Financial Performance - For the six months ended June 30, 2023, the group's unaudited revenue was approximately SGD 7,900,000, an increase of about SGD 3,605,000 or 83.9% compared to SGD 4,295,000 for the same period in 2022[6]. - The group recorded an unaudited loss of approximately SGD 8,018,000 for the six months ended June 30, 2023, compared to an unaudited loss of SGD 688,000 for the same period in 2022[6]. - Basic and diluted loss per share for the six months ended June 30, 2023, was 1.78 Singapore cents, compared to 0.15 Singapore cents for the same period in 2022[6]. - The company reported a net loss of SGD 8,018,031 for the six months ended June 30, 2023, compared to a net loss of SGD 687,620 for the same period in 2022, indicating a significant increase in losses[15]. - The company reported a total loss before tax of SGD (8,018,031) for the six months ended June 30, 2023, compared to SGD (687,620) in the same period of 2022[30]. - Gross profit decreased by approximately 27.7% to about SGD 308,000, with a gross margin dropping from 9.9% to 3.9% due to increased logistics costs for imported vehicles[72]. Assets and Liabilities - The total assets as of June 30, 2023, were SGD 16,540,603, a decrease from SGD 24,976,553 as of December 31, 2022[11]. - The group's total equity decreased to SGD 15,812,762 as of June 30, 2023, from SGD 23,830,793 as of December 31, 2022[11]. - The total liabilities as of June 30, 2023, were SGD 727,841, a decrease from SGD 1,145,760 as of December 31, 2022[11]. - The company's total equity decreased from SGD 25,700,361 at the beginning of 2022 to SGD 15,812,762 by June 30, 2023, reflecting a decline in retained earnings due to accumulated losses[15]. - The company's investment properties were valued at SGD 3,300,000 as of June 30, 2023, unchanged from the previous valuation[32]. - Trade receivables increased significantly to SGD 504,311,000 as of June 30, 2023, compared to SGD 142,224,000 as of December 31, 2022, reflecting a growth of 254%[50]. Cash Flow and Investments - Cash and bank balances increased to SGD 10,728,679 as of June 30, 2023, compared to SGD 7,015,867 as of December 31, 2022[11]. - The company recorded a net cash inflow from investing activities of SGD 5,071,237 for the six months ended June 30, 2023, compared to a net cash outflow of SGD 307,878 in the prior year[15]. - Cash and cash equivalents increased by SGD 3,712,812 during the first half of 2023, ending the period at SGD 10,728,679, compared to SGD 20,125,671 at the end of June 2022[15]. - The remaining net proceeds from the IPO amount to approximately SGD 390,000, which will be utilized for operational flexibility in the current unstable business environment[84]. Expenses - Employee benefits cost for the six months ended June 30, 2023, was SGD 2,030,249, up from SGD 1,424,959 in 2022, marking a 42.5% increase[41]. - Administrative expenses increased to approximately SGD 1.9 million, up about SGD 734,000, driven by higher employee benefits, vehicle expenses, and legal and professional fees[78]. - Sales and distribution expenses increased to approximately SGD 228,000, up about SGD 21,000, mainly due to rising employee benefits and travel costs[77]. - The total cash outflow for leases for the six months ended June 30, 2023, was SGD 34,350, down from SGD 64,666 in 2022[46]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial results and confirmed compliance with applicable accounting standards and legal requirements[120]. - The company has adhered to the corporate governance code and standards as of June 30, 2023, ensuring the protection of shareholder interests[116]. - The company has not declared or paid any dividends since its incorporation, and no dividends are recommended for the six months ended June 30, 2023[42][43]. Market and Operational Challenges - The company anticipates continued challenges in business operations due to ongoing COVID-19 impacts and rising operational costs, affecting future performance[70]. - The company continues to face various financial risks, including market risk, credit risk, and liquidity risk, which are not fully disclosed in the interim financial information[21]. Employee and Shareholder Information - The group had 47 employees as of June 30, 2023, a decrease from 49 employees as of December 31, 2022[90]. - The shareholding of Ms. Ma Xiaoqiu is 230,000,000 shares, representing approximately 51.11% of the company[105]. - The company has issued 450,000,000 shares with a total share capital of SGD 793,357,000 as of June 30, 2023[57].
万马控股(06928) - 2023 - 中期财报