Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was SGD 87,839,000, a decrease of 16.4% compared to SGD 105,066,000 in the previous year[3] - The net loss from continuing operations for the year was SGD 1,515,000, compared to a loss of SGD 1,273,000 in the prior year, reflecting an increase in losses[4] - The total comprehensive income for the year was SGD 55,000, a significant improvement from a comprehensive loss of SGD 2,067,000 in the previous year[4] - Revenue from external customers for the automotive supply segment reached SGD 69,684 thousand, contributing to a total revenue of SGD 87,839 thousand for the ongoing business[21] - Total revenue for the fiscal year 2024 was SGD 87.8 million, down from SGD 105.1 million in 2023, a decrease of approximately SGD 17.3 million primarily due to reduced sales of passenger car parts and vehicles[58] - Automotive supply revenue decreased significantly to SGD 69,684 thousand in 2024 from SGD 87,379 thousand in 2023, a decline of 20.2%[30] - The automotive after-sales segment reported a profit of SGD 4,558 thousand, while the automotive leasing segment generated a profit of SGD 1,439 thousand, leading to a total segment profit of SGD 6,718 thousand[21] - The total segment profit for the fiscal year 2023 was SGD 4,915 thousand, with the automotive after-sales segment contributing SGD 3,240 thousand[22] Assets and Liabilities - The group's total assets decreased to SGD 18,755,000 from SGD 22,810,000, indicating a decline of approximately 17.8%[5] - Current assets increased to SGD 12,210,000 from SGD 10,501,000, representing a growth of 16.3%[5] - The net current asset position improved significantly to SGD 3,844,000 from SGD 289,000, showing a substantial increase in liquidity[5] - Total liabilities as of December 31, 2024, were SGD 12,518 thousand, with the automotive after-sales segment accounting for SGD 1,115 thousand[24] - The asset-liability ratio as of December 31, 2024, was 1.1, down from 1.8 in 2023, indicating improved financial stability[66] - The net debt-to-equity ratio improved to 0.2 as of December 31, 2024, compared to 1.0 in 2023, reflecting a stronger balance sheet[66] Equity and Shareholder Information - The total equity attributable to the owners of the company increased slightly to SGD 6,237,000 from SGD 6,182,000[5] - The company has a total issued share capital of HKD 8,500,000, with 850,000,000 ordinary shares outstanding[79] - The company did not declare any dividends for the year ending December 31, 2024, consistent with 2023[45] - The company has no plans to declare a final dividend for the fiscal year ending December 31, 2023[86] Operational Segments - The group has four reportable segments, including one discontinued operation after the sale of Hunan Maliang Digital Technology Co., Ltd. on December 26, 2023[16] - The ongoing business segments include automotive after-sales services, automotive leasing services, and automotive supply business[19] - The discontinued operation was the education business, which involved selling hardware and providing management platform services[20] Compliance and Governance - The financial statements are prepared based on historical cost and comply with the Hong Kong Financial Reporting Standards[9] - The group has adopted revised Hong Kong Financial Reporting Standards, which include clarifications on the classification of liabilities as current or non-current[11] - The group expects no significant impact on the financial position and performance from the application of the revised standards for the current and prior years[14] - The company has complied with all applicable provisions of the corporate governance code during the year ended December 31, 2024[91] - The audit committee, consisting of three independent non-executive directors, has reviewed the audited consolidated financial statements for the year ended December 31, 2024, ensuring compliance with applicable accounting standards and GEM listing rules[94] Future Outlook and Strategy - The company plans to continue its focus on automotive repair and maintenance services, as well as parts supply in Singapore and automotive trading in China[6] - The company aims to enhance its position in the Singapore automotive after-sales service and rental business while increasing market share in China for vehicles and related products[57] - The company is exploring expansion opportunities in sectors such as biocare, green technology, e-commerce, and smart city-related businesses to diversify its market presence in China[57] - The company recognizes the transition risk due to Singapore's government plan to phase out internal combustion engine vehicles by 2040, necessitating adaptation to the electric vehicle market[70] Employee and Cost Management - Employee costs totaled SGD 6,800 thousand in 2024, up from SGD 6,329 thousand in 2023, representing an increase of 7.4%[41] - Unallocated employee costs for the fiscal year 2023 were SGD 2,338 thousand, while unallocated corporate expenses totaled SGD 4,498 thousand[22] - The company has 120 employees as of December 31, 2023, compared to 105 employees in the previous year[85] - Employee benefits expenses increased by approximately SGD 0.5 million to about SGD 6.8 million in 2024, mainly due to an increase in the number of employees[61] Risk Management - The company has no significant credit risk exposure due to trade and other receivables and has implemented a credit policy to monitor and manage this risk[75] - The company has established long-term contracts with landlords to mitigate unforeseen fluctuations in rental expenses[72] - The company has conducted an annual review of its risk management and internal control systems, with a professional third party responsible for the assessment[94] Miscellaneous - The financial statements are presented in Singapore dollars, reflecting the economic characteristics of the group's operations[2] - The group anticipates sufficient resources to continue operating in the foreseeable future, thus adopting the going concern basis for preparing the financial statements[2] - There were no significant events affecting the group from December 31, 2024, to the announcement date[98] - The annual report for the year ended December 31, 2024, will be distributed to shareholders and published on the stock exchange and the company's website[99]
傲迪玛汽车(08418) - 2024 - 年度业绩