Financial Performance - For the fiscal year ending December 31, 2025, the group reported a net loss of approximately SGD 5.57 million, an increase of SGD 4.37 million or 364.2% compared to the net loss of SGD 1.20 million in 2024[8]. - Revenue decreased by approximately SGD 2.27 million, reflecting a decline in the performance of the fund management and project management business segments[8]. - The group recorded a financial asset impairment loss of SGD 4.17 million, mainly related to transitional loans to funds and trade receivables[10]. - The group reported a pre-tax loss of SGD 6,656,000, significantly higher than the previous year's loss of SGD 1,089,000[19]. - The group recorded a loss of SGD 5,573,000 for the year, compared to a loss of SGD 1,204,000 in the previous year, indicating a worsening financial performance[17]. - Total revenue for the year ended December 31, 2025, was SGD 2,697,000, a decrease of 45.6% from SGD 4,964,000 in 2024[145]. - The company reported a significant increase in loans to related parties, amounting to SGD 1,014,000 in 2025, compared to no loans in 2024[21]. Assets and Liabilities - The total assets as of December 31, 2025, were SGD 27.28 million, down from SGD 33.08 million in 2024, representing a decrease of approximately 17.0%[7]. - Total liabilities increased to SGD 12.99 million in 2025 from SGD 12.65 million in 2024, marking a rise of about 2.7%[7]. - The group's net asset value decreased to SGD 14.28 million in 2025 from SGD 20.43 million in 2024, a decline of approximately 30.2%[7]. - Current assets for the group decreased to SGD 25,528,000 from SGD 30,992,000, representing a decrease of about 17.6% year-over-year[15]. - The group's equity decreased to SGD 14,284,000 from SGD 20,427,000, a decline of approximately 30.1% year-over-year[15]. - The group's cash and bank balances decreased to SGD 3,940,000 from SGD 5,314,000, a decline of about 25.8% year-over-year[14]. Employee and Operational Costs - Employee costs were reduced by approximately SGD 0.78 million, and other expenses decreased by about SGD 0.18 million due to operational streamlining measures[8]. - The number of employees decreased from 33 to 27, reflecting strict cost control measures implemented during the year[8]. - Employee costs totaled SGD 2,973,000 in 2025, down 20.7% from SGD 3,750,000 in 2024[149]. Cash Flow - The group's net cash flow from operating activities was negative SGD 1,361,000, compared to negative SGD 1,710,000 in the previous year, showing an improvement[19]. - The net cash flow from investing activities for the year ended December 31, 2025, was a negative SGD 616,000, compared to a negative SGD 10,192,000 in 2024, indicating a significant improvement[21]. - The net cash flow from financing activities was a negative SGD 1,807,000 in 2025, a decrease from a positive SGD 2,606,000 in 2024, reflecting changes in financing strategies[21]. Revenue Recognition - Revenue is recognized when the group fulfills its performance obligations by transferring control of goods or services to customers[80]. - The group recognizes fixed pre-agreed investment management fee income on a time-apportioned basis during the estimated real estate development period[84]. - Performance fees from a major investor are recognized only when it is highly probable that there will not be a significant reversal of the cumulative revenue recognized[84]. - The group provides investment management services through special purpose companies, generating fixed management fees and establishment fees from investors[89]. Impairment and Credit Losses - The group assesses whether there are indications of asset impairment at each reporting date, estimating the recoverable amount if such indications exist[75]. - Impairment losses are recognized in profit or loss and classified under the expense category consistent with the impaired asset's function[77]. - The specific impairment loss provision for financial assets related to the iProsperity Group is SGD 5,085,000, reflecting inherent uncertainty regarding the recovery of the remaining balance[131]. - The company recognized an expected credit loss of SGD 886,000 related to financial guarantees issued for special purpose entities, based on qualitative and quantitative factors including project profit forecasts[120]. Investments and Subsidiaries - The company holds 100% equity in several subsidiaries, including ZACD International Pte. Ltd. and ZACD Capital Pte. Ltd., both engaged in investment management services[187]. - The company’s investment in subsidiaries was valued at SGD 8,251,000, down from SGD 11,775,000 in 2024[186]. - The company manages 9 special purpose companies and 12 private real estate funds as of December 31, 2025, indicating a stable management role without controlling all entities[124]. Taxation - The total tax expense for the year ended December 31, 2025, was a loss of SGD 1,083,000, compared to a tax expense of SGD 115,000 for the year ended December 31, 2024[164]. - Deferred tax assets and liabilities are measured based on expected tax rates applicable in the year of asset realization or liability settlement[108]. Accounting Policies - The company has not adopted any new accounting standards that are effective from January 1, 2025, indicating a stable accounting policy environment[31]. - The group will adopt new accounting standards effective January 1, 2025, impacting financial reporting practices[32]. - The consolidated financial statements include the financials of subsidiaries as of December 31, 2025, prepared under consistent reporting periods and accounting policies[33].
杰地集团(08313) - 2025 - 年度业绩