Financial Performance - Total revenue for the fiscal year 2022 was SGD 96.5 million, an increase of approximately SGD 7.3 million compared to fiscal year 2021[7]. - Net profit decreased by approximately 12.8% to about SGD 5.2 million in fiscal year 2022 from approximately SGD 5.9 million in fiscal year 2021[7]. - Revenue from the US furniture sales segment was approximately SGD 63.8 million, representing a 13.1% increase and accounting for about 66.1% of total group revenue[7]. - The gross profit for the fiscal year ended December 31, 2022, was approximately SGD 28.9 million, up from SGD 27.1 million in 2021, representing an increase of about 6.6%[70]. - The gross profit margin decreased from approximately 30.4% in 2021 to about 29.9% in 2022, primarily due to a higher revenue contribution from the lower-margin US furniture sales segment[78]. - Sales and distribution expenses increased by approximately SGD 1.3 million or 11.8% to about SGD 12.5 million for the fiscal year ended December 31, 2022[79]. - The group's financing cost increased by approximately 6.0% from about SGD 0.8 million for the year ended December 31, 2021, to about SGD 0.9 million for the year ended December 31, 2022[81]. - Other income and gains decreased by approximately SGD 1.5 million or 70.2%, from about SGD 2.1 million for the year ended December 31, 2021, to about SGD 0.6 million for the year ended December 31, 2022[84]. - Profit for the year decreased by approximately 12.8%, from about SGD 5.9 million for the year ended December 31, 2021, to about SGD 5.2 million for the year ended December 31, 2022[86]. Dividends - A final dividend of HKD 0.38 per ordinary share is proposed, subject to approval at the upcoming annual general meeting[10]. - The board proposed a final dividend of HKD 0.38 per ordinary share for the fiscal year ended December 31, 2022, down from HKD 1.00 per share in 2021[70]. - The payment of the final dividend is subject to approval by shareholders at the annual general meeting and confirmation that the company can meet its debts after the dividend payment[110]. - If the conditions for the final dividend are not met, it will not be paid[111]. - The distribution of the final dividend from the share premium account will not involve any reduction in the company's capital or share value, and is not expected to have a significant adverse impact on the group's financial position[112]. - The company reported a final dividend of HKD 0.38 per ordinary share for the year ended December 31, 2022, down from HKD 1.00 per share in 2021[144]. Business Strategy and Operations - The company plans to seek new showroom opportunities to expand its furniture business in Singapore during fiscal year 2023[8]. - The company achieved significant contributions from the new Marina Square showroom, which was opened during the COVID-19 pandemic[7]. - The company anticipates that the interior design segment will make a positive contribution to the group in the fiscal year 2023, supported by a strong project pipeline and loyal customer base[77]. - The group operates as a third-party e-commerce platform furniture seller in the US and a mid-to-high-end furniture retailer in Singapore[138]. - The company has been focusing on expanding its market presence in the furniture retail sector[138]. Risk Management - The company has implemented a risk management policy to address potential operational risks, including operational, credit, and market risks[50]. - The company has established strict quality control policies to mitigate operational risks, including inspections of products and supplier factories[52]. - The company has confirmed the effectiveness of its risk management and internal control systems for the reporting period[51]. - The company has a comprehensive risk management framework to address key risks and uncertainties, as discussed in the management discussion and analysis section[141]. Corporate Governance - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[19]. - The company has confirmed the independence of all independent non-executive directors in accordance with listing rules[24]. - The chairman and CEO roles are held by the same individual, Mr. Nguyen You Ren, which the board believes serves the best interests of the company[22]. - The company has established three committees: audit committee, remuneration committee, and nomination committee, each with defined terms of reference[33]. - The audit committee is responsible for providing independent insights on the effectiveness of the group's financial reporting procedures and internal controls[35]. - The company ensures that all significant decisions are made with adequate consultation among board members and relevant committees[29]. - The board has established measurable goals for achieving diversity and will recommend these to the board for approval[39]. - The company has adopted a board diversity policy, considering various factors such as gender, age, and professional experience in board composition[41]. - The board's diversity policy aims to support strategic goals and sustainable development through a diverse board composition[41]. Employee and Management - As of December 31, 2022, the company employed 126 full-time staff, including 71 females and 55 males, with three female senior management members[43]. - Employee costs for the year ended December 31, 2022, were approximately SGD 9.3 million, down from about SGD 10.0 million in 2021[103]. - The employee compensation policy is determined by the remuneration committee based on performance, qualifications, and market statistics[179]. - All directors are required to participate in continuous professional development to maintain their knowledge and skills[31]. Shareholder Information - The company reported a total of 2,000,000,000 shares issued as of December 31, 2022[184]. - Major shareholders collectively own 900,000,000 shares, which is 45% of the total issued shares, indicating significant ownership concentration[189]. - There are no tax concessions or exemptions provided to shareholders for holding the company's securities[180]. - No shareholders waived or agreed to waive any dividends for the year ended December 31, 2022[145]. External Relations - The company is committed to maintaining effective communication with shareholders, particularly through annual general meetings and timely financial reporting[65]. - The company has arranged appropriate directors and officers liability insurance for its directors and senior management[178]. - The company has engaged external professionals to provide internal audit functions and review the adequacy of its risk management and internal control systems[51]. Environmental Responsibility - The board emphasizes the importance of environmental responsibility in executing interior design projects, particularly in Singapore, Malaysia, and Brunei[200].
设计都会(01545) - 2022 - 年度财报