Financial Performance - For the year ended December 31, 2024, the group's revenue was approximately SGD 5,044,000, an increase of SGD 1,864,000 or 58.6% compared to the year ended December 31, 2023[4] - The group recorded a loss of approximately SGD 3,371,000 for the year ended December 31, 2024, a decrease of SGD 3,482,000 or 51% from a loss of SGD 6,853,000 for the year ended December 31, 2023[4] - Basic loss per share for the year ended December 31, 2024, was 5.26 Singapore cents, compared to 10.25 Singapore cents for the year ended December 31, 2023[4] - The group’s total comprehensive loss for the year ended December 31, 2024, was SGD 3,656,000, compared to SGD 6,559,000 for the year ended December 31, 2023[6] - The company reported a loss attributable to shareholders of SGD 3,506,000 for 2024, an improvement from a loss of SGD 6,749,000 in 2023, resulting in a basic and diluted loss per share of 5.26 Singapore cents compared to 10.25 Singapore cents in the previous year[38] Assets and Liabilities - Total assets less current liabilities amounted to SGD (21,210,000) for the year ended December 31, 2024, compared to SGD (11,094,000) for the year ended December 31, 2023[7] - Current liabilities increased to SGD 25,177,000 for the year ended December 31, 2024, from SGD 15,242,000 for the year ended December 31, 2023[8] - Non-current liabilities increased to SGD 3,202,000 for the year ended December 31, 2024, from SGD 1,425,000 for the year ended December 31, 2023[8] - As of December 31, 2024, the group's current liabilities and total liabilities were approximately SGD 21,555,000 and SGD 24,412,000, respectively[14] - The group’s cash and cash equivalents increased to SGD 566,000 as of December 31, 2024, compared to SGD 306,000 as of December 31, 2023[7] - The group had no significant investments in companies listed on the Hong Kong Stock Exchange as of December 31, 2024[67] - The group had no capital commitments as of December 31, 2024[71] - There were no major contingent liabilities for the group as of December 31, 2024[72] Revenue Breakdown - Total revenue for 2024 reached SGD 5,044,000, a 58% increase from SGD 3,180,000 in 2023[23] - Dental services generated SGD 2,081,000 in revenue, up from SGD 1,632,000, representing a 27.4% increase[23] - Clinical healthcare and dermatology services contributed SGD 1,639,000 in revenue, with SGD 501,000 from clinical healthcare services being newly reported[23] - Revenue from trade sales decreased to SGD 767,000 from SGD 1,141,000, a decline of 32.8%[23] - Revenue from external customers in Hong Kong increased significantly to SGD 2,907,000 from SGD 1,141,000, while revenue from China remained stable at SGD 2,137,000[31] Operational Changes - The company gained control of Huangren Medical, expanding its clinical healthcare and dermatology business in Hong Kong[24] - The company aims to enhance its core operations in clinical healthcare and dermatology services in Hong Kong and dental services in China, capitalizing on the growing demand due to an aging population and increased health awareness[49] - The group will streamline its non-core businesses and assets while expanding new divisions to improve operational efficiency and reduce costs[16] Financial Management and Strategy - The company plans to actively negotiate with Dr. Loh to fulfill the necessary conditions for the defaulted loan obligations[15] - The group is seeking other financing options, including introducing new investors or issuing debt and equity securities to settle existing debts and fund future operations[16] - The board has prepared cash flow forecasts covering at least twelve months from December 31, 2024, to improve liquidity and financial condition[87] - The effectiveness of the going concern assumption depends on the successful implementation of plans and measures outlined in the financial statements[88] - There is uncertainty regarding the company's ability to negotiate with creditors and secure financing options to repay existing debts[89] Expenses and Costs - Total employee benefits expenses for the year ended December 31, 2024, were SGD 2,060,000, a decrease from SGD 2,363,000 for the year ended December 31, 2023[54] - The cost of consumables and medical supplies was approximately SGD 1,399,000 for the year ended December 31, 2024, a decrease of about SGD 238,000 or 14.5% from SGD 1,637,000 for the year ended December 31, 2023[53] - Other operating income decreased to SGD 184,000 in 2024 from SGD 361,000 in 2023[32] - Other operating expenses increased to approximately SGD 2,533,000 for the year ended December 31, 2024, an increase of about SGD 664,000 or 35.5% from SGD 1,869,000 for the year ended December 31, 2023[60] - Financial costs for the year ended December 31, 2024, were approximately SGD 234,000, an increase of about SGD 179,000 from SGD 55,000 for the year ended December 31, 2023[62] Corporate Governance - The company has adopted the principles and code provisions of the corporate governance code as per GEM Listing Rules Appendix C1[76] - The company executed a share consolidation on November 26, 2024, reducing the number of shares from 10 billion to 500 million, with a par value adjustment from SGD 0.01 to SGD 0.20[46] - The company recognized no gain or loss from the transaction involving the Huangren Medical Group, as it was primarily for restructuring and compliance purposes[44] Reporting and Compliance - The group has adopted new international financial reporting standards effective from January 1, 2024, which did not significantly impact the financial statements[17] - The group is evaluating the detailed impact of the new International Financial Reporting Standard 18 on its consolidated financial statements[22] - The annual performance announcement and annual report will be available on the company's website and the stock exchange website[90]
德斯控股(08437) - 2024 - 年度业绩