Financial Performance - Total revenue for the six months ended June 30, 2021, was approximately SGD 13,328,000, an increase of about SGD 249,000 or 1.9% compared to the same period in 2020[6] - The loss attributable to owners for the six months ended June 30, 2021, was approximately SGD 2,536,000, compared to a loss of SGD 579,000 for the same period in 2020, primarily due to decreased profitability and increased office expenses[6] - The gross profit for the six months ended June 30, 2021, was SGD 763,868, a decrease from SGD 803,481 in the same period of 2020[7] - The basic and diluted loss per share for the six months ended June 30, 2021, was SGD (0.0039), compared to SGD (0.0009) for the same period in 2020[7] - The company reported a pre-tax loss of SGD 2,536,495 for the six months ended June 30, 2021, compared to a loss of SGD 559,316 in the same period of 2020, indicating a significant increase in losses[16] - Cash generated from operating activities was negative SGD 233,138 for the six months ended June 30, 2021, down from positive SGD 1,296,333 in the same period of 2020[16] - The overall gross profit decreased from approximately SGD 803,000 for the six months ended June 30, 2020, to approximately SGD 764,000 for the same period in 2021, resulting in a gross profit margin decline from about 6.1% to 5.7%[77] - Other income decreased by approximately SGD 245,000 to about SGD 534,000, primarily due to reduced government subsidies and lower foreign exchange gains[81] - The group recorded a loss of approximately SGD 2,536,000 for the six months ended June 30, 2021, compared to a loss of approximately SGD 579,000 for the same period in 2020[84] Expenses and Liabilities - Administrative expenses increased to SGD 3,772,052 for the six months ended June 30, 2021, compared to SGD 2,114,431 for the same period in 2020[7] - The company incurred capital expenditures of SGD 340,000 for property, plant, and equipment during the six months ended June 30, 2021, compared to SGD 47,000 in the same period of 2020[16] - The total amount utilized from the IPO proceeds as of June 30, 2021, was HKD 25,308,000, with HKD 17,808,000 remaining unutilized[106] - The total loans and borrowings decreased from SGD 5,748,932 in 2020 to SGD 4,668,242 in 2021, reflecting a reduction in both current and non-current liabilities[58] - Trade receivables decreased to SGD 3,410,464 as of June 30, 2021, from SGD 4,494,439 as of December 31, 2020[48] - Trade payables were SGD 373,931 as of June 30, 2021, down from SGD 1,244,185 as of December 31, 2020[53] - The company reported a total of SGD 801,792 in other payables and accrued expenses as of June 30, 2021, down from SGD 1,227,884 as of December 31, 2020[54] Assets and Equity - The total assets less current liabilities as of June 30, 2021, amounted to SGD 25,425,104, compared to SGD 24,678,291 as of December 31, 2020[11] - Non-current assets totaled SGD 11,091,210 as of June 30, 2021, down from SGD 11,881,024 as of December 31, 2020[10] - Current liabilities decreased to SGD 2,342,318 as of June 30, 2021, from SGD 4,105,675 as of December 31, 2020[10] - The total equity as of June 30, 2021, was SGD 21,343,822, an increase from SGD 19,827,048 as of December 31, 2020[11] - As of June 30, 2021, the group had total assets of approximately SGD 27,767,000, with a current ratio of about 7.1 times[87] - The group had cash and cash equivalents of approximately SGD 12,489,000 as of June 30, 2021, an increase from SGD 11,644,000 as of December 31, 2020[87] Revenue Segments - Customer contract revenue for the six months ended June 30, 2021, was SGD 13,328,175, a slight increase from SGD 13,079,404 in the same period of 2020, reflecting a growth of approximately 1.9%[26] - The logistics segment, which includes truck transportation services, generated revenue of SGD 10,921,367 for the six months ended June 30, 2021, compared to SGD 10,674,976 in the same period of 2020, representing an increase of approximately 2.3%[28] - Revenue from truck transportation services rose by approximately SGD 246,000 to SGD 10,921,000, reflecting a growth rate of about 2.3% due to increased customer demand driven by global economic recovery[75] Shareholder Information - The company issued 128,000,000 shares on June 21, 2021, increasing the total issued and paid-up shares to 768,000,000 as of June 30, 2021[62] - As of June 30, 2021, the total number of shares held by Mr. Cai Jianglin and Ms. Cai Shufen is 64,605,000, representing 8.41% of the issued share capital[116] - Mr. Cai Jianglin and Ms. Cai Shufen each hold 6,400,000 share options granted on May 21, 2021, with an exercise price of HKD 0.285[120] - Ventris Global Limited, wholly owned by Mr. Cai Jianglin, holds 58,205,000 shares, representing 7.58% of the company[121] Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with GEM listing rules and corporate governance codes[129] - The board of directors includes two executive directors and three independent non-executive directors, ensuring a balanced governance structure[129] - The company has adopted a code of conduct for securities trading, confirming compliance by all directors during the six months ending June 30, 2021[126] - The company has adhered to all principles of the corporate governance code, with an exception regarding the roles of the Chairman and CEO being held by the same individual[127] Operational Developments - The company continues to focus on expanding its logistics services in Singapore, with all revenue generated from this market[28] - The company has completed the installation of a customized container tracking system and an enterprise resource planning system to strengthen its IT infrastructure[100] - The company has acquired a new office space of approximately 1,000 square feet to accommodate additional employees[100] - The company has expanded its workforce by hiring a financial director, multiple financial supervisors, and three operational staff, in addition to 27 experienced truck drivers[100] Economic Context - The Singapore economy contracted by 2% in Q2 2021 due to renewed COVID-19 restrictions, but is expected to recover as vaccination rates increase[71] - The company aims to maintain growth in the industry and enhance overall competitiveness, with a projected GDP growth of 4% to 6% for Singapore in 2021[113] - The company continues to monitor global trade conditions and customer needs to adapt to potential economic fluctuations[113]
春能控股(08430) - 2021 - 中期财报