Financial Performance - For the six months ended June 30, 2019, the company reported revenue of SGD 9,457,000, a decrease of 1.5% compared to SGD 9,596,000 for the same period in 2018[13] - Gross profit for the same period was SGD 6,888,000, down from SGD 7,304,000, reflecting a decline of approximately 5.7% year-over-year[13] - The company incurred a loss before tax of SGD 1,280,000, compared to a loss of SGD 1,377,000 in the previous year, indicating a slight improvement in performance[13] - The net loss for the period was SGD 1,306,000, which is a 9.7% improvement from the net loss of SGD 1,446,000 in the prior year[13] - Basic loss per share for the period was SGD (0.26), an improvement from SGD (0.29) in the previous year[13] - The group reported a loss before tax of SGD 1,280,000 for the six months ended June 30, 2019, compared to a loss of SGD 1,446,000 for the same period in 2018, indicating an improvement of about 11.5%[42] - Basic loss per share for the six months ended June 30, 2019, was 0.26 Singapore cents, compared to a loss of 0.29 Singapore cents for the same period in 2018, showing a reduction in loss per share[46] - The company recorded a loss of approximately SGD 1.31 million for the six months ended June 30, 2019, compared to a loss of SGD 1.45 million for the same period in 2018[87] Revenue Breakdown - Revenue for the restaurant business was SGD 7,039,000 for the six months ended June 30, 2019, compared to SGD 7,166,000 for the same period in 2018, representing a decrease of approximately 1.77%[33] - Revenue from the artisanal bakery segment was SGD 2,402,000 for the six months ended June 30, 2019, slightly down from SGD 2,416,000 in 2018, a decrease of about 0.58%[33] - Total revenue for the group was SGD 9,457,000 for the six months ended June 30, 2019, compared to SGD 9,596,000 in 2018, reflecting a decline of approximately 1.45%[39] Expenses and Costs - Employee benefits expenses increased to SGD 3,512,000 from SGD 3,138,000, reflecting a rise of approximately 12%[13] - Cost of goods sold increased by approximately SGD 0.28 million or 12.1% to SGD 2.57 million for the six months ended June 30, 2019, mainly due to rising raw material costs[80] - Employee costs (excluding directors and key management personnel remuneration) increased to SGD 3,201,000 for the six months ended June 30, 2019, from SGD 2,891,000 in 2018, an increase of approximately 10.73%[42] - Rental and related expenses significantly decreased by SGD 1.50 million or 64.0% to SGD 0.85 million for the six months ended June 30, 2019, due to the adoption of IFRS 16[84] - The overall finance costs increased by SGD 165,000 to approximately SGD 223,000 for the six months ended June 30, 2019, primarily due to the recognition of lease-related depreciation[86] Assets and Liabilities - Total non-current assets amounted to SGD 9,306,000, while current assets totaled SGD 9,792,000, resulting in a net current asset value of SGD 3,103,000[16] - The company reported a total loss for the period of SGD 1,325,000, with retained earnings showing a cumulative loss of SGD 6,283,000[19] - Cash and cash equivalents decreased by SGD 3,007,000, ending the period at SGD 6,179,000[22] - The company’s total liabilities included current liabilities of SGD 6,689,000 and non-current liabilities of SGD 2,771,000[16] - The company’s total assets less current liabilities stood at SGD 12,409,000, compared to SGD 11,109,000 previously[16] - Trade receivables decreased to SGD 314,000 as of June 30, 2019, from SGD 460,000 as of December 31, 2018, representing a decline of 31.65%[52] - Other receivables increased significantly to SGD 1,850,000 as of June 30, 2019, compared to SGD 243,000 as of December 31, 2018, marking a growth of 661.74%[52] - Trade payables rose to SGD 1,129,000 as of June 30, 2019, from SGD 1,025,000 as of December 31, 2018, an increase of 10.13%[57] - Total borrowings decreased to SGD 892,000 as of June 30, 2019, from SGD 1,121,000 as of December 31, 2018, a reduction of 20.43%[63] Cash Flow - Operating activities generated a net cash inflow of SGD 476,000, while investing and financing activities resulted in cash outflows of SGD 1,615,000 and SGD 1,868,000 respectively[23] - As of June 30, 2019, the net cash flow used in investing activities was SGD 1.62 million, primarily from the purchase of property, plant, and equipment amounting to SGD 0.22 million and loans to third parties totaling SGD 1.40 million[90] - The net cash flow used in financing activities was SGD 1.87 million, with SGD 0.41 million for repaying bank loans and finance leases, and SGD 1.46 million for lease liabilities under IFRS 16 adopted on January 1, 2019[90] - Cash and bank balances as of June 30, 2019, were approximately SGD 6.18 million, down from SGD 9.19 million as of December 31, 2018[89] Corporate Governance and Shareholder Information - The company has not entered into any related party transactions during the six months ending June 30, 2019, indicating a focus on maintaining transparency and governance[129] - The board believes that having the same individual serve as both chairman and CEO provides benefits in ensuring internal leadership and effective strategic planning[134] - The company has committed to high standards of corporate governance, with the board continuously reviewing the separation of the roles of chairman and CEO as appropriate[134] - The board confirms that there are no interests in competing businesses held by directors or controlling shareholders as of June 30, 2019, ensuring alignment with the company's business objectives[135] - The board does not recommend the payment of any interim dividend for the six months ended June 30, 2019, consistent with the previous year[139] - There were no significant investments, acquisitions, or disposals by the group from the listing date to June 30, 2019[140] Strategic Initiatives - The company is focused on improving operational efficiency and exploring new market opportunities to enhance future performance[13] - The company plans to expand its market share in Singapore and Malaysia by enhancing its existing restaurant operations and increasing employee training[75] - The company has initiated the upgrade of its information technology systems for restaurants and retail stores[118] - The company has confirmed a new office to centralize headquarters functions and is in discussions for new restaurant locations[115] - The company opened two new restaurants under the "MASA by Black Society" brand within a month, with the first opening on June 22, 2019, and the second on July 22, 2019[78] Share Capital and Equity - The company’s share capital remained at SGD 869,000 throughout the period[19] - The total equity of the company as of June 30, 2019, was SGD 9,638,000, down from SGD 10,963,000 at the beginning of the year[19] - As of June 30, 2019, major shareholders and other individuals (not directors or senior management) hold a total of 93,000,000 shares, representing 18.6% of the company's shares[127] - As of June 30, 2019, Ms. Liu Wan-Zhen holds a beneficial interest in 282,000,000 shares, representing 56.4% of the company's shares, while Mr. Cai Da controls 93,000,000 shares, accounting for 18.6%[123]
聚利宝控股(08527) - 2019 - 中期财报