Financial Performance - The company reported revenue of approximately SGD 16.34 million for the year ended December 31, 2022, an increase of about SGD 6.63 million or 68.3% compared to SGD 9.71 million in the previous year[9]. - The company incurred a loss of approximately SGD 1.87 million for the year ended December 31, 2022, compared to a profit of approximately SGD 0.12 million in the previous year, primarily due to a 45.0% decrease in revenue from the passenger car leather segment and a 39.8% decrease in the passenger car electronic accessories segment[9][14]. - Gross profit decreased by approximately SGD 643,000 or 41.0% to about SGD 925,000, with a gross margin of 5.7% compared to 16.1% in the previous year[25]. - Other income decreased to approximately SGD 158,000 from SGD 855,000, primarily due to a lack of consulting income and reduced government support related to COVID-19[26]. - The company reported a total distributable reserve of approximately SGD 5,167,000 as of December 31, 2022, down from SGD 6,285,000 in 2021[115]. - The company’s cash flow situation, profitability stability, and long-term investment needs were discussed as key factors influencing future cash requirements[119]. Market Conditions - The total number of new registered passenger cars in Singapore decreased by approximately 14,500 units or 31.9% compared to the previous year, impacting sales and demand for new vehicles[13]. - The company anticipates a gradual economic recovery amid geopolitical tensions and trade uncertainties, with consumer confidence expected to remain weak[10]. Business Strategy and Development - The company plans to continue focusing on its existing business objectives in Singapore and Hong Kong while exploring new opportunities, particularly in the Web 3.0 metaverse[10]. - The company aims to enhance sales and marketing efforts to better position itself in the market[18]. - The company is focusing on developing and launching more tools for cryptocurrency and AI-generated content, such as the digital avatar CHATwo for smart communication[20]. - The company has launched an e-commerce platform in October 2020 and upgraded its existing server and implemented a new enterprise resource planning system[22]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all relevant provisions as of December 31, 2022[60]. - The board consists of a minimum of three independent non-executive directors, with at least one possessing appropriate professional qualifications or accounting expertise[64]. - The company ensures compliance with legal and regulatory requirements through regular reviews of governance policies[75]. - The board has established three committees: audit, remuneration, and nomination, each with defined terms of reference[79]. Risk Management - The board is responsible for overseeing and managing overall risks related to the company's business, implementing risk assessment and prevention measures[88]. - The group faces foreign exchange risk primarily due to transactions in currencies other than Singapore dollars, with a potential impact of SGD 280,000 on net profit if foreign currencies fluctuate by 10%[44]. Employee and Stakeholder Engagement - Employee costs for the year ended December 31, 2022, totaled approximately SGD 3,251,000, an increase from SGD 2,643,000 in 2021[39]. - The company emphasizes a commitment to employee development, workplace safety, diversity, and sustainable development[61]. - The company encourages feedback on its sustainability practices, indicating a commitment to transparency and stakeholder engagement[173]. Sustainability and ESG Initiatives - TOMO is committed to sustainable business practices, aiming to create long-term value for stakeholders through ESG initiatives[176]. - The company has established a governance framework for ESG, with the board overseeing related activities and responsibilities[178]. - The company aims to align its goals with the United Nations Sustainable Development Goals to address environmental, social, and economic challenges[198]. - Employee health and safety is prioritized, with comprehensive policies and procedures in place to ensure a safe working environment[199]. Shareholder Information - The company has received approval for a secondary listing on the Frankfurt Stock Exchange, with shares trading under the ticker "5WZ" while maintaining its primary listing on the Hong Kong Stock Exchange[13]. - The board does not recommend the payment of a final dividend for the year, consistent with the previous year[47]. - The annual general meeting is scheduled for May 17, 2023[156].
万马控股(06928) - 2022 - 年度财报