Financial Performance - The group's revenue for the fiscal year ending March 31, 2022, was approximately SGD 44.7 million, a decrease from SGD 49.1 million in the previous year[8]. - Gross profit fell from approximately SGD 21.8 million to about SGD 12.0 million, resulting in a gross margin decline from 44.3% to 26.9%[8]. - The company reported a loss attributable to owners of approximately SGD 982,000, compared to a profit of SGD 5.3 million in the previous year[8]. - Revenue from digital asset trading significantly decreased from approximately SGD 11.5 million to SGD 1.2 million due to strategic reduction in Bitcoin trading volume[9]. - The fair value loss on digital asset inventory was approximately SGD 1.3 million, contrasting with a gain of SGD 2.1 million in the previous year[9]. - The group's total revenue for the review year was approximately SGD 44.7 million, a decrease of about SGD 4.4 million or 9.0% compared to SGD 49.1 million in the previous year[21]. - The group's digital asset trading revenue decreased from approximately SGD 11.5 million in the year ended March 31, 2021, to about SGD 1.2 million in the review year, reflecting a significant decline due to reduced Bitcoin trading volume[16]. - The blockchain technology development and application business saw a revenue drop from approximately SGD 13.6 million to a loss of about SGD 123,000, primarily due to strategic reductions in Bitcoin trading volume[22]. - The group's gross profit decreased from approximately SGD 21.8 million to about SGD 12.0 million, a reduction of about SGD 9.8 million or 44.7%[26]. - The gross profit margin fell from approximately 44.3% to about 26.9%, mainly due to the significant revenue drop in the blockchain business[26]. Strategic Initiatives - The company plans to invest in new financial services, including asset management, following the licensing granted by the Securities and Futures Commission[10]. - The company plans to invest in new financial services, including asset management, following regulatory approval for its subsidiary[19]. - The company has invested SGD 12.475 million in expanding its operational scale and taking on more projects, with SGD 3.856 million already utilized as of April 1, 2021[59]. - The company has invested SGD 6.971 million to enhance internal capabilities in water supply and sanitation engineering, with SGD 3.582 million utilized as of April 1, 2021[59]. - The company plans to utilize the remaining funds according to the disclosed plans in the prospectus, but the timeline for expansion has been extended due to challenges faced in the construction industry[60]. Market Outlook - The total construction demand in Singapore for 2022 is expected to be between SGD 27 billion and SGD 32 billion, with public sector projects contributing about 60%[14]. - Mid-term construction demand is projected to reach between SGD 25 billion and SGD 32 billion annually from 2023 to 2026, supported by strong economic fundamentals[15]. - The company faced challenges in expanding its integrated building services and construction business over the past three fiscal years due to COVID-19 and intense competition in the Singapore construction industry[59]. Cost Management - The company will continue to manage expenses and review business strategies in response to the challenging economic environment[15]. - Administrative expenses decreased by approximately SGD 2.2 million or 17.6% to about SGD 9.9 million in the review year[30]. - Financing costs decreased from approximately SGD 31,000 to about SGD 6,000, with no bank loan interest incurred in the review year[31]. - The company has implemented cost-saving measures expected to reduce operational expenses by J% over the next fiscal year[73]. Corporate Governance - The board has adopted a diversity policy to enhance member diversity, considering factors such as gender, age, cultural background, and professional experience[88]. - As of March 31, 2022, the company has three independent non-executive directors, constituting over one-third of the board, in compliance with listing rules[92]. - The board held nine meetings and one annual general meeting during the review year, with full attendance from the executive directors[102]. - The audit committee, consisting of three independent non-executive directors, is responsible for overseeing financial reporting, internal controls, and risk management systems[105]. - The company encourages continuous professional development for directors, providing internal training and resources to ensure compliance with corporate governance standards[99]. - The board is responsible for setting long-term goals and strategies, approving major policies, and overseeing capital expenditures and acquisitions[96]. - The company has established three board committees to oversee specific aspects of its affairs, including the audit, remuneration, and nomination committees[103]. - The independent non-executive directors confirmed their independence for the review year, ensuring compliance with listing regulations[92]. Shareholder Information - The company did not recommend the payment of a final dividend for the review year, consistent with the previous year[35]. - The company holds a policy for dividend distribution, considering financial performance, cash flow, and future demands[153]. - The board will review the dividend policy based on future development prospects and funding needs[154]. - The company has not reported any significant uncertainties that may cast doubt on its ability to continue as a going concern[131]. - The company encourages shareholders to attend the annual general meeting, where all board members and external auditors will address questions regarding the group's business[143]. Employee and Stakeholder Engagement - The group employed a total of 246 full-time employees at the end of the review year, down from 257 full-time employees as of March 31, 2021[49]. - The company aims to attract and retain talented employees through the stock option plan[183]. - The stock option plan is open to employees, directors, and other contributors to the company[184]. Related Party Transactions - The company has no related party transactions that require disclosure under the listing rules, aside from those mentioned in the financial statements[197]. - The company has no related party transactions that require independent shareholder approval under the listing rules[199]. - The company has entered into a loan agreement to provide HKD 5.8 million to a major shareholder, which constitutes a related party transaction[66].
雄岸科技(01647) - 2022 - 年度财报