Financial Performance - For the six months ended June 30, 2021, the company reported revenue of SGD 14,799,000, a significant increase of 142.5% compared to SGD 6,126,000 for the same period in 2020[17]. - The company achieved a profit of SGD 316,000 for the six months ended June 30, 2021, compared to a loss of SGD 1,135,000 in the same period of 2020, indicating a turnaround in performance[17]. - The total comprehensive income for the six months ended June 30, 2021, was S$19,000, compared to a loss of S$1,123,000 for the same period in 2020[19]. - The company's basic and diluted earnings per share for the six months ended June 30, 2021, was S$0.02, compared to a loss of S$0.13 in the same period of 2020[19]. - The company reported a total profit and comprehensive income of approximately SGD 141,000 in 2021, a significant recovery from a loss of approximately SGD 1.1 million in 2020[134]. Revenue Breakdown - Automotive after-sales service revenue for the six months ended June 30, 2021, was SGD 5,988,000, compared to SGD 5,119,000 in the same period of 2020, reflecting a growth of 17%[43]. - Automotive supply revenue for the six months ended June 30, 2021, reached SGD 7,566,000, significantly up from SGD 227,000 in the same period of 2020, indicating a growth of 3,228%[43]. - Warranty income for the six months ended June 30, 2021, was SGD 242,000, an increase from SGD 209,000 in the same period of 2020, showing a growth of 15.8%[43]. - Car rental income for the six months ended June 30, 2021, was SGD 1,245,000, up from SGD 780,000 in the same period of 2020, representing a growth of 59.6%[43]. Cost and Expenses - The cost of materials used increased to SGD 9,493,000 for the six months ended June 30, 2021, up from SGD 1,917,000 in the same period of 2020, reflecting higher production costs[17]. - Employee benefits expenses rose to SGD 2,414,000 for the six months ended June 30, 2021, compared to SGD 2,099,000 in the same period of 2020, indicating increased workforce costs[17]. - Marketing and advertising expenses increased to SGD 245,000 for the six months ended June 30, 2021, compared to SGD 32,000 in the same period of 2020, suggesting a focus on enhancing brand visibility[17]. - The company incurred finance costs of SGD 167,000 for the six months ended June 30, 2021, compared to SGD 146,000 in the same period of 2020, reflecting increased borrowing costs[17]. Assets and Liabilities - Current assets increased to S$12,552,000 as of June 30, 2021, compared to S$8,514,000 as of December 31, 2020[21]. - The total liabilities decreased from S$11,636,000 as of December 31, 2020, to S$10,285,000 as of June 30, 2021[22]. - The total equity increased to S$11,966,000 as of June 30, 2021, from S$10,928,000 as of December 31, 2020[22]. - The company's non-current assets totaled S$13,699,000 as of June 30, 2021, down from S$14,050,000 as of December 31, 2020[21]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2021, was S$2,181,000, an increase from S$648,000 in the previous year[27]. - The cash and cash equivalents at the end of the period increased to S$3,573,000 from S$3,331,000 at the beginning of the period[27]. - The company reported a net cash used in investing activities of S$2,206,000 for the six months ended June 30, 2021, compared to S$2,059,000 in the previous year[27]. Strategic Initiatives - The company is focusing on market expansion and new product development to drive future growth, although specific figures were not disclosed in the report[17]. - The company anticipates continued growth in revenue and profitability for the remainder of the fiscal year, supported by strategic initiatives and market demand[17]. - The company plans to cautiously expand its automotive after-sales service business in Singapore and increase market share in mainland China[117]. - The company established a wholly-owned subsidiary in Changsha, Hunan, to enhance its parallel import vehicle trade and related services in Central and Southern China[113]. Joint Ventures and Acquisitions - The investment in a joint venture in Thailand, Absolute By Optima Werkz, represents a 40% ownership stake, aimed at expanding overseas operations and diversifying country risk[75]. - The company acquired a 53% stake in Hunan Maliang Digital Technology Co., Ltd. for RMB 5,077,840, which will be consolidated into the company's financial statements[108]. - Hunan Maliang contributed revenue of SGD 5,000 and a loss of SGD 49,000 from May 8 to June 30, 2021[111]. Market Conditions and Risks - The company relies heavily on the Singapore market, which is subject to government policies and economic conditions that may impact sales performance[142]. - The group faced risks in expanding its customer base and executing its business plans due to market conditions and competition[168]. - The company will continue to monitor the political situation in Myanmar and its impact on the operations of its joint venture OWMS, in which it holds a 35% stake[117]. Corporate Governance - The company has maintained compliance with the corporate governance code as per GEM Listing Rules, except for the separation of the roles of Chairman and CEO[195]. - The audit committee has been established and consists of three independent non-executive directors, with Mr. Zhu as the chairman[198]. - The interim results for the six months ended June 30, 2021, have not been audited, but the audit committee has reviewed the unaudited consolidated financial statements[198].
傲迪玛汽车(08418) - 2021 - 中期财报