Financial Performance - For the three months ended June 30, 2020, the company reported revenue of SGD 2,785,000, a decrease of 23.2% compared to SGD 3,620,000 for the same period in 2019[19]. - For the six months ended June 30, 2020, total revenue was SGD 6,126,000, down 23.2% from SGD 7,977,000 in the same period of 2019[19]. - The company reported a net loss of SGD 438,000 for the three months ended June 30, 2020, compared to a loss of SGD 53,000 in the same period of 2019, representing a significant increase in losses[21]. - For the six months ended June 30, 2020, the net loss was SGD 1,123,000, compared to a profit of SGD 197,000 in the same period of 2019, indicating a decline in performance[21]. - The group reported service revenue of SGD 4,910,000 for the six months ended June 30, 2020, a decrease of 12.0% compared to SGD 5,585,000 for the same period in 2019[42]. - The group recorded a total comprehensive loss of approximately SGD 1.1 million for the period, compared to a profit of approximately SGD 47,000 in the same period of 2019, mainly due to decreased revenue and increased impairments[122]. Cost Management - The company is focusing on cost management strategies to mitigate the impact of declining revenues[19]. - The company plans to enhance cost control measures, including salary reductions and rent negotiations, to mitigate the adverse effects of the COVID-19 pandemic[110]. - Cost control measures, including salary reductions and shift systems, have been implemented to mitigate the adverse effects of the COVID-19 outbreak[168]. - The total employee costs for the six months ended June 30, 2020, amounted to approximately SGD 2.1 million, a decrease from SGD 5.6 million for the same period in 2019[186]. Asset and Liability Management - Total assets decreased from SGD 16,085,000 as of December 31, 2019, to SGD 15,120,000 as of June 30, 2020, reflecting a reduction in the company's asset base[25]. - Current assets also fell from SGD 10,942,000 to SGD 6,704,000 during the same period, primarily due to a decrease in cash and cash equivalents[25]. - The company's cash and cash equivalents decreased from SGD 6,343,000 at the beginning of the period to SGD 3,162,000 at the end of the period, a decline of approximately 50%[30]. - The company reported a total equity of SGD 10,599,000 as of June 30, 2020, down from SGD 11,722,000 as of December 31, 2019, reflecting a decrease in shareholder value[26]. - The company's current liabilities decreased from SGD 7,149,000 to SGD 5,299,000, indicating improved management of short-term obligations[25]. Impairments and Losses - The company recorded a trade receivables impairment of SGD (447,000) for the three months ended June 30, 2020, compared to no impairment in the same period of 2019[19]. - Trade receivables impairment for the six months ended June 30, 2020, was SGD 789,000, compared to SGD 19,000 in the same period of 2019[51]. - The total impairment loss recognized for trade receivables as of June 30, 2020, is SGD 1,117,000, significantly higher than SGD 354,000 as of December 31, 2019, reflecting an increase of approximately 215%[82]. - Additional impairment of right-of-use assets amounted to approximately SGD 0.2 million during the period due to the economic effects of COVID-19[118]. Future Outlook and Strategic Initiatives - Future outlook includes potential market expansion and new product development initiatives to drive growth[19]. - The company has entered into a strategic cooperation letter with Jin Tao Automobile Technology Co., Ltd. to develop automotive e-commerce business in mainland China, aiming to explore new market opportunities[113]. - The company plans to utilize approximately SGD 13.2 million from its IPO proceeds for expanding service capabilities and enhancing operational efficiency[126]. - The company continues to diversify its business to reduce reliance on the Singapore market and expand into other regions[144]. Shareholder Information - The weighted average number of ordinary shares issued was 850,000,000 for both the three and six months ended June 30, 2020, compared to 600,000,000 in the same periods of 2019[53]. - The company has a total issued share capital of HKD 8.5 million, with 850 million ordinary shares as of June 30, 2020[157]. - As of June 30, 2020, Mr. Hong Liqiang and Ms. Lin Liling each hold 378,798,000 shares, representing 44.56% of the total issued shares of 850,000,000[190]. - The percentage of shares held by major shareholders is based on the total issued shares of 850,000,000[196]. Operational Changes - The company intends to consolidate its Tagore service center into the Serangoon service center to improve operational efficiency and optimize cost control[110]. - The group has suspended expansion plans due to the significant impact of the pandemic on the Singapore automotive industry[168]. - The group plans to delay the establishment of new service centers and recruitment of new employees until further notice[170].
傲迪玛汽车(08418) - 2020 - 中期财报