Financial Performance - Total revenue for the fiscal year 2024 was approximately SGD 61.8 million, a decrease of about 30.9% compared to the fiscal year 2023[9]. - Net profit fell approximately 79.7% from SGD 3.9 million in fiscal year 2023 to about SGD 0.8 million in fiscal year 2024[9]. - Gross profit for the fiscal year was approximately SGD 18.9 million, down approximately 31.5% from SGD 27.6 million in the previous year[78]. - Profit attributable to shareholders for the year was approximately SGD 0.3 million, compared to SGD 2.9 million in 2023[78]. - The total cash and cash equivalents as of December 31, 2024, were approximately SGD 31.7 million, an increase from SGD 28.4 million in 2023, after deducting the dividend distribution of approximately SGD 1.3 million for the year[78]. - The group maintained a stable gross profit margin of 30.6% for the year ending December 31, 2024, compared to 30.8% in 2023[87]. - The group’s total cash and cash equivalents increased to approximately SGD 31.7 million as of December 31, 2024, compared to SGD 28.4 million in 2023[96]. - Employee costs, including director remuneration, were approximately SGD 7.6 million for the year ended December 31, 2024, down from SGD 8.8 million in 2023[112]. Revenue Breakdown - Revenue from the US furniture sales segment was approximately SGD 39.4 million, a decrease of about 30.1%, accounting for approximately 63.7% of total group revenue[9]. - Revenue from the interior design segment was approximately SGD 5.3 million, a decrease of about 38.4% due to a slowdown in the high-end real estate market[10]. - Furniture sales segment generated revenue of approximately SGD 17.1 million for the year ending December 31, 2024, down from SGD 24.5 million in 2023, primarily due to a slowdown in the high-end residential market[80]. - Revenue from Singapore sales points decreased to approximately SGD 9.2 million for the year ending December 31, 2024, compared to SGD 14.9 million in 2023[80]. - Interior design and renovation services revenue decreased from approximately SGD 8.6 million in the fiscal year ending December 31, 2023, to approximately SGD 5.3 million for the fiscal year ending December 31, 2024, a decline of about 38.4%[82]. - Total group revenue decreased by approximately 30.9% from SGD 89.5 million for the fiscal year ending December 31, 2023, to approximately SGD 61.8 million for the fiscal year ending December 31, 2024[86]. Corporate Governance - The company has adopted corporate governance standards in line with the Hong Kong Stock Exchange's listing rules to enhance transparency and accountability[15]. - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[22]. - The company held four board meetings during the reporting period, with most directors in attendance[24]. - The company has adopted the standard code of conduct for securities transactions as per the Listing Rules[18]. - All directors confirmed compliance with the standard code throughout the reporting period[19]. - The company will establish written guidelines for employees regarding securities transactions to ensure compliance with sensitive price-sensitive information[19]. - The board is responsible for leading and monitoring the company, ensuring effective internal controls and risk management systems[30]. - The company provides appropriate insurance coverage for directors and senior management against legal claims arising from business activities[31]. - Directors are encouraged to participate in ongoing professional development to maintain relevant knowledge and skills[33]. - The remuneration committee ensures that no director determines their own remuneration, adhering to corporate governance guidelines[40]. - The company has adopted a nomination policy outlining key selection criteria and principles for board appointments and succession planning[51]. Risk Management - The board confirmed the effectiveness of its risk management and internal control systems, which include regular monitoring of economic and market conditions in key operational countries[55]. - The company has implemented strict quality control policies to mitigate operational risks, including surprise inspections of suppliers and monitoring of logistics performance[55]. - The group faces market risks due to economic and policy changes in countries where it operates, including the USA, Singapore, and Malaysia[105]. - Credit risk primarily arises from trade receivables from US customers, with established credit terms and procedures for collection[107]. - The group is exposed to foreign exchange risks due to fluctuations in exchange rates between SGD and currencies such as USD and EUR[108]. Future Outlook - The company anticipates challenges in fiscal year 2025 due to ongoing high interest rates and geopolitical tensions affecting consumer spending and furniture demand[11]. - The company is focused on seeking new business activities beneficial to shareholders during this challenging period[76]. - The company plans to enhance its digital marketing strategies, aiming for a 40% increase in online sales[125]. - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming for $187.5 million[125]. - New product launches are expected to contribute an additional $30 million in revenue, with a focus on innovative designs and sustainability[125]. - A strategic acquisition of a local competitor is anticipated to enhance operational capabilities and increase market penetration[125]. Employee and Board Diversity - The company has 104 full-time employees as of December 31, 2024, down from 123 in 2023, with a gender distribution of 39 males and 65 females[46]. - As of December 31, 2024, the board has two female members, representing 25% of the total board composition, with a goal to maintain or increase this level[45]. - The board emphasizes the importance of diversity in achieving strategic goals and sustainable development, considering various factors such as gender, age, and professional experience[47]. - The company is committed to maintaining gender diversity and equality in its workforce and providing career development opportunities for all employees[46]. - The nomination committee will report on board composition and monitor the implementation of the board diversity policy annually[45]. Shareholder Information - The group did not recommend a final dividend for the year ended December 31, 2024, compared to a final dividend of HKD 0.38 per share in 2023[116]. - The largest customer accounted for approximately 23.6% of the group's revenue, while the top five customers collectively represented about 65.6%[164]. - The group’s major suppliers accounted for approximately 28.9% of total purchases, with the largest supplier representing about 7.7%[164]. - The company does not have any tax relief or exemptions for shareholders related to holding its securities[180]. - The company has not granted any rights to directors or their family members to acquire shares or securities since its incorporation[188].
设计都会(01545) - 2024 - 年度财报