Financial Performance - For the fiscal year ended December 31, 2019, the group recorded total revenue of approximately SGD 23.8 million, consistent with the previous fiscal year[8]. - The group reported a net loss of approximately SGD 0.9 million for the fiscal year ended December 31, 2019, compared to a net loss of approximately SGD 0.4 million for the same period in 2018[11]. - The group's revenue decreased by approximately SGD 1.6 million or about 6.2% to approximately SGD 23.8 million for the year ended December 31, 2019, compared to approximately SGD 25.4 million for the year ended December 31, 2018, primarily due to reduced income from ship supply customers amid intense market competition[14]. - The group's gross profit increased by approximately SGD 0.4 million or about 6.5% to approximately SGD 6.1 million for the year ended December 31, 2019, with the gross profit margin rising from approximately 22.4% to approximately 25.5% due to increased sales of higher-margin refrigerated food products[16]. - The group recorded a net loss of approximately SGD 0.9 million for the year ended December 31, 2019, an increase of approximately SGD 0.5 million or about 119.7% compared to a net loss of approximately SGD 0.4 million for the year ended December 31, 2018[21]. - Total comprehensive loss for the year was SGD 1,911,000, significantly higher than SGD 402,000 in 2018[192]. - The basic loss per share for the year was SGD 0.14, compared to SGD 0.06 in 2018[190]. Expenses and Costs - The increase in net loss was primarily due to an increase in administrative and other operating expenses by approximately SGD 1.2 million, offset by an increase in gross profit of approximately SGD 0.4 million and a decrease in selling and distribution costs of approximately SGD 0.4 million[8]. - The group's administrative and other operating expenses increased by approximately SGD 1.2 million or about 31.3% to approximately SGD 5.1 million for the year ended December 31, 2019, mainly due to increased depreciation and fair value losses on financial assets[18]. - The group's financing costs increased by approximately SGD 0.3 million or about 119.2% to approximately SGD 0.6 million for the year ended December 31, 2019, primarily due to increased lease liabilities and bank borrowing interest expenses[19]. Assets and Liabilities - The group's current ratio decreased to approximately 2.3 times as of December 31, 2019, down from 3.1 times in the previous year, due to a decrease in current assets (excluding inventory) by approximately 8.4% and an increase in current liabilities by approximately 20.9%[23]. - The total borrowings of the group as of December 31, 2019, amounted to approximately SGD 15.0 million, up from SGD 11.1 million in the previous year, resulting in a capital-to-debt ratio of approximately 95.8% compared to 63.4% in the previous year[24]. - Non-current assets decreased to SGD 20,053,000 from SGD 16,446,000 in 2018, reflecting a 21.0% increase[194]. - Current assets decreased to SGD 15,486,000 from SGD 16,311,000 in 2018, a decline of 5.1%[194]. - Total liabilities increased to SGD 14,411,000 from SGD 10,663,000 in 2018, marking a 35.0% rise[195]. - The company's equity attributable to owners decreased to SGD 15,712,000 from SGD 17,607,000 in 2018, a decline of 10.7%[195]. Business Strategy and Growth - The group aims to expand its customer base and cultivate new customers to achieve long-term growth despite challenges posed by the COVID-19 pandemic[9]. - The group seeks to explore different business and investment opportunities while maintaining good corporate governance and effective cost control to maximize returns for shareholders[9]. - The group plans to leverage its listing on the GEM to seize business opportunities and strengthen its market position in the food supply industry[8]. - The group’s operational potential remains intact despite a decrease in revenue for the fiscal year ended December 31, 2019, due to ongoing negotiations with existing and potential new customers[11]. Corporate Governance - The company has adopted the corporate governance code and has complied with all applicable provisions as of December 31, 2019[110]. - The roles of the Chairman and CEO are separated to balance power distribution within the company[111]. - The board of directors is responsible for overseeing the company's overall strategy and financial performance, as well as risk management systems[113]. - The company has purchased liability insurance for its directors to provide protection against any legal liabilities arising from their duties[114]. - The independent non-executive directors meet the independence criteria set out in GEM listing rules[116]. - The company has established a framework for identifying and managing business risks, with a focus on continuous assessment and improvement[142]. Shareholder Relations - The company has established a platform for effective communication between shareholders and the board of directors during the annual general meeting[149]. - All resolutions presented at the shareholders' meeting will be voted on, with results published on the stock exchange and the company's website[146]. - Shareholders can submit written inquiries or requests regarding their rights to the company's main business location in Hong Kong[147]. Environmental and Social Responsibility - The company is committed to environmental sustainability, promoting energy-saving practices and using eco-friendly materials[95]. - The company made charitable donations of approximately SGD 12,000 for the year ended December 31, 2019, consistent with the previous year[65]. Audit and Compliance - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with disclosure requirements[173]. - The audit committee reviewed the group's financial statements for the year ending December 31, 2019, ensuring compliance with applicable accounting standards and GEM listing rules[121]. - The auditor's responsibility is to express an opinion on whether the consolidated financial statements are free from material misstatement due to fraud or error[184]. - The assessment of the appropriateness of accounting policies and the reasonableness of accounting estimates made by the directors is part of the audit process[187].
COOL LINK(08491) - 2019 - 年度财报