Financial Performance - For the fiscal year ending December 31, 2021, the group's revenue was approximately SGD 114.4 million, a decrease of about 8.0% compared to SGD 124.3 million in the previous year[12]. - Construction revenue accounted for approximately 94.8% of total revenue, amounting to SGD 108.5 million, down from SGD 122.4 million in 2020[21]. - Gross profit for the year was approximately SGD 3.8 million, with a gross margin increase to about 3.3% from 3.1% in 2020[21]. - Other income decreased by approximately 59.2% to about SGD 1.5 million, primarily due to a reduction in government assistance as the economy gradually recovered[22]. - The group's profit attributable to owners after tax decreased from approximately SGD 2.8 million in 2020 to about SGD 0.9 million in 2021[23]. - The company reported a cumulative loss of SGD 5,090,735 as of December 31, 2021, compared to a cumulative loss of SGD 4,655,647 in 2020, indicating an increase in losses by approximately 9.3%[75]. Government Support and Economic Outlook - The group received government grants to offset some fixed costs related to employee wages and foreign worker taxes during the COVID-19 pandemic[16]. - The group expects steady improvement in construction demand in Singapore, particularly in the public sector, as the country moves towards normalcy[12]. - The group is closely monitoring the pandemic's developments and continuously assessing its impact on operations[17]. Liquidity and Financial Position - The group has maintained sufficient liquidity to continue operations for at least the next twelve months from the reporting date[17]. - The group's cash and cash equivalents increased to approximately SGD 37.1 million as of December 31, 2021, compared to about SGD 34.5 million at the end of 2020[31]. - The group's debt decreased to approximately SGD 16.9 million in 2021 from SGD 24.4 million in 2020, resulting in a debt-to-equity ratio of 0.37 times compared to 0.55 times in the previous year[31]. Employee and Operational Details - The group had 369 employees as of December 31, 2021, an increase from 322 employees in 2020, with total salary costs of approximately SGD 10.4 million[36]. - The group's administrative expenses remained stable at approximately SGD 3.5 million for the year ended December 31, 2021[23]. - Temporary accommodation operations contributed approximately 3.7% to total revenue, amounting to SGD 4.3 million, compared to SGD 0.4 million in 2020[21]. Corporate Governance and Board Structure - The board consists of two executive directors and three independent non-executive directors, ensuring a balanced decision-making process[160]. - The audit committee is composed of three independent non-executive directors, ensuring independence and objectivity in financial reporting[162]. - The company has a policy for the appointment and re-election of directors, requiring that one-third of the directors retire by rotation at each annual general meeting[188]. - The board adopted a diversity policy to ensure a balanced mix of skills, experience, and diverse thinking among its members, focusing on gender, age, cultural background, and professional experience[156]. Risk Management and Compliance - Major risks include economic conditions affecting the Singapore property market and construction demand, as well as reliance on successful bidding for project contracts, which are inherently non-recurring[67]. - The company maintains compliance with applicable laws and regulations, particularly those impacting its operations in Singapore and the Cayman Islands, to mitigate legal and regulatory risks[77]. - The company emphasizes the importance of risk management and internal control systems, ensuring that management fulfills its responsibilities effectively[173]. Shareholder and Dividend Information - The board does not recommend the payment of dividends for the year ended December 31, 2021, compared to no dividends in 2020[43]. - The company has no distributable reserves as of December 31, 2021, due to cumulative losses, which restricts dividend distribution unless it can meet its debt obligations on the payment date[71]. - The company considers declaring dividends only when profitable and not affecting normal operations, taking into account various factors including operational performance and cash flow[199]. Community Engagement and Environmental Responsibility - The group donated SGD 100,000 to a charity in the fiscal year ending December 31, 2021, compared to SGD 5,000 in 2020[128]. - The company has taken measures to reduce environmental pollution through its participation in the Green and Gracious Builder Scheme[73].
BHCC HOLDING(01552) - 2021 - 年度财报