Financial Performance - For the six months ended June 30, 2020, the company reported total revenue of SGD 10.27 million, a decrease of 6.0% compared to SGD 10.94 million for the same period in 2019[15]. - The company incurred a loss before tax of SGD 373,000 for the six months ended June 30, 2020, compared to a loss of SGD 590,000 for the same period in 2019, representing a 36.8% improvement[15]. - The total comprehensive loss for the period was SGD 415,000, a decrease of 44.7% from SGD 750,000 in the previous year[15]. - The company's basic and diluted loss per share for the six months ended June 30, 2020, was SGD 0.02, unchanged from the same period in 2019[15]. - Customer contract revenue for the three months ended June 30, 2020, was SGD 4,182,000, a decrease of 35.5% compared to SGD 6,457,000 for the same period in 2019[31]. - For the six months ended June 30, 2020, customer contract revenue was SGD 10,269,000, down 13.9% from SGD 11,936,000 in the prior year[31]. - The group reported a pre-tax loss of SGD 448,000 for the three months ended June 30, 2020, compared to a loss of SGD 426,000 in the same period of 2019[49]. - The basic loss per share for the six months ended June 30, 2020, was (0.02) Singapore cents, an improvement from (0.04) Singapore cents in the same period of 2019[55]. - The group recorded a loss of approximately SGD 0.4 million for the six months ended June 30, 2020, compared to a loss of SGD 0.8 million for the same period in 2019, reflecting a reduction in losses due to government subsidies and decreased operating expenses[82]. Expenses and Costs - The cost of materials for the six months ended June 30, 2020, was SGD 5.94 million, down 5.6% from SGD 6.29 million in 2019[15]. - Employee benefits expenses decreased to SGD 2.91 million for the six months ended June 30, 2020, from SGD 3.23 million in 2019, reflecting a reduction of 9.9%[15]. - The group’s employee costs (excluding directors and top management) for the three months ended June 30, 2020, were SGD 1,358,000, a decrease from SGD 1,551,000 in the same period of 2019[32]. - Material costs decreased by approximately SGD 0.4 million to about SGD 5.9 million, resulting in a gross profit margin reduction from approximately 47% to about 42%[93]. Assets and Liabilities - Total non-current assets increased from SGD 11,566 thousand to SGD 12,214 thousand, reflecting a growth of 5.6%[18]. - Current assets decreased from SGD 9,005 thousand to SGD 8,072 thousand, a decline of 10.3%[18]. - Total liabilities decreased from SGD 13,858 thousand to SGD 13,312 thousand, a reduction of 3.9%[18]. - The total equity attributable to owners of the parent decreased from SGD 7,128 thousand to SGD 6,713 thousand, a decline of 5.8%[21]. - Non-current liabilities increased from SGD 4,879 thousand to SGD 5,092 thousand, an increase of 4.4%[18]. - The total trade and other payables increased from SGD 2,844,000 as of December 31, 2019, to SGD 3,596,000 as of June 30, 2020[71]. - The group's total borrowings decreased from SGD 5,948,000 as of December 31, 2019, to SGD 5,606,000 as of June 30, 2020[78]. Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2020, was SGD 2,460 thousand, compared to a net cash used of SGD 6 thousand in the same period of 2019[23]. - The company reported a net increase in cash and cash equivalents of SGD 1,919 thousand, up from SGD 292 thousand in the previous year[23]. - Cash and cash equivalents at the end of the period increased to SGD 3,025 thousand from SGD 2,010 thousand, representing a growth of 50.4%[23]. - As of June 30, 2020, the company's cash and bank balances were approximately SGD 3.0 million, compared to SGD 1.1 million as of December 31, 2019[101]. - The net cash generated from operating activities during the period was approximately SGD 2.5 million, while cash used in investing activities was about SGD 0.2 million and cash used in financing activities was approximately SGD 0.3 million[101]. Strategic Initiatives - The company aims to enhance its market presence and explore new strategies for growth in the upcoming periods[15]. - The group has been focusing on expanding its service offerings in Singapore, including maintenance, repair, and modification services for various brands of passenger cars[83]. - The group aims to diversify its business scope and income sources through innovative integrated car rental and sales services in the Chinese market[84]. - The company aims to expand its business from new energy vehicle sales to the broader mobility sector through strategic partnerships with Yuanbao Taoche and Leshan Yitong[87]. - A strategic cooperation agreement was signed with Zhongqing Wokai to meet the growing demand for self-driving travel among China's middle class[87]. - The company plans to maintain its leadership position in the Singapore passenger car market by retaining existing customers and acquiring new ones[90]. - The company will continue to enhance its service and product offerings in response to changing customer demands in Singapore and China[90]. Governance and Compliance - The company has adopted and complied with all applicable principles of the corporate governance code as of June 30, 2020[124]. - The roles of the co-chairman and CEO are held by the same individual, which the board believes ensures consistent internal leadership and effective strategic planning[120]. - The board will continue to review the separation of the roles of chairman and CEO at an appropriate time[120]. - The company did not enter into any related party transactions during the six-month period ending June 30, 2020[114]. - There were no arrangements made for directors or their close associates to benefit from the purchase of shares or debt securities during the reporting period[109]. - The company did not purchase, sell, or redeem any of its listed securities during the six-month period ending June 30, 2020[116]. - No stock options were granted under the share option scheme during the six-month period ending June 30, 2020[118]. Impact of COVID-19 - The group has implemented several preventive measures in its subsidiaries in China and Singapore to mitigate the operational risks posed by the COVID-19 pandemic, which is not expected to have a significant impact on operations[127]. - The group's revenue decreased by approximately SGD 1.7 million or -14% to about SGD 10.3 million for the six months ended June 30, 2020, compared to approximately SGD 11.9 million for the same period in 2019, primarily due to the impact of COVID-19 on revenue from Singapore and China markets[82]. - Revenue from the group's new business in China, which includes car-sharing and long-term leasing, decreased from approximately SGD 1.1 million for the six months ended June 30, 2019, to about SGD 0.5 million for the same period in 2020 due to COVID-19[84]. - Other income and gains increased by approximately SGD 0.6 million due to government subsidies received in Singapore related to COVID-19[92].
中食民安(08283) - 2020 - 中期财报