Financial Results - Optima Automobile Group Holdings Limited reported its unaudited consolidated financial results for the six months ended June 30, 2024[1]. - The report includes unaudited consolidated income statements, financial position statements, and cash flow statements[2]. - Revenue from continuing operations for the six months ended June 30, 2024, was SGD 31,720,000, a decrease of 41.3% compared to SGD 54,167,000 in the same period of 2023[6]. - Other income and gains increased to SGD 246,000 from SGD 173,000, representing a growth of 42.2% year-over-year[6]. - The loss from continuing operations for the period was SGD 23,000, significantly improved from a loss of SGD 235,000 in the previous year[7]. - Total comprehensive loss for the period was SGD 45,000, compared to a loss of SGD 501,000 in the same period of 2023, indicating a reduction of 91.0%[8]. - The basic and diluted loss per share from continuing operations was SGD (0.003), compared to SGD (0.03) in the previous year[8]. - The group reported a total loss and comprehensive expenses of approximately SGD 23,000 and SGD 45,000 for the period 2024, compared to SGD 235,000 and SGD 224,000 in 2023, indicating a significant reduction in losses[70]. Assets and Liabilities - Non-current assets decreased to SGD 11,045,000 from SGD 12,309,000, reflecting a decline of 10.2%[9]. - Current assets increased to SGD 11,271,000 from SGD 10,501,000, showing a growth of 7.3%[9]. - Current liabilities rose to SGD 11,164,000 from SGD 10,212,000, an increase of 9.3%[9]. - Non-current liabilities decreased to SGD 5,015,000 from SGD 6,416,000, a reduction of 21.9%[10]. - The net asset value as of June 30, 2024, was SGD 6,137,000, slightly down from SGD 6,182,000 at the end of 2023[10]. - The total equity as of June 30, 2024, was SGD 6,137,000, a decrease from SGD 8,351,000 as of January 1, 2023[11]. - The total reserves as of June 30, 2024, were SGD 4,640,000, down from SGD 6,142,000 as of June 30, 2023[11]. Cash Flow and Financing - For the six months ended June 30, 2024, the net cash generated from operating activities was SGD 516,000, an increase from SGD 447,000 in the same period of 2023, representing a growth of 15.4%[13]. - The company reported a net cash decrease of SGD 1,346,000 for the six months ended June 30, 2024, compared to a decrease of SGD 2,167,000 in the same period of 2023, indicating improved cash flow management[13]. - The company’s financing activities resulted in a net cash outflow of SGD 1,926,000 for the six months ended June 30, 2024, compared to SGD 1,765,000 in the same period of 2023[13]. - The group reported a total interest expense of SGD 147,000 for the first half of 2024, which includes SGD 80,000 from lease liabilities and SGD 51,000 from bank borrowings[24]. - Bank borrowings decreased to SGD 2,273,000 as of June 30, 2024, down from SGD 2,833,000 as of December 31, 2023[57]. - The company’s total bank and other borrowings are expected to be repaid as follows: SGD 1,513,000 within one year and SGD 1,429,000 between one and two years[59]. Revenue Sources and Business Operations - The group’s revenue for the period 2024 was SGD 31.7 million, a decrease of approximately SGD 22.5 million compared to SGD 54.2 million in 2023, primarily due to a decline in automobile sales attributed to the economic downturn in mainland China[64]. - The company reported a decrease in automotive supply revenue of approximately SGD 22.4 million to about SGD 22.9 million for the six months ended June 30, 2024, compared to SGD 45.3 million for the same period in 2023[62]. - The automotive after-sales service revenue increased by approximately SGD 0.3 million during the reporting period due to the gradual recovery of the Singapore market[62]. - The group aims to enhance its position in the automotive aftermarket services and short-term and long-term leasing businesses in Singapore, while also increasing market share in mainland China for automobiles and related products[63]. - The group is focusing on diversifying its market entry in China through investments in sectors such as bio-health, green water energy technology, new retail, e-commerce, and insurance brokerage[63]. - The group plans to adapt to the transition towards electric vehicles (EVs) as part of Singapore's Green Plan 2030, which includes initiatives to promote clean energy vehicles[63]. Corporate Governance and Compliance - The company is required to comply with the GEM Listing Rules regarding the preliminary announcement of interim results[2]. - The report is part of the company's commitment to transparency and adherence to regulatory requirements[2]. - The company emphasizes the accuracy and completeness of the information provided in the report, confirming no misleading or fraudulent elements[2]. - The company maintains high standards of corporate governance, adhering to the corporate governance code as per GEM Listing Rules for the six months ending June 30, 2024[98]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial statements for the six months ending June 30, 2024, ensuring compliance with applicable accounting standards and GEM Listing Rules[99]. - The company has adopted the "Transaction Must Comply Standards" as per GEM Listing Rules, confirming compliance by all directors for the six months ending June 30, 2024[97]. Employee and Operational Metrics - The total employee cost for the six months ended June 30, 2024, is approximately SGD 3.0 million, a decrease from SGD 6.5 million for the same period in 2023[84]. - The company has 124 employees as of June 30, 2024, an increase from 105 employees as of December 31, 2023[84]. - The group maintained employee benefit expenses at approximately SGD 3 million for the period 2024, consistent with the previous year[66]. Shareholder Information - As of June 30, 2024, the total number of issued shares is 850,000,000[87]. - Mr. Hong holds 378,798,000 shares, representing 44.56% of the total shares[86]. - Ms. Lin holds 378,798,000 shares through Red Link, also representing 44.56%[88]. - Mr. Hu holds 56,582,000 shares, representing 6.66% of the total shares[86]. - Ms. Nie holds 18,275,400 shares, representing 2.15% of the total shares[86]. - No shares were bought, sold, or redeemed by the company or its subsidiaries in the six months ending June 30, 2024[93]. - The company has not granted any stock options since the adoption of the stock option plan on September 18, 2019[94]. - The maximum number of stock options that can be granted under the stock option plan is 85,000,000, which is 10% of the total issued shares[95]. Risks and Contingencies - The company has no significant contingent liabilities or unresolved payment obligations related to third parties as of June 30, 2024[81]. - The group has no significant contingent liabilities or commitments as of the reporting date[47]. - The company is actively monitoring its cash flow and ratios to ensure it can meet its debt obligations[75].
傲迪玛汽车(08418) - 2024 - 中期业绩