Financial Performance - The group's revenue for the fiscal year ending August 31, 2021, was approximately SGD 15.4 million, an increase of about 3.4% compared to SGD 14.9 million for the previous year[11] - The group recorded a loss of approximately SGD 6.9 million for the fiscal year, an improvement from a loss of SGD 8.0 million in the previous year[11] - The loss for the year was primarily due to the adverse impact of COVID-19 on the restaurant industry, leading to impairment losses on property, plant and equipment, intangible assets, and restaurant rights[11] - Revenue from food sales decreased significantly by approximately 82.7%, from 104,000 SGD in 2020 to 18,000 SGD in 2021, primarily due to COVID-19 measures[29] - Franchise and licensing income fell by about 70.4%, from 54,000 SGD in 2020 to 16,000 SGD in 2021, also impacted by the pandemic[31] - The group recorded a loss of approximately SGD 6.9 million this year, down from a loss of approximately SGD 8.0 million in 2020, primarily due to increased revenue from new restaurant openings and reduced employee costs[46] - The company reported a loss of SGD 6,929,000 for the fiscal year ending August 31, 2021, with net liabilities of SGD 3,895,000 and current liabilities of SGD 6,478,000[149] Operational Overview - The group operates 15 self-owned restaurants and one central kitchen, including three "Chir Chir" restaurants in Singapore specializing in Korean fried chicken[19] - The group plans to expand its network to other Southeast Asian countries and aims to become Singapore's leading restaurant operator[15] - The group has authorized the "Chir Chir" brand to an Indonesian franchisee to operate restaurants in Indonesia[20] - The group intends to develop new franchise brands and open existing brand restaurants outside central Singapore[21] - The group emphasizes its commitment to food quality, hygiene, and dining experience as key competitive advantages[21] - The group has maintained its restaurant operations despite COVID-19 restrictions, focusing on takeout and delivery services[12] - The group received government subsidies and rent rebates during the heightened alert period to mitigate the impact of COVID-19[12] Financial Position - As of August 31, 2021, the current ratio was 0.2, down from 0.3 in 2020, indicating a decline in liquidity[47] - The debt-to-equity ratio was -18.9% as of August 31, 2021, compared to 27.8% in 2020, reflecting a shift to negative equity due to losses incurred this year[47] - Total borrowings were approximately SGD 643,000 as of August 31, 2021, down from SGD 749,000 in 2020, with interest rates ranging from 3.50% to 30%[47] - The net current liabilities amounted to approximately SGD 6.5 million, compared to SGD 6.0 million in 2020, indicating a slight increase in short-term financial obligations[49] - The net debt was approximately SGD 3.9 million, up from a net asset value of approximately SGD 3.0 million in 2020, primarily due to impairment losses recognized this year[49] Management and Governance - The company has been actively involved in the governance and compliance aspects of its operations, as evidenced by the roles of its independent directors and company secretary[96] - The company has adopted the corporate governance code as per GEM Listing Rules Appendix 15, and the board believes it has complied with all applicable code provisions during the year[104] - The company has confirmed that all directors complied with the trading requirements set out in GEM Listing Rules during the year[105] - The company is committed to enhancing shareholder value through good corporate governance practices[103] - The board consists of seven directors, including three executive directors and two independent non-executive directors, ensuring a balanced composition for effective independent judgment[110] - The company has established a board committee to delegate certain responsibilities, ensuring effective oversight of business management and performance[106] - The company has taken out appropriate insurance for directors to cover any liabilities arising from their duties[117] Risk Management - The board has established policies and procedures for risk management and internal control, which are designed to minimize risks associated with business operations[154] - The board reviews the effectiveness of the risk management and internal control systems annually, confirming their completeness and effectiveness[155] - The company has engaged external independent consultants to review its internal control systems, providing recommendations for improvement[154] Shareholder Matters - The company has decided not to declare a final dividend for the year, consistent with the previous year where no dividend was declared[173] - The company has adopted a dividend policy that allows for the declaration and payment of dividends based on various factors, including financial performance and future growth plans[179] - The company has no distributable reserves available for dividend payments as of August 31, 2021, including share premium and accumulated losses[188] Personnel Changes - 周君奇先生于2021年4月9日被任命为独立非执行董事，并于2021年6月24日调任为执行董事及董事会主席[64] - 何智毅先生为集团的共同创办人、执行董事兼行政总裁，自2018年1月24日起担任董事[65] - 葉偉漢先生于2018年1月24日被任命为董事，并于2018年2月10日调任为执行董事，负责监督集团的财务事宜[69] - 黃佩琪女士于2021年5月6日被任命为执行董事，负责监督集团的管理[72] - 劉俊杰先生于2021年6月24日被任命为非执行董事及董事会副主席，负责提供管理及战略发展意见[74] - 王競強先生于2021年5月6日被任命为独立非执行董事，担任审计委员会及薪酬委员会的主席[78] - 羅頌霖先生于2018年7月23日被任命为独立非执行董事，担任提名委员会主席[80]
易站绿色科技(08475) - 2021 - 年度财报