Financial Performance - The group's revenue decreased by 80.0%, from approximately SGD 50.85 million in 2019 to about SGD 10.15 million in 2020[12] - The after-tax loss for the year ended December 31, 2020, was approximately SGD 3.24 million, compared to an after-tax profit of about SGD 6.14 million in 2019[12] - Gross profit for the year was approximately SGD 178,000, a significant drop from SGD 11.81 million in 2019, primarily due to project delays caused by COVID-19[19] - Revenue for the year ended December 31, 2020, was approximately SGD 10,154,000, a significant decrease from approximately SGD 50,852,000 in 2019[22] - The group recorded a pre-tax loss of approximately SGD 3,619,000 for the year ended December 31, 2020, compared to a pre-tax profit of approximately SGD 7,681,000 for the year ended December 31, 2019[20] - The group's cash and cash equivalents amounted to approximately SGD 7,555,000 as of December 31, 2020, compared to SGD 1,870,000 in 2019[24] - The debt-to-equity ratio was approximately 22.2% as of December 31, 2020, up from 12.4% in 2019[25] Operational Challenges - The company experienced significant operational disruptions due to COVID-19, halting operations from April 7 to June 1, 2020, which severely impacted business and financial performance[46] - The company faced increased subcontracting costs due to isolation measures for foreign workers during the lockdown[19] - The group has no significant investments or major acquisitions during the year[26] Future Outlook - The construction demand in Singapore is expected to rise to SGD 28 billion in 2021, supported by public sector development projects[13] - The company anticipates a rebound in growth of 4% to 6% in 2021, benefiting from a low base in 2020[13] - The company plans to expand its market position in the steel structure industry in Singapore by increasing capacity and hiring more staff[14] - The company is actively seeking projects from other clients to diversify customer concentration risk and expand existing capacity[43] Corporate Governance - The board believes that the expiration of the application for a transfer to the stock exchange in June 2020 will not have a significant adverse impact on the company's operations or finances[47] - The company has adopted a board diversity policy to ensure a balance of skills, experience, and perspectives among board members[72] - The company has complied with the corporate governance code throughout the year ending December 31, 2020[64] - The company has established a nomination committee to identify candidates with integrity and relevant qualifications to effectively represent the interests of the group and shareholders[77] - The company emphasizes the importance of good corporate governance as a key element in managing its business[64] Risk Management - The company has adopted risk management policies and monitoring systems to mitigate identified risks associated with its operations[46] - The company is committed to ensuring compliance with relevant laws and regulations as part of its internal control system[101] - The board is responsible for establishing the risk management and internal control systems and reviewing their effectiveness[101] Environmental, Social, and Governance (ESG) Initiatives - The company has established a systematic management approach to assess, prioritize, and manage significant ESG issues[128] - The ESG committee is responsible for promoting ESG initiatives, collecting and calculating ESG data, and monitoring ESG-related matters in operations[125] - The company has obtained international standard certifications including ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and OHSAS 18001:2007 to ensure quality and safety performance[119] - The company has implemented measures to reduce greenhouse gas emissions, including phasing out non-compliant vehicles and using energy-efficient equipment in manufacturing processes[138] - The company focuses on stakeholder engagement through various communication channels, addressing concerns such as legal compliance and business performance[130] Employee Management - The company has employed 124 staff as of December 31, 2020, down from 141 in 2019[30] - The total employee costs for the year were approximately SGD 3,309,000, compared to SGD 4,658,000 in 2019[33] - The employee turnover rate for the year was 16.1%, with a notable 45.2% turnover rate for employees under 30 years old[175] - The company provided approximately 200 hours of training to 61 employees, averaging 3.5 hours of training per employee[184] - The company has implemented a continuous training program aimed at achieving 100% training coverage for anti-corruption measures within four years[186] Supplier Management - As of December 31, 2020, the company engaged 71 material suppliers, 24 logistics service providers, and 29 subcontractors, collectively referred to as "key suppliers"[198] - The company has established a strict standardized procurement system and supplier selection process, considering environmental and social risk monitoring[198] - Environmental products and services are considered important indicators when selecting key suppliers, ensuring compliance with relevant environmental and social standards[200]
高原之宝(08402) - 2020 - 年度财报