Financial Performance - The company recorded total revenue of approximately SGD 29.4 million for the fiscal year ending December 31, 2024, a decrease compared to the previous fiscal year[7]. - The company incurred a loss of approximately SGD 4.2 million for the fiscal year ending December 31, 2024, compared to a loss of approximately SGD 1.1 million for the fiscal year ending December 31, 2023[7]. - The increase in loss was primarily due to impairment losses on interests in associates and increased administrative expenses[7]. - The group's revenue decreased by approximately SGD 1.3 million or about 4.2% to approximately SGD 29.5 million for the year ending December 31, 2024, primarily due to a reduction in frozen product orders and a decline in selling prices[13]. - The group's gross profit decreased by approximately SGD 1.1 million or about 5.9% to approximately SGD 7.4 million for the year ending December 31, 2024, while the overall gross profit margin remained unchanged at approximately 27%[15]. - Administrative and other operating expenses increased by approximately SGD 1.5 million or about 23.8% to approximately SGD 7.6 million for the year ending December 31, 2024, mainly due to rising employee costs[17]. - The group recorded a loss of approximately SGD 4.2 million for the year ending December 31, 2024, an increase of approximately SGD 3.1 million from a loss of approximately SGD 1.1 million for the year ending December 31, 2023, mainly due to impairment losses on associates and increased administrative expenses[21]. - The total comprehensive loss for the year amounted to SGD 5,198,000, compared to SGD 853,000 in 2023, indicating a substantial increase in overall losses[181]. Revenue and Cost Management - The company continues to explore diverse opportunities to broaden revenue sources and enhance market share[11]. - The company aims to expand its customer base and cultivate new customers to achieve long-term growth despite a challenging business environment[7]. - The company is actively seeking various business and investment opportunities to maximize overall benefits for itself and its shareholders[7]. - The company supplies a variety of food products, including canned goods, packaged beverages, dairy products, and frozen desserts, primarily to customers in Singapore[10]. Financial Position and Ratios - The group's current ratio improved to approximately 2.13 times as of December 31, 2024, compared to 0.94 times in 2023, primarily due to an increase in cash and cash equivalents by SGD 5.2 million[25]. - The total borrowings of the group as of December 31, 2024, were approximately SGD 7.4 million, down from SGD 10.9 million in 2023, resulting in a debt-to-equity ratio of approximately 31.5% compared to 79.0% in 2023[26]. - The total liabilities decreased from SGD 18,211 thousand in 2023 to SGD 13,505 thousand in 2024, a decline of about 26%[183]. - The total equity rose from SGD 13,759 thousand in 2023 to SGD 23,392 thousand in 2024, reflecting an increase of approximately 70%[183]. Shareholder and Governance Matters - The board does not recommend the payment of a final dividend for the year ending December 31, 2024, consistent with the previous year[42]. - The company has a shareholder communication policy in place to ensure that shareholder opinions and concerns are properly addressed[143]. - The company has established procedures for shareholders to propose candidates for the board of directors, requiring written notice and consent from the nominee[145]. - The board consists of both male and female members with diverse backgrounds and experiences, ensuring a balanced composition[123]. - The company has adopted a diversity policy that will be reviewed annually to ensure its effectiveness in promoting a diverse board composition[123]. Risk Management and Compliance - The board believes that the risk management and internal control systems are effective and adequate for the year ending December 31, 2024[135]. - The company has established a risk management policy to identify, assess, and manage various types of risks[133]. - The company has adopted a whistleblowing policy to encourage employees and stakeholders to report concerns confidentially regarding financial reporting and compliance[138]. - The company has complied with all relevant laws and regulations, with no significant violations reported for the year ending December 31, 2024[91]. Employee and Operational Insights - The group employed 60 employees as of December 31, 2024, with total employee costs of approximately SGD 4.8 million, up from SGD 4.1 million in 2023[35]. - The company emphasizes the importance of maintaining good relationships with suppliers, customers, and stakeholders, with no major disputes reported for the year ending December 31, 2024[92]. - The company is committed to environmental sustainability, promoting energy-saving practices and recycling materials at its headquarters[90]. Cash Flow and Investment Activities - Operating cash flow turned negative at SGD (5,267) thousand in 2024, down from a positive cash flow of SGD 525 thousand in 2023[187]. - The financing activities generated a net cash inflow of SGD 10,445,000 in 2024, compared to a net cash outflow of SGD 2,269,000 in 2023[188]. - The total cash and cash equivalents increased to SGD 6,842,000 at the end of 2024, up from SGD 1,607,000 at the beginning of the year[188]. - The company raised SGD 17,163,000 from rights issue in 2024, while no funds were raised from share placements[188]. Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements fairly present the group's financial position as of December 31, 2024[159]. - The company has been operating under the Hong Kong Financial Reporting Standards and has complied with the disclosure requirements of the Hong Kong Companies Ordinance[159]. - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[191].
COOL LINK(08491) - 2024 - 年度财报