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万马控股(06928) - 2021 - 年度财报
TOMO HOLDINGSTOMO HOLDINGS(HK:06928)2022-04-12 08:38

Financial Performance - For the year ended December 31, 2021, the group recorded revenue of approximately SGD 9.71 million, an increase of about SGD 3.53 million compared to approximately SGD 6.19 million for the year ended December 31, 2020[9]. - The profit attributable to shareholders decreased by approximately SGD 55,000 to about SGD 118,000, compared to approximately SGD 173,000 for the year ended December 31, 2020[9]. - Revenue from the passenger car leather segment decreased by approximately 32.7%[9]. - Revenue from the passenger car electronic accessories segment decreased by approximately 24.8%[9]. - The group's revenue for the year ended December 31, 2021, was approximately SGD 9.71 million, an increase of about 57.0% compared to SGD 6.19 million in the previous year[29]. - Gross profit decreased by approximately 15.7% to SGD 1.57 million from SGD 1.86 million, resulting in a gross margin of 16.1%, down from 30.1% in the prior year[29][33]. - Net profit attributable to shareholders decreased by approximately 31.8% to SGD 118,000 from SGD 173,000 in the previous year[29][38]. - Other income increased to approximately SGD 855,000 from SGD 438,000, primarily related to consulting income[34]. - Selling and distribution expenses rose to approximately SGD 413,000 from SGD 378,000, mainly due to increased employee benefits costs[36]. - Administrative expenses increased to SGD 1.94 million from SGD 1.54 million, driven by higher employee benefits and professional fees[37]. - The total employee cost for the year ended December 31, 2021, was approximately SGD 2,643,000, up from SGD 2,475,000 in 2020[48]. - The company reported a distributable reserve of approximately SGD 6,285,000 as of December 31, 2021, compared to SGD 6,266,000 in 2020[120]. Business Strategy and Outlook - The group plans to explore new business opportunities to diversify and expand its operations, particularly in Hong Kong and mainland China[10]. - The company aims to leverage its market position in Singapore to provide innovative products and excellent services[10]. - The economic recovery is expected to be gradual, with continued weak confidence among businesses and consumers[10]. - The group has initiated new businesses in automotive parts and vehicle trading, as well as business consulting services to mitigate the challenging business environment[9]. - The company anticipates that the global COVID-19 pandemic will soon end, benefiting Singapore's economy, especially with an increase in new passenger car registrations[10]. - Future outlook indicates the company expects to face greater challenges due to geopolitical uncertainties and ongoing impacts of the COVID-19 pandemic, but remains confident in its resilience and ability to find opportunities for future success[28]. Governance and Compliance - The company appointed several independent non-executive directors on July 21, 2021, including Mr. Wang Junwen, Ms. Lu Qiujia, Ms. Li Jieying, Mr. Jin Lailin, and Mr. Wang Zhongmin, enhancing its governance structure[61][63][64][70]. - The board of directors has complied with the listing rules, ensuring at least three independent non-executive directors, with one possessing appropriate professional qualifications in accounting or related financial management[72]. - The company has established service contracts for its executive directors with an initial term of three years, while non-executive directors have a one-year term, promoting stability in leadership[73]. - The company has adopted a set of securities trading conduct rules for directors, ensuring compliance with the standards set forth in the listing rules[69]. - The board is responsible for overseeing and managing overall risks related to the company's business, aiming for successful strategic guidance and supervision[68]. - The company has arranged appropriate insurance coverage for legal actions against directors, safeguarding its leadership[73]. - The independent non-executive directors confirmed their independence in accordance with the listing rules, ensuring unbiased oversight[72]. - The company has a structured rotation policy for directors, requiring one-third of the board to retire at each annual general meeting, promoting accountability[73]. - The company has adopted the corporate governance code as per the listing rules, demonstrating its commitment to high governance standards[68]. - The board has empowered the management team with appropriate authority and responsibilities to drive the company's overall strategy and daily management[68]. - The board of directors held 4 regular meetings during the year ended December 31, 2021, to review and approve financial and operational performance[78]. - The audit committee held 3 meetings during the year ended December 31, 2021, to consider and approve the annual financial performance for the year ended December 31, 2020, and the interim financial performance for the six months ended June 30, 2021[85]. - The company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Corporate Governance Committee, each with defined terms of reference[84]. - The company has a policy to ensure compliance with legal and regulatory requirements, enhancing corporate governance awareness among directors[82]. - The board of directors has independent channels for communication with management and the company secretary to address any concerns[80]. - The Nomination Committee held one meeting during the year ended December 31, 2021, to review the composition of the Board and discuss changes to directors and senior management[88]. - The Remuneration Committee also held one meeting during the year to review the remuneration and benefits of executive directors and made recommendations to the Board[91]. - The auditor's fees for the year amounted to approximately SGD 80,000 for audit services, with no non-audit services provided[100][101]. Shareholder Relations - The company is committed to maintaining effective communication with shareholders and potential investors, holding annual general meetings to provide updates on financial performance and business developments[102]. - The company has a clear process for shareholders to request special general meetings, requiring at least 10% of the paid-up capital to submit a written request[104]. - The board does not recommend the payment of a final dividend for the year[55]. - The board will consider factors such as cash flow, earnings stability, and future cash needs when determining dividend payments[122]. - The board does not recommend a final dividend for the year, consistent with the previous year[115]. - The company has no arrangements that would allow directors to benefit from acquiring shares or bonds of the company or any other entity[147]. - The company has confirmed compliance with the non-competition agreement established by its major shareholders, with no violations reported[155]. Environmental, Social, and Governance (ESG) - TOMO Holdings Limited primarily operates in the passenger vehicle leather interior and electronic accessories business in Singapore[167]. - The company is committed to becoming a leading integrated supplier of electronic accessories and interior products in the automotive industry in Singapore[169]. - The environmental, social, and governance (ESG) report highlights TOMO's focus on product quality and safety, supply chain management, and workplace safety during the COVID-19 pandemic[169]. - TOMO has implemented key initiatives to improve performance on significant ESG issues and aims to create long-term value for all stakeholders[169]. - The company emphasizes sustainable development as a core part of its strategic planning and management oversight[173]. - The ESG report covers TOMO-CSE Autotrim Pte Ltd's core business operations in Singapore for the fiscal year ending December 31, 2021[176]. - Stakeholder engagement includes annual performance evaluations and feedback mechanisms to address employee safety, product quality, and timely customer responses[179]. - TOMO's commitment to sustainable practices includes effective resource utilization and pollution management[172]. - The company plans to continue improving its performance on critical ESG issues in the coming years[169]. - TOMO's financial performance is linked to the value created for employees, the environment, and society[173]. - TOMO-CSE's total greenhouse gas emissions increased by 2.8% in FY2021, totaling 61.6 tons of CO2 equivalent[191]. - Scope 1 greenhouse gas emissions rose by 4% to 28.2 tons, while Scope 2 emissions increased by 1.5% to 33.3 tons[191]. - The greenhouse gas emissions density was recorded at 80.4 kg of CO2 equivalent per square meter in FY2021[191]. - TOMO-CSE did not generate any hazardous waste in FY2021 and complied with all relevant environmental laws in Singapore[193]. - The company implemented practices to reduce emissions, including regular maintenance of the fleet and optimizing travel plans[198].