Financial Performance - The group's revenue for the year ended December 31, 2022, was approximately SGD 205.3 million, representing a 79.5% increase from approximately SGD 114.4 million in the previous year[11]. - The construction segment accounted for approximately 99.1% of total revenue, amounting to SGD 203.4 million, compared to 94.8% in 2021[11]. - The total gross loss for the year was approximately SGD 5.8 million, primarily due to significant increases in material and labor costs caused by the Covid-19 pandemic[11]. - The group recorded a pre-tax loss of approximately SGD 8.7 million for the year[7]. - The group reported a loss attributable to owners of approximately SGD 8.8 million for the year ended December 31, 2022, compared to a profit of approximately SGD 0.9 million in 2021[15]. - Other income decreased by approximately SGD 0.9 million, or 56.5%, from about SGD 1.5 million to approximately SGD 0.6 million due to reduced government subsidies[14]. - The group's cash and cash equivalents balance was approximately SGD 29.9 million, a decrease of about SGD 7.2 million from approximately SGD 37.1 million as of December 31, 2021[22]. - The group's debt included bank borrowings of approximately SGD 14.7 million, down from approximately SGD 16.9 million in 2021[22]. - The company's distributable reserves as of December 31, 2022, amounted to SGD 8,699,047, down from SGD 9,085,782 in 2021[52]. - The board recommended not to declare any dividends for the year ended December 31, 2022, consistent with the previous year[44]. Operational Efficiency and Strategy - The group plans to implement strategies to improve efficiency, reduce costs, and increase profitability moving forward[8]. - The group has identified areas for improvement and is committed to enhancing operational efficiency[8]. - The company has implemented an integrated management system that includes ISO 9001, ISO 45001, and ISO 14001 to uphold environmental and social responsibilities[55]. - The company has adopted a stock option plan to reward directors and eligible employees, which became effective on September 12, 2017[91]. - The company has established measurable and actionable objectives for occupational health and safety management systems[196]. Market Outlook - The construction industry in Singapore showed a recovery, with a 10.4% year-on-year growth in Q4 2022, benefiting the group's performance[10]. - The group anticipates steady improvement in construction demand in Singapore, led by the public sector[17]. - The group aims to expand its business and strengthen its market position in the Singapore construction industry[19]. Corporate Governance - The company has a board of directors that includes both executive and independent non-executive members, ensuring diverse governance[61]. - The board consists of five directors, with independent non-executive directors making up 60% of the board, exceeding the minimum requirement of one-third as per listing rules[112]. - The company has established a governance framework to ensure collective responsibility among directors for corporate governance policies and practices[146]. - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable code provisions for the year ended December 31, 2022, except for a deviation noted in section C.2.1[104]. - The company emphasizes the importance of compliance with regulatory requirements and has established compliance procedures to ensure adherence to applicable laws and regulations[57]. Employee Relations and Development - The company maintains good relationships with employees, customers, suppliers, and subcontractors, focusing on fair evaluations and service quality improvements[59][60]. - The employee compensation policy is determined by the remuneration committee based on the strengths, qualifications, and capabilities of employees[90]. - The company is committed to creating a fair, just, equal, and diverse recruitment and working environment[126]. - The company provides educational assistance to attract and retain talent, encouraging employees to further develop their skills[198]. - Employee turnover rate is 22.0% overall, with a breakdown of 15.4% for female employees and 24.4% for employees aged over 30[184]. Environmental Responsibility - The total carbon emissions from diesel consumption amounted to approximately 4,404.2 tons of CO2 equivalent for the year ending December 31, 2022[172]. - The total greenhouse gas emissions for the year were 5,060.6 tons of CO2 equivalent, including direct and indirect emissions[172]. - The company has not generated significant greenhouse gas emissions or harmful waste during its operations, adhering to local environmental regulations[172]. - The company encourages digital office practices to minimize paper usage and has implemented measures to monitor fuel consumption and reduce unnecessary travel[173]. - The company promotes a "3R" (Reduce, Reuse, Recycle) policy and provides training to employees on effective resource utilization[176]. Risk Management - The company faces financial risks including interest rate risk, currency risk, credit risk, liquidity risk, and price risk in normal business operations[51]. - The board is responsible for assessing the nature and extent of risks acceptable to the company in achieving its strategic objectives[155]. - The company ensures compliance with legal and regulatory requirements through regular reviews and monitoring of policies and practices[146]. Awards and Recognition - The group received multiple awards in 2022, reflecting its commitment to excellence, quality, and safety in operations[7]. - The company has received its first workplace safety and health performance award (Silver) and its seventh safety and health recognition award, reflecting its commitment to workplace safety[190].
BHCC HOLDING(01552) - 2022 - 年度财报