Financial Performance - Revenue for the six months ended June 30, 2020, was SGD 16,208 thousand, a decrease of 24.5% compared to SGD 21,514 thousand for the same period in 2019[7] - The net profit for the period was SGD 986 thousand, compared to a loss of SGD 1,166 thousand in the first half of 2019, representing a turnaround[7] - Total revenue for the six months ended June 30, 2020, was 16,208 thousand Singapore dollars, with 13,026 thousand from shop management and 3,182 thousand from food stall operations[51] - Customer contract revenue for the six months ended June 30, 2020, was SGD 16,208,000, a decrease of 24.8% from SGD 21,514,000 in the same period of 2019[72] - The company reported a pre-tax profit of approximately SGD 986,000 for the six months ended June 30, 2020, compared to a loss of SGD 1,166,000 in the same period of 2019[81] Cash Flow and Assets - Operating cash flow for the six months was SGD 2,705 thousand, an increase from SGD 1,441 thousand in the same period last year[17] - Total assets as of June 30, 2020, were SGD 135,503 thousand, up from SGD 118,515 thousand as of December 31, 2019[12] - Cash and cash equivalents at the end of the period were SGD 10,483 thousand, down from SGD 11,688 thousand at the beginning of the period[17] - Trade receivables as of June 30, 2020, were SGD 213,000, a decrease of 59.8% from SGD 529,000 at the end of 2019[83] - The group's current assets decreased from SGD 15,574,000 on December 31, 2019, to SGD 14,187,000 on June 30, 2020, a reduction of approximately 8.9%[129] Liabilities and Borrowings - Non-current liabilities increased to SGD 69,375 thousand from SGD 53,373 thousand at the end of 2019, primarily due to increased borrowings[13] - The group reported total liabilities of 83,280 thousand Singapore dollars, with segment liabilities of 73,987 thousand for shop management and 2,972 thousand for food stalls[51] - The company’s interest-bearing loans as of June 30, 2020, amounted to SGD 77,575,000, an increase from SGD 56,151,000 at the end of 2019[94] - Total outstanding bank borrowings rose from approximately SGD 56.2 million to SGD 77.6 million, an increase of SGD 21.4 million or 38.2%[130] - Current liabilities increased significantly from SGD 10,045,000 to SGD 13,905,000, representing a rise of about 38.5%[129] Operational Highlights - The company plans to focus on market expansion and new product development in the upcoming quarters[6] - The group operates two main business segments: shop management and food stall operations, focusing on leasing and management services[44] - Employee costs for the shop management segment were 3,294 thousand Singapore dollars, reflecting the operational expenses incurred during the period[51] - Employee costs for the six months ended June 30, 2020, were SGD 4,124,000, down from SGD 6,085,000 in the previous year, reflecting a reduction of 32.3%[76] - The company acquired property, plant, and equipment at a cost of approximately SGD 118,000 during the reporting period, significantly lower than SGD 3,003,000 in the same period of 2019[82] COVID-19 Impact - The group recognized a rental reduction of 236,000 Singapore dollars due to COVID-19 related rent concessions during the reporting period[43] - For the six months ended June 30, 2020, the company's revenue decreased by approximately SGD 5.3 million or 24.7% to about SGD 16.2 million, primarily due to the nationwide lockdown in Singapore to curb COVID-19 transmission[111] - Rental income from leasing properties to tenants decreased by approximately SGD 0.7 million or 23.8% to about SGD 2.1 million, mainly due to the temporary closure of food courts and rental concessions provided to tenants[114] - Employee costs decreased by approximately SGD 1.7 million or 27.3%, attributed to government employment support measures during the COVID-19 outbreak[118] - Property rental and related expenses decreased by approximately SGD 1.1 million or 42.8% to about SGD 1.5 million, mainly due to rental concessions provided by landlords during the COVID-19 outbreak[119] Shareholder Information - The company did not recommend any interim dividend for the reporting period, consistent with the previous year[78] - The board resolved not to declare any interim dividend during the reporting period[169] - The company maintained the required percentage of public float as per listing rules as of the report date[170] - The company expressed gratitude to shareholders, business partners, and customers for their continued support[172] Governance and Compliance - The audit committee reviewed the accounting standards and policies adopted by the group during the reporting period[171] - There were no changes in the disclosed information regarding directors as of the report date[153] - No rights were granted to directors or their family members to acquire shares or bonds during the reporting period[166]
K2 F&B(02108) - 2020 - 中期财报