Financial Performance - The group's unaudited revenue decreased by approximately 6.7%, from about SGD 4.4 million for the six months ended June 30, 2019, to about SGD 4.1 million for the six months ended June 30, 2020[10]. - The group recorded a net loss of approximately SGD 7.9 million for the six months ended June 30, 2020, compared to a net loss of approximately SGD 0.983 million for the same period last year[10]. - Basic and diluted loss per share was approximately 0.40 Singapore cents for the six months ended June 30, 2020, compared to a loss of 0.05 Singapore cents for the same period last year[10]. - The company reported a pre-tax loss of SGD 7,932,000, compared to a loss of SGD 983,000 in the same period last year, indicating a substantial decline in performance[15]. - The total comprehensive loss attributable to owners of the company for the period was SGD 8,520,000, compared to SGD 879,000 in the prior year, reflecting a significant increase in losses[17]. - The company did not recommend any dividend for the six months ended June 30, 2020, consistent with the previous year[10]. Asset and Equity Changes - Non-current assets decreased to SGD 2,766,000 from SGD 3,595,000 as of December 31, 2019, indicating a reduction in asset value[21]. - Current assets also declined to SGD 29,970,000 from SGD 36,770,000, showing a decrease in liquidity[21]. - The company's net asset value dropped to SGD 29,065,000 from SGD 37,585,000, highlighting a significant reduction in equity[25]. - The company’s cash and cash equivalents decreased to SGD 13,093,000 from SGD 18,342,000, indicating a decline in cash reserves[21]. - The total assets of the group as of June 30, 2020, amounted to SGD 32,736,000, compared to SGD 37,084,000 as of December 31, 2019, indicating a decrease of approximately 11.5%[60]. Impairment and Provisions - The increase in net loss was primarily due to impairment provisions of approximately SGD 3.7 million for receivables from investment management, and approximately SGD 2.3 million for prepayments to ZACD (Development4) Ltd.[10]. - The company incurred a financial asset impairment loss of SGD 6,030,000 during the period, which was not present in the previous year[15]. - The company recognized impairment losses on trade receivables amounting to SGD 3,677,000, with no such losses reported in the previous year[33]. - The impairment provision for trade receivables was SGD 3,677,000 as of June 30, 2020, indicating a full impairment for the receivables related to the ZACD Australia Hotel Fund[109]. - The company recognized an impairment provision of approximately SGD 2,353,000 related to the loan as of July 23 and July 24, 2020[131]. Cash Flow and Liquidity - Operating cash flow for the six months ended June 30, 2020, was a net inflow of SGD 1,394 thousand, compared to an outflow of SGD 3,762 thousand in the same period of 2019[33]. - The company reported a decrease in trade receivables by SGD 2,142 thousand, contributing positively to working capital changes[33]. - Investment activities resulted in a net cash outflow of SGD 6,252 thousand, a significant decrease from a net inflow of SGD 14,237 thousand in the previous year[36]. - The company’s cash and cash equivalents at the end of the period were SGD 13,093 thousand, down from SGD 17,884 thousand at the end of the previous period[36]. - Cash and cash equivalents as of June 30, 2020, amounted to SGD 13,093,000, a decrease from SGD 18,342,000 as of December 31, 2019, representing a decline of approximately 28.5%[132]. Revenue Breakdown - The company's revenue for the six months ended June 30, 2020, was SGD 4,090,000, a decrease of 6.7% compared to SGD 4,385,000 for the same period in 2019[15]. - The segment revenue from external customers for property management and leasing management was SGD 1,286,000, while the financial advisory segment reported a loss of SGD 59,000[60]. - The group’s investment management segment generated revenue of SGD 469,000, while the project management segment reported a loss of SGD 3,716,000[60]. - Investment management fees amounted to SGD 469,000, a decrease from SGD 878,000 in the previous year, representing a decline of 46.5%[90]. - Property management and leasing fees decreased to SGD 975,000 from SGD 1,708,000, reflecting a decline of 42.9%[90]. Related Party Transactions - The company reported related party transaction income of SGD 1,204,000 for the six months ended June 30, 2020, compared to SGD 325,000 in the same period of 2019, representing a significant increase[157]. - Fund management fees from related parties totaled SGD 859,000 for the six months ended June 30, 2020, compared to SGD 902,000 for the same period in 2019, reflecting a decrease of about 4.8%[155]. - The company reported a total of SGD 410,000 in dividend income from related parties for the six months ended June 30, 2020, compared to SGD 733,000 for the same period in 2019, indicating a decrease of approximately 44.1%[155]. Guarantees and Commitments - The company provided a guarantee amounting to SGD 28,985,400 to support the loan financing for the Mandai Development project, which represents 60.0% of the total liabilities under the financing agreement[164]. - A guarantee of SGD 150,744,796 was established for the Landmark Development project, accounting for 39.2% of the total liabilities under the financing agreement[165]. - The company has provided a guarantee of SGD 38,015,040 for the BBW6 Development project, which represents 12.0% of the total liabilities under the financing agreement[167]. - The company has entered into a refinancing agreement for SGD 125,000,000 for the BBW6 Development project, which will be used to repay existing loans and fund operational needs[168]. - The company is required to provide a guarantee for the lower of SGD 15,000,000 or the total of the refinancing loan principal of SGD 125,000,000 and associated costs[170]. Financial Instruments and Fair Value - The fair value of equity securities decreased from SGD 2,297 thousand as of December 31, 2019, to SGD 1,782 thousand as of June 30, 2020, reflecting a loss of SGD 515 thousand[193]. - The financial assets measured at amortized cost included SGD 9,762 thousand in loans and receivables, and SGD 4,856 thousand in trade receivables[19]. - The fair value of financial instruments is assessed using a discounted cash flow model, with significant unobservable inputs classified as Level 3[181]. - The company experienced significant uncertainty in cash flow projections related to real estate development projects, impacting the fair value estimates[182]. - The total financial liabilities measured at amortized cost included SGD 1,792 thousand in payables to the ultimate holding company and related parties[177].
杰地集团(08313) - 2020 - 中期财报