Financial Performance - The group's unaudited revenue for the six months ended June 30, 2020, was approximately SGD 3,334,000, a decrease of about SGD 137,000 or 3.9% compared to SGD 3,471,000 for the same period in 2019[3]. - The group reported an unaudited loss of approximately SGD 1,053,000 for the six months ended June 30, 2020, a decline of about SGD 1,386,000 or 416.2% compared to a profit of SGD 333,000 for the same period in 2019[3]. - The loss per share for the six months ended June 30, 2020, was (0.17) Singapore cents, compared to earnings of 0.06 Singapore cents for the same period in 2019[3]. - Total revenue for the six months ended June 30, 2020, was 3,334 thousand Singapore dollars, a decrease of 3.95% from 3,471 thousand Singapore dollars in the same period of 2019[47]. - The company incurred a pre-tax loss of 1,012 thousand Singapore dollars for the six months ended June 30, 2020, compared to a profit of 333 thousand Singapore dollars in the same period of 2019[55]. - The company recorded a loss of approximately SGD 1,053,000 for the six months ended June 30, 2020, a decrease of about SGD 1,386,000 or 416.2% compared to a profit of approximately SGD 333,000 for the same period in 2019[107]. Assets and Liabilities - Total assets less current liabilities as of June 30, 2020, amounted to SGD 18,566,000, down from SGD 22,539,000 as of December 31, 2019[9]. - Non-current assets as of June 30, 2020, were SGD 11,175,000, a slight decrease from SGD 11,925,000 as of December 31, 2019[9]. - Current assets as of June 30, 2020, totaled SGD 12,087,000, compared to SGD 13,729,000 as of December 31, 2019[9]. - The group’s total liabilities as of June 30, 2020, were SGD 4,815,000, down from SGD 7,795,000 as of December 31, 2019[9]. - The group’s equity as of June 30, 2020, was SGD 13,751,000, compared to SGD 14,744,000 as of December 31, 2019[9]. - The group had a total debt of approximately SGD 3,000,000 in secured bank loans as of June 30, 2020, resulting in a debt-to-equity ratio of approximately 21.5%[110]. Cash Flow - For the six months ended June 30, 2020, the operating cash flow used was SGD (2,928) thousand, compared to SGD 359 thousand for the same period in 2019, indicating a significant decline[16]. - The total cash and cash equivalents at the end of the period were SGD 7,639 thousand, down from SGD 12,974 thousand at the end of the previous period[16]. - The net cash used in investing activities was SGD (4,308) thousand, which included SGD (2,570) thousand for the purchase of property and equipment and SGD (1,678) thousand for the acquisition of joint ventures[16]. - Financing activities generated cash inflow of SGD 2,163 thousand, primarily from new bank loans of SGD 3,000 thousand, offset by repayments of borrowings and lease liabilities[16]. - The net cash used in operating activities for the six months ended June 30, 2020, was approximately SGD 2,928,000, compared to a net cash inflow of approximately SGD 359,000 for the same period in 2019[111]. Revenue Breakdown - The main sources of revenue include consulting services, prescription and dispensing services, treatment services, and cosmetic services[41]. - Consultation services revenue decreased to 665 thousand Singapore dollars, down 28.2% from 926 thousand Singapore dollars in the previous year[47]. - Prescription and dispensing services revenue increased to 1,352 thousand Singapore dollars, up 37.2% from 985 thousand Singapore dollars in the previous year[47]. - Revenue from consultation services was SGD 665,000, accounting for 19.9% of total revenue, down from SGD 926,000 or 26.7% in the previous year[88]. - Revenue from prescription and dispensing services increased to SGD 1,352,000, representing 40.6% of total revenue, compared to SGD 985,000 or 28.4% in the prior year[88]. Operational Challenges - The company experienced significant operational challenges due to COVID-19, including reduced capacity in Singapore clinics and delayed openings of new clinics in Hong Kong[83]. - The company has implemented telemedicine services and sold antiviral products to mitigate the impact of the pandemic[83]. - The number of patients seeking consultation decreased from 6,401 in the six months ended June 30, 2019, to 5,771 in the same period of 2020, representing a decline of 9.8%[87]. - Other operating expenses rose by approximately SGD 952,000 or 91.6% to SGD 1,991,000 for the six months ended June 30, 2020, compared to SGD 1,039,000 in the previous year[100]. Corporate Governance - The company has complied with all applicable corporate governance code provisions during the six months ending June 30, 2020[130]. - The number of independent non-executive directors fell below the minimum required by GEM Listing Rules after the resignation of a director, but compliance was restored with a new appointment on June 8, 2020[130]. - The company has adopted a code of conduct for directors' securities transactions, which complies with GEM Listing Rules[135]. - The audit committee was established on September 22, 2017, and consists of three independent non-executive directors, ensuring compliance with GEM Listing Rule 5.28 and Corporate Governance Code C.3[142]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2020, and provided opinions and recommendations[142]. Future Plans - The company plans to expand its non-prescription product range for skincare and general health, leveraging lessons learned from the COVID-19 pandemic[86]. - The company is actively exploring acquisition targets and partnership opportunities in Hong Kong, the Greater Bay Area, Singapore, and ASEAN countries[86]. - The company aims to enhance online telemedicine capabilities and clinic operational automation in response to increasing patient demand[86]. - The company plans to strategically expand and enhance its clinic network outside of Singapore, with approximately HKD 5,000,000 reallocated for identifying acquisition targets and seeking collaboration opportunities[120]. - Approximately HKD 4,200,000 has been reallocated for investments in medical technology, digital healthcare, and AI deployment to create synergies with existing operations[122].
德斯控股(08437) - 2020 - 中期财报