Revenue Performance - For the three months ended September 30, 2021, the company reported revenue of SGD 19,556,000, a significant increase from SGD 4,764,000 in the same period of 2020, representing a growth of approximately 310%[12] - The total revenue for the nine months ended September 30, 2021, was SGD 34,355,000, compared to SGD 10,890,000 for the same period in 2020, indicating an increase of about 215%[12] - Revenue for automotive after-sales services reached SGD 3,073,000 for Q3 2021, up from SGD 2,930,000 in Q3 2020, representing a growth of 4.9%[29] - The company’s total revenue for automotive supply and other sources reached SGD 15,778,000 in Q3 2021, a significant increase from SGD 1,162,000 in Q3 2020[29] - Automotive supply revenue increased by approximately SGD 22.0 million for the nine months ended September 30, 2021, compared to the same period in 2020, primarily due to the supply of automotive parts and equipment to customers in mainland China[45] - The group's revenue for the period was approximately SGD 34.4 million, an increase of about SGD 23.5 million from approximately SGD 10.9 million in the previous year, driven by sales of automotive parts and after-sales services[51] Expenses and Losses - Marketing and advertising expenses for the three months ended September 30, 2021, were SGD (16,885,000), up from SGD (2,201,000) in the prior year, reflecting an increase of approximately 667%[12] - The company incurred a loss of SGD (326,000) for the three months ended September 30, 2021, compared to a profit of SGD 343,000 in the same period of 2020[12] - For the nine months ended September 30, 2021, the loss was SGD (185,000), a decrease from a loss of SGD (780,000) in the same period of 2020[12] - The total comprehensive loss for the period was SGD (356,000) for the three months ended September 30, 2021, compared to a profit of SGD 343,000 for the same period in 2020[14] - The loss attributable to owners of the company was SGD (322,000) for the three months ended September 30, 2021, compared to a profit of SGD 343,000 for the same period in 2020[14] - Basic and diluted loss per share was SGD (0.03) for the three months ended September 30, 2021, compared to earnings of SGD 0.04 for the same period in 2020[14] - Other expenses increased by approximately SGD 0.4 million, mainly due to a foreign exchange loss of SGD 13,000 in 2021 compared to a gain of SGD 0.2 million in 2020[58] - The group recorded a total loss of approximately SGD 0.1 million in 2021, a decrease from a total loss of approximately SGD 0.8 million in 2020, attributed to reduced impairments and increased revenue[61] Financial Position - The company reported a total equity of SGD 10,648,000 as of September 30, 2021, down from SGD 11,722,000 as of December 31, 2020[17] - The company’s accumulated losses increased to SGD (421,000) as of September 30, 2021, compared to SGD (284,000) as of December 31, 2020[17] - Financing costs for the nine months ended September 30, 2021, amounted to SGD 287,000, compared to SGD 224,000 for the same period in 2020, an increase of 28.1%[32] - The group recorded tax expenses of approximately SGD 0.2 million in 2021, compared to a tax credit of approximately SGD 4,000 in 2020[60] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new product development to drive future growth[12] - The management remains optimistic about future performance, despite the current losses, and is focused on strategic initiatives to enhance profitability[12] - The group established a wholly-owned subsidiary in Changsha, Hunan, to expand parallel import vehicle trade and related services in mainland China[45] - The group plans to adopt a cautious approach to expansion while focusing on enhancing its position in Singapore's automotive after-sales service and rental businesses[46] - The acquisition of a 53% stake in Hunan Maliang Digital Technology Co., Ltd. for RMB 5,077,840 aims to diversify the group's business into educational data collection and management services in China[46] - The group aims to seek new opportunities in e-commerce to adapt to the shift in demand from physical stores[48] Corporate Governance and Compliance - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which were held by the same person until August 15, 2021[86] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the nine months ending September 30, 2021[89] - The company has appointed a compliance advisor effective August 15, 2021, with no interests reported by the advisor as of September 30, 2021[87] - The company expressed gratitude to shareholders, business partners, and employees for their support and contributions during the reporting period[93] Shareholder Information - Major shareholders include Red Link, holding approximately 44.56% of the shares, with significant interests held by Mr. Hong and Ms. Lin[70][76] - As of September 30, 2021, the total number of issued shares was 850,000,000[1] - The board did not recommend any dividends for the nine months ended September 30, 2021, consistent with the previous year[62] - The company did not declare any dividends for the nine months ended September 30, 2021, consistent with the previous year[37] - The company did not purchase, sell, or redeem any of its listed securities during the nine months ending September 30, 2021[80] - There have been no stock options granted since the adoption of the stock option plan on September 18, 2019, and no unexercised options as of September 30, 2021[82] Market and Operational Insights - The company’s revenue generation activities primarily focus on automotive repair and maintenance services in Singapore[19] - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and presented in Singapore dollars[20] - The company is listed on the GEM of the Hong Kong Stock Exchange since October 11, 2019[19] - The group continues to monitor the political situation in Myanmar and its impact on the operations of its joint venture, OWMS, which is 35% owned[46] - Trade receivables impairment decreased by approximately SGD 0.8 million in 2021 compared to 2020, primarily due to the economic impact of COVID-19 on customers[56] - No additional impairment of right-of-use assets was recorded in 2021, following an impairment of approximately SGD 0.2 million in 2020 due to COVID-19's impact on the Singapore economy[57]
傲迪玛汽车(08418) - 2021 Q3 - 季度财报