Financial Performance - For the six months ended June 30, 2022, the group's unaudited revenue was approximately SGD 4,295,000, an increase of about SGD 327,000 or 8.3% compared to SGD 3,968,000 for the same period in 2021[20]. - The group recorded an unaudited loss of approximately SGD 688,000 for the six months ended June 30, 2022, compared to an unaudited profit of approximately SGD 255,000 for the same period in 2021[20]. - Basic and diluted loss per share for the six months ended June 30, 2022, was 0.15 Singapore cents, compared to a profit of 0.06 Singapore cents for the same period in 2021[20]. - The company reported a net loss attributable to owners of SGD (687,620) for the six months ended June 30, 2022, compared to a profit of SGD 255,041 in the same period last year[69]. - The company’s total revenue for the first half of 2022 was SGD 11,621,120, down from SGD 12,190,709 in the first half of 2021, reflecting a decline of approximately 4.7%[30]. - Total revenue for the six months ended June 30, 2022, was approximately SGD 4,295,000, an increase of SGD 327,000 or 8.3% compared to SGD 3,968,000 for the corresponding period[107]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to SGD 26,005,712, a decrease from SGD 26,338,722 as of December 31, 2021[24]. - The company’s total assets as of June 30, 2022, were SGD 25,012,741, compared to SGD 25,582,330 as of June 30, 2021, indicating a decrease of about 2.2%[30]. - The group’s total liabilities as of June 30, 2022, were SGD 992,971, an increase from SGD 638,361 as of December 31, 2021[24]. - The total liabilities increased to SGD 992,971 from SGD 1,594,148 in the previous year, showing a reduction of about 37.8%[56]. - Trade receivables as of June 30, 2022, amounted to SGD 356,049,000, a significant increase from SGD 201,593,000 as of December 31, 2021[96]. - Contract liabilities increased substantially to SGD 468,400,000 as of June 30, 2022, compared to SGD 180,600,000 as of December 31, 2021, due to early billing for vehicle sales[96]. Expenses - Selling and distribution expenses increased to SGD 206,810 for the six months ended June 30, 2022, compared to SGD 144,253 for the same period in 2021[22]. - Administrative expenses rose to SGD 1,134,970 for the six months ended June 30, 2022, compared to SGD 848,936 for the same period in 2021[22]. - Total cost of sales, selling and distribution expenses, and administrative expenses reached SGD 5,210,594, up from SGD 3,797,789, indicating a growth of approximately 37.2%[63]. - Employee benefits costs increased to SGD 1,424,959 from SGD 1,136,437, reflecting a rise of about 25.4% year-over-year[66]. - Total employee costs amounted to approximately SGD 1,425,000, an increase from SGD 1,136,000 in the previous year[127]. Cash Flow - Operating cash flow before tax loss was SGD (687,620) for the first half of 2022, a decrease from SGD 350,033 in the first half of 2021[30]. - The company experienced a net cash outflow from operating activities of SGD 90,169 for the first half of 2022, compared to a cash outflow of SGD (39,541) in the same period of 2021[30]. - Total cash and cash equivalents at the end of June 30, 2022, were SGD 20,125,671, a decrease from SGD 20,566,327 at the end of June 30, 2021[30]. - The company’s cash and cash equivalents were reported at SGD 20,125,671, a decrease from SGD 20,566,327 in the previous year, reflecting a decline of approximately 2.1%[56]. Segment Performance - The segment loss before tax for the passenger car leather interior division was SGD (50,294) compared to a profit of SGD 63,288 in the previous year, indicating a significant decline in performance[52]. - The segment loss before tax for the automotive parts and vehicles division was SGD (417,410), compared to a profit of SGD 76,493 in the previous year, indicating a substantial decline in profitability[52]. - The company’s total revenue from the sale and installation of goods in the passenger car electronic accessories segment was SGD 3,015,577, compared to SGD 668,007 in the previous year, marking a significant increase of approximately 351.5%[56]. Government Support and Other Income - The group reported other income of SGD 72,172 for the six months ended June 30, 2022, down from SGD 159,961 for the same period in 2021[22]. - The company received government subsidies totaling SGD 3,546 under the wage support scheme, down from SGD 13,195 in the previous year, indicating a reduction of about 73.1%[59]. - Other income decreased from approximately SGD 160,000 to SGD 72,000, primarily due to reduced government subsidies related to COVID-19[111]. - Other gains increased by SGD 136,000 to approximately SGD 157,000, mainly from foreign exchange gains[112]. Corporate Governance and Compliance - The company has complied with the corporate governance code as of June 30, 2022, and up to the report date[154]. - The Audit Committee has been established in accordance with Listing Rule 3.21 and consists of three independent non-executive directors, chaired by Ms. Li Jieying[160]. - The Audit Committee reviewed the unaudited consolidated results for the six months ended June 30, 2022, and confirmed compliance with applicable accounting standards and legal requirements[160]. - The company has ensured full disclosure of its financial reporting processes and internal control systems as per the Audit Committee's responsibilities[160]. Future Outlook - The company anticipates facing greater challenges in the future due to geopolitical uncertainties and ongoing impacts from the COVID-19 pandemic[105]. - The company plans to continue focusing on operational goals and marketing strategies to achieve better performance in the future[106]. - The company remains committed to providing innovative products and quality services to customers[106].
万马控股(06928) - 2022 - 中期财报