Financial Performance - Total revenue for the first half of 2023 was SGD 44.3 million, representing a 7.3% increase compared to the same period in 2022[12]. - Gross profit for the first half of 2023 was SGD 12.6 million, with a gross margin of approximately 28.4%[12]. - Net profit for the first half of 2023 was SGD 3.5 million, compared to a net loss of SGD 2.8 million in the same period of 2022[12]. - For the six months ended June 30, 2023, total revenue decreased by approximately 37.9% to SGD 44.3 million from SGD 71.4 million for the same period in 2022[28]. - Gross profit decreased by approximately 71.1% to SGD 3.5 million, with gross margin dropping from approximately 17.0% to 7.9%[31][32]. - The company reported a loss of SGD 1,513,000 for the six months ended June 30, 2023, compared to a profit of SGD 2,696,000 in the same period of 2022[94]. - Total comprehensive loss for the period was SGD 9,726,000, significantly higher than the loss of SGD 3,329,000 reported in the previous year[94]. - The group reported a pre-tax loss of SGD 1,837,000 for the six months ended June 30, 2023, compared to a profit of SGD 2,617,000 in 2022, indicating a shift in financial performance[119]. Assets and Liabilities - Total assets as of the end of the first half of 2023 were SGD 195.1 million, an increase from SGD 168.9 million at the end of 2022[15]. - Total liabilities as of the end of the first half of 2023 were SGD 125.1 million, up from SGD 122.3 million at the end of 2022[15]. - Equity total as of the end of the first half of 2023 was SGD 70 million, reflecting a stable financial position[15]. - The group's current asset net value decreased from approximately SGD 54.9 million as of December 31, 2022, to approximately SGD 53.3 million as of June 30, 2023[48]. - The outstanding balance of interest-bearing loans and borrowings was approximately SGD 22.4 million as of June 30, 2023, compared to SGD 21.2 million as of December 31, 2022[58]. - The net debt-to-equity ratio increased to 2.4% as of June 30, 2023, up from 1.1% as of December 31, 2022[60]. - The leverage ratio as of June 30, 2023, was 20.5%, compared to 17.4% as of December 31, 2022[61]. Revenue Segmentation - The electronic manufacturing services segment accounted for approximately 81.9% of total revenue, while original design manufacturing and investment segments contributed about 15.3% and 2.8%, respectively[19]. - Revenue from the electronic manufacturing services segment declined by approximately 42.8% to SGD 36.3 million, primarily due to a significant drop in sales volume in Singapore[24][29]. - The original design manufacturing segment experienced a slight revenue increase of approximately 6.4%, driven by successful market entry in Europe[25]. - Investment segment revenue from fund management fees decreased by approximately 22.2%, while net profit increased by approximately 398.4% due to an overall increase in the value of Chinese stocks[26]. - Revenue from Singapore decreased significantly to SGD 24.490 million (55.2%) from SGD 50.803 million (71.1%) in 2022[111]. - Revenue from Mainland China increased to SGD 6.899 million (15.6%) from SGD 6.758 million (9.5%) year-on-year[111]. Cash Flow and Investments - As of June 30, 2023, the group had cash and cash equivalents of approximately SGD 19.7 million, indicating a stable financial position[42]. - The net cash used in operating activities for the six months ended June 30, 2023, was approximately SGD 2.2 million, reflecting significant changes in trade receivables and payables[44]. - The net cash generated from investing activities was approximately SGD 5.8 million, primarily from the sale of financial instruments[45]. - The net cash used in financing activities was approximately SGD 3.3 million, mainly for repaying bank loans and paying dividends[47]. - The company reported a net cash inflow of SGD 327,000 for the six months ended June 30, 2023, compared to a net outflow of SGD 8.621 million in the same period of 2022[100]. Expansion and Future Plans - The company plans to expand its market presence in Southeast Asia, targeting a 15% growth in revenue for the next fiscal year[18]. - New product development initiatives are underway, focusing on semiconductor processing equipment, with expected launch in Q4 2023[18]. - The company is exploring potential acquisitions to enhance its technological capabilities and market reach[18]. - The company is focusing on contract manufacturing services as semiconductor equipment demand remains strong amid geopolitical tensions and significant investments in new semiconductor manufacturing capacity[21][23]. - The company has established a new facility in Malacca, Malaysia, and acquired another facility in Johor, Malaysia, as part of its expansion strategy[19]. Shareholder Information - As of June 30, 2023, Mr. Lin Guocai holds 304,425,246 shares, representing 33.08% of the company's equity[77]. - The total number of shares held by major shareholders includes 262,084,380 shares held by Zuan Yu Global Limited, accounting for 28.48%[81]. - China Everbright Holdings Limited and its subsidiaries collectively hold 263,070,380 shares, representing 28.58% of the company's equity[81]. - The company has granted stock options totaling 920,000 shares to Mr. Lin and Mr. Du Xiaotang, each representing 0.10% of the issued share capital[79]. - The company’s major shareholders include Unitras (H.K.) Limited, which holds 56,498,768 shares, representing 6.14%[81]. Employee and Labor Relations - The company employed 803 staff members, with employee benefit expenses amounting to approximately SGD 12.4 million for the six months ended June 30, 2023[68]. - The company has adopted a share option plan to recognize and retain qualified employees, with no significant labor disputes reported for the six months ended June 30, 2023[68]. - The company reported a short-term employee benefit expense of SGD 1,501,000 for the six months ended June 30, 2023, an increase of 7.3% from SGD 1,399,000 in the same period of 2022[137]. Stock Options and Equity - The company has a stock option plan adopted on June 27, 2018, with details disclosed in the report[79]. - The total number of shares held by Mr. Du Xiaotang through Sino Expo Holdings Limited is 12,950,000, which includes 88,000 shares directly held[78]. - The company issued stock options for a total of 8,340,000 shares at an exercise price of HKD 0.300, representing 0.91% of the weighted average number of shares outstanding as of June 30, 2023[89]. - The fair value of the stock options granted was estimated at SGD 14,730, calculated using a binomial model[90]. - The expected volatility used in the option pricing model was 44%, with a risk-free interest rate of 3.6%[90].
精技集团(03302) - 2023 - 中期财报