Financial Performance - The group's unaudited revenue for the six months ended June 30, 2019, was approximately SGD 3,471,000, a decrease of about SGD 240,000 or 6.5% compared to the same period in 2018[6]. - The group's unaudited profit for the six months ended June 30, 2019, was approximately SGD 333,000, a decrease of about SGD 797,000 or 70.5% compared to the same period in 2018[6]. - Basic earnings per share for the six months ended June 30, 2019, was 0.06 Singapore cents, down from 0.22 Singapore cents for the same period in 2018[6]. - Total revenue for the six months ended June 30, 2019, was SGD 3,471,000, a decrease of 6.5% compared to SGD 3,711,000 for the same period in 2018[35]. - The company reported a net profit attributable to owners of SGD 333,000 for the six months ended June 30, 2019, compared to SGD 1,130,000 for the same period in 2018, reflecting a significant decline[44]. - The net cash from operating activities for the six months ended June 30, 2019, was approximately SGD 359,000, down from SGD 802,000 for the same period in 2018[107]. - The group reported a pre-tax profit of SGD 473,000 for the six months ended June 30, 2019, compared to SGD 1,320,000 for the same period in 2018[16]. - Other income, including interest income and government grants, totaled SGD 226,000 for the six months ended June 30, 2019, compared to SGD 44,000 in the same period of 2018[39]. Assets and Liabilities - Total assets less current liabilities as of June 30, 2019, amounted to SGD 15,810,000, compared to SGD 14,630,000 as of December 31, 2018[11]. - The total equity as of June 30, 2019, was SGD 14,939,000, an increase from SGD 14,606,000 as of December 31, 2018[11]. - Cash and cash equivalents at the end of the period were SGD 12,974,000, down from SGD 14,128,000 at the beginning of the period[16]. - The company’s total assets included right-of-use assets valued at SGD 1,612,000 as of June 30, 2019[50]. - Trade receivables increased to SGD 569,000 as of June 30, 2019, compared to SGD 481,000 as of December 31, 2018[51]. - Trade payables increased to SGD 176,000 as of June 30, 2019, from SGD 99,000 as of December 31, 2018[64]. - Deferred revenue at the end of the reporting period was SGD 72,000, reflecting prepayments received from customers[62]. Revenue Breakdown - Revenue from consultation services was SGD 926,000, while prescription and dispensing services generated SGD 985,000, and treatment services accounted for SGD 1,286,000[35]. - Revenue from consultation services decreased from SGD 969,000 to SGD 926,000, with the total number of patients dropping from 9,369 to 8,940, a decline of 4.6%[81]. - Revenue from prescription and dispensing services fell from SGD 1,094,000 to SGD 985,000, primarily due to reduced profits from patients purchasing DS brand skincare products without consulting a doctor[81]. - Revenue from treatment services decreased from SGD 1,395,000 to SGD 1,286,000, attributed to a decline in procedures involving anesthesia and intense pulse light[81]. Corporate Governance - The company has complied with all applicable corporate governance codes during the six months ending June 30, 2019[136]. - The board of directors has confirmed compliance with the trading rules for directors throughout the six-month period ending June 30, 2019[142]. - The company is committed to high standards of corporate governance to manage business risks and enhance transparency[136]. - The audit committee was established on September 22, 2017, and consists of three independent non-executive directors[147]. - The audit committee's main responsibilities include reviewing the company's financial reporting procedures and internal control systems[150]. Employee and Operational Changes - Total employee costs increased to SGD 956,000 from SGD 759,000, mainly due to the hiring of additional staff at beauty clinics and the "Family and Skin" clinic[86]. - The total number of employees increased to 32 from 22, reflecting the company's expansion efforts[89]. - The group has increased its workforce to 32 employees as of June 30, 2019, up from 20 employees as of December 31, 2018[116]. - The company plans to recruit an additional dermatologist as part of its expansion strategy[77]. Strategic Plans - The company plans to expand its market share in the dermatology and surgery services sector in Singapore, focusing on enhancing its brand reputation[77]. - The company is negotiating to renovate its existing East Coast clinic and open a new medical beauty clinic in the same area[77]. - The group plans to establish new medical aesthetic clinics and enhance existing clinic services, with a budget allocation of approximately HKD 13.6 million for this purpose[120]. Accounting Policies - The financial statements for the six months ended June 30, 2019, were prepared in accordance with International Financial Reporting Standards and the GEM Listing Rules[23]. - The company adopted IFRS 16 Leases effective January 1, 2019, which introduced a single accounting model for lessees, recognizing right-of-use assets and lease liabilities[22]. - The financial statements were prepared on a historical cost basis, reflecting fair value based on the consideration exchanged for goods or services[23]. - The company recognizes expected credit losses for trade receivables based on historical credit loss experience and adjusts for current and forecasted economic conditions[26]. Shareholder Information - As of June 30, 2019, Loh Teck Hiong, Ee Hock Leong, and Dr. Ko each hold 358,000,000 shares, representing 59.66% of the company's equity[128]. - Brisk Success, owned by Loh, Ee, and Dr. Ko, holds 358,000,000 shares, accounting for 59.66% of the company's equity[132]. - Victory Spring Ventures Limited holds 35,560,000 shares, representing 5.93% of the company's equity[132]. - The company has not granted any share options since the adoption of the share option plan on September 22, 2017[139].
德斯控股(08437) - 2019 - 中期财报