Financial Performance - For the six months ended June 30, 2024, the group reported unaudited revenue of approximately SGD 1,382,000, a decrease of about SGD 6,518,000 or 82.5% compared to SGD 7,900,000 for the same period in 2023[1] - The unaudited loss for the six months ended June 30, 2024, was approximately SGD 1,552,000, compared to an unaudited loss of SGD 8,018,000 for the same period in 2023[2] - Basic and diluted loss per share for the six months ended June 30, 2024, was SGD 0.34, compared to SGD 1.78 for the same period in 2023[2] - Gross profit for the six months ended June 30, 2024, was SGD 409,298, an increase from SGD 307,948 for the same period in 2023[2] - The total revenue for the group for the six months ended June 30, 2024, was SGD 1,382,320, compared to SGD 7,900,329 for the same period in 2023, showing a decrease of approximately 82.5%[18] - The total adjusted pre-tax loss for the group was SGD (1,552,140) for the six months ended June 30, 2024, compared to SGD (8,018,031) for the same period in 2023, showing an improvement in losses[18] - The group recorded a loss of approximately SGD 1,552,000, a decrease from a loss of approximately SGD 8,018,000 in the corresponding period, mainly due to higher gross profit from increased sales of higher-margin products[49] Assets and Liabilities - Total assets as of June 30, 2024, were SGD 12,056,707, down from SGD 14,637,793 as of December 31, 2023[3] - Total equity attributable to the company's equity holders as of June 30, 2024, was SGD 11,696,462, a decrease from SGD 13,248,602 as of December 31, 2023[4] - Current liabilities as of June 30, 2024, amounted to SGD 360,245, compared to SGD 1,389,191 as of December 31, 2023[4] - The group’s total liabilities as of June 30, 2024, were SGD 360,245, significantly reduced from SGD 1,389,191 as of December 31, 2023[4] - Trade receivables as of June 30, 2024, amounted to SGD 213,944, a decrease of 54.0% from SGD 465,006 as of December 31, 2023[30] - The company reported a net book value of SGD 818,561 as of June 30, 2024, down from SGD 882,168 as of December 31, 2023, reflecting a decrease of 7.2%[12] - The company’s intangible assets decreased slightly to SGD 448,067 as of June 30, 2024, from SGD 461,652 as of December 31, 2023, indicating a reduction in intangible value[19] Cash Flow and Expenditures - Operating cash outflow before changes in working capital was SGD 1,462,238, a slight decrease from SGD 1,545,318 in the previous year[6] - The net cash used in operating activities was SGD 2,136,464, compared to SGD 1,337,911 in the prior period, reflecting increased operational expenditures[6] - Cash and cash equivalents at the end of the period were SGD 6,188,414, down from SGD 10,728,679 at the end of June 2023[7] - The financing activities resulted in a net cash outflow of SGD 20,514, unchanged from the previous year, indicating stable financing costs[7] - The company’s investment activities generated a net cash inflow of SGD 28,048, a decrease from SGD 5,071,237 in the prior year, reflecting reduced investment returns[6] Revenue Segmentation - For the six months ended June 30, 2024, total revenue from the automotive leather interior segment was SGD 303,239, compared to SGD 223,145 for the same period in 2023, representing a year-over-year increase of approximately 36%[18] - The automotive electronic components segment reported revenue of SGD 956,059 for the six months ended June 30, 2024, up from SGD 835,059 in the prior year, indicating a growth of about 14.5%[18] - The automotive parts and vehicles segment generated revenue of SGD 123,022 for the six months ended June 30, 2024, compared to SGD 6,842,125 in the same period of 2023, reflecting a significant decline in this segment[18] Operational Efficiency - The company recorded a decrease in inventory write-offs to SGD 384 from SGD 552 year-over-year, suggesting improved inventory management[6] - Employee benefits costs for directors decreased to SGD 61,934 in 2024 from SGD 187,916 in 2023, reflecting cost-cutting measures[23] - Selling and distribution expenses decreased by approximately SGD 35,000 to about SGD 263,000, mainly due to reduced employee benefit costs[47] - Administrative expenses increased by approximately SGD 19,000 to about SGD 1,888,000, primarily due to increased hospitality, travel, and legal and professional fees[48] Governance and Management Changes - Mr. Pang Peng resigned from his position as an independent non-executive director effective January 2, 2024[57] - Mr. Lin Zhi Ying was appointed as an independent non-executive director effective January 2, 2024[57] - Mr. Lu Yong De was appointed as an executive director and chairman of the board effective July 22, 2024[58] - Ms. Li Jia Yao was appointed as an independent non-executive director effective June 6, 2024[58] - The Audit Committee consists of three independent non-executive directors, ensuring compliance with applicable accounting standards and legal requirements[71] Risk Management - The company continues to monitor foreign exchange risks and will take prudent measures as necessary[56] - The group faces foreign exchange risk primarily due to transactions in currencies other than Singapore dollars, with potential after-tax profit fluctuations of SGD 372,000 if foreign currencies depreciate or appreciate by 10%[56] Other Notable Points - The company did not declare any dividends for the six months ended June 30, 2024, consistent with the previous year[24] - The company has not conducted any repurchase, purchase, or sale of its shares during the reporting period[66] - The company has adhered to all corporate governance codes as of June 30, 2024, except for a specific rule regarding board composition[67] - There have been no significant events related to the group's business or financial performance noted by the directors post-reporting period[56]
万马控股(06928) - 2024 - 中期业绩