Financial Performance - For the six months ended June 30, 2024, the company reported revenue of SGD 80,120 thousand, a decrease of 28.5% compared to SGD 112,213 thousand for the same period in 2023[7]. - Gross profit for the same period was SGD 9,079 thousand, down 36.5% from SGD 14,314 thousand in 2023[7]. - Operating profit decreased to SGD 2,658 thousand, a decline of 69.9% from SGD 8,838 thousand in the previous year[7]. - The net profit attributable to equity holders was SGD 951 thousand, a significant drop of 85.2% compared to SGD 6,398 thousand in 2023[8]. - Basic earnings per share for the period was SGD 1.09, down from SGD 7.11 in the same period last year[8]. - The company recorded a profit of 6,398 thousand SGD for the period, contributing to retained earnings of 45,504 thousand SGD as of June 30, 2024[14]. - The group’s total profit and comprehensive income decreased from approximately SGD 6.4 million in the first half of 2023 to about SGD 0.7 million in the first half of 2024, a reduction of approximately SGD 5.7 million or 89.1%[92]. - The net profit margin fell from approximately 5.7% in the first half of 2023 to about 0.8% in the first half of 2024, primarily due to a decrease in gross profit of approximately SGD 5.2 million[92]. Assets and Liabilities - Total assets as of June 30, 2024, were SGD 153,087 thousand, slightly down from SGD 153,939 thousand at the end of 2023[9]. - Non-current liabilities decreased to SGD 45,173 thousand from SGD 51,466 thousand at the end of 2023[11]. - Current liabilities increased to SGD 33,327 thousand from SGD 30,478 thousand at the end of 2023[11]. - The company’s total equity increased to SGD 74,587 thousand from SGD 71,995 thousand at the end of 2023[11]. - Trade receivables as of June 30, 2024, amounted to SGD 6,534,000, down from SGD 7,623,000 as of December 31, 2023, indicating a decrease of 14.3%[46]. - Total liabilities increased to SGD 11,450,000 as of June 30, 2024, compared to SGD 8,073,000 as of December 31, 2023, marking an increase of 42.5%[49]. - Contract liabilities rose to SGD 5,518,000 from SGD 3,340,000, reflecting a growth of 65.2%[49]. Cash Flow and Financing - The net cash flow from operating activities for the six months ended June 30, 2024, was 2,287 thousand SGD, down 82.1% from 12,833 thousand SGD in the prior year[16]. - Cash and cash equivalents decreased to 8,622 thousand SGD as of June 30, 2024, from 12,167 thousand SGD at the end of the previous period, reflecting a net decrease of 4,353 thousand SGD[16]. - The company raised 1,942 thousand SGD from new share subscriptions during the financing activities[16]. - The company issued 18,000,000 new shares at a subscription price of 0.63 HKD per share, raising approximately 1,650 thousand SGD in share premium[59]. - The net proceeds from the share issuance totaled approximately HKD 52.9 million, with allocations including 45.8% for expanding automotive leasing and financing, and 30.2% for expanding used car sales[109]. Sales and Market Performance - The automotive sales segment generated revenue of 73,254 thousand SGD, a decline of 30.5% compared to 105,461 thousand SGD in the same period last year[23]. - Total sales for the six months ended June 30, 2024, amounted to 78,486 thousand New Taiwan Dollars, a decrease from 112,749 thousand New Taiwan Dollars for the same period in 2023, representing a decline of approximately 30.4%[27]. - New car sales dropped by approximately 26.9 million SGD or 33.7%, with the average selling price decreasing from about 205,000 SGD in H1 2023 to about 135,000 SGD in H1 2024[72]. - The company continues to focus on expanding its automotive financing and insurance services, alongside its core vehicle sales operations[18]. Corporate Governance and Management - The company has adopted the principles of the Corporate Governance Code as per Appendix 14 of the Listing Rules and has complied with all applicable code provisions, except for deviations in provisions A.2.1 and C.2.5[123]. - The roles of Chairman and CEO are held by the same individual, Mr. Chen, who is the founder and controlling shareholder, which the board believes is beneficial for the company's overall interests[123]. - The company does not have an internal audit function but has an effective internal control system reviewed by the audit committee and the board[125]. - The audit committee, established on February 1, 2019, consists of three independent non-executive directors and is responsible for overseeing the financial reporting process and internal controls[125]. Employee and Shareholder Information - The group employed a total of 91 employees as of June 30, 2024, an increase from 80 employees as of December 31, 2023[106]. - As of June 30, 2024, Mr. Chen holds a beneficial interest in 38,140,000 shares of the company, representing 35.31% of the total shares[112]. - Show Achieve Limited owns 18,000,000 shares, accounting for 16.67% of the company's total shares[115]. - A total of 9,000,000 share options remain valid and unexercised, representing approximately 10% of the company's issued share capital as of June 30, 2024[120].
冠轈控股(01872) - 2024 - 中期财报