Financial Performance - Revenue for the six months ended June 30, 2022, was SGD 21,912,000, an increase of 17.6% compared to SGD 18,591,000 for the same period in 2021[5] - The net profit for the period was SGD 1,317,000, slightly up from SGD 1,313,000 in the previous year, reflecting a growth of 0.3%[5] - Operating cash flow for the six months was SGD 4,964,000, a significant increase from SGD 2,731,000 in the same period last year, representing an 81.7% growth[14] - Revenue for the six months ended June 30, 2022, was SGD 21,912,000, an increase of 17.7% compared to SGD 18,591,000 in the same period of 2021[5] - Revenue from the sale of prepared food, beverages, and tobacco products was SGD 16,269,000, up from SGD 14,498,000, reflecting a growth of 12.2%[5] - Other income increased to SGD 18,119,000 from SGD 15,658,000, representing a growth of 15.7%[5] - The company's pre-tax profit for the six months ended June 30, 2022, was SGD 1,317,000, slightly up from SGD 1,313,000 in the same period of 2021[54] Assets and Liabilities - Total assets as of June 30, 2022, amounted to SGD 175,211,000, compared to SGD 155,481,000 as of December 31, 2021, indicating a growth of 12.7%[10] - Non-current liabilities increased to SGD 99,375,000 from SGD 81,284,000, marking a rise of 22.3%[11] - The total assets of the group amounted to SGD 185,822 thousand, with segment assets for rental and shop management at SGD 149,283 thousand and food stall operations at SGD 12,157 thousand[36] - The total borrowings as of June 30, 2022, amounted to SGD 94,067,000, an increase from SGD 76,785,000 as of December 31, 2021, reflecting a growth of 22.5%[64] - The total outstanding bank loans increased by approximately SGD 16.7 million or 20.6% to about SGD 97.9 million, mainly due to financing for acquisitions[94] - The capital-to-debt ratio increased to approximately 133.6% as of June 30, 2022, compared to 112.9% at the end of 2021, primarily due to increased borrowings[97] Equity and Earnings - The total equity as of June 30, 2022, was SGD 73,217,000, up from SGD 71,900,000, reflecting a growth of 1.8%[11] - The company reported a basic and diluted earnings per share of 0.16 Singapore cents, unchanged from the previous year[5] - Employee costs for the group totaled SGD 5,232 thousand, with SGD 885 thousand attributed to rental and shop management and SGD 3,137 thousand to food stall operations[42] - Employee costs, including directors' remuneration, rose to SGD 5,544,000 from SGD 4,922,000, an increase of 12.6%[49] Cash Flow and Expenses - The company incurred finance costs of SGD 764,000, a decrease from SGD 864,000 in the previous year, showing a reduction of 11.5%[5] - The total interest expense for bank loans was SGD 764,000, down from SGD 864,000, indicating a decrease of 11.5%[46] - Total operating expenses increased due to rising labor costs and utility expenses, with employee costs rising by approximately SGD 0.7 million or 13.5%[84] - Other operating expenses rose by approximately SGD 1.0 million or 71.4% to about SGD 2.4 million, attributed to higher property tax and legal fees from the acquisition of First Capital Pte Ltd[90] - Financial costs decreased by approximately SGD 0.1 million or 11.1% to about SGD 0.8 million, mainly due to refinancing existing loans at lower interest rates[92] Inventory and Receivables - Inventory levels decreased to SGD 147,000 from SGD 166,000, a decline of 11.4%[10] - Trade receivables as of June 30, 2022, were SGD 350,170,000, compared to SGD 215,133,000 as of December 31, 2021, showing a significant increase[57] - The average credit period for customers was reported to be 7 days, indicating efficient receivables management[58] Operational Segments - The segment profit for rental and shop management was SGD 1,549 thousand, while the profit for food stall operations was SGD 1,481 thousand, resulting in an overall segment loss of SGD 1,566 thousand[36] - Revenue from management, cleaning, and utility services increased by approximately SGD 0.7 million or 58.3% to about SGD 1.9 million, driven by new operations at Lazada One and United Square[81] - Rental income from leasing properties to tenants rose by approximately SGD 0.9 million or 31.0% to about SGD 3.8 million, contributing to the overall revenue growth[81] Corporate Governance and Compliance - The group’s financial statements are prepared in accordance with the International Accounting Standards and the Hong Kong Stock Exchange Listing Rules[22] - The company has maintained compliance with corporate governance codes throughout the reporting period[111] - The company has no related party transactions that require disclosure under listing rules during the reporting period[106] - The company has no financial assistance or guarantees provided to associated companies during the reporting period[107] Share Issuance and Proceeds - The net proceeds from the share issuance amounted to approximately HKD 110 million after deducting related listing expenses[98] - As of June 30, 2022, the company utilized HKD 105.433 million of the net proceeds, leaving a balance of HKD 4.567 million[99] - The company allocated 32% of the net proceeds (HKD 35.530 million) for the purchase of food centers[99] Staffing and Employment - The company employed 351 staff as of June 30, 2022, an increase from 304 staff as of December 31, 2021[108] - The company has adopted a share option scheme since February 1, 2019, with no unexercised options as of June 30, 2022[113] Dividends - The company did not declare any interim dividend for the reporting period, consistent with the previous year[51] - No interim dividend was recommended by the board during the reporting period[131]
K2 F&B(02108) - 2022 - 中期财报