Financial Performance - Revenue for the six months ended June 30, 2021, was SGD 18,591,000, an increase of 14.7% compared to SGD 16,208,000 for the same period in 2020[9] - The net profit for the period was SGD 1,313,000, representing a 33.1% increase from SGD 986,000 in the previous year[9] - Basic and diluted earnings per share increased to SGD 0.16 from SGD 0.12, reflecting a growth of 33.3%[9] - Total revenue for the six months ended June 30, 2021, was SGD 18,591,000, an increase from SGD 16,208,000 in the same period of 2020, representing a growth of approximately 14.7%[59] - Revenue from customer contracts for the sale of prepared food, beverages, and tobacco products was SGD 14,498,000 for the six months ended June 30, 2021, compared to SGD 13,026,000 in 2020, reflecting an increase of about 11.3%[59] - Rental income from leasing premises amounted to SGD 2,933,000 for the six months ended June 30, 2021, up from SGD 2,108,000 in the previous year, indicating a growth of approximately 39.1%[59] - The group reported a segment profit of SGD 1,713,000 from the rental and shop management segment for the six months ended June 30, 2021, compared to a loss of SGD 800,000 in the same period of 2020[52] - The company reported a pre-tax profit of approximately 1,313,000 SGD for the six months ended June 30, 2021, compared to 986,000 SGD for the same period in 2020, representing a year-over-year increase of 33.1%[68] Assets and Liabilities - Total assets as of June 30, 2021, were SGD 139,503,000, compared to SGD 138,888,000 as of December 31, 2020, showing a slight increase[12] - The company’s total borrowings stood at 74,653,000 SGD as of June 30, 2021, slightly up from 74,289,000 SGD at the end of 2020[78] - As of June 30, 2021, total current assets were approximately SGD 10.5 million, down from SGD 14.3 million as of December 31, 2020[104] - The group's net current asset value decreased by approximately SGD 4.2 million, primarily due to the full repayment of a mortgage loan[105] - The group’s assets pledged for bank loans were approximately SGD 125,468,000 as of June 30, 2021, down from SGD 133,370,000 on December 31, 2020[115] Cash Flow and Financial Costs - Cash and cash equivalents decreased to SGD 6,272,000 from SGD 10,203,000, indicating a decline of 38.5%[19] - Operating cash flow for the six months was SGD 2,731,000, a marginal increase from SGD 2,705,000 in the same period last year[19] - Financial costs increased to SGD 864,000 from SGD 804,000, representing a rise of 7.5%[9] - The financial costs for the six months ended June 30, 2021, totaled SGD 804,000, compared to SGD 784,000 in the same period of 2020[44] - Financial costs rose from approximately SGD 0.8 million in the first half of 2020 to SGD 0.9 million in the reporting period, an increase of about 7.5%[103] Employee Costs - Employee costs rose to SGD 5,232,000 from SGD 4,426,000, marking a 18.2% increase[9] - Employee costs, including directors' remuneration, increased to 5,232,000 SGD in the first half of 2021 from 4,426,000 SGD in the same period of 2020, reflecting a rise of 18.2%[63] - Employee costs increased by approximately SGD 0.8 million or 18.2%, accounting for about 28.1% of total revenue in the reporting period[97] - The company maintained a workforce of 307 employees as of June 30, 2021, an increase from 304 employees on December 31, 2020[118] Receivables and Payables - The company reported a decrease in trade and other receivables to SGD 298,000 from SGD 824,000, a decline of 63.8%[12] - Trade receivables decreased significantly to 298,000 SGD as of June 30, 2021, from 824,000 SGD at the end of 2020, a decline of 63.8%[71] - Trade payables also decreased to 1,913,000 SGD as of June 30, 2021, down from 2,395,000 SGD at the end of 2020, a reduction of 20.1%[75] Corporate Governance and Compliance - The board of directors confirmed compliance with the corporate governance code throughout the reporting period[121] - The audit committee reviewed the accounting standards and policies adopted by the group during the reporting period[144] Dividends and Share Options - The company did not declare any interim dividends for the reporting period, consistent with the previous year[65] - No interim dividend was declared during the reporting period[142] - The company has adopted a share option scheme since February 1, 2019, with no unexercised options as of June 30, 2021[123] Economic Environment and Strategy - The group plans to use the remaining net proceeds conservatively due to the economic impact of COVID-19[112] - The group continues to operate its core business in Singapore, focusing on food centers and restaurant management despite challenges posed by the COVID-19 pandemic[88] - The group operates primarily in Singapore, with no significant revenue derived from other geographical regions[55] - There are no single major customers contributing over 10% of the total revenue, indicating a diversified customer base[54] Risk Management - The group closely monitors foreign exchange risks and considers hedging when necessary[114]
K2 F&B(02108) - 2021 - 中期财报