Financial Performance - Total revenue for the year ended December 31, 2024, was SGD 2,831,000, a decrease of 68.8% compared to SGD 9,071,000 in 2023[3] - Gross profit increased to SGD 933,000, representing a 122.1% increase from SGD 420,000 in the previous year, with a gross margin of 32.9% compared to 4.6% in 2023[3] - The net loss for the year was SGD 2,630,000, a significant reduction of 75.1% from a loss of SGD 10,582,000 in 2023[3] - The company reported a total loss before tax of SGD 2,630,030 in 2024, compared to a loss of SGD 10,410,191 in 2023, indicating an improvement in financial performance[26] - The basic and diluted loss per share for 2024 was SGD 0.58, down from SGD 2.35 in 2023, reflecting a reduction in losses[32] Assets and Liabilities - Cash and cash equivalents decreased by 40.7% to SGD 4,929,000 from SGD 8,317,000 in 2023[3] - Total assets decreased by 23.4% to SGD 11,210,000 from SGD 14,638,000 in 2023[3] - Total liabilities decreased by 57.4% to SGD 592,000 from SGD 1,389,000 in 2023[3] - Total equity decreased by 19.9% to SGD 10,619,000 from SGD 13,249,000 in 2023[3] - The total assets of the company decreased to SGD 11,210,366 in 2024 from SGD 14,637,793 in 2023, a decline of approximately 23.5%[23] - The total liabilities decreased to SGD 591,794 in 2024 from SGD 1,389,191 in 2023, representing a reduction of about 57.5%[23] Revenue Segmentation - The total revenue for the automotive leather interior segment in 2024 was SGD 515,357, compared to SGD 515,021 in 2023, showing a slight increase[22] - The total revenue for the automotive electronic components segment increased significantly to SGD 2,071,094 in 2024 from SGD 1,577,178 in 2023, representing a growth of approximately 31.4%[22] - The total revenue for automotive parts and vehicles was SGD 244,323 in 2024, a substantial increase from SGD 6,970,125 in 2023, indicating a shift in revenue sources[22] - The overall total revenue for the company in 2024 was SGD 2,830,774, down from SGD 9,071,257 in 2023, reflecting a decline of approximately 68.8%[22] Cost Management - Employee benefits expenses decreased to SGD 3,961,679 in 2024 from SGD 4,612,157 in 2023, reflecting cost management efforts[26] - Sales and distribution expenses decreased from approximately SGD 505,000 to about SGD 482,000, a reduction of about SGD 23,000[45] - Administrative expenses decreased from approximately SGD 4,622,000 to about SGD 3,864,000, a reduction of about SGD 758,000[46] - Total employee costs, including directors' remuneration, amounted to approximately SGD 3,962,000 for the year, down from SGD 4,612,000 in 2023[53] Compliance and Reporting Standards - The company has applied new International Financial Reporting Standards, which did not have a significant impact on financial performance[9] - The application of IFRS 18 is anticipated to affect future financial statements but will not impact the group's financial position and performance significantly[13] - The group is currently assessing the specific impact of IFRS 18 on its consolidated financial statements[13] - The board of directors expects that the adoption of other new IFRS standards will not have a significant impact on the consolidated financial statements in the foreseeable future[11] - The independent auditor's report indicates that the consolidated financial statements reflect the group's financial position as of December 31, 2024, in accordance with International Financial Reporting Standards[70] Market Conditions and Challenges - The group faced challenges due to the ongoing US-China trade war and a weak consumer confidence environment, impacting business performance[38] - The significant decline in vehicle sales was primarily due to reduced demand for internal combustion engine vehicles compared to electric vehicles from China[42] - The group noted a slight increase in new car sales and demand in Singapore for 2024, despite economic uncertainties[38] Dividends and Shareholder Information - The group did not declare or propose any dividends for the years ending December 31, 2024, and 2023[31] - The board of directors did not recommend the payment of a final dividend for the year[59] - The annual general meeting is scheduled for June 13, 2025, with a registration suspension from June 10 to June 13, 2025, to determine shareholder voting rights[67][68] Investments and Acquisitions - The company holds a 49% stake in Ocean Dragon Group, with an investment cost of SGD 6,421,491, primarily engaged in providing electric vehicle charging solutions[71] - Due to insufficient accounting records from Ocean Dragon Group, the company confirmed a loss of SGD 6,421,491, fully written off as an investment loss in the consolidated income statement for the year ended December 31, 2023[71] - The group had no significant acquisitions or disposals of subsidiaries and associates during the year[54] Risk Management - The group faced foreign exchange risk primarily due to transactions in currencies other than Singapore dollars, with a potential impact of SGD 315,000 on after-tax losses if foreign currencies depreciated or appreciated by 10%[56] - There were no significant contingent liabilities noted by the directors during the year[58]
万马控股(06928) - 2024 - 年度业绩