52] Cash Flow - Operating cash flow for the six months ended June 30, 2020, was SGD 4,699,000, a significant increase of 89.5% compared to SGD 2,487,000 in the same period of 2019[18] - Net cash and cash equivalents decreased by SGD 1,152,000, resulting in a balance of SGD 8,497,000 as of June 30, 2020, compared to SGD 11,156,000 in 2019[20] - The company reported a net cash outflow from investing activities of SGD 890,000, an improvement from SGD 1,743,000 in the previous year[18] - Financing activities resulted in a net cash outflow of SGD 4,961,000, compared to a net inflow of SGD 3,333,000 in the same period of 2019[18] Shareholder Information - The major shareholder, Mr. Chen, holds a 42.4% stake in the company through Gatehouse Ventures, which owns 381.4 million shares[111] - Ms. Meng, Mr. Chen's spouse, holds a 43.4% stake in the company, including 9 million shares through her own interests[113] - The company has granted a total of 90,000,000 stock options under the plan, representing approximately 10% of the issued share capital as of June 30, 2020[118] Corporate Governance - The company has adopted a code of conduct for securities trading by directors, confirming compliance by all directors for the six months ending June 30, 2020[120] - The company has adhered to the corporate governance code principles, with some deviations noted regarding the separation of roles between the chairman and CEO[121] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2020[125] Future Plans - The company plans to continue focusing on expanding its automotive financing and insurance services to enhance revenue streams in the future[22] - The remaining unutilized net proceeds are being monitored for market developments, particularly due to the impact of COVID-19 on the Singapore economy[109]
冠轈控股(01872) - 2020 - 中期财报