Financial Performance - The company recorded a revenue increase of approximately 1.8% year-on-year for the fiscal year 2022, with gross profit rising by 30.9% to approximately SGD 10.1 million[10]. - The group's revenue increased from approximately SGD 21.9 million in FY2021 to approximately SGD 22.3 million in FY2022, representing a growth of about 1.8%[15]. - Revenue from labor dispatch and supporting services rose from approximately SGD 14.3 million to approximately SGD 15.0 million, an increase of about 5.0% due to increased construction activities[16]. - The gross profit increased from approximately SGD 7.7 million in FY2021 to approximately SGD 10.1 million in FY2022, with the gross profit margin rising from about 35.3% to approximately 45.4%[19]. - The group recorded a profit of approximately SGD 0.1 million in FY2022, compared to a loss of SGD 0.5 million in FY2021, primarily due to stricter cost management measures[23]. - Other income decreased from approximately SGD 1.9 million in FY2021 to approximately SGD 1.5 million in FY2022, mainly due to the cessation of government grants related to COVID-19[20]. - The group did not recommend any dividend payment for FY2022, consistent with FY2021[24]. - The company reported no dividends for the fiscal year 2022, consistent with the previous fiscal year[100]. - The company has a cumulative loss of approximately SGD 5.3 million as of December 31, 2022, with total share premium of about SGD 15.0 million[106]. Business Strategy and Expansion - The company plans to expand its existing business into the Asia-Pacific region, including China, and consider providing value-added services such as skills training[11]. - The company aims to enhance its competitiveness by broadening its product line and increasing R&D capabilities in 2023[11]. - The group plans to diversify its business and expand into the Asia-Pacific region, including China, while considering value-added services for labor[19]. - The company will continue to expand its distribution network and develop new products to strengthen its position in the medical industry[11]. - There is a steady growth in demand for medical devices driven by an aging population and rising living standards in China[11]. Human Resources and Employment - The company has approximately 520 employees as of December 31, 2022, down from 551 the previous year[40]. - The total employee costs for the fiscal years 2022 and 2021 were approximately SGD 13.2 million and SGD 13.6 million, respectively[40]. - The company employs a total of 50 local employees and 464 foreign workers as of December 31, 2022[165]. - Employee turnover rates are 20.7% for male employees and 5.9% for female employees, with turnover rates of 14.3% for those under 30 and 22.4% for those 30 and above[173]. - The average training hours completed by workers increased from approximately 4.8 hours in fiscal year 2021 to approximately 9.8 hours in fiscal year 2022, indicating a significant enhancement in training efforts[177]. - The company invested approximately SGD 116,630 in worker training during the fiscal year 2022[176]. - The company has implemented a systematic performance evaluation system to assess employee performance and determine eligibility for promotions and salary adjustments[169]. - The company promotes equal opportunities in hiring and training, actively working to eliminate discrimination in employment practices[164]. - The company organizes multiple team-building activities and company outings to foster a harmonious work environment[171]. Corporate Governance - The company is committed to fulfilling its responsibilities to shareholders and enhancing shareholder value through good corporate governance practices[54]. - The board consists of seven members, including three independent non-executive directors, meeting the requirement of at least one with appropriate professional qualifications in accounting or related financial management[59]. - All independent non-executive directors have confirmed their independence according to the relevant guidelines, ensuring compliance with listing rules[59]. - The company has adopted the corporate governance code as per the listing rules, ensuring adherence to all applicable provisions[55]. - The board is responsible for overseeing the management of the group's business affairs and overall performance, including the development and review of business and investment plans[57]. - The company has purchased liability insurance for directors against legal actions, complying with corporate governance code provisions[60]. - The company encourages all directors to participate in relevant training courses to enhance their understanding of their responsibilities[61]. - The independent non-executive directors contribute extensive business and financial expertise to the board, ensuring effective independent judgment[59]. - The company has established various committees, including audit, remuneration, and nomination committees, to delegate specific responsibilities[57]. Risk Management - The group has established policies and procedures for risk management and internal control, ensuring effective systems are in place to manage risks associated with achieving strategic goals[89]. - The group faces cash flow interest rate risk due to floating interest rates on bank balances and fair value interest rate risk related to fixed-rate finance leases[41]. - The group is exposed to foreign currency risk from bank balances, financial assets, and trade receivables and payables denominated in USD and HKD[42]. - Credit risk has been significantly reduced through established credit limits, approval processes, and regular reviews of trade receivables for impairment[43]. - The group monitors cash and cash equivalents to maintain sufficient levels for operational needs and to mitigate cash flow volatility[44]. - The group faces equity price risk from financial instruments designated at fair value through profit or loss and manages this risk through portfolio diversification[45]. Environmental and Social Responsibility - The group has established an environmental management system to comply with internal policies on water conservation and energy usage[109]. - There were no incidents of non-compliance with environmental laws and regulations during the fiscal year 2022[109]. - The group has continuously invested in systems and human resources to ensure compliance with regulatory requirements[110]. - The company has implemented energy-saving measures, including the use of energy-efficient lighting and air conditioning systems[155]. - The company has established an environmental management system to promote water conservation among employees[157]. - The company has not generated significant industrial wastewater, with wastewater primarily coming from residential discharges[157]. - The group is committed to sustainable development, creating long-term value for shareholders and stakeholders[109]. - The group donated a total of SGD 90,000 to various charities during the year[191]. Audit and Compliance - The group’s financial statements have been audited and reflect a true and fair view of its financial position as of December 31, 2022[193]. - The auditor's report aims to provide reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[199]. - The audit process involved assessing risks of material misstatement and designing audit procedures to address these risks[199]. - The auditor evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates made by the directors[199]. - The auditor concluded on the appropriateness of the going concern basis of accounting and identified any significant uncertainties that may cast doubt on the group's ability to continue as a going concern[199]. - The overall presentation, structure, and content of the consolidated financial statements were assessed to ensure they fairly reflect the relevant transactions and events[199]. - The auditor is responsible for the direction, supervision, and execution of the group audit[200]. - The audit opinion is based on evidence obtained up to the date of the auditor's report, with future events potentially affecting the group's ability to continue as a going concern[199].
今海国际(02225) - 2022 - 年度财报