Financial Position - Total assets as of June 30, 2023, amounted to SGD 402,672 thousand, compared to SGD 400,370 thousand as of December 31, 2022, reflecting a slight increase[11]. - Non-current assets totaled SGD 162,652 thousand as of June 30, 2023, compared to SGD 161,519 thousand as of December 31, 2022, indicating growth in long-term investments[11]. - Current assets decreased slightly to SGD 240,020 thousand as of June 30, 2023, from SGD 238,851 thousand as of December 31, 2022[11]. - Total equity increased to SGD 249,200 thousand as of June 30, 2023, from SGD 242,600 thousand as of December 31, 2022, showing a positive trend in shareholder value[11]. - The company reported a total liability of SGD 153,472 thousand as of June 30, 2023, down from SGD 157,770 thousand as of December 31, 2022, indicating improved financial health[11]. - The company’s total liabilities decreased by approximately 2% from the previous reporting period, showcasing effective debt management strategies[11]. - The company’s total liabilities decreased to 98,860 thousand SGD as of June 30, 2023, compared to 103,391 thousand SGD at the end of 2022, reflecting a reduction of approximately 4.9%[37]. - The company’s cash and bank balances decreased to 51,557 thousand SGD as of June 30, 2023, down from 56,554 thousand SGD at the end of 2022[37]. - The carrying amount of leasehold properties mortgaged against bank loans was 18,799,000 Singapore dollars as of June 30, 2023, compared to 19,610,000 Singapore dollars as of December 31, 2022[106]. - The company's total borrowings amounted to 33,815,000 Singapore dollars as of June 30, 2023, slightly down from 33,875,000 Singapore dollars as of December 31, 2022[116]. - The group's total borrowings amounted to SGD 33.9 million as of June 30, 2023, a slight decrease from SGD 34.1 million as of December 31, 2022[196]. Revenue and Profitability - Revenue for the six months ended June 30, 2023, was 169,154 thousand SGD, a decrease from 190,707 thousand SGD in the same period of 2022, representing a decline of approximately 11.3%[21]. - Gross profit for the same period was 44,327 thousand SGD, down from 54,078 thousand SGD, indicating a decrease of about 18.0%[21]. - Net profit before tax decreased to 13,346 thousand SGD from 20,713 thousand SGD, reflecting a decline of approximately 35.5%[21]. - The company reported a net profit of 9,061 thousand SGD for the period, compared to 16,133 thousand SGD in the previous year, a decrease of around 43.8%[21]. - Basic and diluted earnings per share were 1.04 SGD, down from 2.52 SGD, representing a decline of approximately 58.8%[21]. - The company reported a significant increase in external sales, reaching 142,021 thousand SGD in the first half of 2023, up from 131,575 thousand SGD in the same period of 2022, marking a growth of approximately 7.5%[37]. - The net profit for the first half of 2023 was 20,713 thousand SGD, compared to 13,346 thousand SGD in the first half of 2022, indicating a significant increase of about 55.1%[37]. - For the six months ended June 30, 2023, total revenue was 3,493 thousand SGD, compared to 1,985 thousand SGD for the same period in 2022, representing a growth of approximately 76%[63]. - The company reported a net profit of 4,580 thousand SGD for the six months ended June 30, 2023, down from 11,070 thousand SGD in the same period of 2022, reflecting a decrease of 58.7%[85]. - Basic and diluted earnings per share for the period were 1.04 cents, compared to 2.52 cents in the previous year, marking a decline of 58.7%[85]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period decreased to 49,572 thousand SGD from 73,029 thousand SGD, a reduction of about 32.2%[27]. - Operating cash flow before changes in working capital was 17,440 thousand SGD, compared to 21,754 thousand SGD, a decrease of approximately 19.5%[25]. - The company incurred financing costs of 2,071 thousand SGD, an increase from 1,257 thousand SGD, reflecting a rise of about 64.5%[21]. - Financing costs for the six months ended June 30, 2023, totaled 2,071 thousand SGD, compared to 1,257 thousand SGD in 2022, indicating an increase of 64.7%[79]. - The group maintained a strong cash and bank balance of 51.6 million SGD as of June 30, 2023[151]. - The group's cash and bank balances as of June 30, 2023, were approximately SGD 51.6 million, an increase of about 8.8% from SGD 56.6 million as of December 31, 2022[194]. Investments and Growth Plans - The company plans to continue focusing on technology consulting and management services, with potential expansions in industrial computing and engineering solutions[30]. - The company plans to continue expanding its renewable energy segment, which is part of its strategic growth initiatives[70]. - The company plans to continue monitoring its trade and other receivables closely, ensuring that the carrying value is measured at fair value after considering credit risk assessments[93]. - The company has reallocated unused proceeds from a placement for renewable energy business construction and working capital needs[199]. - The group expressed confidence in the long-term growth prospects of industrial automation, driven by rising labor costs and the need for competitiveness in global manufacturing[167]. Market and Economic Conditions - For the six months ended June 30, 2023, the company's revenue and net profit decreased by 11.3% and 43.8% year-on-year, respectively, due to economic downturns in China and cyclical industries such as semiconductors and electronics[123]. - The International Monetary Fund (IMF) projects growth for emerging and developing economies in Asia to rise from 4.5% in 2022 to 5.3% in 2023, with China's growth expected to increase from 3.0% to 5.2%[132]. - Non-China industrial automation revenue decreased by 30.0% year-on-year in the first half of 2023, reflecting the impact of a broad economic downturn[161]. - The group's revenue from Southeast Asia decreased by 26.5% compared to the second half of 2022, primarily due to revenue contraction from several semiconductor clients[126]. Taxation - The effective tax rate for the company in China is 25%, as per the Corporate Income Tax Law[67]. - The corporate tax rate applicable to entities registered in Singapore is 17%, while the rate for those in Malaysia is 24%[100].
亿仕登控股(01656) - 2023 - 中期财报